![Crypto Weekend Roundups – Bitcoin and Tech Stocks continue Tumbling Crypto Weekend Roundups – Bitcoin and Tech Stocks continue Tumbling](https://tkcdn.tekedia.com/wp-content/uploads/2024/05/25205423/coins-34-768x512.jpg)
In recent times, the financial markets have been a rollercoaster of volatility, with tech stocks experiencing significant downturns. Amidst this turbulence, Bitcoin has displayed a remarkable resilience, seemingly decoupling from the traditional tech sector’s performance. This phenomenon has sparked a debate among investors and analysts about the underlying factors contributing to Bitcoin’s stability in contrast to the tech-heavy Nasdaq-100’s decline.
One perspective suggests that macroeconomic data and market trends are influencing Bitcoin’s price movements, leading to a near $67K valuation as U.S. stocks show signs of recovery. On the other hand, some market commentators propose that Bitcoin’s recent steadiness could be attributed to its potential decoupling from tech stocks, a process possibly influenced by former President Donald Trump’s involvement in the cryptocurrency space.
As the tech sector grapples with disappointing earnings results from giants like Alphabet and Tesla, Bitcoin has held up, raising questions about its correlation with tech stocks and its role as a potential safe-haven asset. This divergence is particularly intriguing given the historical correlation between Bitcoin and tech stocks, which has seen both markets move in tandem.
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TON Network Gasless Transactions
The Open Network (TON) blockchain has taken a significant leap forward with the introduction of gasless transactions, a move that is set to revolutionize user experience. The newly launched W5 smart wallet standard, developed by TON Core and Tonkeeper, is at the heart of this innovation, allowing users to conduct transactions without the need for toncoin for gas fees.
This development is not just a technical upgrade; it represents a paradigm shift in how blockchain transactions are perceived and executed. By enabling transactions using USDT and Notcoin for gas fees, TON is removing one of the major barriers to blockchain adoption: the necessity of holding native tokens for transaction costs.
The W5 smart wallet also introduces advanced parallel processing capabilities, which means users can execute up to 255 transactions simultaneously. This feature is poised to open up new use cases and streamline processes like transferring multiple NFTs or managing decentralized subscriptions.
With TON’s monthly active on-chain wallets surging to 5.8 million, and a notable increase in daily active addresses, the introduction of gasless transactions is timely. It aligns with TON’s goal of tapping into Telegram’s vast user base and fostering mainstream blockchain adoption.
Spot Ethereum ETFs Volumes Surge Pass $1 Billion
The cryptocurrency market has witnessed a significant milestone with the launch of spot Ethereum ETFs, which saw trading volumes surge past the $1 billion. This remarkable achievement underscores the growing investor interest in Ethereum as a major asset class within the digital currency space.
The introduction of these ETFs represents a pivotal moment for Ethereum, mirroring the enthusiasm that greeted the earlier launch of Bitcoin ETFs. The trading volumes recorded on the first day are indicative of the market’s readiness to embrace Ethereum ETFs, with BlackRock’s iShares ETF leading the charge with substantial inflows.
This surge in trading volumes is not just a testament to Ethereum’s rising prominence but also reflects the broader acceptance of cryptocurrencies in traditional investment portfolios. With Ethereum’s unique value proposition as a technological platform and alternative financial system, it is poised to attract significant monthly net inflows, potentially rivaling those of Bitcoin ETFs in the long term.
StarkWare to Integrate Cosmos IBC Protocol
In a significant move for blockchain interoperability, StarkWare has announced its collaboration with Informal Systems to integrate the Inter-Blockchain Communication (IBC) protocol from the Cosmos ecosystem. This integration represents a pivotal step for StarkWare, the primary developer behind Ethereum’s Layer 2 solution Starknet, as it seeks to connect with the Cosmos ecosystem and beyond.
Starknet, known for its permissionless decentralized ZK-Rollup that operates atop Ethereum, aims to deliver high throughput and minimal transaction fees while maintaining robust security standards through the use of STARK proofs. On the other hand, Cosmos operates as an interconnected network of blockchains, facilitating communication through its native IBC protocol, which employs the Tendermint consensus mechanism.
The integration of the IBC protocol into Starknet will enable Starknet to interact with any blockchain that supports IBC, which includes all chains within the Cosmos ecosystem and potentially others that adopt the same technology. A standout feature of the IBC protocol is its use of light client verification, which allows for efficient communication between chains without the need for full validation of the counterpart’s blockchain state, thus accelerating interoperability.
Google Search Volume for Onchain Hits ATH
In the dynamic world of blockchain technology, the term ‘onchain’ has recently seen a remarkable surge in Google search volume, reaching an all-time high (ATH). This spike reflects a growing interest in blockchain technologies and their applications beyond the confines of the tech-savvy community.
The term ‘onchain’ refers to transactions and activities that occur directly on a blockchain, as opposed to ‘offchain’ processes that happen outside the blockchain network. The increased search volume indicates a heightened curiosity and eagerness to understand and engage with blockchain technology at a deeper level.
Several factors contribute to this trend. For instance, the BlackRock USD Institutional Digital Liquidity Fund became the largest treasury fund tokenized on a blockchain, with assets under management of $459.9 million. This event underscores the potential of blockchain to revolutionize traditional financial systems.
Moreover, the integration of AI agents on blockchain platforms, such as the collaboration between Ethereum layer-2 blockchain Starknet and AI firm Giza, suggests a future where AI can autonomously perform onchain activities for users. This could lead to more efficient and intelligent management of digital assets.