Crypto News Mar 04: Bitcoin rally has started to cool down with news from Lido Finance, Cardano, Dogecoin Praxis, Rarify, LINK, MATIC

From the perception that the Bitcoin price rally has slowed to the registration of the intellectual property rights for the two brands “Doge” and “Dogecoin” by the Dogecoin Foundation. Here are some highlights from the crypto market.

Bitcoin News

After a steady start to the week, Bitcoin’s rally has finally cooled. The price of BTC has started accumulating at $43,500, up 24% on the weekly chart, and it is currently hovering around the $41,700 area.

According to internet trader Lex Moskovski, Bitcoin’s cumulative momentum began in late February. He also shared more charts from Glassnode to prove his point. According to the chart, the number of accumulated wallets has just reached the ATH level and is almost touching the 570,000 area.

Cumulative Bitcoin Addresses | Source: Glassnode

Ki Young Ju, CEO of CryptoQuant, also shares this view. According to him, recent HODLers have played a major role in driving the BTC price higher.

“Last year’s new arrivals are becoming long-term owners. Currently, the amount of BTC held for 6 months or more accounts for 52% of the market share. Meanwhile, at the start of the cycle, that figure was just 13%. Bitcoin will have a hard time returning to the $28,000 region as newcomers will wait for other newcomers in the next cycle.”

$BTC accumulation phase begins.

Newcomers who joined last year grow into long-time owners. The market cap for BTC over 6 months old is now 52%. At the cyclical peak it was 13%.

Reaching the previous low ($28,000) is unlikely as newcomers will wait for other newcomers in the next cycle. pic.twitter.com/LH3aRVqcB1

— Ki Young Ju (@ki_young_ju) March 2, 2022

Bitcoin has indeed seen bullish sentiment on crypto twitter. For example, analyst TAanalyst claims that Bitcoin is exhibiting a “1-2-3-4-5-Covid-6 reversal” pattern and is expected to reach $90,000 by the end of July this year.

According to Glassnode, the price increase is due to the large amount of WBTC that has created new custodian addresses. Contrasted with the piling of whales, which is traditionally seen as a buy signal.

According to Gareth Soloway, Head of Market Strategy at InTheMoneyStocks, alongside the upside potential, Bitcoin could still form a lower price point in the short-term. He said Bitcoin could drop mid-cycle. In an interview with Kitco News, the retailer said:

“In my opinion, we are in a major bear cycle and Bitcoin is likely still poised for another decline that will pull the price lower into the $20,000 region.

Lido financial news

Ethereum’s staking platform, Lido Finance (LIDO), has mobilize raised $70 million from investment giant Andreessen Horowitz (a16z), marking the protocol’s first round of funding since May 2021.

A16z spokesperson said that the investment in Lido aims to further support the rollout of Ethereum 2.0 staking solutions.

Lido’s first round of funding has long since ended, about a year ago in May 2021. At the time, Lido raised $73 million led by the Paradigm investment fund. Additionally, a number of other major players such as Three Arrows Capital, Alameda Research, and Digital Currency Group also participated in this investment.

Lido’s first round of funding has long since ended, about a year ago in May 2021. At the time, Lido raised $73 million led by the Paradigm investment fund. Additionally, a number of other major players such as Three Arrows Capital, Alameda Research, and Digital Currency Group also participated in this investment.

Founded in 2020, Lido Finance offers an Ethereum 2.0 liquid staking solution that allows users to stake their ETH in a flexible and accessible way. With Lido, users can stake, own, and earn rewards tons of ETH even without large capital.

News Cardano

Whale on Cardano has positive acquired over 16 million ADA in just 24 hours as developer activity on Cardano surged.

Cryptocurrency analyst Ali Martinez cited data from on-chain analytics firm Santiment showing that Cardano addresses holding between 100,000 and 1 million ADA recently bought a large amount of ADA, apparently taking advantage of the rebate.

At the same time, the data shows that Cardano developer activity this year is more than seven times that of BTC and recently surpassed Ethereum by several times.

Dogecoin news

Dogecoin Foundation has notification on the organization’s official Youtube Channel on March 3 that they have registered the intellectual property rights for the “Doge” and “Dogecoin” brands and many symbols related to the project in the European Union (EU).

This is a measure to prevent attempts by people unrelated to Dogecoin to exploit the brand to scam investors.

Since reviving in August after a six-year hiatus, the Dogecoin Foundation has had many problems using its name and image, as the organization failed to practice brand protection when it was founded in 2014.

In fact, since September, the Dogecoin Foundation’s filing with the United States Patent and Trademark Office (USPTO) has rivaled so many other crypto platforms that at least 100 unrelated crypto protocols use the Dogecoin Foundation’s name.

News practice

Praxis urban development startup backed by Peter Thiel mobilize raised $15 million in Series A funding from multiple crypto venture firms led by Paradigm Capital, Sam Bankman-Fried’s Alameda Research, and Three Arrows Capital.

New York University’s Dryden Brown and Boston University’s Charlie Callinan, who co-founded Praxis, formerly Bluebook Cities, in 2019, describe their goal as: “Build a crypto city to make it a reality. The future matters more.”

Praxis wants to break out of the metaverse to build a city organized around “shared values” rather than “industrial-age labor market principles.” The crypto city should be strongly geared towards functional architecture and environmental technology.

The Praxis team has yet to come up with a land deal big enough to build the city, but the project is rumored to be somewhere in the Mediterranean.

Refine Messages

NFT infrastructure startup Rarify has mobilize raised $10 million in a Series A investment round from Pantera Capital with a $100 million valuation.

Pantera Capital’s support seems important as it is one of the leading venture capital firms in the crypto space.

One of Rarify’s key offerings is the commerce-focused application programming interface (API) NFT, which allows businesses to introduce and integrate user-friendly marketplaces into their platforms. The API also allows NFTs to be minted and transferred between different blockchains.

Speaking to Forbes on Thursday, Rarify co-founder Revas Tsivtsivadze explained that the company aims to make it easier to buy and sell NFTs in the same way that Square has made accepting payments tremendously easy.

News LINK and MATIC

Cryptocurrency tracker WhaleStats has announced that on March 3, two major crypto investors who hold the bulk of their funds in Ethereum made large purchases of LINK and MATIC.

One of them is an Ethereum whale, “Kvothe”, which is ranked #300 on WhaleStats and bought 659,765 MATIC worth $1,055,624.

???? ETH whale “Kvothe” just bought 659,765 $matic ($1,055,624).

Rank #300 at WhaleStats: https://t.co/CfilpTbqSZ

Transactions: https://t.co/9qEiWJwdV1#Ether #whalestatistics

— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 3, 2022

The second largest acquisition by an anonymous ETH whale ranked 133rd on WhaleStats. This whale bought 84,431 LINK tokens, which equals $1,247,893.

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