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Coinbase Brings Bitcoin to Solana with cbBTC

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5 hours ago

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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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24/7 Cryptocurrency News

Detroit To Accept Tax Payments In Crypto, Here’s When

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2 hours ago

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November 7, 2024

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Detroit is becoming the biggest US city whose resident will be able to settle their tax payments in cryptocurrency, city officials announced Thursday. The move will make Detroit the largest US city to accept crypto payments for public services.

City officials said transactions are set to occur via a secure platform maintained by PayPal. The service is set to start by mid-2025.

Detroit Becomes First Major US City to Accept Crypto for Tax Payments

Detroit recently announced that starting next year, residents will be able to settle their tax payments by using crypto. This makes Detroit the largest US city offering crypto payment options for municipal services.

The city said the transactions would go through a secure platform powered by PayPal. This “aligns with Detroit’s larger strategy to explore innovative technologies. It could also enhance public services, strengthen civic engagement, and foster economic growth.

The city of Detroit has announced that beginning “mid-202.| However the city didn’t  set an exact date when citizens can start with their tax payments with cryptocurrency. According to city treasurer Nikhil Patel, this would make Detroit the largest US city offering crypto for municipal payments.

Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We are excited to be one of the first major US cities to explore blockchain’s civic applications and allow our residents to take advantage of cryptocurrency as a payment option.”

Detroit Seeks Blockchain Brains

Coupled with the new payment system, the city calls on blockchain entrepreneurs to come and present their unique civic solutions. These presentations will go to Detroit’s newly minted Entrepreneurship and Economic Opportunity Director, Justin Onwenu. The work aims to position Detroit as a hub for blockchain-driven economic development and innovation in public service.

Detroit is calling on blockchain entrepreneurs to submit their proposals to Justin Onwenu, the city’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024. Those interested can email their proposals to [email protected].

Proposals should include a description of the proposed solution, identification of potential stakeholders, cost estimates and risk assessments, and an outline of how the solution will enhance city services and benefit Detroit residents.

Currently, only Colorado, Utah, and Louisiana accept cryptocurrency for state payments, making Detroit’s initiative one of the first among major US cities.

Some companies are already testing tax payments on blockchain. Most recently, OrbitLabs has proposed a thorough review of the new “Reverse Charge” tax system on Terra Classic. This tax mechanism aims to simplify tax handling on the blockchain by deducting taxes from the recipient rather than the sender.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?

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13 hours ago

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November 7, 2024

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With Donald Trump’s win in the 2024 US elections, the crypto enthusiasts’ daydreams have come true, as the crypto market is on the uptrend. In the last 24 hours, the global market capitalization has surged to $2.52T, and trading volume is up to $174 Billion, clearly signifying the traders’ rising interest. More importantly, most crypto coins have achieved new gains, including Bitcoin, Ethereum, and more, but the Trump memecoins have plummeted heavily, concerning holders for its future.

Analyzing The Trump Memecoins 50% Drop

With Donald Trump’s win, the biggest impact was on the Bitcoin price, which hit an all-time high of $76,460.15. More importantly, other popular altcoins have surged to new highs, but the Trump memecoins plummeted heavily. However, it does not mean that these tokens missed the market rally. Interestingly, they were the first to jump, witnessing quite a surge.

There are four Trump coins to buy, MAGA (MAGA), MAGA (Trump), Dark MAGA (DMAGA), and Super Trump (STRUMP), and these are also the most favored by investors. However, all these had a significant rally before tanking 50% today. Here, the TRUMP token is presently trading at $2.22 despite its peak of $4.6 on November 6 after the US election result. Around the same time, MAGA recovered to $0.0002048  before falling to $0.00009533 today.

The biggest drop is in the DMAGA token price, as at one point, it surged to $0.02034, which was quite close to its all-time high of $0.0232. However, now it has dropped to $0.005401, disappointing its holders. Last but not least, the same is the STRUMP, which is now worth $0.002345 despite yesterday’s peak of $0.0084.

Overall, all the Trump memecoins had a 180 shift in the last few hours, which is not what the holders have been waiting for.

What Are The Reasons Behind All These Trump Token Dips?

As per Arkham intelligence, Donald Trump’s crypto holdings include $1.33M worth of TRUMP tokens. Many crypto analysts claim that it is a positive factor that could boost Trump-themed coins after the election win. However, instead of gains, they are facing a major decline, and the biggest reason behind this is that investors have shifted to other popular cryptos like Bitcoin, Ethereum, and others.

Donald Trump token HoldingDonald Trump token Holding

It is one of the most common trading practices, where investors flock to rising cryptos or to those that offer long-term investment benefits. This is how a dormant Ethereum whale made $30M today after returning to the market after 8 years.

With this focus shift and heavy selling pressure on the Trump memecoins after sellers took advantage of the early rally, the tokens are following a downtrend. As a result, even Donald’s TRUMP holdings are facing a 27.3% drop, and the same is true with remaining holders. However, this might be a temporary consolidation, which happened after its sudden rise past Trump’s win.

More importantly, as the market is focused on bigger cryptos, popular memecoins like these might face high volatility for the next few days. Once the selling pressure cools off, these Trump tokens might regain strength, but the consolidation might continue for now.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dormant Ethereum Whale Returned With Donald Trump’s Win Making $30M

Published

16 hours ago

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November 7, 2024

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November 6 was one of the biggest events in the crypto industry, as the polling results declared Donald Trump as the 47th President of the country. With that, the crypto trading market has witnessed quite a boost, leading to many dormant Ethereum whales returning to the market to benefit from the ETH price rally.

In the last 24 hours, the crypto market has seen a heavy boost, leading to a 9% surge in global market capitalization, currently at $2.43T. More importantly, traders’ enthusiasm has returned, guiding the trading volume to $180B. Overall, this was the outcome of the Bitcoin price hitting a new ATH of $76,460.15 just a few hours ago.

Dormant Ethereum Whale Made $30M With Crypto Trading

ETH price has surged 11% in the last 24 hours, attracting every crypto trading enthusiast towards itself, including this dormant Ethereum whale. As per the Lookonchain X post, this crypto whale has come out of dormancy after 8 years and instantly sold 11,005 $ ETH, making $30.56M with the Ethereum price of $2,777. However, this is not the only ETH whale that has dumped their tokens at the ongoing market rally. Another one sold $65.63 Million to Kraken earlier, which was concerning to many as such crypto whale involvement creates bearish sentiments.

However, despite this selling, the token is bullish and continuously moving up, currently at $2.8k, with a market capitalization and trading volume of $336B and $38B. It is impressive, especially after its earlier constant drop.

The Lookonchain post further revealed that the dormant Ethereum whale accumulated all these Ethereum tokens in 2016 when the ETH price was just $3.46. Since then, the value has surged more than 800X, making a heavy return for these crypto traders. However, if the whale had held for a little longer, it could have grabbed even better returns.

After the $ETH price rose, a whale dormant for 8 years sold 11,005 $ETH($30.56M) at $2,777 over the past 2 hours!

This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.

The profit? $30.52M — an 802x return!https://t.co/f8CtLHvx2t pic.twitter.com/MKB15m19oR

— Lookonchain (@lookonchain) November 7, 2024

With this, the dormant Ethereum whale has showcased an impressive crypto trading strategy, i.e., holding for longer for heavier profits and never panicking, even if the price is down. This is because panic selling costs the opportunity to earn bigger. One prime example of this is this crypto trader who lost $454K in 40 minutes in panic selling after witnessing a downtrend in the crypto token.

What Is Coming Next For Ethereum Price Now?

With Donald Trump’s win in the US election, crypto analysts have anticipated the Bitcoin price rally to $90K or even higher. If that happens, the rest of the crypto market, including Ethereum price, might surge to new highs. Considering this and the strong buying pressure on the token, a few crypto trading analysts have anticipated a new ATH for ETH. However, considering its earlier weeks-long consolidation, there are doubts regarding its performance. Maybe, this is why, such dormant Ethereum whales exited the market early.

Ali, a crypto analyst, has recently shared his views about the ETH price, giving a better idea about the future. As per his post, the token has exhibited impressive performance so far and is moving parallel with his earlier prediction of Ethereum targeting new highs. He mentioned that the risk-to-reward ratio on this token is too good to pass up for a long position. Interestingly, others will also agree with that, as it is one of the most popular cryptos and has exhibited heavy gains in the past as well. And now, with the introduction of Ethereum ETFs, the expectations are way higher.

So far, so good: #Ethereum $ETH https://t.co/X4lodGGIVY pic.twitter.com/4jF3EauXUo

— Ali (@ali_charts) November 7, 2024

Before ending the post, Ali also mentioned that he has his stop below $1,880 and is aiming for a target of $6K, confirming the possible new ETH price ATH. Now, it is to see how this token will continue to cater to the holder’s crypto trading expectations.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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