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Shiba Inu’s Burn Rate Skyrockets by 1,344%, Igniting Speculation on Price Movement and Game Update Excitement

The Shiba Inu (SHIB) ecosystem has witnessed a phenomenal 1,344% increase in its token burn rate, indicating a pivotal moment for investors as the dog-themed cryptocurrency’s price teeters on the brink of a significant movement.

Over the last 24 hours, 135,451,536 SHIB tokens were eliminated in 12 transactions, representing a monetary value of $3,868.50.

This surge in the burn rate has sparked widespread speculation regarding SHIB’s future price trajectory, especially as its price has seen a cooling period recently, prompting investors to watch the market closely for any signs of breakout or major price changes.

In the midst of a weekend bullish momentum within the broader cryptocurrency market, where Bitcoin and other key cryptocurrencies recovered significant resistance levels, SHIB also experienced a rally.

Starting from April 6, SHIB rallied for three consecutive days before facing a downturn due to profit-taking, marking a 1.83% decline in the last 24 hours to a price of $0.00002827.

The potential upside for Shiba Inu includes a resistance range between $0.000031 and $0.000036, a level supported by purchases from 137,600 addresses at an average price of $0.000033.

Conversely, a further drop in SHIB’s price finds its next support between $0.000025 and $0.000027, where 33.39 trillion SHIB were acquired by 46,930 addresses at an average price of $0.000026.

Adding to the buzz in the SHIB community, the Shiba Inu team has shared updates on the Shiba Eternity game, which has recently received significant enhancements.

Lucie, a team member, highlighted that the first edition of the Shiba Eternity project is fully operational with recent upgrades.

“Lucie reports that the first edition of the Shiba Eternity project is up and running, having been improved with new updates.

“She adds that there will be no slowing down as Shiba Eternity continues to introduce new features and refine the system.”

This update includes new features for the game, promising exciting additions to kibbles and Shiboshis, new cards, and a breeding system for Shiboshis, with the play-to-earn version of Shiba Eternity nearing its launch, signaling a fast-paced development within the game.

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Hong Kong Bank Boosts Web3 Adoption with Tailored Banking Services for Stablecoin Issuers, Like USDT and USDC

Blockchain News/Crypto News Today/DeFi

Hong Kong’s ZA Bank is set to propel local Web3 adoption with its latest initiative, offering specialized banking services tailored for stablecoin issuers.

The announcement on April 5 unveils the virtual bank’s plan to fortify security for fiat reserves, which issuers can utilize to support digital assets.

Stablecoin issuers will gain access to a range of banking services, including fund transfers, payroll management, and various deposit options.

Devon Sin, ZA Bank’s alternate chief executive, expressed the institution’s firm backing for the Web3 community, stating, “With these new services, we’re directly addressing the unique challenges faced by stablecoin issuers, ultimately promoting growth and stability within the Web3 economy.”

The necessity for stablecoin issuers to maintain the value of their assets by securely storing equivalent fiat currency reserves has been a persistent challenge, impeding broader adoption and highlighting a significant requirement within the wider Web3 community.

ZA Bank has been actively engaging with Hong Kong’s burgeoning Web3 sector. In 2023, it reported a transfer volume exceeding $1 billion from clients in the Web3 space.

The bank’s commitment to this sector was evident in May 2023 when it announced its foray into retail virtual asset trading shortly after the Hong Kong Securities and Futures Commission (SFC) signaled its readiness to accept retail virtual asset trading platform (VATP) license applications.

ZA Bank has reportedly captured over 80% of the client banking needs of VATPs in Hong Kong.

Moreover, the bank has facilitated the onboarding of more than 100 Web3 companies as part of its efforts to drive local adoption.

In December 2023, responding to a consultation paper from the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, the Hong Kong government revealed its intention to mandate stablecoin issuers to obtain licenses.

The licensing criteria will require stablecoins to be fully backed by reserves “at least equal to the par value.”

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Bitkub Capital Gears Up for 2025 IPO with Major Expansion, Aiming to Cement Leadership

Bitcoin/Blockchain News/Crypto News Today

Bitkub Capital Group Holdings, the leading force behind Thailand’s most prominent cryptocurrency exchange, is setting the stage for an initial public offering (IPO) by bringing financial advisers on board.

This move aligns with its strategic vision to enhance its market presence and secure additional funding by going public on the Stock Exchange of Thailand (SET) by 2025, as confirmed by CEO Jirayut Srupsrisopa in a discussion with Bloomberg.

In a bid to strengthen its workforce, Bitkub is looking to recruit 1,000 more employees, aiming to double its current team size by 2025.

This decision marks a shift from the previous years, during which the company reduced its staff by 6%.

This expansion effort underlines Bitkub’s ambitious growth plans despite the workforce reduction in 2022 and 2023.

The announcement of Bitkub’s IPO was initially hinted at in a shareholder letter in 2023, albeit without much detail.

With its headquarters in Bangkok, Bitkub dominates the Thai cryptocurrency exchange market, boasting a 77% share as of December 2023, as per HashKey’s analysis.

The exchange sees about $30 million in daily transactions.

Thailand’s cryptocurrency scene is witnessing a surge, with over 13 million users as of 2023, which is expected to grow significantly in the coming years.

Amid this expanding market, Bitkub faces competition from local and international players, including the recent entrance of Binance’s local subsidiary in January 2024 and significant moves by Kasikornbank, one of Thailand’s largest banks.

Bitkub’s journey towards an IPO also follows a strategic partnership where Asphere Innovations acquired a 9.2% stake in Bitkub Online, the exchange’s operational arm, for 600 million baht ($16.5 million).

This collaboration is anticipated to bolster Bitkub Online’s valuation, particularly as its trading volumes approach the peak levels last seen during the crypto bull market in 2021.

Bitkub Online significantly contributes to Bitkub Capital’s profitability, accounting for about 80% of its earnings.

However, the path has not been without challenges. In 2022, a major acquisition deal by SCB X for a 51% stake in Bitkub Online was called off amid growing regulatory scrutiny.

This backdrop illustrates the evolving dynamics within Thailand’s cryptocurrency landscape, highlighting Bitkub’s strategic moves to consolidate its leadership while navigating through regulatory and competitive pressures.

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Bybit Takes Major Step Towards Making Crypto More Accessible as it Announces Google Pay Integration

Blockchain News/Crypto News Today

Leading international cryptocurrency exchange Bybit has today announced an integration with Google Pay that will make buying cryptocurrencies easier for millions of users across the globe.

Users of the Bybit exchange will now be able to purchase various cryptocurrencies in 35 fiat currencies via Google Pay, in a matter of seconds.

This integration is part of Bybit’s mission to ensure users of its trading platform have a “frictionless” experience when buying and selling cryptocurrencies, whether it’s large cap cryptos like Bitcoin (BTC), or small cap altcoins.

Additionally, the new payment integration will ensure Bybit users have access to the best exchange rates when converting between currencies.

Commenting on this development, Ben Zhou, Co-founder and CEO of Bybit, hailed the move as a positive stride for users of the exchange.

“Bybit is committed to providing users with the most convenient and cost-effective ways to enter the exciting world of cryptocurrency. The Google Pay integration marks a significant step towards achieving this goal, offering a seamless and secure experience for all,” he said.

Aside from being able to purchase cryptocurrencies via Google Pay, Bybit users also have the option of using a bank card, and numerous third party apps, such as Banxa.

Together, these various payment options offered by Bybit support over 65 different fiat currencies.

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Game-Changing Telegram Trading Bot, Bitbot Reaches $2M Mark in Presale

Press Releases

London, United Kingdom, April 10th, 2024, Chainwire

Mere weeks after hitting seven figures, Bitbot has continued its presale success, now with over $2.1 million in the bag, 80k Twitter/X followers, and over 27k in its Telegram community. For the Bitbot team, familiar with the market landscape and confident in their compelling product offering, this level of engagement and support comes as no surprise.

Bitbot (BITBOT) is available to buy on the official site.

Back in October, the Telegram trading bot market had under 10k daily active users. However, it has grown to around $1.4 billion in market cap since last summer. What’s more, out of the $18 billion cumulative trading volume, $12 billion of that was generated in 2024 alone, indicating that the industry is multiplying its momentum every single day.

Competitors Banana Gun (near +300% token price gains this year) and Maestro (lifetime trading volume, $4.7 billion) have proven popular despite both suffering security mishaps. The Bitbot team views this as billions of dollars in untapped potential in the Telegram trading bot space. The sector merely requires a secure alternative to catalyze an influx of thousands of new users. Such a development could transform the current niche status of Telegram trading bots, propelling the sector to a valuation well into the tens of billions.

Superior Features Are Reeling in the Investors

Bitbot’s Technical Product Advisor, Andrew Jacobs, has been carefully guiding the team to deliver a product and a presale that offers investors the opportunity to engage with a hallmark of safety, reliability, and innovation in the crypto trading bot arena.

“After watching the crypto trading bot market like a hawk, we can confidently say that we’ve learned from other people’s mistakes and built the tool to make trading crypto as easy as checking your emails. Plus, with our team of ex-Wall Street traders and AI savvy devs, we believe our product offers the retail investor a technological advantage over the institutions.”

One specific mistake competitors are making is on the security front. Currently, all Telegram trading bots require users to submit their private keys, leaving users vulnerable to hackers—a fate that Unibot and Maestro suffered.

The Bitbot team views the vulnerabilities found in Telegram trading bots as a major bottleneck, hindering user acquisition and suppressing market growth. Consequently, Bitbot is offering the industry its first chance to overcome this critical obstacle.

In a newly released demo—a rare occurrence for products in presale—viewers are shown the frictionless manner in which users can gain market intelligence and place trades. This is likely to appeal to the legions of casual crypto investors who may have previously been scared off by the complexities of crypto trading.

The Bitbot Token’s Long Term Appreciation Potential

Even with security flaws on their record, solid competitors Unibot and Banana Gun currently have market caps sitting at around $130 million and $20 million, respectively. Given that Bitbot’s non-custodial approach directly addresses the issues that have been holding its competitors back, the team is optimistic that the BITBOT token possesses the key ingredient to surpass these competitors in both market cap and token price gains.

Bitbot’s team believes that with perfect market timing—as altcoin season is likely just around the corner—and the impact of the Bitcoin halving, Bitbot is positioned as a key player. The team is optimistic that this strategic positioning could lead to double-digit returns, potentially making Telegram trading bots the success story of 2024.

Up to 50% of Bitbot’s revenue will be evenly distributed amongst BITBOT token holders, enriching the community and giving it the fuel to support the BITBOT token long term.

Bitbot (BITBOT) is available to buy on the official site.

About Bitbot

Bitbot is a new Telegram trading bot that aims to put institutional-grade trading tools in the hands of retail users, to enable them to trade using a variety of advanced features, including sniping and copy trading.

Audited by Solid Proof, Bitbot focuses on security and follows the motto, “Your keys, Your wallet, Your assets.” To this end, the project has partnered with Knightsafe to deliver the world’s first non-custodial telegram trading bot, mitigating counterparty risk and reinforcing this with anti-MEV and anti-rug technology.

For more information on Bitbot (BITBOT), users can visit the website.

Official Website | Whitepaper | Socials

Bitbot is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Contact

Bitbot Press Room
Bitbot
pr@bitbot.com

Permissionless Capital Invites Web3 Startups to Apply for Its Competition

Press Releases

Tel Aviv, Israel, April 10th, 2024, Chainwire

Web3 platform for startups, Permissionless Capital has invited web3 startups to apply for its Permissionless Opportunities Event. The program will provide eligible web3 startups with access to the resources they need to successfully build out their concept and bring their product to market.

Permissionless Opportunities provides outstanding web3 startups with the tools, funds, and connections to navigate the blockchain industry and launch their product. Applications for the Permissionless event can be made in just 90 seconds, with no fees or pitches required. Dozens of startups are expected to apply for the inaugural Permissionless Opportunities Event, with the best applicants subsequently being invited to take part in the program.

The largest event of its kind for web3 and blockchain startups, Permissionless Opportunities gamifies the fundraising process and empowers outstanding companies to fulfill their potential. The event has secured partnerships with the likes of Solana, Polygon, ImmutableX, Chainlink, Arweave and many others.

Permissionless Opportunities was designed in the manner of a gameshow, complete with an audience participation component. The winners of the contest will be determined equally by expert judges and community consensus.

Winners of Permissionless Opportunities Event will have the opportunity to pitch to more than 50 leading VCs and to partner with ecosystems that will help to advance their concept and provide mentoring and technical support. Other perks include 1:1 access to expert advisors, credits, discounts, and extensive coverage in media outlets to raise their profile.

The program is targeted at web3 startups in the Defi, infrastructure, security, Gaming and RWAs categories and encompasses both B2B and B2C applications. Applications can be registered with Permissionless Opportunities from April 10-May 1. The program promises to shine a light on the next generation of web3 companies while giving the best applicants everything they require to optimize their prospects of success.

About Permissionless Opportunities Event

Permissionless Opportunities is the first online event hosted by Permissionless Capital. The startup and investor network believes in equal opportunities, regardless of a startup’s connections, background or country. Permissionless Opportunities takes the form of an online contest that’s free for web3 startups to apply to and attend. Successful applicants will have the opportunity to receive grants, credits, 1:1 mentorship and exposure to the biggest media outlets.

Learn more: https://event.permissionlesscapital.io/

Contact

Nir Naamani
nir@permissionlesscapital.io

Custodia Bank’s Bid for Federal Reserve Master Account Denied, Ponders Appeal

Blockchain News/Crypto News Today

The United States District Court for the District of Wyoming recently made a decision against Custodia Bank, denying it a U.S. Federal Reserve master account and dismissing its request for a declaratory judgment.

Despite this setback, Custodia is determined to fight back and is considering all available options, including an appeal.

“We are reviewing the court’s decision and all of our options, including appeal,” said a spokesperson from Custodia Bank to Cointelegraph.

The rejection came through a ruling on March 29 by Judge Scott Skavdahl, who turned down Custodia’s effort to obtain a master account.

This type of account is crucial for financial institutions, granting them direct access to the Federal Reserve’s payment systems.

Custodia argued that being denied a master account would significantly impair its ability to provide custodial services for crypto-assets, likening its potential operational status without one to a “second-class citizen” dependent on intermediary banks.

Judge Skavdahl also stated that Custodia does not have the right to compel the Federal Reserve Bank of Kansas City (FRBKC) to grant it a master account, favoring FRBKC with a summary judgment on this claim.

Custodia initially applied for a Federal Reserve master account in October 2020, aiming for access to the Fedwire network.

This network is vital for processing transactions, having handled over 193 million transactions in 2023 alone.

The Federal Reserve had earlier, in January 2023, denied Custodia’s membership application.

The denial was based on Custodia’s engagement with cryptocurrencies, which the Fed found to be inconsistent with the legal requirements for such an application.

Custodia Bank, as one of Wyoming’s pioneering Special Purpose Depository Institutions (SPDIs), sought to serve businesses involved with cryptocurrencies that struggled to obtain services from banks insured by the Federal Deposit Insurance Corporation due to their crypto dealings.

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Bitcoin Mining Costs to Double Post-Halving, CryptoQuant CEO Predicts Surge to $80,000

Bitcoin/Blockchain News/Crypto News Today

CryptoQuant CEO Ki Young Ju has recently highlighted that the cost of mining Bitcoin using Antminer S19 XPs is projected to escalate from $40,000 to an eye-watering $80,000 following the Bitcoin halving event set for mid-April.

This adjustment occurs in the backdrop of the Bitcoin halving, an event that unfolds approximately every four years or after 210,000 blocks are mined, effectively slashing the mining reward by half.

This pivotal moment not only influences Bitcoin’s market value indirectly but also exerts a profound effect on miners’ operations by doubling the expenses required to mine the same quantity of Bitcoin.

Reflecting on the aftermath of the May 2020 halving, the cost for miners to sustain profitable operations surged past $30,000.

Concurrently, Bitcoin’s valuation soared to a record peak of $69,000 within the same cycle. As of April 6, the average expense tied to Bitcoin mining stands at $49,902, with the cryptocurrency’s market price breaching the $70,000 mark.

Post-halving on April 20, the mining cost is anticipated to climb beyond $80,000, necessitating a corresponding increase in Bitcoin’s market price for mining ventures to remain viable.

Historical patterns post-halving showcase significant surges in Bitcoin’s price, substantiating miners’ ability to maintain profitability despite initial apprehensions of potential insolvency.

Following the 2012, 2016, and 2020 halvings, Bitcoin’s value experienced monumental rises of approximately 9,000% to $1,162, 4,200% to $19,800, and 683% to $69,000, respectively.

Such increments have consistently offset the heightened costs and technological demands placed on mining operations, rendering only the most efficient machines competitive.

In the immediate aftermath of halving events, the Bitcoin community often faces a phase of uncertainty, marked by a below-profit-price BTC value, increased sales of mining equipment, and the exit of smaller mining entities.

Nonetheless, this period typically precedes a market correction driven by reduced supply and heightened demand, eventually elevating Bitcoin’s price well above average mining costs, thus securing miners’ profit margins in the longer term.

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Key Indicator Suggests Bitcoin’s Price Will Double to $140,000 in Three Months

Bitcoin/Blockchain News/Crypto News Today

The potential for Bitcoin‘s price to surge is a hot topic in the financial world, with some analysts predicting significant growth.

A notable analysis by a pseudonymous analyst, TechDev, shared with their 440,000 followers on social media, suggests that Bitcoin could see its price double from its current $69,000 within three months.

This prediction is based on Bitcoin’s performance in relation to the upper Bollinger Band, a technical indicator measuring market volatility.

According to TechDev, “every time Bitcoin had done this in the past, its price had doubled within the next three months.” If this pattern holds, Bitcoin could hit approximately $140,000 by July.

Bollinger Bands, used in this analysis, are a technical analysis tool that indicates the momentum and volatility of an asset within a specific range, with prices near the upper band typically signaling an overbought condition.

However, while Bollinger Bands can provide insights, they are more reactive than predictive, relying on past price actions and volatility.

Their effectiveness can vary significantly across different market conditions.

Beyond technical indicators, significant optimism about Bitcoin’s future price comes from influential figures in the financial sector.

Anthony Scaramucci, CEO of SkyBridge Capital, voiced on CNBC his belief that Bitcoin’s value could soar to $170,000 during this cycle and potentially reach a market cap half that of the global gold market.

This implies a dramatic increase to around $400,000 per Bitcoin, given the current market caps of Bitcoin and gold.

Scaramucci highlighted the role of recently approved spot Bitcoin exchange-traded funds (ETFs) in driving up demand, noting that nine out of ten such ETFs have already seen over $12 billion in net inflows.

Furthermore, the anticipation surrounding the upcoming Bitcoin halving, expected on April 20, is seen as a significant catalyst for price appreciation.

This sentiment is echoed by Ripple CEO Brad Garlinghouse, who expects the value of the entire crypto sector to double by year’s end, driven by factors like halving, regulatory developments, and the growing popularity of Bitcoin ETFs.

Garlinghouse, with his extensive experience in the industry, remains “very optimistic” about the sector’s growth potential, particularly with the entry of institutional money facilitated by ETFs.

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Singapore Expands Digital Token Regulations, Introducing Stricter Oversight and User Asset Protections

Blockchain News/Crypto News Today/DeFi

The Monetary Authority of Singapore (MAS) has made a significant move to broaden the regulatory framework surrounding digital payment token (DPT) service providers under the country’s Payment Services Act (PS Act).

This initiative aims to incorporate a variety of activities within the regulatory perimeter, including the provision of custodial services for DPTs, the facilitation of token transfers and exchanges, and the enabling of cross-border money transfers.

The MAS emphasized that these regulations would apply even when the funds are not physically handled by the service provider or when the transactions do not directly involve money entering or leaving Singapore.

With these amendments, the MAS seeks to strengthen its oversight by introducing additional requirements for DPT service providers, particularly in areas crucial to maintaining a secure financial environment.

The authority stated, “The amendments will empower MAS to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers.”

This regulatory expansion will be phased in starting April 4, with transitional provisions set to support entities navigating the new landscape.

Affected firms are mandated to communicate with MAS within a 30-day window and must secure a license within six months from this date to maintain operational status during the review process.

The MAS has also made it clear that entities failing to meet these stipulations will be compelled to discontinue their operations immediately upon the enactment of these changes.

Moreover, the MAS plans to introduce further amendments aimed at bolstering the safeguarding of customer assets among payment token service providers.

These additional rules will address the segregation of customer assets, their safekeeping in trust accounts, and the maintenance of detailed records to enhance the security of these assets.

Such protective measures are slated for implementation six months after April 4.

The tightening of regulatory controls has not deterred crypto companies from entering the Singapore market, with prominent players like Crypto.com, Coinbase, and Ripple successfully obtaining full payment institution licenses.

Specifically, Crypto.com secured its Major Payment Institution (MPI) license in June 2023, Ripple was granted formal approval on October 4, and Coinbase achieved full MPI licensure on October 2, 2023, underscoring Singapore’s appeal as a crypto-friendly financial hub.

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