In late 2023, Coinbase Wallet, the self-custody crypto wallet service from Coinbase, significantly enhanced its security by incorporating the Blockaid security tool.
This strategic move, unveiled in a joint announcement to Cointelegraph on March 13, aims to fortify the digital assets of Coinbase users by introducing an additional layer of protection.
The collaboration between Coinbase Wallet and Blockaid has led to the safeguarding of over $75 million in user funds from potential theft.
This achievement was made possible by the integration of Blockaid’s technology, which effectively intercepted nearly 800,000 dubious wallet connections to harmful decentralized applications (DApps), after scrutinizing 114 million transactions and DApp interactions.
Ido Ben Natan, Blockaid’s CEO, shared with Cointelegraph the methodology behind quantifying the protected funds.
By analyzing the malevolent transactions at the wallet level and evaluating the transaction values at the time, Ben Natan affirmed, “We are able to confidently say that the minimum number of funds saved for users is over $75 million.”
Raz Niv, Blockaid’s CTO, referred to this figure as the “lower band” of detected scams for Coinbase Wallet users, emphasizing the calculation process based on transaction warning screens provided to users, which prevented these transactions.
An essential feature introduced through this integration is the enhanced transaction simulation capability, which predicts the outcomes of transactions before their execution on the blockchain.
READ MORE: Grayscale Proposes New Bitcoin Mini Trust to Offer Tax-Efficient Investment Option
This technology is crucial for averting cryptocurrency scams and thefts, as it enables users to foresee the implications of their transactions.
This predictive feature is bolstered by the use of three Blockaid application programming interfaces (APIs), enhancing security during the navigation of DApps, executing Web3 protocol transactions, and on-chain messaging.
The partnership has notably improved transaction simulation capabilities across seven blockchain networks, including Ethereum and six Ethereum Virtual Machine (EVM) compatible chains like Base, Optimism, and Polygon, as highlighted by Chintan Turakhia, Coinbase’s senior director of engineering.
Despite the advancements in transaction simulation technology, the report underscores the necessity of validation to ensure comprehensive protection against malicious activities, adding an extra layer of security by alerting users about potentially harmful transactions.
The adoption of Blockaid’s security measures is not exclusive to Coinbase Wallet.
MetaMask, another major EVM wallet, incorporated Blockaid’s security alerts in November 2023 and expanded its default security features to several blockchains by February 2024, marking a significant step forward in the collective effort to enhance the security of cryptocurrency transactions across the industry.
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Shiba Inu ($SHIB) and Dogecoin ($DOGE) are set to deliver strong gains to their loyal holders in 2024, despite already rallying by well over 100% in the last 30 days.
Dogami (DOGA), another dog-themed token, is also likely to deliver massive gains in 2024 – and with a market cap of just $6.5 million – it arguably has more potential than the other, more established memecoins.
$SHIB, $DOGA and $DOGE Price Prediction
Shiba Inu is up by 2.4% in the last 24 hours according to CoinMarketCap data, and despite facing some resistance recently, it remains over 200% up over the last month.
It’s currently trading at $0.00003231, and SHIB bulls are currently targeting the $0.00004 level after establishing $0.000032 as support.
By the end of 2024, Shiba Inu is likely to hit $0.0001, delivering a 3x return at the current entry price.
Meanwhile, Dogami is up over 15% in the last 24 hours according to CoinMarketCap data, currently trading at $0.01878.
If DOGA can break through the $0.02 barrier and maintain momentum, it could quickly surge past the $0.03 mark and then target $0.05.
Dogami coin is in a good position to breach $0.15 by the end of this year, delivering an almost 10x return at the current entry price.
Finally, Dogecoin is up by 7.4% in the last 24 hours, and has rallied by 106% in the last month.
Trading at $0.1793 and facing strong resistance, DOGE could hit $0.30 by the end of 2024 – and it could potentially surge considerably higher depending on how much support Elon Musk throws behind it.
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Retail cryptocurrency investors are currently the most bullish on Zap Protocol (ZAP), Render Network (RNDR) and DefiDo (DEFIDO), according to crypto analysis platform Market Prophit.
In a tweet posted on 14 March, Market Prophit revealed that crypto investors had the strongest bullish sentiment on the aforementioned three tokens, despite other, more popular tokens – like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) – dominating the headlines.
All three tokens – namely $ZAP, $RNDR and $DEFIDO – have enjoyed strong runs thus far in March, with further gains on the horizon.
The bullish sentiment regarding Render Network’s token was stoked by news that the project would be speaking on stage at the upcoming Nvidia AI conference.
Meanwhile, Zap Protocol’s token has been gaining momentum amid growing anticipation about the coin’s potential to return to its all-time high during the next bull run. This would deliver a return of over 100x, at the current entry price.
Zap token has already surged over 390% in the last month, while Render has rallied by over 130% in the last 30 days.
However, Zap has much more potential to rise, given the fact its market cap remains under $3 million, while Render’s is already above the $4.5 billion mark.
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MicroStrategy, along with its Executive Chairman Michael Saylor, remains committed to expanding their Bitcoin (BTC) portfolio, revealing plans for a new $500 million convertible note offering intended for further Bitcoin acquisitions.
Announced on March 13, this initiative marks another significant step in the company’s transition from a business intelligence entity to a “Bitcoin development” firm.
The offering, set to be privately issued as senior convertible notes, may also allocate a portion of its funds towards general corporate endeavors.
In the past two weeks alone, MicroStrategy has launched offerings totaling $1.3 billion, including a recently finalized $800 million senior convertible note offering.
This latest endeavor initially aimed to raise $600 million, but the target was subsequently increased to $700 million, plus an additional option for a $100 million aggregate principal amount under certain conditions.
These funds contributed to MicroStrategy’s acquisition of an additional 12,000 BTC, boosting its Bitcoin reserve to 205,000 BTC, valued at $15 billion.
This investment has yielded a 117% return, or a profit of $8.1 billion for the company.
MicroStrategy is nearing a milestone of owning at least 1% of Bitcoin’s theoretical maximum supply, needing just 5,000 more BTC to reach this goal.
With the current market prices, the proposed $500 million investment could secure approximately 6,850 Bitcoin.
READ MORE: Thetanuts Finance Launches Leveraged LRT Strategy Vault on the Ethereum Mainnet
The terms of MicroStrategy’s senior convertible notes, which are debt instruments convertible into equity or cash, include semi-annual interest payments and a maturity date of March 15, 2031.
These can be converted into cash, shares of MicroStrategy’s class A common stock, or a combination of both, depending on specific conditions.
Following this announcement, MicroStrategy’s stock (MSTR) saw a significant rise, increasing 10.85% to $1,766 on March 13 as per Google Finance.
Since February 6, the stock has surged by 254%, making it one of the Nasdaq’s top performers this year.
This uptick in MSTR’s stock price aligns with Bitcoin’s recent price rally, which recorded a 46.1% increase over the last month, reaching $73,050 according to CoinGecko.
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Thetanuts Finance, a prominent decentralized on-chain options protocol, has recently unveiled its integration with Pendle Finance’s $PT-eETH, launching a Leveraged LRT Strategy Vault on the Ethereum Mainnet. This initiative marks Thetanuts’ initial venture into restaking and Liquid Restaking Tokens (LRTs), a burgeoning segment within the Decentralized Finance (DeFi) sector that boasts over $10 billion in Total Value Locked (TVL).
Restaking enables DeFi participants to leverage their staked $ETH for securing additional networks, thereby earning yields beyond those available on the Ethereum Mainnet. Originated by EigenLayer, this mechanism offers users the option to restake either directly through EigenLayer’s native dApp or via liquid restaking protocols like EtherFi. Through these protocols, users can create “Liquid Restaking Tokens” or LRTs, which can be further utilized to generate extra yield.
EtherFi emerges as a leading figure in the LRT domain, holding over $2.5 billion in TVL. It allows for the deposit of various Ethereum-based tokens to mint $eETH, an LRT that elevates rewards through EigenLayer points and additional protocol points, including EtherFi Loyalty Points. Pendle Finance enhances this ecosystem by dividing $eETH into two tokens: $PT-eETH, which offers a fixed ~20% APY without yield or points, and $YT-eETH, providing leveraged yield exposure.
Thetanuts Finance’s Leveraged LRT Strategy Vault aims to augment yields for $PT-eETH holders by leveraging option premiums and rewards. This innovative approach requires users to “Zap” their $PT-eETH into the Thetanuts Finance v3 Lending Market, borrow $ETH, and invest it in the $ETH Call Basic Vault for additional option premiums, albeit with short volatility risk.
Thetanuts Finance’s Leveraged LRT Vaults introduce a novel strategy allowing $PT-eETH holders to utilize their assets before maturity to earn yields in five different ways, including EigenLayer Points, EtherFi Loyalty Points, fixed yield from Pendle’s $PT-eETH, Thetanuts’ option premiums, and future $NUTS Rewards. This positions Thetanuts Finance as a pioneer in the options market, creating a unique yield-generating mechanism for LRT-related products. With 150,000 $PT-eETH in circulation, there’s anticipated strong demand for this innovative product.
Thetanuts plans to extend its Leveraged LRT Strategy Vaults to other LRT protocols, providing a similar strategy with different LRTs as collateral. However, like all DeFi investments, these ventures carry risks, including the potential for deposit loss if the market for eETH or PT-eETH faces downturns.
The upcoming Bitcoin halving event, scheduled for April, is generating unprecedented excitement in the cryptocurrency world, fueled by a combination of unique factors.
This event marks the fourth Bitcoin halving, with previous occurrences in 2012, 2016, and 2020.
Significantly, this halving follows the U.S. Securities and Exchange Commission’s approval of the first spot Bitcoin ETFs in the United States, heightening the anticipation surrounding the event.
Experts are not just focused on the ETF approvals.
Julian Grigo, from Safe, emphasized the halving as a pivotal reminder of Bitcoin’s distinction from fiat currencies, particularly in a time of global inflation.
He highlighted Bitcoin’s fixed supply as a key attraction for investors, contrasting it with the inflating supply of fiat currencies and noting Ether’s decreasing supply as potentially even more appealing.
Joey Garcia from Xapo Bank predicts the halving will have a positive ripple effect on Ethereum and the broader market, likening Bitcoin’s scarcity mechanism to precious metals.
The reduction of mining rewards from 6.25 BTC to 3.125 BTC is expected to tighten Bitcoin’s supply, potentially increasing its price and, by extension, the prices of Ethereum and other cryptocurrencies as investors diversify their portfolios.
Alun Evans of Laos Network also acknowledged the halving’s broader impact, cautioning against the downsides of rapid price increases, especially for Ethereum, which powers numerous applications and smart contracts.
He suggested that future Ethereum network enhancements could mitigate these challenges by improving scalability and reducing transaction costs.
READ MORE: Shiba Inu’s Price Eyes Potential Surge Amid Market Speculation, Analyst Predicts Bullish Breakout
Beyond the halving, other factors are influencing the crypto market. Siddharth Lalwani of Range Protocol pointed to Ethereum’s upcoming Dencun upgrade and the potential for SEC-approved Ethereum ETFs as critical drivers of market dynamics.
Despite potential short-term liquidity shifts from Ethereum to Bitcoin, Lalwani remains optimistic about the crypto market’s bullish trend in 2024.
Jordi Alexander of Mantle and Aki Balogh of DLC.Link also weighed in, highlighting the role of Bitcoin’s price rally, upcoming Ethereum upgrades, and the strategic actions of entities like MicroStrategy in shaping market expectations.
They acknowledged the interconnectedness of Bitcoin and Ethereum’s fortunes, with Balogh emphasizing the broader impact of Bitcoin’s performance on the crypto ecosystem.
In summary, the forthcoming Bitcoin halving is viewed not just as a significant event for Bitcoin but as a catalyst for broader market movements, including Ethereum.
With factors like regulatory approvals, technological upgrades, and strategic market maneuvers at play, experts see a confluence of forces poised to shape the crypto landscape in the near and long term.
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CoinShares, a leading European digital asset investment firm, has successfully finalized the acquisition of Valkyrie Funds, gaining the sponsor rights to Valkyrie’s spot Bitcoin exchange-traded funds (ETFs).
Announced on March 12, this significant acquisition also includes Valkyrie Investments, the firm’s investment advisory branch, and the sponsor rights to the Valkyrie Bitcoin Fund, a physically-backed Bitcoin ETF.
The terms of the deal stipulate that the acquisition price will be determined at the conclusion of a three-year earnout period, reflecting Valkyrie’s financial performance.
Additionally, this agreement extends CoinShares’ management to include Valkyrie’s diverse ETF portfolio, such as the Valkyrie Bitcoin and Ether Strategy ETF, Valkyrie Bitcoin Miners ETF, and the Valkyrie Bitcoin Futures Leveraged Strategy ETF.
Jean-Marie Mognetti, CEO of CoinShares, emphasized the importance of the U.S. market for global asset managers and highlighted the acquisition’s strategic benefits: “The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the U.S.
This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top-line contributor from day one.
More importantly, it broadens our product offerings, strengthens our innovation capacity, and increases by a factor of 15 our total addressable market.”
In the wake of this acquisition, CoinShares plans to rebrand Valkyrie and its offerings within its ecosystem.
READ MORE: Bitcoin ETFs Will Hold Over 10% of BTC Supply By Q3
This move is part of CoinShares’ broader strategy to enhance its asset management platform in the United States, following an option to acquire Valkyrie that was held since November 2023.
The announcement arrives amidst a surge in interest for Bitcoin ETFs, notably after Bitcoin reached a new all-time high of $71,415 on March 11.
This increased attention is mirrored by the Bitwise Bitcoin ETF, which recently became the fifth fund to exceed $2 billion in Bitcoin holdings, according to Dune data, with Grayscale’s Bitcoin Trust ETF maintaining its position as the largest, managing $29 billion in Bitcoin.
Given the current pace, ETFs are expected to annually absorb 8.98% of the Bitcoin supply, potentially triggering a sell-side liquidity crisis by September, as per Ki Young Ju, founder and CEO of CryptoQuant.
Ju noted, “Last week, spot ETFs saw netflows of +30K BTC. Known entities like exchanges and miners hold around 3M BTC, including 1.5M BTC by U.S. entities… At this rate, we’ll see a sell-side liquidity crisis within 6 months.”
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In his budget proposal for 2025, President Joe Biden is revisiting the concept of imposing a 30% tax on the electricity consumption of cryptocurrency mining operations.
This initiative is outlined in the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals,” a document from the U.S. Department of the Treasury.
The document criticizes the lack of current legislation specifically addressing the taxation of digital assets, aside from broker and cash transaction reporting.
To rectify this, the Biden administration proposes an excise tax on the electricity used in the mining of digital assets, akin to taxes on physical goods like fuel.
The Treasury explains, “Any firm using computing resources, whether owned by the firm or leased from others, to mine digital assets would be subject to an excise tax equal to 30 percent of the costs of electricity used in digital asset mining.”
Under this proposal, crypto mining entities would be required to disclose both the quantity and type of electricity they consume.
For electricity bought externally, firms must also report its value, which will then be used as the basis for the tax.
READ MORE: MicroStrategy Bolsters Bitcoin Treasury With $800 Million Note Offering, Purchases 12,000 BTC
Similarly, miners leasing computational power must declare the electricity’s value provided by the leasing company.
This measure, aimed to take effect from January 1, 2025, plans a phased tax introduction: starting at 10% the first year, 20% the second, and reaching 30% in the third year.
Crypto mining operations that generate their own power will also be subjected to this tax.
The 30% rate will apply to the estimated costs of their electricity consumption, regardless of whether they are connected to the grid or not.
This includes those utilizing renewable energy sources such as solar or wind power.
Pierre Rochard of Riot Platforms has criticized the move as an attempt to undermine Bitcoin and facilitate the launch of a central bank digital currency (CBDC).
U.S. Senator Cynthia Lummis has expressed her opposition to the tax on X, suggesting that while the administration’s inclusion of crypto in the budget may indicate a positive outlook on cryptocurrency, the proposed tax could significantly harm the industry’s position in the U.S.
This initiative marks Biden’s second attempt to implement a 30% tax on the electricity used by crypto miners, following a similar proposal in the 2024 budget proposal announced on March 9, 2023.
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In the dynamic world of cryptocurrency, Pepe Coin (PEPE) has emerged as a standout performer.
This weekend, it was in the limelight alongside giants like Bitcoin (BTC) and Ether (ETH), with both experiencing significant price increases.
BTC continued its streak of setting new all-time highs, while ETH crossed the $4,000 mark for the first time in two years.
PEPE also joined this upward trend, reaching a new all-time high, prompting large holders to secure profits.
Launched in April of the previous year, the frog-themed PEPE quickly became a prominent figure in the memecoin market, rivalling others like BONK and various Solana-based memecoins.
Despite a period of reduced attention, the recent market bull run has seen PEPE’s value soar, capitalizing on the positive market sentiment.
READ MORE: Bitcoin ETFs Will Hold Over 10% of BTC Supply By Q3
A significant transaction highlighted by Lookonchain involved a whale profiting over 431% in just two weeks, withdrawing over 1 trillion PEPE tokens from Binance in three separate moves before the price surge, culminating in an impressive $8.13 million gain from an initial $1.7 million investment in PEPE tokens.
This series of transactions underscored the substantial profits being made in the memecoin sector.
This surge in PEPE’s value is part of a broader resurgence in memecoin interest, with PEPE itself seeing an 800% increase in its value over the past month.
This has elevated it to the third largest memecoin by market capitalization, at $3.85 billion, reflecting a robust growth in trading volume and market activity.
Despite a slight dip from its all-time high, the community remains optimistic about PEPE’s position as a leading memecoin in this bull run, underscoring the continued fascination and confidence in the potential of memecoins within the cryptocurrency market.
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On March 13, just before the Wall Street trading session commenced, Bitcoin achieved a new milestone in price discovery, demonstrating a bullish edge over selling pressures.
This achievement was recorded with Bitcoin reaching unprecedented highs of $73,679 on Bitstamp, as per data provided by Cointelegraph Markets Pro and TradingView.
Following a slight pause in its upward momentum the previous day, where Bitcoin stabilized near $72,000 and momentarily dipped by $4,000, it swiftly rebounded, mirroring the early week’s market dynamics that initially restricted gains due to resistance.
According to CoinGlass, resistance at $73,800 briefly capped further advances. However, the path towards $80,000 appeared largely unobstructed, a sentiment supported by minimal liquidation levels.
Jelle, a renowned trader, noted on X (formerly Twitter), “Bitcoin wiped out overleveraged longs, retested the 2021 cycle high & then bounced back to $72,000,” indicating a positive outlook for continued upward movement.
Tedtalksmacro, a financial analyst, highlighted the significant surge in institutional investments surpassing previous records, even considering the introduction of new spot Bitcoin ETFs in the United States.
READ MORE: Grayscale Proposes New Bitcoin Mini Trust to Offer Tax-Efficient Investment Option
He shared with his X audience, “Fund inflows like we have never seen before. It makes 2020 look small… price will continue to catch up over the coming months,” suggesting a steady ascent towards $100,000.
He cautioned that historically, a peak in these inflows often signals a critical juncture to exit the market within the following 2-3 months.
Record-breaking inflows were observed in the ETF sector, with a notable $1 billion of net contributions recorded on March 12. BlackRock’s iShares Bitcoin Trust was at the forefront of this influx.
BitMEX Research highlighted, “A record 14,706 BTC inflow on 12 March 2024,” underscoring the significant demand.
This influx represents a substantial fraction of Bitcoin’s newly-mined supply in 2024, estimated at around 65,500 BTC.
As of March 13, the combined holdings of the two largest ETFs, managed by BlackRock and Fidelity Investments, amounted to over 330,000 BTC.
This figure is quintuple the quantity of Bitcoin mined during the same period, illustrating the massive scale of institutional participation in the cryptocurrency market.
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