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Swissblock analysts predict a $76k Bitcoin price target as Bitcoin Dogs presale ends in eight days

Key takeaways

  • Bitcoin set a new all-time high of $69,170 earlier this week and market experts expect it to rally higher.

  • Bitcoin Dogs has raised more than $8 million so far and its presale will close in eight days.

Bitcoin sets a new all-time high, targets $76k

The cryptocurrency market has been extremely bullish this week, with Bitcoin setting a new all-time high price on Tuesday. BTC traded at $69,170 on Tuesday, setting a new all-time high for the first time since November 2021. BTC flash crashed to the $62k level after reaching a new all-time high on Tuesday but is slowly recovering. 

At press time, the price of Bitcoin stands at $65,864.60, up by more than 3% in the last 24 hours. Thanks to the recent rally, Bitcoin’s market cap has now crossed the $1.2 trillion mark for the first time in over two years.

Despite setting a new all-time high, Swissblock analysts are confident that BTC’s quick break back above the $62,000 level marked the start of a fresh uptrend targeting the $76,000 price level.

What is Bitcoin Dogs?

Bitcoin Dogs is one of the projects attracting attention within the Bitcoin ecosystem. It is a unique project as it is the first BRC-20 ICO on the Blockchain network. 

According to the development team, Bitcoin Dogs will offer investors an exciting value proposition by combining the basic features of cryptocurrency, non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3 culture. This combination will enable users to enjoy an immersive experience when they engage with the Bitcoin Dogs project.

The Bitcoin Dogs ICO began three weeks ago and has already raised over $8 million. Its launch came a few weeks after spot Bitcoin ETFs in the US launched. The spot Bitcoin ETFs launched by BlackRock, Fidelity, and others are raking in record numbers as more investors buy into the Bitcoin dream. 

In addition to that, the Bitcoin halving is only 46 days away, and it is an exciting event that could see BTC’s price soar higher in the near term. All these contribute to the special nature of Bitcoin Dogs’ ICO in the market. 

Bitcoin Dogs is setting a trend by becoming the first BRC-20 ICO on the Bitcoin blockchain. Its native $0DOG will power the Bitcoin Dogs ecosystem. 

Bitcoin Dogs presale surpasses $8m

The Bitcoin Dogs presale has already raised more than $8 million roughly three weeks after it was launched. The $8.13 million raised so far indicates rising interest amongst investors for this project and its token. 

In their whitepaper, the Bitcoin Dogs team said there would only be 900 million $0DOG tokens. In addition to acquiring the tokens, investors would have access to an exclusive NFT collection and an immersive gaming ecosystem. 

The presale will last for a month and is set to end in eight days. The team is already taking advantage of the rarity and novelty of BRC-20 to attract investors.

$0DOG tokens would be minted on the Bitcoin blockchain but investors will buy them on ERC-20. This is due to the popularity of ERC-20 tokens. Investors will provide a BTC wallet address and receive $0DOG tokens after paying with ERC-20 tokens. Investors can pay for the $0DOG token using ETH, USDT and USDC stablecoins.

Click here to learn more about the Bitcoin Dogs presale.

Should you invest in the Bitcoin Dogs project as BTC sets a new all-time high?

Bitcoin has set a new all-time high and investors are paying more attention to Bitcoin-related projects. Bitcoin Dogs is the first ICO on the Bitcoin blockchain and is already attracting interest from investors. 

With the right level of adoption combined with the ongoing bullish cycle, $0DOG could become one of the biggest winners in the coming months and years. 

The post Swissblock analysts predict a $76k Bitcoin price target as Bitcoin Dogs presale ends in eight days appeared first on CoinJournal.

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Binance temporarily halts all Solana withdrawals

  • Binance has suspened withdrawals to the Solana network amid issues of increased volumes.
  • The exchange expects normal services to resume by March 9, 2024.
  • Binance, Coinbase and Kraken are among exchanges to experience issues as crypto rallied amid Bitcoin’s run to a new all-time high on Tuesday.

Binance is temporarily halting all withdrawals to the Solana (SOL) network, according to an announcement the world’s largest crypto exchange published today.

Per the exchange, normal operations are likely to resume by March 9.

“Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution. The estimated implementation date of the solution is 2024-03-09 18:00 (UTC),” Binance announced.

As well as Binance, other exchanges to experience increased transaction traffic and issues include Coinbase, Kraken and Bybit. The exchanges have reported huge volumes as Bitcoin price exploded in recent weeks to spark altcoin gains.

SOL price outlook

The news of Binance’s halt of SOL withdrawals coincided with a drop in the price of Solana (SOL), with the altcoin’s value dropping to lows of $117.

However, this happened as the broader crypto market looked to bounce alongside Bitcoin (BTC). The flagship cryptocurrency traded above $67,000 on Wednesday morning, back to winning ways following its sharp drop post new all-time high above $69,000 reached on Tuesday, March 5, 2024.

SOL is back above $130 and looking to retest recent highs above $140.

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WOOFi confirms $8.75 million exploit on its Arbitrum market

  • WOOFi has released a post-mortem report confirming an $8.75 million exploit on its lending market on Arbitrum.
  • The decentralized exchange has offered a 10% whitehat bounty to the attacker.

Decentralized exchange WOOFi suffered an $8.75 million exploit that targeted its lending market on Arbitrum, according to a report the platform released on Wednesday.

In a post-mortem report, the WOOFi team noted that the attacker manipulated its Synthetic Proactive Market Making (sPMM) algorithm.

After pausing the manipulated contracts, an investigation into the attack revealed the hacker carried out a series of flash loan attacks, starting at around 15:49 UTC on March 5.

“The exploit consisted of a sequence of flash loans that took advantage of low liquidity to manipulate the price of WOO in order to repay the flash loans at a cheaper price,” the team noted.

During the attack, the exploiter borrowed approximately 7.7 million WOO tokens as well as other cryptocurrencies. They then sold these tokens into WOOFi, causing the sPMM to incorrectly adjust WOO token’s price to near zero.

With the anomalous pricing in place, the attacker proceeded to quickly swap out 10 million WOO three times.

While various blockchain security platforms, including PeckShield, Chainalysis, Hypernative, and Wintermute swiftly picked up the exploit, the attacker had already made off with $8.75 million in profits.

WOOFi offers 10% whitehat bounty

WOOFi is offering an 10% whitehat bounty to the attacker as efforts to recover the funds continue. The platform has also initiated bounty on Arkham Intelligence.

Meanwhile, the exchange says its WOOFi Pro, Stake, and Earn services were not affected and remain “fully operational.”

The WOOFi team posted on X:

 

WOO price fell sharply after the attack, from around $0.59 to lows of $0.48. The token’s value changed hands at $0.52 at the time of writing.

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Record $10B Bitcoin ETF trading volumes as $7.7M investments pour onto Bitcoin Dogs

  • Record trading volumes on spot ETFs have been linked to profit-taking. 
  • Bitcoin Dogs rides Bitcoin price trends cemented by its Web 3.0 utility.
  • Over $7.7 million has been raised in Bitcoin Dogs presale.

Record ETF trading volumes and BTC cooling off from its record price are two events keenly watched this week. The latest data shows the total trading volume on the 10 spot ETFs surpassed $10 billion. The record trading volumes highlight increased activity on Bitcoin. Nonetheless, buying trends are observed on Bitcoin Dogs, which saw more than $7.7 million in presale. With 9 days to the end of the presale, analysts expect Bitcoin Dogs price to skyrocket after listing.

Record trading volumes spot ETF volumes vs. Bitcoin price

It has been a busy week for Bitcoin after it reached its all-time high above $69,000. However, BTC price cooled off at this crucial market level. At the time of this publication, the world’s largest cryptocurrency had lost an intraday of 2.70%. The cryptocurrency was exchanging hands at $66,716.

Meanwhile, the ten listed spot Bitcoin ETFs inked a new record of $10 billion in trading volume. The volume breached last week’s daily record. Nonetheless, there is a difference in the two trading volumes.

Last week’s record volumes were attributed to large inflows into ETFs. This coincided with a surge in the price of Bitcoin, helping the cryptocurrency to claim its 2021 record. However, the new record trading volumes have been associated with heavy profit-taking. 

New data shared by Bloomberg ETF analyst Eric Balchunas showed that the $BITI ETF blew its record by most. This is not a surprise since it is a short Bitcoin ETF. Conversely, the decline in the price of Bitcoin goes unnoticed, cementing the selling hypothesis. Investors might be locking in some profits after Bitcoin remained bullish for a large part of the month. 

Bitcoin Dogs: A presale sensation breaches $7.7B

Just as Bitcoin continues to rattle crypto markets, Bitcoin Dogs is riding on this sentiment. It is not usual to witness a presale that is barely 3 weeks raise more than $7.7 million. Being the first BRC-20 token, investors have been attracted to the token riding on the legacy Bitcoin network. Even as inflows into Bitcoin ETFs continue, Bitcoin Dogs attract suitors. But let’s look beyond its parent, Bitcoin.

Bitcoin Dogs is a utility token, and one fact that has attracted a lot of attention is NFTs. As its team word has it, Bitcoin Dogs will be the biggest Bitcoin Ordinals NFT collection. The team will mint 10,000 unique tokens to be distributed to $0DOG holders. The opportunity lies in curating and selling these tokens on a decentralised market. This is especially true with the projected NFT market uptake in the bull market of 2024. 

Gaming and metaverse are also articulated goals in the Bitcoin Dogs ecosystem. Owing Bitcoin Dogs tokens entitles holders to perks and immersive experiences within the Dog community. Coin holders can engage in competitions and interactions or simply take their dogs through training sessions. The lively gameplay and virtual experiences cement Bitcoin Dogs’ role in Web 3.0. 

Is it the right time to buy Bitcoin Dogs?

With 9 days to go, there is no other time to purchase Bitcoin Dogs. This is the opportunity to acquire tokens before listing when the price is low. Besides, the $0DOG price rises at each stage of the presale. This has attracted investors looking to acquire tokens at a lower price than the rest.

And then there is the market opportunity. Once the presale ends, investors will buy Bitcoin Dogs on exchanges. As history has shown, highly speculative tokens like $0DOG experience gains immediately after listing. This makes the tokens expensive while boosting the value held by presale buyers at the same time. Thus, it makes sense to buy on presale before the projected price surge. 

To buy Bitcoin Dogs while on presale, investors can visit the project’s website page.

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Bitstamp secures MAS approval for crypto services in Singapore

  • Bitstamp, a major European crypto exchange, secures in-principle approval from Singapore’s MAS.
  • The Major Payment Institution (MPI) license allows Bitstamp to offer digital payment token services.
  • Bitstamp focuses on serving financial institutions in Singapore, marking its strategic entry into the Asian market.

European cryptocurrency exchange Bitstamp has reached a significant milestone in its global expansion efforts with an in-principle approval from the Monetary Authority of Singapore (MAS).

The approval positions Bitstamp as the first major European exchange to receive such recognition in Singapore, marking a pivotal moment for the cryptocurrency industry in the region.

Bitstamp’s MAS approval and Expansion Plans

The MAS granted Bitstamp a Major Payment Institution (MPI) license, granting the crypto exchange the authority to provide cross-border money transfer and digital payment token exchange services to customers in Singapore and select countries across the Asia-Pacific region.

Acknowledging the approval, Leonard Hoh, Bitstamp’s Asia-Pacific general manager, emphasized Singapore’s positive regulatory environment, which is conducive to the institutionalization and broader adoption of digital assets.

With this approval, Bitstamp is expected to spearhead its expansion efforts in the Asia-Pacific region and beyond.

The in-principle approval coincides with a rebound in the cryptocurrency market, with regulatory frameworks in the European Union and the approval of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) expected to further solidify market dynamics.

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