High buying pressure pushes Bitcoin past 25,000
Most major digital assets are in the green as Asia begins its working day.
Bitcoin is up 5.3% in the past 24 hours to $25,703, while Ether is up around 2.8% to $1,697. Binance’s BNB token is up 8.7% at $331.
Kaiko’s Director of Research, Clara Medalie, said during a recent appearance on CoinDesk TV that this mini-crypto rally is due to low market liquidity and strong buying pressure. Binance converting $1 billion worth of BUSD into bitcoin, ether, BNB and other tokens was fuel for the fire.
“This is huge buying pressure in the markets,” she said. “Because the markets are not that liquid, any significant buying pressure will likely have a huge impact on prices as a whole.”
“There are a number of crypto companies based in Europe or APAC that have maintained their banking relationships, which actually presents a pretty big opportunity for those regions to take on crypto businesses,” he said. she declared.
Medalie also notes that the correlation between equities and crypto is breaking down, highlighting the divergence between the crypto and equities markets at the start of the year and during this latest rally.
“It changed this week. We see crypto markets rallying, while stock markets have completely crashed,” she said. “The divergence in these markets has reversed, and it’s holding, which creates this declining correlation for Nasdaq tech stocks and the European 600 index.”
Shiba Inu Community Debates Shibarium Origin Story
For the community around the SHIB token and the Shibarium blockchain, it is the difference between code that has been plagiarized and open-source code that has been recycled.
The drama began on Thursday Asia Time, where an established member of his Discord pointed to the Shibarium channel using the same channel ID number, 917, as the Rinia Testnet channel.
While Discord members were quick to generate their own explanations for the similarity, with some selling the token in a panic, driving it down 10%, the developer’s explanation behind the Shibarium channel is something much bigger. benign.
“Few channel IDs were randomly chosen – 417 (Alpha), 517 (Staging), 917 (pre-pod/beta) and these channels weren’t registered anywhere at the time, I did the error of not rechecking when puppynet network was started”, tweeted Kaaldhairyaone of the pseudonymous developers.
Kaaldhairya tweeted that they will be “re-deploying a new version of the BETA network with a new channel id”.
“New deployments will be rare in the future but are possible as we will still be in the BETA phase,” he continued.
Others have pointed out similarities in code found on Github, a code repository.
Coders often reuse the work of others for mundane and benign tasks. These pre-written blocks are known as libraries and are available as open source code. That is, code intended to be copied and reused.
Andrew Angrisani, a member of the project’s Telegram community as well as its Discord, and a cryptographic security engineer, explained the code similarities with Rinia and Shibarium using the same open-source code.
“Rinia TestNet and Shibarium copied open source code for their block explorers called Blockscout and were probably both lazy in their implementation,” he said.
Another high-ranking community member, JesusM, called it all “a minor mistake made on the beta.” JesusM said that’s the point of the beta process.
“Errors in it are tested and then fixed,” they said.
Angrisani speculated that part of this could be a ploy to start free marketing for Rinia and an upcoming project.
“The Rinia Testnet Dev channel is launching a [initial coin offering] for Firechain called a Shib Killer on March 31. They could use this mud in the water for free marketing since the ChainIDs were the same,” he said. “It may be an artifact of copying the source code of an open source project.”
This is also not the first time that accusations have been circulating. In February, questions on Discord were raised about the similarities between Shibarium and Rinia.
“At the end of the day, Shibarium is probably still a long way off, Open Source code is used (which is good – other projects are doing it), Unification Fund is still working on Shibarium, and developer Firechain/Rinia is using it to market their next ICO,” Angrisani concluded.
Although the SHIB token has recouped some of its losses since the initial selloff, it is still down 8% on the day.
Bitcoin funds were bleeding coins even as U.S. bank failures fueled expectations of an early pivot from the Federal Reserve in favor of easing liquidity. Kaiko’s Director of Research Clara Medalie shared her analysis of the crypto markets. Additionally, Signature Bank is in the market after being shut down by state regulators on Sunday, but any potential buyer should accept one major caveat: no crypto. (The Federal Deposit Insurance Corp. denied the report on Friday.) Jason Brett, managing director of Key Bridge Advisors and former U.S. regulator at the FDIC, shared his reaction. Besu protocol engineer Justin Florentine also joined the conversation.