Non-fungible tokens (NFTs) have taken the world suddenly, as record-breaking digital art sales stories now appear regularly in mainstream media.

Enjin Coin (ENJ) has positioned itself well over the years in a growing trend to increase its capitalization. Co-founder Witek Radomski was also into enhancing the ERC-1155 token stereotyping, which activated the creation of NFT on the Ethereum (ETH) network.

ENJ’s price reached a peak that circles 800% in the subsequent month, going from a minuscule $ .34 on February 23 to a new all-time high of $ 3.09 on March 15, thanks to a continuous increase in the market.

Rates for NFT Transactions

Momentum for Enjin began to get better in early March after the study revealed JumpNet, a private interpretation of the Ethereum block captivity that uses a proof of authority (PoA) consensus mechanism to permit instant transactions without gas.

High transaction costs are perhaps one of the most difficult challenges that the crypto community has been facing in the last six months, thanks to the long-standing use of pink Ethereum by decentralized finance (DeFi) protocols growing popularity of NFTs.

JumpNet, which appears to be on the run on April 6, intends to solve this problem for the NFT sector by permitting users to ship and accept Enjin Coin and ERC-1155 tokens for free, as well as to mint, barter, and distribute ERC tokens. -1155.

Enjin also has plans to integrate Efinity, decentralized block captivity for NFT that will “support coexisting proximate token features and assets from any block captivity.” According to the team, this brings support and opens the door to enable multi-chain operability and allow NFT holders in any block captivity to move to JumpNet and benefit from free transactions.

Exchange Listings Help Expand Enjin’s User Pad

A second determining component of ENJ’s price has been its listing on several cryptocurrency exchanges. This component pushed total trading volumes to new highs and further increased activity in captive and active addresses. Exchange listings began in late February when ENJ trading pairs were added to Crypto.com and FTX, serving as support to start the price rally.

Other relevant integrations in March include being voted on Bancor’s Solvency Mining (BNT) and listed on the Huobi Worldwide, OKEx, and Geminis exchange.

The VORTECS ™ score for ENJ elevated and reached higher than 67 just hours before the price began to get a peek over the next three weeks.

After falling to a minuscule 31 on March 3, the VORTECS ™ score skyrocketed again, right after the price of ENJ rose to a higher of 89 on March 10, which is five days before Enjin set a new all-time high.

NFT Psychosis impulses Growth of Enjin Ecosystem

The widespread uptake of non-fungible tokens and the promise of creating a commission-free environment that sustains NFT from a diverse set of blockchains have Enjin well positioned to see old-growth during the favorable bull market.

As the concept of tokenization extends beyond art to areas such as estate fortune and historical documents, projects that provide a user-friendly NFT ecosystem could eventually become centerpieces of the rapidly improving digital asset industry.

By: Jenson Nuñez

Venture capital firm Paradigm led the funding round, preceding Addition, Ribbit, and TIME Ventures. Chainalysis has collaborated with government agencies and banking institutions to track cryptocurrency movements.

In recent days, blockchain monitoring and tracking firm Chainalysis reached a valuation of USD 2 billion, following a round of funding. On its website, the company recently announced that it received around USD 100 million during the round.

In a press statement, Chainalysis reported that venture capital firm Paradigm led this funding round. Addition and Ribbit again invested, thus increasing their share in the company focused on the analysis of the cryptocurrency ecosystem.

During this round, investment fund TIME Ventures invested in Chainalysis for the first time. The fund belongs to Marc Benioff, CEO of business relationship management software company Salesforce.

Chainalysis stated that they will use the funds to accelerate business growth, improve their services, and build more trust in blockchains.

Since cryptocurrencies are digitally native assets, Chainalysis believes that they provide the opportunity to analyze assets in entirely new ways. In that sense, they stated that they will seek to expand their products to “offer new data solutions” for tracking blockchains.

They said that the increase in their workforce has allowed them to expand the range of their services. Concerning their plans, they explained that they will hire new staff, particularly in the engineering and field offices.

At the end of last year, the firm managed to raise another USD 100 million from investors. They highlighted that the purpose of those funds was to expand their blockchain surveillance system.

Tracking the Illegal Use of Bitcoin

The firm said that it seeks to boost the industry’s regulatory infrastructure. They stated that their team works to protect the blockchain ecosystem.

Among their most recent investigations, they highlighted that less than 1% of the money moved with cryptocurrencies comes from some criminal activity. Besides, they determined that there are increasingly few service providers specializing in money laundering with cryptocurrencies.

This firm has collaborated with government agencies “that need to connect chain activity (transactions in blockchains such as those with cryptocurrencies) to other data sets.” In June, they provided their services to a bank in Brazil to track cryptocurrency transactions.

Participants in the cryptocurrency ecosystem do not view Chainalysis favorably due to such cooperation with governments. Anonymity and privacy are two of the principles that the former most defend.

This company has managed to establish a multi-million-dollar relationship with the US government. The North American country has leveraged Chainalysis after putting the tracking of money movements with Bitcoin on its radar. They also have in their sights those tools focusing on greater privacy, such as Zcash and even the Lightning network.

The governments of the world are increasingly aware of the prominence that cryptocurrencies, particularly Bitcoin, are gaining in the economic system. For that reason, some of them have created regulations on their use and have implemented new tracking systems.

By Alexander Salazar

The drop of Grayscale Bitcoin Trust’s premium to all-time lows could indicate a decline in investor interest in Bitcoin. The creation of cheaper and more accurate financial products has drastically decreased the appeal of GBTC.

In the world of cryptocurrencies, competition has grown considerably in recent years. It is necessary to understand that even large companies are facing challenges that they did not have a few months ago. Grayscale Bitcoin Trust is the perfect example as its premium has dropped to all-time lows.

Anyone can hear that GBTC or another product at Grayscale has a “premium”. This is the difference between the value of the trust’s shares and the market price of the shares.

As the basis of GBTC is an institutional investment, this drop could indicate less investor interest in BTC. It could also mean that they have opted for other funds on the market.

What Has Happened with Grayscale Bitcoin Trust

After trading negative for nearly 2 months, the premium of Grayscale Bitcoin Trust (GBTC) recently plummeted to 14.21%. GBTC has historically traded at a high premium to the underlying Bitcoin, averaging 15.02% since the fund started.

However, competition grows, and companies create cheaper and more accurate financial products. For that reason, the appeal of GBTC has dropped dramatically and what happened to its premium proves this.

In December, investors were willing to pay a hefty premium to gain exposure to the main cryptocurrency. This caused a huge spike in inflows, leading GBTC’s share number to soar to 692 million. However, the fund does not allow conversions or redemptions, that is, it is only possible to create the shares but not to destroy them.

This situation did not cause any problems when the demand of the GBTC market allowed a continuous increase in its supply. However, as Bitcoin’s recovery is now lagging, there is a glaring imbalance between supply and demand. Profiting institutions make this situation even worse as their six-month HODL periods are ending.

Why the Appeal of GBTC Has Decreased

The decline in the appeal of GBTC has to do primarily with the above. However, due to the launch of Bitcoin-based financial products and exchange-traded funds, Grayscale Bitcoin Trust’s premium has continued to decrease.

In early 2021, major investment banks Goldman Sachs and Morgan Stanley began offering Bitcoin futures products. Even asset management giant Fidelity applied to create its own Bitcoin ETF.

Sky-high administration fees and massive slippages spoil the fund’s credibility. For that reason, Grayscale Bitcoin Trust will undoubtedly lose to newer, more efficient funds.

The president of the advisory firm ETF Store, Nate Geraci, gave his opinion on the matter. He said that “the unpleasant truth for GBTC investors is that competition erodes demand for the product.” Furthermore, he explained that “it can lead to a collapsed premium or even a downfall.”

Grayscale Bitcoin Trust still holds the title as the largest Bitcoin fund, with an estimated AUM of USD 11 billion. However, it appears that it is only a matter of time before the fund becomes obsolete. Grayscale must rethink a few things in order not to lose ground, particularly in the face of a market as competitive as Bitcoin.

By Alexander Salazar

Kripton Market allows users to complete trade through Bitcoin and RSK-based stable coins. This project intends to offer solutions with digital dollars in Venezuela.

The cryptocurrency exchange and market Kripton Market is developing new projects to integrate its payment services with bitcoin and other digital currencies in Venezuela. The project will be active in 100 commercial premises in Caracas.

The implementation of its services in commercial premises in Venezuela is not yet effective. Still, it is working on a project involving retail businesses and the chain of Automercados Plaza supermarkets.

The plan is proceeding in conjunction with the businesses. Kripton Market is available to bring services to solve the informal crescent dollarization that the Venezuelan economy is currently facing and the low circulation of low-denomination banknotes, which obstructs the retail trade country.

The project is also under discussion with other supermarket chains. The plan covers businesses distributed in four urban areas of the city with medium population density. This proposal’s presentation would involve managers’ and employees’ technical training, enabling them to accept stablecoins or digital dollars in their businesses.

Exchange, Market, and Services with RSK Stablecoins

The market and the range of Kripton Market services are already operational and with a growing user base. This platform is one of the first cases of massive commercial use of the RSK network’s tokens, which works on top of Bitcoin as the second layer of this protocol.

The cryptocurrency exchange and market of Kripton Market are functional for sending international remittances, a service from which Venezuelans, who are going through an unprecedented migratory and refugee crisis in the region, and users from other countries, could benefit.

Kripton Market already serves as a provider of these services in Argentina and Uruguay, Colombia, and Venezuela, allowing its users to buy freely cryptocurrencies and turn them into national currencies.

Through the use of BTC and the tokens of the RSK network, Kripton Market allows you to send remittances, make payments, and buy all kinds of products and services.

There is no need to guard the user’s cryptocurrencies. The user controls their funds using the Defiant wallet, an application compatible with the various cryptocurrencies and stable coins on the platform.

Although RSK shows compatibility with other wallets, these wallets would not work when buying or selling cryptocurrencies with Kripton Market.

The process of buying and selling cryptocurrencies can be carried out directly between the Defiant wallet and the Kripton Market brokerage platform without giving up custody. Likewise, the funds can go as cash in a bank account indicated by the user after sending the forum’s payment.

Kripton Market has not yet integrated RSK intelligent contracts to perform some operations or exchanges automatically; however, as it becomes possible, they will aim to deploy them at various levels of their platform.

By: Jenson Nuñez

Charles Hoskinson reported that the ‘Alonzo’ test net would reach Cardano this April as a hard fork.

The long-awaited ‘Alonzo’ testnet, which will bring intelligent controls to the Cardano (ADA) network, could experience its launch at the end of April. IOHK CEO and Cardano Lead Developer Charles Hoskinson previewed some of the following steps within the project’s roadmap during the Cardano360 virtual conference. Hoskinson stated that the testnet would launch in late April or early May.

Cardano’s transition is taking place through three updates; two hard forks will be the beginning. Allegra, which came to life in December 2020, brought code ready for developers to start their testing procedures, and ‘Mary, ‘which turned Cardano into a multi-asset network and came to life in early March.

The final piece is ‘Alonzo, ‘which will incorporate the extended UTXO model with the Plutus intelligent contract language. As Hoskinson revealed, ‘Alonzo ‘will also take place in the form of a hard fork at the end of next month. Smart contracts will be available for testing purposes, with the full mainnet launch schedule set for August.

Hardfork for ‘Alonzo’ will set its Implementation Between April and May

Hoskinson revealed the timetable for Alonzo to meet its complete stage. Hoskinson explained that the process needs integration into the ledger and node code, rolling out from now until early April. On the other hand, the “alpha partners” will run acceptance criteria.

Throughout March and throughout April, integration into the node to get a CLI will happen. As integration occurs, partners are brought in, and these are alpha partners, so they are very close and deep in the company’s court.

Once this is done, in late April or early May, IOHK – the technology team building the Cardano protocol will be ready to launch the ‘Alonzo’ testnet. Hoskinson also said that vast groups of programming professionals and Plutus pioneers are about to command stress tests on the web.

Hoskinson cautioned that matter because Plutus had found its structure by a separate team, there might be some “rough edges” when integrating alongside Shelley’s. Therefore, he also explained that quality control and user acceptance testing are always essential requirements to avoid any related issues.

Cardano’s New Fork Means a New Era for the Platform

The addition of smart contracts for Cardano will mean a new milestone for the platform, which will finally rank as a proper rival to Ethereum concerning its functionalities.

Ethereum has been capable of smart contracts for a very long time. However, more recently, an environment of decentralized applications based on smart contracts has started to gain traction within that network. Decentralized finance (DeFi) is a booming space that currently has close to $ 40 billion in locked capital.

The leading DeFi platforms, such as MakerDAO, Compound, Aave, are based on Ethereum smart contracts. With the appearance of smart contracts to Cardano, this network will finally host DeFi protocols. This week, Hoskinson suggested that many of Ethereum’s DeFi would migrate to Cardano once the update has taken place.

By: Jenson Nuñez

The Goldman Sachs ETF would focus on Bitcoin and technology innovation companies. Fidelity Digital Assets would be in charge of the custody of the Bitcoin ETF.

The US Securities and Exchange Commission (SEC) received applications for permission to launch, separately, Bitcoin ETFs (exchange-traded funds). Investment management firm Fidelity Investments and major American bank Goldman Sachs were the ones that filed them with the US regulator.

Concerning Fidelity Investments, they assure that the Wise Origin Bitcoin Trust ETF will aim to track the performance of Bitcoin. They said that they will use the index of the Fidelity Bitcoin Index PR as a reference, according to an SEC document.

They explained that the index will take into account the Bitcoin prices on exchanges such as Bitstamp, Coinbase, Gemini, itBit, and Kraken. They added that the custodian of the fund would be Fidelity Digital Assets.

“The digital asset ecosystem has grown significantly, creating a more robust market for investors and accelerating demand among institutions,” a spokesperson for the firm reported.

Besides, he noted that many investors want access to Bitcoin as they need more diversified products offering exposure to digital assets.

A Major Bank Is Also Interested in Investing in Bitcoin

As for the Goldman Sachs bank, they also filed a request with the US regulator to start the operations of an ETF. Different from Fidelity, this fund aims to invest in Bitcoin, as well as in other areas including artificial intelligence and blockchain.

They clarify that the ETF can have indirect exposure to cryptocurrencies like Bitcoin, through an investment in a grantor trust. Given that they can reverse that action over time, such exposure might not always be represented in the ETF portfolio,” the document states.

The CEO of the bank, John Waldron, said that they wanted to satisfy their customers’ growing interest in cryptocurrencies.

The SEC document also indicates that the payment of the notes will depend on the performance of ARK Innovation, which ARK Investment manages. The latter firm distinguishes itself by investing in disruptive innovation companies.

ARK Investment has promoted the adoption of Bitcoin at the institutional level. In early March, its CEO and chief investment officer, Cathie Wood, said that Bitcoin and other cryptocurrencies could constitute 20% of institutional investors’ portfolios.

The SEC’s Possible Support for Bitcoin ETFs

Concerning the approval of Bitcoin ETFs, there have been opinions within the SEC suggesting the possible opening for these types of financial instruments.

In recent days, Hester Peirce, a member of the Commission, criticized the organization itself. She considers that too many requirements to Bitcoin ETF applicants “is unfair to [those] innovators”.

The official believes that regulators should promote clearer policies to make it easier for traditional financial institutions. In this way, they can “engage with cryptocurrencies with the confidence that they are meeting their regulatory obligations.”

The SEC recently recognized the request from investment manager VanEck for the issuance of its first Bitcoin ETF. The government agency has 35 days to approve, modify or reject what that document states. The support from the SEC for cryptocurrencies will allow more people to adopt these kinds of assets are here to stay.

By Alexander Salazar