Source: Adobe / top imagesA new platform named BitcoinOS aimed at bringing Bitcoin into the decentralized finance (DeFi) landscape has been introduced by a team of blockchain developers at Sovryn.
The platform, which the developers describe as an “operating system” for Bitcoin, utilizes “sovryn rollups,” creating a foundational layer for decentralized applications (dapps) on the Bitcoin network, according to an announcement posted on Sovryn’s website this week.
Does Bitcoin seem frozen in time? Other chains have smart contracts, scaling layers, rollups – and Bitcoin?
Introducing BitcoinOS: a superlayer of interoperable rollups turning Bitcoin into a global operating system.
Innovation is coming to Bitcoin!#BitcoinOS
Link⬇️ pic.twitter.com/4BV7E5Xn5G
— Sovryn | DeFi for Bitcoin (@SovrynBTC) January 25, 2024
This platform, presented as a “public good,” allows any developer to contribute and build tools in their preferred programming language.
BitcoinOS will be “be game-changing,” the announcement on Sovryn’s website proclaimed, noting that it combines “rollup flexibility and scalability, ensuring interoperability, and allowing seamless movement of Bitcoin and native assets across systems.”
“BitcoinOS redefines Bitcoin as a global operating system for the world,” the announcement added.
BitcoinOS increases speed and lower costs of transactions
Bitcoin’s primary blockchain, recognized for its high security, has over the years been criticized by some members of the crypto community for its slower transaction speed and higher costs during peak periods.
BitcoinOS aims to address these limitations by providing scalability, programmability, interoperability, and a nearly trustless security model.
The platform’s fraud system enables even a single honest participant to prevent fraudulent transactions, thereby enhancing security.
Sovryn’s announcement also highlighted that BitcoinOS allows for complete smart contracts, enabling developers to launch their rollups, fostering composability and interoperability among various applications.
The project thus seeks to prevent liquidity silos and enable shared economic activity between different projects, the announcement said.
Sovryn is also known as the issuer of the Sovryn Dollar (DLLR), a Bitcoin-backed decentralized stablecoin which is redeemable for BTC.
Bitcoin DeFi app Sovryn is expanding to the Ethereum blockchain with the help of hybrid layer-2 network developer Build on Bitcoin, the two companies announced on Thursday.
Sovryn is a decentralized platform launched at the end of 2020 that offers lending, borrowing, and margin trading through smart contracts in the Bitcoin ecosystem. Built as a DAO on the Bitcoin sidechain Rootstock (RSK) that allows for the creation of smart contracts, Sovryn has been working to enhance Bitcoin with advanced DeFi capabilities.
The first project that Sovyrn will launch on Build on Bitcoin is a decentralized exchange (DEX) called Dex 2.0. The group claims this project will come with lower gas fees and faster transactions than competitors like Uniswap, and “unparalleled capital efficiency.”
“We've known Sovryn for a long time, and they've definitely been spearheading a lot of the early DeFi work in the Bitcoin space,” Build on Bitcoin co-founder Alexei Zamyatin told Decrypt. “Egan was the first person I called up when we started working on [Build on Bitcoin], trying to get him excited about expanding the Sovryn ecosystem and also trying to learn about the struggles they had.”
A layer-2 protocol refers to technology designed to mitigate congestion on a blockchain by creating a secondary chain that works in conjunction with the main network. For example, the Lightning Network is a layer-2 micropayments protocol for Bitcoin. Other examples of layer-2s include Arbitrum and Optimism on Ethereum.
"With Build on Bitcoin, you can use 350 [Ethereum Virtual Machine] wallets," Zamyatin said. "For the layman, that means you can pick almost any wallet; it doesn't necessarily need to be Bitcoin only or deal with UTXOs. It makes the whole thing much more user-friendly."
In January, Sovyrn launched BitcoinOS, which uses what the company called “sovryn rollups” to create a foundational layer for decentralized apps (dapps) on Bitcoin.
“By joining forces with BOB, we are not only expanding Sovryn's reach but also creating a DeFi ecosystem that is accessible to millions of Bitcoin users worldwide,” Sovryn co-founder Egan Yago said in a statement.
On Sovryn’s Dex 2.0, Zamyatin explained, users can select different networks via the user interface, such as the BOB Ethereum layer-2 protocol. He noted that the selection process is similar to choosing between Ethereum, Optimism, and Arbitrum on Uniswap.
When asked why developers are focused on bringing DeFi to Bitcoin, Zamyatin said it was because of Bitcoin's reliability.
"Bitcoin is the backbone of the entire Web3 ecosystem. If Bitcoin falls, everything else falls, if everything else breaks Bitcoin is still there," he said. "I think that is one of the main properties of Bitcoin—it's stable and robust. Bitcoin is predictable."
With renewed interest in the number-one blockchain by market capitalization stemming from projects like Ordinals and the approval of Bitcoin ETFs, Zamyatin is optimistic about the future of Bitcoin development.
“Bitcoin had its harsh times when nobody wanted to really engage with it,” Zamyatin said. “We both had a feeling that it was going to have a renaissance, and luckily, we were right.”
Edited by Ryan Ozawa and Andrew Hayward
Editor's note: This story was updated after publication to clarify descriptions of Sovryn and Build on Bitcoin.
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America is the largest economy in the world, and its GDP is around $29 Trillion. However, despite that, Robert Kiyosaki, the popular Book author and advisor, believes that America is falling. More importantly, he provided exact reasons why it is happening in his recent X post, sharing his concern over the country’s current situation. Additionally, he believes that hard assets like Bitcoin are the solution to solving all the US’s problems.
Why does Robert Kiyosaki Believe That America is Falling? Robert Kiyosaki has been quite vocal about people achieving financial freedom and gaining it regardless of the economy, the US government, or other macroeconomic factors. He has often commented and warned about the functioning of the country and the role of the government, banks, and other traditional entities in this. It is because Kiyosaki believes that these are pushing the country backward per Kiyosaki.
In one such warning, he recently revealed why America is falling in an X post. Robert claimed that this is what will happen thanks to the current leaders, and regarded President Biden and Vice President Kamala as lefties and liars. He stated that he is amazed how all this lying, cheating, and stealing has still kept the country resilient, strong, and undefeatable.
Q: WHY IS AMERICA FAILING?
A: WTF do you expect when lefties
Promote “Defund the Police” and
such absurd ideas as “if you steal less than a hundred dollars….lts not a crime?”
“Lying, cheating, and stealing….are sins against the souls of all human beings.”
With all the…
— Robert Kiyosaki (@theRealKiyosaki) October 6, 2024
With this post, he has questioned the function of the ongoing government. More importantly, he showed concerns over Biden and Harris’s plans, where they talked about “Defunding the police and stealing below hundred dollars as not criminal activities.”
Since the US Presidential election is now just 29 days away, the political pressure is rising in the country, where each candidate is preparing for their best performance. Just recently, Donald Trump presented the Elon Musk Dark MAGA at his Pennsylvania rally, gaining new hype from voters from this collaboration. At the same time, Harris is also working on her public appearances, interviews, and much more.
With this building political tension, Robert Kiyosaki has also often participated with his views on Trump and Harris’s leadership, with the former gaining his support. He ended his post by wishing to welcome great leaders like Washington, Lincoln, Kennedy, and others who led with integrity.
In another post, Robert warned of the Financial crisis in America which is its rising debt. He warned everyone that this debt could push the country back and the people could lose their hard-earned money.
HOW MUCH is a trillion? A trillion seconds was 31,688 years ago. America goes a trillion $ in debt every 100 days. Now do you know why you must buy gold, silver, and Bitcoin?
— Robert Kiyosaki (@theRealKiyosaki) August 22, 2024
Can Bitcoin Save The People? In an interview, Michael Saylor, the CEO and Founder of MicroStrategy, claimed that Bitcoin will become 7% of the world capital by 2045, which is a big deal. More importantly, its price will grow from hundreds of thousands to Millions of dollars. As a result, it will be the most profitable asset for its holders, but these are just predictions for now. Despite that, Bitcoin’s current growth is already impressive, creating a big hype around its future.
At the time of writing, the BTC price has surged to $62K, which is quite high, but it is slowly approaching the ATH at $73K. Moreover, it has a market capitalization of $1.2 Trillion, almost half of the entire crypto market. It makes BTC the top-performing token of the crypto market this year, with 41% in YTD%. This is what attracted Robert Kiyosaki and many others to endorse this cryptocurrency. Its constant growth since its launch in 2009 makes it a desirable investment for thousands of investors.
Robert Kiyosaki has been promoting this crypto for a long and called such hard assets forever-lasting assets, unlike paper money. This is because paper money loses its value comparatively faster. Even third-party entities like banks control their functioning, making them a risky investment. More importantly, many crypto analysts have forecasted that the Bitcoin price will rise to millions in the next few years. If this happens, it could boost users’ portfolios to new levels.
Final Thoughts Robert Kiyosaki has again appeared for a new warning for his followers, but this time, it concerns the whole country. As the US presidential election is near, he has presented his views on Joe Biden and Kamala Harris. As per him, these two are putting the country at risk after allowing lying, cheating, and stealing. Additionally, for years, he has promoted hard assets like Bitcoin and others to build their future and save America. As per Robert, investment in hard assets is a must, as the country is piling up trillions of debt.
Howard Lutnick, the billionaire chief executive of Cantor Fitzgerald, hailed Donald Trump as the best choice for rich America.
He underlined that one of the good sides of a former president is that he took care of the American worker and growth in America, but also him being a crypto advocate and wanting to implement tariffs.
Lutnick Praises Donald Trump’s ‘America First’ for Economic Growth In a recent podcast with Anthony Pompliano, founder and CEO of Professional Capital Management, Howard Lutnick argued that Donald Trump’s “America first” policy helped attain 3% GDP growth and wage increases during his term.
He added that the tariffs protected American jobs, and the economy built up American manufacturing through Trump.
On the opposing side, Lutnick showed his criticisms of Democratic policies. This includes the American Rescue Plan, which he deemed over-incentivizing the economy, causing inflation, and further hurting the middle to the working class. However, the appreciating assets were enjoyed by the rich.
This 2-hour conversation with @howardlutnick is a must listen.
We discuss the US economy, inflation, currency debasement, government spending, tariffs, the Presidential election, and what Howard endured on 9/11.
I spend much of my time thinking about the economy and how to fix… pic.twitter.com/s8pT7d8GXD
— Anthony Pompliano 🌪 (@APompliano) October 28, 2024
To Lutnick, Trump’s approach to protecting American jobs and sustaining wealth-building opportunities makes him the ideal advocate for both economic stability and wealth growth in the US.
Trump’s Tariff Policy Could Boost Jobs and Wealth According to Lutnick, Donald Trump’s tariff policy is the new face of safeguarding American prosperity. America, therefore, must maintain its economic strength. The billionaire said that if the government has to tax its people with a considerable amount, for instance, up to $400 billion, which has been the case when a country levies heavily in terms of taxation on its citizens, then this should be levied against the foreign producers, such as those from China.
He said that before an income tax existed in 19th century, the US could thrive when it relied solely upon tariffs. That had allowed way to the gigantic public investment in infrastructure by politicians and figures like Teddy Roosevelt.
This surplus-generated model was how this nation could build without skinning off its citizens. According to him, this shift away from tariffs after the world wars, left the US open to economic exploitation. That happened because tariffs were dropped in favor of income taxes to fund global rebuilding efforts.
Lutnick believes Trump’s plan brings a return to economic nationalism. It does that by using tariffs to force foreign companies to “pay to play” in the American market. It is also restoring an economic strategy that will directly benefit American manufacturing, jobs, and wealth.
Bitcoin as a Commodity, Not a Currency Unlike a currency that threatens the dollar, Bitcoin is more widely accepted as a commodity in finance.
With him would probably agree the CFTC Chair Rostin Benham who also thinks of Bitcoin as of a commodity. He recently urged Congress to legislate on crypto regulation and election betting.
Lutnick imagines that with more institutional finance acceptance – the acceptance will expand more and more, thus pushing up its value. He also thinks that Trump’s economic policies, like tariffs and the revitalization of manufacturing, align with the ethos of self-sufficiency and financial independence principles. All of this, Bitcoin even furthers by offering a decentralized asset.
Recently, some reports showed that crypto-friendly Donald Trump’s win in the 2024 US presidential election may trigger a Bitcoin price rally to $92K.
The billionaire believes that Trump is open to innovation, and his protection policies for the American worker, combined with Bitcoin being a non-governmental commodity, can potentially raise prosperity throughout the US.
In a landmark development, Bitcoin (CRYPTO: BTC) mining operations are set to heat one of the coldest regions on Earth.
What happened: Sazmining, a Bitcoin mining firm that connects individual retail miners with renewable energy-powered facilities, said in a press release that the new site would come up in Norway, just above the Arctic Circle.
The mining site would be hydro-powered, and the heat generated from the process would be repurposed to warm up buildings, replacing oil-fired boilers with high carbon footprints.
Additionally, the excess heat would be supplied to local industries, such as the drying of cod fish, helping the residents save on energy costs.
"We’re proving that Bitcoin mining can deliver true value for value. By integrating nearly 100% carbon-free energy and repurposing mining heat for local industries, we’re creating a win-win for everyone," Sazmining CEO Kent Halliburton said.
See Also: Satoshi Nakamoto Identity Prediction Market Appears More Volatile Than Bitcoin
Why It Matters: Bitcoin mining sites are large data centers that run on massive amounts of electricity, helping to keep the network secure and pushing more Bitcoins into circulation.
Heat is one of the biggest by-products of the process. As such, repurposing this excess heat could be a lucrative business opportunity, especially in areas with extremely cold climates.
Bitcoin mining also plays an important role in Texas, the Bitcoin mining hub of the U.S.
Minere here help in stabilizing the state's power grid by powering up their operations when there is an excess capacity of electricity while drastically lowering the when the state requires more usage during extreme weather conditions.
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Emory University Follows Tesla, Block And PayPal With $16M Bitcoin Investment Photo courtesy: Unsplash
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Robert Kiyosaki, a renowned entrepreneur and investor who supports Bitcoin and is also well known for authoring the popular book “Rich Dad Poor Dad,” has issued a tweet discussing the growing significance of BTC under the current economic conditions in the U.S.
He shared an investment plan that he has been following with his X audience, which includes regular Bitcoin investments.
Kiyosaki on Bitcoin and "fake US dollars"Financial guru Kiyosaki revealed that he has been “hiding real money,” which he calls gold and silver. According to his tweet, he now owns “tons of gold and silver” AS, in 1985, he also began to buy his own gold and silver mines.
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The investor reminded the audience that U.S. dollars are not currently backed by anything, hinting that the gold standard was removed. Now, aside from gold and silver, he also saves the digital gold. He said, “I save Bitcoin.”
WHO CARES? I watch in amusement as so called “experts” debate Gold vs Bitcoin. I was fortunate enough to realized “We The People” were being “F’d” by our own government in 1965.
In 1965, when I was 18 years old, I could see “copper” on the edge of our “silver” coins. Only 18…
— Robert Kiyosaki (@theRealKiyosaki) November 28, 2024 Kiyosaki took a jab at those running the U.S. Treasury – Janet Yellen – and the Fed; both are run by people who are similar to his “poor dad” caricature from his aforementioned book. The “poor dad” is a composite image of someone who has little or no financial literacy and relies on a poorly managed economy, while the “rich dad” from the book is a generalized way to discuss people who do not just save money that gets devalued quickly but use it to boost their wealth with profitable assets.
It is no wonder, Kiyosaki said, that “poor dads” Yellen and the Federal Reserve have triggered the U.S. to become “the biggest nation debtor in history.” He then expressed his take on the current purchasing power of the USD that is the result of that growing debt: “Our dollar will soon be toilet paper.”
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Kiyosaki suggests buying Bitcoin to get richerIt is important under the current economic conditions in the U.S., he believes, to invest in coins every month, whether it is gold, silver or Bitcoin. If you do not know which you want to bet on, he says, just “buy one gold coin, or one silver coin, or one Bitcoin Satoshi.” Then he recommends setting a monthly goal of purchasing the chosen asset.
“Choose one coin, gold, silver, or Bitcoin….set a monthly goal….and get richer,” he said in the tweet.
On Wednesday, Bitcoin soared above $82,000, but the next day, it dropped below the crucial $80,000 mark. On Thursday, the first spot Bitcoin ETF established by a US bank, Morgan Stanley Bitcoin Trust ETF (MSBT), had modest inflows of $7.3 million. As Bitcoin fell below $80,000, US-listed spot Bitcoin (BTC) ETFs ended a five-day influx of roughly $1.7 billion. According to SoSoValue statistics, Bitcoin funds had their first daily outflow in May of $277.5 million on Thursday.
According to Farside, the top two funds in terms of outflows were the Fidelity Wise Origin Bitcoin Fund (FBTC) with $129 million and BlackRock’s iShares Bitcoin Trust ETF (IBIT) with $98 million. In the midst of increased Bitcoin volatility, there was a dramatic shift in the flows into Bitcoin ETFs. On Wednesday, Bitcoin soared above $82,000, but the next day, it dropped below the crucial $80,000 mark.
Mixed Investor Sentiment On Thursday, the first spot Bitcoin ETF established by a US bank, Morgan Stanley Bitcoin Trust ETF (MSBT), had modest inflows of $7.3 million. Farside reports that since the fund’s introduction on April 8, 2026, there has been zero days of outflows.
With a 557% increase in client assets retained since debut, MSBT has amassed 2,920 BTC, valued at around $232.6 million. In addition to its flagship product, the Grayscale Bitcoin Trust (GBTC), the low-cost spot Bitcoin ETF known as the Grayscale Bitcoin Mini Trust ETF (BTC) was the only other Bitcoin fund to get inflows that day.
The 21Shares Canton Network ETF (TCAN), the first US-listed ETF to provide direct exposure to Canton Coin, the native utility token of the Canton Network, debuted on the Nasdaq with the Bitcoin ETF today.
After momentarily regaining “Neutral” the day before, the crypto market downturn sent the Crypto Fear & Greed Index into “Fear” on Friday at 38. The indicator is still much higher than its April average of 17 due to the 11% increase in Bitcoin over the last 30 days.
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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.
Market maker giant Jane Street is again drawing intense attention in crypto markets, with experts claiming the firm’s “next target” may now be Ethereum (ETH).
The speculation comes after reports that Jane Street made several major adjustments to its positions during the week, following months of scrutiny tied to alleged trading manipulation connected to Bitcoin (BTC).
From Bitcoin Retreat To Ethereum Expansion Jane Street, one of Wall Street’s most active proprietary trading firms, reportedly reduced multiple Bitcoin-linked holdings in the first quarter (Q1) of the year, while meaningfully increasing its exposure to assets tied to Ethereum.
Jane Street’s position in BlackRock’s iShares Bitcoin Trust (IBIT) fell by 71% quarter-over-quarter to about 5.9 million shares, with a reported value near $225 million.
The firm also cut its stake in Fidelity’s Wise Origin Bitcoin Fund (FBTC), where holdings fell approximately 60% to around 2 million shares, valued at nearly $115 million at quarter-end.
The reduction also extended to Strategy (previously MicroStrategy). Jane Street’s Strategy holdings fell from about 968,000 shares in Q4 2025 to roughly 210,000 shares by the end of Q1. The reported value declined from close to $146 million to around $27 million.
But while the firm was dialing back Bitcoin exposure, it was simultaneously building its Ethereum footprint. Jane Street expanded its holdings in Ethereum ETFs, with positions in BlackRock’s iShares Ethereum Trust nearly doubling during the quarter.
The firm also added substantially to Fidelity’s Ethereum fund. Combined additions across the two ETH products were estimated at approximately $82 million.
Smaller Derivatives, Bigger Impact? The move is now being framed by analysts as a potential continuation of the same pattern some observers associate with Jane Street’s earlier Bitcoin-linked controversies.
Analysts at Bull Theory suggested that the firm behind a “daily 10 AM Bitcoin dump,” the same firm that was reportedly sued for insider trading in the $40 billion LUNA collapse, and the same firm with $567 million frozen by Indian regulators could now be targeting Ethereum.
Their central argument is that ETH may be easier to move than BTC, primarily because of market structure and scale. Bull Theory pointed out that Bitcoin futures open interest stands at roughly $60 billion, while Ethereum’s is slightly more than half at about $34 billion.
The thesis is that a smaller derivatives market can make it possible to influence price with a smaller amount of capital. They also emphasized relative market size, noting that ETH’s market cap is $273 billion compared to BTC’s $1.6 trillion. Under their logic, the same amount of capital would create 6 times greater price impact in ETH.
The analysts also argued that the Ethereum ETF market is still relatively early. They claimed that Bitcoin ETFs hold roughly 6.67% of all circulating BTC supply, while Ethereum ETF penetration is lower, meaning there may not yet be the same institutional “demand floor” to absorb coordinated selling.
Their conclusion was pointed: they believe the rotation into Ethereum is not happening primarily because Jane Street is forecasting bullish fundamentals for ETH, but because Ethereum is “easier to move.”
The daily chart shows ETH’s attempt to reclaim the key $2,300 level as support. Source: ETHUSDT on TradingView.com At the time of writing, ETH was trading at around $2,292, with almost no change from Wednesday’s price. Meanwhile, other assets such as Bitcoin and XRP saw gains of around 2% and 4% respectively during the same period.
Featured image created with OpenArt, chart from TradingView.com
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
The outflow on Friday added to the $1.55 billion that has been drained from the ETFs since May 14. The majority of the $2.7 billion in net inflows to the US Bitcoin ETF market this year have originated from IBIT. The US spot Bitcoin exchange-traded fund market is about to see net outflows for the year after six days of withdrawals that began on Friday. After Friday’s market loss of $105.2 million—$68.9 million for BlackRock’s iShares Bitcoin Trust (IBIT) and $36.3 million for Fidelity Wise Origin Bitcoin Fund (FBTC)—net inflows into Bitcoin ETFs for 2026 have decreased to $536 million.
Withdrawal Streak Shrinks 2026 Inflows The outflow on Friday added to the $1.55 billion that has been drained from the ETFs since May 14, when the last net inflow was reported, even though no other Bitcoin ETF based in the US saw a change in flows.
It is possible to gauge the level of institutional interest in Bitcoin and the flow of new money into the cryptocurrency market by looking at the net inflows into US spot Bitcoin ETFs. The first quarter saw a 70% reduction in Bitcoin ETF holdings at institutional market maker Jane Street and a 10% reduction at investment bank Goldman Sachs.
The majority of the $2.7 billion in net inflows to the US Bitcoin ETF market this year have originated from IBIT, however the industry as a whole is still seeing net inflows for 2026.
While most of its rivals have seen a decline in 2026, its inflows this year are not expected to surpass the $25 billion it received in 2025. So far in 2026, there have been net outflows from US-based spot Ether ETFs, and new altcoin ETFs have failed to meet the same level of demand as their predecessors.
The Morgan Stanley Bitcoin Trust ETF (MSBT) is one encouraging trend; it debuted on April 8 and has received $264 million in net inflows so far.
A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.
Bitcoin (BTC) starts its first full trading week with no new CME futures gap on the chart. The shift ends an eight-year market quirk that traders relied on to forecast short-term price targets.
The Chicago Mercantile Exchange (CME) moved its regulated cryptocurrency futures and options to around-the-clock trading on May 29. The change removed the weekend closure that had produced visible price gaps since Bitcoin futures launched in December 2017.
Why the CME Gap Mattered for Bitcoin TradersFor nearly nine years, CME Bitcoin futures closed every weekend while spot exchanges and offshore perpetual markets kept trading.
Any weekend move produced a chart gap when futures reopened. Price often returned to fill it within days or weeks.
Historical fill rates ranged from 70% to more than 90%. The pattern became one of the most watched short-term signals in crypto.
The structure also frustrated institutions, which could not adjust hedges over weekends on a regulated venue.
Bitcoin CME Futures. Source: X/Daan Crypto Trades “BTC Closed last weekend’s CME gap and is now trading in the big area between the other few remaining gaps. This weekend, 24/7 trading starts for the Bitcoin CME futures so there won’t be any new gaps created anymore going forward. The ones left standing will of course still sit there on the chart,” wrote analyst Daan Crypto Trades.
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What Changes Under Continuous TradingCME now runs Bitcoin, Ether (ETH), Solana (SOL), and six other contracts continuously. Daily maintenance windows run two minutes on weekdays and two hours on Saturdays.
The shift gives portfolio managers, ETF issuers, and corporate treasuries a regulated channel to hedge weekend exposure in real time.
“Client demand for risk management in the digital asset market is at an all-time high, driving a record $3 trillion in notional volume across our Cryptocurrency futures and options in 2025,” read an excerpt in the announcement, citing Tim McCourt, CME Group’s Global Head of Equities, FX and Alternative Products.
The expansion follows record activity across CME crypto products during 2025.
Bitcoin Volatility futures, a new contract tracking 30-day implied volatility, are scheduled to debut on June 1.
Where the Market Sits NowBTC traded near $73,441 on Sunday, down 3.7% on the week, after the quietest weekend in recent memory.
Bitcoin (BTC) Price Performance. Source: BeInCryptoThree legacy gaps stay open on the chart. Two sit above current price near $78,500 and $80,000, and one below in the $67,000 to $70,000 zone.
THE CME GAP ERA JUST ENDED🧵
CME Bitcoin futures will now trade 24/7 just like perps.
But $BTC still has 3 UNFILLED gaps left:
• $80K
• $78.5K
• Below $70K
And this is going live during active war tensions.
Here's what changes for you as a trader. pic.twitter.com/3bXlLx7hGV
— Wise Advice (@wiseadvicesumit) May 29, 2026 Whether those gaps still pull price action under continuous trading is the first real test of the post-gap era.
Early CME volume and open interest on Monday will signal how quickly institutions adapt their playbooks.
BlackRock launched the iShares Bitcoin Trust (IBIT) ETF on January 11, 2024, the same day that Fidelity launched its Fidelity Wise Origin Bitcoin Fund (FBTC). Despite launching on the same day, there is a huge gap between the two ETFs in terms of inflows, fees, and the assets under management (AUM).
BlackRock dominates other Bitcoin ETFs with the highest net assets of $47 billion, with Fidelity trailing at a far second with $11.30 billion in net assets.
IBIT’s dominance comes when institutional inflows towards Bitcoin ETFs could rise if the CLARITY Act gets approved before 2026 ends, hence the question: Can FBTC surpass IBIT in inflows and net assets, or will IBIT remain the biggest Bitcoin ETF on Wall Street?
A Deep Dive into BlackRock’s IBIT ETF IBIT started trading 30 months ago, and it has already amassed $47.95 billion in net assets, which accounts for 61% of all the net assets accumulated by all 13 Bitcoin ETFs that trade in the US.
CoinGape also reported that the SEC has approved a filing by BlackRock for a Bitcoin Premium Income ETF.
BlackRock’s IBIT ETF has also recorded $62 billion in cumulative inflows since it was launched, and this is six times higher than the second-largest BTC ETF by net assets.
This ETF charges a fee of 0.25% to investors to seek exposure to Bitcoin through it, and it closed trading on June 18 at a price of $35. The June 18 closing price marks a 50% from the 52-week high of $71.
The dropping Bitcoin price has also affected the returns on IBIT, with BlackRock’s official data showing that holders have seen negative returns of 18% in one year. However, investors who have held since inception on January 11 have a return of 21%.
IBIT Bitcoin ETF The chart above also shows that IBIT’s benchmark that compares the difference in performance with Bitcoin is at 0.27%, suggesting the ETF is giving almost the same returns as holding Bitcoin would.
IBIT’s Technical Analysis IBIT’s daily chart shows that the ETF opened the year trading at $50, and the 30% drop that has been seen since then has led to IBIT establishing support at $34.
The RSI reading of 35 shows that the momentum is bearish, and IBIT might continue dropping if the price of Bitcoin does not register an upside.
However, this RSI reading of 35 suggests that sellers might soon become exhausted, and that would give IBIT room to recover.
IBIT Price Chart The volume bars that have been red for four straight days confirm that sell-side pressure has indeed been behind IBIT’s drop in market price, and if this continues, the Bitcoin ETF might retest this support of $34.
Fidelity’s FBTC Bitcoin ETF Overview Fidelity’s FBTC is the second-biggest Bitcoin ETF with net assets of $11.30 billion and a cumulative net inflow of $10.46 billion per SoSoValue data.
FBTC holds 0.89% of Bitcoin’s market cap, and while it trails behind IBIT’s 3.79% share, Fidelity charges the same 0.25% fee on the ETF.
FBTC is listed on the CBOE Exchange, and it closed trading on June 18 at a price of $54 and that is a 50.9% drop from the 52-week high of $110.
FBTC Bitcoin ETF Fidelity says that FBTC offers 0.00087048 BTC per share, and that means that at the current price of Bitcoin of $64,000, an investor with 1 FBTC share holds $55 worth of Bitcoin.
Just like with IBIT, an investor who has held FBTC since it started trading in January 2024 has a return of 21%. However, FBTC’s loss of 30% in the last year is higher than IBIT’s loss of 18%.
FBTC’s Technical Analysis The daily chart for FBTC shows the ETF has dropped from $71 on May 11 to $35 at press time, and this mirrors Bitcoin’s drop from $82,000 on May 11 to $64,000 at press time.
The RSI of 35 shows that the momentum around FBTC is currently favoring bears, but the AO bars that are green but on the negative side show that these bears could be losing their grip.
FBTC Price Performance Compared to IBIT FBTC has established a support level of $52, but a move upward will only occur if bulls can push past the obstacle of $71.
Bitcoin Performance Relative to Bitcoin ETFs Spot Bitcoin ETFs have largely influenced Bitcoin price for the last 30 months, and the two biggest ones: IBIT and FBTC, have either sparked gains or drops.
IBIT flows have turned negative in the six months leading to June 2026, with outflows totalling $26 million per SoSoValue data. FBTC has seen the same performance, with $1.6 million in outflows within the same period.
The Bitcoin price chart shows that these outflows have pushed the price lower, with BTC moving from $87,000 in January 2026 to $64,000 in June 2026.
BTC Price Chart Zooming out on BTC’s chart to 2024, when the IBIT and FBTC ETFs started to trade, shows that the price of Bitcoin moved from $40,000 in January 2024 to $73,000 in March 2024, marking a 45% increase within three months.
That 2024 performance shows that the demand coming from institutions has assisted BTC’s price gains.
The RSI reading of 36 on Bitcoin’s weekly chart also suggests that the momentum is bearish as buy-side pressure fades, and this could be because fewer institutional investors are buying Bitcoin ETFs.
Which Bitcoin ETF Will Outperform? Both IBIT and FBTC track the price of Bitcoin, and that means that they give the same return depending on whether BTC is rising or dropping.
However, IBIT has the upper hand, and it is already outperforming FBTC in net assets and cumulative inflows. Its 61% market share will likely keep climbing because Fidelity does not have any advantage over BlackRock because the two ETFs charge the same fees.
Therefore, IBIT will likely outperform FBTC in net assets and inflows in 2026 as its market share dominance pulls in new investors.
Santiment stated that investors showed strong interest in altcoins such as Delysium (AGI), Tether (USDT), Bitcoin (BTC), USD Coin (USDC), Solana (SOL), and Bittensor (TAO).
25.03.2026 - 10:16
Update: 25.03.2026 - 10:16
Bitcoin and altcoins are struggling to recover amidst the turbulent days of the US-Iran conflict.
While Bitcoin struggles to hold above $70,000, cryptocurrency analytics company Santiment has revealed the most popular altcoins in the cryptocurrency world in its latest post.
According to Santiment, investors showed strong interest in altcoins such as Delysium (AGI), Tether (USDT), Bitcoin (BTC), USD Coin (USDC), Solana (SOL), and Bittensor (TAO).
AGI led the trending cryptocurrencies in the last 24 hours, surprisingly followed by USDT, BTC, USDC, SOL, and TAO.
The most popular cryptocurrencies in the crypto sector and the reasons why are listed below: Delysium: AGI is trending thanks to NVIDIA CEO Jensen Huang’s striking statements about artificial general intelligence.
USDT: Trending due to Tether’s announcement that it has contracted with one of the Big Four accounting firms for the first fully independent audit of its USDT reserves (reported at approximately $180-192 billion).
Bitcoin: BTC is trending due to massive institutional accumulation. The institutional accumulation process continues to dominate the headlines, particularly with spot ETF inflows spearheaded by giants like BlackRock and Fidelity.
USDC: Reports indicate Circle has frozen USDC balances in 16 hot wallets in connection with a US legal case, and regulatory discussions surrounding USDC’s decentralization are trending.
Solana: SOL is trending due to the launch of the Solana Developer Platform (SDP) by the Solana Foundation.
Bittensor: TAO is trending due to Grayscale’s spot ETF application and the halving process on the network. Investors are showing interest in TAO.
*This is not investment advice.
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Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
6 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
6 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
6 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
6 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
6 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The cryptocurrency market is experiencing one of the most dynamic moments of the year as Bitcoin has surpassed the psychological $78,000 mark for the first time in two months. This breakout is accompanied by a strong inflow of liquidity; on the Solana blockchain alone, 500 million USDC were issued within a short period of time, according to Whale Alert.
The main catalyst for growth was a sharp positive shift in geopolitics. The market reacted to news of a possible deescalation in the Middle East. Statements from the parties about opening the Strait of Hormuz for commercial shipping triggered a drop in oil prices below $80 for WTI and a sharp rise in risk assets — first of all BTC.
BTC/USD price chart with Whale Alert post, Source: TradingViewUSDC printing press: 500 million “in the moment”Against this backdrop, the Whale Alert system recorded the creation of two batches of 250,000,000 USDC, worth a total of $500 million in Circle’s treasury. The majority of the new issuance was deployed on the Solana network, bringing the weekly stablecoin issuance volume on this chain to a record $3.25 billion in 2026.
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Historically, such large USDC issuances precede phases of active buying or are used by institutions to collateralize margin positions amid rising volatility.
Despite the euphoria, experts from Glassnode and JPMorgan warn of a “sell wall” and potential profit-taking. Support is now located in the $75,000-$76,000 range. The ceiling for BTC in this rally is marked at $86,796, where the 200-day moving average is currently stretching.
At 21:21 UTC on Monday, May 18, 2026, someone minted 1,000 eBTC on Monad. At Bitcoin’s spot of roughly $77,000, that’s about $77M of unbacked wrapped Bitcoin appearing from nothing on Echo Protocol’s Monad books. The attacker converted ~$870K of it into real WBTC by depositing a slice as collateral on Curvance and borrowing against it. The other 99% of the fake supply is parked on the attacker’s wallet, because Monad’s lending and DEX depth can’t absorb more.
This piece was written in the first hour after the drain. The initial public flag came from @dcfgod on X, who linked the suspicious mint transaction and tagged the affected teams; Monad co-founder @keoneHD acknowledged the incident shortly after and said the team and external security researchers were investigating. Echo Protocol and Curvance have not yet published statements at the time of writing. Final numbers on bad debt, attacker holdings, and any recovery plan will shift as post-mortems land. Treat the figures below as the best on-chain reads available as of the evening of May 18, 2026.
The dollar amount is small. The architectural shape makes this worth writing about. The same privileged-role failure mode that produced the Resolv USR exploit in March and the KelpDAO rsETH exploit in April just produced another one, on a new chain, against a new asset class. The realized loss is roughly 30× smaller than Resolv and over 250× smaller than KelpDAO. The pattern is the same.
What Echo, Curvance, and Monad Are Echo Protocol is a Bitcoin liquidity and yield project most visible to date on Move-based ecosystems. The Monad deployment is newer and smaller, and eBTC is its wrapped Bitcoin token there. The product shape is the familiar one: deposit BTC, hold a transferable representation that can move into lending, DEXs, and yield strategies the way WBTC does on Ethereum. The identification of this exploited contract with the Echo Protocol team specifically is currently community attribution; the project itself has not yet publicly confirmed the affected deployment as of writing.
Curvance is an omnichain lending protocol that lists collateral assets and lets users borrow against them, similar in shape to Aave or Morpho. On Monad it had a fresh eBTC/WBTC market running, with eBTC accepted as collateral against real WBTC borrows. The protocol’s lending logic was not the failure point here; it treated the collateral it received as exactly what the token contract said it was, and the token contract was the problem.
Monad is a young high-performance EVM L1 that opened to a wider set of deployments earlier this year. Echo, Curvance, and most of the assets sitting on Monad lending markets right now are fresh deployments, often without the operational layers (multisig admin keys, timelocks, monitoring, paranoid role separation) that the equivalent contracts on Ethereum have accumulated over years of incidents.
The Attack: Role Takeover, Then Mint On the eBTC token contract at 0xd691b0aFed67F96CEC28Ab6308Cbe5b2C103b7e9, the attacker ran a short sequence of role-manipulation transactions: granted themselves DEFAULT_ADMIN_ROLE, used that admin role to self-grant MINTER_ROLE, and then revoked the admin role to clean up. With minter authority in hand, the actual mint was a one-line follow-up: mint() to the attacker’s address (0x6a0109d3c5ab56277096c75e8f5d1d1d45243415), 1,000 eBTC issued directly from the zero address. The mint transaction (Monad block 75,477,995) sits at:
How the attacker got that initial DEFAULT_ADMIN_ROLE grant is the part nobody outside the Echo team can answer yet. The plausible options are the standard ones: a compromised admin private key, a misconfigured initial deployment that left the role grantable, or a contract-level access control bug that let an unprivileged caller escalate.
The Cashout: Deposit, Borrow, Bridge The attacker did not try to dump 1,000 eBTC into a DEX. Monad’s eBTC liquidity is thin, and the slippage would have eaten most of the extraction. They used the lending path instead, the same playbook Resolv’s attacker used to convert fake USR into ETH and KelpDAO’s attacker used to convert fake rsETH into WETH.
According to on-chain accounting reconstructed from the attacker wallet’s history, the cashout sequence was:
Deposit roughly 45 eBTC into Curvance’s eBTC market as collateral. The attacker received Curvance’s wrapped collateral receipt (ceBTC) in return. Borrow against that collateral across multiple transactions, pulling out approximately 11.296 WBTC in total. The reason the borrow stopped there is some combination of Curvance’s available WBTC supply, the LTV ceiling on the eBTC market, and any borrow caps set on the asset; which of those was the binding constraint isn’t yet confirmed. Bridge the borrowed WBTC off Monad. Community researchers tracking the wallet flagged LayerZero as the likely route; the exit transaction itself has not been independently confirmed at the time of writing. Route the proceeds toward a mixer. Tornado-style obfuscation has been mentioned by multiple analysts on X, again as the most likely path rather than a confirmed on-chain fact. The attacker still holds the bulk of the minted supply: roughly 955 eBTC sitting idle in the wallet, plus a small ceBTC position on Curvance. The residual sits there because Monad simply doesn’t have anywhere for it to go — no lender on the chain has the depth to absorb another borrow at that size, and DEX liquidity on eBTC would collapse against any meaningful dump.
The Curvance market is the immediate casualty. The lender is sitting on collateral whose redemption is in dispute against an outstanding WBTC borrow of 11.296 tokens, roughly $870K at current spot. Whether that hole gets backfilled by Echo, by Curvance’s treasury, or absorbed by suppliers depends on a recovery plan that hasn’t been published yet.
The Blast Radius This incident is small and localized, and that’s worth saying clearly.
The damage is contained to Curvance’s eBTC/WBTC market on Monad. Curvance’s lending logic was not exploited; the protocol behaved correctly given inputs it had no way to verify. Other Curvance markets, on Monad and on the chains Curvance is deployed across, are not affected. Aave, Morpho, Spark, Fluid, and the rest of the major lending markets on Ethereum and the L2s have no Echo eBTC exposure.
Inside Monad, the secondary risk is anything else that listed Echo’s eBTC as collateral or held it in a vault. That list is short today because the asset is young, but it’s worth watching. Any DEX pool with eBTC liquidity is sitting next to a wallet that owns 955 of the things and has demonstrated willingness to dump them, so DEX LPs face slow-bleed risk if the attacker decides extraction-via-DEX is worth the slippage hit.
Untouched: real Bitcoin, real WBTC on every other chain, every other Bitcoin wrapper, and every other lending market that didn’t list eBTC. The failure here is asset-specific and chain-specific.
The Uncomfortable Questions How did the attacker get the admin role in the first place? This is the question Echo has to answer, and it’s the only one whose answer matters past the immediate cleanup. If a hot admin key leaked, the lesson is operational. If the deployment left the role grantable to addresses it shouldn’t have, the same template needs reviewing on any other chain Echo deployed it on. If there’s an access-control bug in the contract logic itself, the scope expands.
Why did escalating one role break the whole thing? Whatever the entry point, the contract was structured so that a single compromise produced the entire outcome: no timelock between admin role grant and minter role grant, no separate “mint authority” multisig sitting downstream of the admin, no rate limit on freshly-granted minter roles. Multisigs, timelocks, and rate-limited mint authority on wrapped Bitcoin contracts exist precisely so this kind of single compromise can’t immediately produce 1,000 fake BTC. None of those were present here.
Should Curvance have listed eBTC at all, and with what parameters? The realized bad debt is small in absolute terms (~$870K) partly because the LTV on the market appears to have been kept fairly tight (11.3 WBTC borrowed against ~45 eBTC of deposited collateral isn’t aggressive leverage) and partly because the lender’s WBTC supply on the market was modest. The harder question is whether a freshly-deployed wrapped Bitcoin token with mint authority sitting on a single admin role should have been accepted as collateral in the first place, on any LTV, by a lender that had no way to monitor for unauthorized issuance.
Will Monad’s lending markets tighten listing standards? Monad has spent its early months courting builders and shipping tokens fast. That’s the right strategy for getting an L1 ecosystem off the ground; it’s also exactly the condition that produced this incident. Whether the lending markets respond by tightening parameters on freshly-listed assets, or wait for a larger event to do that, is the question worth watching.
The Lesson, Again Strip away the specifics and this is the same exploit as Resolv and KelpDAO.
Resolv’s USR exploit was a single externally owned address that could pass arbitrary mint amounts into completeSwap(), and ~$25M of real value walked out the door. KelpDAO’s rsETH exploit was a one-of-one DVN on a LayerZero adapter, and ~$236M of real value walked out the door. Echo’s eBTC exploit was a single admin role on a Bitcoin wrapper, and ~$870K of real value walked out the door.
What recurs across all three is the architectural shape: a privileged component on the edge carrying more authority than the surrounding system understood, with a downstream lending layer already composed against the asset as if the privileged component were sound. The lender behaves correctly. The token behaves correctly within its own access-control rules. The composition fails. The trust assumption embedded in the asset turns out to be weaker than the trust assumption the lender was operating on.
The realized losses look very different across the three incidents because the lending markets sitting downstream are very different. Mature lenders on Ethereum have learned to cap their exposure to any single collateral asset, to scrutinize the access controls of anything they list, and to keep blast radius small even when an upstream component breaks. New chains and new asset issuers haven’t built those reflexes yet. Until they do, each new ecosystem gets to learn the same lesson over again at whatever scale its lending markets happen to be running at the moment.
What Happens Next The Monad team has acknowledged the incident publicly and said security researchers are reviewing the contract and the wallet history. The real outstanding answers fall to two teams. Echo has to explain the chain of custody on the admin role and what the recovery plan looks like for the unauthorized supply. Curvance has to address the listing decision and how the bad debt gets covered.
The attacker’s wallet is being tracked, and any further movement of the residual ~955 eBTC or of the bridged WBTC will be visible quickly. Whether the bad debt gets socialized to Curvance suppliers, absorbed by Curvance’s treasury, or covered by Echo as the upstream point of failure is the call Curvance has to make.
For anyone using newly-launched lending markets on newly-launched chains, the practical takeaway is narrow: before you supply real assets, look at what the borrowable collateral actually is, who can mint it, and whether anything stops them from minting more. If your lender can’t tell you which keys can produce that collateral, neither can you.
Hacking incidents in the cryptocurrency market seem never-ending. Most recently, another DeFi protocol was targeted.
Accordingly, the Bitcoin-focused DeFi protocol Echo Protocol was vulnerable today, making it the latest in a wave of DeFi attacks this year.
Echo Protocol, a Monad (MON)-based Bitcoin liquidity project, announced via its X account that a security vulnerability had occurred in its bridge.
The team stated that they are investigating the incident and announced that they have temporarily suspended all cross-chain transactions.
This announcement comes after Onchain Lens reported that Echo Protocol was exposed to a security vulnerability worth $76.7 million.
According to onchain analyst Onchain lnes, the attacker generated 1,000 eBTC, the protocol’s liquidity token, on Monad and used it as collateral to borrow WBTC.
He then bridged the WBTC to Ethereum, converting it to ETH, and sent it to the cryptocurrency mixer Tornado Cash.
Following the hack news, the price of Echo Protocol (ECHO) fell. ECHO is listed on Binance Alpha, Binance’s pre-listing pool.
*This is not investment advice.
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On CNBC’s Mad Money, host Jim Cramer stirred markets by labeling both Bitcoin and gold as “bad money,” claiming that market liquidity is flowing into high-growth tech stocks like Nvidia and Apple. His latest statements come at a moment when debate is intensifying over why the crypto market is lagging behind its technology sector rivals.
Cramer’s take on Bitcoin and StrategyRecently, Cramer went so far as to accuse Strategy co-founder Michael Saylor of “killing Bitcoin” after the company sold 32 BTC. In an assessment at the beginning of June 2026, Cramer argued that the market may need to rethink its traditionally Bitcoin-friendly attitude toward Strategy.
In his view, the company has long functioned as a foundational support for the Bitcoin price. While some observers identify MicroStrategy’s influence as a driving force in the crypto space, Cramer contends that such diagnoses might be too harsh or simplistic.
Mini glossary: Strategy, formerly known as MicroStrategy, is a US-based software company distinguished by massive Bitcoin holdings on its balance sheet. Michael Saylor is a public figure best known for spearheading the company’s Bitcoin-focused treasury strategy.
Cramer noted that the pro-Bitcoin stance the market has taken towards Strategy may need to be reassessed, pointing out that the company has long served as a crucial price support for the asset.
Shifting stance and utility debateBack in February 2026, Cramer also openly questioned what real-world use Bitcoin offers. He asked what genuinely underpins the asset and rejected the view that Bitcoin serves as an effective hedge against geopolitical tensions. These comments sharply contrasted with his previously positive outlook in prior years.
Cramer had previously highlighted his early interest in crypto assets. In a 2021 interview on The Pomp Podcast, he revealed that he had invested $500,000 in Bitcoin following advice from Anthony Pompliano, expressing optimism at the time. However, his subsequent commentary has marked fluctuating positions toward the cryptocurrency.
Is liquidity shifting to AI stocks?A central theme emerging from the report is that artificial intelligence-focused stocks are attracting a growing share of market liquidity. According to this viewpoint, the underperformance of Bitcoin may stem from investors’ mounting preference for companies tied to the AI boom, rather than for crypto assets.
Arthur Hayes, co-founder of BitMEX, recently advanced a similar analysis. Hayes argued that most new US dollar liquidity is channeled into the AI sector, limiting the capital that could fuel a sustained Bitcoin rally.
Arthur Hayes observed that large portions of newly created dollar liquidity are being absorbed by the AI sector, weakening the capital flows necessary to drive major Bitcoin gains.
At present, AI-linked stocks led by Nvidia have overtaken crypto markets in terms of capital inflows. This new landscape offers a fresh perspective on where investors are focusing their risk appetite and which sectors are emerging as favorites in the quest for outsized returns.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
In an X post, Cramer posited that investors are liquidating assets to free up cash for SpaceX, expected to be the biggest stock market debut in history. But the way he described those assets raised some eyebrows.
Sign Of BTC Bottom?SpaceX Driving Sell-Offs Everywhere?Cramer has expressed concerns that growing speculation about SpaceX and its eventual inclusion in the S&P 500 could be fueling an unusual rotation out of some of the market's biggest winners, including the “Mag 7” stocks.
The assets he mentioned have indeed experienced some losses in the lead-up to the highly anticipated IPO on Friday.
A sudden rally in space stocks has also coincided with a drop in Bitcoin, which some market strategists attribute to the anticipated SpaceX IPO.
Price Action: At the time of writing, BTC was exchanging hands at $61,974.63, up 1.07% in the last 24 hours, according to data from Benzinga Pro.
Nvidia shares fell 0.62% in after-hours trading after closing 3.73% lower at $200.42 during Wednesday’s regular trading session. Apple shares closed 0.35% higher at $291.58.
According to Benzinga's Edge Stock Rankings, the NVDA stock sustains a stronger price trend over the short-, medium-, and long-term periods, complemented by high Growth and Quality scores.
Photo courtesy: katz / Shutterstock.com
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CNBC host Jim Cramer has called Bitcoin and gold “bad money” as investors move capital toward high-growth technology names and private market opportunities.
Summary
Jim Cramer called Bitcoin and gold bad money as investors chase SpaceX, Apple and Nvidia. His latest Bitcoin comments follow criticism of Michael Saylor and Strategy’s rare 32 BTC sale. Analysts linked the June crash to Fed policy, Iran tensions, ETF outflows and excessive leverage. His comment came during a difficult month for Bitcoin. The asset recently fell near the $60,000 area before recovering to trade near $62,796 at the time of writing.
Cramer says Bitcoin and gold face selling pressure Cramer wrote on X that “Bitcoin and gold–bad money” were being liquidated for SpaceX. He also said Apple and Nvidia were “good money” but were also being sold.
Bitcoin and gold–bad money, being liquidated for SpaceX. Apple and Nvidia –good money–being liquidated
— Jim Cramer (@jimcramer) June 10, 2026 The comment placed Bitcoin in the same liquidity debate as gold and major technology stocks. Cramer’s point was that investors may be selling several assets to raise cash for new opportunities.
SpaceX has drawn fresh market attention as investors watch a potential public listing. AI-linked firms and large technology names have also attracted large amounts of capital this year.
That has made liquidity a central market topic. When investors shift money into AI, private deals or major tech stocks, fewer funds may be available for risk assets such as Bitcoin.
Strategy sale keeps Bitcoin debate active Cramer’s latest post follows his earlier criticism of Strategy and Michael Saylor. As previously reported by crypto.news, he said Strategy’s sale of 32 BTC shook market confidence.
The sale was small compared with Strategy’s total Bitcoin holdings. However, traders focused on it because the company has long presented itself as a major Bitcoin accumulator.
Cramer previously said Strategy had acted as a “key trampoline” for Bitcoin’s price. He later wrote that Saylor had “murdered Bitcoin,” drawing a response from Saylor, who called the decline “just a flesh wound.”
The exchange turned Strategy’s role in Bitcoin markets into a wider debate. Some traders questioned whether one firm had too much influence on market sentiment, while others viewed the sale as minor.
AI and SpaceX rotation adds another pressure point AI capital demand has become one explanation for Bitcoin’s weaker performance. BitMEX co-founder Arthur Hayes has also argued that AI has absorbed a large share of new market liquidity.
Some market participants linked Bitcoin’s decline to capital rotation toward Anthropic, SpaceX and OpenAI. The argument is that large fundraising needs can compete with crypto for speculative money.
A crypto.news report said SpaceX IPO interest did not directly cause the June crash. It described the AI and IPO trade as a slow-moving pressure rather than the main trigger.
That distinction matters for Bitcoin traders. Tech rotation may reduce demand over time, but sharp market moves still depend on macro news, fund flows and leverage.
Bitcoin remains tied to macro and ETF flows crypto.news reported that the June crypto crash had several causes. These included hawkish Federal Reserve expectations, US-Iran tensions, Strategy’s 32 BTC sale, ETF outflows and leveraged liquidations.
Bitcoin also faced pressure from a long ETF outflow streak. That removed a major source of institutional demand while traders were already cutting risk.
For now, Cramer’s “bad money” comment adds to the public debate around Bitcoin’s place in portfolios. It does not change the core market test.
Bitcoin still needs stronger ETF demand, calmer macro conditions and a firm hold above the $60,000 area. Without those signals, traders may keep watching whether capital continues moving toward AI, SpaceX, Apple and Nvidia.
In This Article The Inverse Cramer Record: What the Historical Data Actually ShowsWhy Cramer Called Bitcoin Bad Money: The SpaceX and AI Rotation StoryCan Bitcoin Hold $62,000, or Is the Jim Cramer Call Actually Right? On June 10, 2026, CNBC host Jim Cramer posted on X: “Bitcoin and gold, bad money, being liquidated for SpaceX. Apple and Nvidia, good money, being liquidated.” Bitcoin was trading near $62,796 at the time, having just bounced off the $60,000 level during one of the rougher weeks of this Bitcoin bear market.
The post landed in crypto communities like a starter pistol, not because traders agreed with Cramer, but because of a well-documented pattern that runs in the opposite direction.
Jim Cramer’s Bitcoin calls have historically preceded recoveries rather than confirmed declines. The Inverse Cramer phenomenon is real enough that structured products were built around it, and it is worth examining seriously, not just as a meme.
But past patterns are not guarantees, and the current macro picture has genuine complications. Here is what the historical record actually shows, what Cramer’s framing reveals about real market forces, and what the price data says right now.
The Inverse Cramer Record: What the Historical Data Actually Shows Inverse Cramer.
Whatever he says the opposite is happening.📝 https://t.co/lW4CsEZXes pic.twitter.com/LO0NEE3G2p
— Ant (@KingAnt) June 10, 2026
The Inverse Cramer trade highlights a peculiar pattern in Bitcoin’s history. In 2017, Cramer called Bitcoin “monopoly money” just before its rise to nearly $20,000. In June 2021, he sold most of his Bitcoin, citing concerns about China’s crackdown, right before the market rebounded.
By January 2024, he warned of a Bitcoin selloff ahead of the US spot ETF launch, which ended up being a major catalyst for Bitcoin. However, by November 2024, he reversed his stance, urging people to own Bitcoin and even using BTC profits to pay off his mortgage.
This pattern suggests that when a prominent financial commentator like Jim Cramer expresses peak bearishness, it often coincides with retail capitulation, indicating potential recovery points. Analysts refer to this as a Cramer bottom signal, not that Cramer is always wrong, but his strongest calls often occur at sentiment extremes.
However, it’s important to note that an Inverse Cramer ETF has returned approximately -5.56% by October 2023. Hence, while this pattern provides insights into sentiment, it should be considered alongside other market indicators rather than as a standalone strategy.
DISCOVER: Best Meme Coin ICOs to Invest in 2026
Why Cramer Called Bitcoin Bad Money: The SpaceX and AI Rotation Story Cramer’s argument regarding Bitcoin is noteworthy in its own right, as he suggests that capital is shifting away from Bitcoin toward higher-conviction investments, including a potential SpaceX IPO, Apple, Nvidia, and AI developments.
This idea resonates with other analysts, including BitMEX co-founder Arthur Hayes, who believes that AI has taken a significant share of market liquidity this year, diverting funds from crypto.
The narrative surrounding the SpaceX IPO suggests that investor enthusiasm may be drawing speculative capital away from digital assets. Crypto.news highlighted this trend as a slow pressure rather than a crash trigger.
The June crypto crash stemmed from several factors, including Federal Reserve hawkishness, geopolitical tensions, and ETF outflows and liquidations.
Our analysis shows that significant institutional demand for Bitcoin has softened, underscoring that Cramer’s views may not fully capture Bitcoin’s long-term value, even if he’s right about short-term capital competition.
EXCLUSIVE: Earn $10 USDC Via Binance Sign-Up
Can Bitcoin Hold $62,000, or Is the Jim Cramer Call Actually Right? $BTC
Current Trade + My Weekly Thesis,
Price is bouncing from the HVN, and the overall structure is still intact and bullish.
Currently we are in a low risk long from 61.6k,
Our second limit got frontrunned (posted on discord earlier).
I won't take anymore longs until 60k,… https://t.co/g26sNO9G6x pic.twitter.com/WFN6EQ0z1N
— Kaz (@XBTkaz) June 11, 2026
Bitcoin’s current technical picture is genuinely contested. The $60,000 area has emerged as the key psychological support level; it held during the June selloff, but each test of that floor incrementally weakens it. Recovery to $62,796 is encouraging, but it is a recovery from stress, not a breakout from strength.
Bull case: Bitcoin holds above $60,000, ETF outflows stabilize and reverse, and the Cramer “bad money” comment serves as a textbook contrarian indicator bottom signal. A recovery above $65,000 on volume would begin to confirm this scenario. The broader Bitcoin price 2026 narrative, post-halving supply squeeze, and institutional adoption remain structurally intact. Base case: Bitcoin consolidates in the $60,000–$65,000 range for several weeks as macro uncertainty persists. Capital rotation toward AI and SpaceX continues to cap upside without triggering a breakdown. ETF flows remain choppy but do not accelerate to the downside. This is a grinding range, not a trend. Bear case/invalidation: Bitcoin loses $60,000 on a daily close with volume, confirming that the Jim Cramer call was not a sentiment extreme but an accurate read on structural capital outflows. A break below $58,000 would invalidate the current base and open the door to a deeper leg of the Bitcoin bear market. The AI liquidity argument would gain significant credibility in this scenario. Michael Saylor’s response to Cramer – dismissing the decline as “just a flesh wound”, captures the bull camp’s position. Strategy’s sale of 32 BTC was small relative to the company’s total holdings, and the market reaction likely says more about fragile sentiment than about a fundamental deterioration.
As our earlier coverage of CZ’s bottom call and ETF outflow data noted, high-profile bearish signals from prominent voices have repeatedly preceded stabilization, but stabilization still requires confirmation from flows, not just sentiment.
EXPLORE: Best Crypto Presales With Asymmetric Upside in the Current Market
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On February 21st, Charlie Lee of Litecoin took to Twitter and made a cryptic tweet about WEG Bank’s exciting product pipeline. Needless to say, the promise of a traditional banking institution getting more heavily involved in cryptocurrency went down very well in the Crypto Twitterverse:
What exciting new products were Charlie Lee hinting about? A week later, it seems like we have the one of the answers and it appears that it involves WEG Bank’s new partners, Nimiq and Agora Trade.
The Blueprint For A New Crypto-to-Fiat BridgeNimiq, a disruptive crypto payment system, recently announced that the project has created the blueprint for making fiat currency (USD, EUR, etc) blockchain-compatible. Work on this new Crypto-to-Fiat bridge has been pursued in collaboration with both WEG Bank and Agora Trade.
In a nutshell, this innovation is focused on making fiat currencies, like the Euro, directly behave as if it were a token on the blockchain. This enables seamless value exchange between the crypto and traditional banking worlds.
The members of the partnership. Image via Weg-Bank
Furthermore, Nimiq has removed the need for a single centralized intermediary eg. payment processors and exchanges, to control the two assets being traded. Even better, this functions without a third party ever controlling the private keys of the crypto asset.
Now, this may sound like a word salad to many people. Put simply, all this means is that Nimiq has found a way for crypto holders to sell their coins directly to fiat bank account holders and vice versa, without entrusting crypto assets to a third party like an exchange.
Anyone who has actually bought or sold crypto assets for fiat currency, will know that it’s not as straight forward or seamless as it should be. Indeed, you could be waiting for a couple of days for your fiat deposit to hit Coinbase and then you have to transfer Bitcoin or Ethereum to a crypto-to-crypto exchange to buy that altcoin you want.
All this creates a chain of hoops to jump through and the truth is that many people just give up. That’s bad news for wider crypto adoption.
In addition, the Quadriga scandal, where a cryptocurrency exchange allegedly lost the private keys to $135 million of user funds, highlights the benefits of giving crypto holders an alternative way to sell their coins for fiat currency, without having to entrust private keys to an exchange.
Nimiq’s new approach is aiming to revolutionize how value is exchanged between the traditional banking system and the cryptocurrency universe, by removing many of the complications and barriers that exist.
Not only is this innovation disruptive for current cryptocurrency holders, but it has the potential to make cryptocurrency markets significantly more accessible and safer for new crypto supporters too.
Blockchain-Compatible Fiat: How Is It Disruptive?Nimiq’s new blueprint has the potential to eliminate unnecessary middlemen for crypto holders and merchants alike.
Online crypto payment processors:Smooth out the friction that exists between the cryptocurrency and traditional banking world, by enabling value to be exchanged between the two ecosystems. The problem is that these middlemen (like Simplex) typically charge up to 5% on transactions and add yet another layer that needs to be trusted by crypto holders.
Nimiq’s new crypto-to-fiat bridge could completely disrupt and remove the need for online crypto payment processors. By directly integrating with decentralized exchanges, it eliminates the need for third-party custodial processors like BitPay.
Over-the-Counter (OTC)According to TABB Group research, these markets are three times bigger than exchange markets and they simply match high-value crypto holders with high-value fiat buyers.
Needless to say, OTC operators charge significant fees for this service and if Nimiq’s new solution reaches scale, it could pose a significant challenge to these markets by offering a convenient and efficient solution to match and execute transfers between crypto and fiat.
StablecoinsThis market currently stands at ~$2.8 billion. One of the main uses of stable coins (which attempt to replicate the value of the dollar) is providing a convenient way for crypto owners to hedge against the volatility of crypto markets.
Nimiq’s new crypto-to-fiat bridge is set to give crypto owners a new and convenient way to move their funds to real fiat, whilst also removing the need to trust unaudited stable coins.
Hello Nimiq OASISNimiq, working with WEG Bank AG and the non-custodial cryptocurrency exchange Agora.Trade, is pioneering a totally new approach to how banks deal with crypto by building a crypto-to-fiat bridge.
If those names sound familiar, it is because Litecoin and TokenPay each hold a stake in WEG Bank and Reto Trinkler made the Forbes ‘30 Under 30’ list.
This is a revolutionary collaboration that could provide the disruption needed to usher in mass adoption of crypto by making it far easier to interface between fiat and crypto.
Image via Nimiq
The groundbreaking blueprint allows fiat currency, like the Euro itself, to behave as if it was a token on the blockchain. The tech is called the Nimiq OASIS (Open Asset Swap Interaction Scheme), which is the middle layer solution connecting Agora Trade to WEG Bank.
Because it enables fiat to crypto exchange, this functions without needing to issue or use stable-coins. More details of this innovative solution can be found on Nimiq’s official blog.
Nimiq OASIS could completely disrupt how crypto is bought and sold with fiat currency. The wider vision is to allow other exchanges, bank, fiat and cryptocurrencies to integrate and leverage Nimiq OASIS in the future. This would allow even more crypto users and financial institutions to eliminate middlemen like payment processors and enable convenient value transfers between the two ecosystems.
Nimiq’s current partners made the following statements on the collaboration. According to Matthias von Hauff, CEO of WEG Bank AG:
For the past 12 months, we have been looking at various ways to expand our core banking activities into the blockchain community. With Nimiq, we have been able to develop not only a landmark payment interface which has the potential to revolutionize the way we deal with cryptocurrencies, but also an innovative and powerful partnership
And, according to Reto Trinkler, the co-founder of Agora Trade:
Overregulation and lack of innovation lead to the development of custodial exchanges and financial intermediaries such as stablecoins. By combining an easy-to-use payment token, a noncustodial exchange and an innovative fiat bank we go back to the heart of what blockchain is all about; Self-sovereignty and removing unnecessary middlemen
Agora Trade also took to Twitter after Nimiq’s official announcement was made. One thing is clear, Nimiq OASIS to closing the gap between the traditional banking system and cryptocurrency markets.
World watch out, blockchain-compatible fiat is coming!
Disclaimer: The author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research.
Trust Wallet has just announced full integration of Stellar Lumens (XLM), allowing users to send, receive and store XLM. Support has also been added for Aion (AION), Kin (KIN), Nimiq (NIM) and Thunder Token.
Owned by Binance, the multi-coin crypto wallet app supports thousands of digital assets, including ERC20 tokens. It has been rapidly expanding its list of supported coins after integrating Bitcoin, Bitcoin Cash and Litecoin in January.
Partial List of Supported Coins
Ethereum Ethereum Classic GoChain POA Network VeChain Tron Wanchain Callisto ICON Bitcoin Litecoin Bitcoin Cash TomoChain Dash Zcash Zcoin XRP KIN Nimiq Thunder Token Aion Stellar Trust Wallet has a built-in browser for DApps that allows users to trade cryptos and collectibles from their iOS and Android devices.
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Crypto Trading and Adoption
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced Binance Coin and Tether trading pairs for Dash. The exchange will open trading for DASH/BNB and DASH/USDT on Thursday, March 27.
Dash, an open-source cryptocurrency forked from the Bitcoin protocol, is designed to be spent at everyday shops and locations. Dash reports having over 4,900 merchants worldwide, with a foothold in Venezuela where over 2,000 merchants are listed on the Discover Dash directory, from SkyDive Caribbean to medical practitioners, coffee shops, restaurants and retailers.
Crypto Donations
The Tor Project, an anonymity network that enables communication by concealing a user’s location and web activity to protect personal privacy and thwart censorship, is now accepting a number of cryptocurrencies in addition to Bitcoin. Tor now accepts donations in Litecoin, Ethereum, Dash, Augur, Zcash, Monero and Stellar Lumens.
We changed how we accept cryptocurrency, and you can now donate a slew of different kinds of coins directly to us. Thank you for the feedback.
Help keep Tor robust and secure: https://t.co/qe9Jp8vJny #bitcoin #litecoin #DASH #Ethereum #augur #Zcash #xmr #StellarLumens
— The Tor Project (@torproject) March 22, 2019
The non-profit organization says it will use the donations to pay 47 staff members who work to support the network on behalf of journalists, human rights defenders, domestic violence survivors, policymakers, diplomats, academic and research institutions.
On the 2nd April 2019, Nimiq (NIM) announced that the crypto project had acquired a 9.9% stake in WEG Bank AG.
This move further reinforces Nimiq’s pre-existing strategic partnership with WEG Bank and Agora.Trade on a potentially revolutionary crypto-to-fiat bridge.
In this article, we’ll take a look at how all the pieces of the Nimiq puzzle fit together, how this acquisition and partnership could just be the beginning of wider disruption for both the cryptocurrency and fin-tech industries.
The Wider Impact On Crypto & Fin-techNimiq’s acquisition of a stake in WEG Bank means that the project is committed to dedicating their top developer talent to execute the blueprint for an innovate crypto-to-fiat bridge called Nimiq OASIS. This fin-tech solution is customer facing and aims to connect the traditional banking system, via WEG Bank, to the cryptocurrency markets using Agora.Trade.
At one end of the bridge, you have WEG Bank and Agora.Trade (a decentralized exchange) is at the other end. At the center of the bridge is Nimiq OASIS which is what connects the banking and cryptocurrency worlds together and enables value to be transferred between the two ecosystems. This is made possible by Nimiq OASIS making fiat currencies like the USD or EUR, blockchain compatible.
Now the value transfer problem between cryptocurrencies and banks has existed ever since Bitcoin was first introduced into the world.
This pain point has seen the emergence of cryptocurrency payment processors like Bitpay and Simplex, who step in as a middle man to bridge these two ecosystems. Indeed, Charles Hoskinson, the founder of Cardano (ADA) recently spoke about the current state of crypto markets and commented:
What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just Bitcoin to Litecoin to Ethereum to Cardano ー but also your regular bank account
Nimiq OASIS aims to achieve the transfer of value between cryptocurrency and a normal bank account. Furthermore, the target date for release is Q4 2019 and the first iteration of Nimiq OASIS is looking to support Bitcoin, Ethereum and NIM. The potential of Nimiq OASIS is nearly endless with Team Nimiq stating that:
Nimiq’s vision is to further expand Nimiq OASIS reach to other fiat currencies like the USD and additional crypto assets as other banks and cryptocurrency platforms can also be enabled to interface with Nimiq OASIS and provide their customer bases with a convenient and cheap way to buy or sell different cryptocurrencies with a bank account
So, in a nutshell, the Nimiq OASIS blueprint aims to deliver an easier and cheaper way for people to buy and sell cryptocurrencies using their bank account. This eliminates the need for crypto payment processors and can remove an additional fee layer. Now, that’s very disruptive in itself, but there's more.
Nimiq OASIS can also enable transactions to be processed without a single, centralized intermediary (like an exchange or payment processor) controlling the two assets being exchanged, and without the private keys of the crypto asset ever being entrusted to a third party.
Maybe all that sounds like a word salad, but consider the QuadrigaCX situation earlier in 2019 and how $190 million in crypto assets became inaccessible to the exchange.
This issue demonstrates the benefit of a crypto owner never trusting their private keys to anyone else. Indeed, if all those QuadrigaCX users had held their own private keys then they would still have access to that $190 million worth of crypto.
WEG Bank’s part in the Nimiq OASIS blueprint is critical, for it is the way through which Nimiq OASIS can access the SEPA Instant network and enable the buying or selling of crypto with any bank part of that network.
This means that users wouldn’t have to have an account at WEG Bank to use Nimiq OASIS. Nimiq’s partnership and acquisition of a stake in WEG Bank demonstrate the commitment to making this fin-tech solution succeed.
More To Nimiq OASIS Then Meets The Eye?Currently, there are few banks looking to actively work with cryptocurrency projects or develop crypto-based solutions. Enabling retail banking customers to buy crypto doesn’t sound like that big a deal, however, the Financial Conduct Authority in the UK recently released a report and conducted a survey asking people why they were not buying cryptocurrencies.
An incredible 20% of people replied that lacked knowledge on how to buy cryptocurrencies. Nimiq OASIS could make buying crypto as simple as sending an online bank transfer and this highlights the benefits of making the buying and selling of crypto as simple as possible.
In the area of crypto payment processing, Nimiq OASIS could end up being a very disruptive force. The reason why is that many merchants don’t want to use a crypto payment processor like Simplex due to fees of up to 5%.
Now many online retailers operate off average net margins as low as 0.5% to 3.5%. That’s a huge disincentive for many merchants to accept cryptocurrencies and for some, accepting crypto payments could even result in the merchant making a loss.
Image via Nimiq
With Nimiq OASIS comes the potential for significantly lower fees by removing crypto payment processors as middlemen. The potential is there for Nimiq OASIS to actually spread the wider merchant adoption of cryptocurrencies by offering a cheaper alternative.
The stable-coin market could also be impacted. Today, these markets stand at around $2.8 billion, with the main use case of stable coins being to hedge against the volatility of crypto.
However, that hedge does come with some risks if people are using certain popular, unaudited stable-coins. Nimiq OASIS could offer crypto enthusiasts a different alternative to hedge against the markets with actual fiat.
No one really knows how large the crypto over-the-counter markets are. However, many agree that the volume on OTC desks is larger than that transacted over cryptocurrency exchanges. If you are not sure what OTC markets are, it’s just a complicated way of saying that crypto buyers, with fiat, are matched with crypto sellers wanting to sell for fiat currency.
Usually these markets are reserved for only high-value transactions and the OTC broker takes a cut of the transaction for making it all happen. If Nimiq OASIS gains high levels of liquidity, then it could offer current OTC buyers and sellers with an alternative option for their trades and enable Nimiq OASIS to eat into OTC market share.
From Nimiq’s recent stake acquisition, WEG Bank has further strengthened its partnership with Nimiq and this could make a lot of strategic sense when you know that the bank is focusing on expanding into the crypto niche. Matthias von Hauff, CEO of WEG Bank AG went on the record with the following comment.
For the past 12 months, we have been looking at various ways to expand our core banking activities into the blockchain community. With Nimiq, we have been able to develop not only a landmark payment interface which has the potential to revolutionize the way we deal with cryptocurrencies, but also an innovative and powerful partnership
Not only does WEG Bank play a critical role in the Nimiq OASIS solution, but the acquisition of a stake in the bank also opens up other opportunities for Nimiq. Prominent crypto projects like Litecoin and Tokenpay are already existing shareholders and twenty cryptocurrency projects are set to be selected for corporate accounts at WEG Bank, with Lisk already being confirmed.
The WEG Bank connection certainly brings with it the potential for Nimiq to grow even more meaningful partnerships and collaborative efforts.
A Brief Overview About NimiqThe thing to know is that Nimiq OASIS is just a single initiative that makes up the Nimiq project. Nimiq is a decentralized payment system, with an extensive ecosystem of apps, in which the NIM token is used as a store and transfer of value.
Sure, this sounds very similar to the the numerous other crypto payment systems out there like Dash.
However, Nimiq does differentiate with its cutting edge browser-based blockchain, which allows users to connect to it using only a web browser. This creates a installation-free experience, geared towards ease of use. Nimiq also compounds this approach by going to extraordinary lengths to make user interfaces simple and easy.
This approach and emphasis on simplicity have been inspired by Nimiq’s vision of making a cryptocurrency for the masses and not just the tech savvy. The focus on ease of use is probably a wise strategy given that companies like Apple have been able to achieve astonishing rates of product adoption by keeping things as simple as possible for users. Nimiq is built with a similar ethos in mind and this can be seen throughout the project.
Image via Nimiq
The Nimiq ecosystem is full of the teams and the best ideas from the Nimiq community.
Nimiq has created a frictionless, one-click pay webshop where you can get your hands on branded merchandise. However, one of the most promising components of the ecosystem is a new checkout flow, which is set to be released shortly to enable different e-commerce stores around the world to accept NIM as a payment method. This could be a critical part of Nimiq’s future if combined with Nimiq OASIS and this could provide merchants with a viable alternative to crypto payment processors.
If you scout around the Nimiq forum you’ll also be able to see that it appears that plans are already being hatched for Merchant adoption, with Nimiq publicly disclosing a list of merchant targets.
The Nimiq ecosystem also includes numerous tip bots for platforms like Reddit, Twitter, Twitch, Telegram, and Discord. It even has a browser-based Crypto-Tamagotchi game too.
Nimiq’s acquisition and strategic partnership with WEG Bank can be viewed as a smart springboard to further expand the project’s ecosystem, whilst enhancing its use-case as a payment system. Nimiq’s work is by no means done yet. However, there appears to be a lot of promise and potential there and it might be worth keeping a closer eye on project developments.
What is WEG Bank?WEG Bank is a German bank founded by CEO Matthias von Hauff. The bank has gained a reputation for being one of the best institutions in the German real estate banking sector and has set its sight on expansion into the corporate, crypto and retail sectors.
Image via WEG Bank
With Nimiq on board, it seems that the project could play a key role in helping WEG Bank expand into the cryptocurrency markets and get a head-start over other less progressive thinking banks.
Who are Agora Trade?Agora.Trade is a decentralized exchange under Swiss and Maltese ownership. They are led by Forbes 30 under 30 listmaker Reto Trinkler. The exchange has also partnered up with WEG Bank through their connection and involvement in Nimiq OASIS.
In addition, Reto is also collaborating on other cutting-edge blockchain research with Nimiq through his other company called Trinkler Software. This collaboration appears to be bearing fruit, with the proposed Albatross consensus algorithm being the first thing to out of this collaboration.
Albatross is a new proof-of-stake consensus algorithm and its believed that this is able to perform close to the theoretical maximum for a single chain. This research is currently being put to the test, however, it could provide a foundation for Nimiq to shift to proof-of-stake in the future.
ConclusionNimiq OASIS has the potential to play a big role in shaping the future landscape of the wider crypto and fin-tech sectors. The acquisition of a stake in WEG Bank further supports Nimiq’s commitment to delivering Nimiq OASIS and the strategic partnerships with both WEG Bank and Agora-Trade.
It also opens the door for Nimiq to forge additional partnerships with substance, with Litecoin and Tokenpay already being stakeholders, some of the twenty crypto projects set to be selected for corporate accounts might synergize well with Nimiq and lead to even more future collaborations.
However, it must be noted that Nimiq OASIS is only a blueprint right now and that the first Nimiq OASIS transaction isn’t expected till Q4 2019. Sometimes development work takes longer than anticipated and that target date is certainly not fixed.
What’s particularly interesting about Nimiq OASIS is that it has never been intended to be used exclusively for NIM. From the get-go, Bitcoin and Ethereum support are anticipated, with Nimiq already suggesting that the vision is to enable support for other cryptocurrencies. This means that the Nimiq OASIS effect could be felt out throughout the entire crypto market in the future.
If Nimiq OASIS succeeds with help from WEG Bank and Agora.Trade, it will certainly be interesting to see if this fin-tech solution starts to change the attitudes held by other banks towards cryptocurrencies. Maybe WEG Bank will be the first of many to embrace this new technology?
Only time will tell what the true impact of Nimiq will be…
However, given the scale of the possible disruption, it might be a good idea to keep closer tabs on the project and keep up to date with the project’s developments.
Disclaimer: The author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research.
Nimiq (NIM) is a cryptocurrency designed for the masses, built with an ethos of simplicity and ease of use at its core.
It is an open source and decentralised payment protocol that was developed with adoption in mind. By offering browser based access, the Nimiq team are providing a truly unique payment solution.
In this article we’ll tell you what Nimiq is all about, the role the NIM token plays and what the project has been up to since its initial crowdfunding.
Nimiq is a decentralized and censorship-resistant payment system in which the NIM token is transacted as a transfer and store of value.
The project differs from others with its innovative browser-first approach, this means that users can connect directly to the blockchain with nothing more than a web browser and is intermediary-free.
The benefit to users is that Nimiq enables them to use NIM without any installations and this gives the project a unique ‘it just works’ characteristic, which is combined with simple and easy user interfaces.
Image Source: Nimiq Blog
In essence, the Nimiq payment system is all about making things as easy, accessible and simple for the user as possible. The driving force behind this ethos is that Nimiq believes that cryptocurrencies need to be simple enough to use by a typical internet user to encourage wider adoption.
Nimiq’s emphasis on simplicity, ease of use and it’s browser-based approach means that the project aims to be a cryptocurrency for the masses and aims to gear itself to both tech-savvy and normal internet users alike.
Nimiq is also home to an ecosystem of dozens of apps and ‘best ideas’. The Nimiq Safe is a wallet app that requires no installation whatsoever and has no annoying wait times to download an entire copy of the blockchain.
Wallet Designed for Adoption
The ecosystem also contains numerous NIM tip bots for platforms such as Reddit, Twitch, and Discord. Additional content monetization opportunities are also offered via WordPress mining plugins and URL shorteners integrated with a NIM miner.
Fun Fact ?: Nimiq even has a Tamagotchi type game called Nimipet, which is powered by the NIM token.
However, the most exciting element of the current ecosystem is possibly Nimiq’s smooth, one click checkout-flow which is showcased in the Nimiq Shop. Nimiq is also working on its WooCommerce Nimiq Payment Gateway, a plugin that could play a vital role in wider merchant adoption of NIM in the future.
Right now, it appears that Nimiq is stepping up and going after merchant adoption. Around 200 merchant targets have already been listed publicly in the Nimiq forum.
In a nutshell, Nimiq can be summed up by:
The Vision: “ Barrier-free value exchange for everyone”Nimiq’s Mission: “To enable the most accessible, censorship-resistant payment solutions”Why A Browser-Based Blockchain Could Encourage Adoption?Nimiq was the first browser-based blockchain. How could this drive forward wider adoption of Nimiq?
Consider Apple; how has the company acquired such dominance in consumer hardware?
Well, a large part of the company’s success has been through making the interaction with technology seamless, easy and intuitive. In essence, they have created products for the masses which can be used by tech-savvy people and regular users alike.
Nimiq has taken a similar approach when it comes to creating their crypto payment system. Being browser-based means that users get that installation-free ‘it just works’ feel when using Nimiq. This is a far cry from other crypto payments systems which can be difficult for people new to crypto to wrap their heads around.
User Interface of Nimiq Browser Wallet. Straight and Simple
When it comes to digital payments systems, projects need to be aware of changing consumer trends. Traditional payments have seen a meteoric rise in mobile payments. This trend has been enabled by reliable and safe mobile payment infrastructure and has empowered users to enjoy a signficantly more convenient method of payment.
This means that if cryptocurrencies are to compete successfully with legacy payment methods, then they should probably take mobile accessibility very seriously.
Nimiq’s browser-based blockchain means that no large downloads are required and this enables users to use the Nimiq payment system in regions with low internet connectivity.
Astonishingly, even developed countries can have mobile connectivity. Around 33% of the UK population currently suffers from bad mobile data coverage. Unsurprisingly, this figure rises in developing countries.
This trend towards mobile payments has been recognized by Nimiq and is one of the reasons why their browser-based approach could hold significant value and has the potential to encourage wider crypto adoption.
Disruptive Potential: Nimiq OASIS, WEG Bank & Agora.TradeOn the 28th of February, Nimiq announced that it had partnered up with German-owned WEG Bank and the non-custodial cryptocurrency exchange Agora.Trade to create a potentially disruptive crypto-to-fiat bridge.
Before going any further it’s important to understand that the solution has a go-live target date of Q4 2019 and is currently only a blueprint.
In short, Nimiq’s innovative approach centers on making fiat currency (like the EUR and USD) directly behave as if it were a token on a blockchain. This provides a potentially revolutionary new way of connecting the crypto exchanges to the traditional banking network.
For anyone buying cryptocurrencies, you’ll probably notice that there are significant fees associated with depositing fiat currency on a crypto exchange. The reason why is that many crypto exchanges are forced to use crypto payment processors to bridge the crypto and traditional banking ecosystems.
The Nimiq, Agora and WEG Bank Partnership
That means that value exchange is not seamless and is the key reason why depositing Euros and USD on certain crypto exchanges can come with hefty fees.
Nimiq has developed a blueprint to potentially solve this issue and aim to develop Nimiq OASIS (Open Asset Swap Interaction Scheme). It initially aims to connect different crypto markets using the non-custodial Agora.Trade exchange to the traditional banking network via WEG Bank.
Nimiq OASIS is the middle layer which enables seamless value transfer between these two ecosystems through making fiat currency blockchain compatible. Put simply, the goal is for Nimiq to deliver an easy, cheap and fast way for users to buy cryptocurrency.
That’s not all. Nimiq’s solution also allows for the processing of transfers without a single, centralized intermediary (like a payment processor) controlling the two assets being exchanged, and without needing to entrust the private keys of the cryptocurrency asset to a third party.
What Pain Points Could Nimiq Solve?There are a number of barriers that make it hard for mass adoption of cryptocurrency. Some of these are related to the public's perception while others are due to legacy financial systems.
Given the unique approach that is being taken by Nimiq, there are a number of ways in which it can help ease the use and adoption of cryptocurrency.
Making Crypto Easier to Buy or SellDepositing fiat currency on an exchange can be time-consuming, confusing and incur large fees. Indeed, the UK Financial Conduct Authority released a report in March 2019 containing survey data to the question ‘why haven’t you bought any (cryptocurrency)?
20% responded that they ‘lack knowledge on how to buy cryptocurrency’.8% said that crypto was ‘too difficult or complex to buy’.2% responded that they had a ‘lack of knowledge’.This means if the survey data of the FCA is viewed as a representative of the overall population, then 30% of the people not already in cryptocurrency could benefit from an easy and convenient way to buy and sell cryptocurrency. This is exactly what Nimiq OASIS aims to do.
Q4: "Why haven't you bought any Cryptocurrency". Source: FCA
It is interesting to note that within the FCA report, only 29% of survey respondents said that crypto was “too risky to buy (eg due to their price change)”. Nimiq OASIS could empower retail banking customers at SEPA instant enabled banks, with a fast and easy way to buy or sell cryptocurrency for fiat and address a key pain point for wider crypto adoption.
Elimination of MiddlemenIf you are a cryptocurrency platform accepting fiat deposits or a merchant accepting crypto as a payment option, then chances are that you are using a cryptocurrency payment processor to act as a middleman between you and the traditional banking network. The problem is that some payment processor companies charge fees of up to 5%.
Now consider that many traditional online stores operate off margins as lows as 0.5% to 3.5% and you should see the problem for wider crypto adoption. Nimiq OASIS could provide a cheaper alternative and even help expand the range of merchants willing to accept crypto as a payment method.
Alternative To Over-The-Counter Markets (OTC)The world of crypto OTC markets is a murky one, to say the least. However, many speculate that the true value of OTC is in excess of that traded on public exchanges.
If this is true, this means that billions of dollars being traded OTC every single day. Needless to say, OTC brokers typically charge a large fee for their service and if Nimiq OASIS provides significant liquidity the solution could provide an interesting alternative to OTC.
Stable CoinsThe stable coin market currently stands at around $3 billion and these crypto assets are largely used by traders wanting to hedge their exposure to volatile crypto markets. However, some stable coins are unaudited (read Tether USDT) and there is little doubt that they come with risk over ‘real’ fiat.
Nimiq’s crypto-to-fiat bridge could potentially provide a viable alternative to stable coins and eat into market share.
Nimiq OASIS Is Just A BlueprintAs exciting as Nimiq OASIS could be, it is important to understand that it’s currently just a blueprint and there is no working product yet. However, Nimiq has backed up the Nimiq OASIS blueprint by acquiring a 9.9% stake in WEG Bank.
Could Oasis be a precursor to much more? Image via Nimiq
Needless to say, this stake acquisition is a statement of intent and illustrates the commitment of both WEG bank and Nimiq to the Nimiq OASIS initiative.
The really exciting thing about Nimiq OASIS is that its first iteration aims to support NIM, BTC, and ETH. The team has already stated that they are open to supporting other cryptocurrencies, exchanges and merchant solutions in the future too.
This means that if Nimiq OASIS succeeds, it can be viewed as a wider contribution to the overall cryptocurrency community and infrastructure.
Deeper Links Between Nimiq & Agora TradeNimiq is serious about pushing the boundaries of blockchain technology, which involves exploring new and revolutionary ideas. These research efforts include sponsoring a PHD position at Imperial College London and blockchain research at Stanford University.
Agora.Trade is led by Forbes 30 under 30 list-maker Reto Tinkler, who also heads up Trinkler Software. Nimiq and Trinkler Software have also opened up a blockchain research collaboration, the first results of which is a blueprint for the Albatross Consensus Algorithm.
Nimiq With Trinkler Software
This proof-of-stake consensus method has been reported to be able to perform close to the theoretical maximum for a single chain and could be the basis of Nimiq 2.0.
Both Nimiq and Trinkler Software are continuing to test the Albatross protocol and have begun to build a simulator to evaluate it.
It still remains to be seen what else will come out of Nimiq’s research efforts. The important thing to know is that the project takes an ad hoc approach to research and that research itself does not guarantee results or groundbreaking technological breakthroughs.
However, such research efforts can be viewed as key to driving the Nimiq ecosystem forward and contributing to the wider cryptocurrency space.
Nimiq Tech Vs. Bitcoin Vs. EthereumWhen it comes to evaluating any cryptocurrency, it is often useful to compare it to competitors and some of the biggest crypto projects out there. After all, what is the point of an altcoin which doesn’t have any advantages over Bitcoin?
Below, you can see two tables pitting Nimiq head to head with both Ethereum and Bitcoin. It is, however, important to note that Nimiq has two different entries.
The first is Nimiq with its current proof of work consensus method and Nimiq 2.0 is the performance expected if Nimiq migrates to proof-of-stake using the Albatross consensus mechanism.
Nimiq Compared to Bitcoin and Ethereum
Nimiq seems to be flying under the radar of many cryptocurrency enthusiasts. However, the project is still home to a rapidly growing and highly engaged community. The Nimiq team have decided to support their developer community with its own community funding initiative.
This enables any member of the community to submit proposals for funding and the Nimiq team also offers project teams with free security audits, mentorship, help with UI and UX and more.
Members of Nimiq's Enthusiastic Community
Evidence of the Nimiq communities high levels of engagement can be seen in Nimiq’s collaboration with Binance-owned Trust Wallet on the 27th March 2019. The integration of NIM into Trust Wallet was completely spearheaded by two community developers called Terorie and Vasconcelos.
The Nimiq community funding initiative is further strengthening the Nimiq ecosystem and increasing engagement in the Nimiq developer community.
Nimiq's ValuesNimiq is a tech-focused project and the team believes that meaningful impact should take precedence over mere business. That's why two percent of the overall NIM supply has been reserved for Nimiq’s charitable foundation.
These funds are vesting for ten years and the idea is that as the value of NIM grows, Nimiq’s charitable foundation will be empowered to support numerous great causes and initiatives.
The Nimiq team are particularly interested in supporting projects with high ecological and social impact.
The Nimiq TeamTeam Nimiq is made up of 19 team members in total. These are split between the following departments: core development, front-end, communication, infrastructure, documentation, legal, operations, and vlogs.
Nimiq's Team Members jumping for joy (and Crypto)
The team also leverages the expertise of several paid independent contributors:
Marketing & UX/UI: OverniceSEO: DCBerlinPress: TotalCrypto.ioLegal: MMESeveral regional community managers e.g. social media and translations.How Easy is Nimiq To Use?Are you interested in Nimiq and want to check out if it’s really as simple as it is claimed to be?
The good news is that you can try it out and some NIM for free. We estimate that it will take around 30 seconds to setup your new NIM wallet.
Stage 1: Enter Nimiq’s onboarding process through the link here and click ‘create wallet’.
Creating a Nimiq Wallet
Stage 2: Choose your unique identicon to help identify your wallet at a glance.
Choose an Identicon that Suits
Stage 3: Confirm your identicon selection.
You sure that Identicon works?
Stage 4: Key in your PIN.
Choose a quick access pin
Stage 5: You are good to go ahead and select Nimiq Safe.
Going through to Nimiq Safe
Finally: Receive or send NIM transactions using Nimiq Safe.
Getting started on Nimiq is literally that easy!
How to Buy Nimiq CoinCurrently, Nimiq is listed on the following centralized exchanges:
HitBTCHotbitTrade SatoshiBTC-AlphaAt Coin Bureau, we can only recommend crypto exchanges and platforms that we use ourselves. Unfortunately, after hearing about poor experiences on all the exchanges listed above, we cannot endorse any of them.
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However, the decentralized exchange Changelly can be used as a reputable place to buy NIM that we endorse.
ConclusionThere is little doubt that Nimiq is one of those promising cryptocurrency projects currently going under the radar.
We like Nimiq’s tech-focused approach, the potential ground-breaking innovation of Nimiq OASIS and the promising initial research outcomes. The strength of the Nimiq payment system can be seen as embodied by all these things, plus it is focused on ease of use and browser-based approach.
However, all this promise is simply potential right now. Research outcomes like Nimiq OASIS and Albatross are simply blueprints right now. NIM is also not accepted by many merchants right now either.
Anyone adding Nimiq to their watchlist must understand that there is a long road ahead for Nimiq to live up to their potential and that involves trusting Team Nimiq and their community to execute and scale the payment system successfully.
Although many things could go wrong and stop Nimiq achieving its lofty goals, the approach taken is certainly different from other cryptocurrency payment systems out there.
Nimiq’s acquisition of a stake in WEG Bank is also a big statement of intent and helps validate that the project is attempting to create the crypto-to-fiat bridge promised, rather than just promising vapourware.
Ultimately it’s your choice if you want to dive in deeper into the project. However, if you want to find out more, we highly recommend that you check out Nimiq’s official blog.
Featured Image via Fotolia
Disclaimer: The author holds some NIM in their portfolio and is compensated in a long-term independent consulting capacity by Nimiq. This article must not be construed as investment advice. Always do your own research.
WEG Bank AG, a German bank which has been partially acquired by three prominent blockchain firms – Nimiq, Token Pay and the Litecoin Foundation, has announced that it will process cryptocurrency payments for retailers by 2020. The bank is actively looking for applications for a sandbox test group, one that will be opened to the public by 2020, reported a media outlet.
Salamantex, the Austria-based payment solution provider, will act as the program partner, having already tested various point-of-sale devices in Austria. According to WEG Bank AG CEO Matthias von Hauff, this new bank “stakeholder” will allow retailers to receive payments in their wallets or cash out in fiat to a bank account. He added,
“All we do is provide the regulatory framework in the background, to make sure when the retailer receives crypto, he actually receives fiat in his bank account, if he chooses.”
The program will be managed by TEN31, the German bank’s new fintech brand and will initiate trade with Bitcoin [BTC], Litecoin [LTC], and other undisclosed cryptocurrencies. With plans to expand from ‘point-of-sale terminals,’ the CEO also revealed plans for initiating online checkouts, developing ATMs and the possibility “to integrate a [crypto] exchange into the bank as well.”
According to reports, Nimiq has already been working with the Malta-based decentralized exchange startup, Agora Trade, on such a technology called the OASIS [ Open Asset Swap Interaction Scheme]. Nimiq acquired a 9.9% stake in WEG Bank AG in April 2019 and as part of the acquisition, it can leverage the SEPA Instant banking network through WEG Bank. The blog detailing the acquisition read,
“This means that the combination of Nimiq OASIS, a non-custodial liquidity provider such as Agora.Trade and WEG Bank could enable customers at any of the 2’000+ banks in the SEPA Instant network to exchange value between crypto and fiat systems.”
Back in July, TokenPay re-allocated the 9.9% stake ownership to the Litecoin Foundation, in exchange for providing payment solutions for the bank and working with TokenPay on blockchain projects.
When mass adoption? That’s the question on the minds of so many crypto fans. The short answer is that nobody knows ‘if’ or ‘when’ cryptocurrencies will be adopted by huge swathes of the general population.
What we do know is that although the 2017 bull market raised significant awareness about cryptocurrencies, the general adoption rates are still phenomenally low. The key question is why? The truth is that crypto still has a bit of a reputation problem.
We are sure many of you have experienced this yourself after telling family and friends that you have made that first Bitcoin purchase.
How many of you had an off-the-cuff comment about Bitcoin being the currency of criminals? We bet almost everyone reading this has had that experience at some point.
Severing Link Between Crypto & CriminalityYes, these attitudes to crypto can be annoying but they tell us something very important when it comes to growing the wider adoption of cryptocurrencies.
Namely, that crypto needs to break that association with criminality, which is still a hangover from the Silk Road incident way back in 2014.
Sadly, severing that link is no easy feat with news articles from the mainstream seemingly taking every opportunity to sensationalize cryptos links to crime.
Yes, it’s true that shady people use crypto for illicit purposes. However, what these article writers seem to be unaware of is that regular currencies like the USD are most used forms of money in the criminal underworld.
Is crypto really a hackers choice? Image via Fotolia
Also, how many ‘smart’ criminals really want to have their dodgy transactions stored immutably on a public blockchain for all to see?
Indeed, crypto seems an increasingly bad option for criminals when you consider that crypto-to-fiat on and off ramps require users to send in copies of their passport to execute trades or withdrawals. A bag full of $100 bills seems a much better way to obscure shady transactions, doesn’t it?
We cannot blame the general public for thinking that crypto is full of digital highwaymen up to no good. It’s a narrative they are constantly fed by the mainstream media and these are the types of people we need to embrace crypto for mass adoption to occur.
Now that’s a massive hurdle for crypto to overcome. However, one way of tackling it and changing opinion is a steady stream of articles highlighting the innovation and good things that are happening in the blockchain space.
Yes, there are many technical articles about the amazing innovations happening in the space. But does the average Joe really understand this? We think not.
Maybe the easiest way to plant the idea that ‘crypto is not so bad’ is to show people the progressive ethical companies embracing cryptocurrency as a method of payment and being able to tell people about the phenomenal amounts of crypto that was used to support these ethical businesses.
If the crypto community can pull together and make this happen, then maybe more people will change their tune when it comes to crypto and that could very well kick start the next wave of adoption.
Kindhumans is a new online store and education movement dedicated to making it easy for thoughtful consumers to buy the top eco-innovative, sustainability-focused products.
The store only lists brands that share the values of caring about the environment and making the world a kinder place. In short, Kindhumans aspires to be the home of eco-friendly products.
Some of the items in Kindhumans Store
Co-founder Justin Wilkenfeld explains the vision of Kindhumans:
We want to help streamline the efforts for conscious consumers to more easily identify, find and purchase quality products that are good for people and good for the planet.
Another key component of the initiative is education and inspiring people from around the world to see the value in ethically and responsibly sourced products. This includes raising awareness about product supply chains, the materials used and of course ensuring that consumers end up with great products. If that sounds interesting to you, then why not join the movement on Instagram or Facebook?
In the spirit of kindness, giving and making a difference, Kindhumans has also pledged to donate 1% of all Kindhumans store sales to support social and environmental causes
Why Buy Ethically Sourced Products?We’d like to think that the vast majority of people are good and care about the environment and our fellow humans. However, we do live increasingly busy lives and it’s hard to know the story behind behind the products we buy.
We are sure all of you own a smartphone and have not given the supply chain of that product much thought. The truth is that phone you have in your pocket has a story and a very complex supply chain.
Only Ethically Sourced. Image via YouTube
It will include a material called coltan, of which 60% of the world’s supply comes from the Democratic Republic of the Congo, with much of it mined by child labourers controlled by local strongmen or sourced from conflict zones.
Amnesty International have published reports in the past raising the concerns about Apple’s and Samsungs over-reliance on child labour in the DRC.
Now most of us are probably not okay with buying a product built with child slave labour and would rather support a company that has an ethically responsible supply chain. That’s why Kindhumans spend a lot of time reviewing products before they are listed in the Kindhumans store to ensure that they are:
Made by brands of high integrity and support transparencyAre cruelty-freeSupport communitiesShare the vision of environmental sustainabilityRefuse to use non-ethical materialsHave a mission of making the world a better placeThe Kindhumans vetting process considers everything from where the products come from, the different elements of the supply chain, the methods used to create the product and even how the product is disposed of at the end of its life.
This means that every item in the Kindhumans store has its seal of approval and ethically conscious consumers can shop there knowing that the Kindhumans team have thoroughly assessed eco-friendliness and sourcing of each product listed in the store.
All this makes it easier for consumers who care to ensure they are buying truly eco-friendly and ethical products.
Ethical Company Adopting CryptoPromoting transparency has been a core part of the Kindhumans identity from its inception and this is one area where the worlds of charity and blockchain tech can meet.
KindHumans and Nimiq Collaberation
Kindhumans have been exceptionally progressive and have chosen Nimiq (NIM) from a huge list of possible blockchains to record a hash of their annual transparency report on.
Kindhumans have also chosen to embrace cryptocurrency payments and accept Bitcoin, Ethereum, and NIM in their store via an integration with Nimiq Checkout.
The important thing to know is that Kindhumans could have chosen from a long list of crypto payment solutions to enable the store to accept cryptocurrency.
So, with the huge choice of solutions out there, why choose Nimiq to partner with? One of the key things for Kindhumans is that they like to partner with tech projects that share their ideals and values.
Nimiq Checkout Integrations
Nimiq is one of the few crypto projects that has had a strong focus on charity and supporting causes of high social and ecological impact upon its inception.
Indeed, 2% of the entire token supply was dedicated to the Nimiq Charity, which has the sole function of supporting eco-friendly causes and human development initiatives. This alignment in values is one of the core things powering forward the collaboration between Nimiq and Kindhumans.
However, values and ethos are not everything. Collaborations need to make business sense too and it seems that the Kindhumans team have understood the vast potential of future Nimiq Checkout updates to solve some of the key problems holding back crypto merchant adoption.
Nimiq OASIS Connects Banking & CryptoRight now, the Kindhumans store is powered by a crypto-only version of the Nimiq Checkout. From a merchant point of view, there is nothing really remarkable about this.
Potential Gateway Between Fiat & Crypto. Image via Nimiq
It simply allows crypto users like you and me to send BTC, ETH or NIM to merchants like Kindhumans in an integrated checkout process. Yes, you could argue that the interface is nicer and simpler than most of the other solutions out there, but the remarkable features of Nimiq Checkout are yet to come.
Kindhumans seem to be sold on the enhanced value propositions that will be opened up to merchants in future versions of Nimiq Checkout. The first ongoing research effort is Nimiq OASIS, which stands for the Open Asset Swap Interaction Scheme.
This is a blueprint for a crypto-to-fiat bridge, which makes fiat currencies like the Euro behave as if it were a token on the blockchain. In short, Nimiq OASIS aims to provide a new way of connecting the crypto world with the traditional banking network.
To give you an idea of the gravity of this technological solution, Cardano (ADA) Founder, Charles Hoskinson went on record in March 2019 to say:
What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just Bitcoin to Litecoin to Ethereum to Cardano ー but also your regular bank account
Team Nimiq have already announced that they plan to integrate Nimiq OASIS into Nimiq Checkout and offer integrated merchants the ability to accept payments in Bitcoin, Ethereum and NIM in a completely non-custodial way.
Nimiq Checkout Overview
This will all be settled in Euros directly to their SEPA instant bank accounts. This means that Nimiq Checkout integrators like Kindhumans can benefit from:
Making new sales by accepting cryptocurrency through using the first non-custodial multi-crypto solution. The result is that merchants with no technical knowledge can accept crypto in their store and get Euros paid directly into their SEPA bank accounts quickly - all this without even touching any crypto.Cryptocurrencies are volatile and can swing wildly in price. Nimiq OASIS provides a solution to practically eliminates the volatility risks associated with merchants accepting crypto.In short, Nimiq OASIS aims to solve two of the main problems holding back merchant adoption: The volatility of crypto and making it much simpler for merchants to accept this new form of payment.
With Nimiq OASIS set to be rolled out in 2020, it much easier to see why Kindhumans opted for Nimiq Checkout integration today and pass on the numerous other crypto merchant solutions out there.
What's Backing Up Nimiq OASIS?Anyone who has been in crypto for a while will know that crypto projects tend to over-hype ‘technological innovations’ on the horizon and end up failing to deliver.
However, with Nimiq OASIS, there appears to be some serious substance behind the research effort. Nimiq announced in early 2019 that it had formed a strategic partnership with German owned WEG Bank.
This was given further weight by Nimiq acquiring a 9.9% stake in the bank and joining other stakeholders like Litecoin and TokenPay.
Nimiq & Ten31 Collaberation. Image via Ten31.com
The key thing to know here is that the WEG Bank and Nimiq relationship is focused on Nimiq OASIS. Via WEG Bank, Nimiq OASIS would be able to leverage the SEPA instant banking network and this would extend the reach of OASIS to over 2,000+ banks in 20 different countries.
WEG Bank also recently announced the launch of its crypto-focused banking unit called TEN31. Nimiq is heavily featured on the new site and this seems to indicate the vital role Nimiq will play in the future of TEN31 bank and the delivery of banking solutions to crypto-focussed businesses.
More Businesses Getting Involved?In October 2019, TEN31 Bank announced that Salamantex, a prominent crypto point of sale terminal provider, had also become a 9.9% stake stakeholder in the bank. The result is that TEN31 and WEG Bank are now 40% owned by crypto-focused businesses.
Tweet Announcing Collab With Salamantex. Image via Twitter
No official statement has yet been released. However, it would not be surprising to hear in the near future that Salamantex was planning to integrate Nimiq OASIS technology into its sales terminals and extend the reach of Nimiq OASIS to real world stores too.
So, when will Nimiq OASIS be ready?
The Nimiq team have already stated that the first test transactions should be complete by the end of 2019 and that the technology should be rolled out in 2020. These timeframes are also supported by information on the TEN31 website.
Addressing Scaling Issues With AlbatrossScaling is a massive problem faced by almost every crypto payment system and Nimiq is no different. However, Nimiq’s second major research effort is the Albatross proof-of-stake consensus algorithm which focuses on solving that very problem.
This is being pursued in collaboration with Trinkler Software and a technical paper has already been published. What’s astonishing is that the initial findings are that Albatross will achieve a performance close to the theoretical maximum of a single-chain protocol.
Albatross PoS Consensus Mechanism
The reason why this is important for Nimiq OASIS is that the process will use the Nimiq blockchain. This means that if Nimiq Checkout is adopted at scale, that the Nimiq blockchain will need to be capable of processing an ever increasing number of transactions, potentially causing a bottleneck.
Currently, the Nimiq blockchain is capable of processing 7 transactions per second (the same as Bitcoin).
However, with the testing of Albatross already in progress and its integration into Nimiq 2.0 scheduled for Q2 2020, it is expected that the Albatross improvements would see the Nimiq blockchain being capable of 1,000+ transactions per second. To place that into context, that’s an average five times more than PayPal has to manage.
The key thing to know here is that if Nimiq’s OASIS powered multi-crypto merchant solution really takes off, then Albatross is set to play a key role in ensuring that those crypto-to-fiat conversions remain quick for merchants.
Is Nimiq an Interesting Project?We consider Nimiq to be a hidden gem that’s flying under the radar of the crypto community. If you want to learn more, why not watch our deep dive video into the project?
ConclusionLike it or not, crypto still has a massive reputation problem amoungst a mainstream audience. Yes, that the link between crypto and criminality is likely to fade over time.
However, before crypto can truly be mass adopted, it needs to achieve mainstream acceptance. We believe that the key to changing that viewpoint is being able to show the doubters tangible examples where blockchain tech has been embraced and adopted to support good causes.
That’s where progressive ethical companies like Kindhumans can add tremendous value and help power forward crypto adoption.
It is also why you should consider supporting businesses like Kindhumans and show the mainstream the true spirit of the crypto community. If we can pull together and create that positive news-flow, then it will surely bring us one step closer to the mass adoption that so many in the crypto community wants.
The future and speed of wider adoption could very well be in your hands. Will you sit idly by or will you do your bit to help break the link between crypto and criminality?
Overview: In the fast-paced realm of cryptocurrency, insightful Storj price predictions and XRP price predictions are invaluable for investors aiming to capitalize on digital assets. This guide not only covers the Bitcoin price prediction but also delves into the emerging tokens with Tamadoge price prediction and HBAR price prediction, rounding off with an analysis on the Ethereum price prediction.
Storj Price Prediction: A Glimpse Into the Future Storj price prediction reveals the potential for significant growth as decentralized storage gains traction. By understanding the factors that could drive Storj’s value, investors can make strategic decisions, highlighting the importance of accurate Storj price predictions in crafting a profitable investment portfolio.
XRP Price Prediction: Beyond the Challenges Given its legal battles, *XRP* price prediction becomes a complex, yet intriguing topic. This section not only provides an XRP price prediction but also offers insights into the currency’s resilience and potential for recovery, aiding investors in navigating the volatility of the crypto market.
Bitcoin Price Prediction: The Benchmark of Cryptocurrencies As the flagship cryptocurrency, Bitcoin price prediction serves as a market indicator. This analysis explores how global economic factors and adoption rates affect the *BTC* price prediction, offering a roadmap for investors looking to maximize returns on Bitcoin investments.
Tamadoge Price Prediction: The Rising Star The Tamadoge price prediction underscores its potential in a market hungry for innovation. As we unravel the Tamadoge price prediction, it’s clear that this crypto brings more than just speculative value, suggesting a bright future for those investing early.
HBAR Price Prediction: A New Era of Efficiency HBAR price prediction highlights its unique technological foundation and market position. This segment not only focuses on HBAR price prediction but also on Hedera Hashgraph’s potential to redefine transactional processes, presenting a compelling case for HBAR investments.
Ethereum Price Prediction: Steering the Smart Contract Revolution Ethereum price prediction is crucial as it transitions to proof-of-stake. With Ethereum’s influence on decentralized applications, the *ETH* price prediction offers insights into how this major shift could impact its value and the broader blockchain ecosystem.
Pi Network Price Prediction: Streamlining Crypto Mining Pi Network price prediction is essential as the Pi coin is influenced by large supply and limited demand, with over 47 million users mostly unable to sell. Despite potential uses, expected mainnet launch sell-offs and regulatory issues could impact its overall growth.
Embracing the Cryptocurrency Movement By closely examining Storj price predictions, XRP price predictions, Bitcoin price predictions, Tamadoge price predictions, HBAR price predictions, Ethereum price predictions and Pi Network price prediction, investors are better equipped to navigate the complexities of the crypto market. These predictions serve as a compass, guiding through the volatile yet rewarding landscape of cryptocurrency investment.
AUTHOR
Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.
Despite the fact that the altcoin market managed to significantly push Bitcoin’s dominance to 62.7% this month, this asset class is still far behind. While many alts posted significant gains over the last month, most of them quickly retraced to below their support levels.
Chainlink [LINK]
LINK, the cryptocurrency powering blockchain project Chainlink, attempted to break its 2019 high this month after it significantly rose to breach critical resistances along the way. However, the coin soon suffered a decline of 16.31% after it fell from $4.9 to $4.1 over the past week.
At press time, the coin, which was the best performer in USD markets during 2019, was down by 3.72% over the last 24-hours and was priced at $4.26 as the bulls struggled to retain their previous glory. Additionally, LINK held a market cap of $1.49 billion and a 24-hour trading volume of $319.4 million.
Bitcoin Diamond [BCD]
This fork coin of Bitcoin has not had any significant developments over the last couple of months. Despite that, the latest rally managed to push Bitcoin Diamond’s valuation to new highs. This, however, did not last long. The coin fell shortly after exhibiting a decline of 9.8% over the past week.
To top that, BCD was down by 3.18% over the last 24-hours and was priced at $0.077 as its market cap stood at $138.4 million with $8.5 million in trading volume over the last 24-hours across 21 exchanges.
Cosmos [ATOM]
On a positive note, ATOM continued posting gains after slipping close to the key support area and was up by 17.56% over the last week.
Moreover, the coin rose by 3.46% over the last 24-hours and was trading at a price of $4.86. It held a market cap of $926 million and a 24-hour trading volume of $300 million.
Besides, Jae Kwon, Co-founder and CEO of Tendermint, the company behind the development of Cosmos SDK, had previously revealed that he will step down from his role at Cosmos to work on a daughter project. This piece of news may have had an effect on its price.
Kyber Network [KNC]:
Kyber Network token [KNC] was also up by nearly 3% in the last 24-hours as leading crypto-exchange Coinbase announced the launch of KNC in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom. According to the official release, Coinbase users would be able to deposit the token by 24 February.
Following the announcement, KNC climbed to $0.57 and held a market cap of $99.7 million. Additionally, it registered a 24-hours trading volume of $31.58. Interestingly, the coin was up by 65% over the past week.
Bitcoin’s dominance in the cryptocurrency market has fallen over the past few weeks, with the same recorded to be 62%, at press time. This was in light of the altcoin rally that took up much of 2020. However, it has since simmered and only a few altcoins have managed to retain their position, when compared to Bitcoin.
Verge [XVG]
Verge [XVG], which was among the 8 new crypto-assets to be added to the conversion function on Binance, has seen exponential highs after posting gains of 10.48% over the past week.
Verge saw a steep rise in the price. However, the latest chart suggested that the coin might be re-entering the bearish zone.
XVG was valued at $o.0046, at press time. After a decline of 5.51% over the past 24-hours, the coin held a market cap of $75.20 million and registered a trading volume of $1.37 million.
VeChain [ VET]
Over the past month, VeChain’s social engagement metrics have reportedly been very heavy with spikes as high as 3,520,412 engagements per day, according to the crypto-insights provider LunarCRUSH. Additionally, the latest altcoin rally propelled VeChain to shoot up to highs not seen since December 2019.
The coin breached its crucial resistance along the way, however, it took a plunge of 8.05% over the last seven days, following which VET bulls found support at the $0.005 level.
At press time, VET registered a market cap of $379.3 million and was priced at $0.0068. After gaining by 3.93%, the coin recorded a 24-hour trading volume of $188 million.
Bitcoin Diamond [BCD]
This fork-coin of Bitcoin did manage to post some impressive gains this month and was up by 16.78% over the last week. However, the coin failed to regain its foothold as it ended up trading below the previously breached resistance point of $0.76. The coin found its support at $0.57.
At press time, Bitcoin Diamond [BCD] held a market cap of $145.3 million and was trading at $0.77 after a surge of 4.45% in the last 24-hours. Additionally, the fork-coin registered a trading volume of $7.70 million over the same time period.
Monero [XMR]
The most popular privacy coin, Monero also gained traction during the latest bull run. The privacy-centric coin was recently added to the list of cryptocurrencies supported by Monaco-based crypto startup Bitsa.
XMR bulls noted a significant upward momentum as it posted 12.12% gains over the past week. Additionally, it was up by 4.68% over the last 24-hours and was priced at $84.18, at press time. XMR held a market cap of $1.46 billion and a 24-hour trading volume of $143.8 million.
