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CRYPTO MARKET OUTLOOK – TRENDS OF EVENTS 18TH MARCH 2024

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TRENDS OF EVENTS

The following events took place within the crypto community recently!

Top Analyst Predicts That Solana (Sol) Could Redo 70% Upside History

Prominent crypto analyst Ali Martinez predicts a potential increase in Solana’s (SOL) price, one of the hottest cryptocurrencies currently. Martinez recently highlighted a significant development on the daily Solana chart.

According to Martinez’s analysis, the technical sell signal on the SOL chart has been rejected, indicating a bullish trend. Solana managed to break through the resistance level at $198, suggesting the possibility of further price increases and the start of a new upward trend.

Martinez compared the current situation to a similar event last December, where the cancellation of a sell signal for SOL led to a 70% price increase before the next sell signal emerged. This comparison provides hope for significant growth for Solana investors.

In the past week, Solana’s price has increased by 40%, surpassing $200 for the first time since November 2021. CoinMarketCap reports that the Silicon Valley blockchain’s market capitalization has reached $90 billion, placing it among the top 200 enterprises globally.

Given Solana’s recent performance, investors and crypto enthusiasts are watching for potential market opportunities. Solana’s ability to withstand sell signals and capitalize on such events in the past indicates bullish momentum.

Read also:CRYPTO MARKET OUTLOOK – TRENDS OF EVENTS 11TH MARCH 2024

Milady Founder Loses Millions In ETH and NFT to Hackers

Charlotte Fang, founder of Milady and Remilia, acknowledged a security breach. Millions of dollars worth of Ether and Non-fungible tokens (NFTs) were moved to a wallet engaged in asset liquidation.

The incident highlights the escalating issue of hacks and security vulnerabilities within the crypto sector. It especially affects decentralized finance (DeFi) platforms.

Dumpster DAO first noted the unusual transaction and posted it on X. This brought attention to Fang’s (also known as Krishna Okhandiar) acknowledgement of a Remilia treasury breach. The transactions in question led to a drainer wallet for liquidating assets, which sold them for approximately 850 Ether (ETH), equivalent to almost $3 million.

Fang disclosed that the breach was due to a hack. It impacted all connected wallets. He cited “unknown malware” infiltrating his password manager as the culprit. This malware accessed the seed phrases stored within, which were supposed to secure all wallets, including the multisig wallet designated for Remilia’s treasury funds.

Despite the setback, Fang reassured that the NFT contract and metadata ownership had been transferred to a hardware wallet and were not compromised. Additionally, the operating treasury had been moved off-chain, ensuring its security. He emphasized that the organization had no immediate plans to sell its NFTs, indicating that the hack would not affect its budgeted operations.

In light of the growing concern within the cryptocurrency community, especially among holders of Milady NFTs, Fang warned of the hack’s extent and advised community members to stay vigilant against suspicious communications.

Milady Projects Under Heavy Controversy

The founder of Milady has made claims that have sparked scepticism within the crypto community. Web 3 security experts are now investigating the exploit and its aftermath, with firms like Peckshield focusing on a suspicious transfer believed to have triggered the recent security breach.

This incident is another controversy tied to Fang and the Milady project. In September, Fang revealed that a rogue developer had misappropriated $1 million from the treasury. Shortly after, a CryptoPotato report surfaced, alleging that other co-founders had sued Fang, accusing him of misusing $1.7 million from the project’s funds. They also claimed that Fang’s removal was necessary due to his involvement in spreading “extremist and overtly racist” online content.

Milady, a collection of 10,000 NFTs on the Ethereum blockchain, showcases generative artwork of anime-style women and has gained attention in the crypto and NFT communities.

To Support V2 Token Rollout, Coti Launched $10M Rewards Program

In addition to current Coti tokenholders, all treasury participants are now eligible for airdrop rewards.

Coti, an Ethereum-based confidentiality layer, will distribute Coti v2 tokens worth $10 million via airdrop to holders of its native Coti (COTI) token.

Coti v2 is a privacy-centric layer-2 protocol on Ethereum designed to transmit sensitive data over the blockchain for Web3 applications securely.

The company has announced a community rewards initiative, airdropping 40 million Coti v2 tokens to existing native and ERC-20 COTI holders.

The Coti v2 airdrop campaign will begin on March 25. However, distribution of Coti v2 tokens will start in the last quarter of 2024, following its token generation event.

Eligibility for airdrop rewards is automatically extended to all treasury participants and existing COTI token holders. Coti also mentioned that the airdrop is on top of all annual percentage yield rewards for token holders. The announcement states:

“Users only need to have a deposit in the Treasury to participate, but those who deposited before February 28, 2024, will receive an additional bonus as a gesture of gratitude from the COTI team for their early support.”

Coti’s treasury currently holds roughly $98.7 million in total value locked. Rewards for each investor will be based on their level of involvement in the ecosystem. The company sees the Coti v2 launch as the key to unlocking new use cases for the Web3 economy through confidentiality.

More on Coti’s Plan

At the time of writing, Coti’s treasury had roughly $98.7 million in total value locked. Rewards for investors will depend on their level of involvement in the ecosystem. The company sees the Coti v2 launch as crucial for unlocking new use cases in the Web3 economy through confidentiality.

Starting March 25, the company plans to extend rewards by offering longer lock periods of 180, 270, and 360 days.

In January 2024, the airdrop season began, with protocols collectively offering $700 million in token airdrops in just one week.

According to previous reports from Cointelegraph, prominent protocols like AltLayer, Dymension, and Jupiter offered rewards to their users.

Crypto users seeking token airdrops on X are advised to thoroughly research projects before investing. They should also watch out for accounts impersonating popular crypto projects, often promising unrealistic returns.

Amid The Spanish Ban, Worldcoin Clarifies That It Is Legal in All Countries

Worldcoin operates “lawfully in all of the locations in which it is available” and is designed to fully comply with related laws, the firm said.

Amid growing legal uncertainty in Spain, the global digital identity and cryptocurrency project, Worldcoin, has made new statements on its operations and compliance.

On March 18, Worldcoin took to its blog to publish “Essential facts about Worldcoin,” providing basic information about its operations, rules, and regulations.

In the blog post, Worldcoin stressed that it operates “lawfully in all of the locations in which it is available” and is designed to be fully compliant with all laws and regulations governing data collection and data transfer.

Referring to a more detailed post about regulatory compliance from January, Worldcoin mentioned that the project complies with major global data protection frameworks like Europe’s General Data Protection Regulation and Argentina’s Personal Data Protection Act.

The new post also mentioned that Worldcoin does not allow minors to join the platform, adding that each user must confirm in the World App that they are over 18 years old before verifying at an Orb.

Worldcoin Reassures Users of Intense Security Measures

The Worldcoin Foundation and its contributor, Tools for Humanity, emphasized that they have never sold, do not sell, and will never sell any personal data, including biometric data.

They stressed that World ID and World App are fully self-custodial, meaning only the owner would hold information like name, email address, phone number, and other personal data.

Worldcoin’s blog post came amid ongoing uncertainty about the platform’s operations in Spain. In early March, the Spanish Agency for the Protection of Data ordered Worldcoin to stop collecting and processing data in the country, issuing a temporary ban on its operations.

The firm subsequently failed to defend its operations in Spain as a local court declined its injunction against the data regulator.

Founded by OpenAI CEO Sam Altman, Worldcoin is an open-source protocol aiming to enable digital identification and ownership for each person on Earth.

Officially launched in July 2023, Worldcoin faced pushback from global regulators amid concerns over data privacy and protection.

In August 2023, Worldcoin was banned in Kenya, with the government halting all local activity associated with the platform, including biometric identification. A few months later, Worldcoin said it was working with the Kenyan government to resume operations in 2024.

 

Crypto Market Outlook

The global crypto market cap stands at $2.54 trillion, marking a 1.53% decrease in the last day.

Over the past 24 hours, the total crypto market volume amounted to $129.47 billion, reflecting a 14.32% decrease. Within this, the volume in DeFi is currently $12.17 billion, accounting for 9.40% of the total crypto market 24-hour volume.

Additionally, the volume of all stablecoins reached $118.67 billion, constituting 91.66% of the total crypto market 24-hour volume.

Bitcoin’s dominance now sits at 52.14%, representing an increase of 0.36% over the day.

Bitcoin Market

This year marks a significant milestone for bitcoin (BTC) as its availability is set to decrease, with the reward for mining a block dropping from 6.25 BTC to 3.125 BTC. This adjustment represents a drastic reduction from the 50 BTC per block miners could earn from 2009 to 2012.

By April 22, 2010, a quarter of bitcoin’s maximum 21 million supply had been mined. Fast forward to Dec. 14, 2011, and miners had extracted around half of all the BTC.

Currently, 93.6% of bitcoin’s total supply has been issued, leaving only 1.34 million BTC yet to be mined. The existing supply of BTC stands at 19,656,761.74 BTC, with a significant portion held by various entities such as public and private companies, governments, exchange-traded products, and funds, as well as within decentralized finance (Defi) and smart contracts.

According to bitcointreasuries.net, these groups collectively possess 2,494,501 BTC. Additionally, cryptoquant.com reports that slightly over 2 million BTC are stored on exchange platforms, amounting to approximately 2,003,753.08 BTC.

These holdings, however, are partially owned by customers using these exchanges and their custodial services. Bitcoins that have not moved from their wallets for an extended period, often years, are referred to as “zombie bitcoins.” These may include coins that are lost but cannot be definitively declared as such.

Current figures reveal that entities like public or private corporations, governments, and ETFs hold 11.88% of bitcoin’s total supply. About 9.54% is kept on centralized crypto exchanges, and 8.09% consists of zombie bitcoins, excluding Satoshi Nakamoto’s share, which represents 4.76% of the 21 million cap.

With 6.39% of Bitcoin still to be mined, it suggests that 40.66% of the supply is beyond the reach of the average person. Assuming customers control 60% of the BTC on exchanges, this reduces the accessible supply to 34.94%.

 

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