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The chairman of Switzerland’s national bank has criticized bitcoin’s (BTC) ability to perform as a currency reserve asset while also rejecting calls from crypto advocates to utilize it as an economic hedge. As reported by Reuters, Chairman Martin Schlegel made the comments at the Swiss National Bank shareholder meeting on Friday. His concerns included cryptocurrency’s liquidity and its “very, very high” fluctuating prices.  He said, “Cryptocurrency cannot currently fulfil the requirements for our currency reserves.” Bitcoin campaigner and Bitcoin Suisse board member, Luzius Meisser, was also present at the meeting.  Meisser said that, while BTC “might not be worth much in scenarios that most of you consider normal,” he claimed it “will be worth a lot in the specific scenario of a multipolar world order with fading trust in government debt.” Swiss gov’t supports cash referendum amid digital payment concerns Read more: Billionaire ...

SatLayer, a Bitcoin (BTC) utility and security platform, has launched the “Phase I” of its mainnet, as well as Cube, a Babylon Genesis (BABY) liquid staking solution, according to the latest reports shared with Finbold on Friday, April 11. Launching with over $250 million in BTC deposited, SatLayer will lay a stronger foundation for Bitcoin decentralized finance (DeFi) and help transform BTC into a programmable asset with more utility in the ecosystem.  By doing so, SatLayer also unlocks trillions of dollars worth of idle Bitcoin to give nation-states, institutions, and individual traders more yield-earning opportunities. Bitcoin liquidity and security As a decentralized restaking app on Babylon, SatLayer helps bring BTC liquidity and security characteristic of Layer 1 and (L1) Layer 2 (L2) chains to decentralized applications (dApps) and infrastructure as well.  Starting with Babylon Genesis and preparing to support other leading L1/L2 ecosystems in t...

A top crypto strategist says money invested in Bitcoin (BTC) is unlikely to rotate into the altcoin market at levels seen in previous cycles for one key reason. Pseudonymous analyst The Flow Horse tells his 259,500 followers on the social media platform X that many Bitcoin investors who are now contributing to its strong performance are unlikely to move profits into alts. He says Michael Saylor’s MicroStrategy massive purchases of Bitcoin and those investing in Bitcoin spot exchange-traded funds (ETFs) are major bullish catalysts for the flagship crypto this cycle. However, he believes these entities are not going to rotate their profits into alts. “The money that bought and is responsible for moving Bitcoin is fragmented away from this market. It’s ETFs and Saylor. Most people here jumped into alts thinking this flow would follow, meanwhile it is on IBKR (electronic trading firm Interactive Brokers) and ThinkorSwim [trading platform]. Market str...

The meme coin market continues to capture the attention of investors, with a current market capitalization of $106 billion, reflecting a 1.6% growth in the past 24 hours. While often dismissed as novelty tokens, meme coins have matured into a formidable segment within the cryptocurrency space. Their rapid rise in value and market presence has demonstrated that these tokens are not just a passing trend but rather a legitimate force with the potential to drive substantial returns for savvy investors. Trending Meme Coins To Buy Now Among the top trending projects in the meme coin ecosystem are AVA AI, Stonks, and ArbDoge AI. These tokens stand out not only for their community-driven appeal but also for their innovative applications within the AI, DeFi, and Arbitrum sectors. Each project brings unique value propositions, positioning them as prime candidates for investors seeking both short-term gains and long-term growth. As the meme coin market evolves, these tokens represent a blend of...

The VC firm had received a grant from the project in return for locking $40 million worth of liquidity in SYN. The price of the native token of the decentralized finance (DeFi) cross-chain bridge Synapse (SYN) plummeted on Sept. 5 after an unknown liquidity provider on the platform dumped nearly 9 million SYN token s and pulled all stablecoin liquidity from the bridge. The official X account for Synapse acknowledged the liquidity rug by an “unknown liquidity provider,” while clarifying that the Synapse bridge didn’t face any security breach. A Synapse liquidity provider sold their SYN token s and removed liquidity today. We're investigating unusual activity on their wallets and are working to get in touch with them. Will update once there is more info. There was no security breach of the protocol or bridge. 4 — Synapse Labs (@SynapseProtocol) September 5, 2023 The unknown liquidity provider in question was traced to Nima Capital, one of the long-term capital partners of the pro...

Developers claim Synquote handled a trade of over $1 million of notional volume in its beta with no detectable slippage. A DeFi options platform launched that uses social login s and undercollateralized trading to draw in liquidity providers, according to a June 15 announcement . The protocol, called “Synquote,” is capable of handling large trades with much less slippage than previous options platform s, the team claimed. Synquote user interface. Source: Synquote According to the announcement, Synquote did over $25 million of notional volume in its beta period, which began on March 17. The largest trade during this period was for $1 million in notional volume, which was executed without any detectable slippage, developers told Cointelegraph. In a conversation with Cointelegraph, Synquote founder Ahmed Attia explained the strategy the protocol uses to attract liquidity. First, it doesn’t use an automated market maker (AMM) to determine prices. Instead, an off-chain, peer-to-peer...