According to analytics firm Glassnode, the range between Bitcoin’s highs and lows reached its narrowest in months as it dipped to a difference of 3.4%. This mirrors the dry market movements observed at the start of the year, and it is attributed to the uncertainty around the U.S. banking sector issues and the unresolved standoff in debt ceiling negotiations.
‘Tis the season for altcoins as Layer-1 blockchains like Avalanche and Litecoin saw inflows on the weekly crypto asset flow charts, while key cryptocurrencies like Bitcoin and Ethereum saw major outflows. Bitcoin saw its fifth week of consecutive outflows as $33 million were withdrawn from bitcoin products in the last week, and Ethereum followed suit with $1 million in outflows as well. On the flip side, both AVAX and LTC saw inflows of $0.7 million and $0.3 million last week respectively.
Web3 data platform CryptoSlam indicates that Bitcoin NFTs have effectively overtaken other blockchains to reach second place in terms of overall NFT sales. Bitcoin NFTs have totalled $167 million in sales, which lags behind Ethereum’s near-$397 million but trumps Solana’s total sales of $57 million. Much of this success is fueled by the Ordinals Protocol, and top NFT collections such as Bitcoin Frogs raked in $6.3 million in sales over the past week.
The native token of the Conflux Network, CFX, rose around 13% from its initial price of 29 cents after news of Hong Kong opening its doors for retail trade went public. As a key Layer-1 blockchain that has made a name for itself by focusing on the Chinese market, it has been in a number of collaborations including that of a blockchain-based SIM card with China’s major telecom company and other government blockchain initiatives. This has led to the network being labeled as the ‘Chinese Ethereum’.
Private, family-owned banks have recently carved a niche for themselves in the German cryptocurrency scene by offering over-the-counter trading services, custody of crypto assets, and tokenization of investments to name a few. This stands in stark contrast to large banks like Deutsche Kreditbank which avoid offering cryptocurrency services, or offer certificates representing the assets. But the latter is warming up to the idea by exploring digital asset services for its institutional clients as a start
As meme tokens start incorporating utility for their tokens, DWF Labs has taken the logical step of committing itself to the Floki ecosystem to accelerate the adoption of its FLOKI token amongst institutions. Branding itself as the people’s cryptocurrency, the Floki team will be using the $5 million committed by DWF Labs to increase the liquidity of its treasury while tapping on DWF Lab’s extensive connection of exchanges, trading outlets, and institutional investors to expand its share-of-voice in the crypto space.
To bring the synthetic asset platform to the next level, Synthetix founder Kain Warwick recently proposed twelve key governance proposals that aim to increase Synthetix’s capabilities and bring in more participation from its community members. A key proposal is the SNX buyback scheme which suggests a 3:1 split of the token, followed by a buyback and subsequent burn using the yield from the treasury fees.
China-focused Conflux Network has established an agreement with Qtum and Tenet, both Layer-1 blockchains, to bring liquid staking to users within the country while increasing access to the Asian market. This will be done with Conflux and Qtum stakers bringing their liquid staking derivatives to Tenet’s network, and restaking them to access increased yield and utility. The endeavor is focused on assisting Tenet with its integration into the Asian blockchain community.
Vertex Labs, the company behind the metaverse protocol Caduceus aimed at revolutionizing the metaverse, DeFi, and the creative landscape, recently acquired Digimental Studio for $12 million and brought its line of popular NFTs into the fold. The acquisition will give Vertex Labs access to the latter’s 3D NFT fashion brand, HAPE, which has partnerships with brands such as Italian fashion giant, Diesel, and iconic global lifestyle brand, Jagermeister.
Alchemy Pay, a payments platform that aims to let users pay with crypto and fiat, has launched new fiat on-ramp options which lets their Australian and New Zealand customers purchase cryptocurrencies easily. To do so, the platform has integrated local payment options such as POLi and PayID which acts as a bridge between fiat and crypto currencies, and simplifies the onboarding process at the same time.
Flare Network's canary or test network, Songbird,will be undergoing a governance vote after a proposal to revise its price oracles was proposed. The proposal aims to modify the Flare Time Series Oracle on Songbird that provides real-time price feeds for different tokens, and add eight new tokens including that of ARB, MATIC, and SOL. Once approved, a similar proposal will be raised for the main Flare network.
The foundation team behind The Open Network (TON), a scalable Layer-1 blockchain, has launched an accelerator program to finance and support projects seeking to build on the network. The program will manage a fund of $25 million, and a fund that range between $50,000 and $250,000 will be issued to projects that meet the minimum criteria of having built their project on TON, and they have an existing minimum viable product.
The creation and exponential boom of Ordinals protocol and its related Bitcoin Ordinals on the Bitcoin network has sent its clones soaring with surging network activity. Thanks to the introduction of the BRC-20 standard, the same similar standard has been developed and enacted on Litecoin and Dogecoin networks with a LRC-20 and DRC-20 standard. Dogecoin saw a record 1.2 million transactions in a single day, while Litecoin reached a peak of 584,000 transactions.
Chintai, a platform that leverages EOS to create a decentralized market for digital assets, brings real-world tokenization of assets to users in the EOS network. The integration allows Chintai to offer market-making, cross-leverage liquidity and automated compliance. By leveraging on the protocol, the project can tap its flexibility and security for assets such as securities, bonds, and real estate.
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