Blockchain
Safemoon Whales Joins Bitrise Coin After A Meeting On Zoom Call
New York, New York–(Newsfile Corp. – November 5, 2021) – Safemoon whales have joined Bitrise coin, and the move has elicited a lot of activities around this new coin. The number of new members joining has grown by a considerable margin. A move by crypto whales is observed by thousands of smaller investors because they rarely make a mistake. In fact, crypto whales’ move is a sign that the coin is viable and has a huge ROI potential.
Bitrise
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For the last few weeks, a huge number of Safemoon community members have been joining the Bitrise coin, but the move by the whales, after a Zoom call, solidifies what experts have been saying that Bitrise is the next ‘Safemoon.’
Crypto whales have huge interests in the project they put their money in. They usually do a lot of research on all aspects of the crypto project to ensure it is a genuine and a viable investment. Therefore, making this move to join Bitrise coin shuts naysayers who have been skeptical about the project.
But the Bitrise coin has been doing very well even before the coming of Safemoon whales. The coin has already built an impeccable reputation as one of the fastest-growing cryptos in the market. The value of the coin has already grown in thousand folds. There were already many investors sitting on thousands of dollars in profits by the end of October.
Among the key areas that attracted Safemoon whales are the innovative tokenomics and the project products. First, Bitrise is a hyper-deflationary payment network token. Therefore, tokens in circulation will be diminishing with time, which will drive the price of tokens up as demand grows.
But the reduction of the tokens in supply is what makes the Bitrise token unique from other tokens. The network uses the buyback process, which is automated using a smart contract. Bitrise is the first token to automate the buy back process. The platform charges 12% on every transaction, and 5% is sent to the buy back smart contract, which buys tokens from the pool and immediately burns them. That’s how investors make money with the rising token value.
The 4% of the fee is distributed to the token holders as a reward for holding the token. The rewards are sent to the token holder’s wallets automatically in the form of BNBs every 60 minutes. This is one of the ways that Safemoon will be making an active income from Bitrise coins. Only 3% of the fee goes to marketing.
The Bitrise team is also developing incredible products that will make the token value grow bigger than Safemoon and other hot coins in the market. The team has already launched Bitrise Audits, and Techrate Audit, which are free audit programs for blockchains and smart contracts. They were released in August and have been a game-changer in audits.
The Bitrise dApp wallets is another product that was released on 28th October 2021. The Wallet’s Beta 2 version is available on Google Play Store for Android phones. The team is currently waiting for the listing of the mobile app wallet on the Apple App Store for iOS phones. This dApp wallet combines an intuitive user interface with powerful functionality.
The team is soon launching the network’s revenue share program and the staking process. The program will share 80% APY of the revenues generated from the products such as Bitrise Audit, dApp wallet, Bitrise exchange (coming soon), and other products. This is definitely another factor that attracted Safemoon whales. It means they will get a share of the generated revenues plus BNB rewards.
With Safemoon whales joining the Bitrise coin, it is a sign of confidence in the Bitrise coin.
Media Contact
John K
Email: [email protected]
Website: https://www.bitrisetoken.com
Telegram: https://t.me/bitrisetoken
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102207
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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