Venture capitalist and billionaire Chamath Palihapitiya recently discussed Bitcoin’s significant progress and its imminent impact on American society.
During an episode of the All-In Podcast, Palihapitiya emphasized the importance of the approval of spot market Bitcoin exchange-traded funds (ETFs), describing it as a pivotal development for Bitcoin’s integration into mainstream financial systems.
Palihapitiya believes that Bitcoin is still in its early stages but predicts it will soon become a widespread topic of conversation.
He expressed his views by saying, “We’re going to get to a tipping point where everybody really talks about this. I still don’t think we are there yet.
I think we’re just at the beginning, but when you see the inflows into these ETFs, it’s a very big deal because it just allows every mom-and-pop individual to buy some to the extent that they want to own or they want to speculate on it, whatever it is.”
He further stated that the recent developments in the Bitcoin sphere have not only proved skeptics wrong but have also laid the groundwork for a constructive future for the cryptocurrency.
In his view, the approval of Bitcoin ETFs has opened the doors for everyday investors to participate in the cryptocurrency market, which marks a significant shift in the financial landscape.
In addition to Bitcoin, Palihapitiya pointed out that the success of Bitcoin ETFs could pave the way for the approval of ETFs for other cryptocurrencies, such as Ethereum.
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He suggested that the potential approval of an Ethereum ETF follows logically from the approval of Bitcoin ETFs, highlighting a broader trend of cryptocurrencies becoming integral to the financial sector.
“So I think it’s been a very big year, and I think that psychologically it’s proven a lot of folks wrong, and it’s a setup for something really constructive,” he commented.
Highlighting the momentum of this movement, Palihapitiya concluded, “The other thing I’ll say is that it’s not just Bitcoin but as goes Bitcoin, there are a handful of other things.
“People are now speculating that there’s going to be an Ethereum ETF that gets approved as well because if you approve one, there’s probably legitimate cause to approve a few others, so these things are becoming part of the financial fabric, and I think that that should not be underestimated.”
As of the time of his comments, Bitcoin’s value stood at $69,465, indicating the cryptocurrency’s strong market performance and its growing acceptance within the financial ecosystem.
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In recent days, the meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a remarkable rise in its price, driven by various factors, including a concerted effort by its community to reduce its circulating supply through a process known as “burning.”
Shibburn reports that this initiative has resulted in over 13 billion SHIB tokens being permanently removed from circulation in just 24 hours, highlighting the community’s dedication to enhancing the token’s value through supply reduction.
The Shiba Inu community has been central to this effort, sending large quantities of SHIB to a “dead wallet,” effectively taking them out of circulation.
So far, a staggering 410.72 trillion SHIB tokens have been burned from the original supply, a move that has generated considerable optimism among investors about the token’s economic future.
Key figures in the Shiba Inu project, like lead developer Kusama and team member Ragnar Shib, have been vocal supporters of these burning activities.
Kusama recently hinted at a new burning event for the Leash token in response to community inquiries, stating, “Obviously not… we burnt Leash today but I’ll pop into discord.”
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Ragnar Shib further backed this up with a post on X, spotlighting significant burning transactions involving SHIB, Bone, and Leash tokens, demonstrating the community’s commitment to the project’s ecosystem.
The SHIB token’s price has positively responded to these developments, with CoinMarketCap noting a 70% increase in its value over the past week, positioning SHIB at $0.000035.
This surge has not only reflected the broader meme coin trend in the crypto market but also elevated SHIB to the tenth rank in global market capitalization, attracting significant attention.
However, with the Relative Strength Index (RSI) indicating an overbought status at around 82, there’s speculation about a possible short-term consolidation.
Despite this, the enthusiasm for SHIB’s supply reduction strategy remains strong, and if the token can breach the $0.000035 resistance, it could be on its way to hitting the $0.0001 mark.
Investors are cautioned, however, to remember the inherent volatility of the cryptocurrency market and to conduct thorough research and exercise prudence before making any investment decisions.
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Despite the impressive rally that pushed Bitcoin‘s price beyond $70,000, on-chain data indicates that Bitcoin whales, or holders of large amounts of Bitcoin, are not in a hurry to sell.
This trend is seen as Bitcoin’s whale population has increased, with the number of unique addresses holding at least 1,000 Bitcoin climbing to 2,104 as of March 7.
This number, however, still falls short of the peak of 2,489 addresses recorded in February 2021 when Bitcoin was trading above $46,000.
The growth in the number of large Bitcoin holders is partly attributed to the success of the United States spot Bitcoin exchange-traded funds (ETFs), which saw over $52.5 billion in cumulative trading volume by March 4.
The reluctance of whales to sell suggests they anticipate further price increases.
Their actions are closely watched as they have the potential to significantly sway Bitcoin’s price due to the size of their trades.
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Julio Moreno, the head of research at CryptoQuant, highlighted the notable increase in whales’ Bitcoin holdings, stating on X on March 7, “The growth of whales’ Bitcoin holdings is going parabolic.”
This sentiment is supported by Glassnode data indicating a sharp rise in transfers from exchanges to whales, reaching new record highs, while the volume of whale to exchange transfers has only modestly increased, suggesting a strong influx of new investors and a lack of profit-taking among existing large holders despite the high prices.
The fundamental demand for Bitcoin remains robust, partly fueled by the United States spot Bitcoin ETFs. The BlackRock iShares Bitcoin Trust (IBIT), for example, experienced record daily inflows of $788 million on March 5.
With Bitcoin’s price potentially targeting around $92,500, supported by a combination of technical, on-chain, and fundamental indicators, including a bull pennant pattern on the charts, the market’s outlook remains bullish.
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The BNB cryptocurrency witnessed a remarkable surge, increasing by 62% within 30 days, reaching a two-year peak at $489.50 on March 8.
This significant rise not only highlights BNB’s growth amid broader market gains but also cements its position as the third-largest cryptocurrency by market capitalization, stablecoins excluded.
This surge sparked discussions among traders, with many speculating that surpassing the $500 mark is just a matter of time.
However, questions about the sustainability of this rally remain.
Investor sentiment towards BNB was not always optimistic, especially after Binance’s founder, Changpeng “CZ” Zhao, agreed to a plea deal with the U.S. federal court in November 2023 over allegations involving the transfer of illicit funds through the exchange.
CZ’s decision to step down as CEO raised concerns about BNB’s future, given its close ties with the Binance ecosystem.
Despite these challenges, the settlement between Binance and the U.S. Commodity Futures Trading Commission (CFTC) in December 2023, which called for enhanced corporate governance at Binance, has mitigated some of the uncertainties surrounding BNB.
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This development, coupled with CZ’s ongoing trial, leaves the crypto community watching closely.
The recent increase in cryptocurrency trading volumes has brought issues to light for several major exchanges, with Coinbase experiencing multiple outages.
These incidents have drawn criticism, notably from crypto investor @Rampage_Calls and Vijay Boyapati, who compared Coinbase’s liquidity issues to the downfall of MtGox. Boyapati’s call to action for Coinbase to address these problems underlines the importance of reliable exchange infrastructure—a factor contributing to Binance’s trading volume leadership.
Binance’s robust trading system has undoubtedly played a role in attracting users, further boosted by incentives like reduced trading fees.
Yet, the value of BNB extends beyond these aspects, with the BNB Chain’s ecosystem being a crucial element for consideration.
Despite a 7% decrease in smart contract deposits on the BNB Chain, the network’s DApp volume increased by 41% in the last month, demonstrating significant engagement and activity.
With 5.6 million active addresses interacting with its DApps, the BNB Chain exhibits strong user involvement.
This vibrant ecosystem, along with the ongoing analysis of BNB Chain’s utility and its impact on Binance post-CZ’s trial, presents a bullish outlook for BNB, hinting at the possibility of reaching and possibly exceeding the $500 threshold.
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Shiba Inu (SHIB) is experiencing a notable uptick in interest, with a significant increase in the number of newly created addresses.
According to IntoTheBlock, a Market Intelligence platform, SHIB is seeing over 8,400 new addresses daily in March, a marked rise from the February daily average and hitting a peak of 21,000 on March 5.
This surge in adoption hints at the potential for SHIB’s price to reach a new all-time high (ATH), energized by the community’s enthusiasm and strategic initiatives by the Shiba Inu team.
Among these initiatives is the introduction of K9 Finance on the Shibarium network, a liquid staking derivatives (LSD) platform poised to elevate the Shiba Inu ecosystem.
Liquid staking is gaining momentum as a pivotal narrative in the current bull cycle, having already boosted Ethereum’s network activity.
K9 Finance aims to replicate this success within the Shiba Inu space, enhancing the appeal of SHIB to investors.
Blockchain analytics firm Santiment has identified AI tokens and Meme coins, like SHIB, as front-runners among altcoins, attracting significant investor interest.
SHIB, in particular, has witnessed a 162% price increase over the past week, thanks to its growing adoption.
The coin’s ATH stands at $0.0008, and with the bullish trends, surpassing this figure seems increasingly feasible.
Analysts and enthusiasts believe that the prevailing bull market conditions could propel SHIB to new heights.
Crypto analyst Ali Martinez has even suggested that SHIB could potentially reach $0.011, an ambitious yet intriguing target.
This speculation comes as SHIB trades at $0.00003346, marking a nearly 10% increase in the last 24 hours, according to CoinMarketCap data.
The ongoing rivalry with Dogecoin (DOGE) also adds a layer of anticipation, as SHIB aims to dethrone DOGE as the leading meme coin in the market.
This dynamic environment underscores the vibrant nature of the cryptocurrency market, where innovative platforms and community engagement drive momentum and potentially reshape the hierarchy of digital assets.
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In 2023, the United States experienced a significant rise in cryptocurrency-related investment fraud, with the Federal Bureau of Investigation (FBI) highlighting it as the major source of investment fraud losses.
According to the FBI, the nation saw a staggering 53% increase in crypto investment fraud, with losses surging from $2.57 billion in 2022 to approximately $3.94 billion in 2023.
This figure constituted about 86% of the total $4.57 billion lost to investment fraud across the board.
The FBI report draws attention to the growing trend of victims being lured into cryptocurrency scams, promising them high returns on their investments.
“These scams are designed to entice those targeted with the promise of lucrative returns on their investments,” the FBI noted.
Among these, romance scams have emerged as a prevalent method, wherein criminals create fake online personas to build relationships and trust with their victims.
They then concoct compelling stories to convince the victim to transfer cryptocurrency, only to vanish subsequently.
The analysis firm Chainalysis, in December 2023, identified romance scams as the cause for at least $374 million in suspected stolen cryptocurrency during the year.
Additionally, Cointelegraph reported on January 1 that phishing scams had ensnared over 324,000 cryptocurrency users, leading to approximately $295 million in digital assets being lost to wallet drainers in 2023 alone.
The issue of cryptocurrency scam victims is not confined to the United States; it is a global concern.
The Australian Competition and Consumer Commission reported in April 2023 that Australians had lost AU$221.3 million ($146.9 million) to investment scams involving cryptocurrency in 2022.
This marked a 162.4% increase from the previous year, indicating the expanding reach and impact of these scams worldwide.
The significant rise in crypto-related fraud underscores the urgent need for increased awareness and more robust protective measures for investors globally.
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Transak, a leading Web3 payment onboarding infrastructure provider supported by notable entities such as Consensys, UOB of Singapore, SBI Holdings, and Sygnum, has recently marked a significant achievement by obtaining SOC 2 Type 2 compliance.
This certification comes after an extensive and rigorous audit process, underscoring Transak’s commitment to the highest standards of data security, privacy, and trust for its customers. The firm’s accomplishment sets a new precedent in the crypto space, establishing it as the first crypto on- and off-ramp infrastructure provider worldwide to meet this level of compliance.
SOC 2 Type 2 compliance is critically important for providers handling sensitive personal and financial information, necessitating adherence to the strictest global regulatory requirements to mitigate cyber risks and maintain user trust.
This certification is crucial for fostering collaborations between Web2 companies and the emerging Web3 sector. Historically, hesitation from established organizations to enter Web3 has been noted, primarily due to concerns over compliance and security standards.
However, Transak’s compliance achievement now enables partnerships with some of the largest and most stringently regulated companies across various industries, including technology, cloud services, finance, and healthcare.
This milestone not only enhances Transak’s reputation but also serves to improve the overall image of the Web3 industry as compliant and secure, encouraging other startups to follow suit. The SOC 2 Type 2 audit required a thorough examination of Transak’s technology platforms, processes, policies, and controls, ensuring they adhere to rigorous global standards for data privacy and protection.
Further bolstering its commitment to security, Transak also recently achieved ISO/IEC 27001:2022 certification, indicating the highest compliance level for information security management systems.
This, along with SOC 2 Type 2 compliance, reassures partners in both Web2 and Web3 spaces of Transak’s enterprise-grade security measures, such as 256-bit SSL encryption and advanced identity verification protocols.
Transak’s CEO, Sami Start, highlighted the significance of this compliance, reflecting the company’s dedication to safeguarding customer data. Since its inception in 2019, Transak has prioritized data security, privacy, and transparency, facilitating the smooth transition from traditional finance to digital assets. Through its API, decentralized applications can integrate Transak’s platform, enabling users in over 160 countries to buy and sell digital assets like Crypto and NFTs, while simplifying KYC, risk monitoring, and compliance processes. This achievement reinforces Transak’s position as a secure and compliant bridge to Web3, with numerous licenses and certifications across the U.S., U.K., India, Poland, and the EU.
Meme coins such as Pepecoin (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE) have experienced a remarkable surge of up to 26% within the last 24 hours.
This surge is attributed to the ripple effects of Bitcoin and Ethereum’s growth, particularly as Ethereum approaches the $4,000 mark, a pinnacle last reached in December 2021.
The increase in PEPE, DOGE, and SHIB’s value is seen as part of a broader trend where traders utilize meme coins as a speculative bet on the expansion of Ethereum, especially since the bullish momentum for ETH has been building since mid-January, fueled by the anticipation of a spot Exchange-Traded Fund (ETF) approval in the United States.
PEPE led the charge with a 26% increase, buoyed by renewed optimism.
Concurrently, DOGE and SHIB managed to recover from previous losses, each posting a 10% gain.
The overall meme coin sector, as monitored on CoinGecko, reported an average growth of 8.6%, outpacing the CoinDesk 20’s rise of 2.53%.
This index includes a diverse array of tokens, underscoring the broad-based interest in digital currencies beyond the traditional heavyweights.
Slater Heil, co-founder and COO of DeFi platform Blueberry Protocol, emphasized the impact of Ethereum and Bitcoin’s success on the wider cryptocurrency ecosystem, including meme coins.
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Heil noted, “As bitcoin and ether rise, a spillover effect is caused where coins deployed on ethereum and solana also surge – including meme coins.”
This trend reflects investors’ eagerness to capitalize on favorable market conditions, with meme coins serving as one of the avenues for such investment.
However, Heil also cautioned about a potential shift back to altcoins with more fundamental backing in the short to medium term.
The increase in demand for ether and Ethereum ecosystem tokens, particularly among U.S. investors, has been evidenced by higher-than-average Coinbase premiums over the past week, as indicated by data from CryptoQuant.
This surge underscores a growing interest and optimism in the cryptocurrency market, driven by speculation, investor sentiment, and the anticipation of regulatory developments.
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Fetch.ai ($FET) token has experienced a strong rally in the last seven days, jumping 68 percent to $3.04, according to CoinMarketCap data.
Numerous bullish signals indicate that this token could continue to post strong gains in the coming weeks and months, with $FET’s market cap currently hovering around the $2.5 billion mark.
Crypto Wizard, a well-known crypto analyst and altcoin picker, has long recommended Fetch.ai to his followers – and on Saturday, he called for “patience” as he emphasised that $FET has “more room for upside potential” despite the recent gains it has posted.
MILC Platform ($MLT) token is another altcoin that is poised to have an explosive run in 2024 and 2025.
$MLT token has already rallied by over 90 percent in the last month, but with its market capitalization still below the $50 million mark, this coin has the potential to deliver 10x-40x returns over the next 12-18 months.
MILC Platform token is another coin which has frequently been pushed by Crypto Wizard; given his impressive track record of identifying altcoin winners, $MLT is definitely one to keep an eye on.
Another low-cap altcoin that could deliver astronomical returns is Zap Protocol ($ZAP.) Trading at around $0.0044, $ZAP would deliver almost 300x returns if it recovers to its all-time high of $1.10.
$ZAP posted a strong recovery during the last bull run, and it’s likely it will deliver strong gains in the upcoming bull run simply by virtue of the broader crypto market rally.
And, with the help of some project-specific catalysts, ZAP token could generate huge returns to investors.
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Ethena has emerged as a leader in the decentralized application (DApp) space, setting a remarkable milestone with over $6.8 million in daily cumulative revenue in the past week, as revealed by Seraphim Czecker, the Head of Growth at Ethena Labs, on a March 8 X post.
This achievement places Ethena just behind the blockchains Tron and Ethereum, which recorded daily revenues of $38.6 million and $182.5 million respectively over the same period.
The platform is gaining attention for offering a significant 67.2% yield on its USDe synthetic dollar, attracting over 350,000 users.
The value of USDe has seen a substantial increase, with its market cap surging by 43% in the last week and an impressive 409% over the past month, reaching $840 million according to data from DefiLlama.
Ethena Labs introduced its USDe synthetic dollar to the public mainnet on February 19, amidst concerns from investors given its high 27.6% annual percentage yield (APY) — considerably higher than rates previously seen in the industry.
This launch came after the notable collapse of the TerraUSD (UST) algorithmic stablecoin and its associated Anchor Protocol, which had offered a 20% yield before its downfall in May 2022.
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Addressing concerns about the high yield of USDe, Guy Young, the founder of Ethena Labs, in a Cointelegraph interview on February 22, highlighted the industry’s evolution post-Terra’s collapse.
Young emphasized the importance of skepticism and due diligence, stating, “The immediate reference to Terra Luna was just a knee-jerk reaction which people had to the yield itself […] It’s right that people responded in the way that they have because we should be responding with skepticism and trying to work out whether [protocols] are fragile in the beginning rather than letting them get too big if they are.”
He further differentiated USDe from the failed Anchor protocol by pointing out that USDe’s yield generation mechanisms, including staking returns and shorting Ether perpetual future contracts, are publicly verifiable.
The development of Ethena’s synthetic dollar has been supported by substantial funding, with a recent $14 million investment round backed by Dragonfly.
This followed an earlier $6 million investment round in 2023, featuring prominent backers such as Binance Labs, Gemini, Bybit, Mirana Ventures, OKX Ventures, and Deribit, showcasing strong investor confidence in the platform’s potential and innovation in the decentralized finance (DeFi) space.