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Xeno Holdings Invests In South Korean-Based CityLabs Co. Ltd

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Xeno Holdings Invests In South Korean-Based CityLabs Co. Ltd

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Xeno Holdings Limited, a Hong Kong-based technology investment company, has invested major capital in CityLabs Co. Ltd to further venture into the South Korean market and Asia at large. The company has recently shown interest in penetrating the South Korean market stating favoring conditions.

Dr. Alan Miller, president of Xeno Holdings Limited noted that the company views the South Korean market as the perfect pathway to further venture into the Asian market. “The Asian market, particularly South Korea, has become significantly important and we have adjusted our involvement and portfolio weighting of it. We no longer view the Korean market as a testbed but rather see it as an important hub to penetrate and expand into the Asian market. With this long-term perspective, Xeno Holdings will efficiently utilize its current partner network as well as its internal funds for aggressive investments in promising South Korean companies.” Miller explained in a statement.

Notably, Xeno Holdings Limited recently invested and signed a collaboration agreement with Gloucester Hotel Jeju to scale the hotel and tourism sector on the island. Meanwhile, more coronavirus vaccines have been rolled out in different places, thereby reviving the tourism industry. Besides, international flights are expected to pick up the pace by the end of the year.

CityLabs Co. Ltd., formerly known as Daily Blockchain (139050.KQ), is a company with great interest in emerging technologies including blockchain technology and Artificial intelligence. Notably, CityLabs provides services ranging from Baas (Blockchain as a Service), road traffic management systems, marine traffic control systems, intelligent transportation system (ITS) solutions, and Healthcare solutions among others. CityLabs seeks to use leading technologies to ensure growth prospects for smart cities. 

Xeno’s capital in CityLabs is set to be used to scale the South Korean-based services. In the process, Xeno Holdings will be in a better position to delve into the greater Asian market. 

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Both companies share a great interest in the blockchain industry amid increased adoption in daily activities. Moreover, Xeno Holdings recently launched the NFT marketplace platform, Xeno NFT Hub

The NFT market has taken the blockchain industry by storm in the past few months. Last week, an NFT by the artist Beeple sold at Christie’s for over $60 million. Hereby making it the most expensive NFT to be auctioned through blockchain technology.

The partnership between Xeno Holdings and CityLabs is expected to be symbiotic to further respective ventures.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/xeno-holdings-invests-in-south-korean-based-citylabs-co-ltd/

Blockchain

Ethereum Co-Founder Vitalik Buterin Burns $6.7 Billion in Shiba Inu (SHIB) Tokens

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Vitalik Buterin, who was gifted half of Shiba Inu’s total supply, has burned 90% of his holdings worth nearly $7 billion. The Ethereum co-founder further said he would allocate the remaining 10% to charitable organizations while also praising the “dog token community” for its generosity.

Buterin Burns $6.7B in Shiba Inu

The Dogecoin rise to the top led to the creation of numerous copycats that garnered significant attention in the past several weeks. Perhaps none became more popular than the self-described DOGE-killer – Shiba Inu.

One of the compelling features came from the anonymous developers who decided to send half of the total supply to Vitalik Buterin – the co-founder of Ethereum. The other half remains locked for liquidity on Uniswap.

Buterin, who donated 50 trillion SHIB tokens (and other dog-related digital assets) to India Covid Relief Fund last week, has decided to burn the majority of his Shiba Inu holdings now.

“I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.” – he explained in the transaction hash.

Buterin outlined the severe problem COVID-19 has created for the entire world and added, “it’s important to think about the longer term future too.”


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Upon the time of the transaction, the 410,24 trillion SHIB tokens Buterin sent from his wallet had a value of about $6.74 billion.

The booming popularity of SHIB caused a massive price surge in the past few weeks. It culminated in an all-time high at nearly $0.00004 after a listing on the world’s leading crypto exchange – Binance.

The Generosity of Dog People

Ethereum’s co-founder touched upon his aforementioned decision to donate a substantial amount of his dog tokens to charity organizations.

“Plenty of dog people have shown their generosity and their willingness to not just focus on their own profits but also be interested in making the world as a whole better.”

However, he also attracted some heat following his actions as some angry developers created coins with offensive names. As such, he urged the community to refrain from sending him new tokens without his consent in the future.

“I don’t want to be a locus of power of that kind. Better to just print the coins into the hands of a worthy charity directly (though do talk to them first.)”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-vitalik-buterin-burns-6-7-billion-in-shiba-inu-shib-tokens/

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Blockchain

Bitcoin to Ethereum rotation is changing ROI on traders’ portfolios: Understand the impact

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Is it likely that one of the factors driving Bitcoin’s price plunge is the rotation of investment from Bitcoin to Ethereum? Looking at the following chart with ETH and BTC percent balances across exchanges, it is likely. The rotation from BTC to ETH continues in light of rapidly changing dynamics in the current bull run.

The Bitcoin to Ethereum rotation that's changing the ROI on portfolios

ETH and BTC Percent Balance on Exchanges || Source: Twitter

This is different from the trends observed in the past, as per the above chart, BTC and ETH percent balance on exchanges were dropping consistently, driving the prices of both assets higher since the beginning of 2021. However, a shift in trader sentiment and the changing correlation between the two assets has led to a shift in trend since the third week of April 2021. Currently, the correlation between BTC and ETH is 0.9 based on data from cryptowatch.

More BTC has hit exchanges at the same time when ETH is leaving. As HODLer effort on ETH’s side increases, Bitcoin is under high selling pressure and it has increased consistently since the change in pattern. This is bullish for ETH in the short term. However, if the trend changes, ETH may see a sell-off having a negative impact on the price target for the end of 2021. The BTC ETH rotation is changing the ROI on several portfolios, as more ETH HODLers are profitable and the number of buyers, unique wallet addresses is increasing.

The Bitcoin to Ethereum rotation that's changing the ROI on portfolios

ETH Unique Wallet addresses || Source: Etherscan

The number of addresses has increased consistently since 2021 and this is another bullish sign. Additionally, in the case of ETH, the concentration by large HODLers is at 41%, this has dropped, however, this could be a sign of more retail traders entering the market for ETH.

BTC’s concentration by large HODLers is 12%, the asset is nearly largely concentrated in the hands of retail traders, unlike top altcoins and ETH.

This also goes against the widely held belief among traders, that Bitcoin is concentrated in whale wallets and institutions. Additionally, ETH’s amount of supply last active 3 to 5 years (1-day moving average) has reached a 13-month low of 17 Million ETH based on data from Glassnode. The BTC ETH rotation is changing the ROI in the short and long term for HODLers.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-to-ethereum-rotation-is-changing-roi-on-traders-portfolios-understand-the-impact

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Blockchain

BTC critic: ‘That’s even more bearish as it means that Bitcoin…’

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Undoubtedly, it’s difficult to digest the fact that a single entity has the influencing power over the largest crypto asset. A similar event was observed with the ‘meme coin’ during Musk’s SNL event. It was a typical case of an over-hyped event for Dogecoin. Although Elon Musk did put forward his ‘damage control’ steps, the coin saw a drop in its price. What’s the case with bitcoin though?

Since Musk’s claims of ‘centralization’, BTC witnessed a drop in its price. One can argue that he took to Twitter to assert that Tesla had not sold any of its bitcoin. Can this help revive the asset’s price?

Elon Musk recently cleared all the rumors about Tesla dumping BTC holdings.

Musk had earlier posted an obscure single-word tweet that wreaked havoc and also put forward the possibility of a ‘pump and dump‘ narrative.

How did Bitcoin react?

Bitcoin indeed saw a spike in its price. It instantly regained some of its recent losses, spiking over 6 percent, after Musk’s tweet. The coin, at the time of writing, was currently trading at the $45,800 mark although it had witnessed a price correction of around 8%.

Source: Trading View

How did the community react to it? 

Willy Woo a prominent crypto proponent wasn’t shy to express his frustration on the social media platform.

Although renowned bitcoin critic, Peter Schiff too added his views on the incident, with an unusual twist. He stated:

Clarification, Tesla hasn’t sold any YET. That’s even more bearish as it means that Bitcoin sold off so much without Tesla actually selling any. Imagine what will happen to the price when Tesla finally does sell!”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/btc-critic-thats-even-more-bearish-as-it-means-that-bitcoin

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