Month: January 2024

How crypto market mirrors early stock market trends

Tracing the journey of cryptocurrencies from 1990s experiments to a multi-trillion dollar industry. Starting in the 1990s with early digital money experiments and leading up to the launch of Bitcoin (BTC) during the 2008 financial crisis, the crypto market has expanded rapidly. As of Jan. 3, the global crypto market has reached a market cap of over $1.7 trillion. Dominating this landscape is Bitcoin, which accounts for more than 50% of the total market cap. The market has grown not only in terms of market cap but also in infrastructure…

Crypto Futures Razed To Ground As $659 Million Rekt With Bitcoin Crash

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Data shows the cryptocurrency futures sector has gone through a mass liquidation event in the past 24 hours as Bitcoin has witnessed a sharp crash. Crypto Futures Liquidations Have Added Up To $659 Million In Past Day The cryptocurrency market has seen sharp price action during the past 24 hours. As is usually the case during such volatility, chaos has occurred on the futures side of the sector. According to data from CoinGlass, almost $660 million in futures contracts have found liquidation on the last day. The data for the…

Bonk, MultiversX, Terra Classic among biggest crypto fallers

CoinMarketCap has seen cryptos Bonk, MultiversX, and Terra Classic experience larger than average losses between 17% and 18% amid shaken investor confidence. The top faller, Bonk (BONK), is a meme coin that gained rapid popularity on the Solana network and has since seen rapid fluctuations, with a 41%, with a 20.8% reported at the end of December. Despite reaching an all-time high (ATH) of $0.00003416 per token on Dec. 15, BONK’s value plunged by 66% since its peak. It trades at around $0.00001167, down 18.8% in the last 24 hours.…

From Bullish To Bearish, Bitcoin Plunges More Than 6% Amid Matrixport’s Contradictory Reports

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Matrixport, a crypto financial services platform, has recently made headlines with the release of two conflicting articles on January 2nd about the future of Bitcoin (BTC). The first publication, radiating optimism, projected that Bitcoin’s price could soar to $50,000 in January, spurred by the potential approval of Bitcoin spot exchange-traded funds (ETFs). This bullish stance was further grounded by disclosing a possible announcement that could happen on January 8th, 9th, or 10th. Matrixport’s Sudden Shift: A Bullish Sentiment And Then Bearish Counterpoint Matrixport’s initial bullish report highlighted the transformative impact a…

CoinGecko reports crypto market cap down 7.2%

According to CoinGecko, one of the largest global crypto data aggregators, the cryptocurrency market is down to $1.7 trillion, down 7% in the last 24 hours. Alongside the reduced market cap of the industry is a 6.6% decrease in the price of Bitcoin, a 7.8% decrease in the price of Ethereum, and a 4% decrease in the price of BNB. The drop in market cap, a measurement of the total value of all mined coins, is likened to two major market updates. First, despite Jim Cramer expressing optimism about Bitcoin, the ‘inverse…

Bitcoin At A Crossroads? Economist’s Doom Prediction Clashes With Spot ETF Approval Hopes

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As the world of crypto braces for a potential regulatory nod from the US Securities and Exchange Commission (SEC) in favor of a Bitcoin spot exchange-traded fund (ETF), Peter Schiff, a notable crypto critic, has voiced a dissenting opinion. Schiff projected a grim future for Bitcoin, especially in the event of a spot ETF approval. His comments come at a time when the crypto community is abuzz with expectations of a boost in institutional investor interest in Bitcoin. Economist Spells Gloom For Bitcoin In a recent post on X, Schiff…

Crypto Analyst Predicts 100% Surge For Shiba Inu, But There’s A Roadblock

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Through the rips and dips of the crypto market, the Shiba Inu price has been able to maintain a rather consistent bullish momentum, something that cannot be said for a lot of cryptocurrencies. Given this sustained bullish sentiment, the meme coin is primed to be one of the assets to see a massive rally as the market inches toward another bear market. In the short term alone, pseudonymous crypto analyst MMBTtrader is predicting that the price will mount a 2x rally. Shiba Inu Price Ready To Rise 100% In a…

Solana Users Face Mounting Threat As Drainer Attacks Surge, SOL Price Plummets 13%

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As the price of Solana (SOL) has skyrocketed by an astounding 722% year-to-date, the network’s rapid growth has attracted both attention and challenges.  Not only has the native token gained significant value, but the use of Solana-based meme coins such as Bonk Inu (BONK), which has grown over 854% year-to-date, and decentralized applications (dApps) have skyrocketed. Unfortunately, this increased popularity has led to increased attacks against the so-called “Ethereum Killer.” Malicious Solana dApps Exploited Web3 security firm Blockaid has recently observed a concerning trend of users falling victim to attacks…

Memecoin market cap falls 12% during today’s liquidation

Memecoins took the hardest hit in today’s market selloff, losing almost double the market cap of the average market.  Earlier today reports from Matrixport regarding the SEC’s potential rejection of Bitcoin ETF applications triggered a significant liquidation across the market. Within four hours, the market lost over $540 million, with Bitcoin and Ethereum dipping nearly 10%. However, it appears that the meme coin market took the sharp end of liquidation, with all major meme tokens losing over 10% of their value today. Bonk, the newest and most trending meme coin,…

Fidelity files registration of securities for its Bitcoin ETF with the SEC

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Fidelity Investments has filed registration of securities with the SEC for its spot Bitcoin ETF.  With over $4.5 trillion in assets, the firm has filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) to register its Fidelity Wise Origin Bitcoin Fund. This filing indicates a move to make the fund a publicly traded security, a milestone for Fidelity and the broader acceptance of digital assets in traditional investment portfolios. Fidelity’s Form 8-A filing | SEC The filing comes at a turbulent time, as the crypto market lost over…