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Fantom Price Jumps 8% As Sonic Labs Unveils Genesis Block

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4 months ago

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Fantom (FTM) price performance is in the spotlight as Sonic Labs just scored a major launch milestone. The startup announced earlier on Monday that it has achieved the Genesis Block for its next-generation smart contract chain. As confirmed by some community members, Sonic Labs has closed the testnet, implying a possible mainnet launch is ahead.

The Sonic Chain Genesis

Sonic Labs said the expert smart contract chain’s Genesis came in at Block 0. The startup highlighted it is now deploying infrastructure in preparation for public mainnet launch.

This Genesis update comes days after Sonic Labs released the “testnet 2.0.” Dubbed Blaze, this testnet is a testament to its EVM compatibility push, the grand plan of its split from Fantom Network.

According to data shared, the Sonic Blaze testnet has recorded impressive figures. It reportedly registered more than 10,000 Transactions Per Second (TPS). In addition, the Sonic chain had a one-second confirmation time, making it one of the fastest Layer-1 protocols in the blockchain industry.

Commenting on the Sonic Genesis, co-founder Andre Cronje noted that this is just the start. He said over the next few days, a number of events will take place on-chain. One of this trends to watch out for are the deployment of his Decentralized Applications (DApps).

Andre Cronje hinted that he will also bring back the era of Initial Coin Offerings (ICOs) and fair launches and retroactive airdrops to the Sonic ecosystem. He noted that these are just some of the trends that will show the capability of the new chain.

Fantom Price As the Standout Performer

Fantom price is currently riding the bullish wave at a time Bitcoin (BTC) and most altcoins are in consolidation mode. At the time of writing, the coin was changing hands for $1.176, up by 7.49% in the past 24 hours.

FTM trading volume has skyrocketed by 126%, pegging the total traded at over $1 billion. In a recent FTM price analysis, the prospect of the coin hitting $15 in the coming year was explored. Riding on the Sonic hype and the ongoing bull run, many believe the coin might cross its past All-Time High (ATH) of $3.481.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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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Why Is The Bitcoin Price Surging Today?

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6 hours ago

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April 2, 2025

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Bitcoin price has risen as prices of cryptocurrencies fluctuate in preparation for President Donald Trump’s “Liberation Day” tariff implementations.

The price action follows as retaliatory tariffs are going to be imposed on a number of U.S. imports that caused uncertainty in financial markets. Bitcoin had ranged between a 24-hour low of $83,939.88 and a 24-hour high of $87,300.86, resting around $86,600 at the time of writing.

Market analysts are suggesting Bitcoin could be looking for a potential breakout if certain price levels hold through the weekly close.

Tariffs And Their Potential Impact On Bitcoin Price

CoinShares head of research James Butterfill warned in a February note that tariffs would likely have negative short-term effects on the BTC Price. “Unlike gold, bitcoin has a growth component, meaning it reacts to economic trends and liquidity cycles,” Butterfill explained.

The imposition of tariffs would slow down economic growth and decrease the demand for risk assets like cryptocurrencies. This slowdown in the economy would generally lower interest in riskier investments. This is since market participants move into more secure alternatives.

Also, tariffs raise inflation, which usually results in speculations of increased interest rates. These monetary policy changes tend to put downward pressure on Bitcoin price and other cryptocurrencies traditionally.

Another concern is Bitcoin’s correlation with stock markets during periods of economic uncertainty. Tariffs could cause a temporary price drop in crypto as traditional markets respond to the changing trade sector.

Technical Analysis Points To Possible Breakout

Analyst Rekt Capital highlighted Bitcoin’s recent price movement in a tweet. He noted that “Bitcoin has increased by +$2000 in the past hour.” The analyst suggested this places BTC close to positioning itself for a future breakout beyond the 21-week Exponential Moving Average (EMA).

Rekt Capital emphasized the importance of the weekly close. He stated that if Bitcoin closes above $87,650, it would signal a trend shift. This level has become a key point of focus for traders watching for confirmation of Bitcoin’s next directional move.

In addition to price action analysis, Rekt Capital also commented on Bitcoin’s market dominance in a separate tweet. “Bitcoin Dominance has increased between 7-9% within one month on 4 separate occasions since mid-2023,” the analyst tweeted. The current BTC dominance is only 8% away from reaching 71%.

According to Rekt Capital, another similar growth spurt in Bitcoin’s market share would comfortably push BTC dominance to that resistance level. This increasing dominance indicates capital flowing from altcoins back into Bitcoin. This is often seen during periods when investors seek the relative safety of the largest cryptocurrency.

Bitcoin price has been showing strong movement within the past 24 hours, climbing as high as $87,300.86.

The current trading range places Bitcoin near levels that technical analysts consider important for deciding future price direction. A sustained hold above the $87,000 mark would support the bullish case. Additionally, a drop below the $84,000 level might indicate further consolidation is needed.

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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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Crypto.com Expands To Singapore Via Sony Electronics Partnership

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14 hours ago

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April 2, 2025

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In a groundbreaking development, Crypto.com has joined hands with Sony Electronics, paving the way for the exchange’s expansion into Singapore. The collaboration has introduced USDC as a payment option on Sony’s online store, enabling customers to make purchases using the stablecoin.

Notably, this strategic move marks a significant milestone for Crypto.com as it aligns with the exchange’s vision of global expansion.

Crypto.com Partners Sony Electronics: Know More

Via a collaboration with Crypto.com, a top crypto exchange, the Singapore-based Sony Electronics has started accepting Circle’s USDC stablecoin for payments. According to an official press release, users can make purchases on the Sony Store Online using USDC.

Commenting on the significant development, Chin Tah Ang, General Manager of Crypto.com Singapore, acknowledged the potential implications of the move. According to him, the alliance aims to make crypto payments easier for Sony’s clients. He further stated, “This payment integration will not only benefit our users by giving them another way to utilise their crypto in the real world, but we believe adding a new and streamlined crypto payment method will also broaden SES’ customer base.”

Recently, Circle’s USDC has become the first dollar-backed stablecoin to be approved for circulation under Japan’s regulatory framework. Subsequently, Circle announced its entry into the Japanese crypto market.

Sony’s Broader Push into Blockchain & Web3

Interestingly, Sony’s collaboration with Crypto.com comes amid its larger effort to explore the potential of blockchain and web3 technologies.

Previously, Sony unveiled Soneim, an Ethereum-based Layer-2 network developed by its Singapore-based subsidiary, Sony Block Solutions Labs. This move underscores the company’s commitment to blockchain technology and its vision for a more integrated Web3 ecosystem.

Although Sony currently supports only USDC for crypto payments, the platform is considering accommodating additional cryptocurrencies. This move comes amid USDC issuer Circle’s initiative to provide an initial public offering (IPO). Circle filed for an IPO by submitting its prospectus to the SEC.

Sony Offers Exclusive Promotion for Crypto.com USDC Users

As part of the partnership, Sony Store Online provides two promotional programs for Crypto.com users to attract more customers. As per the scheme, the platform will distribute LinkBuds Speaker worth 299 Singapore dollars to the first 50 customers who spend a minimum of 300 SGD ($223) USDC on the platform via Crypto.com Pay.

Furthermore, the first 150 customers who spend at least 100 SGD in USDC will receive a 20 USDC bonus in their Crypto.com account. Notably, customers who make a purchase of 300 SGD on the Sony online store can qualify for both promotional offers, essentially doubling their rewards

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Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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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How Will The Bitcoin Price React To Donald Trump’s Tariffs?

Published

22 hours ago

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April 2, 2025

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Bitcoin (BTC) price is surprisingly trading in the green as the broader financial landscape gears up for the implementation of President Donald Trump’s reciprocal tariffs. Despite the current rally, it remains unknown how the BTC price will react to the tariffs in the long term. Bitcoin is known to exhibit short-term reversal to macroeconomic uncertainties, a trend many believe may play out again.

State of the Donald Trump Reciprocal Tariff

One of the most crucial policies in the Donald Trump administration is levying tariffs on key trade partners. While this move is considered a commensurate measure to match what other trade partners are levying on US goods, the aftermath has toppled the market.

Almost all big economies, including Russia have received Tariff threat from the US government. This threat is bound to be matched by the countries involved, including Canada, Mexico, China, and the European Union. With Trump’s tariff kickstarting on April 2, Mexican President Claudia Sheinbaum has revealed that reciprocal measures will be announced on April 3.

This tariff war is poised to offset the mainstream stock market. The signs are already visible in the S&P 500, which has dropped by over 2% in the past five trading days. Similar negative sentiment is seen for the Nasdaq Composite and the Dow Jones. The correlation between Bitcoin price and the mainstream financial market remains a fueling factor behind potential negative shifts in the market moving forward.

Bitcoin Price is Yet to Adjust

As of writing, the price of Bitcoin has rallied 3.44% in 24 hours to $85,186.47, according to CoinMarketCap data. However, the coin’s price has experienced a unique drawdown over the past week, dropping 2.79%.

Since President Trump took office, the price of Bitcoin has experienced a mix of positive and negative sentiments. Amid the positive shifts, the BTC price hit $109,114 ATH on January 20, corresponding with President Trump’s inauguration.

Since the all-time high milestone, Bitcoin price has fallen by over 20% to date. With the trade wars forming a headwind for the coin, more volatility is expected in the short term.

With the trade war and reciprocal tariffs, inflation will soar again, forcing the Federal Reserve to adjust its interest rate policy. Should rates be slashed to boost the monetary landscape, it can set a basis for more BTC adoption, leading to a price surge in the long term.

BTC Price and Key Tailwinds to Watch

While April started positively for the top coin, the month still holds uncertainties per the trade war. However, some important tailwinds are at play that may influence market valuation moving forward.

The US government’s strategic Bitcoin reserve might serve as a basis for more nation-state adoption in the long term. Institutional investors are also betting on BTC, creating a high demand for the coin.

Despite the current volatility, top advocates advise buying now with hopes of a rebound soon.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

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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