Kategorie: Crypto Markets

• BGB price rose to highs above $0.42, with current price roughly 20% off all-time highs of $0.51.
• Dragonfly Capital made a $10 million strategic investment in crypto derivatives exchange Bitget
• Bitget will use the capital injection to expand its products and promote crypto education.

Bitget Token (BGB) traded higher as the community around the cryptocurrency derivatives exchange Bitget reacted positively to news of a fresh venture capital injection.

BGB price broke to highs of $0.42 after having traded at lows of $0.39 on Monday, with the positive sentiment seeing over $9 million worth of the token traded in the past 24 hours. In terms of price gains, BGB was up 2% and 9% in the past 24 hours and 7 days respectively.

The price of Bitget’s native token, currently above $0.41, is about 2% off the all-time highs above $0.51 reached on 18 February. If sellers take the $0.40 support, BGB could revisit the $0.31 region

Dragonfly invests $10 million in Bitget

Dragonfly, a crypto-focused venture capital firm that invests in projects in the digital assets ecosystem – from seed to series D – announced a $10 million strategic investment in crypto platform Bitget. 

Blockchain data and research platform Nansen highlighted on 4 April that a Dragonfly wallet had received 60,219,900 $BGB (approximately $24 million) a few days ago, suggesting this could be part of the deal.

💫 NEWS: Dragonfly invests $10 million in derivatives exchange Bitget

That partly explains the 60,219,900 $BGB (~$24 million) sent to a Dragonfly wallet 6 days ago pic.twitter.com/xl4Td5u5dX

— Nansen 🧭 (@nansen_ai) April 4, 2023

The investment will support the crypto derivatives exchange’s market and service expansion across the globe, Dragonfly said in a press release. The funds will also go into Bitget’s CSR initiatives as the platform looks to promote crypto education and adoption.

“As the fastest-growing exchange in the past 12 months, this investment is a recognition of our focus on BUIDL in the bear run. Except for the cash inflow, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry,” Gracy Chen, the Managing Director of Bitget said.

The investment also comes as Bitget looks to double down on its efforts across spot trading, launchpad, and earning products. 

Bitget recently partnered Space and Time to provide full transparency to its proof of reserves and also has partnerships with soccer star Lionel Messi and Italian football giants Juventus.

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• PancakeSwap V3 was launched on Ethereum and BNB Chain.
• CAKE price surged $3.83 to a high of $3.83 following the news.
• The upgraded platform will offer the cheapest fees for on-chain trades.

At press time CAKE price was up 2.13% to trade at $3.77 a day after PancakeSwap announced the launch of its version 3 on Ethereum and BNB Chain.

The upgraded platform will offer users the cheapest fees for on-chain trades among its competitors like Uniswap and SushiSwap. It will also offer increased returns for liquidity providers.

Features introduced by the PancakeSwap V3

The upgraded platform allows liquidity providers to concentrate their capital on smaller ranges leading to higher returns.

PancakeSwap V3 also introduces four different trading fee tiers for users. The fee tiers are 0.01%, 0.05%, 0.25%, and 1% compared to the general 0.25% tier that PancakeSwap V2 was offering. Additionally, each token pair can have a liquidity pool for each fee tier.

The PancakeSwap team also plans to introduce two new features in future. These features include a VIP trading reward program and a position manager feature. The exchange’s VIP program is a tired system that rewards traders with things like up to 5% trading fee rebates depending on their trading volume.

The position manager feature will enable traders to easily deposit liquidity and optimize their positions based on rewards and fees over time. This feature will eliminate the need for manual calculations from third-party integrations thus allowing users to automatically adjust their positions to optimize on returns.

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• Celo price rose to intraday highs of $0.73 on Tuesday, with trading volume rising 139%.
• The price surge followed news of Celo Foundation and Google Cloud partnership to boost Web3 founders on the Celo blockchain.
• CELO price outlook suggests key hurdle is at $0.74 while immediate main support is around $0.56.

CELO price rose on Tuesday as the Celo Foundation and Google Cloud partnered to help accelerate further adoption across Web3. CELO price traded at lows of $0.65 earlier in the day, but shot to intraday highs above $0.73 as news of the partnership reached the market.

At the time of writing, the CELO/USD pair was up 7% with trading volume spiking 139% in the 24-hour period. 

The increased market activity had seen CELO price tick up 20% over the past week as well as turning positive in the 30-day period with about 2% of upside.

CELO price jumps to $0.73 after Celo/Google Cloud news

On Tuesday, the Celo Foundation announced a collaboration with Google Cloud, the cloud computing services arm of tech giant Google. Celo price rose after the news.

According to the Celo Foundation, the partnership will see Web3 founders and developers building on Celo benefit from workshops and computing services from Google. Per the foundation, Google Cloud has joined Celo’s founders’ program and will play a key role in boosting Web3-focused projects by offering credits for use across Google Cloud and Firebase platforms. 

Firebase is Google’s mobile platform that offers cross-platform SDKs for developers to build and ship apps.

Google Cloud’s core team is also set to provide mentorship and guidance to projects via Celo Foundation’s Founders in Residence program. The leadership efforts will also be available during Celo Camp, an eight-week virtual accelerator program, with Google Cloud now joining key supporters including Twilio SendGrid, HubSpot, and Coinbase Cloud.

What next for CELO price?

CELO traded at highs of $0.92 in early February. At current price levels of $0.69, Celo is more than 90% off its all-time high of $9.82 reached in August 2021.

As for the short term technical outlook for CELO, the latest price is above the coin’s 200-day simple moving average (SMA). However, after hitting intraday highs above $0.73, the retreat below 70 cents has CELO/USD below the 50-day SMA.  

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• SYS Labs announced Tuesday the acquisition of FortKnoxster.
• FortKnoxster is a crypto-security company that secures and futureproof Web3.
• SYS Labs will leverage its acquisition to launch an AI-powered social crypto dApp named SuperDapp.

SYS Labs said in a Tuesday press release it reached a deal to acquire cryptosecurity company FortKnoxster.

SYS, best known for creating infrastructure, dApps, and other tools to build layers of Web3, also launched an artificial intelligence powered social crypto dApp named SuperDapp along with a new utility token as part of the acquisition.

The merger details

SYS Labs’ merger with FortKnoxster will expand its Syscoin ecosystem into the cryptosecurity and decentralized social marketplace areas. SuperDapp, internally known as the “killer app”, will offer communication features common in social apps but will be designed for security-conscious crypto users.

The merger is in part based on “everything apps” that are common in many Asian markets, SYS Labs President Jagdeep Sidhu said in the press release. SuperDapp will “answer the need for many of these capabilities” when it is released in the second quarter.

FortKnoxster CEO & Co-Founder, Niels Klitsgaard commented:

The acquisition by SYS Labs is an exciting milestone for our company and validates the hard work our team has dedicated to building innovative technologies. This assimilation marks a new chapter for our potential, because SYS Labs has what it takes to ensure the future development, expansion, and awareness of our mission.

AMA to be held on Friday

The FortKnoxster team is hosting an ask me anything (AMA) event on Friday. Among topics to be discussed includes how existing holders of the FortKnoxster token FKX will be able to swap for the new SuperDapp token.

Beyond the AMA, SYS Labs and FortKnoxster will provide updates on the partnership and the security solutions it will provide to the cryptocurrency, blockchain, and decentralized social marketplace communities.

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• Bitcoin shrimps have been aggressive as market participants ride positive sentiment to buy more BTC.
• Glassnode data shows BTC shrimps’ 30-day net position change has only been higher on 116 other trading days.
• Bitfinex analysts highlighted on Monday that Bitcoin’s non-zero balance addresses had risen to more than 45 million.

Retail holders, or crypto investors who own less than 10 bitcoin are aggressively adding to their portfolios, according to on-chain data provider Glassnode.

A look at the group of Bitcoin holders collectively termed as “Shrimps” shows that retail participation in the market over the past 30 days has been bettered only on 116 other trading days.

Shrimps with less than 1 BTC hold 1.29 million BTC

According to Glassnode, with BTC price currently below $30k, the Shrimps’ net position change as currently shown on-chain is only below 116 trading days. The cohort that holds less than 10 BTC in their wallets has a current 30-day change of 37 BTC/month. The total supply held by the cohort is 1.29 million BTC.

“We can assess the 30d change to the supply held by the Shrimp class (< 1 BTC) to evaluate the intensity of retail participation. Currently, only 116 days have recorded a larger 30d change, suggesting retail participants are aggressively accumulating,” Glassnode tweeted.

With #Bitcoin price action continuing to climb towards the cycle baseline ($30K), market participants have responded by aggressively accumulating coins.

This underscores a similarity in structure between the current cycle and 2018-19 cycle.

📊 https://t.co/b1E5fiLnpQ pic.twitter.com/h1vq22ldqj

— glassnode (@glassnode) March 31, 2023

On Monday, crypto exchange Bitfinex released its Bitfiniex Alpha report, which we highlighted today. In the report, analysts pointed to growing demand for BTC among small investors, with those addresses with non-zero balances hitting a record 45.388 at the end of last month.

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