Blockchain
Altswitch Introduces Its Token for Web 3.0, Brings Revolutionary Features
New York, New York–(Newsfile Corp. – February 2, 2022) – The
Figure 1: Altswitch Introduces Its Token for Web 3.0, Brings Revolutionary Features
Altswitch Vision
The team’s objective is to create a project that becomes the key figure in the establishment of Web 3.0 and eventually, the Metaverse, while rewarding the community.
In preparation for the mission ahead, the CEO, BitMax, set up a team of experienced individuals with different areas of specialization as needed by the organization. The diverse specialists handle roles that align with their skill set to enable them to handle their responsibilities satisfactorily.
Speaking about AltSwitch’s selling point, the team pointed that “AltSwitch as a universal reward token … allows its holders to choose and modify their rewards of any cryptocurrency under the Binance Smart Chain.” This feature ensures that AltSwitch remains timeless and relevant because it is not limited to a single crypto currency.
DAO Platform
The project is designed to become a Decentralized Autonomous Organization (DAO) platform in the future where other developers can leverage the existing technology to build smart contracts on a plug-and-play basis for services and apps.
During its presale, the project successfully and effortlessly filled a hard cap of 1,000 BNB which was sold out in a little over an hour. The selling out was preceded by an extensive marketing campaign through community AMAs, giving the project maximum publicity.
Within two weeks, the project achieved the following milestones:
- Audit and KYC badges acquired
- Reached Top 1 on Pinksale’s presale leaderboard (1000BNB hard cap filled in approx. 1.5hrs)
- Coingecko listing in less than 24 hours post public launch
- CoinMarketCap and Crypto.com listing in less than 48 hours post public launch
- Paid upwards of $84k to its community in dividends in just 9 days
- Community Testimonials submitted showing dividends earned amounting to 1BNB in just 9 days
- Multiple crypto influencers on boarded
- Reached top trending placement on CoinGecko, CoinMarketCap, and Crypto.com
- 1000+ token holders reached in only 2 weeks.
- 44% of total supply burned with 6% set to be burned progressively making the supply more limited and by proportion more valuable.
AltSwitch Attributes
AltSwitch is powered by its core values that form its acronym: Authenticity, Longevity, Transparency, Security, Wide Range, Integrity, Technology, Customer Centeredness, and Humanity. These attributes combine to make AltSwitch a people-oriented project.
AltSwitch Protocol
Automated Universal Rewards Protocol: AltSwitch rewards any holding wallet with the holder’s preferred cryptocurrency on the Binance Smart Chain.
Dividends Tracking: Through its supplemental smart contract, AltSwitch tracks each holder’s dividends and provides accurate data for it.
Automated Liquidity Acquisition: Cryptocurrencies depend on liquidity. Hence, it ensures a cryptocurrency’s stability and sustainability, two factors that are vital to any project’s longevity.
Operation Wallet: The entire AltSwitch’s operations such as Designs, Development, and Marketing are funded through this wallet.
Anti-Whale Dump Technology: Investors are given a level playing field by preventing wealthy investors from selling off volumes massively. This move protects the AltSwitch community.
Listed On
Users can trade/buy the token via the following platforms:
- PancakeSwap: https://pancakeswap.finance/swap/0x2ec79904C2aB4F8b6e8e89c743CB7F7a88DFc0fE
- Bogged: https://app.bogged.finance/bsc/swap?tokenIn=BNB&tokenOut=0x2ec79904C2aB4F8b6e8e89c743CB7F7a88DFc0fE
- CoinMarketCap: https://coinmarketcap.com/currencies/altswitch/
- CoinGecko: https://www.coingecko.com/en/coins/altswitch
- Coinbase: https://www.coinbase.com/price/altswitch
Social Media:
Twitter: https://twitter.com/altswitchglobal
Facebook: https://www.facebook.com/AltSwitchGlobal
Reddit: https://www.reddit.com/r/AltSwitchGlobal/
Telegram Group: https://t.me/GlobalAltSwitch
Telegram Channel: https://t.me/altswitchglobalANN
Media Contact:
Company: AltSwitch
Email: [email protected]
Website: www.altswitch.io
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112484
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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