Travala.com, a cryptocurrency-friendly travel agency, is launching a unique Bitcoin cashback program aimed at rewarding its most loyal customers.
This initiative is designed to capitalize on Bitcoin’s (BTC) scarcity, offering an innovative reward for the platform’s Smart Diamond tier members.
This tier is part of the loyalty program operated by the AVA Foundation’s blockchain platform, with the program details shared in an exclusive announcement to Cointelegraph.
Juan Otero, the CEO of Travala.com, emphasized Bitcoin’s enduring presence and its increasing appeal to a broader audience, especially following the approval of the first spot Bitcoin exchange-traded fund.
He stated, “Bitcoin is here to stay, and it’s now becoming more appealing to mainstream audiences, thanks to the recent approval of the first spot Bitcoin exchange-traded fund.”
According to Otero, the Bitcoin cashback rewards not only enhance the attractiveness of using cryptocurrencies for everyday transactions but also ensure that rewards are credited swiftly, within 24 hours after completing a trip.
Travala.com users, especially those eligible for the rewards, enjoy complete freedom in how they utilize their Bitcoin cashback.
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This includes paying for various travel services on the platform or transferring their BTC to external wallets, exchanges, or platforms.
Notably, Bitcoin ranks as one of the top three payment methods on Travala.com, with around 9% of the platform’s travel bookings paid in BTC, totaling over $5 million in transactions for flights, hotels, and activities in 2023 alone.
However, the program is exclusive, requiring users to own a Travel Tiger NFT and stake 2,500 AVA tokens for Smart Diamond membership.
With only 1,000 Travel Tiger NFTs available, minted on the Ethereum blockchain and priced at a floor of 2.6 Ether (approximately $9,800), the program offers a limited opportunity for travelers to earn rewards.
Travala advocates for the potential of cryptocurrency-based cashback programs to disrupt traditional Web2-based models.
By leveraging Bitcoin, the platform aims to reduce fees associated with conventional payment methods and mitigate the risk of chargeback fraud.
Otero also sees the Bitcoin rewards initiative as a gateway for introducing newcomers to the Web3 ecosystem, highlighting the AVA Foundation’s role in providing cashback and loyalty rewards, payment discounts, and exclusive access through its native AVA token.
Tencent Cloud, the cloud computing branch of the Chinese conglomerate Tencent, has recently entered into a strategic partnership with the United Arab Emirates’ Ras Al Khaimah Digital Asset Oasis (RAK DAO), a crypto-centric free economic zone.
This collaboration, formalized through a memorandum of understanding (MoU) signed on March 7, aims to foster startup growth within the region through a series of joint initiatives.
The RAK DAO, a special zone in Ras Al Khaimah dedicated to cryptocurrency enterprises and located within one of the UAE’s seven emirates, is set to benefit significantly from this agreement.
The MoU’s initial focus is on supporting startups registered with RAK DAO by leveraging mutual growth opportunities.
As part of this endeavor, a Tencent Cloud training center will be established within the RAK DAO premises to enhance skill development and provide education related to cloud services and digital economy skills.
Moreover, the agreement includes offering internship opportunities for companies and partners licensed with RAK DAO within the Tencent Cloud ecosystem.
Sheikh Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah, hailed the signing of the MoU as a landmark achievement for the emirate, highlighting the partnership’s potential to strengthen Ras Al Khaimah’s status as a leading technology hub.
READ MORE: Algorithmic Trading Firms Cause Outages in Major Crypto Exchanges, dydx Executive Reveals
On the other side, Dowson Tong, CEO of Tencent Cloud, emphasized the collaboration’s aim to redefine excellence in the Web3 sector and to create new avenues in the digital economy.
Free-trade zones in the UAE, such as RAK DAO, allow entrepreneurs full ownership of their businesses, operating under unique regulatory and tax frameworks distinct from the mainland laws, barring criminal law.
RAK DAO was inaugurated in 2023 as a dedicated space for virtual asset companies, focusing on Web3 technologies such as the metaverse, blockchain, non-fungible tokens (NFTs), decentralized applications (dApps), and decentralized autonomous organizations (DAOs).
This partnership reflects the UAE free-trade zone’s broader strategy to integrate with the global crypto ecosystem.
In July 2023, RAK DAO further expanded its network by signing an MoU with the HBAR Foundation, aimed at supporting its community members through the adoption of the Hedera blockchain.
On March 5th at 3:00 pm (UTC), Bitcoin’s (BTC) value soared to an unprecedented 96,734,000 South Korean Won (approximately $72,504) on Upbit, South Korea’s leading cryptocurrency exchange.
This event underscored the notable price disparity often referred to as the Kimchi Premium or Korea Premium Index, which has been on a rising trajectory alongside BTC’s value since the beginning of February.
According to CryptoQuant, a notable on-chain data resource, the Korea Premium Index climbed from 5.19 on February 28 to 6.84 by March 5.
This increase aligned with Bitcoin’s price reaching a historic peak above $69,200 on the same day, fueled by the continuous influx of investments into the United States’ Bitcoin ETFs.
“The Bitcoin price rally is mainly driven by institutional demand in the United States,” CryptoQuant analyst Ho Chan Chung explained to Cointelegraph.
Contrarily, the price surge in South Korea is propelled predominantly by retail spot purchases due to the absence of spot Bitcoin ETFs in the nation.
The phenomenon of the Kimchi premium first came to light in 2016 and was highlighted in a 2019 study by the University of Calgary.
The study revealed that, from January 2016 to February 2018, Bitcoin prices on South Korean exchanges were on average 4.73% higher than those in the United States.
The disparity was even more pronounced during Bitcoin’s December 2017 bull run, with South Korean exchanges listing Bitcoin at nearly 50% higher than global averages.
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This led CoinMarketCap to exclude some Korean exchanges from its listings due to the significant price discrepancies.
In 2021, the Kimchi premium reached a zenith of 21.56% on May 19, coinciding with Bitcoin trading above the $36,000 mark, ahead of hitting its previous all-time high in November 2021.
Although some traders attempt to capitalize on these price variances through arbitrage, the premium predominantly persists due to market inefficiencies, especially during notable uptrends.
As Bitcoin continues to captivate global interest, South Korea’s financial regulator is deliberating the introduction of spot Bitcoin ETFs, a move that could potentially harmonize these price disparities.
“Among authorities, I am one of those who are positive about virtual assets,” Lee Bok-hyun, the governor of the Financial Supervisory Service, mentioned in a March 5 Reuters report, indicating ongoing internal discussions on the matter.
Despite initial reluctance from South Korea’s financial authorities in January regarding the regulation of Bitcoin futures ETF sales, they acknowledged that the brokerage sales of spot Bitcoin ETFs might contravene the Capital Markets Act.
Currently, the Korea Premium Index persists, with Bitcoin’s price on Upbit around 93,800,000 KRW ($70,000), in contrast to its approximately $67,000 value in other markets.
The cryptocurrency community was shaken by news of a significant financial loss following a rug pull involving Lena Network’s newly launched Candy (CANDY) token, which saw its value plummet by over 87%.
This drastic drop resulted from the unauthorized transfer of 753 Ether (ETH), equivalent to $2.9 million, to an exchange, marking a stark downfall for the token from its daily high.
Data from Dexscreener revealed that the value of the Candy token nosedived to $0.38, a steep decline from its earlier daily peak of $3.08.
This downturn was triggered when on-chain evidence exposed that the Lena Network deployer’s address had moved 753.11 ETH to an address connected to the OKX exchange on March 6.
This event unfolded mere hours before Lena Network’s declaration of officially relinquishing the token contract’s ownership, leaving the protocol’s response to the incident pending at the time of reporting.
Lena Network had successfully gathered over 850 ETH ($3.2 million) through its initial farm offering for the Candy token, which concluded on March 3.
Despite the promising start, the token’s launch on March 6 was quickly overshadowed by its sharp decrease in value.
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The incident with Lena Network and Candy token is part of a broader issue plaguing the cryptocurrency sector, characterized by an alarming frequency of rug pulls and hacks.
A report by blockchain security firm Immunefi highlighted that the crypto community has already faced a loss exceeding $200 million due to such malicious activities in 2024 alone, across 32 distinct events.
This figure marks a 15.4% increase from the losses recorded in the first two months of 2023.
Despite a nearly 50% reduction in losses in February compared to January, the persistent threat of cyber theft looms large, with over $1.8 billion lost to crypto hacks and scams in 2023, including significant contributions from the notorious Lazarus Group.
The TON blockchain, integral to Telegram’s burgeoning advertising platform, is rapidly becoming a magnet for Web3 investors eager to leverage its vast monthly audience of 800 million active users.
Mirana Ventures has emerged as the most recent investor in the TON ecosystem, purchasing $8 million worth of the network’s Toncoin.
This funding will support continuous product innovation alongside the TON Foundation, Bybit, and Ethereum’s second-layer solution, Mantle Network.
In March 2024, the Telegram Ad Platform, powered by TON, was officially launched.
It offers global Telegram channel proprietors the chance to monetize through exclusive ad sales and revenue sharing in Toncoin.
Details shared with Cointelegraph reveal Bybit’s deepening engagement with the TON ecosystem over the past year, including a cashback initiative and staking with Toncoin.
These efforts generated over $22 million in trade volume from approximately 130,000 Telegram users. Bybit aims to leverage Telegram’s ad platform to access its massive user base.
Originally developed by Telegram, TON faced a legal hurdle with the U.S. Securities and Exchange Commission in May 2020, leading to Telegram stepping back from the project.
Subsequently, a collective of open-source developers took the reins, culminating in the formation of the TON Foundation by May 2021.
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TON Space, Telegram’s self-custodial wallet, enables users to manage Toncoin and collectibles within the app.
With the investment from Mirana Ventures, the TON Foundation is set to bridge Telegram users with the Mantle Network through the integration of TON-based MNT tokens, facilitating access to gamified campaigns and ad services within Telegram.
David Toh of Mirana Ventures emphasized the collaboration’s potential to foster widespread adoption of blockchain and wallet technologies in Telegram, viewing it as central to crypto and Web3 communications.
TON Foundation’s president, Steve Yun, mentioned the keen interest among industry entities to secure an early presence in the TON ecosystem, leveraging its connection to Telegram for strategic advantage.
Adding to the ecosystem’s growth, Animoca Brands has stepped in as a major TON validator through an investment and subsequent staking of Toncoin, though the exact amount remains undisclosed.
Yat Siu of Animoca shared with Cointelegraph the strategic nature of their investment, aimed at reinforcing their stake in the validator setup.
The Shiba Inu community is abuzz with the introduction of SHIB Names, a novel service enabling fans to establish a unique presence within its burgeoning ecosystem.
Developed by Shiba Inu’s domain name ally, D3 Global, this initiative allows individuals to obtain custom SHIB-branded domain names at a reduced price through an exclusive promotional code.
Marking a pivotal moment for Shiba Inu aficionados, the early access phase to SHIB Names has commenced.
Enthusiasts eager to claim their SHIB identities can now visit the official SHIB registration portal, where they can search for and secure their preferred SHIB domain names.
The portal supports various payment methods, including cryptocurrencies and credit cards, streamlining the acquisition process.
Arthur Hayes, the co-founder of BitMEX, has publicly endorsed the SHIB Names project, acknowledging its potential to influence the digital landscape significantly.
READ MORE: Bitcoin Hits Historic $1.35 Trillion Market Cap, Surpassing Silver
Hayes remarked on the project’s importance, indicating its role in the evolution of “dog money” and its impact on the future of the internet.
This endorsement from Hayes not only underscores the significance of SHIB Names but also reflects the wider acceptance and anticipation of Shiba Inu’s role in the cryptocurrency domain.
SHIB’s official X page details a special offer, allowing users to enjoy a one-time 69% discount on their first purchase of up to 20 SHIB Names.
The utility of SHIB Names extends across numerous Web3 platforms, serving as versatile identifiers for multichain wallets, usernames, and the infrastructure of decentralized services such as smart contracts and nodes.
Amid the enthusiasm for SHIB Names, it’s vital for investors to stay updated on market trends.
The current Shiba Inu price stands at $0.000032, with substantial trading activity.
Nevertheless, market analysts suggest that indicators like the 1-Day RSI, MACD, and KST hint at an upcoming price adjustment, advising caution among investors.
Laser Digital, a subsidiary of Nomura focused on digital assets, has announced its collaboration with Pyth Network as a data provider, marking a significant step towards integrating traditional financial expertise into the decentralized finance (DeFi) sector.
Pyth Network, established in April 2021, has become a leading oracle network in the DeFi space, aggregating data from over 90 primary sources across both the crypto and traditional asset markets, including major trading firms, market makers, and exchanges worldwide.
This partnership sees Laser Digital providing crypto pricing data to Pyth Network, which boasts over 400 price feeds spanning digital and traditional assets such as stocks, foreign exchange, and commodities. This move is in line with the growing demand for reliable, low-latency data in the DeFi sector and the overall trajectory of blockchain technology towards supporting high-frequency, high-throughput applications.
Mike Cahill, CEO of Douro Labs and a contributor to the Pyth ecosystem, expressed enthusiasm about the partnership: “We are thrilled to see Laser Digital join the Pyth Network. This is a fantastic step forward in building the leading financial market data oracle for web3.”
Laser Digital’s CEO, Jez Mohideen, also shared his optimism, stating, “We are excited to support Pyth Network in its journey as a decentralized data provider. We look forward to leveraging our expertise and experience to contribute to the growth of the Pyth ecosystem.”
Marc Tillement of the Pyth Data Association highlighted the diverse origins of Pyth’s data contributors, which span the traditional and crypto markets. He emphasized the value of Laser Digital’s participation: “It is really fantastic to see Laser Digital join this community to help bring in perspective and expertise from the existing finance world.”
Laser Digital is positioned as a redefiner of digital finance, leveraging Nomura’s backing to explore trading, asset management, and venture opportunities within the digital asset sphere.
The company emphasizes a responsible approach to digital asset engagement, combining high standards of risk management and compliance with a culture of adaptability and learning.
Pyth Network, in contrast, focuses on delivering real-time financial data through a vast network of data providers to support decentralized applications across over 50 blockchains, establishing itself as a key infrastructure component in the DeFi ecosystem.
In an exclusive interview with Cointelegraph, Ivo Crnkovic-Rubsamen, the Chief Strategy Officer and Technical Lead for Trading at the dydx exchange, pinpointed algorithmic trading firms as the primary cause of recent disruptions at some of the world’s largest centralized cryptocurrency exchanges.
According to Crnkovic-Rubsamen, the intense retail interest and swift price movements have prompted these firms to significantly amplify their order and cancelation requests to maintain their positions in the market.
“It’s common for a trading firm to 20 times the output of orders and cancels at a very busy time,” he explained.
This surge in activity coincides with notable technical difficulties experienced by leading exchanges such as Binance, Coinbase, Kraken, and Bybit.
These issues emerged shortly after Bitcoin’s price surpassed $60,000 for the first time in more than two years on February 28.
Crnkovic-Rubsamen remarked that such situations are typical in bull markets when there’s a spike in retail interest and substantial price movements.
READ MORE: Bitcoin Withdrawals Surge as Exchanges See Largest Outflows in 5 Years Amid Price Rally
The fallout from these outages included Citron, an investment research firm, recommending a short sale on Coinbase stock, which then saw an 11.36% increase in its value within 24 hours, trading at $229.15 according to Google Finance.
Crnkovic-Rubsamen highlighted a significant difference between centralized exchanges (CEXs) and decentralized exchanges (DEXs), particularly in how they manage trading limits for market makers.
In CEXs, trading limits can be customized based on trust, leading to potential system overloads during bull markets.
This contrasts with DEXs, where trading limits are protocol-defined, eliminating favoritism and ensuring stability regardless of market conditions.
He also touched upon the reliability of centralized exchanges, acknowledging their efficiency and optimization under normal conditions but noting their vulnerability during peak periods.
“Centralized matching engines are awesome at performance, they’re super optimized and efficient, but when they go down, that’s it […] There is a reliability trade-off there,” Crnkovic-Rubsamen concluded, highlighting the inherent stability challenges faced by centralized platforms compared to their decentralized counterparts during times of intense market activity.
The U.S. Securities and Exchange Commission (SEC) has voiced concerns regarding Binance.US’s compliance with inquiries into customer asset custody and other fundamental aspects of an ongoing investigation.
According to a joint status report filed to a Washington, D.C. District Court on March 5, Binance.US, operated by BAM Trading Services, has not satisfactorily responded to SEC requests, particularly about the handling of customer assets.
The SEC requested the court’s assistance to expedite the discovery process, indicating a deadlock with Binance.US over crucial inquiries the company has either avoided or failed to address.
The SEC highlighted Binance.US’s reluctance to fulfill basic discovery obligations, including the provision of document attachments, metadata, and written responses.
A significant area of investigation for the SEC is whether Binance’s non-U.S. branches had access to the U.S. customers’ assets, specifically questioning Binance.US’s control over private keys and other access methods.
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In defense, Binance.US refuted the SEC’s allegations in the joint status report, claiming full compliance with the SEC’s extensive demands for information.
The company argued that the SEC’s accusations regarding customer assets were baseless and asserted that it had exceeded its legal responsibilities by submitting extensive documentation on its asset custody practices, including sworn statements, monthly reports, and facilitating inspections of shared custody devices.
This legal conflict follows the SEC’s lawsuit against Binance, its U.S. division, and founder Changpeng “CZ” Zhao in June of the previous year, accusing them of selling unregistered securities and improperly mixing customer funds with a different company owned by Zhao.
Additionally, on November 21, Binance settled with the U.S. Department of Justice for $4.3 billion over charges of breaching anti-money laundering and anti-terrorism financing laws.
As part of this settlement, Zhao admitted to money laundering offenses and awaits a sentencing hearing on April 3, which could result in up to 18 months of imprisonment.
On March 5, Bitcoin’s market value soared to an unprecedented peak of $1.35 trillion, marking a significant milestone in the cryptocurrency’s history.
This surge was fueled by a 3.35% increase in Bitcoin’s price over the previous 24 hours, reaching $67,322 by 12:55 pm UTC.
Over the past week, the first-ever cryptocurrency saw an impressive gain of over 17%, as reported by CoinMarketCap.
This record-setting performance momentarily positioned Bitcoin as the world’s eighth-largest asset, surpassing the $1.347 trillion market cap of silver, the globe’s second-most valuable precious metal, as per CompaniesMarketCap.
The remarkable climb followed a record-breaking daily close of $68,245 on March 4, eclipsing its prior highest close of $67,525 on November 8, 2021.
This development has fueled predictions by analysts that Bitcoin’s price might hit the $100,000 threshold by the end of 2024.
A significant factor contributing to Bitcoin’s bullish momentum has been the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
READ MORE: Bitcoin Withdrawals Surge as Exchanges See Largest Outflows in 5 Years Amid Price Rally
A March 4 Bitfinex research report highlighted a 44% surge in Bitcoin’s value in February, attributing the growth to a $7.5 billion investment in Bitcoin ETFs.
This influx not only catalyzes market expansion but also underscores a positive market sentiment and the potential for further investment.
Furthermore, Bitcoin futures on centralized exchanges have witnessed record-high open interest, signifying strong investor confidence in a continuous uptrend.
Bitfinex analysts noted that the total open interest for Bitcoin futures contracts exceeded $26 billion on March 1, breaking the previous high of $24 billion set in late 2021.
Adding to the flurry of activity, MicroStrategy, the leading corporate investor in Bitcoin, announced plans to raise $600 million to finance additional Bitcoin purchases.
The funding, disclosed in a March 4 X post by executive chairman Michael Saylor, will be sourced through senior convertible notes, highlighting the company’s ongoing commitment to Bitcoin investment amidst a buoyant market.