Blockchain Press Releases
Bitget Released Protection Fund Valuation Report for October 2023
VICTORIA, Seychelles, Nov. 7, 2023 /PRNewswire/ — Bitget, top crypto derivatives and copy trading platform, has released its Protection Fund Valuation Report for October 2023. The fund’s value averaged 357 million for the month, with a peak value of 388 million, thanks to the recent surge in market movements.
Bitget’s Protection Fund stands as one of the largest self-insured funds in crypto. Launched in August 2022, the fund serves as an initiative to provide users with an additional layer of protection as it safeguards crypto assets against hacks, scams, and extreme market conditions. The Protection Fund constitutes a robust financial shield intended to protect the financial interests of Bitget’s users.
The Protection Fund is entirely self-funded, affording a high degree of operational flexibility and autonomy. This approach enables swift and efficient asset coverage without external red tape or the need for policy adjustments. To further increase its stability and liquidity against external factors, the fund encompasses a diversified portfolio of high-liquidity cryptocurrencies such as BTC, USDT, and USDC.
Throughout the month of October, Bitget’s Protection Fund consistently maintained a value exceeding US300 million, as tracked daily. The fund’s book value experienced a significant surge, surpassing US388 million, primarily driven by the volatile nature of Bitcoin prices. The recent increase in market volatility contributed to the fund’s average value reaching US$357 million for the month.
Bitget Protection Fund Valuation Status in October 2023 :
Highest value: $ 388.5 million (October 29)
Lowest value: $ 337.9 million (October 12)
Average value: $ 357.2 million
The crypto market anticipates a high probability of the final approval for a Bitcoin ETF being disclosed in January 2024. With positive macroeconomic sentiment and the expectation of ETF approval, it is anticipated that the price of BTC will continue its upward trend in November. This is exciting for the Protection Fund as it will keep exceeding its previous year’s high with the current surge in the market.
“Market sentiments have been surging since the price hikes in October. A substantial increase in demand has been observed, prompting us to align the Protection Fund to offer insurance coverage for unexpected events. Bitget’s objective is to empower individuals to safely and efficiently enter the world of cryptocurrencies, and we are committed to providing them with the essential protection to facilitate this transformative transition.,” said Gracy Chen, Managing Director at Bitget.
Bitget’s commitment to transparency goes beyond the Protection Fund Valuation report. Starting from December 2022, the exchange has consistently offered verifiable Proof of Reserves data, providing users with additional confidence in the security of their assets. Bitget continues to grant users unrestricted access to comprehensive fund information, including publicly available wallet addresses. For more detailed information, please visit here.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
The post Mysterious Trader Makes $150,000 Profit in 3 Hours From Just $2,956: Blockchain Analysis appeared first on HIPTHER Alerts.
A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
The post Binance warns of crypto market risks from overvaluation, centralization appeared first on HIPTHER Alerts.
The Cryptocurrency Open Patent Alliance (COPA) has teamed up with Unified Patents to launch the Blockchain Zone initiative, aimed at combating “patent trolls” in the crypto industry. Patent trolls, or non-practicing entities (NPEs), are known for exploiting patent rights through litigation rather than developing new technologies. COPA and Unified Patents aim to prevent such entities from hindering blockchain innovation by making costly and baseless patent assertions.
The initiative is designed to safeguard blockchain and related technologies from these unwarranted patent claims, fostering an environment where developers and companies can innovate freely without fear of legal threats. Key figures in the partnership, such as Paul Grewal from Coinbase and Steve Lee from Spiral, emphasize that patent trolls create significant barriers to technological progress, especially in the fast-evolving crypto space.
By aligning with over 300 companies through Unified Patents, COPA’s effort strengthens its mission to protect the blockchain community and the broader crypto-economy from the disruptive impact of NPEs, ensuring that blockchain innovation remains open and accessible.
Source: news.bitcoin.com
The post COPA, Unified Patents Partner to Fight Crypto Patent Trolls appeared first on HIPTHER Alerts.
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