Monat: Dezember 2024

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Binance to support Optimism’s network upgrade

  • Optimism (OP) surged after Binance announced upgrade and hard fork support

Optimism (OP) price rose by more than 5% on Dec. 27, breaking to intraday highs of $1.89.

The gains for the native token of the layer-2 blockchain network came as the community reacted to positive news. Earlier in the day, Binance, the world’s largest crypto exchange by volume, announced it would be supporting the upcoming network upgrade and hard fork of Optimism.

Optimism’s network ugrade and hard fork takes place on January 9, 2025 at 18:00 UTC.

“Starting at approximately 2025-01-09 17:00 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Optimism (OP) network to support its network upgrade and hard fork to ensure the best user experience,” Binance wrote in an announcement.

OP protocol upgrade

Optimism’s network upgrade is a major milestone for the project as it targets key improvements across user experience, scalability and performance. The project said in an announcement that the protocol upgrade will drive interoperability and innovation in the OP ecosystem.

Binance’s notice of support boosts the overall sentiment around Optimism. According to the exchange, users should note that despite the changes and halting of deposits and withdrawals, OP trading on the network will remain unaffected.

As Binance notes, the exchange will handle all technical requirements for the hard fork for its users. The platform also plans to reopen deposits and withdrawals as soon as the network becomes stable.

OP price reached its all-time high of $4.84 in March 2024, which means the current value is about 61% off that peak.However, upside momentum has seen OP token’s value jump 15% in the past week.

The post Binance to support Optimism’s network upgrade appeared first on CoinJournal.

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Bitget announces 40% BGB burn, token buyback

  • Bitget has outlined a new token buyback plan in its just released whitepaper.
  • The exchange will burn 40% of its native token BGB.
  • Future burns include 20% of exchange profits – which will be used to buy BGB off the market.

Bitget has announced plans to burn 800 million BGB tokens valued at $6.8 billion.

The exchange in its newly released whitepaper, indicates an initial token burn of 40% of its total supply. Per the details, this will be about 800 million BGB, with completion seeing the exchanges’ native token’s circulating supply drop to 1.2 billion.

Quaterly burn and BGB buyback

From early 2025, the whitepaper release indicates that Bitget will introduce quarterly burns for BGB tokens.

It will also initiate quarterly burns of 20% profits from Bitget exchange operations and Bitget crypto wallet. The funds raised through the operations will be used to buy back and burn BGB.

Recently on Dec. 26, Bitget announced a merger between Bitget Token (BGB) and Bitget Wallet Token (BWB). Following the merger, the duo will serve as a unified token. BGB becomes the new unified token for both Bitget’s centralized and decentralized ecosystem.

Key benefits

Some of the benefits BGB offers to its holders include VIP privileges, fee discount and access to token farming via Launchpool.

Bitget assured its clients that the Bitget Token and Bitget Wallet Token merger will not affect BGB token supply, with the exchange rate ranging between 11.6 BWB to BGB. Amid the news, BGB’s price rallied a notable 22% to lead top altcoin gainers in the past 24 hours.

The post Bitget announces 40% BGB burn, token buyback appeared first on CoinJournal.

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Bitwise files new ETF targeting firms with large Bitcoin holdings

  • The Bitwise Bitcoin Standard Corporations ETF would invest in businesses that “hold at least 1,000 Bitcoin”
  • Companies need to have a market capitalization of at least $100 million to be included in Bitwise’s proposed ETF
  • KULR Technology Group started its Bitcoin Treasury strategy with the purchase of 217.18 Bitcoin for $21 million

Bitwise has filed a proposal with US regulators to launch a new exchange-traded fund (ETF) to invest in publicly traded companies that hold substantial Bitcoin reserves.

Under the Bitwise Bitcoin Standard Corporations ETF, the ETF issuer would invest in businesses that “hold at least 1,000 Bitcoin in its corporate treasury,” according to a December 26 filing with the US Securities and Exchange Commission (SEC).

To further qualify to be included in the ETF, companies need to have a market capitalization of at least $100 million, an average daily liquidity of $1 million or more, and a public free float of less than 10%.

The proposed ETF from Bitwise would assign stock weight based on the market value of a company’s Bitcoin holdings, ensuring this is capped at 25%.

Reaching new heights

The news comes as Bitcoin has experienced a rise in value following the US election win of President-elect Donald Trump. At its peak, Bitcoin reached a new all-time high above $107,000 earlier this month. In a client memo in November, Bitwise’s CIO Matt Hougan said the US election was either going to be a “speed bump” or a “wind gust” for the crypto market.

Significantly, in recent weeks, more companies have been buying Bitcoin to push up stock prices. On December 23, MicroStrategy announced on X that it now holds 444,262 Bitcoin after acquiring a further 5,262 Bitcoin for $561 million.

In other related news, KULR Technology Group announced on December 26 that it had started its Bitcoin Treasury strategy with the purchase of 217.18 Bitcoin for $21 million.

The post Bitwise files new ETF targeting firms with large Bitcoin holdings appeared first on CoinJournal.

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Crypto Price Predictions: Bitget Token, Huobi HT, iDEGEN

Crypto prices had a mixed performance during the Christmas season. While some tokens like Huobi (HT) and Bitget Token (BGB) surged, many others erased their Santa Claus rally gains and plunged. This article looks at some of the top coins like Huobi Token (HT) and Bitget Token (BGB) and predicts whether they have more upside to go.

Bitget Token price analysis

The daily chart shows that the Bitget Token price has gone parabolic and defied gravity, making it one of the best-performing tokens in the crypto industry. The BGB token surged to a high of $8, much higher than the November lows. It has moved above all moving averages, while the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extreme overbought level.

Therefore, the Bitget token will likely move into the distribution phase of the Wyckoff Method. The Wyckoff method identifies a few stages that assets go through like accumulation, markup, distribution, and markdown. As such, there are odds that it will drop sharply in the near term.

Bitget Token PriceCrypto Price Predictions: Bitget Token, Huobi HT, iDEGEN

iDEGEN price analysis

The iDEGEN token was one of the main breakthrough coins during the Christmas Season. As its token sale gained momentum and went viral, iDEGEN thrived because of its positioning as the best AI crypto in the world. Its goal is to become a key player in the crypto and social media industry. 

Each time a user posts, the iDEGEN technology takes that data and then sends engaging posts each hour. 

Data on its website shows that it has raised over $9.4 million from investors, and the momentum has continued to accelerate. 

The iDEGEN token sale has also gained momentum because of the recent success of other crypto projects that have gone through token sales like Poodlana, Pepe Unchained, and Bitcoin Dogs have turned so many people into millionaires as their tokens rose. You can buy the iDEGEN token here.

Huobi Token Price analysis

The Huobi Token price has jumped sharply in the past few days. It rose to $1.4630 on Thursday as other exchange tokens continued their rally. This was a notable level because it was at the highest point this year. 

Huobi Token has risen above the 50-day and 25-day moving averages. Also, oscillators have all pointed upwards, a sign of renewed momentum.

However, the HT token has formed a triple-top pattern, a popular bearish sign. Therefore, the coin will likely resume the downtrend in the next few days, a move that will see it retest the support at $0.9112. A move above the triple-top pattern at $1.4630 will invalidate the bearish view.

The post Crypto Price Predictions: Bitget Token, Huobi HT, iDEGEN appeared first on CoinJournal.