Bitcoin

Bitcoin Runes Resurgence? Why Asia’s institutional investors could drive growth

Published

8 months ago

3 June, 2024

Bitcoin Runes Resurgence? Why Asia's institutional investors could drive growth

In cryptography, where most stories are reduced to a single line, the story of the Runes protocol – a framework optimized for creating meme coins about Bitcoin– it’s more or less like this: it started with a bang and disappeared, just as quickly, with a groan.

Almost a month has passed since the box office success of Runes debut next to the Bitcoin halved in April; and yet the protocol’s subsequent failure to meet high benchmarks has led many to dismiss the entire effort as a misfire.

But could the growing institutional enthusiasm for Runes in East Asia signal a possible second act for the developing protocol?

While mainstream talk about Runas has calmed in the West, the buzz in Asia around the protocol has only continued to snowball – especially among institutional investors and more centralized building teams who see it as a more sophisticated riff on the theme compared to the previous one. BRC-20 Fungible Token Standard.

BRC-20 tokens, the first wave of Bitcoin meme coins, created a lot of organic excitement when they took crypto by storm in 2023was born from an improvised adjustment to Bitcoin Ordinals code. Their debut was chaotic, highly experimentaland decentralized – the perfect storm for success in the cryptosphere.

The Runes protocol, on the other hand, has been implemented much more methodically, by a team of reputable engineers who focused on security, scalability, and easy-to-navigate build tools. In fact, it came from the original creator of the Ordinals protocol, Casey Rodarmor, who believed he could create a better fungible token protocol than the one he tinkered with his own previous code.

This emphasis probably hasn’t made much of an impression on degen traders yet. But investors in East Asia say it has already made a big difference for them.

“Runes is structured to potentially meet the stringent requirements of institutional investors, emphasizing scalability, efficiency and security,” said Ciara Sun, founder and managing partner of Asia-focused crypto investment firm C Squared Ventures. Decrypt. “This alignment could make Runes more attractive to a broader institutional base.”

Some Asian investment firms, such as Hong Kong-based Newman Group, have already taken the plunge into Runes. The company says it is actively promoting the development of Runes through portfolio companies such as Xverso It is Liquidgiven what the company sees as the potential for Runes to become a foundational infrastructure layer for the entire crypto industry.

“We believe Runes could end up being bigger than BRC-20, especially considering institutional interest,” said Adrian Lai, founder of Newman Group. Decrypt. “Runes’ technical advantages and potential for efficient cross-chain transactions could make it a preferred choice for institutions looking to access DeFi on Bitcoin.”

Some of the most prominent companies in crypto ever aligned behind the protocol. Leading Cross-Chain NFT Marketplace, Magic Eden released a dedicated Runes platform in April. OKX, one of Asia’s leading centralized crypto exchanges, hugged eagerly the protocol; was the first exchange of its kind to offer zero rate Rune trade.

Paige Xu, an investor at OKX, says Runes was almost perfectly designed to check off all the boxes on an institutional investor’s wish list. She particularly noted the protocol’s unspent transaction output (UTXO) model, which allows tokens to interact much more seamlessly with crypto wallets, layer 2 networks, and DeFi applications than BRC-20 tokens or Ordinals subscriptions can. at the moment.

“Runes has the right stuff – efficiency and a small blockchain footprint – that institutions typically look for in technology, which can handle heavy demand securely,” Xu said. Decryptadding that your personal views do not necessarily reflect those of your employer.

The investor noted, however, that Runes’ rise to dominance through institutional support is far from a done deal.

“The adoption of Bitcoin-based technology like this is still very new and largely depends on how well we can educate and integrate these assets into the broader financial world,” she said.

In the days following its release on April 19, interest in Runes skyrocketed; three days later, the protocol recorded more than a million transactions, according to on-chain data from Dune. Transaction volume plummeted by up to 90% in the following weeks, amid a broader period of reflection across the crypto ecosystem.

By the end of May, however, activity at Runas had more than tripled. For the first time, the total market capitalization of protocol assets reached $1 billion, according to GeniiData. This number has since eclipsed US$2 billionindicating that Runas may be enjoying a comeback (despite only being a month old).

There is no guarantee that institutional enthusiasm towards Runes will lead to the protocol dominating the crypto industry, as many have assumed. But if current sentiment in East Asia is any indication, then crypto’s biggest players are coming to the conclusion that there is only one path to the integration of fungible Bitcoin tokens – and that path runs through Runas.

“If issuing fungible tokens on the Bitcoin blockchain is the right decision, then deciding between Runes and BRC-20 comes down to which has a better chance of long-term viability and diversity,” MiXWeb3the pseudonym founder of Runes of China community, said Decrypt. “It makes the choice much clearer.”

Edited by Andrew Hayward

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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