Friday, 12 April 2024

Market Summary

Market Summary 12 April 2024

Bitcoin Price: US$ 70,016.70 (-0.41%) 
Ethereum Price: US$ 3,502.52 (-1.22%) 

Worldcoin’s World App has achieved significant milestones, boasting 10 million total users, with a daily average of 2 million sign-ups and over 5 million monthly users, less than a year since its June 2023 launch. Tiago Sada, Tools for Humanity’s head of product, notes the project now surpasses its January 2024 total monthly user count in daily usage. The app, part of Worldcoin’s universal basic income initiative, utilises eye scans for user identity verification. Meanwhile, BlackRock’s entrance into the stablecoin market through off-ramps in USD Coin enhances shareholder liquidity, suggesting a closer integration between traditional finance and stablecoin providers. Ubisoft teases its blockchain-based game “Champion Tactics Grimoria” at Paris Blockchain Week, showcasing its innovative gameplay and emphasising a patient approach to blockchain game development. 

Circle has introduced a new smart contract functionality allowing holders of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) shares to transfer them to USDC stablecoin, offering a “near-instant” off-ramp 24/7. BUIDL, launched by BlackRock in March 2024, is a tokenised fund operating on Ethereum blockchain, aimed at offering U.S. dollar yields through tokenisation. Circle’s co-founder Jeremy Allaire sees tokenisation of real-world assets as an emerging category, enhancing investor liquidity. Meanwhile, VanEck CEO Jan van Eck notes that Bitcoin ETF inflows are primarily driven by retail investors, with traditional finance’s significant involvement yet to manifest, despite ETFs’ success since their launch in January 2024. Binance Labs, on the other hand, has invested in Bitcoin-native restaking protocol BounceBit, aiming to bring DeFi capabilities to Bitcoin and expand its utility, a trend gaining momentum ahead of the Bitcoin halving. 

Kraken is winding down Monero trading in Ireland and Belgium ahead of regulatory restrictions, with trading and deposits halting on May 10 and full delisting from the platform on June 10, prompting conversions of remaining XMR balances into Bitcoin for affected users. Meanwhile, venture capitalist Tim Draper predicts Bitcoin could reach $250,000 by 2024, driven by ETF inflows and the upcoming halving, highlighting Bitcoin’s appeal as a hedge against fiat currency devaluation. Additionally, the Bitcoin network surpasses 65 million Ordinals inscriptions, signalling increased demand for block space and potential for Bitcoin DeFi to match Ethereum’s innovation, indicating a significant evolution in the Bitcoin ecosystem. 

Source: https://cointelegraph.com 

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