News of cryptocurrencies of the 1st week of February 2024

Binance will remove trading pairs from XMR

Monero (XMR), known for its focus on privacy, saw a sharp decline after Binance announced its intention to remove XMR from its trading platform.

Binance has announced plans to delist Monero along with other tokens such as Aragon (ANT), Multichain (MULTI) and Vai (VAI) on February 20, 2024. This decision was announced by the exchange on February 6.

The consequences of the delisting include the removal of all four trading pairs involving Monero, including those associated with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Binance Coin (BNB). The market reaction to the news of Monero's delisting was sharp: the cryptocurrency's rate quickly declined.

Another failure in the Solana network

On February 6th, the Solana network experienced a serious issue when blocks were not processed for 5 hours. Matthew Siegel, head of digital assets at VanEck, noted that the root of the problem was the Berkley Packet Filter engine, which is responsible for deploying and updating applications on the Solana network.

Experts emphasized that this is not the first incident of this kind that occurred on the Solana network. The founder of Solana, Anatoly Yakovenko, in a commentary on the February failure, said that although certain problems arose, everything was successfully resolved.

Bitcoin rate reached $48,000

Bitcoin has reached $48,000 this week, with data from Coinbase showing more than 6% growth over the past 24 hours, sending the price to its highest levels in nearly a month. Analysts, analyzing the latest Bitcoin trends, focus on the significant impact of the recent approval of spot ETFs on the dynamics of cryptocurrency markets.

Forecast for 2024 from the Ripple team

Ripple experts note that 2024 promises to be a time of significant transformations in the structure of the cryptocurrency market, shifting the emphasis from retail demand to institutional demand. Among the key factors that could trigger these changes, scientists highlight the development of the ETF sector, growing investor interest in “proxy BTC” in the form of shares of Coinbase, MicroStrategy and public Bitcoin miners, as well as regulatory dynamics.

The fourth quarter of 2023 was marked by historical events, in particular, a court decision in favor of Grayscale on an application to the SEC to convert a Bitcoin trust into an ETF, which significantly influenced market sentiment and caused a wave of optimism.

Industry expectations for regulatory approval of exchange-traded funds related to the digital asset market are rapidly increasing. On the first day of trading in January alone, volumes with 11 registered products approved by the Commission exceeded the $4.5 billion mark.

Experts note that in a global context, cryptocurrency regulation showed positive dynamics in the fourth quarter of last year, despite ongoing lawsuits initiated by the SEC against Coinbase and Kraken.

Staking on the Ethereum network is becoming more popular

The total value of locked ETH reached an impressive $72 billion. After the implementation of the Shapella update, which provided validators with the ability to withdraw funds, the demand for staking increased significantly.

Despite the high activity of market participants, Ethereum still lags behind many other ecosystems in terms of the share of locked coins. About a quarter of the supply of the second largest cryptocurrency by capitalization is involved in staking. According to data from Dune, 942,023 validators are participating in staking.

The demand for staking and the activity of network participants increased significantly after the Shapella upgrade, which took place in April 2023. This update allowed users to withdraw locked cryptocurrency. Since the activation of Shapella, an additional 10.25 million ETH has been staked.

The crypto community doubts the security of ERC-404 tokens

The ERC-404 standard is an innovative concept that combines the principles of ERC-20 and ERC-721. It allows you to purchase coins that are automatically accompanied by an NFT on your wallet. This opens up the possibility of owning both whole NFTs and fractional parts of them, known as “fractional” non-fungible tokens.

ERC-404 tokens are gaining attention in the cryptography community, but developers have expressed concerns about the security of this experimental standard, which has not yet been audited.

Quit, after conducting a detailed analysis, discovered a potential vulnerability. According to him, NFTs based on ERC-404 may be at risk of theft by holders of ERC-404 fungible tokens.

Despite its exciting prospects, the ERC-404 standard has not yet received approval from the Ethereum Foundation and the cryptocurrency community. The official EIP page is not available at the time of writing and the code has not been audited.

SpaceX accepts Dogecoin payment for DOGE-1 lunar project

Geometric Energy Corporation has again entered into a contract with SpaceX to launch the DOGE-1 satellite to the Moon, with the mission paid exclusively in the Dogecoin cryptocurrency. The launch was initially planned for the first quarter of 2022, where a 40-kilogram cubesat satellite was supposed to conduct spatial reconnaissance of the lunar surface.

Geometric Energy CEO Samuel Reed announced that the launch could take place as part of Intuitive Machines' IM-1 mission. According to him, the lunar module is already in the rocket's fairing. Liftoff is scheduled from Kennedy Space Center in Florida, with a launch window opening Feb. 14 and lasting several days. If delivery of the DOGE-1 satellite is delayed, it may be integrated into the future IM-2 program.

In January, another space mission by the Dogecoin community, which sent a physical cryptocurrency wallet to the moon, failed. The initiative was part of Astrobotic's Peregrine Mission One project. After the spacecraft separated from the launch vehicle, it began to waste fuel unnecessarily, which made the flight to the Moon impossible. Peregrine-1 also carried a hardware wallet with 1 BTC from the BitMEX exchange.

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