Month: January 2024

Solana Price Soars By 11%

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The Solana (SOL) price has witnessed an 11% increase, rebounding to $89.21, following a local low of $78 yesterday. This surge comes amidst a broader market recalibration and can be largely attributed to an announcement from the Solana Foundation. The foundation unveiled a new tokenization feature, stirring significant interest within the crypto community and prompting a bullish market response. Why The Feature Is So Important Tokenization, a concept heralded by BlackRock CEO Larry Fink as the future of digital markets, is poised to revolutionize the financial and securities landscape. In…

Chinese rush to invest into banned Bitcoin amid economic downturn 

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Residents of China have begun actively converting their savings into cryptocurrencies, using creative ways to own Bitcoin (BTC) and other crypto assets prohibited in the country. According to Reuters, although cryptocurrency is banned in mainland China and there are strict controls on the movement of capital across borders, people can still trade tokens such as Bitcoin on crypto exchanges such as OKX and Binance or through other over-the-counter channels. In addition, Mainland China investors can also open overseas bank accounts to purchase crypto assets. Following Hong Kong’s open approval of…

Chemists Turn To Blockchain To Unravel The Origins of Life

A team of chemists, led by Bartosz A. Grzybowski from the Korea Institute for Basic Science and the Polish Academy of Sciences, has embarked on an unprecedented initiative, utilizing blockchain technology to simulate over 4 billion chemical reactions crucial for unraveling the mysteries of early Earth’s origins. This groundbreaking approach repurposes cryptocurrency mining processes to tackle intricate scientific inquiries, showcasing the versatility of blockchain beyond its financial applications. The researchers set out to explore the potential emergence of primitive forms of metabolism without relying on enzymes. To accomplish this, they…

Recovery Questionable? Ethereum Faces Potential Slide Towards $2,000

Ethereum, the linchpin of the decentralized application ecosystem, finds itself navigating a precarious path this week. The cryptocurrency’s value, having breached the pivotal $2,250 support level, now teeters on the edge of a decisive crossroads, caught between the prospect of a resurgence and the looming threat of a more pronounced downturn. Analyzing the technical landscape reveals a cautious narrative, as ominous bearish trendlines emerge on the hourly charts of the Kraken exchange, while a resilient resistance at $2,240 presents a formidable obstacle. Ethereum: Uphill Battle And Key Levels To Watch…

SEC delays decision on BlackRock’s Ethereum spot ETF launch

The Securities and Exchange Commission (SEC) has delayed its decision on BlackRock’s application to launch a spot Ethereum (ETH) ETF to March. According to a document on the SEC website, a new decision on the application, which was supposed to be made on Jan. 25, is now expected on March 10, 2024. SEC representatives explained their decision due to the lack of time to review all the application details. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so…

Ether (ETH) Options Out of Sync With Bullish Sentiment on Street

Ether’s one-week call-put skew, a gauge of demand for calls relative to puts expiring in seven days, fell to nearly -8 on Wednesday, the lowest in over three months, indicating a preference for bets that ether’s price will decline. The gauge stayed negative at press time, with one-, two- and three-month skews exhibiting a negative outlook. Source

Tesla Did Not Buy or Sell Any Bitcoin in the Lead Up To Spot ETFs

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Sygnum Closes $40M Round As the Crypto Bank Nears ‘Unicorn’ Status

“The broader industry is emerging from the ‘crypto winter,’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions,” Gerald Goh, the firm’s co-founder and CEO of its Singapore operations, said in a release. “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class. Source

SOL Price Recovery Could Soon Fade If Solana Fails To Clear This Hurdle

Solana is attempting a recovery wave from the $80 zone. SOL price could struggle to clear the $92 and $94 resistance levels in the near term. SOL price started a fresh decline from the $104 resistance against the US Dollar. The price is now trading below $95 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could start another decline if it fails…

Market Rebound Signals Bottom As Grayscale Selling Slows Down

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Since the approval of Bitcoin ETF applications by the US Securities and Exchange Commission (SEC) on January 11, followed by the commencement of trading a day later, the ETF race has witnessed impressive trading volumes on each trading day. As the market recovers from a sharp correction, recent developments indicate a notable slowdown in Grayscale selling, which could potentially signal a rebound for the Bitcoin price following the recent 20% drop. Market expert James Mullarney and Bloomberg ETF expert Erich Balchunas provide key insights into Bitcoin ETF fund flows after…