Catégorie : Crypto News

TL;DR

• Pi Network users in South Korea surpass Binance’s user base in the country.
• The project’s open mainnet launch awaits final verifications, with updates expected in the following weeks.

Pi Network Outpaces Binance on This Front

The cryptocurrency project Pi Network, which allows individuals to mine digital assets directly from their smartphones, remains one of the most discussed topics in the space. It saw the light of day over five years ago but its open mainnet and native token have yet to go live. 

Despite the surrounding controversy, Pi Network has amassed a multi-million community. Not long ago, the team revealed the project’s application had exceeded the milestone of 100 million downloads.

One country where Pi Network has created a stronghold is South Korea. Wu Blockchain recently reported that the exact figure of local users has reached 1.34 million. In fact, the only two domestic crypto-related entities having more users are the popular exchanges Upbit (4.36 million) and Bithumb (2.24 million).

The local Pi Network community outpaced Binance’s clients in South Korea in terms of numbers. Those employing the services of Coinbase, Bitget, and Bybit are also outnumbered by the project’s users. 

Other Asian countries with solid Pi Network communities include China, Vietnam, India, Japan, Singapore, Malaysia, and others.

Recent Pi Network Updates

As mentioned above, the Pi Network community is still waiting for the launch of the project’s native cryptocurrency and open network.

Earlier this year, the team claimed that the latter will see the light of day once 15 million users complete the necessary verifications. Not long ago, Pi News revealed that 14 million people have already complied with the rules, with only one million left to do so. The final deadline is December 31. 

The date was moved several times, causing mixed reactions from the community. The latest extension was disclosed at the end of November, after which some people speculated that the team might continue to announce delays instead of setting things into motion.

Meanwhile, December is expected to be quite eventful for Pi Network users. After all, the Pi Core Team previously promised to announce the mainnet open roadmap, which should provide more clarity on when users will be able to buy and sell Pi tokens.

It remains to be seen whether the final weeks of 2024 will bring significant developments or if the pessimists will turn right. 

Binance has cemented its position as the leading crypto exchange by reporting customer deposits totaling $21.6 billion in 2024, according to a Dec. 12 report.

This achievement places Binance significantly ahead of its competition, with data from DeFi Llama revealing that the exchange’s deposits surpass the combined total of the next ten largest exchanges tracked by 36%. Competitors—including OKX, Bitfinex, Robinhood, and Bybit—collectively reported $15.9 billion in deposits for the same period.

Binance attributed its dominance to initiatives like the Binance Launchpool, which has been instrumental in attracting and retaining funds on the platform. Broader market trends, including a surge in Bitcoin and Tether’s USDT deposits, have also fueled the exchange’s growth.

Data from CryptoQuant reveals that the average Bitcoin deposit on exchanges climbed by 358% to 1.65 BTC in 2024 from 0.36 BTC in 2023. Similarly, average USDT deposits saw an extraordinary 1,073% rise from $19,600 to $230,000.

This year, Binance achieved another significant milestone as it became the first centralized crypto exchange to surpass $100 trillion in lifetime trading volume.

Key factors to Binance’s growth

The platform attributed its impressive numbers to its ability to attract institutional investors, boosted by developments like the approval of Bitcoin ETFs. These ETFs have provided institutional players simplified access to crypto markets, driving higher inflows.

The industry’s growth has paralleled a rise in global digital asset adoption. Advancements in regulatory frameworks, new Bitcoin ETF approvals, and record-breaking price movements have spurred institutional and retail participation.

As a result, Binance has benefited from this momentum, expanding its global user base to nearly 250 million. In November, the platform reported 240 million users, indicating the addition of around 10 million new users in just one month.

Commenting on these numbers, Binance CEO Richard Teng described 2024 as a landmark year for the crypto sector.

He expressed gratitude for the trust placed in Binance by its expanding user community while emphasizing the platform’s role in driving innovation and shaping the future of crypto trading and investment.

Mentioned in this article

On December 11, privacy coins stole the spotlight as the market surged, led by notable gains across key tokens.

Data collected from crypto price tracking websites revealed that Verge (XVG) rose by 37.4% across 24 hours, with Zcash (ZEC) and Monero (XMR) also posting significant gains, up 15.4% and 12.3%, respectively.

Privacy Coin Resurgence

The sector repeated the feat on December 12, with figures from CoinGecko indicating that privacy coins have increased 10.3% over the past day.

At the time of writing, their combined value stood at $7.53 billion, with NuCypher (NU) leading the pack of gainers. Its price had jumped 85.6% to $0.1805, with Verge climbing 51.8% to reach $0.01704. Additionally, XVG’s trading volume skyrocketed to $361 million, the highest among its peers.

Collectively, the category recorded a 24-hour trading volume of $908.6 million, an improvement of more than $262 million over the previous day, when it raked in about $646 million.

Many of the higher-capped tokens registered more modest upticks, with XMR gaining an extra 5.7% on its price, pushing its market value to $3.6 billion. At $197.22, the coin also experienced a surge in its one-day trading volume, which hit $147 million, indicating substantial volatility yet strong investor appetite.

On its part, ZEC went up 6.9% in 24 hours to trade at $64.33, while Dash (DASH) grew by 5.5% in the same period and is currently changing hands at $49.61.

Across seven days, the little-known Cloakcoin (CLOAK) posted the biggest returns, jumping more than 104%. However, most of the more popular privacy coins were in the red in that timeframe, with Dash down 13.5%. ZEC also registered an 11.4% loss, while Verge dropped 6.7% from its previous price. Monero’s retraction over the week was much less significant at only 0.8%.

Monero, Zcash, Catching a Bad Rep

Privacy coins allow users to move funds confidentially using advanced cryptographic techniques and technologies, including ring signatures and stealth addresses.

However, their ability to obscure transactions has put them on the radar of law enforcement authorities in several jurisdictions. In July, financial regulators in Dubai prohibited any transactions involving several such cryptocurrencies, including XMR and ZEC. This was intended to help prevent bad actors from leveraging them for money laundering and insider trading activities.

Similarly, in 2018, Japan’s financial watchdog warned against using privacy coins, causing major exchanges such as Huobi and Bittrex to delist them. Earlier in the year, crime prevention units in the country apprehended 18 suspected scammers after analyzing their XMR transactions. The group is alleged to have conducted more than 900 money laundering transactions worth $670,000 using Monero.

According to a paper released Dec. 12, BlackRock suggests that a 1% to 2% Bitcoin allocation in multi-asset portfolios matches the risk levels found in portfolios holding technology stocks.

The asset manager, which oversees trillions of dollars, frames this range as a strategic starting point for investors seeking diverse sources of risk. Bitcoin is proposed as an element that does not entirely mirror the movement of equities.

As Bloomberg reported, BlackRock’s analysis shows that even though Bitcoin exhibits a lower correlation to other assets, its volatility amplifies overall risk in a manner not unlike portfolios heavily concentrated in a handful of large technology names.

BlackRock’s CIO of ETF and index investments, Samara Cohen, notes that a small Bitcoin weighting may operate as a separate risk driver in a balanced allocation. Beyond 2%, the firm warns that Bitcoin’s inherent volatility would contribute an outsized share of total risk, potentially overshadowing other components.

Per Bloomberg, BlackRock considers the 1% to 2% range sufficient to approximate the influence of major tech holdings, a well-known scenario among investors grappling with top-heavy equity benchmarks.

This perspective appears amid Bitcoin’s sustained gains following November’s US presidential election. Trump’s victory, combined with public endorsements and ongoing institutional inflows, saw Bitcoin surpass $100,000 in December.

Market observers attribute part of Bitcoin’s growth to demand from institutional players, and BlackRock’s iShares Bitcoin Trust (IBIT) has captured attention as a key vehicle. The Bitcoin ETF has achieved rapid asset growth and attracted substantial inflows. Its expansion represents a trend that has bolstered Bitcoin’s acceptance among traditional investors and reshaped debates about prudent exposure.

As Forbes reported, BlackRock’s research parallels the Magnificent Seven technology stocks that have dominated a large share of the S&P 500’s value. The firm notes that Bitcoin’s market capitalization is smaller, its utility differs, and its fundamental drivers do not resemble corporate revenue streams.

Still, the allocation’s overall risk contributions resemble those of a portfolio that leans heavily into a single prominent equity holding. While past cycles saw Bitcoin’s correlation to equities tighten, recent conditions have shown more distinct patterns influenced by policy shifts, macroeconomic shifts, and evolving investor sentiment.

The paper hints that as Bitcoin becomes more integrated into mainstream portfolios, its volatility profile may shift. Widespread institutional adoption could eventually temper price fluctuations, changing the asset’s returns.

BlackRock’s position does not call for larger allocations at this stage but instead emphasizes measured sizing to maintain stable portfolio risk parameters. Its analysis provides a framework for investors weighing incremental Bitcoin exposure as the asset finds its place in long-term portfolio construction.

Mentioned in this article

[PRESS RELEASE – London, UK, December 12th, 2024]

Alkimi, a pioneering blockchain-based digital advertising platform, is announcing a strategic partnership with Big Brain Holdings, a leading venture capital firm known for investing in cutting-edge technology companies.

This collaboration marks a significant milestone in Alkimi’s mission to transform the digital advertising landscape through increased transparency, efficiency, and fairness. The partnership with Big Brain Holdings will provide Alkimi with additional resources and expertise meant to accelerate its growth and expand its innovative solutions in the Web3 and ad tech space.

Key highlights of the partnership include:

1. Strategic Investment: Big Brain Holdings will make a substantial investment in Alkimi, further strengthening the company’s financial position and ability to scale.
2. Industry Expertise: The partnership will bring Big Brain Holdings’ extensive network and industry knowledge to Alkimi, opening new doors for collaboration and market expansion.
3. Technology Advancement: With this alliance, Alkimi will be able to further develop its blockchain-based advertising platform, enhancing its capabilities to provide more value to advertisers and publishers alike.
4. Market Expansion: The combined resources of both companies will enable Alkimi to accelerate its market penetration and global reach.

Ben Putley, CEO of Alkimi, commented on the partnership: “Big Brain Holdings have a demonstrated track record of backing companies disrupting legacy markets and Alkimi is no different. The trust and belief in our vision, paired with their track record of supporting groundbreaking technologies make them the ideal partner. We’re confident that this partnership will allow us to bring our transparent, efficient, and fair advertising solutions to an even wider audience.”

Sam Kim, Managing Partner at Big Brain Holdings, added: “We are proud to support the brilliant team behind Alkimi in their mission to redefine the standards in ad tech through significant improvements in transparency, efficiency and cost management. We particularly welcome the inclusive nature of Alkimi that provides frictionless usage for both emerging web3 and well-established, traditional web2 advertisers and publishers. Their innovative solutions mark the next milestone in the ad tech space providing previously unavailable features to everyone.”

This partnership comes at a time of growth for Alkimi, following recent successes in securing thousands of publishers and millions of dollars in revenue from advertisers. With the support of Big Brain Holdings, Alkimi is poised to accelerate its mission of creating a more transparent and efficient digital advertising ecosystem.

About Alkimi

Alkimi is a cutting-edge digital advertising platform leveraging blockchain technology to bring transparency, efficiency, and fairness to the ad tech industry. By eliminating intermediaries and reducing fraud, Alkimi creates value for both advertisers and publishers.

About Big Brain Holdings

Big Brain Holdings is a venture capital firm focused on investing in revolutionary technologies that have the potential to transform industries. With a comprehensive portfolio of blockchain businesses, Big Brain Holdings has a proven track record of identifying and supporting game-changing companies.

For more information, users may contact: marketing@alkimi.org