Asian traders drive BTC above $25,000

High buying pressure pushes Bitcoin above 25,000

Most of the major digital assets are green as the Asian business day begins.

Bitcoin is up 5.3% in the last 24 hours to $25,703, while Ether is up about 2.8% to $1,697. Binance’s BNB token is up 8.7% to $331.

In a recent CoinDesk TV appearance, Kaiko Research Director Clara Medalie said that this mini crypto rally is due to low market liquidity and high buying pressure. Fueling the fire was Binance’s conversion of $1 billion BUSD to Bitcoin, Ether, BNB and other tokens.

“This is a huge buying pressure in the market,” he said. “Because the market is not that liquid, any significant buying pressure is likely to have a significant effect on prices overall.”

“There are a number of crypto companies in Europe or the APAC region that have maintained their banking relationships, so it gives those regions a pretty big opportunity to accept crypto companies,” he said.

Medalie also notes that the correlation between stocks and crypto is breaking, suggesting a divergence between the crypto and stock markets at the start of the year and during this latest rally.

“This week it’s reversed. We’re seeing a rally in the crypto market, while the stock market has completely collapsed,” he said. “The divergence in these markets has reversed and will remain so, creating this bearish correlation for both Nasdaq tech stocks and the European 600 index.”

The Shiba Inu community discusses the origin story of the Shibarium

For the community around the SHIB token and the Shibarium blockchain, it’s the difference between plagarized code and recycled open source code.

The drama began on Thursday, Asian time, when a long-time member of its Discord pointed to the Shibarium thread using the same thread ID number 917 as the Rinia Testnet thread.

While Discord members were quick to come up with their own explanations for the similarity, with some panicking selling the token and pushing it down by 10%, the explanation from the developers behind the Shibarium thread is something much more favorable.

“A few chain IDs were randomly picked – 417(Alpha), 517(Staging), 917(pre-pod/beta) and these chains were not registered anywhere at the time, I made a mistake not double checking when puppynet was launched,” tweeted Kaaldhairyaone of the pseudonymous developers.

Kaaldhairya tweeted that they are “launching a new version of the BETA network with a new chain token”.

“Fresh deployments are going to be rare going forward, but they’re possible because we’re still in BETA,” he continued.

Others pointed to similarities with code found on Github, a code repository.

Coders often reuse each other’s work for mundane and benevolent tasks. These pre-written blocks are known as libraries and are available as open source code. That is, code that is meant to be copied and used again.

Andrew Angrisani, a crypto security engineer and member of the project’s Telegram community and its Discord, explained the code’s similarities to both Rinia and Shibarium, using the same open source code.

“Both Rinia TestNet and Shibarium copied the open source code for their block explorer called Blockscout and probably both were lazy in their implementation,” he said.

Another high-ranking community member, JesusM, called it all “a little beta bug.” JesusM said this is the point of the beta process.

“Its bugs will be tested and then fixed,” they said.

Angrisani speculated that some of this could be a ploy to launch Rinia’s free marketing and future project.

“Rinia Testnet chain Dev launches [initial coin offering] Shib Killer was appointed to Firechain on March 31st. They could use this mud in the water for free marketing because the ChainIDs were the same,” he said. “It could be an artifact of copying the source code from an open source project.”

This isn’t the first time allegations have been flying around either. In February, questions arose on Discord about the similarities between Shibarium and Rinia.

“At the end of the day, Shibarium is probably still a long way off, open source code is being used (which is okay – other projects are doing it), Unification Fund is still working with Shibarium, and Firechain/Rinia dev is using this to market the upcoming ICO,” Angrisani stated.

While the SHIB token has recouped some of its losses since the initial selloff, it is still down 8% on the day.

Bitcoin funds were coins, even as US bank failures fueled expectations of early action by the Federal Reserve to ease liquidity. Kaiko Research Director Clara Medalie shared her crypto market analysis. Additionally, Signature Bank is on the market after being shut down by state regulators on Sunday, but all potential buyers will reportedly have to accept a big caveat: no crypto. (The Federal Deposit Insurance Corp. on Friday denied the report.) Jason Brett, CEO of Key Bridge Advisors and a former U.S. regulator at the FDIC, shared the reaction. Besu protocol engineer Justin Florentine also joined the conversation.

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