Bitcoin Technical Analysis: A Collision of Signals and Macro Decisions Ahead of Fed Ruling

Over the past 60 minutes, bitcoin’s trading value has fluctuated between $42,525 and $42,715, demonstrating a dynamic price range. Its 24-hour price swing extends from a low of $42,340 to a high of $43,853. Currently, bitcoin boasts a market capitalization of $834 billion, coupled with a relatively modest 24-hour trading volume of $18.33 billion. In the last 24 hours, the leading digital currency has seen a 2.4% dip, somewhat mitigated by a 5.9% rise over the week, underscoring the unpredictable nature of current market sentiment.

Bitcoin

As of Wednesday, the market mood remains predominantly pessimistic, swayed significantly by actions from entities such as the Grayscale Bitcoin Trust (GBTC). Nevertheless, several analysts perceive these present price levels as opportune moments for investment, with expectations of an imminent market rebound. Historically, bitcoin’s ability to swiftly bounce back from 20-30% drops is often regarded as an opportune moment for savvy investment decisions.

Today’s Federal Open Market Committee (FOMC) meeting, where the Federal Reserve’s decision is highly anticipated, stands as a pivotal event that could markedly sway BTC’s market this week. Moreover, the expected rise in Bitcoin’s mining difficulty next week and the forthcoming block subsidy halving in April are poised to play influential roles in shaping the economic landscape of crypto this year.

Bitcoin chart by TradingView

A detailed examination of bitcoin’s oscillators on Wednesday shows a neutral to slightly bearish trend. The relative strength index presently sits at 52, Stochastic at 85, and the commodity channel index is at 60. Meanwhile, the momentum indicator points to negative sentiment at 992, contrasting with the moving average convergence/divergence (MACD) level, which highlights bullish signals at -181. These conflicting indicators suggest a market teetering on equilibrium, with potential shifts looming.

The current moving averages (MAs) offer a more optimistic perspective. The market is still radiating positive vibes as indicated by the short-term exponential moving averages (EMAs) and simple moving averages (SMAs) for 10 and 20 days. However, there’s a noticeable split in the 30 and 50-day SMAs, revealing bearish trends, while their EMA equivalents continue to reflect bullish sentiments. This discrepancy underscores the prevailing uncertainty in the market.

Upon analyzing the 1-hour, 4-hour, and daily charts, a recent upward trend is evident, originating from roughly $39,879 on Jan. 22, and reaching a peak near $43,853 on Jan. 30. Yet, this upward momentum appears to be reversing, as indicated by a rise in bearish volumes. The 1-hour chart offers a detailed snapshot of this volatility, whereas the 1-day chart reveals a more extended downtrend from the 2024 high of $49,048, recorded on the day the spot bitcoin exchange-traded funds (ETFs) were approved.

Bull Verdict:

Given the current market dynamics and technical indicators, there’s still a bullish case for bitcoin. The bullish signals from short-term moving averages, combined with bitcoin’s historical resilience and potential for recovery, support a positive outlook. Anticipation of favorable outcomes from key events, like the Federal Reserve decision and the impact of mining adjustments, could further bolster bullish sentiments.

Bear Verdict:

Conversely, the bearish perspective is grounded in the market’s recent volatility, negative market sentiment, and mixed signals from oscillators. The divergence in longer-term moving averages and the presence of bearish candlestick patterns on the charts signal a potential downturn. Additionally, external market pressures and uncertainties surrounding upcoming events could exacerbate bearish trends.

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What do you think about bitcoin’s market action on Wednesday? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Woman Accused of Laundering Bitcoins for Chinese Fraudster Goes on Trial in the UK

A British citizen recently went on trial in the U.K. for laundering bitcoins on behalf of a fugitive Chinese fraudster, Yadi Zhang. Prosecutors insist that Jian Wen was aware that Zhang’s bitcoins were acquired using stolen funds. However, Wen defended her actions and said she thought Zhang had accumulated her wealth through her jewelry business, property portfolio, and bitcoin mining operation.

Zhang’s Wealth Management Business

A British-Chinese woman, Jian Wen, is on trial in the U.K. for allegedly laundering bitcoins that were sourced with $6.3 billion stolen from more than 128,000 investors in China. According to prosecutors, Wen is facing three charges of laundering money on behalf of the Chinese national Yadi Zhang.

Zhang, a fugitive from justice, is said to have perpetrated the grand fraud via her bogus wealth management business between 2014 and 2017. Afterwards, she reportedly converted some of the stolen money to bitcoin (BTC) before leaving for London under a false identity.

Upon arriving in the U.K., Zhang sought the services of Wen to convert her BTC into cash, jewellery, and other luxury items. The Crown Prosecution Service (CPS) alleges that Zhang’s ultimate objective was “to disguise the true source of the funds.”

During the trial, Gillian Jones, who represented the CPS, stated that while Wen was not involved in the fraud, she may have known that Zhang’s bitcoins were proceeds from criminal activity. Jones urged the jury to ask Wen if she was aware of Zhang’s criminal activities.

The lawyer argued that Wen, a naturalized British citizen, knowingly acted as a front for Zhang and was probably paid for it. However, Wen defended her actions and said she thought Zhang had accumulated her wealth through her jewellery business, property portfolio, and bitcoin mining operation.

The trial is expected to run until early March, according to the report.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Korean Crypto Exchanges Block Romance Scammers’ Access to Digital Assets Worth Over $82 Million

South Korean cryptocurrency exchanges have successfully stopped romance scams and voice phishing criminals from siphoning digital assets worth over $82.6 million in the past year. The exchanges attribute their success in blocking criminals to abnormal transaction detection systems, which assist in flagging possible fraudulent transactions.

Romance Scams on the Rise

In 2023, South Korean cryptocurrency exchanges successfully stopped cybercriminals who targeted victims with romance scams and voice phishing from siphoning digital assets worth more than $82.6 million. The exchanges were reportedly able to achieve this by deploying the so-called abnormal transaction detection systems.

According to a report by one local media outlet, such a system enables the exchange to monitor and flag possible romance scams and other suspicious transactions. A typical romance scam often involves a criminal using a fake social media profile to lure a victim into an online romantic relationship. After gaining the victim’s trust, the scammer will then ask them to send money to fraudulent websites that claim to trade foreign currency exchange or digital assets.

As explained in the report, romance scams have emerged as one of the most rampant fraud tactics used by cybercriminals in South Korea. In the United States, the Commodities Futures Trading Commission (CFTC) recently warned investors to be vigilant when dealing with strangers who ask or invite them to invest in unregistered trading platforms.

In South Korea, Coinone, one of the country’s top crypto exchanges, claimed it blocked romance scammers from accessing $2.6 million. As explained in the report, some of Coinone’s stringent requirements were instrumental in stopping scammers in their tracks. In one such case, an unnamed 60-year-old male was nearly conned of his entire cryptocurrency holdings by a romance scam group.

“I am planning to send it to a friend who runs a beauty salon in Japan. She’s going to invest like this guy,” he reportedly said as he attempted to complete the transaction. However, Coinone ultimately blocked the transaction after it failed the verification process, the report said.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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SEC, DOJ Charge Individuals in $1.9 Billion Hyperfund Cryptocurrency Fraud

The SEC alongside the DOJ, has levied serious charges against key figures in a $1.9 billion cryptocurrency fraud scheme involving Hyperfund.

SEC and DOJ Crack Down on $1.9 Billion Hyperfund Crypto Fraud

The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have taken major legal action against individuals involved in a massive $1.9 billion cryptocurrency fraud, encompassing a wide-reaching scheme known as Hyperfund, also referred to as Hyperverse, Hypertech, and Hypercapital.

The DOJ announced criminal charges against two key figures and the guilty plea of a third in what is being described as a global Ponzi scheme. Australian citizen Sam Lee, residing in Dubai, and promoters Rodney Burton of Miami and Brenda Chunga of Severna Park, Maryland, face charges related to the scheme.

Lee, 35, known as Xue Lee, is charged with conspiracy to commit securities fraud and wire fraud. Burton, 54, also known as “Bitcoin Rodney,” faces charges for operating an unlicensed money-transmitting business. Chunga, also known as Bitcoin Beautee, has pleaded guilty to conspiracy charges and has agreed to settle civil charges by the SEC.

The SEC’s civil action mirrors these allegations, focusing on the fraudulent nature of the Hyperfund scheme, which collapsed in 2022. Investors were promised substantial returns from nonexistent cryptocurrency mining operations.

The scheme, operational from June 2020 through November 2022, enticed investors with daily returns of 0.5% to 1%, purportedly through large-scale crypto mining. However, by July 2021, Hyperfund began blocking investor withdrawals.

Hyperfund reportedly had a fake CEO and amassed nearly $2 billion fraudulently. The SEC alleges that the operation had no legitimate revenue source, using new investor deposits to pay earlier investors, a classic hallmark of a Ponzi scheme.

Lee and Chunga are accused of using investor funds for lavish personal expenses. Chunga’s alleged expenditures include designer clothing, luxury cars, and properties in Maryland and Dubai. Lee is said to have transferred $140,000 in digital funds to a wallet under his control.

Are you satisfied with the government’s response to crypto-based frauds like Hyperverse? Share your thoughts and opinions about this subject in the comments section below.

via David Sencil

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What Lies Ahead for Crypto Now That the Fabled Bitcoin ETF Is Here? — Calaxy CEO Solo Ceesay

It finally happened. Well into the second decade of the digital assets revolution, we’ve finally witnessed the approval of the highly anticipated spot Bitcoin ETF. Dubbed by Michael Saylor as “the biggest Wall Street development in the last 30 years”, the launch of the spot Bitcoin ETF is the financial world’s first step toward ameliorating our highly archaic financial system. While there are countless explanations about how impactful the concept of decentralizing money would be for trade, commerce, and financial inclusion, what often goes overlooked are the philosophical and psychological implications of how we redefine wealth and who has it. Essentially, the introduction of the Bitcoin ETF could ultimately be regarded as the single most important catalyst in the widespread adoption and acknowledgment of cryptocurrency’s value in the long term since the conception of money.

The following is an opinion editorial written by Solo Ceesay Co-Founder and CEO of Calaxy, a next-generation social platform redefining the creator-fan relationship. Before co-founding Calaxy with his business partner, Brooklyn Nets star Spencer Dinwiddie, Solo held the position of Securitization Investment Banker at Citi after graduating from the Wharton School of Business.

What Is Money?

Before fiat money, most civilizations used barter and trade in the exchanging of goods and services. What those early civilizations found is that as transactions became more complex, it became more difficult to efficiently trade given transactions could often be out of balance.

For example, say an individual is looking to buy some cattle in exchange for some apples. For this transaction to take place, the person seeking apples must not only source cattle to purchase but also ensure that the seller values apples. What’s more, given there are endless items a person could in theory barter for and equally endless items a person could use as payment, it quickly became clear that bartering is inefficient, tiring, and time-consuming; thus, creating the need for a universal asset that could serve as the financial bridge for commerce and trade or as we call it today, money.

What Gives Money Its Value?

Simply put. Money is valuable because we as people give it value. If you were to ask the average person how ‘valuable’ the earliest forms of currency like beaver pelt and dried corn were, they’d likely look perplexed and question your sanity. This is further evidence that like most things, money’s value and what it means to us is a highly malleable concept that changes drastically depending on the time.

Society eventually moved on to a more refined bartering system that was built around precious metals despite it having real-world utility outside of its aesthetics. As the definition of wealth was established, society collectively enforced the ideology that the more gold you had the better off you were. Precious metals would go on to be what originally backed the fiat money we now use today. Over time, we saw many currencies debase from the gold standard in favor of the intangible trust in its issuing governing body – a migration that wasn’t met with its fair share of criticism. At the same time, it’s not all that different than what appears to be the next step in the evolution of money which is assigning value, wealth, and trust into currencies that have no single point of accountability or control, what we refer to as Decentralized Finance (DeFi). In essence, the development of Bitcoin and other cryptocurrencies is mankind’s attempt at creating a universal standard and public utility that creates endless opportunities for global trade and commerce ushering in once again a new wave of bartering only this time it’s online and it’s digital. We should view cryptocurrency as digital gold.

That said, the pain and friction we’re experiencing during this migration stems not from anything intrinsic to Bitcoin but rather, from humanity’s expected reluctance to change. When you think about it, human civilization has repeated this cycle time and time again.

So… What’s Next?

For the first time in Bitcoin’s history, institutions (and really anyone who doesn’t aspire to custody their own assets) now have a financial instrument that allows them to utilize Bitcoin as a store of value. Not only will this widely increase the accessibility of Bitcoin but it will also legitimize an asset that is often regarded as the financial backbone of organized crime and illicit activity.

While one could argue that the Bitcoin ETF has done wonders for legitimizing the asset as a reputable store of value on a global stage; much like bartering with apples for cattle, an ETF is still not a viable medium or bridge for trade and commerce. Despite the ETF solving why the broader investment community doesn’t have exposure to Bitcoin, transacting with and holding the asset is still significantly more difficult than the personal banking solutions that exist today. This in turn drastically increases the switching costs to a point where many won’t bother with the technology no matter its promise.

It should also be noted that these ‘switching costs’ vary depending on where a person might be located globally. For instance, people located in emerging markets might already see those ‘switching costs’ as negative given they might not enjoy the same benefits that those located in more developed nations enjoy.

Conclusion

After dozens of rejections, the launch of the Bitcoin ETF signals the next chapter in the ever-changing tale of digital assets. Just as society once accepted physical paper and coins as currency holding great value, we are now witnessing the emergence of the next chapter where digital currencies are becoming integrated into our lives. With the SEC’s ruling, Bitcoin represents a new opportunity for the masses to gain access to wealth, which was previously inaccessible. Those who couldn’t feasibly access measures of wealth in the past can easily access the digital gold that Bitcoin represents.

Following years of persecution, gaslighting, and placation, the powers that be have finally granted us the tools to take Bitcoin and the entirety of crypto to new heights both in terms of price action and broader adoption. It is mission-critical that the entire industry comes together to address the usability concerns that hinder Bitcoin’s ability to sufficiently serve as modern currency, to truly make real wealth available to anybody.

What do you think about the next chapter in the ever-changing tale of digital assets? Share your thoughts and opinions about this subject in the comments section below.

via Guest Author

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First Round of Speakers for TOKEN2049 Dubai Revealed

PRESS RELEASE. Dubai, UAE — TOKEN2049, the leading global Web3 and crypto conference series, has unveiled the initial speaker lineup for its inaugural Dubai edition, which will be taking place from 18-19 April 2024.

The first round of the event’s speaker lineup has been made public. The list includes Paolo Ardoino, CEO of Tether; Sandeep Nailwal, Co-Founder of Polygon; Arthur Hayes, Co-Founder of BitMEX; Roger Ver, angel investor and founder of Bitcoin.com; Sergey Nazarov, Co-Founder of Chainlink; and Daniel Alegre, CEO of Yuga Labs, amongst 50 other industry leaders.

Alex Fiskum, Co-Founder of TOKEN2049 said, “Following the success of our latest iteration of TOKEN2049 in Singapore, we’re immensely proud and excited to bring the world’s premier crypto conference to an entirely new region. Traction for the event so far has been phenomenal with thousands of registrations already, setting the stage for what will no doubt be a completely sold-out event. Today is the first of many exciting announcements to come in the lead-up to the event in April 2024.”

Set to be held at Madinat Jumeirah, a world-class, luxury five-star resort, TOKEN2049 Dubai will see entrepreneurs, investors, developers, industry leaders, and global media gather to discuss the most prevalent topics across crypto and Web3. Throughout TOKEN2049 Week, taking place 15-21 April 2024, attendees will participate in a wide range of side events, workshops, and exclusive networking opportunities.

TOKEN2049 Dubai has also revealed the names of a handful of the title sponsors confirmed thus far. The list includes a number of industry-leading cryptocurrency exchanges and marketplaces such as BingX – empowering traders and a gateway for the next billion crypto users; CoinW – the pioneering crypto exchange trusted by over 10 million users; Zeebu – the Web3 powered neobank, tailormade for telecom settlements; M2 – an Abu Dhabi based crypto investment platform, TRON – decentralizing the web and DWF Labs – a global digital asset market maker and multi-stage Web3 investment firm.

TOKEN2049 Dubai will welcome exhibitors from around the world to showcase their projects at the conference. Building on the success of TOKEN2049 Singapore, which took place in September 2023 and brought together over 300 exhibitors and more than 10,000 attendees, with 80 percent coming from overseas, TOKEN2049 is set to break records in the MENA region and further cement its position as the leading global Web3 event series.

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Alex Fiskum, Co-Founder of TOKEN2049, is available for interview.

The full list of TOKEN2049 Dubai speakers can be found here.

Projects looking to inquire about sponsorship of TOKEN2049 Dubai, can visit here.

ABOUT TOKEN2049

TOKEN2049 is a global conference series, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and blockchain industry. To date, editions have been held at leading digital asset capitals including Hong Kong, Singapore, and London, with its latest edition taking place in Dubai in April 2024.

Media Contact

TOKEN2049 Dubai is accepting applications for media guest passes. Please reach out to the Wachsman team for inquiries.

E: token2049dxb@wachsman.com

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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New Zealand Police Seize Residential Property and Cash Owned by Fugitive Former Luxembourg Spy and Onecoin Adviser

A residential property in Wellington, New Zealand and more than $282,000 belonging to an adviser of Onecoin mastermind Ruja Ignatova was recently seized by the police. Detective Inspector Christiaan Barnard said his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand.

Property Purchased by Third Party

The police in New Zealand have reportedly seized a residential property and more than $282,000 in cash, both of which allegedly belonged to Frank Schneider, the fugitive adviser to the Onecoin mastermind Ruja Ignatova. According to the police, the seized assets might be proceeds of a global Ponzi scheme.

A report in The Post states that Schneider, a Luxembourg national, may have purchased the residential property through a third party. The money used to buy the property is thought to have been sent to the unnamed individual sometime between 2018 and 2020.

After his arrest by the French police in April 2021, Schneider reportedly spent seven months in prison before being released under house arrest. In August, while awaiting his extradition to the U.S., where he faced the prospect of 40 years in jail, he reportedly claimed in a podcast that he would not get a fair trial in that country.

Schneider cited the cost of litigation as well as the so-called plea bargain system commonly employed by U.S. prosecutors. However, just a year after vowing to fight his extradition, Schneider disappeared even though he was wearing an ankle tag.

Onecoin Masterminds Are Not Hiding in New Zealand

Meanwhile, in his remarks following the New Zealand police’s seizure of the assets, Detective Inspector Christiaan Barnard, said:

The New Zealand Police will continue to work with our international partners to ensure that New Zealand’s financial system is not abused to hide illicit income.

The detective inspector added that his organization has no reason to believe that Onecoin masterminds are hiding in New Zealand. According to the report, the New Zealand police are now seeking to forfeit the seized assets.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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US Sanctions on Russia Similar to Planting a ‘Bomb Under the Dollar,’ Says Russian Analyst

The United States’ sanctions against Russia are undermining confidence in the U.S. dollar and may force other countries to ditch the currency, a Russian financial analyst has said. The analyst said contrary to the West expectations, the sanctions against Russia have failed to destroy its economy.

Russia’s Frozen Assets

According to Alexander Razuvaev, a Russian economist and financial analyst, the United States sanctions policy against Russia will undermine the dollar’s position as the world reserve currency. Razuvaev cited the U.S. plans to transfer Russia’s frozen assets to Ukraine as an example of Washington’s actions that may result in more countries dumping the greenback.

In his remarks published by a local publication, the financial analyst also referred to the U.S. Federal Reserve interest rate hikes as another act that is undermining the dollar’s reserve currency status. To counter these acts, Razuvaev suggested that Russia should double down on its ongoing effort to wean itself from the dollar-dominated financial system.

Sanctions Have Failed to Destroy the Russian Economy

Razuvaev predicted that countries like Turkey and Azerbaijan are likely to follow in China’s footsteps and may even settle trades using the digital ruble. According to the analyst, China has been dumping American bonds and paying for Saudi Arabian oil with its currency.

After Russia invaded Ukraine in February 2022, Western countries led by the U.S. responded by imposing economic sanctions on Moscow. In addition, billions of dollars of Russian money held in foreign banks were frozen in what was seen as the West’s attempt to weaken Russia. However, despite the sanctions and asset freeze, Russia has continued its war against Kyiv, raising questions about the effectiveness of the punishment meted out so far.

Meanwhile, Razuvaev is also quoted in the same report explaining his thoughts on the impact of the sanctions and how they have failed to destroy the Russian economy.

“America’s actions undermine the authority of the dollar; they inflicted the strongest blow on their own. We will see this in gold prices if they rise sharply. The United States, I think, was counting on the destruction of the Russian economy within three to four months, and then wanted to return the assets,” Razuvaev said.

He also intimated that the United States’ stance against Russia is akin to planting a bomb under the dollar.

What are your thoughts on this story? Let us know what you think in the comments section below.

via Terence Zimwara

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Kaspersky Alerts Public About Mac Specific Malware Targeting Crypto Wallets

Kaspersky, the cybersecurity firm based in Russia, has issued a public warning regarding a new malware strain that particularly targets Mac users, focusing on their crypto wallets. This malicious software, which infiltrates computers via counterfeit applications, sets up a backdoor aimed at bitcoin wallets, including Exodus. It then substitutes these wallets with fraudulent versions designed to extract the critical information required to drain the crypto assets stored within.

Kaspersky Alerts About Cryptocurrency Stealing Malware In Mac Operating Systems

Kaspersky, a Russian security company, has alerted the public about a new malware targeting cryptocurrency wallets installed in Apple computers. The malware targets computers with the Mac operating systems with versions 13.6 or above, focusing on newer devices expected to be used by crypto-savvy users.

The malware, distributed through pirated applications, is bundled with an activator app to patch the previously compromised pirated application to run on the targeted computer. If the patch is not applied, the application will not run.

After getting administrative rights, the malware scans the PC for installed cryptocurrency wallets attempting to substitute them with compromised apps, intending to get the access keys to these apps and siphon the cryptocurrency held in them.

While malware targeting cryptocurrency wallets is not new, Kaspersky explains that the novelty of this software resides in two aspects: using DNS records to deliver its malicious scripts and replacing the wallet application with another infected version. The malware was observed to target Bitcoin Core and Exodus wallets in this way, but it is unknown if it can target other cryptocurrency wallet apps.

Sergey Puzan, a security researcher at Kaspersky, stated:

The macos malware being linked to pirated software highlights the serious risks. Cybercriminals use pirated apps to easily access users’ computers and get admin privileges by asking them to enter the password.

Furthermore, Puzan advised users to be extra cautious with cryptocurrency wallets, recommending avoiding downloading apps from unofficial sites and using security software solutions for better protection.

What do you think about the Macos-specific malware discovered by Kaspersky? Tell us in the comments section below.

via Sergio Goschenko

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Bit.Store Elevates Crypto Payment Experience With Binance Pay Integration

PRESS RELEASE. Main Takeaways:

• Bit.Store introduces Binance Pay for efficient crypto top-ups.
• Seamless integration offers a quick, secure method for BitStore cardholders.
• Collaboration reflects Bit.Store’s commitment to user-friendly crypto solutions.
• The partnership underscores Bit.Store’s expanding global service outreach.

In a significant development for crypto card users, Bit.Store, a front-runner in the cryptocurrency card industry, has integrated Binance Pay into its platform. This collaboration introduces a streamlined, secure method for users to top up their virtual and physical Bit.Store cards, leveraging the ease and reliability of Binance Pay.

The integration of Binance Pay is a strategic move by Bit.Store to enhance user experience. This feature simplifies the crypto loading process for Bit.Store cardholders, allowing them to efficiently manage their digital finances. The move is especially beneficial for the global user base of Binance, offering them an additional utility for their crypto assets.

Detailed Process for Bit.Store Card Top-Up via Binance Pay:

1. Visit Bit.Store’s Web App: Access Bit.Store’s platform via a mobile device or PC.
2. Initiate Top-Up: Navigate to the card top-up section.
3. Select Binance Pay as Payment Option: Choose Binance Pay from the list of available payment methods.
4. Secure Transaction: Follow the prompts to complete the top-up process on Binance Pay’s secure platform.
5. Card Activation: Upon successful transaction completion, the Bit.Store card is ready for immediate use.

Bit.Store has been at the forefront of simplifying cryptocurrency usage for everyday transactions. Offering both virtual and physical card options, Bit.Store caters to a diverse range of user needs, balancing the convenience of traditional financial instruments with the innovative aspects of digital currencies.

Binance Pay is a contactless, borderless cryptocurrency payment technology developed by Binance, the world’s leading cryptocurrency exchange. It allows users to make and receive payments in crypto globally, emphasizing security and user convenience.

The integration of Binance Pay into Bit.Store’s services is part of a broader vision to continuously enhance the platform’s capabilities. This collaboration is a testament to Bit.Store’s commitment to innovation in the crypto payment sector. Looking ahead, Bit.Store plans to expand its service offerings, introducing new features and strategic partnerships to further cement its position as a leader in crypto payment solutions.

About Bit.Store

Bit.Store is your gateway to seamless cryptocurrency integration in the real world. Committed to safeguarding privacy and ensuring user-friendly accessibility, our virtual and physical cards allow for crypto conversions, enabling secure and simple spending across online and offline in-store platforms. Bit.Store redefines the ease of crypto asset management — store, spend, and earn with confidence and simplicity.

Website | Twitter | Telegram | Discord | Bit.Store Card

 

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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Regulatory Clampdown — Alaska and Florida Order Binance US to Cease Operations

A recent report indicates that regulatory authorities in Alaska and Florida have prohibited Binance US from operating within their jurisdictions. This development comes in the wake of Binance, along with its previous CEO Changpeng Zhao, reaching a plea agreement with the U.S. government.

Alaska and Florida Issue Cease Operations Orders to Binance US

Binance US, a subsidiary of Binance – the world’s leading crypto exchange by trading volume, has been ordered to cease operations in Alaska and Florida, according to state regulatory mandates. The news was initially revealed by Wall Street Journal (WSJ) journalist Caitlin Ostroff, highlighting the American exchange’s previous complications in these states.

Reportedly, the Office of Financial Regulation in Florida had enacted an emergency suspension of Binance US’s license for money transmission. The report further highlights that this month, the Alaska Division of Banking and Securities reportedly refused to renew the license of Binance’s U.S.-based crypto exchange.

A Binance US spokeswoman told Ostroff that the exchange was in “active dialogue with state officials.” The recent developments in Florida and Alaska come after the plea agreement that former CEO Changpeng Zhao (CZ) and Binance entered into with the U.S. government.

CZ is scheduled for sentencing on Feb. 23, 2024, with a potential 18-month prison term. Furthermore, on Jan. 23, 2024, a judge denied CZ’s request to travel to the UAE, even though he proposed to secure his travel with equity.

Regarding the situations in Alaska and Florida, the Binance US spokeswoman chose not to provide any comments on the possibility of the U.S. exchange appealing the prohibitions, as reported by Ostroff. Based on the data gathered on Jan. 28, 2024, Binance US ranks as the 41st largest crypto exchange by volume, having processed trades amounting to $9 million over the last 24 hours.

What do you think about Florida and Alaska banning Binance US? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Study: BTC Is the Most Popular Crypto Asset, Crypto Exchanges Among the Least Trusted Service Providers

The data from the latest Coinover study suggests that 17% of the participants own cryptocurrency and 30% plan to do so in the coming year. About 50% of those interviewed said they were positive about their financial earnings, while 20% expressed dissatisfaction with the returns.

More Than Half of the Respondents Are Crypto-Curious

According to a survey study conducted by the blockchain security firm Coinover, about 17% of the more than 16,000 study participants said they own cryptocurrencies, while at least 30% said they are likely to invest in cryptocurrencies in the next 12 months. The data also suggest that the majority of the respondents, 46%, see bitcoin as the most popular crypto asset. Non-fungible tokens (NFTs) are ranked second with 18%, while ethereum is a distant third with 17%.

When asked about their attitude and curiosity towards cryptocurrencies, the study data suggests that as much as 55% of the respondents are crypto-curious. Only 11% said they are active in the cryptocurrency market. Meanwhile, 50% of those interviewed said they were positive about their financial earnings but 20% were dissatisfied with the returns.

Remarking on the study findings, David Janczewski, CEO and co-founder at Coincover, said:

“Crypto’s potential is huge, but our research makes clear that the industry must take steps to address consumer concerns. Many still perceive cryptocurrency as a mysterious technology and the industry must show that it is doing everything it can to protect investors, build consumer confidence, and provide stronger foundations for the future.”

However, despite portraying what would appear to be a positive disposition towards crypto among the respondents, the study also found that 19% of those interviewed are cynical about crypto and another 25% “are closed to cryptocurrencies entirely.”

Turning to trust issues, the study found that as many as 30% of non-crypto users have zero trust in centralized crypto exchanges. When asked about their technology concerns, 30% of the respondents said they were worried about crypto. Concerning the respondents’ perception of crypto, the study report said that many more see crypto as an enabler of financial fraud than a privacy tool.

What are your thoughts on this study’s findings? Let us know what you think in the comments section below.

via Terence Zimwara

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Bitcoin Stabilizes Over $42,000 as Crypto Fear and Greed Index Shifts to Neutral

Recently fluctuating within the realms of “greed” and “extreme greed,” the Crypto Fear and Greed Index transitioned into a “neutral” phase on Sunday, Jan. 28, 2024. This shift coincides with bitcoin’s value jumping slightly over $42,000. In the preceding week, bitcoin experienced a subtle rise, approximately 1.5%, in comparison to the U.S. dollar.

From Greed to Neutrality — Market Sentiment Cools

Bitcoin’s value currently stands at $42,478 per coin, exhibiting an intraday fluctuation from $41,396 to $42,824 per unit. As of Sunday, the foremost cryptocurrency’s market capitalization slightly exceeds $833 billion, coupled with a global trade volume of $14.33 billion. In the broader $1.715 trillion crypto economy, BTC’s dominance is marked at 48.6%.

Bitcoin chart by TradingView

Over the course of this weekend, the Crypto Fear and Greed Index (CFGI) hosted on alternative.me observed a shift from “greed” to “neutral” between Saturday and Sunday. In the past month, the index has consistently been in the realms of “greed” and “extreme greed.” Specifically, on Jan. 9, 2024, a surge in BTC’s price resulted in the highest reading of “extreme greed” on the Crypto Fear and Greed Index (CFGI) since 2021.

As recently as last week, the CFGI remained in the “greed” territory, registering a score of 56 out of 100. This sentiment persisted into yesterday with a slightly lower score of 55 out of 100, still within the “greed” category. However, the index for Sunday, Jan. 28, 2024, recorded a score of 54 out of 100, categorizing the day as “neutral.” The CFGI evaluates market sentiment by analyzing factors like volume, market momentum, volatility, dominance, social media, and other trends.

On Bitstamp’s BTC/USD chart for Sunday, there was a significant peak at $42,824. Post this spike, the price began a consolidation phase, characterized by smaller fluctuations and reduced volume, indicating a state of equilibrium in the market following the recent increase in the crypto asset’s value. Mirroring the CFGI, BTC’s oscillators and moving averages (MAs) also reflect a period of neutrality and balance, with traders poised for the next significant movement.

What do you think about the latest CFGI metric for bitcoin? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Sleeping Bitcoin Wallets Awake: Over $14 Million in BTC Moved From Long-Inactive Addresses

Based on the latest onchain data, on Jan. 27, 2024, a wallet established on Aug. 28, 2013, transferred 115.50 bitcoin valued at $4.84 million, marking its first activity in more than a decade. Furthermore, two dormant accounts from 2017 also executed transactions on Saturday, moving a total of 218.49 bitcoin, equivalent to $9.16 million.

Inactive Bitcoin Holdings Stir — $14 Million Transacted from 2013 and 2017 Wallets

This past weekend witnessed the movement of 333.99 BTC, valued at $14 million based on current bitcoin exchange rates, after remaining untouched for several years. The first transaction originated from a wallet created on May 2, 2017, exactly six years and eight months prior, involving a transfer of 125 BTC. This activity was first detected by btcparser.com.

Furthermore, Blockchair’s Privacy-o-Meter, assessing transaction traceability through diverse tracking methods, assigned this transfer a score of 3 out of 100, indicating a “critical” level. For example, the transaction involved identifiable matched addresses. The second transaction originated from an older wallet, established a decade and four months ago on August 28, 2013. This wallet, known as “1NJSa,” executed a movement of 115.50 BTC and received a privacy score of 45 out of 100, classified as a “low” privacy rating.

The final transaction on Saturday traced back to February 23, 2017, when the wallet was created. This wallet, labeled “1HmbW,” dispersed 93.49 BTC at block height 827,676, after lying dormant for six years and 11 months. It garnered the same privacy score as the 2013 transaction, a “low” 45 out of 100, due to matched addresses being identified.

January 2024 has observed a subdued beginning in terms of activity for so-called ‘sleeping bitcoin’ and particularly for addresses from the 2011 and 2010 period. This month saw two movements from 2010, including a minuscule dust transaction of 0.00000547 BTC and another dispersal of 50 BTC from a 2010 block reward. Additionally, 95 BTC were moved in four separate transactions from addresses originating in 2011. Meanwhile, only two transactions from 2012 ‘sleeping bitcoins’ were noted, totaling 20 BTC across both onchain activities.

What are your thoughts on the dormant bitcoin wallets from 2013 and 2017 waking up this weekend? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman

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Morgan Stanley on Decline of US Dollar, JPMorgan Warns of a BTC Selloff, BTC Mining Improved, and More — Week in Review

Morgan Stanley has raised concerns about the potential decline of the U.S. dollar’s dominance due to the increasing interest in digital currencies. Meanwhile, JPMorgan has warned of a potential bitcoin selloff, anticipating a $3 billion outflow from Grayscale’s Bitcoin fund. The profitability of Bitcoin’s SHA256 algorithm in mining operations has significantly improved, now ranking as the third most lucrative proof-of-work network. Finally, Jim Cramer of CNBC’s Mad Money expressed skepticism about bitcoin’s future, doubting its ability to recover amidst ongoing market challenges.

Morgan Stanley Sounds Alarm on US Dollar’s Dominance — Says Crypto Could Significantly Alter Currency Landscape

Morgan Stanley has warned about the risk of the U.S. dollar losing its dominance, fueled by growing interest in digital assets, including bitcoin. The investment bank stated: “A clear shift towards reducing dollar-dependency is evident, simultaneously fueling interest in digital currencies such as bitcoin, stablecoins, and CBDCs.”

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JPMorgan Warns of Incoming Bitcoin Selloff With Anticipated $3 Billion Grayscale Outflow

Global investment bank JPMorgan has warned of additional outflow from Grayscale’s bitcoin fund, cautioning that it will put “further pressure on bitcoin prices over the coming weeks.” The bank’s analyst also explained that the $3 billion inflow into new spot bitcoin exchange-traded funds (ETFs) “reflects a rotation from existing bitcoin vehicles” or “from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.”

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Mining Digital Gold — These Are the Most Profitable Proof-of-Work Algorithms in 2024

In September 2022, Bitcoin’s SHA256 algorithm ranked as the seventh most lucrative proof-of-work (PoW) network for mining. Fast forward a year and four months, and this algorithm has ascended to become the third most profitable crypto network for mining operations.

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Mad Money Host Jim Cramer Doubts Bitcoin Will Find Its Footing as Selloff Continues

Jim Cramer, the host of CNBC’s Mad Money show, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of a plummeting crypto market. “Unlikely that bitcoin finds its footing,” Cramer emphasized, after previously declaring the recent price drop a “nasty beginning” to a significant downward spiral.

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Where would you put crypto market sentiment right now? Share your thoughts and opinions about this subject in the comments section below.

via Bitcoin.com

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Cloned Assets: An Ideal Tool for Bringing Liquidity to Non-Native Tokens on Solana, Says Evan Deutsch

According to Evan Deutsch, a core contributor and co-inventor of Clone, cloned assets, perpetual contracts, and bridged tokens are two tools that can bring liquid spot markets to non-native assets on Solana. Deutsch, who is better known as Mark to many in the crypto space, cautions that the latter two tools have their drawbacks which makes them less ideal solutions.

Liquidity Fragmentation Problem

In his written answers to Bitcoin.com News, Deutsch asserts that perpetual contracts or perps are best suited for short-term but high-leverage strategies. However, in the longer term, perps are expensive to hold, making them less ideal, Deutsch explained. This is further compounded by the fact that perpetual contracts “have no potential for utility across the broader Solana defi ecosystem.” Bridged tokens, on the other hand, suffer from what Mark calls a “liquidity fragmentation problem.”

The co-inventor also highlighted the factors that distinguish a concentrated liquidity market maker (CLMM), which was pioneered by Uniswap, from the so-called Comet automated market maker. He identified some of the standout advantages that CAMMs possess, which make them a more sophisticated and capital-efficient system.

Deutsch meanwhile also explained why his team at Clone chose to build on the Solana blockchain and how the new defi asset class known as cloned assets are primed to enrich the latter’s ecosystem. Below are Deutsch’s answers to all the questions sent.

Bitcoin.com News (BCN): It has been said that Solana needs innovations to bring liquidity to non-native tokens. Why is it so difficult to trade non-native assets on Solana and what are the biggest roadblocks to making the trading of non-native assets capital efficient?

Evan Deutsch (ED): Let’s start by understanding what non-native assets are; tokens that come from a blockchain different from the one they are being traded on. On Solana, options for trading these non-native assets are quite limited.

Perpetual contracts, or ‘perps,’ are one of the few tools available. They offer a way to trade non-native assets with high leverage. Although perps are powerful tools, funding rates make them complicated for novice traders and often result in them being expensive to hold over time. Perps are sophisticated financial instruments best suited for short-term, high-leverage strategies. They are also contracts, not tokens, so they have no potential for utility across the broader Solana defi ecosystem.

Blockchain bridges make it possible to introduce a token for any non-native asset to Solana, but there is very little liquidity available to actually trade these bridged tokens. They face what I term the ‘liquidity fragmentation problem.’ The “liquidity fragmentation problem” arises from the multiple decisions and significant initial investment required for a Liquidity Provider (LP) to introduce liquidity for a new bridged token to the Solana ecosystem. First, the LP faces a choice among various bridges, each with its unique features and user base.

They must then select a Decentralized Exchange (DEX) to establish their liquidity pool. This process involves considerable initial costs, and even after setting up, there’s no guarantee that traders will prefer the specific bridge and DEX combination the LP has chosen. This process is too risky for any rational individual or entity to undertake. If we want a scalable solution for onboarding non-native token liquidity to Solana, there has to be another way.

BCN: Can you briefly talk about cloned assets and how these differ from bridged tokens?

ED: Of course. Cloned assets are a brand new defi asset class pioneered by Clone Protocol for optimizing the onboarding of non-native token liquidity to a new chain. Cloned assets can be thought of as bridged assets with superpowers, with their capital efficiency and scalability being the main weapons in their arsenal. Cloned assets holders are actually able to swap these for bridged assets, a critical characteristic that ensures cloned assets will always remain pegged to their non-native counterparts. While cloned assets and bridged assets are, in a way, one and the same, cloned assets give bridged assets a liquidity boost that actually allows them to be traded, utilized, and scaled quickly within any DeFi ecosystem.

BCN: What is the Comet Liquidity System (CLS) and how does it bring non-native tokens with deep liquidity on Solana?

ED: If cloned assets have superpowers, the Comet Liquidity System can be thought of as the laboratory in which they were created. At its core, the CLS is a refined version of what’s known as an automated market maker (AMM). However, our version—the ‘Comet AMM’—is much stronger. The entirety of the liquidity backing CAMMs is in USDC. This makes things simple for LPs because they only need USDC to get started.

The CLS isn’t just about convenience; it’s about pushing the boundaries of AMM efficiency. What really sets it apart is its unique leveraged, cross-margin approach. This approach allows LPs to provide more total liquidity than the amount of USDC they deposit, and that liquidity can be spread across multiple CAMMs. We call this type of position a ‘Comet’, and each Comet is characterized by an amount of deposited USDC backing liquidity positions across multiple cloned asset pools simultaneously. The CLS offers the first solution to the persistent ‘liquidity fragmentation problem’ that has plagued non-native token liquidity on Solana, ensuring efficiency, scalability, and security in the process.

BCN: Can you distinguish a Comet automated market maker (CAMM) from concentrated liquidity market maker (CLMM) in terms of liquidity provision and price determination?

ED: The CAMM is a revolutionary approach to liquidity provision, differentiated by its cross-margined nature. The CLMM, pioneered by Uniswap v3, requires LPs to commit both sides of a trading pair—for instance, they would need both USDC and Arbitrum (ARB) to provide liquidity to a USDC/ARB pool. The amount of provided USDC dictates the lower price boundary, while the amount of ARB sets the upper price limit. Now, suppose an LP wants to provide liquidity to a CAMM pool for USDC/Cloned Arbitrum. The CAMM allows USDC to support both positive and negative price movement at the same time, effectively cutting in half the capital necessary to achieve the same price range as LPs using CLMM.

Another standout advantage of CAMMs is their cross-margin capability, which enables USDC to concurrently support multiple positions simultaneously. This is a stark difference from CLMM, where each position is independent and managed separately.

When it comes to price determination, both CAMMs and CLMMs usually rely on the ‘x*y=k’ constant product formula. However, CAMMs have an additional layer. They incorporate the total cloned assets debt in the pool and real-time oracle prices to calculate quotes, since they’re facilitating trades with USDC alone. Overall, this allows for a more sophisticated and capital-efficient system, maximizing the scalability of any cloned assets.

BCN: What makes Solana the primary choice of blockchain for your protocol and do you believe that the cloned assets can help Solana defi boost token diversity?

ED: My team and I have been champions of Solana for quite some time now. In defi, three principles are king: efficiency, scalability, and innovation. Solana reigns supreme in all three, boasting unparalleled speed and cost-effectiveness. When you aim to create products that embody these qualities, Solana becomes the clear choice.

Our decision to build Clone on Solana stemmed from recognizing a pressing need for better integration of non-native token liquidity. The token diversity on a blockchain is crucial, without it, It’s like having a state-of-the-art sports car but no roads to drive it on. Solana’s efficiency is undisputed, but we sensed the hunger for a richer variety of tokens to truly unlock its potential. Indeed, the rise of meme coins and recent projects’ Token Generation Events (TGEs) have started to populate the landscape, but we’re far from saturation.

Cloned assets are about enriching the ecosystem with more trading options for existing users and, even more importantly, creating bridges for users from other blockchains. Cloned assets will offer these users familiar opportunities, inviting them to experience the advantages of Solana through the assets they already know and trust. It’s this fusion of familiarity and innovation that will catalyze a new wave of growth within Solana’s defi space.

Do you agree with Mark’s assertions on Solana? Let us know what you think in the comments section below.

via Terence Zimwara

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$867 Million Erased — Grayscale’s GBTC Experiences Record 20,803 Bitcoin Reduction in 24 Hours

Recent data from Grayscale’s GBTC spot bitcoin exchange-traded fund reveals a significant reduction in its holdings, with 20,803.83 bitcoin, valued at $867.98 million, being withdrawn from the fund’s reserves. This substantial outflow, occurring over the past 24 hours, marks the most considerable decrease in GBTC’s reserves since it transformed into a publicly-listed ETF on Jan. 11, 2024.

Grayscale’s Latest GBTC Bitcoin Withdrawal Amounts to $867M, Remains Top ETF Holder

Grayscale’s GBTC holds a significant position with 502,712.60 BTC in its reserves, valued at approximately $21.10 billion. Still, this figure reflects a reduction of 20,803.83 BTC from its holdings on Friday morning, which then amounted to 523,516.43 BTC. Since Jan. 12, 2024, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC, equivalent to $4.77 billion, based on the BTC exchange rates as of Jan. 27, 2024. The fund has also seen substantial trade activity, dominating the market on Friday with $659.74 million out of the $1.68 billion total trade volume across all ten spot bitcoin ETFs.

GBTC has led the market in all 11 trading sessions since the launch of the ten new spot bitcoin ETFs. Its highest trading volume was recorded on Jan. 11, reaching $2.29 billion, while its lowest was on Jan. 25, with a volume of $501.49 million. To date, these ten ETFs have accumulated a total trading volume of $25.36 billion, with GBTC’s transactions contributing $16.15 billion, accounting for 63.68% of the total since Jan. 11, 2024.

Despite competition from new entrants like Blackrock and Fidelity, Grayscale’s trust remains the largest bitcoin-holding fund. The Canadian Purpose Bitcoin ETF (BTCC) holds 33,062 BTC as of Jan. 27, and the ETC Group Physical Bitcoin fund (BTCE), traded on Germany’s Börse Frankfurt, holds 24,856 BTC as of Jan. 25. Even with the presence of these international ETFs and smaller U.S. counterparts like IBIT and FBTC, Grayscale’s trust still surpasses them all in size.

What do you think about the outflows Grayscale’s GBTC has seen since it was transformed into a publicly-listed spot bitcoin ETF? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Axiom Secures $20 Million in Series A Funding Round

Axiom announced a $20 million Series A funding round led by Paradigm and Standard Crypto. The company’s approach uses zero-knowledge cryptography to provide a more efficient and cost-effective method for smart contract developers to access and use on-chain data.

Axiom Secures $20 Million in Series A Funding to Enhance Smart Contract Data Access

Smart contract infrastructure firm Axiom has raised $20 million in a Series A funding round. The round was led by Paradigm and Standard Crypto, with additional participation from Robot Ventures and Ethereal Ventures.

We’re excited to announce we’ve raised $20 million led by @paradigm and @standardcrypto, with participation from @robotventures and @etherealvc

We are building infrastructure to give smart contract developers access to more data on-chain. pic.twitter.com/M8q61KMid3

— Axiom (@axiom_xyz) January 25, 2024

Axiom’s approach centers around addressing data scarcity in smart contract environments. Traditional smart contracts are hindered by the high costs associated with reading and writing large volumes of data onchain, often leading developers to compromise on application features or efficiency. Axiom’s solution aims to introduce a more cost-effective method for accessing authenticated data via zero-knowledge (ZK) cryptography, rather than relying on consensus mechanisms.

The company’s latest offering, Axiom V2, assists developers with tools to integrate transaction history into onchain applications, collaborate with other decentralized apps (dapps), and enhance existing dapps without altering their core business logic.

Axiom’s approach utilizes a coprocessor to process data off-chain before transferring and verifying it on the Ethereum blockchain using ZK proofs. This method addresses the limitations and high costs associated with traditional data oracles, presenting a more scalable and cost-effective alternative.

The use of ZK proofs, a cryptographic method that allows for the validation of transactions without revealing their details, is increasingly being adopted in various sectors, including banking, healthcare, and voting systems.

In a blog post about the raise, Axiom said of its plans that, “[t]his funding will help us grow our team and accelerate development of our core ZK platform empowering smart contract developers to build data-rich, on-chain applications.” The company’s mainnet, launched in 2023, has already showcased the practical applications of this technology, allowing developers to access historical Ethereum data and perform computations off-chain.

Do you think zero-knowledge cryptography will substantially improve the performance of the Ethereum Virtual Machine? Share your thoughts and opinions about this subject in the comments section below.

via David Sencil

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Gala MUSIC Launches on LBank Exchange: A New Era in Music Streaming and Blockchain Technology

PRESS RELEASE. In an exciting development for music enthusiasts and blockchain aficionados alike, Gala MUSIC, a trailblazing decentralized music platform, has officially launched on LBank Exchange. This launch marks a significant milestone in the evolution of the music industry, intertwining the transformative power of blockchain technology with the universal language of music.

Redefining Music Streaming: The Gala MUSIC Vision

Gala MUSIC, built on Gala’s own layer 1 blockchain, GalaChain, is not just a platform; it’s a revolution. Designed to empower artists and enthrall listeners, Gala MUSIC breaks the shackles of traditional music streaming services. It provides artists with unprecedented control, transparency, and improved monetization options. For listeners, Gala MUSIC is a gateway to an enriched, interactive music experience, directly connecting them with musicians, exclusive access, events, merchandise, and more.

The Heart of Gala MUSIC: Engaging and Rewarding

At the core of Gala MUSIC’s ecosystem is the MUSIC token, a utility token that rewards fans for their engagement. When fans listen, share, and support artists, they are rewarded with MUSIC tokens, fostering a vibrant, interactive community. These tokens can be spent in the Gala MUSIC – All Access store, where fans can indulge in exclusive experiences, merchandise, and music.

A Platform for All: Catering to Diverse Music Lovers

Gala MUSIC caters to a wide range of users, each benefiting from unique features:

Player Node Operators: Host up to 10 tracks with a requirement of 20 hours of uptime daily.

Track Owners: Purchase and host tracks on nodes, earning MUSIC tokens in return.

Artists: Enjoy a tier-based system for monetization and engage directly with fans.

Fans: Listen to free music and earn rewards, redeemable for exclusive artist content.

Listeners: Stream music ad-free on the STGE app and mobile-optimized site, contributing to the ecosystem’s growth.

Gala MUSIC on LBank: Expanding Horizons

The launch of Gala MUSIC on LBank Exchange is a strategic move that expands the platform’s reach and accessibility. LBank, known for its innovative approach and user-friendly services, provides an ideal environment for Gala MUSIC to flourish. This collaboration paves the way for greater adoption and integration of blockchain technology in the music industry.

A Future Tuned to Blockchain and Music

Gala MUSIC’s launch on LBank is more than just an addition to a list of platforms; it’s a leap towards a future where music and blockchain technology harmoniously coexist. It’s a testament to the endless possibilities that arise when technology meets art. Gala MUSIC and LBank are not just part of this journey; they are leading it.

Join the Revolution

The Gala MUSIC launch on LBank is an invitation to all – artists, music lovers, blockchain enthusiasts – to join a movement that’s reshaping the music industry. It’s an opportunity to be part of a community where music isn’t just heard; it’s experienced, shared, and cherished in ways never before possible. Welcome to Gala MUSIC – where every note matters, every artist is empowered, and every fan is valued.

 

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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