GSR’s Brian Rudick discusses the recent market meltdown, how towering bull tenets and fading risks could propel Bitcoin to $1m, and why the recent taban is a gift, all combining to make cryptocurrency’s risk-reward its most compelling in years.
The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin’s price.
Liquid restaking protocol Renzo, known for its work on Ethereum-based projects like EigenLayer and Symbiotic, disclosed Wednesday that it’s preparing a new liquid staking token focused on the Solana-focused restaking platform now under development by developer Jito Labs.
The company plans to reach $16 million by the end of a second closing.
Users can deposit their wBTC to get swBTC in return, with yield expected to start flowing from mid-September – as part of a blockchain “restaking” scheme ultimately designed to secure protocols in the Ethereum blockchain ecosystem.
The company has the capital and the infrastructure to buy and deploy the latest generation of mining rigs at a favourable time, the report said.
The launch of a Digital Wallet Policy to stimulate the economy earlier this month “may face delays or revisions or even cancelation due to the recent developments,” one expert said.
The funding round was led by Pantera Capital, Binance Labs and Polychain Capital and included participation from Samsung, Matrix Partners, Foresight Ventures and others.
Bitcoin continued with modest daily gains at $61,300 following the report.
The latest price moves in crypto markets in context for Aug. 14, 2024.
