Weekly Market Highlights #33: February 6 - February 12
✨Bitcoin's recent freefall has stopped now, as the asset has calmed to just under $22K.
✨Over the past week, the crypto market decreased ~$50B (from ~$1065B to ~$1015B) of its total capitalization
✨Bitcoin Calms Below $22K
✅The situation around bitcoin was significantly more positive last week when it jumped above $24K for the first time since August 2022. However, it failed to remain there and retraced by over a grand to $23K in the following days.
✅Then came the SEC's clampdown on crypto staking and the subsequent agreement with Kraken. With fear spreading across the board, bitcoin lost value rapidly and dumped beneath $22K. The bears drove it down to $21,4K, a three-week low.
✅Nevertheless, BTC bounced off and recovered a few hundred dollars in the following hours. It has remained rather calm since then and trades inches away from $22K.
✅Its market cap has climbed back above $420B, while its Dominance over the altcoins sits at 41.6%.
✨Most Altcoins Have Even Registered Minor Daily Increases.
✅BSCS is currently trading at $0,01593: +15,19% from its 7-day all-time low of $0,01383.
✅Following the SEC’s actions to go after certain staking offerings in the States, several ETH liquid staking niche representatives went on a rollercoaster. These include LDO, FXS, and RTL dumped by double digits. However, the landscape with Lido DAO is significantly different as the protocol’s native token has recovered 10% and trades close to $2.5.
✅HBAR is another notable gainer, having surged by over 11%. The larger-cap alts are calmer, but most are also slightly in the green.
✅These include ETH, XRP, ADA, MATIC, OKB, and DOT. The two largest meme coins, as well as SOL, are up by over 3% on a daily scale.
✅Despite the recent price drops in the crypto space, the cumulative market cap has remained above $1T on both CMC and CoinGecko.
✨Bitcoin Fear and Greed Index is 48 - Neutral, lower than at the beginning of the week (56)
✨ Dominance:
✅BTC: 41.6%
✅ETH: 18.4%
Now! Let's read more the highlights from the market last week
💎 Introducing Super Diamond - BSCStation's Newest Tier! 💎
🔥 We are excited to announce the newest and most exclusive tier in our Tier System, the Super Diamond. This tier is designed for our most dedicated and committed users and comes with extra special benefits that are truly unmatched.
💠 Benefits of Super Diamond Tier:
✨ Receive projects' token Airdrops
✨ Along with all available benefits of Diamond Tier
💠 Pool Weight:
⚖️ The Super Diamond tier has 750 pool weight for IDO Guaranteed Allocation of Public Sales on BSCStation Launchpad.
💠 Requirement:
🎯 You need to Stake at least 500,000 BSCS tokens to become a Super Diamond user.
🌟 The Super Diamond Tier is definitely a highly sought-after status on the BSCStation platform.
🚀 Ready to take your BSCStation Launchpad experience to the next level? Upgrade to the Super Diamond Tier and enjoy exclusive access to the best benefits in the ecosystem.
▶ STAKE NOW and don't miss out on the opportunity to secure your place at the forefront of the decentralized finance revolution!
💎BSCStation Introduces New IDO Rules - Provide the Best Protection & Benefit for Community and Projects💎
✨ We are proud to announce that we will update the IDO Rules. The updated rules are designed to enhance the overall user experience and protect participants' interests, ensuring a fair and equitable distribution of tokens to investors.
🌟 Here are the core aspects of the new updated IDO Rules:
💠 Tier System
▶ Add the "Super Diamond" Tier
▶ Increase IDO Allocation for all Tier user
▶ Provide more benefits for all Tier user
▶ Refund mechanism: apply to all Tiers if the project fails to satisfy the Price Maintenance Requirement
💠 Funds Distribution
▶ BSCStation will only transfer funds in batches based on the vesting schedule when project satisfy the "Price Maintenance" requirement
💠 Vesting Schedule Adherence
▶ Projects must strictly adhere to the vesting schedule. And BSCStation will monitor the projects' development progress
💠 Liquidity Requirements
▶ Projects must provide and lock the agreed-upon liquidity amount for at least 12 months
💠 Marketing and Fund Use Plans
▶ BSCStation will review, evaluation, and advice the project's marketing and fund use plans
💠 Token Delivery
▶ All the token sold in the IDO must be sent to BSCStation within 2 calendar days before the launch, with no exceptions
💠 Smart contract Audits and Team KYC
▶ BSCStation require full token audits from reputable audit companies. And all the BOD of the project must undergo a thorough KYC process
💠 Listing Timeframe
▶ BSCStation will require at max 15 days between the IDO and the listing date (TGE)
💠 Refund Right
▶ BSCStation has the right to issue a partial or full refund at any time
🙌 We are excited about the future of blockchain and look forward to continuing to serve the needs of our users
🚀 Stay tuned for more exciting updates for a promising year!
📕Details:
🔥BSCStation & BitValue Capital elevate strategic partnership with $1M investment🔥
♾ We are thrilled to announce BSCStation Launchpad has received a major investment from BitValue Capital. With $1 million in funding, BSCStation Launchpad is poised to become the premier platform for decentralized finance, offering users an unparalleled experience and benefits in investing digital assets.
🌟 Bit Value Capital was founded in Toronto, Canada in 2017. The team is composed of industry experts from investment banking, hedge funds, pension funds, academia, venture capital, blockchain startups and other key industries, dedicated to incubating top-tier blockchain projects globally and acting as a communication bridge between the east and the west.
💎 Here are some of the key strategy activities BSCStation Launchpad will deploy to provide the finest experience and benefits for our community:
✨ Platform Development
✨ Apply Cutting-Edge Technology
✨ Marketing and Community Building
✨ Co-Incubation Program with BitValue Capital
🚀 The future of Decentralized Finance is here, and BSCStation Launchpad is leading the way. We are committed to providing our users with the best experience and benefits while participating in the decentralized finance ecosystem.
🙌 With this investment, we can take our platform to the next level and provide even more value to our community.
💖 We can't wait to see what the future holds!
📕 Details:
♾ IMPORTANT NOTE! IDO ROUNDS UPDATED❗️
✨ We are thrilled to announce a new update to the Purchase Rounds of IDO projects launching on BSCStation Launchpad.
💠 The New Purchase Rounds:
💎 Round 1: Allocation Round
✅ Guaranteed Round: For all BSCStation Tiers members
✅ Community Round: For Community Whitelist Winners
⏰ Time: From 3:00 AM to 11:00 AM (UTC)
💎 Round 2: First Come First Served Round
✅ The remaining Allocation from Round 1 will be split evenly into a fixed Ticket number with equal allocation.
✅ The Ticket can be purchased in the FCFS rule.
⏰ Time: From 11:30 AM to 1:30 PM (UTC)
🌟 This update will provide more investment opportunities for our community to participate in IDOs on BSCStation.
🙌 As always, our first priority is “providing the best experience and benefits for our users,” and BSCStation will continue to improve our platform to achieve this goal.
👉 You can check out our Updated IDO Rules to clearly understand how BSCStation protects and ensure the best benefits will be provided for the community.
💰 With BSCStation, you can be confident that your investment is in good hands.
Binance Launches New Crypto Tax Reporting Tool for Certain Users
The new tool aims to help users understand their crypto tax liabilities on their profits and losses on Binance.
🔶Binance: The world’s largest cryptocurrency exchange has launched a new Binance Tax tool to enable users to understand their crypto tax liabilities on up to 100,000 transactions.
📢According to a press release shared with CryptoPotato, the new feature aims to help customers stay up-to-date with their crypto-related tax liabilities.
⭐️Binance noted that with the tool, users could download a report showing a tax summary of any gains or losses made on the exchange. To generate a downloadable tax report, clients will log into this website, then choose from “Realized Capital Gains,” “Income Gains,” or “Transactions.”
⭐️The exchange noted that the feature is still in the early stages of development and “aims to provide a better understanding of transactions from the Binance platform for tax liabilities.”
⭐️The company added that the feature currently covers only some transactions within the Binance ecosystem since it is still in its early stage. Furthermore, the current version does not integrate with other platforms or wallets, but there are plans to develop this, according to the release.
⭐️The press release further revealed that Binance Tax is only available to users in Canada and France. However, the exchange is working to implement support for more regions, networks, and wallets outside of Binance.
Major Crypto Companies Send Aid Packages to Earthquake-Stricken Turkey
Bybit, BitMEX, and Bitfinex are among the first crypto firms to help Turkish victims amid the devastating earthquake.
Leading cryptocurrency exchanges, such as Bybit, BitMEX, and Bitfinex vowed to support Turkey’s disastrous earthquake victims with aid packages. Binance is also looking to help the affected people.
💛A massive earthquake with a magnitude of 7.8 struck southern Turkey on February 6 and killed over 1,500 people. Hundreds of buildings collapsed, meaning the number of victims could rise significantly once emergency services scour the ruins.
💛Numerous governments, corporations, and firms sent their condolences to the Asian country and promised to help amid the tragedy. The cryptocurrency exchanges BitMEX, Bitfinex, and Bybit put their names on the list.
💛In a Twitter post, BitMEX said their thoughts are with all the people affected by the cataclysm. It vowed to donate the proceeds of this week’s Trading Competition to the Red Crescent and thus support Turkish victims.
💛Bitfinex assured it is working on an aid package and promised to provide updates as soon as possible.
💛Bybit was “deeply saddened” by the news and condoned those who lost family members or friends.
“Our aid is on its way to the affected region. We convey our best wishes to all Turkish friends and hope to overcome this disaster with the least damage,” the platform added.
💛Changpeng Zhao – CEO of Binance – revealed that his company is also exploring ways to help.
Tech Giant Dell Joins Hedera's Governing Council
💎Technology giant Dell will join the likes of Google, FIS, and Abrdn on the governing council of the enterprise network Hedera. This distributed ledger technology uses a hash graph consensus mechanism.
"Now you're seeing a whole industry start to grow, lots of investment," said David Frattura, senior director of technology strategy at Dell. "And it becomes increasingly serious for us to pay attention and focus on this."
💥As a part of the governing council, Dell will run a consensus node, which determines transaction ordering. Members of the governing council also manage the software related to the network.
"The node was part of the learning exercise we're going through," Frattura said. "We're doing this to understand policy implications and processes. What does it take to be a part of a permissioned public ledger, and then, for our IT, how do we operationalize this? I can go into all the glorious details, but it takes a lot."
▶️Dell also intends to leverage the Hedera network within applications, but that's still early.
"As far as any use case, I think it's a little premature," Frattura said. "As we get our steamrolling, maybe later this year, we'll see some more, but right now, let's just get on the council."
▶️Several other industry players also leverage Hedera's network, including IBM, which uses Hyperledger Fabric in its solutions, while digital workflow company ServiceNow is integrating Hedera into its Now platform.
Binance Aims to Improve Proof-of-Reserve System With zk-SNARKs
The company found several issues with employing only the Merkle Tree system.
🔶Binance said earlier today it had introduced zk-SNARKs to its proof-of-reserve system to make it easier for users and other entities to verify its solvency.
Additionally, the exchange has added four new crypto assets to its PoR system.
⭐️Ever since the loud collapse of FTX in late 2022, cryptocurrency exchanges have rushed to prove the assets held on their platforms. Binance was among the first to introduce such a feature, initially utilizing only Merkle Tree.
⭐️However, in its latest blog post, the company said that this version had a few issues, mainly centered around user privacy.
⭐️As such, Binance has decided to upgrade its PoR system with an idea previously mentioned by Ethereum’s Vitalik Buterin – zk-SNARKs.
⭐️Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (or zk-SNARKs) is a cryptographic tool allowing the entity that wants to prove the existence of its reserves to do so without disclosing what those reserves are.
⭐️Binance added that it has made its PoR system open-source to increase its reserves' transparency.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.