Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Inflows into crypto investment products hit 9-week high of $346M

  • Crypto investment products hit 9-week high of inflows.
  • Total inflows for week up to November 24 was $346 million, with $312 million in Bitcoin-related ETP products.
  • Ethereum saw $34 million of inflows amid a turnaround in sentiment.

Crypto investment products recorded $346 million in inflows for the week ending November 24, according to a weekly report by digital assets management firm CoinShares.

The report highlights last week’s inflows into crypto exchange-traded products as the “highest total observed in the past 9 weeks of inflows,” CoinShares head of research James Butterfill noted. 

According to the analysis, crypto products are on a run of inflows that’s now the biggest since the last bull market. Positive net inflows are likely to continue given the sentiment around the potential approval of a spot-based ETF in the US.

Bitcoin ETPs record $312 million in inflows

As total crypto ETPs inflows hit $346 million, the largest chunk of that went into Bitcoin (BTC) products, with a total of $312 million in weekly inflows. The figure pushed the inflows count for the flagship cryptocurrency $1.5 billion year-to-date. Meanwhile, short bitcoin products saw outflows of $0.9 million.

Elsewhere, altcoins continued to experience a resurgence in inflows. Ethereum (ETH) registered a total of $34 million in inflows for the week, while Solana (SOL), Polkadot (DOT) and Chainlink (LINK) saw $3.5 million, $0.8 million and $0.6 million respectively.

Ethereum is on a 4-week run totalling $103 million, CoinShares noted, a scenario that sees the world’s second largest cryptocurrency by market cap nearly flip the run of outflows see in 2023. The CoinShares team attributes this to a “decisive turn-around in sentiment”, probably informed by recent events including the filing of a spot Ethereum ETF by BlackRock.

Last week’s inflows have pushed total assets under management in crypto funds to $45.4 billion. It’s the the highest level since May last year. 

Total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.

The post Inflows into crypto investment products hit 9-week high of $346M appeared first on CoinJournal.

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The Sandbox partners with Nuqtah to boost Web3 adoption in Saudi Arabia

  • The Sandbox, Nuqtah and Sandsoft have partnered to promote Web3 and metaverse adoption in Saudi Arabia and MENA region.
  • Nuqtah will list SAND land and avatars on its NFT marketplace.

Web3 adoption in Saudi Arabia is set for a significant boost after metaverse firm The Sandbox and its partner, mobile-first game developer Sandsoft, inked a partnership with MENA-based Web3 platform Nuqtah.

The recently announced partnership is aimed at supporting the Web3 gaming ecosystem in Saudi Arabia, the companies said. 

Specifically, the collaboration will focus on creating gaming and Web3 experiences that align with tastes and preferences of Saudi gamers.

“We’re pursuing our journey of innovation and growth in the Saudi region following our recent partnership announcement with Sandsoft,” Sebastien Borget, the COO and co-founder of The Sandbox, said in a statement.

“Together with pioneers such as Nuqtah, we’ll collaborate to attract more local creators from Saudi Arabia into our user-generated content platform and enable them to monetize their digital assets creations on Nuqtah’s platform,” Borget added.

Nuqtah to list land and avatars

The initiative will kick off with a contest for local creators early next year. Nuqtah will leverage The Sndbox’s 3D editor VoxEdit to launch a Design Contest, with winning creations set to feature on the Web3 infrastructure provider’s NFT marketplace.

As part of the collaboration, the three platforms commit to working towards enabling Saudi Arabian creators tap into the The Sandbox metaverse for projects tailored for the local market. To support the ecosystem, Nuqtah is expected to list The Sandbox land and avatars on its NFT marketplace.

The Sandbox views this strategic partnership as the beginning of further collaboration as it looks to expand across Saudi Arabia and the Middle East and North Africa (MENA) region.

The post The Sandbox partners with Nuqtah to boost Web3 adoption in Saudi Arabia appeared first on CoinJournal.

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Crypto token outlook this week: Vertex Protocol (VRTX)

  • Vertex Protocol (VRTX), the decentralised exchange (DEX) on Arbitrum, is seeing increased volumes for spot and perpetuals.
  • VRTX price was 33% up in 24 hours, hitting $0.44 and 89% up from $0.22 on November 22.
  • Total value locked (TVL) has reached $32 million.

Most altcoins are trading at near year-to-date highs after mirroring Bitcoin’s march to its highest price in 18 months – the spike to above $38k.

With the overall market outlook remaining bullish, analysts are pointing to a potential upward continuation for BTC.

Here is what to know about Vertex Protocol (VRTX) going into next week.

Vertex (VRTX)

The Vertex Protocol is a decentralized exchange (DEX) on Arbitrum that offers spot, perpetuals and money markets. The hybrid orderbook-automated money maker DEX has seen increased volume in the past few days, with its 24 hour trading volume surpassing dYdX as top volume DEX for perpetuals.

Vertex Protocol TVL and price

With users incentivized via the recently launched Arbitrum (ARB) incentives program, trading volumes are likely to continue surging. The ARB incentives week 2 saw over 210,000 ARB tokens distributed to traders last week.

The claim for the tokens is live, adding to the incentive that earn traders VRTX via the Vertex Protocol’s Trade & Earn program. Users are thus poised to earn rewards on trading fees, with a maximum of 75% of taker fees. VRTX liquid staking allows holders to stake VRTX to generate voVRTX and earn rewards.

According to DeFiLlama, a total of $32 million has been staked on the Vertex chain, with $566 million in derivatives volumes recorded in the past 24 hours. 

VRTX is currently listed on crypto exchanges such as Bybit, Bitget, and Gate.io. Data from CoinGecko shows the VRTX price is up 34% in the past 24 hours and reached a high of $0.44. VRTX/USD is currently trading at $0.42, up 89% from its lows of $0.22 on November 22.

The post Crypto token outlook this week: Vertex Protocol (VRTX) appeared first on CoinJournal.

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Web3 gaming and AI project SIDUS burns 6.8B tokens, price skyrockets

  • SIDUS price skyrockets as project burns 6.8 billion tokens.
  • The Web3 gaming and AI project has seen the price of its native utility token jump 40% in the past 24 hours.
  • Buying pressure for SIDUS has pushed it to its highest level since May 2022.

Sidus (SIDUS) price has risen sharply in the past few days, rising to its highest level since May 2022. This comes after the SIDUS HEROES team announced they had burned a staggering 6.8 billion of the native utility token’s supply.

The announcement on Friday revealed the 6.8 billion SIDUS tokens, accounting for 23.13% of the total supply. These tokens have permanently been removed from circulation, cutting total supply to about 22.6 billion.

Buying pressure for SIDUS rose after this reduction in supply. Sidus (SIDUS) currently has a market cap of $140 million, with a circulating supply of 17.5 billion SIDUS tokens.

What is SIDUS?

Sidus is a space-based gaming, metaverse and Web3 platform powered by AI technology and blockchain. Its SIDUS HEROES ecosystem offers play-to-earn gaming and non-fungible tokens (NFTs) and features a dual token system.

SIDUS is the utility token of the SIDUS HEROES ecosystem, while the governance token is SENATE, which users need to participate in project development and decision-making votes. SIDUS is central to the SIDUS HEROES’ metaverse, both for in-game and out-of-game functionalities, including marketplace transactions.

SIDUS price up 780% in a month

Sidus (SIDUS) is one of the biggest gainers in the past 24 hours, trading more than 40% up as its price reached highs of $0.0078. With a daily trading volume of over $9 million in the period, it’s a performance that brings cumulative gains over the past 30 days to +780%.

SIDUS reached an all-time above $0.19 in January 2022, but lost nearly 95% of that as the bear market took a toll. Despite a broader market recovery, the token remained largely down until an uptick in community (which is now above 27k holders) in recent weeks.

Apart from the token burn, another catalyst to the price surge could be the project’s growing list of partners. Just recently, the team shared its list of business partners and investors that includes Animoca Brands, Polygon, OKX Ventures and Hashkey Capital. YouTuber Mr. Beast is also a partner.

The post Web3 gaming and AI project SIDUS burns 6.8B tokens, price skyrockets appeared first on CoinJournal.

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Cosmos proposal to cap ATOM inflation rate at 10% passed

  • The Cosmos Hub community has approved a proposal capping ATOM’s maximum inflation rate at 10%
  • Per the proposal, validators can still break even or turn profits at 10% inflation
  • Reducing inflation rate will help Cosmos’ security and growth potential.

The latest Cosmos news is that the community has approved a proposal that seeks to cut the maximum inflation rate of ATOM to 10%. The Cosmos Hub X account shared the results of the vote that ended on November 26.

Proposal 848, dubbed the “ATOM Production Reduction: Proposal to Set the Maximum Inflation Rate to 10%” passed with 41.1% of the vote in support and 31.9% against. Vote turnout was more than 72%, the highest in the Cosmos Hub’s history. 

ATOM’s maximum inflation rate to reduce from 20% to 10%

Approval means the cryptocurrency’s maximum inflation parameter will be reduced from 20% to 10%, bringing the current inflation rate down from 14% to 10%. Cosmos Hub’s annualized staking yield will also reduce from 19% to about 13.4%.

Per the proposal, capping the inflation is crucial to Cosmos (ATOM) maintaining its value proposition in the market as it looks to attract more consumer chains.

High inflation has meant Cosmos’ DeFi yield is dwarfed by competing chains, affecting user growth. The proposal to reduce the inflation rate therefore not only has the potential to accelerate adoption of IBC DeFi protocols, but also see ATOM get better traction as collateral and a liquidity gateway.

The other argument is that at the current inflation rate, Cosmos Hub is overpaying for security relative to its peers, which harms ATOM’s monetary premium. It’s also had the governance token under constant sell pressure, hurting price performance.

According to the proposal, nearly all validators will still be at break even or profitable levels with 10% max inflation. Validators can also opt for increased commission rates to cover operational expenses or turn profits.

The price of ATOM was up nearly 9% on Sunday morning, changing hands at $9.64.

The post Cosmos proposal to cap ATOM inflation rate at 10% passed appeared first on CoinJournal.