High buying pressure pushes Bitcoin past 25K
Most of the major digital assets are shown in green as Asia begins its working day.
Bitcoin is up 5.3% over the past 24 hours to $25,703 while ether is up 2.8% to $1,697. Binance’s BNB token rose 8.7% to $331.
Kaiko’s director of research, Clara Medaly, said in a recent appearance on CoinDesk TV that this small rally for the cryptocurrency is due to low market liquidity and high buying pressure. Binance’s conversion of $1 billion of BUSD into Bitcoin, ether, BNB, and other tokens was the fuel for the fire.
“This is an enormous amount of buying pressure on the markets,” she said. “Since the markets are not that liquid, any significant buying pressure is likely to have a significant impact on prices as a whole.”
“There are quite a few crypto companies already in Europe or the Asia Pacific region that have maintained banking relationships, so it actually presents a very big opportunity for those regions to accept crypto business,” she said.
Medalie also notes that the correlation between stocks and cryptocurrencies is breaking, which points to the divergence between the cryptocurrency and equity markets at the beginning of the year and during this recent rally.
We see the cryptocurrency markets rallying, while the stock markets have completely collapsed,” she said. 600 in Europe.”
The Shiba Inu community discusses the origin story of the Shibarium
For the community around the SHIB code and Shibarium blockchain, the difference is between code that has been stolen and open source code that has been recycled.
The drama started on Thursday AST with a confirmed Discord member referring to the Shibarium chain using the same chain ID number, 917, as the Rinia Testnet chain.
While Discord members have been quick to create their own explanations for the similarity, with some panic selling the token, sending it down 10%, the explanation from the developers behind Shibarium Chain is something more benign.
A few string IDs were randomly picked – 417 (alpha), 517 (phase), 917 (pre-pod/beta) and these strings weren’t logged anywhere at the time, I made the mistake of not revalidating when the dummies network launched “,” Calderia tweetedone of the pseudonymous developers.
Calderia tweeted that they will be reposting a new version of the BETA network with a new string ID.
“New deployments will be rare in the future but possible because we will still be in the beta phase,” he continued.
Others pointed out the similarities in the code on Github, a code repository.
Programmers often reuse each other’s work for mundane, benign tasks. these Pre-written blocks known as libraries, and available as open source code. This is the code that is meant to be copied and reused.
Andrew Angrisani, a member of the project’s Telegram community as well as Discord, and a crypto security engineer, explained the similarities between the code for both Rinia and Shibarium using the same open source code.
“Rinia TestNet and Shibarium both copied open source code for block explorers called Blockscout and both were probably lazy to implement them,” he said.
Another high-profile community member, JesusM, called all of this “a simple bug made in beta.” Jesus said that this is the goal of Operation PITA.
They said “the bugs in it are being tested and then fixed”.
Angrisani speculated that part of this could be a ploy to drum up free marketing for Rinia and an upcoming project.
Rinia Testnet Dev Series launches software [initial coin offering] For Firechain he named Shib Killer on March 31st. They might use this mud in the water to drum up free marketing because the ChainIDs were the same,” he said. “It might be made by copying the source code from an open source project.”
Nor is it the first time the accusations have circulated. In February, questions were raised on Discord about the similarities between Shibarium and Rinia.
At the end of the day, Shibarium is probably out of the way, and open source code is being used (which is a good thing – the consolidation fund is still working on Shibarium, and Firechain/Rinia dev is using this in marketing their upcoming ICO.
While the SHIB token has recovered some of its losses since the initial sale, it is still down 8% on the day.
Bitcoin was running out of coins despite US banks failing to fuel expectations of an early shift by the Federal Reserve in favor of liquidity easing. Kaiko Research Director Clara Medalie shared her analysis of the cryptocurrency markets. Additionally, Signature Bank is on the market after it was closed by government regulators on Sunday, but any potential buyer must reportedly agree to a major caveat: no cryptocurrency. (The FDIC on Friday denied the report.) Jason Brett, general manager of Key Bridge Advisors and former US regulator at the FDIC, shared his reaction. Justin Florentin, engineer of the Bisso protocol, also joined the conversation.
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