Here are some of the major developments from the world of crypto over the past few days.
OKX becomes the latest cryptocurrency exchange to launch an Ethereum-based layer 2 network. Cryptocurrency exchange OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 network to provide lower fees and interoperability for users interacting with decentralized applications.
OKX's launched the public mainnet of X Layer, its zero-knowledge proof powered network, on April 15. The network was built using Polygon’s chain development kit (CDK) and enables shared state and liquidity across multiple blockchain networks using the Ethereum scaling protocols Aggregation Layer. OKX notes that DApps including the Graph, Curve, LayerZero, QuickSwap, Galaxy and Timeswap are in the process of deploying on its proprietary layer-2 network.
X Layer will allow OKX users to transfer assets, deposit and withdraw cryptocurrencies on OKX and access nearly 200 DApps offering token swaps, staking and smart contract functionality. OKX’s native OKB token acts as X Layer’s native token and is used to pay gas fees on the network. Polygon CDK is touted to provide symbiotic benefits for OKX, X Layer and other chains connected to Polygon’s AggLayer. X Layer essentially connects to other chains built on Polygon CDK through the AggLayer, which allows for the transition of liquidity between these chains.
BlackRock's Bitcoin exchange-traded fund (ETF), with an exchange rate of $63,280, has been the only United States-based spot Bitcoin ETF to receive inflows over the past two days, while all other ETFs have either reported zero inflows or experienced outflows. The iShares Bitcoin Trust (IBIT) recorded net inflows of $73.4 million on April 15, down from $111.1 million the day before.
According to FarSide Investors data, the eight other ETFs, excluding Grayscale's, reported $0 inflows over the past two days. However, IBIT's inflows were not enough to offset outflows from the Grayscale Bitcoin Trust (GBTC), which saw outflows of $110.1 million on April 15, down from $166.2 million on April 14.
Butterfill reported that all combined crypto investment products experienced net outflows of $126 million last week, with weekly volumes increasing from $17 billion to $21 billion. Bitcoin's price plummeted to a three-week low of $61,918 following Iran's attack on Israel on April 13. The upcoming April 20 halving, where Bitcoin's issuance is halved, is also causing price volatility as traders speculate on its impact on Bitcoin's price movement.
Schiff cited a downturn in the cost of Bitcoin-linked value markets without indicating a time outline for his shared information. Gold defender Diminish Schiff has addressed advertise savants who have set a Bitcoin cost target of $100,000 in the current bull run. Schiff moreover took a burrow at spot Bitcoin BTC $62,589 exchange-traded stores (ETFs) and the request made by the items in the current market.
Schiff is a known Bitcoin critic and frequently questions its showcase esteem and real-world utilize cases. Schiff called out examiners who claimed the BTC cost might outperform $100,000, boosted by the critical request made by spot BTC ETFs. Schiff said Coinbase is down 21%, System Computerized is down 26%, MicroStrategy is down 33%, and a few Bitcoin mining stocks are down twofold digits. Be that as it may, the gold defender didn't indicate a timeline for those misfortunes in spite of most Bitcoin and crypto-linked stocks by a critical edge since the begin of 2024.
The current bearish force in the crypto showcase is no enormous astonish either. Showcase investigators have clarified how BTC has truly seen a pre-halving plunge and picks up energy post-halving. The Bitcoin dividing is planned for afterward this week. Schiff's burrow didn’t go unnoticed, with a few Bitcoin advocates reacting to his post debunking his specific information. Dan Held and Willy Charm reminded Dwindle Schiff of lost the opportunity to purchase Bitcoin in 2013 when it was exchanging at around $1,000.