Bitcoin (BTC) has gained 21% since retesting the sub-$50,000 level on August 5, but the price has struggled to hold above $62,000. Meanwhile, the S&P 500 has fully recovered and is currently trading just 1% below its all-time high set on July 16. Bitcoin is facing several conflicting trends, including derivatives indicators that reflect low buyer interest and macroeconomic indicators that suggest traders are increasingly moving out of cash positions. Interestingly, this stock market rally coincides with a significant decline in U.S. Treasury yields, indicating strong demand for these traditionally safe haven products. In essence, traders are now willing to…
Author: Crypto Flexs
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Brazil Approves Second Solana ETF This incident occurred two weeks after the first incident. Brazil’s Solana ETF can be seen as an example in other countries. Exchange-traded funds (ETFs) are seen as a key vehicle for institutional cryptocurrency investment, as they provide a regulated way for institutional investors to gain exposure to crypto assets. In most jurisdictions, including the United States, investors have access to most Bitcoin and Ethereum ETFs. However, Solana investors hope that this could change. Brazil has recently made headlines for its active support of Solana ETFs, including listing the first Solana-based ETF on the B3 exchange…
that apartment appropriate +4.29% The blockchain saw a massive surge in activity on August 15, with daily transactions reaching a whopping 69 million. This represents a significant spike from the network’s typical daily average of around 1 million transactions.This record number of transactions raises questions about the nature and sustainability of this surge in activity.The dramatic increase appears to be related to the launch of UPTOS, a derivatives of the meme-based platform Pump.fun, and it is likely that the surge was driven by speculative interest rather than fundamental network growth.This sudden influx of activity highlights both the potential and limitations…
Potential Downturn for EthereumEthereum, currently trading at $3,410, could crash to $2,400 with the launch of a spot ETH exchange-traded fund (ETF). Andrew Kang, co-founder and partner at Mechanism Capital, shares this bearish outlook, predicting a decline of around 30% from current prices. Andrew Kang highlighted several factors that could limit the upside potential of an Ethereum ETF in a June 23 post on X (formerly Twitter), contrasting it with the strong institutional interest in Bitcoin.Limited institutional interest and cash flow concernsMr. Kang argued that a recession was expected, making the following key arguments:Minimum incentive: There is little incentive for…
Louisa Crawford 21 Aug 2024 18:16 Tether announced plans to launch a stablecoin pegged to the UAE Dirham (AED) in partnership with Phoenix Group and Green Acorn Investments. Tether, the largest company in the digital asset industry, has announced plans to develop a new stablecoin pegged to the United Arab Emirates Dirham (AED). According to Tether, the initiative will be launched in partnership with Phoenix Group PLC, a multi-billion dollar technology conglomerate in the UAE, and Green Acorn Investments Ltd. New addition to Tether’s stablecoin portfolio The dirham-pegged token will join Tether’s existing stablecoin…
A popular cryptocurrency strategist believes Bitcoin (BTC) is repeating the recovery seen in early 2020, when it plunged more than 50% in a week before hitting new all-time highs. The anonymous analyst The Crypto Dog told his 811,100 followers on social media platform X that Bitcoin is likely on the verge of a new bullish rally after bouncing off its lows of $48,000 earlier this month. “From here, I started to consider a very optimistic view of the market, comparing this crash from $70,000 to $50,000 to the COVID crash in March 2020. Other scenarios may be possible over time,…
Bitcoin (BTC) has had a great start to 2024, rising more than 40% since the beginning of the year. This has been driven by several positive fundamental factors, including the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States and the halving event that reduced the amount of BTC paid out to miners by 50%. Unlike previous cycles, Bitcoin prices hit new all-time highs ahead of the halving, leading many analysts to predict a super cycle within the current halving year.More than 123 days have passed since the Bitcoin halving, but the BTC price has yet to…
State Street’s New Digital Asset Strategy State Street, a leading global custodian with $44.3 trillion in assets under management, has selected Taurus, a cryptocurrency custody and tokenization specialist, to advance its digital asset services. The partnership comes as the bank prepares to navigate U.S. regulatory challenges by focusing on tokenization rather than direct cryptocurrency custody. Initial focus on tokenization The initial phase will focus on creating tokenized versions of existing assets, with the first client expected to be announced shortly after the service launches. Tokenization offers benefits such as 24/7 trading and optimized collateral management, and aims to fill the…
Tron Trex +2.72% The underlying token, Sundog, surged about 25% on Wednesday as traders appeared to be testing the recently launched memecoin generator, SunPump.According to CoinGecko, Sundog was trading at around $0.25 as of 1:50 p.m. ET, up about 25% over the past 24 hours. The token’s market cap briefly topped $250 million on Wednesday.Sundog’s meteoric rise came with the launch of SunPump, a Tron-based memecoin generator that competes with cheap memecoin generator Pump.fun. Solana brush -0.21% Blockchain. Since its launch in January, Pump.fun has been used to generate nearly 2 million tokens. Cumulative revenue reached nearly $100 million.On Wednesday,…
SEI prices have fallen 74% since March, and outstanding commitments and development activity continue to decline. The token is facing significant resistance at $0.30, a break of which could trigger a potential rally. The Sei (SEI) token, which once hit a high of $1.14 in March, has seen a significant decline in recent months. At the time of writing, SEI is trading at $0.2648, down 74% from its March high. This decline is an extension of the overall downtrend that has continued throughout the past week, during which the token’s value has fallen by around 10%. With the SEI price…