Author: Sahil Poudel

Espresso Launches Mainnet for Cross-Chain Composability layer with a16z Backing

Summary

Espresso, a blockchain project backed by Andreessen Horowitz (a15z), has released it’s major confirmation layer on mainnet. This amazing achievement follows extensive testing and partnerships which promises enhanced cross-chain interactions and synchronous composability in the Ethereum ecosystem.

YOU MIGHT ALSO LIKE: Pepe Unchained Presale Nears $27M Breakthrough

Mainnet Launch of Core Confirmation Layer

Espresso a Blockchain project announced the mainnet release of it’s confirmation layer, with the aim of enhancing cross-chain composability in the Ethereum ecosystem. Espresso’s team took a juicy amount of time which is about two years of pure development and testing across five testnets to roll out this key infrastructure to enable reliable inter-chain interactions.

Improving Synchronous Composability

This confirmation layer allows chains to freely interact and validate each other’s state transitions through synchronous composability. This revolutionary shared infrastructure gives a “source of truth” for several blockchains, making sure they can read and confirm transaction data more efficiently.

Strong Industry Partnerships

Espresso has collaborated with ecosystem partners such as Cartesi, Airchains, Offchain Labs, Across Protocol and AltLayer. This ensures that its innovation has robust support system. The goal of these partnerships is to extend Espresso’s capabilities across several blockchain ecosystem by integrating its layer with modular, zero-knowledge solutions and bridge platforms.

Conclusion

With the support of an experience a16z and $28 million in Series B funding, Espresso’s mainnet debut is a significant milestone for Ethereum’s cross-chain compatibility and composability. With a robust network or partnerships and plans for phased implementation, Espresso’s infrastructure is poised to become a major force in decentralized banking

Andreessen Horowitz’s a16z Sees Bright Future for U.S. Crypto Industry

In brief, During his latest statement, venture capital Andressen Horowitz (a16z) showed optimism about the future of the U.S. crypto industry. A16z also strongly implied the growing scope and potential for regulatory clarity and opportunities for innovation, urging builders to remain focused on compliance while leveraging blockchain’s benefits for consumers.

A16z’s Optimistic Outlook

On Nov. 11, a16z launched a note stating it’s positive point of view on the United States crypto industry’s future. The firm then motivated the builders to take merit of the new coming regulatory clarity that could potentially create a more supportive and helping environment for crypto innovation. A16z leader also highlighted increasing interest from crypto founders, with many inquiring about how the latest political developments might impact their projects.

YOU MIGHT ALSO LIKE: Crypto Market Surges to $3.12T, Surpassing Tech Giants in Valuation

Promising Consumer-Focused Applications

The letter explained in detail how the emerging blockchain technology could potentially empower day to day consumers by providing control over their digital identities, creating new business models for creators and providing facilities for low-cost global transactions. A16z also preferred the usage of stablecoins as tool to enhance payment efficiency, as well as a potential applications for decentralized social media and cross-border payments.

Hope for Regulatory Clarity

A16z very passionately pointed out the need for much clearer regulations to replace the current “regulation by enforcement” approach, which has more often than not left companies in uncertainty. The firm is optimistic about clearer policies allowing legitimate projects to grow while also enhancing consumer protection. It also assured it’s commitment towards fair policy in congress to sustain crypto innovation.

Conclusion

Andreessen Horowitz sees this as a significant time for United States to grow in Crypto industry. The firm still remains optimistic about their view on clear policy.

DeltaPrime Suffers Second $4.7 Million Hack Attack

In brief, DeltaPrime which is a Crypto Broker has again suffered from a heartbreaking hack, with about $4.7 million stolen from its funds. This is second attack on the platform since September, which raises a serious question about the company’s security and operations.

DeltaPrime Targeted Again

DeltaPrime, which is a reputed decentralized protocol is backed by notable investors like Avalanche and GSR Market has faced another major security breach on Nov, 11. This security breach cause the company a devastating loss of approximately $4.7 Million. This breach included an attack on several liquidity pools on Arbitrum, with funds reportedly siphoned via a weak link in the protocol’s periphery adaptor contract.

YOU MIGHT ALSO LIKE THIS: Dogecoin Nears Breakout as ETFSwap (ETFS) Forecasts Unprecedented 65,000% Surge by 2025

Analysts Confirm Break and Track Stolen Funds

Blockchain analysis at Certik confirmed the attack and found out that the amount stolen were held at a particular wallet address. After the security breach, Deltaprime accepted that both of it’s Avalanche and Arbitrum fund pool were affected, bringing total loss to $4.7 million.

Previous Incident in September

This incident isn’t the first time Deltaprime has suffered a security breach but just few months ago in September, hackers managed to get inside the network through a weak private key security which resulted in a $6 million loss. The platform is also connected to North korea’s IT personnel, which has raised a lot of questions regarding security vulnerabilities, though the flagged personnel were removed earlier this year.

YOU MIGHT ALSO LIKE THIS: HyperCycle’s Strategic Fork Paves the Way for AI Expansion

Background and Funding

Launched in January 2023. Deltaprime quickly managed to get good response from as it had managed to garner over $63 million in total value locked. The platform was supported by reputed investors like Avalanche, GSR Capital and Moonhill Capital, the protocal at first promised to provide robust security and light like efficiency. Yet, the repeated breach and repeated money stolen raise significant concerns about it’s promises.

Conclusion

With two major breached within just few months, Deltaprime is sure to face a lot of backlash on it’s security policy. Users and investors alike await the company’s response and any concrete steps to prevent future incidents.

HIVE Digital Expands with 6,500 New ASICs and Paraguay Mining Facility

In brief

With the acquisition of 6,500 additional ASIC miners and the building of a 100 megawatt renewable energy mining facility in Paraguay, HIVE Digital is increasing its mining capacity. These steps will assist HIVE reach its goal of sustainable growth by boosting capacity and efficiency.

HIVE Acquires 6,500 ASIC Miners

HIVE Digital has ordered 6,500 advanced ASIC miners from Canaan Inc., each offering 185 terahashes per second. The first 500 units will arrive this week, with the remainder expected by early 2025. This upgrade will raise HIVE’s mining power to 6 exahashes per second by March 2025.

YOU MIGHT ALSO LIKE THIS: Deutsche Telekom Partners with Meta Pool to Advance Decentralized AI on NEAR Protocol

Increasing Mining Efficiency and Capacity

HIVE anticipates increasing its mining capacity and efficiency with a higher hashrate. Following the announcement, the company’s stock increased by more than 15%, indicating that the market was confident in its strategic improvement.

Sustainable Infrastructure in Paraguay

HIVE is currently building a 100 MW renewable energy mining operation in Paraguay in conjunction with the ASIC update. HIVE’s capacity is anticipated to reach 12.5 EH/s by late 2025, with the first 30 MW projected to be operational by early Q2 2025.

YOU MIGHT ALSO LIKE: MicroStrategy Increases Bitcoin Holdings to $22 Billion

Conclusion: With new, energy-efficient miners and a renewable energy facility, HIVE is expanding sustainably and positioning itself for growth in the Bitcoin mining sector.

MicroStrategy Increases Bitcoin Holdings to $22 Billion

In brief, investing $2 billion to purchase an extra 27,200 Bitcoin, Michael Saylor’s MicroStrategy has once again made a substantial addition to its holdings. With this most recent acquisition, MicroStrategy’s total Bitcoin holdings now total an incredible 279,420 BTC, which is currently valued at nearly $22 billion. Saylor’s aggressive plan to establish his business as one of the biggest institutional Bitcoin holders is strengthened by this action.

MicroStrategy’s Latest Bitcoin Investment

Michael Saylor’s software giant, MicroStrategy, continues to double down on its ambitious Bitcoin acquisition strategy. Saylor revealed the company’s most recent acquisition of $2.03 billion worth of Bitcoin on November 11, increasing its current holdings by 27,200 BTC. MicroStrategy has secured its position as a prominent corporate Bitcoin holder by increasing its total Bitcoin reserves to 279,420 BTC since the business began investing in Bitcoin in 2020. The average purchase price for this recent acquisition was approximately $74,463 per BTC, according to MicroStrategy’s public disclosures.

YOU MIGHT ALSO LIKE : Ripple Insight: Legal Expert Weighs in on Kamala Harris’s Options for Selling Donated XRP to Cover Campaign Debts

Bitcoin’s Boom After the Election

MicroStrategy’s acquisition coincided with a time when Bitcoin was experiencing strong upward momentum. The price of Bitcoin has surged since Donald Trump was elected president, hitting a fresh high of $83,400. Rekindled confidence about pro-crypto policies and favorable macroeconomic conditions have increased investor demand for digital assets. Bitcoin’s market value alone has increased to $1.6 trillion due to post-election inflows and continued interest from both institutional and individual investors. Since Trump’s victory, the cryptocurrency market has seen an infusion of over $500 billion, much of it focused on Bitcoin, enhancing its standing as an inflation hedge and store of value.

Getting Money to Purchase More Bitcoin

MicroStrategy revealed intentions to raise an additional $42 billion through debt and stock transactions to support its aggressive buying strategy, which will enable the company to keep accumulating Bitcoin. Saylor, a strong supporter of Bitcoin, believes that it is a better store of value than conventional investments. In a recent interview, Saylor stated, “As part of our long-term strategy, we are focused on increasing our Bitcoin reserves as institutional demand grows.”

YOU MIGHT ALSO LIKE THIS: Goatseus Maximus Nears $1B Milestone with 20% Surge in GOAT Price

Market optimism and record inflows

The investment by MicroStrategy coincides with a surge in market interest in digital assets, as evidenced by the record $31.3 billion in inflows into cryptocurrency products so far this year. According to experts, this spike in inflows, which was sparked by Trump’s victory and investor optimism, may encourage further appreciation of Bitcoin and other digital assets. Analysts advise investors to use caution when navigating the current bullish environment, pointing out that the sharp increase may potentially contain hazards of market excitement.

Nano Labs Embraces Bitcoin Payments as Strategic Move in Digital Economy

In brief, In a strategic move toward digital finance, Nano Labs, a Chinese company that designs cryptocurrency-mining chips, has begun to accept Bitcoin as payment for its goods through Coinbase. The action demonstrates Nano Labs’ dedication to a “long-term vision” in the developing digital economy and is in line with growing interest worldwide in crypto-enabled transactions in the technology industry.

Bitcoin Payments and Strategic Vision

Nano Labs, based in Hangzhou, announced its acceptance of Bitcoin payments, facilitated through a Coinbase business account, to meet the increasing demand for cryptocurrency in cross-border transactions. This decision is part of a broader plan to align with digital economic trends. The company has yet to clarify if it will hold Bitcoin on its balance sheet.

YOU MIGHT ALSO LIKE : Crypto Inflows Surge Post-Election to $31.3 Billion YTD

Effect on the Stock and Market Reaction

Strong investor interest and trust in Nano Labs’ trajectory toward embracing bitcoin was demonstrated by the 5.6% increase in the company’s stock price to $3.40 in pre-market trading after the announcement.

Background of the Organization

The Cuckoo and Darkbird chips are the products of Nano Labs,a fabless IC designer founded in 2019 by Kong Jianping and Sun Qifeng. The company has made a substantial amount of money in China since going public in July 2022, demonstrating its position as a major technology supplier in the area.

YOU MIGHT ALSO LIKE THIS : Tether Partners with Canadian Authorities to Recover Stolen Cryptocurrency

Crypto Inflows Surge Post-Election to $31.3 Billion YTD

In brief, to date, cryptocurrency investment products have seen record inflows of $31.3 billion, with $1.98 billion coming in immediately following the U.S. election. Driven by positive market circumstances and political changes, Bitcoin leads these gains, followed by robust investments in Ethereum and other altcoins.

AUM and Inflows Hit Records

Post-election inflows of almost $2 billion into cryptocurrency products increased year-to-date totals to an all-time high of $31.3 billion and worldwide AUM to $116 billion. With $1.95 billion, the U.S. led this increase.

YOU MIGHT ALSO LIKE THIS : Near Protocol Aims to Create the World’s Largest Open-Source AI Model with 1.4 Trillion Parameters

Bitcoin Leads Investor Optimism

Bitcoin alone attracted $1.8 billion last week, reflecting renewed investor confidence following the U.S. Federal Reserve’s recent rate cut and political shifts, according to CoinShares’ James Butterfill.

Activity on Ethereum and Other Cryptocurrencies

With $157 million in inflows, Ethereum had its best week since the July launch of the ETF. Blockchain stocks saw $61 million, indicating a wider interest in digital assets, while altcoins like Solana, Uniswap, and TRON also profited.

YOU MIGHT ALSO LIKE THIS: Shiba Inu Developer Proposes U.S. Blockchain Innovation Hub as SHIB Pumps 40%

Prospects for the Future and Analyst Forecasts

Analysts predict that traditional investors would increase their investments in crypto-focused exchange-traded funds (ETFs) after Trump’s victory. Cameron Winklevoss of Gemini forecasts that the price of Bitcoin will rise further, with a target of $100,000 in sight.

In conclusion, with significant inflows and strong anticipation regarding Bitcoin’s future trajectory, the U.S. election and favorable market circumstances have established a bullish tone for the cryptocurrency space.

Shiba Inu Developer Proposes U.S. Blockchain Innovation Hub as SHIB Pumps 40%

In brief, Shytoshi Kusama, the principal inventor of Shiba Inu, recently suggested creating a “Silicon Valley for crypto” in the US. This ambition, which corresponded with a noteworthy 40% increase in SHIB’s price, seeks to establish the United States as a leader in blockchain innovation.

A Developer of Shiba Inus Shares Their Vision

Kusama presented a strategy plan to create a blockchain innovation hub in the United States, which he hopes would become a multibillion-dollar “Silicon Valley for crypto.” He said he hoped this program will push the United States to adopt blockchain technology and catch up to the world’s leading innovators in digital assets.

YOU MIGHT ALSO LIKE THIS : ETH, SHIB, and SUI are the top cryptocurrencies to keep an eye on this week.

SHIB Increase of 40%

SHIB’s price surged 40% after the revelation, hitting $0.00002727 in a single day. SHIB has increased by more than 65% per week, despite being 68% below its peak of $0.00008616 in October 2021. Although Kusama’s strategy may not have been the main force behind the pump, favorable market conditions most likely contributed to SHIB’s upward trajectory.

1000007000 Bitmala

Future Objectives of the Shiba Inu Foundation

The Shiba Inu foundation intends to publicly offer the hub proposal to the incoming U.S. administration, Kusama hinted. The foundation further highlighted the project’s goal of promoting worldwide blockchain adoption by indicating that financing from their D.O.G.E. initiative might help fund this ambitious effort.

YOU MIGHT ALSO LIKE THIS : Ripple Insight: Legal Expert Weighs in on Kamala Harris’s Options for Selling Donated XRP to Cover Campaign Debts

Finally, Kusama’s plan has renewed interest in and optimism for SHIB, marking a persistent push for strategic expansion and practical implementation within the Shiba Inu ecosystem.

ETH, SHIB, and SUI are the top cryptocurrencies to keep an eye on this week.

Synopsis

The primary cause of last week’s hopeful spike in the cryptocurrency market was the increase in Bitcoin following Trump’s election triumph. As Bitcoin got close to $80,000, altcoins like Ethereum (ETH), Shiba Inu (SHIB), and Sui (SUI) also reported significant gains, pushing the global cryptocurrency market value to a record high of $2.85 trillion. Below is a summary of the week’s best cryptocurrency performers and important levels to keep an eye on.

Ethereum Surges Past $3,000

Ethereum reclaimed multi-month highs, spiking to over $3,100 as it capitalized on the broader market rally. After a modest drop on Nov. 4, ETH rose 27.3% over the week, with its largest gains on Nov. 6 following Trump’s victory. The cryptocurrency remains in overbought territory, with a potential pullback to $2,981 if momentum stalls. Key resistance now lies at $3,396, while the Relative Strength Index (RSI) sits at a bullish 75.62.

YOU MIGHT ALSO LIKE THIS : Goatseus Maximus Nears $1B Milestone with 20% Surge in GOAT Price

Shiba Inu Rallies 21%

Shiba Inu saw a 21% weekly increase, breaking past $0.00002 for the first time in nearly a month on Nov. 9. The MACD’s bullish crossover on Nov. 6 indicates strong momentum, although SHIB may face resistance at the June peak of $0.00002622. Support stands at the 23.6% Fibonacci level near $0.00002157.

SUI Claims New All-Time High

Sui, the native token of its layer-1 blockchain, reached a new all-time high of $3.14 after a 20% surge on Nov. 9. The asset maintains an upward trajectory, although its Stochastic Momentum Index at 79.1 signals overbought levels. Investors should watch for potential support at $2.75 if the asset faces a pullback.

YOU MIGHT ALSO LIKE THIS: Bitcoin Boom: Election Day Surge and Six-Figure Speculation

In conclusion, as the market is still showing bullish momentum from the previous week, investors should keep an eye on these crucial levels for any shifts in the trend or additional gains.

Bitcoin Boom: Election Day Surge and Six-Figure Speculation

In summary, Bitcoin reached a record high of $80,000 after President-elect Trump’s triumph, igniting investor excitement and forecasts of a possible spike to $300,000. The scenario is prepared for Bitcoin’s potential ascent into six figures, with prominent players such as VanEck CEO Jan van Eck estimating the cryptocurrency’s value at half of gold’s total, and Trump’s pro-crypto policies stimulating the market. This study examines the main factors that contributed to Bitcoin’s ascent, such as election-related factors, Trump’s changing views on cryptocurrencies, and optimistic market projections.

Market Navigator: Bitcoin will continue to hit all time highs, says Jan Van Eck

Bitcoin Reaches New High: $300,000 on the Horizon?

Bitcoin reached a record-breaking $80,000 on Sunday, fueled by a post-election rally following President-elect Trump’s victory and a strong stock market. Investors are now speculating if the cryptocurrency will soon hit the $300,000 mark.

YOU MIGHT ALSO LIKE THIS : Trump-Themed Tokens Crash Post-Election

The CEO of VanEck’s Audacious Forecast

According to Jan van Eck, CEO of VanEck, Bitcoin may one day be worth half as much as gold, or an estimated $300,000. He considers this amount to be a “reasonable base assumption” for the possible growth of Bitcoin.

2024 U.S. Election Sparks Crypto Surge

During the 2024 election, cryptocurrency was a key topic, with the crypto-betting site Polymarket providing a more accurate prediction of the election outcome than traditional polls. Vice President Kamala Harris promised to support digital assets, while Trump’s pro-crypto stance helped secure votes from the digital asset community.

Trump’s Shift in Crypto Strategy

Previously skeptical of Bitcoin, Trump changed his approach after his 2020 loss, embracing crypto to fund his re-election. His campaign efforts included selling NFTs, promoting Bitcoin-themed products, and pledging to make the U.S. a crypto hub. Trump even launched a new coin, World Liberty Fi, with his sons.

YOU MIGHT ALSO LIKE: Polygon Jumps 40% in a Week – Is a Push to $0.45 on the Horizon?

The Predictions of Analysts: A Path to Six Figures?

Between $100,000 to $300,000, according to numerous analysts, Bitcoin will continue to rise when Trump assumes office. Trump’s pro-crypto stance may contribute to Bitcoin’s aspirational trajectory.

Exit mobile version