Monat: April 2024

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BlackRock’s IBIT nears $20 billion in assets as Bitcoin eyes new ATH

  • BlackRock’s spot Bitcoin ETF (IBIT) is near $20 billion in assets, currently in top 3% among all ETFs.
  • IBIT and FBTC have recorded 59 days of inflows – a streak that puts the two among top 20 ETFs.
  • Meanwhile, Bitcoin price could hit a new all-time high amid spot ETF and halving sentiment.

BlackRock’s spot Bitcoin ETF (IBIT) continues to outshine peers as inflows surge.

Data also shows that IBIT is not just in the top 20 in terms of longest consecutive streak of inflows, but its also climbing the ranks for total assets.

Bloomberg ETF analyst Eric Balchunas shared these details on Monday. He noted that BlackRock’s spot Bitcoin ETF has inched to within the top 3% among all ETFs for total assets held.

According to the analyst, IBIT is closer to hitting the $20 billion mark in assets, a feat that could coincide with a new all-time high for Bitcoin.

BlackRock’s IBIT leads peers

BlackRock, the world’s leading asset manager recently updated its list of Authorised Participants (APs) to include banking and investment giants Goldman Sachs, Citigroup, Citadel and UBS among others.

As at the time of his post on X, IBIT assets under management totaled $18.96 billion and ranked 88th overall.

It means the new spot Bitcoin ETF currently sits above some of the oldest ETFs in the market. Those IBIT has surpassed include the iShares MSCI Emerging Markets ETF (EEM), the VanEck Semiconductor ETF (SMH), the iShares MSCI Japan ETF (EWJ), and the iShares TIPS Bond ETF (TIP).

Earlier in the day, Balchunas had noted that BlackRock’s IBIT and Fidelity’s FBTC ETFs “have now taken cash for 59 straight days.”

That means the two ETFs are trending in the top 20 all-time charts, the hot streak putting these ETFs in a league of their own compared to other newly launched ETFs or those on an active streak.

Bitcoin price eyeing new all-time high

The ongoing pace for spot Bitcoin ETFs, which the US Securities and Exchange Commission (SEC) approved in January this year, has helped push Bitcoin price higher.

On Monday, BTC rose to above $72,600. Although its trading around $71,900 at the time of writing, bullish sentiment could see the benchmark crypto hit a new all-time above the peak reached in mid-March.

According to data from CoinGecko, Bitcoin’s current all-time high of $73,737 was reached on March 14, 2024. Analysts predict a post-halving explosion for Bitcoin price. 

 

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Toncoin (TON) price hits a new all-time high

  • Toncoin (TON) price rose more than 17% to hit a new all-time high
  • TON reached highs of $6.27 on Monday as Bitcoin jumped above $72,000.
  • Can TON hit $10 this week?

Toncoin (TON) is one of the altcoins to post huge gains on Monday as the cryptocurrency market savoured Bitcoin’s swift surge to above $72,000.

The TON token rose more than 17% in 24 hours to hit a new all-time high of $6.26. Data from CoinGecko shows the price of Toncoin is up more than 120% in the past 30 days.

Today’s upside followed Bitcoin’s uptick that unsurprisingly lifted most altcoins, including Ethereum that traded to above $3,600 for the first time in two weeks.

As the altcoin market heats up for a potential vertical push, investors confident in what’s driving TON price higher are eyeing greater returns. In the past 24 hours, this outlook has seen Toncoin’s trading volume reach $433 million, an increase of more than 243%.

TON’s market cap has as a result of the spike in activity increased to $21.62 billion. Toncoin is just behind Cardano (ADA) in terms of market capitalization at the time of writing.

According to CoinGecko data, 10th-ranked Cardano is currently at $21.64 billion.

Another upward roar for TON bulls could see the cryptocurrency flip Cardano as it enters the top 10 cryptocurrencies by market cap. TON in price discovery could surge to the psychological $10 mark.

Why is TON price up today?

While Toncoin has rallied amid the broader bullish sentiment in the crypto market, a number of catalysts have helped push TON higher in recent weeks.

Among these factors have been Telegram’s launch of a revenue system for channel owners, with the ad sharing payouts in TON. The Ton Foundation also unveiled a rewards program offering up to $115 million to the community.

The TON token also surged amid sentiment around Telegram’s IPO.

This week’s gains come as Toncoin developers and contributors announced plans to distribute 1 million TON to participants in a new initiative.

As TON blockchain shared via X on Monday, a digital identity (ID) project is in place and voluntary participants will benefit from the giveaway in the next five years.

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Velo and Solana partner to establish a clearing house for Laos’ Digital Gold

  • This strategic initiative aims to expand Laos’ Digital Gold user base.
  • Solana will act as the blockchain settlement layer.
  • Velo will be responsible for securely validating transactions.

Velo and the Solana Foundation have signed a Memorandum of Understanding (MOU) to establish a clearing house for transactions related to Laos’ Digital Gold.

Under the signed agreement, Solana will act as the blockchain settlement layer, while Velo will serve as both the backbone infrastructure layer and the designated clearing house.

Velo’s role involves validating transactions securely, upholding trust, and ensuring the smooth execution of contractual obligations.

The MOU also includes plans to enhance interoperability between Solana’s L1, Nova, and EVM-compatible chains, promoting connectivity and accessibility across different blockchain networks.

Furthermore, the partnership entails implementing liquidity management protocols, including on-ramp and off-ramp facilities for assets on the Solana blockchain. These protocols will initially be rolled out in Southeast Asia before expanding globally.

Velo Labs’ web3 financial solutions

Velo Labs, a global pioneer in Web3-based financial solutions, offers a liquidity and settlement network for secure value transfers.

With backing from Stellar Network and CP Group, Velo Labs serves partners worldwide, connecting traditional banking infrastructure with Web3.

Their product range, including Orbit, caters to individuals, merchants, corporations, and enterprises worldwide, focusing on global financial connectivity and accessibility.

The collaboration between Velo and Solana Foundation, the firm behind Solana (SOL) cryptocurrency, represents a significant advancement in the realm of digital asset transactions, aiming to meet the rising demand for cross-chain transactions and contribute to the growth of the Web3 ecosystem.

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Online gambling sector in Sweden will generate revenue of €2bn a year by 2027, according to new data

  • Sweden’s online gambling sector to hit €2bn/yr by 2027, driven by growing adoption of cryptocurrencies
  • Riksbank is wary of crypto’s role despite market growth
  • Cryptocurrencies are increasingly popular in Swedish online gambling sites

The online gambling sector in Sweden is poised for significant growth in the coming years, with projections indicating revenue reaching €2 billion annually by 2027.

This forecast underscores the robust expansion of the Swedish online gambling market, driven by evolving customer preferences and market dynamics.

Riksbank’s stance on cryptocurrencies

Despite the optimistic outlook for the online gambling sector, the Swedish central bank’s skepticism towards cryptocurrencies remains evident.

Riksbank Governor Erik Thedeen has expressed reluctance towards incorporating Bitcoin (BTC) and other cryptocurrencies into the country’s financial system.

Thedeen emphasizes the speculative nature of cryptocurrencies and the risks associated with their volatility, aligning with Sweden’s cautious regulatory approach in the crypto space.

Growing popularity of cryptocurrencies in online gambling

Despite the Riksbank’s stance, cryptocurrencies like Bitcoin are increasingly gaining traction as preferred methods of deposit and withdrawal among users of online gambling sites in Sweden.

This trend reflects the broader global adoption of crypto within the online gambling industry, offering users greater anonymity, security, and efficiency in transactions.

The Swedish gambling landscape

In Sweden, online gambling has become increasingly popular, with customers favoring the convenience and accessibility offered by digital platforms. The rise of smartphones and improved internet connectivity has facilitated this shift, allowing users to enjoy a wide range of casino games and betting options from the comfort of their homes or on the go.

Key trends in the Swedish online gambling market include the rising popularity of mobile gambling and the demand for live dealer games. Mobile gambling, in particular, has witnessed significant growth, driven by the widespread adoption of smartphones and mobile-friendly gambling platforms.

Additionally, live dealer games provide users with a more immersive and interactive experience, further enhancing the appeal of online gambling.

The Swedish gambling landscape is characterized by a well-regulated market overseen by the Swedish Gambling Authority (Spelinspektionen). This regulatory framework ensures consumer protection and responsible gambling practices, contributing to the market’s growth and stability.

Despite regulatory challenges and the Riksbank’s reservations about cryptocurrencies, an overview of the online casino sector in Sweden shows a projected expansion, driven by evolving consumer preferences and market dynamics.

According to recent data from Statista, revenue in the online gambling market is expected to reach €1.69 billion in 2024, with an annual growth rate of 6.20%. By 2028, the market volume is forecasted to surpass €2.15 billion, driven by the increasing number of users and their growing average revenue per user (ARPU).

The projected revenue growth of the Swedish online gambling sector underscores its significant contribution to the country’s economy.

Conclusion

The Swedish online gambling sector is experiencing robust growth, with revenue projections indicating substantial expansion in the coming years.

Despite regulatory challenges and the central bank’s skepticism towards cryptocurrencies, online gambling remains a thriving industry in Sweden, offering consumers a diverse range of gaming experiences and opportunities.

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Wirex Token (WXT) surges on partnerships and integrations ahead of WPAY launch

  • In the past month, WXT token has surged by more than 55%.
  • At press time, Wirex Token (WXT) was trading at $0.008041.
  • Investors are looking forward to the WPAY official launch; Wirex opened early access to WPay in January.

Wirex Token (WXT) has experienced a significant surge in value fueled by strategic partnerships, integrations, and anticipation surrounding the imminent launch of WPAY, Wirex’s decentralized payment network.

With a focus on empowering users through self-custody and seamless crypto transactions, Wirex has positioned itself at the forefront of the evolving digital finance landscape.

Wirex expanding utility and reach

Wirex Token (WXT) has emerged as a unique multi-blockchain cryptocurrency, powering Wirex’s X-tras rewards program and seamlessly integrating with the new wave of decentralized finance (DeFi) ecosystems.

Built on both the Stellar Network and Ethereum blockchain, WXT offers maximum speed, efficiency, and flexibility for users seeking direct control over their assets.

Wirex customers are rewarded with WXT for their loyalty, earning up to 4% back on purchases made using Wirex cards and up to 12% annually on their WXT account balances through the Savings Bonus feature. This incentive structure not only encourages engagement with the Wirex platform but also fosters participation in the growing DeFi landscape.

Anticipation builds with WPAY launch imminent

Wirex opened early access to WPay in January this year, and the Wirex Token price has surged by more than 70% since then.

With the official launch of the WPAY imminent, the excitement is pulpable among early investors and WXT holders.

In a nutshell, WPAY promises to revolutionize the way users interact with cryptocurrencies by offering a decentralized payment network that empowers individuals with self-custody and direct control over their assets.

Utilizing Polygon CDK’s cutting-edge technology and Gateway FM’s IP providing service, WPAY aims to provide a seamless and secure payment experience, accepted by over 50 million merchants in more than 200 countries. With security being a top priority, every transaction made through WPAY is ensured to be smooth and safe, instilling confidence in users as they embrace the future of finance.

Besides the much anticipated WPAY official launch, another factor behind the WXT price surge is the tapping of ZeroFox by Wirex to tackle dark web and money mule accounts. Also, last month, Wirex adopted cutting-edge policy management solution from Corlytics for growth.

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