Bitcoin Plummets From All-Time High; Tech Drags Down Indexes

Published

8 months ago

30 May, 2024

FinCrypt Staff

Bitcoin Plummets From All-Time High; Tech Drags Down Indexes

Equity Indexes Wrap: Mag Seven (Minus Nvidia) Weighs on Indexes; Discount Retailers, Energy Gain

March 05, 2024 04:13 PM EST

The Dow

Walmart (WMT) gained 1.2% after competitor Target reported better-than-expected earnings.

Intel (INTC) led the index lower, falling 5.4%. It was followed by tech peers Salesforce (CRM), down 5%, and Microsoft (MSFT), down 3%. Amazon (AMZN) shed 2%.

Apple (AAPL) fell 2.8% after a report suggested iPhone sales in China fell 24% year-over-year in the first six weeks of the year.

The S&P 500

Target (TGT) soared 12% after its quarterly earnings topped Wall Street estimates.

Dialysis provider DaVita (DVA) gained 7.1% after data showed Novo Nordisk’s (NVO) Ozempic was a less effective treatment for kidney disease than analysts had expected.

Regional bank stocks advanced. Citizens Financial Group (CFG) rose 5.2%, Zions Bancorp (ZION) advanced 4.5%, and Comerica (CMA) gained 3.8%.

Nvidia (NVDA) was the only stock in the Magnificent Seven to rise on Tuesday. It rallied the last 30 minutes of the session to close 0.9% higher.

Albemarle (ALB) plummeted 17.9% after it announced a $1.75 billion depositary shares offering as it seeks to weather a prolonged slump in lithium demand and prices.

Meta Platforms (META) slipped 1.5% amid widespread Facebook, Instagram, and Threads outages.

Advanced Micro Devices (AMD) ticked down 0.1% after the Commerce Department said the chip maker would still need a license to sell to China a semiconductor that was specially designed to meet U.S. export controls.

The Nasdaq 100

Energy stocks advanced as investors shunned growth in favor of value. Baker Hughes (BKR) added 2.5% and Diamondback Energy (FANG) rose 0.7%.

Dollar Tree (DLTR) gained 1.8% after Guggenheim raised its price target to $170 from $155 and reiterated its buy rating.

The index’s highest-flying tech stocks were some of its largest losers on Tuesday. MongoDB (MDB), up more than 80% in the past year, fell 7.7% while CrowdStrike Holdings (CRWD), which has seen its share price more than double in the last 12 months, tumbled 5.2%.

Tesla (TSLA) fell 3.9% after a suspected arson forced it to halt production at its Berlin factory.

Starbucks (SBUX) dipped in the market sell-off even though a coalition of unions representing its workers withdrew its board nominees, citing progress in negotiations.

GitLab Stock Plunges After Issuing Disappointing FY Earnings Guidance

March 05, 2024 03:30 PM EST

GitLab (GTLB) shares plunged Tuesday after the software infrastructure company disappointed investors with weak full-year earnings guidance.

The San Francisco-based company, which operates an open-source repository development platform for coders, said it expects full-year fiscal 2025 adjusted earnings of between 19 and 23 cents per share, with the high end of that forecast coming in significantly below Wall Street’s modeling of 35 cents a share.

For the fiscal 2024 fourth quarter, ending Jan. 31, the company disclosed adjusted earnings of 15 cents per share on revenue of $163.8 million, surpassing analysts’ expectations of 8 cents a share on sales of $157.9 million.

Source: TradingView.com.

GitLab shares have carved out a textbook inverse head and shoulders pattern over the past 18 months—a chart formation that often signals a market bottom. However, the price looks set to break down below the pattern’s neckline after the company’s disappointing earnings outlook.

Investors should keep an eye on the $57.50 level, which may find support from a trendline connecting the formation’s head and right shoulder. A close below the right shoulder would invalidate the pattern and could lead to a retest of the stock’s record low at $26.24 set in May last year.

GitLab shares were down 20.5% at $59.21 with about half an hour left in the session.

–Timothy Smith

Albemarle Tumbles on $1.75 Billion Depositary Shares Offering

March 05, 2024 02:43 PM EST

Shares of lithium miner Albemarle (ALB) plummeted Tuesday after the company said it would sell $1.75 billion of depositary shares in a public offering as it seeks to weather a prolonged slump in lithium prices.

Each depositary share will represent a 1/20th interest in a share of preferred stock, and holders of the depositary shares will be entitled to a proportional interest in the rights of preferred stockholders. The terms of the listing also give the offering’s underwriters a 30-day option to purchase up to an additional $262.5 million of depositary shares.

Albemarle said it would use the proceeds for general business purposes, which could include funding the construction and expansion of operations in Australia and China.

Albemarle, one of the world’s largest lithium miners, has struggled with lower lithium prices over the last year amid a slowdown in demand for electric vehicles, which often contain lithium-ion batteries. Prices began plunging in November 2022 as EV demand flagged under the weight of higher interest rates, leading carmakers to scale back their EV ambitions.

On Tuesday, lithium carbonate traded in China at about 108,500 yuan ($15,076) per metric ton, down about 70% from a year ago. And experts see few signs of improvement. Goldman Sachs analysts on Tuesday forecast lithium prices would fall 25% in the next 12 months, suggesting they see lithium slipping as low as $10,000.

SoFi Slumps on Plan To Sell Up To $862.5 Million in Convertible Bonds

March 05, 2024 01:34 PM EST

Shares of SoFi Technologies (SOFI) tumbled 13% Tuesday, after the online financial services provider said it was planning to sell up to $862.5 million in convertible bonds.

Convertible bonds are a fixed-income corporate debt security that pay interest but can also be converted into a predetermined number of common stock or equity shares. SoFi’s share price drop reflects the potential dilution to existing shareholders if the bonds are converted into stock, although SoFi said it will use part of the proceeds to pay for capped call transactions to limit that dilution.

Essentially, it means SoFi will be buying a form of call options on its own stock.

SoFi said it would be offering $750 million in convertible senior notes due in March 2029. In addition, initial investors will have the option to purchase another $112.5 million within a period of 13 days from when the notes are first issued.

SoFi shares were down 14.3% at $7.35 Tuesday afternoon, and are about 26% lower this year.

–Bill McColl

Dialysis Stocks Soar After Ozempic Kidney Disease Data Disappoints

March 05, 2024 12:50 PM EST

Shares of dialysis companies surged Tuesday after Novo Nordisk (NVO) reported results from a trial of Ozempic as a kidney disease treatment that fell short of some analysts’ expectations.

Novo Nordisk said on Tuesday that Ozempic reduced kidney disease progression and the odds of cardiovascular or kidney death by 24%. The trial, called FLOW, compared outcomes for 3,533 people with type 2 diabetes and chronic kidney disease, who were either given 1 mg injections of Ozempic or a placebo. The trial was ended last October, a year ahead of schedule after preliminary data demonstrated the drug’s efficacy.

The results add to a growing body of evidence that GLP-1 agonists, like Novo’s Ozempic and Wegovy and Eli Lilly’s (LLY) Mounjaro, have uses beyond diabetes treatment and weight loss. In August, Novo published data showing Wegovy reduced patients’ risk of major cardiovascular events by 20%.

The results, however, weren’t quite what analysts and investors were expecting. Novo Nordisk shares were down more than 2.7% Tuesday afternoon, while dialysis providers soared. DaVita (DVA) climbed 7% to $134, while Fresenius Medical Care (FMS) rose more than 11% to nearly $21.

Apple Stock Slips as China iPhone Sales Plunge 24% in First Six Weeks of Year

March 05, 2024 12:18 PM EST

Apple’s (AAPL) sales of iPhones in China, its biggest overseas market, fell by 24% over the first six weeks of this year, according to market research firm Counterpoint.

The data follows Apple’s disclosure last month that its Greater China sales during the fiscal first quarter fell 13%.

The iPhone maker’s market share in China fell to 16% in the first weeks of 2024, falling to fourth place from second place in 2023, when it had a 19% share. Chinese retail giants JD.com, TMall, and Pinduoduo are offering steep discounts on Apple’s iPhone 15 just five months after launch to generate demand.

Apple shares were down 2.7% midday Tuesday. They have lost about 11% of their value so far this year.

–Fatima Attarwala

Tesla Stock Slides as Arson Halts Production at Berlin Plant

March 05, 2024 10:46 AM EST

Tesla (TSLA) shares slid in early trading on Tuesday after the electric vehicle maker was forced to halt production at its Berlin factory following an arson attack on a nearby electricity pylon.

The fire, which occurred in a field near Tesla’s Gigafactory Berlin-Brandenburg in Grünheide, cut off power to the plant and the surrounding area. The factory was evacuated and workers were sent home.

The attack comes amid local opposition to Tesla’s efforts to expand the factory, its only assembly plant in Europe. Tesla last July filed applications with local authorities to expand the plant, with plans to add a battery testing center and water treatment facilities. Tesla hopes the plant will eventually produce 1 million cars a year, about double its current output.

But it has run into resistance from locals and environmental activists. Late last month, Grünheide residents voted against Tesla’s planned expansion in a non-binding vote. And last week nearly 100 activists set up camp in a forest near the factory that Tesla intends to fell as part of its expansion.

Residents and activists have also expressed concern about the factory’s water consumption and its potential to contaminate the region’s groundwater.

Tesla shares were down about 4.7% at $179.38 as of 10:45 a.m. ET Tuesday. They have lost nearly 28% of their value so far this year.

Target Stock Surges on Q4 Earnings Beat

March 05, 2024 10:12 AM EST

Target (TGT) shares surged in early trading Tuesday as the company posted stronger-than-expected earnings for the fourth quarter of fiscal 2023.

The retail giant reported net income of $1.38 billion, up 57.8% from the fourth quarter of 2022 and well above Target’s own guidance and analyst estimates compiled by Visible Alpha. Earnings per share (EPS) at $2.98 also surpassed estimates as revenue rose 1.7% from a year ago to $31.9 billion, beating projections.

The company said that the higher profit came in part as a result of lower costs and improved inventory management, and outlined plans to introduce a new membership program as part of its Target Circle rewards program.

Shares of Target were up 12.2% at $168.87 Tuesday morning. They’ve gained close to 18% so far this year.

–Aaron McDade

Stocks Making the Biggest Moves Premarket

March 05, 2024 09:18 AM EST

Gains:

Target Corp. (TGT): Shares of the retailer jumped 8% after it reported fiscal fourth-quarter earnings of $2.98 a share, beating Wall Street’s consensus estimate of $2.41.

Coinbase Global Inc. (COIN): Shares of the cryptocurrency exchange gained 2% as the price of Bitcoin rose above $68,000 to trade just shy of an all-time high.

Newmont Corp. (NEM): Shares of the gold miner ticked up 1% as the price of gold continued to climb after hitting a record high yesterday.

Losses:

Gitlab Inc. (GTLB): Shares of the coding collaboration platform tumbled 22% after it forecast full-year fiscal 2025 earnings of between 19 and 23 cents per share, far less than the 35 cents per share analysts were expecting.

Tesla Inc. (TSLA): Shares of the electric vehicle maker fell about 3% after it stopped production at its plant outside Berlin amid a suspected arson attack that cut off power to the factory.

Apple Inc. (AAPL): Shares of the tech giant slid about 2% amid reports iPhone sales in China were 24% lower in the first six weeks of the year than in 2023.

Stock Futures Slip in Premarket Trading

March 05, 2024 08:41 AM EST

Futures contracts connected to the Dow Jones Industrial Average were down about 0.3% in early trading on Tuesday.

S&P 500 futures were also off about 0.3%.

Nasdaq 100 futures traded 0.5% lower about an hour before markets opened.

Source

Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News

Published

7 months ago

11 July, 2024

FinCrypt Staff

DeFi Lending Protocol Nexo Allocates $12 Million for Ecosystem Incentives — TradingView News

Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.

Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific CORZbut no financial details were disclosed.

JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.

“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.

The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.

Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.

In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.

“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.

Analysts say similar deals to follow could further validate Block’s reputation in the industry.

But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.

Block shares have lost nearly 17% this year.

Source

News

This Thursday’s US Consumer Price Index could be a game-changer for cryptocurrencies!

Published

7 months ago

11 July, 2024

FinCrypt Staff

This Thursday's US Consumer Price Index could be a game-changer for cryptocurrencies!

3:30 PM ▪ 4 minute read ▪ by Luc Jose A.

This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.

The Consumer Price Index: The Cornerstone of the American Economy

The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.

The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.

THE BIGGEST EVENT THIS WEEK 🚨

The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.

EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%

HERE ARE SOME SCENARIOS 👇

1) CPI above 3.1%

THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g

— Ash Crypto (@Ashcryptoreal) July 11, 2024

Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?

Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.

Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.

According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.

Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.

Enhance your Cointribune experience with our Read to Earn program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning rewards.

Click here to join “Read to Earn” and turn your passion for cryptocurrencies into rewards!

Avatar of Luc Jose A.

Luke Jose A.

A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.

DISCLAIMER

The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.

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News

Crowd Expects Bitcoin Bounce Suggests Further Losses, As RCO Finance Resists Crash

Published

7 months ago

11 July, 2024

FinCrypt Staff

Crowd Expects Bitcoin Bounce Suggests Further Losses, As RCO Finance Resists Crash

Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.

As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!

RCO Finance challenges the market crisis

RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.

As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.

The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.

Read on to learn more about this tool and other exciting features of RCO Finance!

Bitcoin Bounces Amid Impending Crash

Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.

On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.

In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”

Enjoy seamless investing on RCO Finance

RCO Finance is making investing easier and easier, democratizing access to high-level tools and cryptocurrency earnings that were once reserved for professional and institutional investors. It has also prioritized accessibility, allowing investors of all levels to easily navigate its features through its intuitive interface.

Additionally, they can also maintain anonymity and privacy as the platform has no KYC requirements. To build trust, the platform has instead emphasized regular smart contract audits by respected security firm SolidProof.

Performance data shows massive adoption, indicating that it is doing its job effectively. Investors can also capitalize on RCO Finance’s fast transaction speeds and incredibly low transaction fees, with leverage options up to 1000x to further optimize their portfolios and maximize returns.

Leverage RCO Finance’s pre-sale earnings

An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.

RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.

RCOF tokens are currently available at an altcoin price of $0.01275 in progress Pre-sale Phase 1. This is likely the lowest price these coins will ever trade at, as they are expected to increase exponentially with each new presale phase.

With RCOF expected to be $0.4 at launch, investors jumping in now can expect a Return 30x on their investment!

For more information on RCO Finance (RCOF) presale:

Visit RCO Finance Pre-sale

Join the RCO Financial Community

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.

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News

Bitget Ranks Third Among Cryptocurrency Exchanges by Capital Inflows in Q2

Published

7 months ago

11 July, 2024

FinCrypt Staff

Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.

In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.

The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.

This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.

According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.

Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.

The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.

Sports Sponsorships and New Products

Gracy Chen, Source: LinkedIn

Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”

In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.

The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.

The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.

In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.

Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).

In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.

According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.

The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.

Sports Sponsorships and New Products

Gracy Chen, Source: LinkedIn

The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.

Source