Daily Crypto News Digest: Market Update and New Developments
In today’s crypto landscape, the market exhibits a downward trend as major cryptocurrencies experience notable declines. Meanwhile, several noteworthy developments are taking shape within the sector, showcasing ongoing innovation and partnership efforts.
Crypto Market in Decline
As of the latest reports, the global cryptocurrency market capitalization has dropped by 2.5% over the past 24 hours, now standing at approximately $2.73 trillion. The total trading volume reported during this period is $112 billion, reflecting a return to levels familiar prior to the recent downturn.
Among the top cryptocurrencies, a majority are witnessing price reductions. The most affected asset today is Pi Network (PI), which has fallen by 15.7%, trading at $0.5143. Following closely is Toncoin (TON), which has seen a decrease of 7.9% and is currently valued at $3.39. On a more positive note, a few coins have shown gains today. Cosmos Hub (ATOM) leads the pack with a 9.7% increase, now priced at $4.73. Sonic (S) also rose, albeit by a more modest 6.9%, bringing its value to $0.4765. Focusing on the top ten cryptocurrencies, only three are showing positive momentum today. Tron (TRX) has risen by 2.8%, currently trading at $0.2383. Dogecoin (DOGE) and XRP (XRP) have experienced smaller increases of 0.9% and 0.5%, respectively, with prices at $0.1617 and $2.04. Conversely, Cardano (ADA) saw one of the largest declines today, dropping 1.5% to $0.6331. Bitcoin (BTC) has decreased by 0.8%, trading at $82,317, while Ethereum (ETH) fell by 1.1% to $1,778. ## BNB Chain Announces Accelerator Program
In a significant move for the Web3 community, Binance’s BNB Chain has selected 16 early-stage projects for its Most Valuable Builder (MVB) Accelerator Program (Season 9). This program, which is in collaboration with YZi Labs and CMC Labs, will kick off on April 5 with a two-day offline event in Hong Kong, coinciding with the Hong Kong Web3 Festival and BNB Super Meetup.
The chosen projects encompass a broad range of innovations, including BitGPT, Datai Network, Echopy, Eurexa AI, Everlyn, JoJoWorld, Super Protocol, TermiX, BitFi, LIKWID, XPIN, Citadel Labs, Stadium Science, Oneverse, TCOM Global, and Pieverse. Throughout the program’s four weeks, these budding entrepreneurs will receive guidance on essential topics such as tokenomics design, fundraising strategies, and team building. The culmination of the program will feature a Demo Day, where participants will present their projects to potential investors.
Bybit Partners with Zodia Custody for Enhanced Security
In another development, Bybit has formed a partnership with Zodia Custody, a digital asset management platform supported by major finance institutions, including Standard Chartered and Northern Trust. This collaboration aims to provide institutional clients with enhanced security through segregated custody and off-venue settlements.
The partnership’s Interchange solution seeks to address the security concerns of institutional investors by offering independent asset custody using regulatory-grade infrastructure. This arrangement allows clients to engage in immediate trading on Bybit while keeping their assets securely held with Zodia Custody.
Highlighting the significance of this partnership, Bybit emphasizes that it minimizes exposure to exchange-side risks and operational inefficiencies, thereby bolstering overall client confidence.
Kadena Expands with Chainweb EVM
Kadena is making headlines with the introduction of the Chainweb EVM, which adds 20 Ethereum Virtual Machine (EVM)-compatible chains to its multi-chain network. This move is set to offer advantages such as nearly zero gas fees, infinite scalability, and energy-efficient Proof of Work security. Kadena claims this positions it as a decentralized alternative to Ethereum Layer 2 solutions.
The introduction of these new chains aims to facilitate the deployment and scaling of decentralized applications (dApps) using Solidity smart contracts with native EVM tooling. Kadena is also providing $50 million in grant funding to promote development in this area. The anticipation surrounding this initiative reflects significant interest from the developer community.
Stuart Popejoy, Kadena’s co-founder and CEO, expressed enthusiasm for this initiative, stating that it represents a considerable step for Kadena in becoming a leading settlement platform for various sectors, including stock trading and e-commerce.
Conclusion
As the crypto market navigates a challenging day, developments such as BNB Chain’s accelerator program, Bybit’s enhanced security partnership, and Kadena’s EVM expansion indicate a vibrant ecosystem that continues to innovate and adapt.
Stay tuned for further updates in the crypto sphere as we monitor the evolving landscape.
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