High buying pressure pushes Bitcoin past 25K
Most major digital assets are in the green as Asia starts its business day.
Bitcoin is up 5.3% in the past 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 the result of low liquidity in the market and high buying pressure. Binance converting $1 billion in BUSD to bitcoin, ethereum, BNB and other tokens fueled the fire.
“This is tremendous buying pressure in the markets,” she said. “Since the markets are not as liquid, any 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 and have maintained their banking relationships, so it actually presents a pretty big opportunity for these regions to accept crypto companies,” she said.
Medalie also notes that the correlation between stocks and crypto is breaking, pointing to the divergence between crypto and stock markets at the start of the year and during this most recent rally.
“It has turned this week. We see the crypto markets recovering, while the stock markets have completely collapsed,” she said. “The divergence in these markets has reversed, and that is being maintained, creating this declining correlation for both Nasdaq technology stocks and the European 600 index.”
Shiba Inu community debate Shibarium origin story
For the SHIB token and Shibarium blockchain community, this is the difference between code that has been plagiarized and open source code that has been recycled.
The drama began in Asia on Thursday, where an established member of his Discord pointed to the Shibarium chain with the same Chain ID number, 917, as the Rinia Testnet chain.
While Discord members were quick to come up with their own explanations for the similarity, with some panic selling the token and pushing it down by 10%, the explanation from developers behind the Shibarium chain is something much friendlier.
“Few chain IDs were randomly chosen – 417 (Alpha), 517 (Staging), 917 (pre-pod/beta) and these chains were not registered anywhere at the time. I made a mistake not checking again when the puppynet network was launched,” Kaaldhairya tweetedone of the pseudonymous developers.
Kaaldhairya tweeted that they would “re-implement a new version of the BETA network with a new chain ID”.
“New implementations will be rare in the future, but are possible because we are still in the BETA phase,” he continued.
Others pointed out similarities in code found on Github, a code repository.
Programmers 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 meant to be copied and reused.
Andrew Angrisani, a member of the project’s Telegram community and his Discord, and a crypto security engineer, explained the code similarities to 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 probably both were lazy about their implementation,” he said.
Another senior member of the community, JesusM, called all of this a “little mistake made in the beta”. JesusM said this is the point of the beta process.
“Flaws in it are tested and then fixed,” they said.
Angrisani speculated that some of this could be a ploy to drum up free marketing for Rinia and an upcoming project.
“The Rinia Testnet chain Dev is launching a [initial coin offering] for Firechain, a Shib Killer called 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 could be an artifact of copying source code from an open source project.”
It is also not the first time that allegations have been made. In February, questions were raised on the Discord about similarities between Shibarium and Rinia.
“In the end, Shibarium is probably still a long way off, Open Source code is being used (which is okay – other projects are doing it), Unification Fund is still working on Shibarium, and the Firechain/Rinia developer is using this to market their upcoming ICO ”, concluded Angrisani.
Although the SHIB token has regained some of its losses since the initial sell-off, it is still down 8% on the day.
Bitcoin funds made coins bleed even as US bank failures fueled expectations of an early Federal Reserve pivot in favor of liquidity easing. Kaiko Director of Research Clara Medalie shared her analysis of crypto markets. In addition, Signature Bank is on the market after being shut down by state regulators on Sunday, but reportedly any potential buyer must agree to one important caveat: no crypto. (The Federal Deposit Insurance Corp. on Friday denied the report.) Jason Brett, Key Bridge Advisors Managing Director and former US Regulator at the FDIC, shared his response. Besu Protocol Engineer Justin Florentine also joined the conversation.
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