Schlagwort: crypto business

Key takeaways

• Bitcoin has dropped below $68k following a poor start to the week.
• Bitbot is working on its staking feature after raising more than $4m in presale.

Bitcoin fails to break past the $72k resistance level and could dip lower

Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days. It has lost nearly 3% of its value in the last 24 hours and is currently trading above $67k per coin. 

The poor performance comes as spot Bitcoin ETFs recorded a $64 million outflow on Monday. This was the first time the US-based spot Bitcoin ETFs recorded outflows in the last three weeks. 

What is Bitbot?

The crypto market is still consolidating but that hasn’t stopped projects from building excellent products. One project that has completed its presale and is currently developing its products is Bitbot. 

Bitbot is an exciting project that has raised capital from investors in a bid to address certain pain points in the market. This Web3 project seeks to bring unique value propositions to traders in the cryptocurrency space. 

As a Telegram trading bot, Bitbot will be self-custodial, enabling users to trade via their cold wallets on Telegram. Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.

Bitbot to roll out staking features to users

Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. After its presale round, Bitbot is using the funds to develop products that investors can use to boost their trading activities.

According to their recent X post, the Bitbot team revealed that they are currently working on the Staking Feature for the bot. By integrating a staking feature into the Bitbot product, users who claim their tokens through the bot can stake them and earn a competitive Anual Percentage Yield.

In addition to the staking feature, Bitbot will also leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

The integration of anti-MEV and anti-rug solutions will further help users protect their assets. Finally, some of the funds raised in the presale are already being chanelled towards integrating Ultra-flexible wallet management fuelled by non-custodial API technology. 

Bitbot raised over $4m in presale

The Bitbot presale has ended and the team raised $4,323,777 during the event. With the Bitbot presale now over, the team is focusing on other aspects of its project. 

According to its website, Bitbot is currently working on the formation of its team, smart contract development, community formation, marketing drive, and alpha testing. Once those are completed, Bitbot will focus its attention on getting the $BITBOT token listed on crypto exchanges, top influencer partnerships, and its Telegram Bot launch.

The whitepaper indicated that the Bitbot development team will hold 20% of the total token supply and use it to fund ongoing development. An additional 14% is allocated to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Should you buy the Bitbot token when it launches on exchanges?

Since the presale is now officially over, the only way to obtain the $BITBOT token is to purchase it once it gets listed on centralised and decentralised exchanges. It is tough to determine the listing price as token prices are usually volatile once they launch on crypto exchanges.

However, Bitbot could be an excellent crypto project if the development team rolls out its products and they get massive adoption. Bitbot is looking to gain massive adoption in the market by offering unique technologies that would allow traders to improve their trading activities. Its $BITBOT token could be a big winner in the coming months and years with the right level of adoption.

The post Bitcoin dips below $68k as Bitbot develops its staking feature appeared first on CoinJournal.

• Pendle (PENDLE) price dips 3% to near key support area.
• A whale has deposited 755k PENDLE tokens on Binance.
• Arthur Hayes has also staked 1.65 million PENDLE, worth about $8.4 million.

Pendle (PENDLE), the native token of the tokenization and future yield trading protocol Pendle Finance, has dropped 3% in the past 24 hours.

PENDLE’s price dip comes as a major whale deposits a huge chunk of the token on Binance likely for profit.

However, former BitMEX CEO Arthur Hayes has staked 1.65 million PENDLE until September.  

PENDLE price declines amid whale activity

According to CoinGecko data, PENDLE price hovered around 5.13 across top crypto exchanges, down 16% this past week.

The declines follow a broader market dip for cryptocurrencies after the Bitcoin price slipped below $68,000 on Tuesday.

Meanwhile, PENDLE price has struggled with sell-off pressure after last week’s major unstaking of the token by crypto whale and former BitMEX CEO Arthur Hayes.

On June 6, Lookonchain reported that Hayes had unstaked 1.55 million PENDLE worth over $9.41 million. The unstaking saw PENDLE price dip from around $6.30 to lows of $5.34.

On June 11, Lookonchain also shared on-chain data showing another major whale deposited millions worth of PENDLE to the Binance exchange. Specifically, the whale deposited 755,000 PENDLE tokens worth $3.83 million to the exchange.

This whale initially withdrew 5.02 million PENDLE from Binance on August 18, 2023. At the time, the tokens were worth $2.73 million, with each token priced at $0.54.

Hayes stakes 1.65 million PENDLE

While Arthur Hayes unstaked a huge chunk of tokens last week, he’s just locked 1.65 million PENDLE worth $8.4 million. The new locked tokens are until September 5, 2024. Is this bullish for the token?

Hayes has previously expressed an optimistic outlook for the rapidly expanding liquid staking derivatives finance (LSDfi) token.

The Pendle ecosystem’s total value locked (TVL) stands at over $6.52 billion, up 53% in the past 30 days. 

While PENDLE  is now trading at price levels last seen in early May, bulls can retake control if they hold above $5.00. On the flipside, a dip below $5.00 could strengthen bears.

The post PENDLE price outlook as whale deposits tokens on Binance appeared first on CoinJournal.

• Uniswap Labs announced the acquisition of Crypto: The Game (CTG) on Monday.
• The price of UNI, the native token of the Uniswap decentralised exchange (DEX) protocol rose slightly amid this news.

Uniswap Labs has acquired Crypto: The Game (CTG), a crypto-focused elimination game that’s set to launch its third season.

The price of Uniswap (UNI) rose slightly following the news. According to CoinGecko, UNI had a 24-hour gain of just over 5% at the time of writing, trading at about $10.33. 

Uniswap Labs acquires Crypto: The Game

In an announcement, the Uniswap Labs team said that the acquisition will see CTG founders Dylan Abruscato, Tyler Cagle and Bryan Lee continuing as its developers under Uniswap Labs.

“We’re excited to announce that Uniswap Labs has acquired Crypto: The Game (CTG) — the interactive, on-chain survival game. As part of this acquisition, the CTG team will join Uniswap Labs to continue their work on the highly anticipated Season 3. The team will also experiment with on-chain activations for the Uniswap community,” Uniswap Labs said in a blog post on Monday.

Crypto: The Game Season 3 loading

CTG is gearing up for its Season 3, the first two having lit up the crypto market. The game’s survivor-like elimination created a buzz on social media – particularly on X (formerly Twitter). Interest in the game saw NFT passes for its Season 2 sell out within minutes.

For the two seasons, contestants entered the challenge by buying in with 0.1 ETH. The tribes participated in challenges, with subsequent voting over ten-day seasons seeing one individual emerge the winner.

Uniswap will use the deal to help build an even more exciting experience for the CTG community, according to an announcement.

The UNI token price surged on Monday following the news, trading at around $10.33 and up by more than 5%.

The post Uniswap Labs acquires Crypto: The Game appeared first on CoinJournal.

• Crypto investment products saw inflows of $2 billion last week
• According to CoinShares, the inflows reached a 5-week streak, with Bitcoin seeing most of the interest.
• The total assets under management (AuM) in crypto ETPs crossed $100 billion for the first time since March.

Asset manager CoinShares has shared the latest insight into digital asset investment products flows.

In its weekly report published on Monday, the company says crypto exchange-traded products (ETPs) recorded inflows of $2 billion, hitting a 5-week run as Bitcoin’s price hovered near the key level of $70,000.

Crypto investment products see $2 billion in inflows

In the report, CoinShares head of research James Butterfill noted that inflows into digital assets investment products reached $2 billion, with most of this in Bitcoin (BTC).

With this flows, the crypto sector has extended the winning streak in terms of institutional inflows to 5 weeks. In total, the industry has recorded inflows to $4.3 billion in this period.

BTC dominates the weekly outlook with inflows of $1.97 billion, while Ethereum (ETH) notched $70 million. Data shows this was Ether’s best week since March.

“Unusually, inflows were seen across almost all providers, with a continued slowdown in outflows from incumbents. We believe this turn around in sentiment is a direct response to weaker than expected macro data in the US, bringing forward monetary policy rate cut expectations,” Butterfill noted.

As BTC price rose to near $72k on June 5, crypto ETPs saw the total assets under management (AuM) spike to over $100 billion, the first time it reached the milestone since March. Meanwhile, trading volumes across exchange-traded products hit to $12.8 billion this past week.

SEC’s approval of Ether ETFs key event

Key market events and news this past few weeks have included the approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC). The regulator has recently given a nod to filings from multiple ETF issuers, including BlackRock, Fidelity, Grayscale and Bitwise.

Market anticipation around the debut of ETH ETFs has the altcoin market abuzz, with speculation shifting to what it all might mean for XRP, Solana and even Cardano.

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