Bitcoin Rebounds to $67K Ahead of Trump’s Speech in Nashville
Bitcoin has jumped 4.3% to $67K as futures traders skew toward long positions ahead of Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee.
Bitcoin has recovered most of its losses from the week as traders wait to see what happens when former United States President Donald Trump takes the stage at the Bitcoin 2024 conference in Nashville, Tennessee.
“Nobody wants to short Bitcoin into the weekend,” 10x Research CEO Markus Thielen wrote in a July 25 analyst note.
Thielen explained that there are high expectations that Trump will announce plans for a strategic Bitcoin (BTC) reserve at the Bitcoin Conference on July 27 should he be elected US president in November.
Thielen believes future traders are holding off on taking short positions on Bitcoin because they fear its price may surge.
“Because if Trump announced a strategic reserve, Bitcoin would gap higher,” Thielen said.
Futures trader positions are heavily skewed toward long positions. Even a slight retrace back to $65,000 will put $1.11 billion worth of long positions at risk, according to CoinGlass data.
Futures traders are betting long ahead of the highly anticipated speech on July 27. Source: CoinGlass
“He is undoubtedly eyeing the powerful crypto lobby, which has raised $150 million for the Crypto Super PAC,” Thielen stated.
At the time of publication, Bitcoin is trading at $67,337, up 4.42% over the past 24 hours, according to CoinMarketCap.
Thielen noted that the US Treasury has gold reserves valued at $600 billion, while the government has confiscated Bitcoin worth $15 billion.
However, Thielen said there’s a chance Trump might reveal his intentions to adjust the balance between the two assets.
“Trump could indicate his intention to increase this ratio to about 10% of the gold reserves, if not higher,” he stated.
He predicts that even a mention of this could cause the market to “run with this news” without needing to wait until November for Trump’s election as president.
It was recently reported that asset manager Bryan Courchesne said adopting Bitcoin as a reserve asset would be difficult but not impossible.
Courchesne explained that the Department of Justice could simply transfer the confiscated Bitcoin to the Department of the Treasury, paving the way for the Treasury to accumulate and hold the scarce asset long-term.
Sorta Finance Likely Planning Exit Scam on Arbitrum, Warns ZachXBT
A DeFi project known as Sorta Finance based in the Arbitrum network is currently in the eye of the law after being accused of being an exit scam by crypto sleuth ZachXBT.
Community Alert: @Sorta_Finance is likely to exit scam on Arbitrum in the future so do not use the protocol.
This scammer has previously stolen $25M+ with scams such as Magnate, Kokomo, Lendora, Solfire, Crolend, HashDAO, etc
The deployer was newly funded and the first address… pic.twitter.com/JsHGawtQyX
— ZachXBT (@zachxbt) July 25, 2024
The prominent personality, ZachXBT, in the crypto space, published a strict warning on the social media platform Twitter concerning the new entrant known as Sorta Finance.
The same deployer reported by his investigation is involved in multiple scams, where over $25 million were stolen from investors, including Sorta Finance.
The operation of these swindlers seems to be based on forking Compound V2 on various Ethereum Virtual Machine (EVM) compatible chains.
After building quite a large TVL, they usually suspend all withdrawals and borrowing services, which can be referred to as a ‘rug pull’ of all the users and the subsequent disappearance of the money.
ZachXBT Highlighted Several Red Flags in his Tweet:
This deployer and the first address that made any transactions with Sorta Finance smart contracts both received 100 ETH freshly from Tornado Cash, a mixing service that helps hide the source of funds.
Sorta Finance’s contracts are inked by low-quality audit firms that sign off on those contracts, while Sorta Finance offers fake KYC documents.
They also share posts from less sophisticated influencers in paid collaborations and make people invest.
Sorta Finance is just the deployer of past scams that contributed to frauds that burgeoned in the contemporary period.
ZachXBT linked several previous scams associated with the Sorta Finance deployer, which includes projects like Magnate, Kokomo, Lendora, Solfire, Crolend, and HashDAO.
In other incidents this year, the scam team was able to pull off such scams on different sites such as Blast, Base, and Arbitrum to the detriment of many in the crypto industry.
ZachXBT To The Rescue
The timely nature of ZachXBT’s alert saves more assets by letting the community know about the danger to come.
For those who already invested in Sorta Finance, it is recommended to withdraw the invested funds as soon as possible and have nothing to do with the protocol.
As with any investment opportunity, one needs to be cautious of overhyped opportunities and put a lot of effort into researching financial services before deciding to invest in them to avoid the pitfalls of DeFi investing.
Chainbase Partners With Alibaba Cloud to Boost Efficiency and Expansion
Chainbase has announced its partnership with Alibaba Cloud, which has helped to boost efficiency and reduce its operational costs by half.
We are thrilled to partner with @AlibabaCloud_jp, a global leader in cloud computing and artificial intelligence. @AlibabaCloud_jp offers robust and secure cloud services that complement our goals.
By joining forces, we've halved operational costs and achieved 100% uptime during… pic.twitter.com/6BpcyhaV99
— Chainbase (✸,✸) (@ChainbaseHQ) July 25, 2024
The partnership with Alibaba Cloud will help Chainbase focus on making its data network more decentralized by improving storage and computing power.
The Chainbase team revealed that they were able to maintain a continuous operation without any downtime during the migration process.
The partnership with Alibaba Cloud will help Chainbase focus on making its data network more decentralized by improving storage and computing power.
Chainbase also wants to use Alibaba Cloud’s community resources to speed up the building of its network and AI models, but the timeline has yet to be shared. They stated:
“Looking ahead, we will focus on enhancing storage I/O and GPU computing power to decentralize the data network. We also plan to leverage AlibabaCloud_jp’s community resources to accelerate our network and AI model development.”
Chainbase Accelerate Network and AI Model Development
The blockchain company was founded in 2021, it provides necessary solutions to help the development of blockchain applications.
Chainbase in mid-July, raised $15 million in Series A funding, which was co-led by Tencent and Matrix Partners China. Chainbase plans to launch its mainnet and governance token, CBT, by the fourth quarter of 2024.
Chainbase has rapidly grown to become the largest omnichain data network. It connects all blockchain data into one system, providing transparent data for AI to use.
The platform has also gained more than 15,000 developers and data scientists. More so, around 8,000 applications have been built on it.
To foster its growth, Chainbase moved its blockchain data platform to Alibaba Cloud, making its service faster and cheaper, which opened the door for reinvesting in its business expansion.
It was revealed that Chainbase’s previous partner was cost-effective, but as the company got bigger, it realized the need to improve its efficiency to grow faster; at this time, the operating expenses became a challenge, and it took away resources meant for business growth. Chainbase CEO Mogu stated:
“We’re excited about this partnership with Alibaba Cloud! Alibaba Cloud’s range of Web3 solutions marks it as a vital partner for Chainbase in our global expansion. While we have experimented with other cloud providers to host our core services, none were able to provide the speed, scalability and suite of tools that Alibaba Cloud could offer.”
This partnership will make Chainbase’s work more secure, stable, and efficient as it grows. Alibaba Cloud promised to always support Chainbase’s growth.
The team revealed that they would back Chainbase’s plan to be fully decentralized later in the year. They noted that they would provide more storage IO and GPU computing power to ensure it becomes achievable.
Alibaba, well known for its e-commerce services, has been getting more involved in the blockchain industry, showing the company’s plan to diversify.
In September 2023, a company owned by Alibaba, Ant Group Digital Technologies, started a ZAN brand that provides tools for developing blockchain projects.
EToro Delists Terra Luna Classic, Infuriating LUNC Community
eToro moves to delist Terra Luna Classic, rubbing the LUNC community up the wrong way.
eToro based its decision on the developments in Terra’s bankruptcy case.
LUNC validators apply pressure on TerraForm’s CEO, demanding answers.
The community behind the Terra Luna Classic (LUNC) blockchain has voiced its disregard for eToro’s action following TerraForm Labs’ bankruptcy procedure.
There is information that TFL told officials of the @eToro social investment network that they own #LUNC.
eToro officials; “He says that TFL told them that they own LUNC and that is why 78 thousand LUNC holders can no longer buy LUNC from eToro.”
Vegas, one of the Terra… pic.twitter.com/sTCeNVvspK
— Crypto News Portal (@TerraNewsEN) July 23, 2024
Terra Luna Classic’s parent company, TerraForm Labs, recently issued a timeline for loss claims relevant to the ecosystem’s crisis in May 2022. eToro decided to delist both associated tokens, Terra (LUNA) and LUNC.
Why eToro’s Delisting Move Enraged LUNC Holders
eToro’s move to disable LUNC buying on its platform was not spontaneous. An update on eToro regarding the LUNA tokens warned about the looming close-only status that’s been in effect since July 17, 2024, at 9 AM GMT.
However, the common misconception about this update remains unsettled. The action to remove LUNC and LUNA tokens stems from the high-profile Terra vs. SEC case developments, which settled for $4.5B.
While this has provided a way for LUNA investors to potentially get a reimbursement, it remains unclear how realistic this refund plan is, given that TerraForm Labs’ public wallets contain less than $100 million in disposable digital assets.
The $LUNC community needs clarification from @eToro and @fleece_cannon of TFL of why #LUNC is being delisted from the eToro platform. #LunaClassic has been ran by the community since 2022 and TFL has stated many times they aren’t involved. Please give us answers. #Crypto https://t.co/YCxuSUJMm1
— Mr. Diamondhandz1 (@MrDiamondhandz1) July 24, 2024
However, a major discrepancy exists in eToro’s action to remove LUNC. TerraForm Labs, the chain’s deployer, forked the original product to launch Terra 2.0, which is now known as Terra (LUNA).
Terra Luna Classic Members Call Out Terra CEO
Since mid-2022, LUNC has been powered by a loyal community, which has deemed eToro’s action unfair. As a result, prominent LUNC validators and developers have united to demand answers from Chris Amani, the current TerraForm Labs CEO.
According to people familiar with the matter, TerraForm Labs staff told eToro’s officials that Terra still owns LUNC, so trading on the U.S.-regulated stock and crypto exchange has been discontinued like with LUNA.
Seasoned LUNC validator Vegas Morph has tagged this dispute’s relevant parties, directly approaching Chris Amani: “Can you please tell eToro that you do not own the chain?”
The message abruptly spread across Terra Luna Classic’s social media channels as the community demanded both parties’ answers.
Naturally, these developments didn’t bode well for the price of LUNC. The altcoin plunged by 6.2% to trade at $0.00008188 as of press time.
Moreover, despite a substantial relief rally last week to tackle the weekly heights of $0.00009299, LUNC failed to restore a $500 million global market cap for the fifth consecutive day.
So far, neither eToro’s staff nor TerraForm Labs’ current CEO, Chris Amani, have explained the decision.
Earlier this year, another American crypto exchange, Crypto.com, warned users about delisting LUNC.
However, after backlash from LUNC holders, Crypto.com made a U-turn on delisting plans.
eToro crypto & stock exchange operates in more than 100 countries and has a user base of 35 million. The issue on eToro disables LUNC trading for approximately 78,000 LUNC holders.
Jito Releases Open-Source Restaking Service for Solana
Solana’s march toward restaking took a big leap Thursday, with infrastructure project Jito Foundation releasing the code for a staking and restaking program – the network‘s first.
The yet-to-implemented codebase allows any Solana-based protocol to use any asset for its economic security.
Restaking theoretically allows blockchain networks to utilize the value of other staked assets as a form of collateral to ensure they’re staying honest.
The yet-to-be-audited code from Jito should allow any protocol building on Solana to set up a mechanism for providing economic security to nearly any on-chain application, or “actively validated service” (AVS).
Notably, Jito’s code would allow users to secure AVSs using whatever crypto asset they choose.
Jito’s brand of restaking differs from the version popularized by EigenLayer on the Ethereum network, which restricts collateral to ETH, certain ETH derivatives and the platform’s native EIGEN tokens.
“The flexibility and customization allowed in this architecture will be especially useful for the most important customer of these systems – the AVSs,” said Lucas Bruder, a contributor at Jito Network.
A number of protocols and startups are seeking to build restaking services for Solana. Jito’s code release puts it in the lead, though people familiar with the project said that it had not implemented the code on the mainnet. That’s to come later this year.
Elon Musk’s X Removes Crypto Emojis, Leaving Community Puzzled
Elon Musk’s X is once again causing a stir in the cryptocurrency community by removing crypto emojis, which had been in use for over four years.
Bitcoin is not the sole cryptocurrency that has seen its hashtag emoji removed from X amid the Bitcoin 2024 Conference kicking off on July 25.
The crypto community on X is puzzled by the reasons for deleting several crypto emojis – including Bitcoin (BTC) – from the social media platform.
According to multiple reports, X removed the Bitcoin hashtag emoji alongside a few other crypto emojis on July 25.
NEW: #BITCOIN HASHTAG #ICON HAS BEEN REMOVED FROM @X
It seems the #emoji was removed from all hashtags including #Binance pic.twitter.com/ihCyEE7ifa
— newsOcrypt (@newsOcrypt) July 26, 2024
Crypto Emoji Removals On X Are Not Limited To Bitcoin
The cryptocurrency community has quickly reacted to the news of the crypto emoji removals, with many industry advocates expressing sadness about the missing emojis.
Sad to see that X has removed the #Bitcoin hashtag emoji
— Coin Bureau (@coinbureau) July 26, 2024
Some observers speculated that Bitcoin emoji removals from X could negatively impact the Bitcoin price. The removals were not exclusive to BTC though.
Red candle incoming
— Wise (@WiseOnSol) July 26, 2024
Other coins like Crypto.com Coin (CRO) and BNB have also seen their hashtag emojis deleted from X after being adopted in 2020.
FYI — it wasn't just the Bitcoin hashtag emoji that was removed. Elon mentioned a while back X is getting rid of all the hashtag emojis. It's not a conspiracy or a knock on Bitcoin. You can sleep easy.
— Autism Capital (@AutismCapital) July 26, 2024
As previously reported, X co-founder Jack Dorsey officially debuted the Bitcoin emoji in February 2020. At the time, Bitcoin was trading at around $10,000, according to data from CoinStats.
Removal Of Emojis Occurred During Bitcoin 2024 Conference
The crypto community is especially puzzled by the removal of crypto emojis on X, which happened just as the Bitcoin 2024 conference began in Nashville on July 25.
The conference will feature some massive speakers, including Republican presidential nominee Donald Trump. Trump, who has called himself a pro-crypto candidate, will speak at the conference on July 27.
Before removing cryptocurrency emojis from X, Musk added a dedicated emoji for the Trump-themed meme coin, MAGA (TRUMP), on July 18. The MAGA emoji has also been removed from X.
The emoji featured the former president with his fist raised in the air after surviving an assassination attempt in Pennsylvania in mid-July.
Musk shared a photograph shortly after the shooting and declared that he was “fully” endorsing Trump as a presidential candidate.
Ripple CEO Brad Garlinghouse Supports Kamala Harris’ Potential Crypto Policies
Ripple’s CEO, Brad Garlinghouse, defended US presidential candidate Kamala Harris for her potential crypto policies.
The Ripple CEO emphasized that crypto enthusiasts should not make biased judgments about candidates based on their political associations.
Kamala Harris will not be speaking at the Bitcoin Conference event.
Brad Garlinghouse, Ripple’s CEO, discouraged crypto enthusiasts from making assumptions and judgments about presidential candidates based on their political affiliations.
Jumping to conclusions and assumptions about candidates purely based on political affiliation without any policy proposals is holding the crypto industry back (similar to how tribalism has for years).
VP Harris is no stranger to Silicon Valley & has an incredible opportunity to… https://t.co/2kmKDZZXJe
— Brad Garlinghouse (@bgarlinghouse) July 24, 2024
The upcoming U.S. presidential election has put crypto at the center of the ongoing campaigns. U.S. Vice President Kamala Harris has the crypto community debating on her possible stance on cryptocurrencies.
The crypto community has progressively mounted pressure on the now-serving Vice President and presidential candidate to declare her take on digital assets.
Ripple’s Brad Garlinghouse Maintains A Neutral Stand On Kamala Harris
Former president and rival presidential aspirant Donald Trump openly declared to impose pro-Bitcoin policies once in office.
Ripple’s CEO, Brad Garlinghouse, cautioned the crypto community against making assumptions about the presidential candidates without any proposed policies to refer to.
The crypto pioneer responded to Paradigm Policy Director Justin Slaughter’s post on X, which highlighted the possible transformation of crypto policies in Biden’s administration. Slaughter expressed his take on Harris’ possible move to dissolve Biden’s national security advisors.
Ripple’s Garlinghouse response to the post emphasized that Kamala Harris is well conversant with Silicon Valley, and her related technical background could be useful on critical issues like crypto regulations.
Garlinghouse also mentioned that he is maintaining a neutral take since Harris may adopt Senator Elizabeth Warren’s crypto-skeptic approach.
Kamala Harris’s advisory team allegedly reached out to pro-crypto billionaire and Shark Tank host Mark Cuban on regulation and policy formation.
Unlike Donald Trump, Kamala Harris has not publicly endorsed crypto or expressed opinions on digital assets. Cuban said the VP will “be far more open to business, artificial intelligence, crypto, and government as a service.”
Cameron Winklevoss Calls Out The Bidden-Harris Administration For Trying To “Kill” Crypto
Despite the signs that Kamala Harris could switch to a more proactive crypto approach, Gemini co-founder Cameron Winklevoss has criticized the Bidden and Harris administrations for their skeptical approach to digital assets.
In an X post dated July 24th, Cameron emphasized that the Bidden-Harris government was “trying to fight and kill crypto” due to tightened regulations from the U.S. financial watchdog.
Cameron Winklevoss gave recommendations that included firing Gary Gensler, terminating Operation Choke Point 2.0, designed to discourage traditional finance institutions from servicing the crypto industry, launching Operation Heimlich, which will open the banking sector to the crypto industry, overhauling illegitimate enforcement actions by the SEC, and sidelining Senator Elizabeth Warren from crypto legislative efforts.
Trump is scheduled to speak at the Bitcoin Conference 2024 in Nashville, Tennessee, for 30 minutes.
The CEO of Bitcoin Conference and Bitcoin Magazine, David Bailey, initially stated that talks with Kamala Harris to give her a chance to speak at the conference were underway.
Kamala Harris will not be speaking @TheBitcoinConf. No surprise. What can she say to us when she’s actively imprisoning developers, forcing our industry overseas, attacking PoW… it would have been a disaster for her.
All eyes on Trump now.
— David Bailey $0.65mm/btc is the floor (@DavidFBailey) July 24, 2024
However, the CEO announced that the presidential contender would not attend or speak at the conference. The conference is scheduled for July 25th – July 27th.
Gasless Transactions Go Live on TON Blockchain With W5 Smart Wallet Standard Launch
The W5 smart wallet allows for gasless transactions using USDT and NOT on TON Blockchain.
Users can execute up to 255 transactions simultaneously with the new wallet.
The TON blockchain has implemented gasless transactions through the launch of the W5 smart wallet standard, developed by Tonkeeper and approved by the TON Core team.
This new feature allows users to make transactions using USDT and Notcoin for gas fees, eliminating the need to hold Toncoin.
The W5 smart wallet standard, done as a collaboration between the TON Core team and non-custodial wallet Tonkeeper, aims to simplify user onboarding and reduce barriers to entry for the TON blockchain.
Users can now pay transaction fees with USDT when sending USDT, and use Notcoin for gas fees when transferring Notcoin.
“The W5 Smart Wallet has pushed the boundaries of what’s possible on the TON blockchain. Our collaboration with TON Core ensures that users experience unparalleled security, efficiency and ease of use,” shares Oleg Andreev, CEO of Tonkeeper.
The new standard also introduces advanced parallel processing capabilities, allowing users to execute up to 255 transactions simultaneously.
This feature opens up new use cases, such as transferring multiple NFTs to different collectors at once or managing multiple decentralized subscriptions seamlessly.
“The Smart Wallet will bring 2-factor-authorisation [2FA], password recovery[,] and gasless fees, paid in USDT, making getting started on TON easy for anyone,” shares TON Core Technical Lead Anatoliy Makosov.
The W5 smart wallet standard is currently live on Tonkeeper and is expected to roll out on other self-custodial wallets like TON Space and MyTonWallet in the near future.
This development comes as TON reports 5.8 million monthly active on-chain wallets, with a surge in daily active addresses following the popularity of Telegram mini-games using the TON blockchain for transactions.
The introduction of gasless transactions and the W5 smart wallet standard represents a significant step towards simplifying blockchain interactions for users.
By removing the requirement to hold native tokens for gas fees, TON aims to lower the entry barrier for new users and potentially tap into Telegram’s vast user base of 950 million, furthering its goal of mainstream blockchain adoption.
Fireblocks Launches Web3 Startup Toolkit Amid a Surge in New Ventures
Fireblocks, the Web3 infrastructure platform, launched a Web3 toolkit specifically designed for startups amid a proliferation of early-stage blockchain ventures, according to a July 25 press release.
The toolkit — Fireblocks for Startups — is designed to help startups quickly build and launch Web3 products and includes solutions for treasury management, self-custody, private key storage, and secure digital asset transfers, the company said.
“The short history of crypto shows that successful projects — whether crypto exchanges, DeFi bridges, or NFT platforms — go through periods of hypergrowth during market upswings, with development teams focused solely on maintaining front-end stability while neglecting security in the process,” Idan Ofrat, co-ffunder and Chief Product Officer of Fireblocks, said in a statement.
“Fireblocks for Startups ensures innovation is always in lockstep with security, providing a robust and accessible infrastructure for blockchain builders to build on without the technical and operational complexity,” Ofrat said.
The rollout follows a surge in early-stage venture investments in Web3 startups, with total investment volume jumping some 55% in the first quarter of 2024, according to the statement.
Since launching a pilot version of its startup toolkit, Fireblocks has already seen a 50% uptick in the number of startups using its Web3 infrastructure platform, according to the statement.
Approximately 25% of Fireblocks’ customers are now startups or small-to-medium enterprises (SMEs), including names such as TaxNodes, Dendra, and Kunga, it said.
Fireblocks has been aggressively expanding its operations in 2024. In June, Fireblocks partnered with Coinbase International to offer derivatives and trading products to retail and institutional investors.
One month prior, Fireblocks announced the launch of an institutional crypto custody arm in the US.
“It is increasingly clear that there is a lack of qualified custodians in the United States covering digital assets,” Adam Levine, senior vice president of corporate development at Fireblocks, said in May.
Founded in 2018, Fireblocks is an enterprise Web3 platform best known for its digital asset custody and treasury management solutions.
According to the company, it has facilitated the transfer of $6 trillion in digital assets since inception and serves over 30 exchanges and 55 banks in the digital asset space.
Bitcoin Lobbying Group Warns UK Not to Sell Its 61,000 BTC Token
A Bitcoin lobbying group wants the UK to refrain from selling its over 61,000 government-controlled BTC token, citing pro-crypto sentiment from Donald Trump, El Salvador, and the United Arab Emirates.
Bitcoin Policy sent a letter along with its manifesto to the UK’s Chancellor of the Exchequer Rachel Reeves and City Minister Tulip Siddiq this morning, suggesting three ‘simple’ pro-crypto policy changes for the government.
It claims that five million people in the UK own bitcoin or other cryptocurrencies and notes that the government controls over 61,000 bitcoins (currently 61,245).
Because of this, Bitcoin Policy argues the government is ‘duty bound’ to avoid policies that may lower the price of citizen-held and government-controlled bitcoin, and that it should, “take steps to preserve and enhance the value of the bitcoin that it holds on the nation’s behalf.”
It then reiterates in its third suggested change that the country should hold seized bitcoin as a Treasury reserve asset, and that it shouldn’t be sold in a similar manner to Germany’s bitcoin.
The UK Needs To Join The Bitcoin Conversation
The lobby group claims bitcoin, “Would enable the United Kingdom to continue to transact with its trading partners even in the event that all other channels of transaction were closed.” However, it doesn’t elaborate on what type of event this might be.
“In July 2024, Republican Presidential Candidate Donald Trump will speak at the largest Bitcoin conference in the world,” reads the letter. “He will be joined by the Independent Presidential Candidate Robert F Kennedy Jr, and the former Presidential Candidate, Vivek Ramaswamy.”
It continues, “State legislatures in the United States are passing legislation to protect the right to self-custody and the right to mine bitcoin. Nation states, among them Bhutan, the UAE, and El Salvador are beginning to mine bitcoin at a state level. Yet the United Kingdom is nowhere in this conversation.”
It claims that bitcoin mining, “Is an ideal partner for sustainable grids,” and suggests that bitcoin mining companies can buy up surplus energy generated by wind turbines.
Bitcoin Policy claims to be a not-for-profit, non-partisan, independent organization, “Spearheading a movement to integrate Bitcoin into the UK’s economy.”
The lobbying group is led by Susie Violet Ward, Freddie New, and CEO Bill Aronson. Ward is a Bitcoin journalist, New is the co-founder of a crypto research platform, and Aronson is an executive at an artificial intelligence research group.
Samson Mow Teases Huge Bitcoin News As DTX Exchange Is on Its Way to Raising $2M in August
Samson Mow, a well-known supporter of Bitcoin, has been hinting at some big news regarding the cryptocurrency. According to him, this Bitcoin news will be bullish and the crypto market will go greener in the next few weeks. Meanwhile, more traders gravitate towards the hottest presale this summer – DTX Exchange (DTX).
This project has been making waves, raising over $1.1M so far and being on track to reach $2M before August 2024 begins. Analysts hint that this Stage 2 presale star is the next $1 crypto and that it may have a higher growth ceiling than established coins such as NEAR Protocol (NEAR), Toncoin (TON), Polygon (MATIC) and THORChain (RUNE).
DTX Exchange (DTX): A Game Changer in the Crypto Space
As one of the most talked-about presales in the market, DTX Exchange (DTX) is making a name for itself. Early buyers have already experienced 100% ROI at a record-breaking pace. Even major crypto influencers like CryptoDexWorld have taken notice. In his YouTube video, he claims that DTX Exchange has the potential to become the ultimate trading platform.
DTX Exchange’s unique hybrid trading model combines DEX and CEX. With this approach, users can trade more than 120,000 asset classes, including cryptos, gold and bonds, without having to go through KYC checks. This focus on anonymity will likely attract millions of traders.
The DTX utility token serves as the foundation for the DTX Exchange ecosystem and offers several benefits for holders. Some are governance voting rights, access to advanced analytics tools and lower trading fees. DTX Exchange is also offering a $1M giveaway for those who buy $100 of DTX during its presale and ten winners will receive $100K each.
Currently, one DTX token costs only $0.04 in Stage 2 of the presale, representing a 100% increase from its initial price. However, this price will go up to $0.06 once Stage 3 starts, thus giving buyers a chance to make 50% ROI if they act now. Market analysts predict that when it gets listed on a Tier-1 CEX in Q3 2024, DTX may be worth $1.
NEAR Protocol (NEAR): May Soar Soon
NEAR Protocol (NEAR) has seen some good price movement recently. Over the past 12 months, the NEAR Protocol price increased by nearly 300%, as per CoinMarketCap data. Moreover, crypto analyst Posty remains bullish. His X post claims that NEAR could soar to $7.38 soon.
The technical analysis for the NEAR Protocol crypto supports this statement. For instance, NEAR trades above its 50 and 100-day EMAs while having 12 green technical indicators. As a result, market analysts have made a bullish NEAR Protocol price prediction – reaching $7 before Q3 of 2024 ends.
Toncoin (TON): New Animoca Brands Partnership
Toncoin (TON) is another crypto making headlines in the crypto market. Recently, Toncoin revealed a new partnership with Animoca Brands to create a $20M MOCA Coin and Toncoin reserve. This reserve will help users adopt the TON ecosystem through projects like The Open League.
The Toncoin crypto value movement rose over 350% in the past year alone. Additionally, TON is trading above its 100—and 200-day EMAs while having 11 technical indicators in the buy zone. Due to all this bullish Toncoin news and indicators, experts foresee TON trading at $8 within Q3 of 2024.
Polygon (MATIC): Major Analyst Remains Bullish
Polygon (MATIC) has been showing bleeding price charts. According to CoinMarketCap data, the Polygon price fell nearly 30% in the past year alone. However, market analyst The Cryptomist remains bullish for this token. In her X post, she claims that MATIC looks very clean on its daily chart and may skyrocket to $7 or $9 before the end of the bull market.
The technical analysis for the Polygon crypto shows a bright future ahead. For instance, MATIC trades above its 200-day EMA with three green technical indicators. Because of this, other market analysts forecast a surge to $0.71 before Q3 of 2024 ends in their Polygon price prediction.
THORChain (RUNE): Looks Ready To Surge
Meanwhile, THORChain (RUNE) has been showing green. According to CoinMarketCap data, over the past year alone, the THORChain price increased nearly 350%. Crypto analyst Wizz claims that RUNE is a solid crypto that may rip up soon.
The THORChain crypto technical analysis also shows a bright future. Notably, around 11 technical indicators are in the buy zone for RUNE while it trades above its 100—and 200-day EMAs. In their THORChain price prediction, experts predict a rise to $6 within Q3 of 2024.
Will DTX Exchange Outpace NEAR Protocol, Toncoin, Polygon and THORChain?
NEAR Protocol, Toncoin, Polygon and THORChain may fall behind, as DTX Exchange has a lot going for it. This rookie has a lower market cap while also boasting a connection to the $1.4T FX market. To clarify, DTX will soar much faster than its peers as it needs fewer new funds while remaining more stable in the long run. If you wish to buy it, follow the links below.
Kwenta and Perennial Kickstart Arbitrum Expansion With 1.9M ARB
Grand Cayman, Cayman Islands, July 26th, 2024, Chainwire
Kwenta, the leading onchain perpetuals exchange on the Optimism network, has partnered with Perennial to launch a new joint product and incentive program on the Arbitrum network. This initiative, backed by a substantial 1.9 million ARB grant, aims to attract new users and liquidity providers to Arbitrum and spark renewed interest in onchain perpetuals trading.
Kwenta and Perennial’s Expansion Strategy
Kwenta, known for being a UX layer for perps trading on Optimism and Base, is expanding its reach to Arbitrum in a bid to build a comprehensive marketplace for onchain perpetuals. This move is facilitated by Perennial V2, an Arbitrum-native protocol designed to be a hyper-efficient liquidity layer for derivatives trading. The joint initiative is designed to revitalize the popular AMM model for leveraged trading by providing traders with a powerful, familiar interface to interact with smart contract liquidity.
Perennial’s vision is to create a single, global liquidity layer where all markets, all chains, and all liquidity converge into one decentralized nexus. By integrating Kwenta’s premier trading interface with Perennial’s advanced perps infrastructure, users on Arbitrum will benefit from an optimized trading experience. Trade orders on selected Kwenta markets will be seamlessly routed through Perennial, ensuring efficiency and reliability. This collaboration combines Kwenta’s top-tier trading platform with Perennial’s hyper-efficient trading infrastructure, delivering the best possible experience for traders.
Incentive Program Details
The newly launched incentive program focuses on two main areas:
Trading Rebates: Active traders will benefit from substantial fee rebates, making it more cost-effective to trade on the platform. This initiative is expected to drive trading volume and retain users.
Liquidity Boosting: Liquidity providers will receive incentives to supply liquidity, ensuring deep and efficient markets.
For more details on how to potentially earn rewards, users can visit Kwenta’s Rewards Blog for trading rewards details, or visit Perennial’s Discord server for information about rewards for providing liquidity.
Team Insights
Burt Rock, Marketing Lead at Kwenta, highlighted how far onchain perps have come, stating, “We’ve seen a lot of new perpetuals markets focused on improving the user experience, but most are making huge sacrifices in terms of decentralization. We want to show people you really can build decentralized apps which are incredible to use, and even better than offchain versions.”
Kevin Britz, CEO & Co-Founder at Perennial, added, “Kwenta has been a market leader in the perp vertical, regularly pushing over $100M in OI. We’re excited to welcome them to our home on Arbitrum and expand the number of teams leveraging Perennial infrastructure. In a saturated perps landscape, combining our protocol with Kwenta’s interface will lead to increased volume, deeper liquidity, and a CEX-level user experience.”
Future Outlook
The introduction of this incentive program represents a crucial step in the evolution of Kwenta and Perennial. With Kwenta concentrating on the UX and frontend aspects of trading and Perennial focusing on providing a robust liquidity layer, the collaboration is set to offer a decentralized trading experience that is both highly efficient and user-friendly. This model of specialization showcases how projects can synergize to deliver superior services in the DeFi space. The combined expertise of Kwenta and Perennial promises to elevate the standard of onchain perpetuals trading, making it more accessible and appealing to a wider audience.
For more information, users can visit Kwenta’s website and Perennial’s website. Users can also read Perennial’s launch announcement for additional details.
About Kwenta and Perennial
Kwenta: As a leading platform for derivatives trading, Kwenta has facilitated over $50 billion in volume on Optimism and Base. The platform is expanding to Arbitrum to launch its perpetuals marketplace, a single app to compare and trade on multiple onchain venues.
Perennial: Perennial is a pioneering DeFi liquidity layer that offers hyper-efficient infrastructure for a variety of trading applications. Its modular and efficient design supports customized markets, leveraging fast execution and capital efficiency to power DeFi apps.
This year was marked by many events that directly or indirectly affect the cryptocurrency market. Bitcoin reacted especially noticeably to them: in 2024, its value remains extremely unstable. Currency volatility has a noticeable impact on the market, so it’s important to know what factors determine changes in value.
In his commentary for the European Association of Software Engineering, Icon.Partners lawyer Vladyslav Udianskyi shared an analysis of the factors that most strongly impact the state of Bitcoin.
What indicators impact the cryptocurrency market?
There are many indicators that determine the course of crypto assets. Among them, the expert distinguishes market sentiment, regulatory initiatives, technical factors, manipulation and fraud, political changes, etc. With so many variables, it is extremely difficult to predict the exchange rate of cryptocurrency, so it is worth considering each of the factors separately.
Market sentiments. Like the price of any commodity, the price of Bitcoin depends on supply and demand ratios, which are impacted by market sentiment as investors react to news and events. The most high-profile case in recent times is the attack on Mt.Gox, which resulted in the loss of approximately 850,000 BTC. This significantly reduced demand due to a lack of confidence in Bitcoin exchanges and also created an oversupply on the market, including the black market, as the hackers gradually sold the stolen Bitcoins. Additionally, the ongoing Mt. Gox repayments to creditors might lead to a reduction in Bitcoin’s price if those creditors decide to sell their holdings once they receive them.
Regulatory initiatives. Government interventions and regulatory updates often cause the rate to fall, as was the case in 2021 due to the Chinese government blocking crypto transactions. As a result, Bitcoin fell by around 10%, while other assets like Ethereum and Dogecoin fell by 22% and 24% respectively.
Macroeconomic factors. Changes in interest rates or inflation have almost the strongest effect on the market. For example, in April 2021, the inflation rate in the US jumped from 1.6% in March to 3%. This rise in inflation coincided with a sharp drop in the price of Bitcoin from $57,637 in April to $37,305 in May 2021.
Technical factors. Events like the Bitcoin halving have an unpredictable effect on value. Halving occurs approximately once every four years and reduces the rate at which new bitcoins are created. In the case of stable demand or its growth, this creates a shortage of supply and an increase in price. However, halving the block reward will increase the cost of production, causing less efficient miners to become unprofitable and shut down. In turn, this can cause transaction confirmation times to increase, transaction fees to potentially increase, and, as a result, the Bitcoin price to drop due to the reduced demand.
Manipulation and fraud. John Griffin, professor of finance at the University of Texas, together with Amin Shams, provided strong evidence of manipulation in the Bitcoin market in 2017. Their research showed that the Tether stablecoin was used to buy Bitcoin at strategically important times, artificially inflating its price. This manipulation created a false impression of demand and significantly contributed to the subsequent emergence of a price bubble.
Political and economic changes in the USA. The American market directly determines the course of the cryptocurrency market for many reasons:
Bitcoin is traded mostly against the dollar, making the cryptocurrency dependent on USD fluctuations.
A significant number of serious crypto investors are US residents.
The US is also home to most of the largest and most influential financial markets, including stock exchanges and futures markets where financial products related to Bitcoin are traded.
Some major crypto projects are affected by US regulatory initiatives. The indirect impact of Bitcoin’s fall has resulted in SEC filings against major exchanges such as Binance, Kraken, Genesis, and more.
The policy of the US Fed is monitored around the world and has a significant impact on financial markets. The Fed’s monetary policy decisions, such as changes in interest rates, impact investor behaviour and liquidity conditions.
The US influences the global cryptocurrency policy, which is formed mainly based on the recommendations of the Financial Action Task Force (FATF), adopted in 2021.
Against the background of political changes in America, it will be difficult to predict the behaviour of the currency, but these changes will have a significant impact on the price of Bitcoin and other crypto assets. US leadership in policymaking is benchmark and critical for investors in making decisions about investing in Bitcoin.
What affects Bitcoin’s lowest price limit?
There are several factors that determine the lower limit of Bitcoin’s value. Halving has a significant impact: a reduction in the supply of new bitcoins can gradually lead to an increase in price. On the other hand, mining costs set a practical minimum because prices falling below these costs make mining unprofitable.
Historical lows also give an idea, Bitcoin often finds support at these levels, recovering after reaching this support line. Market sentiment and investor behaviour play a critical role, as long-term holders and institutional investors tend to buy during major declines, preventing further declines. In addition to the mentioned, technological progress and pace of implementation, as well as regulatory actions, also impact the lowest possible cost.
Analysts at JPMorgan note that the cost of producing bitcoin has historically acted as a floor for bitcoin’s price. The midpoint of the manufacturing cost range as of April was around $26,500. This figure is expected to mechanically double to $53,000 after the halving.
We have already felt the effects of the halving with the price falling to around $55,000-$56,000, but it is quite difficult to say for sure whether the decline is over. This decline is due to a drop in Bitcoin’s hash rate, as less efficient mining rigs will stop operating as they become unprofitable.
According to analysts at JPMorgan, if the decline after the halving is not over, the midpoint of the cost of production estimate range could fall to $42,000, assuming an average electricity cost of $0.05 per kWh.
Do other assets affect the BTC rate?
The impact of falling prices of Ethereum, Solana, and other major tokens on the Bitcoin market is significant but mixed. Similar to traditional commodity markets such as gold and silver, investors often notice patterns that can repeat themselves.
However, Bitcoin generally exhibits greater stability and less vulnerability compared to other cryptocurrencies. This resilience is bolstered by its established position, reinforced by the SEC’s ruling that Bitcoin is not a security, as well as its special characteristics, such as PoW consensus rather than PoS. At most, the decline of other cryptocurrencies can free up investors’ capital to reinvest in a more stable cryptocurrency, bitcoin, which does not raise questions from regulators and is not as vulnerable.
August Price Prediction – FLOKI Explodes While DTX Exchange Becomes a New Investor Favorite
The second half of the year might have begun on a shaky foot amid the market downturn, but things are beginning to look up. Prices are back on the upside and the launch of Ethereum ETFs on July 23rd is expected to inject a fresh bullish wave into the crypto landscape. As a result, Shiba Inu’s (SHIB) outlook for August couldn’t be more bullish.
At the same time, FLOKI (FLOKI) trades on the upside, propelled by rekindled interest in memecoins and rising whale interest. Also basking in the spotlight is DTX Exchange (DTX), a hybrid protocol that combines elements of both centralized and decentralized exchanges.
DTX Exchange (DTX): A New Investor Favorite
DTX Exchange (DTX) is a novel project aiming to break into the 10-billion-dollar global trading market and DEX market with a trading volume of $835 billion as of 2023. It is primed for success and adoption given its intriguing blend of CEX and DEX.
At the core of the platform’s architecture lies the DTX Exchange protocol. It is a comprehensive set of rules that govern how the exchange functions, sparing no expense on transparency, security and efficiency. The protocol integrates the best elements of centralized and decentralized exchanges, which in turn strikes a balance between accessibility and security.
In light of its impending adoption, it has become a new investor favorite. Meanwhile, in the second round of the presale, it offers the best entry point, with a token priced at just $0.04. Top analysts predict a 55x rally after listing on Tier 1 exchanges, potentially outperforming top memes like Shiba Inu and FLOKI.
Shiba Inu (SHIB): A Potential 50% Uptick
Shiba Inu (SHIB) is the leading dog-themed memecoin on Ethereum. Given its market dominance, it is only normal that investors are bullish on the SHIB post-ETH ETF. According to popular forecasts, a 100% upside is on the cards in August, making it an altcoin to watch out for.
Besides its significant upside potential, the Shiba Inu price is another layer of its appeal. It boasts a low entry point, allowing investors to scoop up large amounts of tokens without breaking the bank. This makes it a retail favorite, contributing further to its allure.
With its long-term outlook more bullish, the Shiba Inu coin price has been likened to a steal by industry experts. It is tipped to register an all-time high (ATH) at the peak of this bull run, making it one of the best tokens to invest in.
FLOKI (FLOKI): On the Upside
FLOKI (FLOKI), also known as FLOKI Inu, is another dog-inspired cryptocurrency. It launched in 2021, securing a top spot among the leading memecoins. Besides its memetic appeal, its intersection with DeFi utilities, NFTs and merchandise lends it tangible use cases.
On the market side, the FLOKI coin is on the rise, trading in tandem with the overall bullish market. Also contributing to its uptick is growing whales’ interest, as recent development suggests. According to analysts, a new peak before the end of quarter three isn’t out of the question.
Given this bullish FLOKI price prediction, it is undoubtedly one of the top memes and altcoins to invest in. It is no surprise that savvy investors have been expanding their portfolios, aiming to maximize gains.
Conclusion
While FLOKI trades on the upside, Shiba Inu is tipped for a 100% rally in August. Meanwhile, DTX Exchange has been gaining ground in presale thanks to its novelty as a protocol that combines the best elements of DEX and CEX. With adoption all but certain, this is a new DeFi project to watch out for.
Visit the official DTX Exchange (DTX) website for the latest updates and information.
Social Infrastructure OpenSocial Protocol Receives $6 Million Strategic Backing Led By Framework ...
Hong Kong, Hong Kong, July 25th, 2024, Chainwire
The ‘Web3 Shopify of Social’ hits 30,000 onchain users in 2 weeks as the first app goes live
OpenSocial Protocol, a composable infrastructure layer for building social applications, announced today a $6 million strategic backing led by Framework Ventures and North Island Ventures, with participation from other investors including Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital; and super angels like Jordi Alexander (Selini Capital), Sreeram Kannan (EigenLayer), Luca Netz (Pudgy Penguins), Sandeep Nailwal (Polygon Labs), Yaoqi (Altlayer), Robinson Burkey (Wormhole Foundation), Gabby Dizon (YGG), Mik Naayem (Dapper Labs), Cygaar (Abstract), Regan Bozman (Lattice Capital), Muddy Water and more.
Built by Everest Ventures Group, a leading Web3 operating group in Asia focused on consumer applications, OpenSocial Protocol provides open-source, multichain social application infrastructure tools that enable users and communities to build social decentralized applications (dApps) without coding experience. This is a vision that OpenSocial stands by as it helps to lower the barriers of entry for users who are looking to create their own community app.
Along with the $5 million seed funding round and $15 million in OpenSocial Protocol ecosystem funds raised previously, OpenSocial Protocol now has $26 million in funding to support the protocol’s development. Earlier investors include Portal Ventures, Animoca Brands, OKX Ventures, and renowned Web3 entrepreneurs include Smokey the Bera (Berachain), Jason Yano (Blockworks), Roham Gharegozlou (Dapper Labs), Brian Fabian Crain (Chorus One), Mike Dudas (6th Man Ventures) and more.
“We think that the OpenSocial team is well positioned to become a major player in the growing SocialFi movement across Asia,” said Framework Ventures Co-Founder Vance Spencer. “Their team is immensely talented and has prior experience scaling apps and onboarding millions of users. We’re excited to partner with the team as they expand to support several promising new apps.”
“We believe that OpenSocial is building a sustainable social platform that can bring millions of new users into crypto, and we’re thrilled to be supporting Allen and his highly capable team in this effort,” said Travis Scher, Co-Founder and Managing Director of North Island Ventures.
“The strategic backing accelerates OpenSocial’s ability to deploy its infrastructure across all major chains and ecosystems, launch a user-friendly platform where creators, moderators, and users can easily build communities, and develop new dApps tailored for the existing Web3 culture and communities. We aim to help empower and launch 1,000 community apps by 2025,” said Allen Ng, Co-Founder of OpenSocial Protocol.
OpenSocial Protocol hits 30,000 onchain users in 2 weeks as the first app goes live
OpenSocial Protocol aims to onboard thousands of apps by providing infrastructure and a customizable user interface layer, ensuring true ownership of intellectual property and community relationships, and offering better-aligned monetization and financial incentives for communities and users. It is building the necessary open-source infrastructure to enable the largest multichain community economy by solving three key challenges: user retention, spam bot prevention, and user growth beyond the crypto-centric audience.
SoMon (short for Social Monster), a Reddit-like forum built to empower communities with true ownership, became the first app to launch on OpenSocial Protocol on June 19 with over 30,000 onchain active users, an average engagement time close to 20 minutes and over 300,000 onchain transactions, excluding spam bots, in just two weeks, solving one of the key challenges in any social media platform.
Another app that is launching on OpenSocial is Zeek, a social collaboration network that allows users to harness the value of their community-building networks through onchain social bounty mechanics and reputation building. In June, Zeek completed its own $3 million fundraise.
OpenSocial: Enabling scalable, multichain social apps without coding experience
OpenSocial Protocol’s modular design with easy-to-deploy social tools on a multichain approach enables creators and communities to compose apps quickly and economically. Features are either on-chain or off-chain and include feed, chatroom, text/video/audio/posts, comments, reactions, voting, share, on-chain social graphs (social data and structure), tribes (user and topic-based communities), megaphones (advertising engine), as well as plug-ins (token issuance, DAO tools, betting, voting, bounties, matching, mini-games).
By embedding social functionalities into the core experience across different verticals, onchain social helps break down silos and enables greater connectivity and engagement across the entire ecosystem. “We believe social has the potential to be a major catalyst for mainstream consumer adoption. Every creator and community builder should be owners and entrepreneurs,” Ng added.
EVG has also deployed 80 developers and builders to develop the infrastructure for onboarding thousands of community apps with just a few clicks.
By actively working with early adopters to integrate thriving communities, redefine data sovereignty, and implement sustainable economic incentives, OpenSocial is paving the way for a future where anyone can cultivate meaningful yet sustainable social connections and true social data ownership.
About OpenSocial Protocol
OpenSocial Protocol (OpenSocial) is a multichain Social infrastructure empowering creators to effortlessly build community apps. Leveraging its robust social graph and modular design, OpenSocial enables transparent content promotion to specific user groups, ensuring fair value distribution among all stakeholders. OpenSocial offers one of the best data, tooling, and financial layer, and its vision is to enable the largest multichain community economy.
OpenSocial Protocol is founded by Everest Ventures Group.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
Media contact: Gemma Lo / gemma@opensocial.co
About Everest Ventures Group
Founded in 2018, Everest Ventures Group (EVG) is a Web3 operating group driving mass adoption of Web3 by building products with real use cases that are set to onboard the next million users.
Headquartered in Hong Kong with a global team of over 300 individuals, EVG has built and launched 15+ products across Social (OpenSocial Protocol, SoMon, Zeek), Gaming & Culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt) and FinTech (Aspen Digital).
As an early investor and lead advisor, EVG has contributed to 10+ unicorns and 150+ defining projects such as Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu and Blocklords.
Website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
Disclosures: Information contained herein is accurate as of the date of publication and is subject to change. This is not investment advice and readers should not construe discussion of any particular organization as a recommendation to purchase or sell, or a solicitation of an offer to purchase or sell, any securities or digital assets related to such organization.
CONNECTING THE FUTURE OF FINANCE ACROSS CONTINENTS
The Finance Magnates Pacific Summit (FMPS:24), is coming to Australia!
Are you looking for the next big B2B and B2C event in the Asia-Pacific region in 2024? Look no further than the Finance Magnates Pacific Summit (FMPS:24), coming to Sydney Australia on August 27-29. As a premium summit organized by FMevents, attendees can expect the industry’s top talent, speakers, and names, complete with networking opportunities and plenty of entertainment!
FMPS:24 will be taking place at the International Convention Centre (ICC) in Sydney, Australia, one of the country’s leading venues for conventions, exhibitions, and entertainment. The summit will aim to bring together businesses and individuals, offering priceless networking opportunities for emerging and established businesses in financial services to build meaningful connections, explore innovative possibilities, and showcase their products and services.
In addition, the event will retain a heavy focus on the B2C trading space, providing an informative hub for traders and financial markets enthusiasts to connect with leading online brokers, and experts for insights into online trading.
Agenda and Sessions
With a lineup of over 80 thought leaders from across the financial sector, FMPS:24 promises to deliver expert speaker sessions and workshops, providing knowledge and valuable insights. Attendees will have the opportunity to connect with industry leaders, innovators, and policymakers, and explore new business expansion and investment opportunities in the APAC region.
Speakers and Panelists
Attendees will have the opportunity to gain practical knowledge through sessions led by experts such as Nicholas Briscoe, Country Manager at Australia Visa Cross-Border Solutions, Vakul Talwar, GM AU and Global Head of Product – Trading, Onboarding, Commerce at Crypto.com, Mario Singh, Founder and Chairman at Fullerton Markets, Shannon Scott, SVP, Global Head of Product at Airwallex, Andrew Ralich, CEO & Co-Founder at oneZero, Sophie Gerber, Co-CEO I Director at TRAction Fintech I Sophie Grace, Marcus Fetherston, General Manager, Prop Trading Services at Blueberry Markets Group, Daryl Teo, Co-Founder & Chief Investment Officer at CoinClan and many more.
Agenda and Sessions
Attendees can expect an immersive experience at the Centre Stage, featuring thought-provoking conversations and transformative ideas that will shape the event. The Exchange Zone provides an exclusive haven for trading education and analysis, offering valuable insights to traders under the guidance of experienced speakers.
FMPS is all about content, as indicated by a curated track of panels, workshops, sessions, and much more. Each content vertical mentioned above will be explored at length, followed by such notable topics as the future of financial services in APAC, the impact of AI both within companies and in offerings to investors, a survey of the Aussie fintech landscape and talent pool, and more, as headlined on the upcoming agenda.
Who is FMPS:24 for?
FMPS will aim to attract several different types of industry participants. Look for recognizable brands, as well as plenty of brokers, service providers, IBs and sophisticated traders on-site. FMPS will cater the online trading, fintech and blockchain verticals. We are expecting over 100 leading speakers, some of the most-trusted brands, and over a thousand high-level attendees. The resulting atmosphere will reflect an invaluable opportunity for engagement, connections, and networking.
Sponsors and Partners
FMPS will be spotlighted by the biggest brands in the B2B and B2C sides of the fintech industry. This starts with world-leading brokers such as Pepperstone, Saxo, Avatrade, Equiti, and innovative technology providers such as B2Broker, OneZero, FxCubic, Match-Trade and many more. The summit will also serve as a hub for actionable insights, a future outlook on each industry vertical, and a chance to show off each other’s wares.
Why Attend FMPS:24?
Exclusive Insights: Hear from influential speakers like Nicholas Briscoe, Country Manager, Australia at Visa Cross-Border Solutions, Vakul Talwar, GM AU and Global Head of Product – Trading, Onboarding, Commerce at Crypto.com
Diverse Networking: Connect with industry leaders, from executives at Visa, Pepperstone B2Broker, ATFX, AC Capital etc
Dynamic Sponsors & Exhibitions: Access the latest innovations from across the globe in Sydney.
Expert Speaker Session and Workshops: Gain practical knowledge through sessions led by industry experts at the Center Stage and Exchange Zone.
One of the event highlights includes the Opening Networking Blitz on August 27, where participants can kick off the event by mingling with others and setting the stage for the next two full days of the exhibition.
Who will be at FMPS:24?
FMPS:24 will cover a total of four industry verticals: online trading, crypto, payments, and fintech. A curated content agenda and immersive experience was tailored for businesses and individuals with the goal to provide a platform for new business opportunities and knowledge sharing.
Prospective attendees can expect to engage, network, and connect face-to-face with Forex/CFD Brokers, Institutional Brokers, Affiliates & IBs, Traders & Investors, Educators & Market Experts, Fintech & Payments Brands, Crypto & Digital Assets Businesses, Technology & Liquidity Providers, Press/Media, Regulators, Start-ups Investors/VCs
Registrering & Attending
No matter if you’re a company looking for partnerships or an individual seeking to advance your trading journey, this event offers valuable insights and the chance to become part of a growing global community.
Registration for the Finance Magnates Pacific Summit 2024 is open, with online registration and onsite registration available at the International Convention Center ICC during exhibition dates, May 20-22, 2024.
Don’t miss this opportunity to be part of Australia’s leading financial summit.
See you in Sydney this August! _____________________________________________________________________________________________________________________________________________________________________________________________
Testimonials from previous FMevent Attendees
Attending FMLS is like condensing 20 business trips into one. The networking opportunities are unparalleled, not just during the event but throughout the entire week as attendees from around the world converged. It’s the perfect platform to connect with people from diverse backgrounds and regions.
Drew Niv CEO, TraderTools
Over the past decade, FMLS has evolved significantly from focusing solely on FX to incorporating CFDs on stocks and cryptocurrencies, making it a much broader and diverse event. With a larger number of firms and participants, the benefits have multiplied. From networking opportunities to observing industry trends and dynamics, attending FMLS has been an enriching experience.
Finance Magnates Group is the leading source for financial news, events, analysis, and research. The group includes several marquee brands, each servicing a different niche in the financial services industry.
Finance Magnates is composed of a skilled team of editors and researchers that deliver accurate, up-to-date information, breaking news, media, and latest trends in the financial industry. The team’s high quality content is focused on fintech, online trading, payments & banking, crypto, blockchains, and the technology that drives them.
FMevents organises premium events in financial services in London, Sandton and Sydney. This includes leading B2C and B2B expos covering the online trading, fintech, payments, crypto, and blockchain space. These events attract a global audience, drawing thousands of attendees, leading companies, brands, and experts.
For Media Inquiries, Contact:
Finance Magnates Group Marketing at marketing@financemagnates.com
Crypto Fest 2024: a Unique Celebration of Web3.0 Innovation and Culture in Cape Town, South Africa
Cape Town, South Africa – Get ready for an extraordinary convergence of technology, culture, and innovation at Crypto Fest 2024! Now in its 6th edition, this year’s event promises to be unlike any other, bringing together a vibrant and diverse audience in the breathtakingly beautiful city of Cape Town.
Crypto Fest 2024 stands out not only for its stellar lineup of speakers and educational workshops but also for its unique celebration of African ingenuity and innovation. Set against the stunning backdrop of Cape Town’s iconic landscapes, this event will showcase the continent’s dynamic and rapidly growing crypto ecosystem.
Why Crypto Fest 2024 is Unmissable:
Spectacular Cape Town Setting and Iconic Venue: The event takes place at the iconic DHL Stadium, home to the FIFA World Cup in 2010. Experience the magic of Cape Town, a city renowned for its scenic beauty, cultural richness, and innovative spirit. From Table Mountain to pristine beaches, Cape Town offers an unforgettable venue for this premier crypto event.
Diverse African Audience and Speakers: Celebrate the unique perspectives and contributions of Africa’s leading crypto enthusiasts, entrepreneurs, and thought leaders. This event highlights the vibrant and diverse blockchain and crypto community driving change across the continent.
World-Class Speakers and Innovators: Hear from top global and African experts who are shaping the future of blockchain and cryptocurrency. Gain valuable insights from their experiences and visions, and discover the latest trends and advancements in the field. Topics will include:
Stablecoins in emerging markets
Leveraging bitcoin for payments in Africa
How blockchain, DeFi, and digital assets are transforming Africa
Harnessing the power of AI and blockchain for decentralized economies
Cryptocurrency trends and market analysis
Investing strategies and risk management
Blockchain interoperability and scalability
Memecoins and NFTs
Dynamic Networking Opportunities: Connect with a diverse array of participants, from seasoned professionals to enthusiastic newcomers. Build meaningful relationships and explore potential collaborations within a vibrant community.
Engaging Workshops and Panels: Participate in hands-on workshops, insightful panels, and interactive sessions designed to cater to all levels of expertise.
Cultural Integration: Immerse yourself in the rich cultural heritage of Africa. Enjoy a Cape Town City Tour of top world tourist sites such as Table Mountain, Kirstenbosch Gardens, Constantia Winelands, and some of the world’s most beautiful beaches and landscapes. Enjoy performances, art, and cuisine that reflect the continent’s diversity and creativity, adding a unique flavour to the event experience.
Sonya Kuhnel, Co-founder and Managing Director of Bitcoin Events, shares her vision: “We are hosting Crypto Fest 2024 in South Africa to highlight the incredible potential of blockchain and digital assets to drive financial inclusion and economic growth across the continent. Cape Town’s unique blend of natural beauty and innovative spirit makes it the perfect location to celebrate the advancements in the Web3.0 space and to inspire future innovations.”
Don’t miss your chance to be part of this unparalleled event that blends technological innovation with cultural celebration. Crypto Fest 2024 is more than just a conference – it’s an experience that will inspire, educate, and connect you with the future of finance and technology.
Be part of the innovation taking place in Africa in one of the world’s most stunning and culturally rich locations.
Tickets
A variety of tickets are now available from the event website here.
For more information about Bitcoin Events and other events, visit the website here.
Media Contact
For media inquiries, please contact: Nazley Swartz Email: nazley@bitcoinevents.co.za
About Bitcoin Events:
Over the span of a decade, Bitcoin Events has proudly stood as Africa’s pioneering events company dedicated solely to the realms of crypto, blockchain, and Web3 technologies. Welcoming over 17,500 attendees from 165 countries, we’ve fostered connections with esteemed individuals and reputable companies leading the charge in the blockchain space.
With our far-reaching influence, Bitcoin Events remains committed to empowering Africa through our world-class events, driving forward the region’s blockchain ecosystem.
Addis Ababa, 14th August 2024 – The International Center for Strategic Alliances proudly presents the Upcoming 15th Edition Connected Banking Summit – Innovation and Excellence Awards 2024; Ethiopia. Taking place at the Ethiopian Skylight Hotel in Addis Ababa, this pivotal event gathers esteemed global executives, experts, and leaders to discuss the future of the banking industry under the theme “Bolstering the Economy with Digitization and Financial Inclusion.”
The summit features an extraordinary lineup of speakers, including:
Yeshurun Alemayehu Adde, State Minister, ICT and Digital Economy Sector, Ministry of Innovation & Technology
Andualem Hailu, Deputy CEO – Strategy & Technology, Hibret Bank S.C
Endalish Woldemichael, Chief Strategy & Innovation Officer, Amhara Bank
Temesgen Busha, Chief Transformation Officer, Awash Bank
Fikru Woldetensie Aschalew, Chief Strategy Officer, Ahadu Bank
Abdella Adem, Acting Chief, Interest-Free Banking Officer, Awash Bank
Mengistu Gemechu Worku, Director, Corporate Strategy Management and Transformation, Cooperative Bank of Oromia
Belay Gezahegn, Director, Strategy and Innovation Dept, Enat Bank
Temesgen Taye Lamesa, Director, IS Security Management, Cooperative Bank of Oromia S.C.
Seyoum Damtew Metaferia, Director, Information System Security, Commercial Bank of Ethiopia
Mengistu Endalamaw, Director, Digital Banking, Commercial Bank of Ethiopia
Yonas Lemma, Director, IT Risk & Cyber Security Departments, Hibret Bank
Endashaw Tesfaye, Digital Financial Services Expert, United Nations Capital Development Fund (UNCDF)
Moses Munguti, Lead Technical Expert East Africa, Kaspersky
Martin Kimani, Associate Director, KPMG East Africa
Nohaila Ibn Elfarouk, Regional Sales Executive, Backbase
Babeksingh Khalsa, VP Sales – MEA, Panamax Inc
Our esteemed sponsors, who have been pivotal in the success of this event, include:
Official Cybersecurity Partner: Kaspersky – Ensuring the highest level of security for the banking industry.
Gold Sponsor: Infosys Finacle – Leading innovation in financial technology and digital banking platforms.
Gold Sponsor: Panamax – Pioneers in integrated financial
Knowledge Partner: KPMG – Providing invaluable insights and expertise in the banking sector.
Bronze Sponsor: Backbase – Innovators in customer experience and engagement banking platforms.
This summit, in collaboration with the prestigious Innovation & Excellence Awards, brings together leaders from banks, insurance companies, FinTechs, TechFins, digital and neo- banks, non-banking financial organizations, cooperatives, investment funds, and asset management companies. They are engaging in insightful discussions on the transformative impact of integrated solutions on the future of banking.
The summit also explores the influence of technologies like AI, ML, deep learning, cognitive computing, and digital assets on the financial services ecosystem.
The Connected Banking Summit Series offers unparalleled networking opportunities,
connecting key industry players, C-suite executives, senior managers, and decision-makers driving the adoption of cutting-edge banking technologies.
There are still a few passes available for those who wish to join this unparalleled event.
Register now to secure your spot at the summit.
For more information, please visit the Connected Banking Summit website or connect with us on LinkedIn.
For inquiries, please contact Mohammed Thoufiq at mohammed@intercsa.com or call +44 20 3808 8625.
Riot Platforms’ Acquisition of Block Mining Makes Sense, JPMorgan Says
Riot’s acquisition of rival bitcoin miner Block Mining makes sense, the report said.
JPMorgan noted that Riot will have the second-largest capacity of the U.S.-listed bitcoin miners.
The bank has an overweight rating on Riot stock with a $12 price target.
Riot Platform’s (RIOT) acquisition of rival bitcoin {{BTC}} miner Block Mining makes sense because it diversifies the company’s power supply and increases its capacity to over 2 gigawatts (GW), JPMorgan (JPM) said in a research report on Wednesday.
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal also “serves as the latest appraisal of undeveloped power assets,” analysts Reginald Smith and Charles Pearce wrote.
Still, the announcement is surprising, given the expansion potential at Riot’s Corsicana site in Texas, the report said.
The Block Mining acquisition is not the company’s only attempt at M&A in recent months. Riot recently dropped a proposal to buy peer Bitfarms (BITF) and is looking to overhaul that target’s board before engaging in further takeover attempts.
JPMorgan notes that the Block Mining deal will add 1 exahash per second (EH/s) to Riot’s hashrate, a measure of its computational power, and may contribute up to 16 EH/s by the end of 2025. The hashrate is a proxy for competition in the industry and mining difficulty.
The bank has an overweight rating on Riot shares with a $12 price target. Riot was trading 0.5% higher at $11.65 in early trading on Wednesday.
Broker Bernstein said Riot was best suited to consolidate the bitcoin mining sector, in a report in May.
Alkimiya’s new protocol allows for the trading of Bitcoin transaction fees to manage volatility.
The protocol was developed by Anicca Research and is backed by major investors like Castle Island Ventures.
Alkimiya, a blockspace markets protocol, has introduced a new tool that enables users to trade Bitcoin transaction fees directly. This move comes as Bitcoin transaction fees continue to exhibit high volatility, with fees known to fluctuate between 20 to 500 times their value within a single week.
Leo Zhang, founder of Alkimiya Protocol, explained the rationale behind the tool:
“Through extensive research on the structural impact of various transactions on network fee rates, we concluded that trading transaction fees offers far more accurate exposure to the ecosystem’s fundamentals compared to trading Layer 1 tokens.”
Recent events in the Bitcoin ecosystem have highlighted fee volatility issues. In mid-April, following the Bitcoin Halving, a surge in Ordinals and Runes projects caused network fees to rise from $4.8 to $125 per transaction.
In May, increased activity around the $DOG token saw fees increase from $2 to $7 per transaction.
The protocol potentially offers various uses for different participants in the crypto space. Collectors could use it to manage mint costs, while traders might use it to position themselves for anticipated network activity. Service providers, who have been vulnerable to sudden fee spikes, could use it as a hedging tool.
A recent incident underscores the potential relevance of such a tool. In June, a bug in OKX’s UTXO consolidation script resulted in fees increasing from $5.8 to $87.8 per transaction in a single day, leading to reported losses of approximately $18 million for the exchange.
Nic Carter, partner at Castle Island Ventures, an investor in Alkimiya, commented:
“Fee volatility is a lingering UX challenge for blockchain users, particularly on Bitcoin. As Bitcoin enters a regime of permanent congestion, consumers of blockspace can — for the first time — manage their exposure to fees via Alkimiya.”
For miners, the protocol presents a potential way to manage future fee revenues. This comes at a time when transaction fees have become a larger portion of miners’ income post-halving, with the fees-to-reward ratio reported to fluctuate between 3% and 300%.
Developed by Anicca Research, Alkimiya is currently operational on ETH mainnet and states plans to introduce ETH and L2 gas products in the future.
The protocol has received backing from several venture capital firms in the crypto space.
Last year, Alkimiya secured $7.2 million in funding from a round led by 1kx and Castle Island Ventures, with participation from Dragonfly, Circle Ventures, and Coinbase Ventures.