High buying pressure pushes Bitcoin past 25K
Most major digital assets are in the green as Asia starts its working day.
Bitcoin is up 5.3% in the last 24 hours to $25,703, while ether is up about 2.8% to $1,697. Binance’s BNB token is up 8.7% to $331.
Kaiko’s research director Clara Medalie said on a recent CoinDesk TV appearance that this mini-crypto rally is due to low market liquidity and high buying pressure. Binance converting $1 billion BUSD into bitcoin, ether, BNB and other tokens was the fuel for the fire.
“This is tremendous buying pressure in the markets,” she said. “Since the markets are not that liquid, significant buying pressure is likely to have a significant impact on prices as a whole.”
“There are quite a few crypto companies that are actually based in Europe or APAC that have kept their banking connections, so it actually gives a pretty big opportunity for those regions to accept crypto companies,” she said.
Medalie also notes that the correlation between stocks and crypto is breaking, pointing to the divergence between the crypto and stock markets at the beginning of the year and during this latest rally.
“That reversed this week. We’re seeing the crypto markets rally while the stock markets have completely collapsed,” she said. “The divergence in those markets has reversed and it’s holding, creating this declining correlation for both Nasdaq tech stocks and Europe’s 600 index. “
The Shiba Inu community debates the Shibarium’s origin story
For the community around the SHIB token and the Shibarium blockchain, it is the difference between code that has been plagiarized and open source code that has been reused.
The drama began on Thursday Asian time when an established member of its Discord pointed to the Shibarium chain using the same Chain ID number, 917, as the Rinia Testnet chain.
While Discord members were quick to generate their own explanations for the similarity, with some panic selling the token pushing it down 10%, the explanation from the developers behind the Shibarium chain is something far more benign.
“Few Chain IDs were picked at random – 417(Alpha), 517(Staging), 917(pre-pod/beta) and these chains were not registered anywhere at the time, I made a mistake by not checking again , when the puppynet network was launched ” tweeted Kaaldhairyaone of the pseudonymous developers.
Kaaldhairya tweeted that they would “reinstall a new version of the BETA network with a new chain ID.”
“Fresh rollouts will be rare in the future, but are possible because we will still be in the BETA phase,” he continued.
Others pointed to similarities in code found on Github, a code repository.
Coders often reuse each other’s work for mundane and benign tasks. These pre-written blocks are known as libraries and are available as open source code. That is, code that is intended to be copied and reused.
Andrew Angrisani, a member of the project’s Telegram community as well as its Discord, and a crypto-security engineer, explained the code similarities with both Rinia and Shibarium using the same open source code.
“Both Rinia TestNet and Shibarium copied open source code for their block explorers called Blockscout, and both were probably lazy in their implementation,” he said.
Another senior community member, JesusM, called it all a “minor bug made in beta.” JesusM said this is the point of the beta process.
“Bugs in it are being tested and then fixed,” they said.
Angrisani speculated that part of this could be a ploy to drum up free marketing for Rinia and an upcoming project.
“Rinia Testnet chain Dev is launching an (initial coin offering) for Firechain called a Shib Killer on March 31. They could use this mud in the water to drum up free marketing since the ChainIDs were the same,” he said. “It may be an artifact of copying source code from an open source project.”
This is not the first time that accusations have been made. In February, questions were raised on Discord about similarities between Shibarium and Rinia.
“At the end of the day, Shibarium is probably still a long way off, Open Source code is being used (which is okay – other projects do), the Unification Fund is still working on Shibarium, and the Firechain/Rinia developer is using this to market their upcoming ICO,” Angrisani concluded.
While the SHIB token has recovered some of its losses since the initial sale, it is still down 8% on the day.
Bitcoin funds were hemorrhaging coins, even as US bank failures fuel expectations of an early Federal Reserve pivot in favor of liquidity easing. Kaiko’s Research Director Clara Medalie shared her analysis of crypto markets. Plus, Signature Bank is on the market after being shut down by state regulators on Sunday, but any potential buyer will reportedly have to accept one major caveat: no crypto. (The Federal Deposit Insurance Corp. denied the report on Friday.) Jason Brett, CEO of Key Bridge Advisors and former U.S. regulator at the FDIC, shared his reaction. Besu Protocol Engineer Justin Florentine also joined the conversation.