Category: Coin

Ether ETFs surpass $2.5B as ETH positions for $3.5K breakout

Post author By Michael Emad
Post date 25 December، 2024
No Comments on Ether ETFs surpass $2.5B as ETH positions for $3.5K breakout

Ether ETFs surpassed $2.5B in inflows, signaling optimism despite a 10% price drop and resistance at $3,500.

Institutions like VanEck predict a $6,000 cycle top for Ether price during 2025.

Ether may be poised for a breakout, bolstered by the Ethereum exchange-traded funds (ETFs) surpassing the $2.5 billion milestone.

The United States spot Ether
ETH
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$3,491.11
ETFs surpassed $2.5 billion worth of total inflows on Dec. 24, when the ETFs received $53 million in cumulative net inflows, Farside Investors data shows.

Despite the positive ETF inflows, Ether’s price was down almost 10% on the weekly chart, trading at $3,475 at 1:00 pm UTC on Dec. 25, Cointelegraph Markets Pro data showed.

Ether’s price may see more upside momentum once it flips the $3,500 psychological mark into resistance,

according to crypto analyst Satoshi Flipper, who wrote in a Dec. 25 X post:

“ETH breaking out as expected, price now trying to flip the $3.5k level from resistance to support.”

Round psychological numbers like $3,500 invite increased retail investor attention, but investor sentiment could take a hit if Ether cannot cross the mark.

Ether to $4,000 before Trump’s inauguration: analyst
Crypto analysts are optimistic about Ether’s price trajectory leading into 2025.

Ether’s price may be on track for a rally above $4,000 before Jan. 20, when President-elect Donald Trump will take office, according to a Bybit spokesperson, who told Cointelegraph:

“Bybit analysts see $4,000 on the horizon for ETH before Jan. 20.”

Tags Coin, Earn Money, forex

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Coinbase wrapped Bitcoin deploys on Solana, aimed at growing DeFi market

Post author By Michael Emad
Post date 8 November، 2024
No Comments on Coinbase wrapped Bitcoin deploys on Solana, aimed at growing DeFi market

The deployment will allow utilization of Bitcoin in Solana’s burgeoning DeFi ecosystem, according to Coinbase.

America’s largest cryptocurrency exchange, Coinbase, deployed its version of wrapped Bitcoin on the layer-1 blockchain Solana as it seeks to expand the adoption of the asset in decentralized finance (DeFi).

“This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC,” the company said in a Nov. 7 post on X.

Coinbase added that cbBTC will take the form of a Solana Program Library (SPL) token, a Solana-based token that can represent both fungible and non-fungible assets.

“The token is backed 1:1 with Bitcoin
BTC
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$76,137
and allows users to utilize Bitcoin in Solana’s DeFi ecosystem,” it added.

It listed several Solana-base decentralized exchanges and DeFi protocols that cbBTC will be available on, including Jupiter,

Meteora, Kamino Finance, Raydium, Phoenix, Jito and Drift.

“Bitcoin is king, and the vision is for Kamino to be one of the largest cbBTC venues in DeFi,” said the team behind the Solana-based lending, liquidity and leverage protocol.

Coinbase’s country director for Singapore, Hassan Ahmed, announced plans to launch cbBTC on Solana at the Breakpoint event in September.

The firm has already deployed 135 cbBTC worth about $10 million to Solana, according to the Solana blockchain explorer Solscan.

Additionally, cbBTC fills a gap left by soBTC, a previous Solana-based wrapped Bitcoin asset that depegged and failed during the collapse of the FTX exchange.

The Coinbase asset is not the only version of wrapped BTC on Solana as it joins a growing number of programmable Bitcoin variants on the network, including Threshold’s tBTC,

Zeus Network’s zBTC and WBTC via Wormhole, the Solana team said on Nov. 7.

Coinbase’s wrapped Bitcoin asset has seen its market capitalization surge to more than $1 billion since its launch in mid-September.

It competes with BitGo’s rival, Wrapped Bitcoin
WBTC
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$76,014.55
, which has a market cap of $11 billion and is considered the industry standard available on a wide range of layer-1 and layer-2 networks.

Solana DeFi has seen a remarkable recovery in 2024, with total value locked increasing 250% since the beginning of the year, reaching $8.25 billion, according to DefiLlama.

The Ethereum DeFi recovery has been slower, but it has $60 billion in TVL, which has increased 72% so far this year.

SOL
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$203.79
prices have reacted with a 3.4% gain since the announcement, tapping $200 during early trading on Nov. 8, according to CoinGecko.

Tags Bitcoin

Coin Earn Money forex

Geopolitical tensions, US elections favor Bitcoin ‘debasement trade’: JPMorgan

Post author By Michael Emad
Post date 6 October، 2024
No Comments on Geopolitical tensions, US elections favor Bitcoin ‘debasement trade’: JPMorgan

If Donald Trump wins the United States presidential elections in November, the trend could accelerate, according to the report.

Investors are turning toward gold and Bitcoin
BTC
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$62,276.05
in a so-called “debasement trade” as they brace for a “catastrophic scenario” amid rising geopolitical tensions, according to an Oct. 3 report by JPMorgan.

“[R]ising geopolitical tensions and the coming [United States] election are likely to reinforce the ‘debasement trade’ thus favoring both gold and Bitcoin,” according to the report, which JPMorgan shared with Cointelegraph.

The so-called ‘debasement trade’ refers to a spike in gold demand caused by factors ranging from “structurally higher geopolitical uncertainty since 2022,

to persistent high uncertainty about the longer-term inflation backdrop, to concerns about […] persistently high government deficits across major economies,” among others, JPMorgan said.

Spiking open interest on BTC futures on the Chicago Mercantile Exchange (CME) suggests

“speculative institutional investors such as hedge funds might see gold and Bitcoin as similar assets,” according to the report.

Net open interest on CME BTC futures has risen from approximately 10,000 contracts at the start of 2024 to upward of 40,000 as of Oct. 1.

“In addition, the fact that Bitcoin [exchange-traded funds] started seeing inflows again in September after an outflow in August suggests that retail investors might also see gold and Bitcoin in a similar fashion,” according to the report.

Cryptocurrency ETFs saw inflows of more than $20 billion in 2024, according to data from fund researcher Morningstar.

The US Securities and Exchange Commission (SEC) greenlighted spot BTC and Ether
ETH
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$2,431.17
ETFs in January and July, respectively.

The “debasement trade” could become even more pronounced if Republican US presidential nominee Donald Trump prevails in November’s elections, claimed the report.

“A Trump win in particular, apart from being supportive of Bitcoin from a regulatory point of view, would likely reinforce the

“debasement trade” both via tariffs (geopolitical tensions) and via an expansionary fiscal policy (“debt debasement”),” the report said.

Trump has courted the crypto industry with promises to “fire” the SEC’s chairman, Gary Gensler, and make the US the “crypto capital of the world.”

Tags Bitcoin

Coin Earn Money forex

Some pro-crypto Trumpers suggest he ‘lost their votes’ after token launch

Post author By Michael Emad
Post date 18 September، 2024
No Comments on Some pro-crypto Trumpers suggest he ‘lost their votes’ after token launch

Though many Donald Trump supporters said nothing would stop them from voting for the Republican candidate, others didn’t seem pleased by his latest crypto lending project.

Less than 24 hours after Republican presidential nominee Donald Trump announced plans to launch a token through his World Liberty Financial project, many crypto users criticized the move through social media.

In August, Donald Trump and his sons, Donald Trump Jr. and Eric Trump, began teasing a decentralized finance (DeFi) project through X without many details regarding its purpose.

The Republican candidate made headlines on Sept. 12, announcing that he would host an X Spaces discussion about World Liberty Financial on Sept. 18.

In the lead-up to the X Spaces event, some pro-crypto Trump supporters expressed skepticism about the idea.

Castle Island Ventures partner Nic Carter reportedly said the project was a “huge mistake,” claiming his campaign was “cashing in on his recent embrace of crypto in a kind of naive way.”

Mixed response after launch
The X Spaces event revealed few details about the project besides the leaders’ plan to launch a WLFI token,

which they did not consider a security under the United States Securities and Exchange Commission’s purview. Some crypto users took to social media to suggest that Trump had lost their vote by associating himself with the project.

“Trump launching a sh*tcoin may have been the final straw to lose my vote,” said Mitchell Askew on X. “It’s one thing for him to be ‘pro Crypto’ instead of just ‘pro Bitcoin’ – not everyone is a maxi,

I get it. But it’s another thing to drop a 70% pre-mined token on his followers 7 weeks before the election. This just adds to a growing list of unforced errors from the Trump Campaign.”

Others on X who seemed to support the Republican candidate did not explicitly say they wouldn’t be voting for him in November but suggested that the timing of the WLFI project was bad and

potentially risky. The project’s launch came less than a week after many pundits said Democratic presidential candidate and Vice President Kamala Harris won a televised debate with Trump, tightening what will likely be an extremely close election.

“[…] before the voter who is not a staunchly single-issue Bitcoin or, more broadly, crypto voter, there are so many other issues […] I can’t say that there’s proof of pivot,”

Penn State Dickinson Law Professor Tonya Evans, the author of Digital Money Demystified,

told Cointelegraph. “Those who are not single-issue voters have to take a second look at the reality. [Trump] did not speak clearly or well [about] the logistics of the plan. This was built up as the moment that we get a plan and not ‘concepts of a plan.’”

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Bitcoin ‘could very well catch fire’ as next generation of investors mature

Post author By Michael Emad
Post date 9 September، 2024
No Comments on Bitcoin ‘could very well catch fire’ as next generation of investors mature

Economist and podcast host Suze Orman is bullish on Bitcoin but said ETFs are the way to go.

Financial adviser Suze Orman, a best-selling author and host of the Women & Money podcast, recently discussed why everyone should own Bitcoin and how the next generation of investors could define the future of cryptocurrency.

Orman’s comments came during a recent interview with her former employer, CNBC. She hosted the Suze Orman Show from 2002 to 2016, which was among the network’s most highly rated finance-oriented programs.

During the interview, Orman bucked the trend set by her contemporaries in the financial advisory industry and recommended that everyone invest in Bitcoin
BTC

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$56,952

In he interview, Orman said:

“As younger people make more money and mature, [Bitcoin] will be one of their investments of choice, and that will cause it to go up.”
Semi-bullish
While her bullishness extends to having Bitcoin in her own portfolio, she did show some trepidation, stating that she’s only invested via Bitcoin exchange-traded funds (ETFs).

“I don’t think it will ever be a currency or a store of value,” Orman lamented, “but because the younger generation has a fascination

with it — and you see the energy — a whole lot of people having interest in it,” she added, “eventually it could very well catch fire.”

Orman explained that she feels better owning an ETF “because I would never want to see an FTX happen again.” Orman added that she’d “never understand how the wallets work and how if you lose your passcode, you never get it again.”

Ultimately, however, Orman’s message was clear. As she told CNBC, “Everybody should absolutely have exposure to Bitcoin.”

She does, however, caution that holders “gotta be OK with losing that money” and advises that traders only invest as much as they can afford.

Tags Bitcoin

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