George Town, Grand Cayman, June 11th, 2024, Chainwire
Binance Labs, the venture capital and incubation arm of Binance, has invested in Zircuit, a zero-knowledge rollup with AI-enabled sequencer-level security.
Zircuit is a new Layer 2 (L2) network that introduces a novel approach to on-chain security. The network safeguards users with sequencer-level security and built-in, automated AI mechanisms that guard against smart contract exploits and malicious actors. The network’s hybrid architecture, which combines battle-tested rollup infrastructure with zero-knowledge proofs, results in a fast, low-cost, and fully EVM-compatible ZK rollup to provide unparalleled security for users without sacrificing speed or compatibility. More specifically, Zircuit’s performance comes from decomposing circuits into specialized parts and aggregating proofs, which achieves greater efficiency and lower operating costs.
Yi He, Co-Founder of Binance and Head of Binance Labs said: “At Binance Labs, we support projects that are innovating in Web3 and accelerating the blockchain industry. Through its integration of sequencer level security, Zircuit is providing a more secure L2 solution and we look forward to watching it grow and develop further.”
As Zircuit prepares to debut its mainnet this summer, its ecosystem is already demonstrating impressive growth. The network presently hosts over $3.5 billion in staked assets and its “Build to Earn” program has drawn more than 1,100 applications. Ethena, Renzo, Ether.fi, KelpDAO, Elixir, Ambient, Pendle, LayerZero, and others are among its launch partners.
“Zircuit was born out of cutting-edge scaling and security research. We’re innovating on top of a deep technical foundation, and making Ethereum safer for the next billion users. We’re thrilled to have Binance Labs join us in this journey”, said Dr. Martin Derka, Co-Founder of Zircuit.
About Zircuit
Zircuit is a ZK rollup with AI-enabled sequencer-level security and parallelized circuits. Built by a team of web3 security veterans and PhDs in computer science, algorithms, and cryptography, Zircuit’s unique architecture combines the best of both worlds of performance and security. To learn more visit zircuit.com or follow us on Twitter/X @ZircuitL2
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.
Contact
Jessica Graber
Zircuit
jessica@zircuit.com
Pepe (PEPE) has recently experienced a significant 32.6% drop in price, retracing to $0.00001131 after reaching its all-time high of $0.00001724.
The retracement brought PEPE back to a confluence point at the $0.00001131 support level, which also aligns with an ascending trendline support that has been retested multiple times in the past two months.
This pullback could present a potential buying opportunity for traders looking to capitalize on the dip and position themselves for the next surge.
At the time of writing, PEPE was valued at $0.00001264 on CoinMarketCap, showing a 3.17% increase in the last 24 hours but a 16.74% decrease over the past week.
The market capitalization stood at $5.3 billion, reflecting a 3.17% rise in the last 24 hours, while market volume decreased by 35.8% to $860 million during the same period.
AMBCrypto analyzed Santiment’s Active Addresses and circulation data, noting a surge in daily active addresses and transaction volumes over the past few weeks.
This data suggests a potential bullish rally, with active addresses experiencing several spikes, some surpassing 200,000 in a 24-hour period.
Further analysis of Santiment’s ratio of daily on-chain transaction volume in profit to loss showed the data skewed heavily towards profit, indicating increased user activity and potential accumulation.
Additionally, the daily PEPE/USD chart revealed that the recent pullback has found support along an ascending trendline, indicating that the uptrend may soon resume.
The Stochastic RSI was oversold at the time of analysis, potentially signaling a price reversal. Moreover, the MACD histogram had crossed above the signal line, suggesting a potential bullish crossover.
Considering the dip, PEPE’s current situation might present a potential buying opportunity.
The surge in active addresses and transaction volumes provides a major bullish signal.
The strong support along the ascending trendline and oversold conditions on the Stochastic RSI further affirm this bullish sentiment, suggesting more investors are considering buying the dip.
However, if the support fails to hold, PEPE could see further declines in its price.
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In a notable achievement for the cryptocurrency industry, global Spot Bitcoin ETFs have now amassed over $70 billion in total holdings, representing about 5% of the entire Bitcoin (BTC) supply.
This milestone underscores the rising institutional interest and investment in Bitcoin as a credible asset class.
Spot Bitcoin ETFs have become a formidable presence in the cryptocurrency market, with their holdings exceeding $70 billion, equivalent to 5% of Bitcoin’s total supply.
As of March 2024, these ETFs collectively held around 776,464 BTC.
This remarkable growth in Spot Bitcoin ETFs is primarily fueled by major asset management firms like BlackRock and Grayscale, indicating increased institutional adoption and trust in Bitcoin.
The rapid expansion of Spot Bitcoin ETFs has also influenced Bitcoin’s price, pushing it to an all-time high of over $73,000 earlier in March 2024.
This price surge mirrors the rising demand for Bitcoin among institutional investors, further establishing its legitimacy as an investment option.
READ MORE: Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty
Despite the substantial inflows into Spot Bitcoin ETFs, the cryptocurrency market has experienced a phase of consolidation, with Bitcoin trading sideways and occasionally dipping.
Nonetheless, recent data reveals a renewed surge in investor interest, with digital asset investment products seeing inflows totaling $2 billion in the past week alone.
Bitcoin dominated these inflows, attracting a remarkable $1.97 billion in investments.
Currently, Bitcoin is priced at $69,414.92, with a 24-hour trading volume of $15.4 billion.
While it has seen a slight decline of -0.10% in the last 24 hours, Bitcoin has posted a modest increase of 0.47% over the past 7 days.
With a circulating supply of 20 million BTC, Bitcoin now has a market capitalization of $1.3 trillion, solidifying its position as the leading cryptocurrency by market value.
Despite short-term market fluctuations, Bitcoin’s overall trajectory remains positive, driven by growing institutional adoption and increasing investor confidence in its long-term prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Despite a notable short interest, MicroStrategy, led by Michael Saylor, continues to witness significant attention from investors, holding $6.9 billion in major short positions as reported by institutions.
As per data from investment research firm Fintel, as of June 6, MicroStrategy features prominently with 18 short positions on Fintel’s “The Big Shorts” list, a compilation of substantial short positions disclosed to the U.S. Securities and Exchange Commission.
The largest of these short positions against MicroStrategy stands at about $2.4 billion, ranking as the 27th-largest net short position among institutions.
This figure is notably less than Amazon’s highest net short position of $3.59 billion, while the largest net short position in the U.S. targets the SPDR S&P 500 Trust ETF, valued at a staggering $114.06 billion.
Despite this backdrop of aggressive short-selling, the sentiment among short-sellers seems to be changing.
The short-interest ratio for MicroStrategy’s stock has halved over the past six months, plummeting from 3.1 days to 1.5 days, indicating a decrease in short-seller interest and reduced risk of a short squeeze.
This ratio measures the average number of days required for short sellers to cover their positions, with a lower figure suggesting waning interest.
Amid these dynamics, MicroStrategy’s stock performance has been robust.
READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations
According to Google Finance, since December 2023, the stock price has surged from $570 to $1,656, effectively tripling in value.
This rally coincides with developments in the cryptocurrency sector, where the launch of spot Bitcoin ETFs in 2024 led investment firm Kerrisdale Capital to speculate on the decreasing necessity of trading MicroStrategy shares as a proxy for Bitcoin exposure.
Kerrisdale Capital highlighted this shift in a March 28 analyst note, stating, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”
This sentiment reflects a broader market adjustment to new financial products that offer direct exposure to Bitcoin, potentially diminishing MicroStrategy’s appeal as an indirect investment option.
Adding to the narrative of success, a recent report by Cointelegraph highlighted that MicroStrategy has substantially outperformed Bitcoin itself over the past year.
The stock has risen by approximately 469%, compared to a 168% increase in Bitcoin’s value, underscoring a period of significant financial growth for the firm amidst a challenging and evolving investment landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
If Bitcoin rebounds swiftly from its recent dip to $71,000 on June 6, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin fell by 3.33% to $68,507 before slightly recovering above the crucial $69,000 level.
This decline occurred amid broader macroeconomic uncertainty following the United States Employment Situation Summary Report, which revealed higher-than-expected job growth in May.
In addition to Bitcoin’s drop, Ether also fell by 3.58% over 24 hours, while several altcoins like Solana, Dogecoin, and Pepe experienced significant declines of 5.61%, 8.70%, and 9.99%, respectively, according to CoinMarketCap data.
This market plunge resulted in a $409.51 million liquidation of both short and long positions across the board, based on CoinGlass data, with $56.71 million being long positions in Bitcoin.
However, just two days before this price decline, on June 5 and 6, Bitcoin was trading between $70,000 and $71,662.
Many traders were optimistic that it might inch closer to its all-time high of $73,679.
Currently, traders are betting that Bitcoin’s price may not rebound quickly.
If Bitcoin returns to $71,000, $1.38 billion in long positions will be wiped out, indicating that futures traders expect further price declines.
This comes as investors question why Bitcoin’s price hasn’t surpassed its March all-time highs, despite a 19-day streak of positive inflows into Bitcoin exchange-traded funds (ETFs).
On June 7, Cointelegraph reported that analysts highlighted the impact of multiple factors on Bitcoin’s price, noting that ETFs alone do not have enough influence.
“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling (yet),” Capriole Investments founder Charles Edwards told Cointelegraph.
Crypto trader Christopher Inks also emphasized that “the market is made up of spot, futures, ETFs, and options.”
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Bitcoin’s price has fallen by approximately 3.25% in the last 24 hours, settling at $3,690 on June 8.
Despite this decline, the BTC/USD pair is performing better than the broader crypto market, which has seen a 3.75% drop in the same period.
Two main factors are driving Bitcoin’s lower prices today: better-than-expected job data in the United States and a slight reduction in the BTC supply held by its wealthiest investors.
The primary reason for Bitcoin’s price drop today is the robust U.S. employment report for May.
Nonfarm payrolls surged by 272,000, surpassing all 77 estimates in Bloomberg’s economist survey.
This positive data led to a surge in Treasury yields, with both two-year and 10-year yields rising by about 12 basis points.
As a result, stocks declined, with the benchmark S&P 500 Index down around 0.3%, while the dollar strengthened.
Higher yields typically indicate increased borrowing costs, leading to a reduced appetite for risk.
Consequently, investors tend to move away from riskier assets like stocks and cryptocurrencies in favor of safer investments.
Another factor contributing to Bitcoin’s price decline is a slight dip in the BTC supply held by its wealthiest holders.
Notably, the Bitcoin supply held by “whales” with at least 100,000 BTC has decreased by 0.2% in the last 48 hours.
This suggests that these investors are either redistributing their holdings into smaller addresses or cashing out altogether.
However, other Bitcoin supply cohorts, such as those holding 10,000-100,000 BTC and 1,000-10,000 BTC, have been accumulating in recent months
From a technical perspective, Bitcoin’s decline today started after testing its interim resistance level at around $70,000.
Since mid-March, Bitcoin has been unable to close decisively above this level.
This resistance level appears to be the neckline of Bitcoin’s prevailing inverse-head-and-shoulders (IH&S) pattern.
This classic bullish reversal setup resolves when the price breaks above the neckline and rises by the maximum distance between the pattern’s lowest point and the neckline.
If the IH&S pattern plays out as intended, Bitcoin’s primary upside target for July is over $90,000.
Conversely, a pullback from the neckline could send BTC price toward its 50-day exponential moving average (50-day EMA) at around $66,740.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized as the weekend approached.
The largest cryptocurrency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a decline in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD hit local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP wrote in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the Consumer Price Index (CPI) and the Federal Reserve’s meeting to decide on interest rate policy.
QCP continued, “Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
READ MORE: Sky Mavis Recovers $5.7 Million from Ronin Bridge Hack with Aid of Norwegian Authorities
Despite the turmoil, QCP viewed the local lows on BTC and ETH as a buying opportunity, anticipating future Federal Reserve actions might favor risk assets.
Analyzing key levels, the crypto market focused on the monthly open around $67,500 as a critical support level if weakness persisted.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase noted on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect was the leverage flush in Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush.
$ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” observed fellow trader Daan Crypto Trades.
Previously, Cointelegraph had reported on global liquidity trends already supporting a potential BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Ape Planet (APEPLAN) presents a similar opportunity for a limited time.
Ape Planet (APEPLAN), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
APEPLAN will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Ape Planet.
Currently, Ape Planet can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy APEPLAN on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Ape Planet by entering its contract address – ET3t9oWgPkCEWP8CTtJNrW4n8we7y3aCPHckArZC2759 – in the receiving field.
APEPLAN currently has a market cap of just under $10,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Pink Pepe (PINKPEPE) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Pink Pepe (PINKPEPE), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Pink Pepe presents a similar opportunity.
Pink Pepe has a market cap below $15,000 at the moment, meaning that when it just reaches a modest market cap of $400,000-$800,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 11,000% in the coming two days, and Pink Pepe could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Pink Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Pink Pepe on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pink Pepe by entering its contract address – 3CHkxCxLnDs8otVeGrn64JEcde5QcQKSxY4Y9QaUAU7F – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PINKPEPE.
Degen Orange Cat could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Degen Orange Cat (DEGCAT), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because DEGCAT has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Degen Orange Cat can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Degen Cat could become the next viral memecoin.
Degen Orange Cat launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Degen Orange Cat on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Degen Cat by entering its contract address – SswPK5VWTrhusTx1uenWYsy2HoUBzziWveiuqB7jQuY – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like DEGCAT.