In this weekly update, we track some of the largest crypto bearish markets, with a focus on Bitcoin and Ether. Despite facing fluctuations in the market, Bitcoin remains unchanged from the previous week. As the world’s first cryptocurrency and decentralized digital currency, Bitcoin continues to be a dominant force in the crypto space since its inception in 2009. Ether, on the other hand, operates on the Ethereum blockchain platform and has gained considerable market share despite being the newest among the three, with its launch in July 2015. Additionally, we mention XRP, which was once among the largest cryptocurrencies but has faced competition from newer coins entering the market.
Ripple and 10T Invest $54 Million in Futureverse’s AI Metaverse Project
In a groundbreaking move, Ripple Labs and 10T, a crypto investment firm, are jointly investing $54 million into Futureverse, a crypto arbitrage and artificial intelligence (AI) gaming startup. Futureverse plans to utilize the funds for research and development, particularly for advancing its technology called the Root Network. The Root Network is a suite of protocols and a blockchain system designed for building metaverse apps, games, and experiences. Notably, it already allows for seamless integration with Ripple’s XRP Ledger (XRPL). Futureverse, formed by combining 11 tech startup firms last year, is dedicated to exploring the synergy between AI and blockchain technology in the metaverse, creating innovative and immersive experiences for users.
Will the Crypto Market Recover? Whales Transfer Holdings to Exchanges
In the past 24 hours, two significant whales, each holding over 9 figures worth of crypto, made major transfers to exchanges. One whale, who participated in Ethereum’s ICO back in 2014 and had not moved their coins since then, moved 61,216 ETH worth $116 million to the Kraken exchange. This substantial transfer, revealed by the Twitter blockchain tracker Lookonchain, garnered attention in the crypto community. The Ethereum Genesis address, often referred to as a “Black hole,” received its entire ETH stash from the ICO participant over 2,911 days ago. The other whale, whose identity remains unknown, transferred a large amount of Bitcoin to exchanges, potentially signaling their intent to sell their holdings.
As the crypto bearish market continues to evolve, investors closely watch for significant developments and market movements that may influence their investment strategies and overall sentiment in the crypto space. The rise of AI-driven projects and whales’ activities are just some of the aspects shaping the ever-changing landscape of cryptocurrencies and blockchain technology.