Schlagwort: crypto business

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Why is the API3 crypto pumping?

  • API3’s price has surged 56.5% in 24 hours, defying a sluggish market.
  • API3’s unique Oracle solution which cuts middleware offers sustainability.
  • Moonwell switched from Chainlink to API3, showing growing adoption.

API3’s price surge has caught the attention of traders and analysts alike. At press time, the API3 decentralized Oracle platform token had skyrocketed, climbing 56.5% in just 24 hours to trade at $0.9587.

With a market cap of $114.25 million and an astonishing $340.28 million in trading volume, API3 is defying a sluggish broader crypto market where giants like Bitcoin (BTC) and Ethereum (ETH) remain below $85,000 and $2,000, respectively.

This remarkable API3 price pump, following a 36% rise reported on March 17, begs the question: what’s driving API3’s meteoric ascent?

API3’s unique Oracle solution gains traction

At its core, API3 addresses a critical pain point in blockchain technology: connecting smart contracts to reliable real-world data.

Launched with a whitepaper in September 2020 and a token sale in December that raised tens of millions, API3 allows API providers to operate their own nodes, cutting out costly and centralized middleware like traditional oracles. This innovation dubbed the “Blockchain Oracle Problem” solution, is amplified by its OEV Network, which introduces maximal extractable value (MEV) protection.

By auctioning Oracle updates and redistributing 80% of proceeds as rewards to dApps, API3 creates a sustainable revenue model that’s turning heads. Posts on X highlight this feature, with users noting February OEV revenue of $44,000 and a runway exceeding 10 years, signalling a robust business model that’s close to profitability.

Adoption is another key driver. The recent switch by Moonwell from Chainlink to API3 for cost-effective, tamper-proof data feeds underscores its growing credibility.

Unlike Chainlink, API3’s decentralized API framework and MEV protection offer a compelling alternative, especially as blockchain applications in DeFi and supply chain management expand. With 23,630 holders and a circulating supply of 118.31 million out of 147.65 million tokens, the project’s fundamentals are aligning with market enthusiasm, fueling its upward trajectory.

AIP3 price prediction

AIP3 numbers tell a dramatic story. API3 hit an all-time low of $0.4981 on March 11, 2025, only to rebound 96.1% within a week.

Notably, its 24-hour range of $0.6007 to $1.03, coupled with a 78.8% seven-day gain, showcases intense speculative fervour.

Analysts see API3 as a 2025 contender, potentially rivalling Chainlink. Its 90.5% drop from an all-time high of $10.30 in April 2021 leaves room for growth, while a 4.9% hourly gain and 8.5% monthly rise signal sustained interest.

However, on the daily chart, the Relative Strength Index (RSI) indicator is rising steadily currently sitting at 66.38 just around 3 points below the overbought region. This means the token could be headed for a pullback.

Though risks like overbought conditions loom, API3’s innovative tech, adoption momentum, and market buzz, echoed by market sentiment, explain why it’s pumping now. As blockchain reliance grows, API3’s practical solution could keep it in the spotlight.

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Hyperliquid 50x leverage whale is cybercriminal gambling stolen funds: ZachXBT

  • ZachXBT has blasted the “Hyperliquid 50x leverage whale” as “a cybercriminal gambling with stolen funds.”
  • The whale netted a $9 million profit despite efforts by crypto traders to liquidate the position.
  • ZachXBT has previously unmasked bad actors and identified hackers, including those behind the Bybit hack in February 2025

On-chain investigator ZachXBT says the “Hyperliquid 50x leverage whale” that has attracted massive attention across X is “just a cybercriminal gambling with stolen funds.”

The on-chain sleuth’s comment came as the whale closed their high-leverage trading position, 50x, with a notable $9 million profit.

Despite efforts by crypto Twitter to marshal a liquidation for the Hyperliquid whale, the trader emerged unscathed – yet again.

Hyperliquid 50x whale a criminal – ZachXBT says

ZachXBT commented on this, revealing who the whale is and is not. He shared the investigative view via X:

“It’s funny watching CT speculate on the “Hyperliquid whale” when in reality it’s just a cybercriminal gambling with stolen funds.”

Replying to a user comment, ZachXBT noted that the criminal whale has no links to the North Korea-backed Lazarus Group. In February this year, the blockchain sleuth linked the $1.5 billion Bybit hack to the hacker group.

Some X users asked that ZachXBT names and shames the Hyperliquid whale. However, his response was:

“We’ll see, it’s just not enjoyable posting investigations on X/Twitter anymore.”

Crypto ‘hunted’ for the mysterious whale

For weeks, the crypto market has speculated on who the mysterious Hyperliquid whale may be. A hunt for their identity and efforts to drag them down surfaced.

This hunt for the trader who opened a short position worth about $450 million on Bitcoin (BTC) intensified on Tuesday.

Amid the rush to liquidate him, analysts pointed to the whale’s 40x and 50x shorting of BTC and ETH as massive. The reaction had most traders looking to wreck the whale’s position with a flurry of buying deals. In fact, according to Lookonchain, the whale had to deposit $5 million USDC “to increase margin and avoid liquidation.”

But the effort to wreck the whale ultimately failed.

As well as th 50x short leveraged position on Ethereum (ETH), this whale also shorted Chainlink (LINK), opening a huge $31 million position with 10x leverage. The whale has also placed short bids on GMX.

While ZachXBT clarified this whale isn’t tied to North Korea, the incident highlights the challenge the crypto community faces amid bad actor incidents.

The issue of stolen funds making it back into circulation via decentralized finance protocols remains. It also points to the overall impact of massive leverage on the market, particularly when criminals tap into high-leverage trades to gamble stolen funds.

Although this particular whale’s identity may interest the broader ecosystem, the big question going forward is how does crypto reign in this potentially impactful scenario.

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Paul Atkins SEC chair confirmation faces delay with Senate due to paperwork issues

  • A March 27 meeting is being considered for a committee hearing on the selection of incoming SEC chair Paul Atkins
  • US President Donald Trump selected Atkins in December following his presidential election win
  • Atkins previously served as an SEC Commissioner from 2002 and 2008 under former President George W. Bush

The confirmation of Paul Atkins as the next US Securities and Exchange Commission (SEC) chair is being delayed due to the submission of paperwork.

That’s according to Eleanor Mueller, Semafor’s Congress reporter, who posted on X. She wrote:

“Senate Banking Chair Tim Scott is eyeing March 27 for a committee hearing on Trump’s nominee to chair the SEC, Paul Atkins, I’m told. As I wrote earlier this month, the committee has been waiting for the White House to send over his paperwork.”

US President Donald Trump selected Atkins to be the next SEC chair in December. This is a significant selection for Trump, as Atkins is considered a pro-crypto figure in the industry. During his election, Trump promised to reshape the regulatory landscape for digital finance and clarify cryptocurrency rules.

Mueller continued that the Senate banking committee is also planning to hold a bipartisan meeting on  Friday, March 21, to discuss Atkins’ nomination.

Financial disclosure

This latest development follows from a March 3 report from Semafor. In it, Mueller detailed how the White House hadn’t produced the required paperwork to schedule a confirmation hearing for Atkins. This also included his financial disclosure given the fact that he married into a billionaire family.

In 1990, Atkins married Sarah Humphreys Atkins, whose family is linked to Tamko Building Products, a company that manufactures roofing shingles in the US. Last year, it made $1.2 billion in revenue, according to a December report from Forbes.

One former Senate Banking Committee member said: “It’s a lot to go through. But he got named so early on, so I think that’s why people are starting to be like, ‘What the hell’s taking so long?”

Atkins previously served as an SEC Commissioner between 2002 and 2008 under former President George W. Bush.

While the agency awaits the confirmation of Atkins, Mark Uyeda is the acting chair. In January, Uyeda created a new crypto task force designed to establish a clear regulatory framework for the industry.

The post Paul Atkins SEC chair confirmation faces delay with Senate due to paperwork issues appeared first on CoinJournal.

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Bitfarms completes acquisition of Stronghold, strengthens US presence

  • Canada-based Bitcoin mining firm has closed its acquisition of crypto platform Stronghold.
  • Ben Gagnon, the chief executive officer of Bitfarms, commented on the Stronghold deal in a CNBC interview.
  • Bitfarms targets BTC mining as the core business.

Bitfarms, a Canadian-based Bitcoin mining company, has finalized its acquisition of Stronghold Digital Mining, Inc.

The Bitfarms team confirmed the closing of the all-stock deal, also  via X. In the announcements, Bitfarms noted that the acquisition marks the “largest public-to-public” deal in the crypto mining industry’s history.

“We are proud to announce the successful acquisition of Stronghold Digital (SDIG),” Bitfarms posted. “This milestone significantly expands our U.S. footprint, strengthens our position in the highly attractive PJM market, and reinforces our leadership in digital asset infrastructure.”

Bitfarms expands US footprint

Stronghold begins a new era for Bitfarms and the broader ecosystem, with this deal of the steps that will also see the BTC miner explore other opportunities across artificial intelligence (AI). The miner will also look to expand its capabilities within the crypto infrastructure space.

Ben Gagnon, the chief executive officer of Bitfarms, also commented on the Stronghold deal during an interview with CNBC on March 17, 2025.

According to Gagnon, the over $110 million acquisition, which was first announced in August 2024, is a key transaction for the company.

Integration of Stronghold’s assets into Bitfarms’ operations will not only boost the BTC miner’s energy capacity, but also strengthen its footprint in the United States.

“The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders,” Gagnon said.

While Bitfarms is also looking to boost its revenue with a foray into AI and high-performance computing (HPC), Gagnon says BTC mining remains the company’s core business.

This is despite the market conditions that have seen miners sell off their assets.

“Our core business remains Bitcoin mining, but we see significant potential in leveraging our infrastructure for HPC and AI, especially with the power assets we’ve acquired from Stronghold,” he noted.

All-stock deal closes

As part of the deal, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share held. Settlement also involved the retirement of Stronghold’s debt of roughly $44.5 million.

The completion of this acquisition follows months of strategic maneuvering, including Bitfarms fending off a hostile takeover bid from Riot Platforms in 2024. Completing the deal means Bitfarms is now poised to capitalize on the enhanced infrastructure and market position. The aim is to deliver long-term value to shareholders.

Bitfarms said it earned 213 BTC from mining, with this accounting for a 6% increase month over month. Meanwhile, operational hashrate stood at 16.1 EH/s, also a 6% spike in February. Meanwhile, the company held 1,260 BTC in its treasury.

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Ethena Labs and Securitize to launch Converge, a new blockchain for DeFi

  • Ethena Labs and Securitize are joining forces to launch Converge, a new blockchain for decentralized finance and tokenized assets.
  • Converge will be Ethereum Virtual Machine-compatible and serve both retail and institutional DeFi.
  • ENA price rose 5% to change hands above $0.38 following the announcement

Ethena Labs and Securitize are teaming up on a venture that will see the crypto projects unveil Converge, a new blockchain built for tokenized assets and decentralized finance.

Announced on Mar. 17, Converge will be a custom-built, Ethereum-compatible blockchain. The developers envision a platform that will cater to both everyday investors and deep-pocketed institutional players.

Per a blog post introducing the new blockchain, the anticipated launch date is Q2 2025.

Ethena, Securitize unveil Converge

According to Ethena Labs, Converge is a blockchain platform designed to bridge the gap between traditional finance and DeFi.

The technology behind the EVM-compatible chain will allow users to leverage user-friendly decentralized applications for retail investors. Converge will also offer a suite of top tools aimed at institutional investors.

Both Ethena Labs and Securitize plan to tap into the new blockchain to advance the DeFi and asset tokenization ecosystem. In this case, the partnership will see Ethena bring its burgeoning DeFi to Converge.

Securitize will also revamp its traction in the real-world asset (RWA) tokenization space. With nearly $2 billion minted, Securitize stands out as one of the top platforms championing the growth of tokenized assets.

Converge’s unveiling will bring an EVM-compatible settlement layer, driving new adoption for stablecoins and tokenized assets.

“We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets,” Guy Young, founder of Ethena Labs, said in a statement.

According to Young, “storage and settlement of stablecoins and tokenized assets” is set to be a massive opportunity in the coming years.

Stablecoins, blockchains and exchanges are a “holy trinity of crypto protocols” the Ethena Labs founder posted on X.

Further comments came from Carlos Domingo, the co-founder and CEO of Securitize. He noted:

“By combining Ethena’s innovation in DeFi with Securitize’s leadership in tokenizing real-world assets, Converge sets a new standard for how institutions can confidently engage with on-chain financial markets.”

Converge’s initial launch partners

The two firms will look to advance Converge via key industry collaborations. Helping the cause are initial launch partners, including Pendle, Aave Labs (via its Horizon project), Morpho, Ethereal and Maple Finance.

Converge’s RWA traction will also benefit from custodial support from Anchorage, Copper, Fireblocks and Zodia among other institutional-grade custody providers.

Also key will be interoperability partners LayerZero and Wormhole. Meanwhile, Converge will tap into oracle support from Pyth Network and RedStone.

Furthermore, Converge will use Ethena’s native governance token ENA for staking and security. The latter will tap into a permissioned validator set. The USDe and USTb stablecoins will power network transactions as gas tokens.

The news saw the ENA token jump more than 5% to trade above $0.38.

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