Market
Binance Labs Invests in Kernel to Boost BNB Chain Security
Binance Labs has announced its investment in Kernel, a restaking infrastructure designed to enhance security and utility on the BNB Chain.
Kernel aims to use restaking to transform BNB’s security into programmable trust, supporting a range of crypto services, applications, and middleware.
Kernel Will First Launch On the BNB Chain
The initial rollout will focus on integrating BNB Liquid Staking Tokens (LSTs) and restaked BNB as economic security to drive innovation in DeFi on the BNB Chain.
Also, Kernel plans to expand by incorporating Bitcoin and its derivatives into its restaking framework. Over 20 decentralized applications (dApps), will utilize Kernel’s economic security. This will include AI co-processor Mira and ZK proof aggregation protocol Electron
Meanwhile, collaborations with projects like ListaDAO, Solv, and YieldNest will further enhance the utility of restaked assets. Kernel’s long-term vision includes scaling its infrastructure to additional layer-1 blockchains.
Kernel’s approach integrates native and liquid staking tokens from BNB, BTC, and other yield-bearing assets. This will likely optimize the asset’s utility and improve capital efficiency.
“Kernel exemplifies the type of innovative project that aligns with Binance Labs’ mission to bring more users onto Web3 by supporting meaningful technology and advancing the ecosystem,” Alex Odagiu, Investment Director at Binance Labs said in a press release.
This investment follows Binance Labs’ recent backing of Lombard, a Bitcoin-focused liquid staking platform. Lombard’s LBTC token currently captures 40% of the Bitcoin liquid staking token market and aims to expand its secure multi-chain staking protocol.
Additionally, Binance Labs has ventured into the decentralized science (DeSci) sector. The firm recently invested in BIO Protocol, marking its first entry into this field.
Overall, Binance Labs’ has seemingly adopted a broader strategy to diversify its $10 billion portfolio into innovative and impactful sectors.
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Market
BNB Price Sets Up for a Comeback: Bulls Eye Higher Levels
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Market
Did It Manipulate Prices Again?
Billionaire and X owner Elon Musk posted a meme depicting Doge today. Although he directly referred to the Department of Government Efficiency, the meme asset Dogecoin also pumped briefly.
Is Musk deliberately trying to boost DOGE through these seemingly unrelated tweets? A recent class-action lawsuit against him directly addressed this possibility.
Elon Musk and DOGE
Today, there apparently exists a clear correlation between Dogecoin (DOGE), a prominent meme coin, and billionaire Elon Musk’s social media activity. Earlier, DOGE briefly began trending down until he posted a doge-centric meme.
This meme directly referenced Musk’s Department of Government Efficiency (D.O.G.E.), but the coin’s value nevertheless increased.
This DOGE price bump proved short-lived, but it was still a noticeable correlation. A clear question arises: was Musk deliberately trying to boost DOGE?
On several recent occasions, the value of this meme coin has risen after Musk’s social media posts. In September, he clearly posted about D.O.G.E., which also boosted the unrelated cryptoasset.
Ultimately, it is impossible to definitively understand Musk’s intentions with his post. Recently, all of Musk’s Doge-related statements have referred to the political project, not the cryptoasset. If he was trying to pump the meme coin’s value, he wasn’t very successful: this growth flatlined and dropped again within hours.
There is, however, an alternate plausible explanation for this behavior. Last week, Dogecoin investors dropped a class-action lawsuit against Elon Musk over this exact issue. These investors accused Musk of deliberately manipulating DOGE’s price since 2021, alleging fraud and insider trading.
“Elon Musk literally named a government department ’Doge’ so he can post about it again whenever he wants, without getting in trouble,” X account ‘Sir Doge of the Coin,’ said.
Musk is a documented meme aficionado who may have a Doge appreciation independent of the asset or agency. After all, the underlying meme has existed since 2013 and can exist outside either one of these two contexts.
However, if Musk has been accused of criminally manipulating Dogecoin prices with his posts, then D.O.G.E.’s name could be an easy solution. By naming the agency thus, Musk would have plausible deniability that he isn’t talking about the cryptoasset at all. Whether Musk is or isn’t signaling to DOGE traders, there’s no way to establish his actual intent definitively.
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Market
Bitcoin Price Slips Below $95K: Is The Rally Losing Steam?
Bitcoin price is correcting gains below the $96,500 resistance. BTC is now trading below $95,000 and might face hurdles near the $95,750 resistance.
- Bitcoin started a downside correction from the $98,880 zone.
- The price is trading below $96,000 and the 100 hourly Simple moving average.
- There was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $95,750 resistance zone.
Bitcoin Price Corrects Gains
Bitcoin price struggled to extend gains above the $98,800 and $99,000 levels. BTC started a downside correction below the $97,000 and $96,000 levels. It even dipped below $95,000.
A low was formed at $92,550 and the price is now rising. There was a move above the $93,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
Besides, there was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,000 and the 100 hourly Simple moving average.
On the upside, the price could face resistance near the $95,200 level. The first key resistance is near the $95,750 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low.
A clear move above the $95,750 resistance might send the price higher. The next key resistance could be $97,350. A close above the $97,350 resistance might initiate more gains. In the stated case, the price could rise and test the $98,880 resistance level. Any more gains might send the price toward the $100,000 level.
Another Dip In BTC?
If Bitcoin fails to rise above the $95,750 resistance zone, it could start another downside correction. Immediate support on the downside is near the $93,800 level.
The first major support is near the $92,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $93,800, followed by $92,500.
Major Resistance Levels – $95,750, and $97,350.
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