Category: Market Insights

Solana Breaks Through $200 Barrier with Impressive 9% Surge in Value

Solana just hit $200 for the first time in seven months, jumping 8.69% as the crypto market rallies post-US election. Its currently at $203.88 which represents a 22.25% rise since last week and whopping 370% over the last year. Despite being 23% below its all-time high of $260, it’s riding the bullish wave fueled by Trump’s win and pro-crypto candidates in Congress. Hence overall market peaked, with Bitcoin and Ethereum also hitting record highs.

Following recent US presidential election, whole crypto market saw huge growth, which benefitted big names such as Bitcoin, which is currently trading at its all time high $75K. And so, Solana also hopped in on the party by finally breaking through its $200 mark after struggling for seven months. While this is still below its all-time high, this performance ignites optimism for future gains.

On the day of election, crypto market witnessed massive burst after Trump was announced victorious. Reportedly, the market capitalization rose by 5% that day and reached a staggering $2.56 trillion. One of the reasons for this might be the shear amount of pro-crypto candidates inside the House of Representatives.

Solana Price Outlook

As of November 9, Solana’s token SOL is priced at $197.93, although this is lower than $200 its just a minor volatility and the overall report suggests positive improvements. Its 24 hour trading volume is of about $4,886,202,079, it indicates 1.63% decline in the last 24 hours but overall it has increased by 21.29%, considering past seven days. With a total circulating supply of 470 million and a huge market cap of almost $93 billion, SOL is comfortably placed at fourth position amongst world’s top cryptocurrencies.

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Binance Labs Backs DeSci Platform BIO Protocol

In its first investment in the decentralized science (DeSci) space, Binance Labs, the company’s venture capital division, has contributed to BIO Protocol, a platform that uses decentralized finance to advance scientific research. With this investment, Binance demonstrates its deliberate foray into the biotech and decentralized finance (DeFi) sectors.

Pioneering Decentralized Science

BIO Protocol, also referred to as the “Y Combinator of on-chain science,” offers a special decentralized funding platform for early-stage scientific enterprises. The platform focuses on topics including women’s health, mental health, and cryopreservation and leverages a network of seven BioDAOs to facilitate collaboration between investors and scientists on ground-breaking research initiatives.

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Growing Funding and BioDAOs

By incorporating more BioDAOs, BIO Protocol intends to expand its ecosystem and support new scientific entities with the funding from Binance Labs. The platform aims to distribute seed finance and enhance community and tokenomics support to further decentralized research efforts.

Binance Labs’ Growing VC Footprint

As part of its continuous attempts to expand its startup capital portfolio, Binance Labs has recently backed innovative projects like Solayer, a Solana staking protocol, and Lombard, a Bitcoin staking platform. Putting money into BIO Protocol aligns with Binance’s objective to back projects that provide important, long-lasting technology solutions for a variety of industries.

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Blockstream Opens R&D Center in Lugano to Advance Bitcoin Innovation

Summary

To support Bitcoin layer-2 developments and the expansion of financial technology, Blockstream, a well-known Bitcoin infrastructure company, has established a new research and development facility in Lugano, Switzerland.

Blockstream’s Strategic Move in Lugano

Blockstream’s R&D hub in Lugano aims to boost innovation in Bitcoin’s Liquid and Lightning networks. The center will bolster Lugano’s position as a center for blockchain development by providing grants, mentorship, and assistance to local startups. The city is also well-known for launching a statue of Satoshi Nakamoto and holding recent Bitcoin events.

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Funding and Layer-2 Development

The new R&D center follows Blockstream’s recent $210 million funding to drive Bitcoin layer-2 growth, expand its BTC holdings, and enhance mining operations. Blockstream’s previous investment rounds centered on cryptocurrency mining and growing the Bitcoin finance ecosystem are complemented by this endeavor.

Tools for the Bitcoin Community

Blockstream’s product suite includes Blockstream Green, a secure BTC wallet, and Greenlight, which simplifies BTC payment integration for developers. Additionally, the Liquid Network, launched in 2018, provides a platform for inter-exchange transactions, supporting brokers and market makers within the Bitcoin ecosystem.

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Swiss City Lugano Issues Third Blockchain Bond Worth $139 Million

Synopsis

Lugano, Switzerland, has released its third blockchain-based bond, valued at $139 million. This move shows the city’s commitment to digital finance and blockchain technology and is a significant step toward the adoption of blockchain for public sector financing.

Blockchain Bond Growth

The latest bond, issued on November 4, is part of Lugano’s broader digital bond initiative, with a total value of 320 million CHF ($365 million) across three issuances. This bond is listed on both the SIX Digital Exchange and the traditional SIX Swiss Exchange. Additionally, it is a component of Project Helvetia, the Swiss central bank’s wholesale central bank digital currency pilot.

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Successful Digital Bond Issuances

Lugano’s first blockchain bond was issued in January 2023, followed by a second issuance in February 2024. Both bonds had a total value of 200 million CHF and were successfully subscribed by investors. Paolo Bortolin, the city’s deputy CFO, emphasized how easy it is to issue digital bonds and how the technology has the potential to completely transform the financial sector.

Promoting Wider Adoption

This continued issuance of digital bonds by Lugano indicates a growing confidence in blockchain’s potential to transform financial systems. Bortolin urged other issuers to adopt blockchain, pointing to high investor interest and an hour-long bond subscription. Lugano has established itself as a crypto-friendly city by promoting blockchain adoption for tax payments and the launch of LUGA, a stablecoin based on Bitcoin.

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Aptos Surges 21%: Is Continued Growth Ahead for APT?

Summary

APT just flipped bullish after hitting a major Fibonacci zone and things look more spicy as we head towards more upside! This on chain data is absolutely on fire, with the network also staying super active. This proves hype around Aptos is real and all the buzz and price pumping are not all big talks. Its clear APT is not stopping anytime soon if these activity keeps up. If you’re looking for a token with serious potential, Aptos is lowkey becoming the one to watch right now.

Aptos (APT) is a blockchain platform that is designed to be fast, scalable and secure. Its well known for its low latency and high throughput which overall aims to improve decentralized applications (dApps) and overall blockchain performance. APT, the ticker symbol for Aptos has recently been eyeing on a bullish trajectory since mid-September.

After its bearish retracement on October, APT has managed to pull back 30% of whatever it had lost. However, the pullback concluded at a noteworthy price range. Many suspected it has hit a Fibonacci retracement which means that after hitting a certain low it was sure to go on a bullish pivot. Same thing happened with Aptos, as it dropped as low as $7.74 earlier this week but right after that it reached a bullish pivot. The cryptocurrency has since rallied by roughly 21% to its $9.38 press time price. Despite the recovery, APT still had a 19% upside to go before reaching its October lows.

As of November 7 2024, the price of Aptos’s APT is $9.74 with a 24 hour trading volume of $452,804,490. It has experienced nearly 5% growth since the last 24 hour and a total 4.23% increase since last 7 days. With its circulating supply of 520 Million APT and a market cap of  $5,058,986,184, APT sees bright future ahead.

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Layer 2 Network Taiko Achieves Remarkable 1,000% Growth in TVL on Ethereum

Summary

Taiko’s Ethereum Layer 2 network is going absolutely bonkers right now! Its total value locked (TVL) shot up by over 1000%, reaching a crazy height of $81 million. That’s not it, as their daily transactions have also skyrocketed to 5 million which indicates more people joining in on Ethereum Layer 2 to make their lives easier through faster and cheaper transactions. Taiko’s big numbers are huge flex in the L2 game and signals huge adoption in the Ethereum ecosystem.

Taiko is an L2 scaling solution for the Ethereum Blockchain. In simple words, its designed to make transactions faster and more affordable while keeping Ethereum’s security and decentralization. Reports say it has seen major growth over the last month, according to DefiLlama, the total value locked on Taiko has increased more than 1,000% which led it to reach cross its all time high and stay at $81 million.

Main reason behind this is its big moves on Ethereum’s Layer 2. Its native decentralized exchange (DEX), Panko Finance, and lending platform Avalon Finance are leading the charge and reports say each of these platforms holds over $30 million in total value locked (TVL). According to a report Taiko network has crossed a record breaking 5 million transactions on November 4 2024. Well, this just shows how popular its becoming with both users and investors. Its clear Taiko is becoming an obvious go-to for anyone looking to seriously scale on Ethereum Layer 2.

Read how: Trump Victory Creates Over 11K New Bitcoin Millionaires

Trump Victory Creates Over 11K New Bitcoin Millionaires

Synopsis

Because of Donald Trump’s triumph in the 2024 election, Bitcoin values have risen to an all-time high, creating over 11,000 new millionaires.

Bitcoin Wallet Surge

Following Trump’s win, the number of Bitcoin wallets worth $1 million or more surged by 11,487, bringing the total to 132,842. This increase came as Bitcoin prices rose by 7.8% within 24 hours, reaching an all-time high of $75,428. In the past 30 days, Bitcoin saw a 20% increase, with Finbold reporting a significant wealth gain among Bitcoin holders.

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The Impact of Trump on Bitcoin

Trump’s pro-crypto position, which may result in a favorable regulatory environment for digital assets, is credited by analysts with this surge. Investors are looking forward to any policy changes that might further improve Bitcoin’s performance, as Trump’s backing for the cryptocurrency has sparked a newfound interest in the commodity.

Will Bitcoin Increase?

Gert van Lagen and other technical analysts are hopeful. If market conditions continue to be favorable, predictions indicate that Bitcoin might hit $250,000 by the beginning of next year. Bitcoin fans are optimistic that favorable legislation following Trump’s victory could spur additional growth in digital assets.

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Arkham Launches Perpetuals Exchange with On-Chain Auditing and Rewards

In brief

According to a release from Arkham Intelligence, the Arkham Perpetuals Exchange, a platform for trading spot and perpetual futures, will launch on Wednesday. The proof of reserves and on-chain auditing elements of the exchange will provide transparency for users. Arkham will also have a point-based rewards system that lets users trade points for the ARKM token, but access may vary by region.

Arkham Perpetuals Exchange: Transparent, On-Chain Auditing

The new Arkham Perpetuals Exchange is built for spot and perpetual futures trading, focusing on transparency with on-chain auditing and verifiable proof of reserves. This setup aims to meet demand for secure, accountable trading environments, providing users with insights directly from Arkham’s blockchain-based verification tools.

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Integrated Analytics for Enhanced Trading

Arkham’s platform integrates seamlessly with its existing analytics suite, offering users research and investigative tools to support trading decisions. This combination allows traders to access data-driven insights and track trends without leaving the platform, creating a more robust trading experience.

Point-Based Incentives and Restriction by Jurisdiction

Arkham Points, which are obtained through trading volume and exchanged for ARKM tokens after 30 days, are being introduced by Arkham in an effort to increase involvement. VIP accounts are rewarded much more. However, regulatory limitations limit distribution in some areas, like as the U.S., highlighting Arkham’s dedication to operating in a compliant manner in the crypto arena.

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MANTRA and Libre Capital Partner to Launch Tokenized Money Market Funds

Summary

Using MANTRA’s blockchain and Libre’s tokenization capabilities, MANTRA and Libre Capital have partnered to provide institutional and accredited customers with on-chain access to tokenized real-world asset (RWA) investments, such as money market and hedge funds.

Institutions’ Tokenized Investment Access

The partnership between UAE-based Libre Capital and Layer-1 blockchain MANTRA aims to offer tokenized investment options in hedge funds, money market funds, and private credit to MANTRA’s accredited and institutional customers. In order to increase on-chain investment access, our collaboration integrates Libre’s issuance capabilities with MANTRA’s RWA-focused blockchain.

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The Libre Gateway DeFi Solution

The Libre Gateway DeFi dApps, developed by Libre, will serve as the integration tool to allow eligible institutional investors on MANTRA access to top-tier, tokenized money market funds. This compliant access will bring institutional-grade finance to the blockchain ecosystem.

Statements from Executives at MANTRA and Libre

John Patrick Mullin, co-founder and CEO of MANTRA, highlighted the collaboration, saying it will provide users with the tools they need to grow the RWA economy. Dr. Avtar Sehra, the CEO of Libre, expressed optimism about expanding Libre’s tokenized asset offering by utilizing MANTRA’s RWA infrastructure.

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RWA Expansion with MANTRA’s Accelerator Initiative

Since MANTRA Chain’s mainnet became live in October, the network has partnered with Google Cloud as an infrastructure partner and validator. The accelerator program, which is scheduled to begin in early 2024, is intended to support MANTRA’s RWA market.

Kraken, Galaxy Digital, and Robinhood Back New USDG Stablecoin via Global Dollar Network

Summary

Paxos created USDG, a regulated stablecoin that is supported by well-known cryptocurrency companies Kraken, Galaxy Digital, and Robinhood. As a member of the Global Dollar Network, the stablecoin is expected to face competition from big heavyweights like Circle and Tether.

USDG Launch with Industry Support

Prominent crypto companies including Kraken, Galaxy Digital, and Robinhood are supporting USDG, a newly launched dollar-backed stablecoin from Paxos. According to a Nov. 5 announcement, the Global Dollar Network—a consortium of firms backing USDG—has been formed, with partners like Anchorage Digital, Bullish, Nuvei, and DBS Bank. USDG is regulated by the Monetary Authority of Singapore and backed by liquid U.S. dollar reserves.

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Compliant and Globally Expandable

USDG began operations on the Ethereum blockchain on October 31 and intends to spread to other networks as stablecoin laws change. Managed by DBS Bank in Singapore, the stablecoin is redeemable for fiat currency and is compliant with Singapore’s regulatory framework.

Addressing Market Gaps

In order to assist the stablecoin market reach its full potential, the consortium intends to solve “the lack of competition,” according to Kraken co-CEO Arjun Sethi. Sethi believes USDG will foster mainstream adoption and “accelerate new use cases” for digital assets.

Growth Driven by Consortiums

The USDG reserve yields will be used to reward consortium members, promoting worldwide adoption. Exchanges, banks, fintech companies, and payment providers are among the areas the network plans to onboard partners from, even though it is presently in an invite-only phase.

Going up against Circle and Tether

Since USDG is Paxos’s second stablecoin, it can rival well-known stablecoins like Tether and Circle’s USDC. With the planned entry of new players like Ripple with RLUSD and Stripe through its acquisition of stablecoin provider Bridge, the competition is anticipated to get more fierce.

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