Month: January 2024

Solana is down 24% in 2024; time to diversify?

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Solana is under pressure NuggetRush, a new meme coin, captivates investors with its play-to-earn (P2E) mechanism.  The NuggetRush’s focus on real-world rewards and engaging gameplay drives investor interest. Despite its strong performance in network utilization and daily active users, Solana (SOL) is down, mirroring the broader crypto market downturn. This has prompted some investors to diversify their portfolios and explore newer crypto projects like NuggetRush (NUGX). NuggetRush combines gaming…

Ether (ETH) Finds Support: CoinDesk Indices’ Todd Groth

So how did the crypto options market price in the bitcoin (BTC) spot exchange-traded fund (ETF) launch? From a quick ex-post analysis of option implied vs subsequent realized volatility (see below), expectations in the markets have subsided after the event, and it looks like the bitcoin options market gang correctly priced in the market reaction while team ether options were asleep behind the wheel w.r.t. the rally in ETH post bitcoin spot ETF launch. Source

Is Chainlink (LINK) Ready To Soar? Key Indicators To Monitor

boss

Among the 20 most important cryptocurrencies by market capitalization, Chainlink (LINK) is currently recording the second-highest loss of -10.4 % in the last seven days. This puts it just behind Ethereum, which recorded a slightly sharper decline of -10.9 %. Despite this, a glimmer of optimism emerges when delving into the 1-day chart of LINK/USD. The analysis suggests a potential turnaround on the horizon. Should the current market structure remain intact, there’s a promising indication that the recent corrective phase for LINK might be drawing to a close. Chainlink Price…

Bitcoin Price (BTC) Regains $41K in End of Week Rally

boss

ARK Invest has sold a total of 2,226,191 shares of the ProShares Bitcoin Trust ETF since Jan. 19, worth around $42.8 million at Thursday’s closing price of $19.22, from its Next Generation Internet ETF (ARKW). Meanwhile, it has bought 1,563,619 shares in the ARK 21 Shares Bitcoin ETF (ARKB), worth approximately $62.3 million. ARK held BITO as a short-term play having offloaded its shares of the Grayscale Bitcoin Trust (GBTC) late last year, in anticipation of the approval of spot bitcoin ETFs in the U.S., with plans to swap BITO…

Canaan secures $50m in series A preferred shares sale

Crypto mining rig manufacturer Canaan has obtained over $50m from preferred share financing to boost research and development and expand its production scale. In a recent filing, The Nasdaq-listed firm announced that it generated the capital by issuing and selling up to 125,000 series A convertible preferred shares to an institutional investor whose identity was not revealed. Canaan plans to allocate the net proceeds towards enhancing its research and development activities, scaling up production, and covering general corporate expenses. The company, known for its ticker symbol “CAN,” made its debut…

Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?

boss

Layer-2 network Polygon is reported to have competed with Ethereum in 2023, as both networks saw the most influx of new users. This development has once again raised concerns about MATIC’s price, considering that such an achievement should potentially mean that new money moved into the ecosystem last year.  Polygon and Ethereum Acquired The Most Users In 2023 According to a report by Blockchain analytics firm Flipside, Polygon and Ethereum led the pack with 30.6 million acquired users in 2023. Giving a further breakdown, Polygon is said to have acquired…

US CBDC debate heats up amid elections. Does the country need a digital dollar?

During the 2024 presidential race, the discussion on a U.S. CBDC becomes more intense. Candidates’ contrasting views mirror wider concerns about privacy and government control. As of Jan. 2024, the situation regarding central bank digital currencies (CBDCs) in the U.S. is characterized by caution and gradual progression, especially when compared to the advancements made by other countries.  Currently, 11 countries have fully implemented digital currencies, while China, India, and several other countries are in the pilot phase. Source: Atlantic Council In the U.S., the development of a retail CBDC (direct-to-consumer)…

Analyst Forecasts Potential Price Surge To $11

boss

Amid the general decline surrounding the entire cryptocurrency market, XRP has been observed as one of the most affected tokens, with its price falling as low as $0.51 at a swift rate. Potential Price Surge For XRP The price of XRP has been witnessing a significant bearish trend for quite some time now. This has led to several speculations from market analysts about the token’s future. However, a well-known crypto analyst, XForceGlobal, has predicted a rally for XRP that could take the asset to the pivotal $11 price mark. The…

JPMorgan reports GBTC sell declining, highlights ETF record outflows

Analysts at JPMorgan have indicated a potential easing in the selling pressure on Bitcoin, as the bulk of profit-taking from the Grayscale Bitcoin Trust (GBTC) appears to be concluding. In a market report released on Jan. 25, a team led by Nikolaos Panigirtzoglou, JPMorgan’s market strategy managing director,”GBTC profit taking has largely happened already.” The assessment suggests that the primary factors influencing Bitcoin’s price fluctuations, specifically those linked to GBTC, might be diminishing. Grayscale’s fund has been trading below its net asset value since early 2021. Analysts attribute the $4.3…