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⚡Market Volatility Strikes Again♻️

Croxroad

29 Feb 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

↪️ Bitcoin's Whipsaw Effect

Bitcoin's (BTC) breakneck rally quickly turned sour early Wednesday afternoon, with the price plunging 7% from a $64,000 high, turning into a bloodbath for leveraged traders. BTC rapidly surged earlier during the day, surpassing the $60,000 level for the first time since November 2021. After hitting a high of $64,037, it abruptly fell to $59,400, the CoinDesk Bitcoin Index (XBX) shows. Its price had bounced back over $61,000 before another wave of sell-off pushed it again to near the same level. At press time, BTC was changing hands at $60,600.

The sell-off reverberated across the broader digital assets market, with the CoinDesk 20 Index (CD20) dropping almost 5% after hitting a fresh all-time high of 2,260 earlier on Wednesday. Major cryptocurrencies in the CD20, such as ether (ETH), Solana's SOL, XRP, Cardano's ADA, dogecoin (DOGE), and Avalanche's AVAX also dropped as much as 4%-9% in an hour. The sudden drop in prices caused a total of over $600 million in liquidations for all digital assets, flushing out leveraged trading positions, CoinGlass data shows.

Meanwhile, amid the digital asset market's roller coaster, some Coinbase users were surprised to see zero balances in their exchange accounts. The company has since confirmed the incident and is investigating the matter.

🏹 Chainlink Unveils a New Era of Transparency

Asset managers Ark Invest and 21Shares have prioritised transparency for their ARK 21Shares Bitcoin ETF (ARKB) by incorporating Chainlink's Proof of Reserve platform to authenticate holdings data, the companies announced on Wednesday.

"This collaboration allows us to offer an unmatched level of insight and safety for our investors' holdings for ARKB," said Ophelia Snyder, co-founder, and president at 21Shares. ARKB has emerged as one of the more successful among the 10 spot bitcoin ETFs launched on Jan. 11. As of the end of the day on Monday, the fund had amassed 33,274 bitcoins and assets under management exceeding $1.8 billion, marking it as the third-highest among all issuers.

In terms of capital attracted, only Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT) have outperformed ARKB. This move towards greater transparency through Chainlink's Proof of Reserve platform aims to provide investors with a heightened level of confidence and assurance regarding the composition of ARKB's holdings.

The integration of Chainlink's platform will serve as a pivotal tool in verifying the accuracy of the ETF's reported holdings. This innovative approach addresses concerns related to data accuracy and authenticity, fostering trust within the investor community.

As the cryptocurrency market continues to evolve, the collaboration between Ark Invest, 21Shares, and Chainlink signifies a commitment to establishing industry standards for transparency and accountability. With ARKB's notable success and growing assets under management, this strategic move may set a precedent for other asset managers seeking to enhance investor trust in the burgeoning world of cryptocurrency ETFs.

🕸️ Web 1.0 History

In 1990, Sir Tim Berners-Lee, a computer scientist at the European research organisation CERN, laid the groundwork for the internet as we know it today. By October of that year, he had developed three foundational technologies that would become the cornerstones of the World Wide Web, including the creation of the very first webpage editor/browser known as WorldWideWeb.app.

These fundamental technologies comprised HTML (HyperText Markup Language), which served as the markup or formatting language of the web, URI or URL (Uniform Resource Identifier or Locator), providing a unique address to identify each resource on the web, and HTTP (HyperText Transfer Protocol), facilitating the retrieval of linked resources from various locations across the web.

As the mid-1990s unfolded, the advent of web browsers like Netscape Navigator marked the dawn of Web 1.0. This era was characterised by static web pages retrieved from servers, a stark contrast to the dynamic and interactive content prevalent in today's internet landscape.

During this period, the majority of internet users marvelled at the novelty of features such as email and real-time news retrieval. Content creation was in its infancy, and interactive applications were a rare sight. However, the landscape gradually evolved as online banking and trading gained popularity, enhancing user engagement and opening up new possibilities for interactive experiences.

Sir Tim Berners-Lee's pioneering work laid the foundation for the internet's expansive growth, from its humble beginnings to the dynamic and interactive online world we navigate today. His contributions continue to shape the digital landscape and have left an indelible mark on the evolution of the World Wide Web.