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  • What happened in crypto this week

    What happened in crypto this week

    Wow, what a week’s it’s been in crypto: Tether’s CEO says they’re not launching a blockchain, the State of Michigan holds over $10 million in spot Ethereum ETFs, the launch of the Global Dollar stablecoin, Bitcoin reaches a new all-time high of over $77,000, and BlackRock’s IBIT sets record daily inflows of $1.12 billion.

    Let’s take a closer look at these and give you a recap on what happened this week in crypto.

    Tether isn’t launching a blockchain

    Paolo Ardoino, CEO of Tether, said that they’re not launching a Tether chain at the moment because “neutrality is very important to them.”

    Posting on X, Ardoino said that “different independent L2 solutions are working to support $USDt for gas fees.” Rather than trying to centralize everything, he mentioned that Tether is interested in teaming up with companies and communities.

    His announcement comes as Tether experienced a record-breaking milestone during the last quarter of 2024, resulting in $7.7 billion in profit over nine months.

    Focusing its attention on Q4 2024, Ardoino said the outlook is “very positive” with the growth of on-chain wallets per quarter rising to more than 35 million new addresses.

    The State of Michigan holds over $10 million in spot Ethereum ETFs

    The State of Michigan pension fund disclosed that it now holds more than $10 million in spot Ethereum exchange-traded funds (ETFs).

    According to a 13F filing, the State of Michigan Retirement System disclosed its holdings of the Grayscale Ethereum Trust (ETHE) and Ethereum Mini Trust ETF (ETH). Per the filing, the Michigan state pension holds 460,000 shares of ETHE worth about $10 million and 460,000 shares ETH (the mini trust ETF) worth roughly $1.1 million.

    This news is significant because the State of Michigan pension fund has become the first such entity to disclose an ETH ETF holding. According to Bloomberg senior ETF analyst Eric Balchunas this is a “big win” for Ethereum.

    In a post on X, he said: “Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of Bitcoin ETFs, $10m vs $7m, this despite BTC being up a ton and Ether in the gutter. Pretty big win for Ether which could use one.”

    The Global Dollar stablecoin launches

    The Global Dollar (USDG) stablecoin has launched, aiming to boost global stablecoin adoption.

    Initial partners of the Global Dollar Network include Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood. Pegged to the US dollar and issued out of Singapore by Paxos, the USDG stablecoin comes at a time when there is tough competition in the stablecoin market.

    At present, Tether’s USDT and Circle’s USDC stablecoins make up a majority of the stablecoin market. In September, it was reported that USDT accounted for more than 75%. However, it’s this “lack of competition” in the stablecoin market that’s stopping the “industry from reaching its full potential,” according to Arjun Sethi, Co-CEO at Kraken, adding:

    “USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases.”

    Bitcoin achieves new all-time high above $77,000

    Bitcoin has reached another new high, topping $77,000, continuing from its upward trajectory following Donald Trump’s presidential win.

    Earlier in the week, Bitcoin achieved a new high of $75,315 as the results signalled a Trump win for the White House. Bitcoin’s last all-time high took place in March when it reached $73,000.

    However, Bitcoin wasn’t done there.

    It then pushed higher, topping over $76,000 across major exchanges on November 7. The news of Bitcoin’s new all-time high came as the US Federal Reserve announced it was cutting interest rates by 25 basis points.

    It remains to be seen how far Bitcoin will continue rising to; however, according to Bernstein analysts, Bitcoin could reach between $80,000 and $90,000 by the end of 2024 following Trump’s win.

    BlackRock’s IBIT sets record daily inflows of $1.12 billion

    BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund (ETF) set a new record for inflows, reaching $1.12 billion, topping its previous record of $872 million.

    BlackRock’s IBIT net assets now account for $34.29 billion, significantly pushing it ahead of its competitors. The new record follows an October milestone, which saw the company reaching $30 billion in total assets in 293 days.

    Speaking to CoinJournal, Dary McGovern, COO of Bitcoin native Xapo Bank, said that Bitcoin’s new record suggests a “broader shift in institutional confidence, with notable market movements such as BlackRock’s record net inflows into its iShares Bitcoin Trust (IBIT).”

    A new record was also seen across the 12 US spot Bitcoin ETFs, reaching $1.38 billion since launching in January.

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  • Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    Bitcoin breaks $75k as crypto celebrates Donald Trump election win

    • Bitcoin spiked to above $75,400, a new all-time high.
    • This came as Donald Trump clinched the US presidency, beating Kamala Harris.

    Bitcoin rose to new all-time high above $75,000 as world leaders began to congratulate Donald Trump as the winner and president-elect in the 2024 US election.

    As Trump took a decisive lead with key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, Bitcoin price rocketed past $75k to hit a new all-time high above$75,400.

    BTC chart. Source: TradingView

    The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated. Per Coinglass, 124,734 traders saw their positions liquidated in the past 24 hours, with total liquidations at more than $557 million.

    BTC liquidations stood at over $273 million, with more than 70% of that – $211 million – in shorts. Crypto is overall extremely bullish on a Trump presidency and analysts say dips in coming months will offer buy opportunities.

    Trump’s pro-crypto stance

    As the election cycle slowly comes to an end, key to the crypto industry is that the most “pro-crypto” candidate has won. World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have all congratulated Trump on his victory.

    The US president-elect has also given a victory speech.

    But while the market celebrates, what remains to be seen is whether he keeps the pledges he made during the campaign. These include two pledges for “day one” in office: fire US Securities and Exchange Commission Chair Gary Gensler and commute the sentence of Ross Ulbright.

    He also said he’d make the US the world’s BTC mining hub, support a strategic Bitcoin reserve effort and never allow the creation of a central bank digital currency (CBDC).

    Despite these pledges, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representaives has also increased significantly to suggest the road to regulatory clarity has likely opened up.

     

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  • Bitwise CIO: US election is going to be a speed bump or wind gust for crypto

    Bitwise CIO: US election is going to be a speed bump or wind gust for crypto

    US Dollar and Bitcoin placed together to show investment concept
    • Bitcoin’s value has risen over 400% between 2020 and 2024
    • Solana has increased in value by nearly 4,500% from $1.49 to around $166 in four years
    • This trajectory of positivity will continue beyond the 2024 US elections, according to Matt Hougan

    Bitwise’s CIO has said while Washington can alter the trajectory of the crypto market by speeding things up or slowing them down, it can’t stop it.

    In his latest client memo, Matt Hougan wrote about crypto in an election year, claiming that crypto has already won, regardless of who becomes the next President of the United States.

    Comparing the state of the crypto market from November 2020 to November 2024, Hougan questioned whether things are better or worse since the last time Americans went to the polls.

    Despite several lawsuits from the US Securities and Exchange Commission (SEC) – notably against Binance, Coinbase, Cumberland DRW, Kraken, and Ripple – the crypto industry has made significant progress.

    A four-year difference

    Looking between the two US elections, Hougan points out that Bitcoin was trading at $13,677 in November 2020. Fast-forward to November 2024 and Bitcoin is valued at around $69,492, indicating a 408% change.

    Ethereum has also seen a positive increase from its humble $388 in 2020 to its now $2,492 in the runup to the 2024 US election. However, it’s Solana that has seen a major increase in price rising nearly 11,000% from $1.49 in 2020 to around $166 in 2024.

    Turning to assets under management (AUM), Hougan shows that stablecoin AUM rose from $3.87 billion in November 2020 to $177.83 billion in November 2024, representing a near 4,500% change.

    Decentralized finance (DeFi) total value locked (TVL) also experienced a healthy boost, jumping from $9.57 billion in 2020 to $139.3 billion in 2024.

    “We focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends,” Hougan wrote. “The presidential election provides a nice opportunity to step back and see how far we’ve come.”

    What next?

    So much has already happened in the crypto market over four years, but will that continue as the market goes beyond the 2024 US election?

    In Hougan’s view, the answer is yes. Regardless of who becomes the next POTUS, Hougan said – among other things – that spot crypto exchange-traded funds (ETFs) inflows will continue, stablecoins will continue to grow, Wall Street will continue to embrace tokenization and real-world assets, blockchains will get faster and cheaper, and real-world applications such as Polymarket will gain mainstream adoption.

    “What happens in Tuesday’s election matters, particularly in the short term,” said Hougan. “But as I see it, over the long term Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train.”

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  • NYSE Arca seeks regulatory nod for Grayscale crypto ETF

    NYSE Arca seeks regulatory nod for Grayscale crypto ETF

    • NYSE Arca is seeking regulatory approval to list an ETF of the Grayscale Digital Large Cap Fund
    • Grayscale recently filed to convert the fund to a spot ETF

    Securities exchange NYSE Arca is seeking regulatory approval to list a new crypto exchange-traded fund (ETF) by Grayscale.

    The ETF is aimed at tracking the Grayscale Digital Large Cap Fund, which the GBTC issuer launched in 2018.

    According to an October 29 filing, the NYSE Arca wants to list the $565 million fund, which Grayscale recently sought approval to convert into a spot ETF. Grayscale’s application came on October 16.

    The fund currently holds five spot crypto assets, including Bitcoin, Ethereum, and Solana, with BTC weighted at 76.5%, ETH at 16.88%, and SOL at 4.46% as of October 29.

    Other digital assets in the Digital Large Cap Fund are Avalanche and XRP, weighted at 0.58% and 1.58%, respectively.

    Recently, the US Securities and Exchange Commission (SEC) greenlighted the trading of options on NYSE’s spot Bitcoin exchange-traded products (ETPs). These included Grayscale’s flagship asset GBTC and the Mini Bitcoin Trust BTC.

    This comes as the industry continues to witness massive demand and investment in spot Bitcoin ETFs following SEC’s approval in January 2024.

    Spot ETFs inflows and holdings

    Inflows into spot ETFs, which includes Ether ETFs approved in May, has skyrocketed. According to SoSoValue data, US spot BTC ETFs have seen cumulative net inflows of $23.28 billion.

    Meanwhile, total net assets have surpassed $72.55 billion, with this accounting for over 5% of the BTC market cap. BlackRock’s IBIT holds $30 billion in assets.

    In a post on X on October 30, Bloomberg senior ETF analyst Eric Balchunas shared that spot Bitcoin ETFs were on track to surpass 1 million BTC holdings.

    Satoshi Nakamoto, the creator of Bitcoin who remains unknown, holds the most BTC today. Satoshi mined the coins in the early years of the flagship digital asset’s launch. Spot ETFs could surpass the 1.1 million figure within the next few days.

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  • Crypto market on a free fall as Iran launches missiles into Israel

    Crypto market on a free fall as Iran launches missiles into Israel

    Crypto market on a free fall as Iran launches missiles into Israel
    • Crypto market drops as Iran launches missile strikes into Israel.
    • Bitcoin falls to $62k; Ethereum drops below $2,500.
    • The global crypto market cap declines by 2.72% to $2.18 trillion.

    The global crypto market has witnessed a sharp decline following reports of Iran firing missiles into Israel.

    The heightened geopolitical tensions have sent shockwaves through financial markets worldwide, with crypto assets taking a significant hit.

    As news of the missile strikes spread, cryptocurrency markets reacted swiftly. Bitcoin (BTC), the largest cryptocurrency by market capitalization, had dropped to $61,932.92 at press time while Ethereum (ETH), the second largest cryptocurrency, witnessed a 3.42% plunge, with its price dipping below $2,499.30.

    Altcoins, often more volatile, experienced even steeper declines, with Arweave (AR), Notcoin (NOT), Gala (GALA), and Worldcoin (WLD) dropping by double digits as investors scrambled to offload risky assets.

    As the market plunged, the global cryptocurrency market cap dropped by over 2.72% to $2.18 trillion.

    The sudden drop in crypto prices underscores the market’s sensitivity to geopolitical events. Historically seen as a hedge against inflation and economic uncertainty, cryptocurrencies have not proven immune to geopolitical shocks.

    Investors, rattled by the fear of broader regional instability and its potential impact on global markets, have moved to safer assets such as gold, which saw an uptick in prices.

    The attack marks a severe escalation in the already volatile Middle East region. Iran’s missile launches were reportedly in retaliation for the Israeli operations in Lebanon that have resulted in the elimination of Hezbollah’s leader.

    Israel has, however, responded swiftly, vowing to defend its territory, raising concerns of an impending large-scale conflict.

    While the full extent of the conflict’s impact remains unclear, the continued volatility in the Middle East is likely to keep the crypto market on edge in the coming days.

    Traders and analysts are now closely watching both diplomatic developments and market reactions.

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  • Crypto liquidations hit $200m amid Bitcoin dip

    Crypto liquidations hit $200m amid Bitcoin dip

    • Crypto liquidations rose to over $200 million in 24 hours as Bitcoin (ETH) and Ethereum (ETH) dipped.
    • Analysts are however bullish on BTC price as September looks poised to end on a green note.

    The crypto market saw over $200 million in crypto liquidations as Bitcoin slipped to near $64k amid fresh bear moves.

    According to data from Coinglass, the cryptocurrency market saw total liquidations in the past 24 hours surge by 128% to more than $200 million. This came as Bitcoin (BTC) fell 4% to near $63,100 on September 30.  

    24-hour liquidations

    Having posted a significantly better performance in September contrary to expectation with a spike to $66k, BTC retreated sharply to pull most altcoins lower. With Ethereum (ETH) also dumping to under $2.6k amid latest selling from the Ethereum Foundation, total longs rekt soared to $164 million.

    Shorts accounted for about $37 million in 24-hour liquidations at the time of writing.

    Crypto liquidation represents the process by which a trader’s position is forcibly closed when their margin account no longer supports an open position. This happens when a trader suffers substantial losses or has insufficient margin to keep the position open.

    According to Coinglass data, over 68,900 traders have had their positions liquidated in the past 24 hours. The largest single order to be liquidated happened on the crypto exchange OKX in the ETH-USD-SWAP, at a value $1.92 million.

    BTC bounce: Uptober is here

    Despite the decline in BTC price, bulls are likely to strengthen in coming weeks.

    The upbeat mood may be down to the fact that with hours to go, September looks poised to end with BTC up more than 7%. That’s barring a sharp meltdown – not entirely new to the market. Still, analysts are bullish.

    As crypto analyst Kaleo points out in the X post below, October and November have historically been ultra-positive for Bitcoin. If the trend continues, BTC will bounce hard in the coming months.

    Earlier on Monday, digital asset manager CoinShares published its weekly report. It showed crypto investment products registered a third consecutive week of inflows amid recent upside on interest rates cut. Bitcoin topped $1 billion as Ethereum broke a five-week streak of negative flows.

    BTC price hovered near $63,405 at the time of writing.

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  • Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price targets $63k as crypto market awakens after Fed rate cut

    Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
    • Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K.
    • Ethereum and Solana have also surged, reflecting a broader crypto market rally.
    • Caution remains due to economic uncertainties and potential regulatory issues.

    Bitcoin (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

    The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment has not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.

    Next Bitcoin (BTC) price resistance level at $63k

    Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.

    Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.

    Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit-taking phase may occur, the overall trend remains strongly bullish.

    Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.

    Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.

    As Bitcoin’s (BTC) price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.

    Ethereum and Solana lead as altcoins mirror Bitcoin’s surge

    The rate cut by the US Federal Reserve has not only impacted Bitcoin price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin (BTC).

    Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.

    Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and NFTs.

    Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.

    Analysts remain cautious

    Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.

    In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.

    Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.

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  • Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

    Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024

    Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024
    • DBS Bank to launch OTC crypto options trading linked to BTC and ETH in Q4 2024.
    • Clients can hedge against volatility through options and structured notes.
    • DBS continues integrating blockchain and Web3 for institutional-grade access.

    Singapore’s DBS Bank is set to launch over-the-counter (OTC) crypto options trading and structured notes in the fourth quarter of 2024.

    This initiative aims to cater to the needs of institutional clients looking for ways to manage the volatility associated with major digital assets like Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.

    DBS’s crypto options and structured notes

    According to DBS, clients who wish to gain exposure to cryptocurrencies can now do so through options trading and structured notes.

    A crypto options contract derives its value from the price of underlying digital currencies. It enables traders to lock in the right, but not the obligation, to buy or sell an asset at a predetermined price at a future date.

    By purchasing put options, for example, clients can secure the ability to sell Bitcoin at a fixed price, regardless of market conditions at the time of execution, thus providing a layer of protection against price drops. This flexibility is particularly useful for investors seeking to manage the volatility of their crypto portfolios.

    In addition to options, DBS will offer structured notes, which are debt securities whose returns are tied to the performance of underlying assets.

    Structured notes provide investors with more customized opportunities, allowing them to capitalize on market movements while potentially reducing risk through tailored financial products.

    DBS expanding its digital asset services

    Announced on September 17, 2024, DBS’s new offerings will give institutional investors access to advanced financial products linked to BTC and ETH.

    These products, which include crypto options contracts and structured notes, are designed to allow investors to hedge against the market fluctuations that have historically characterized the cryptocurrency space.

    With this move, DBS is expanding its digital asset services to include more sophisticated strategies, aligning itself with the growing demand for institutional-grade access to digital assets.

    According to Jacky Tai, DBS’s group head of trading and structuring, institutional clients are increasingly allocating funds to digital assets, and this expansion provides them with a new channel for incorporating advanced strategies into their portfolios.

    DBS’s commitment to offering “trusted institutional-grade access” to digital assets is in line with its broader mission of integrating blockchain technology and Web3 infrastructure into its financial services.

    As Singapore continues to lead in the global adoption of digital assets, DBS Bank remains at the forefront, leveraging regulatory support and technological innovation to provide cutting-edge solutions for its clients.

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  • Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    Crypto downturn sees BTC touch $58k;Bitcoin Dogs fluctuates

    • Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
    • 0DOG token tumbled amid Bitcoin’s losses.

    Bitcoin dived more than 6% in the past 24 hours to trade below $59,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins

    Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.

    Bitcoin slumps amid huge liquidations

    BTC briefly traded at lows of $58,089 across major exchanges on Wednesday morning before a slight recovery pushed it to above $59.2k.

    While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets. 

    Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.

    Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.

    The largest liquidation is an ETH/BTC position at $12.67 million on Binance.

    Bitcoin Dogs mirrors BTC sell-off

    While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.

    Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.

    0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.

    What next for BTC, 0DOG?

    At the time of writing, BTC traded around $59,120, still in the red.

    Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

    The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

    But what would indicate a potential for reversal?

    “When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

    The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.

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  • Crypto price prediction: Sui, Bitcoin, Poodlana

    Crypto price prediction: Sui, Bitcoin, Poodlana

    SUI’s bullish momentum has has boosted it to the day’s top gainer among cryptos as Bitcoin struggles to break the crucial zone of $60,000. Meanwhile, Poodlana has meme coin traders at the edge of their chairs with less than 100 hours to go before it hits the public shelves.

    SUI is the day’s top gainer

    Among the trending cryptocurrencies in the new week is SUI. As at the time of writing, it was the top gainer among cryptocurrencies with its price up by 20.52% in the past 24 hours as indicated by CoinMarketCap. Notably, it has maintained this impressive momentum for days; having risen by 118.82% in the past 7 days.

    Bull traders’ optimism has continued to boost the altcoin following Grayscale Investments’ announcement on 7th August. While launching two new investment trusts for Sui (SUI) and Bittensor (TAO) tokens, the firm’s head of product & research, Rayhaneh Sharif-Askary stated, “We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain”.

    A look at its daily price chart shows SUI above the 50-day EMA and an RSI of 68. Besides, it has risen past the descending channel; aspects that point to a strong bullish trend. In the short term, it will likely be range-bound between 1.1360 and 0.9710 as bulls gather enough momentum to retest June’s high at 1.1785. On the flipside, a pullback past the aforementioned support level may have it drop to 0.8858 before rallying further.

    Poodlana’s pre-sale is in its last 100-hour leg

    While SUI has been one of the trending cryptos in recent sessions, a greater hype lies in one of the newest projects – Poodlana. Indeed, with all the facts and excitement around it, it may end up being the biggest Solana listing of 2024; possibly even outperfoming Dogecoin.

    With less than 100 hours to go before the presale ends, the project has already raised $6.76 million. In addition to the popularity of meme coins, POODL’s status has largely been boosted by its association with luxury. It is named after the Poodle; a dog breed associated with luxury fashion especially in Asia. Besides, it has packaged itself as The Hermes of Crypto.

    Notably, Poodlana buyers are optimistic that it will continue on an uptrend once it starts trading an hour after the end of its presale. Granted, those buying at its current price of $0.0499 already have gains locked with the next stage price set for $0.0539. This means that with a modest investment of $150, you get 3,006 tokens. In the next 20 hours, that will equate to 2,782 tokens; a significant difference, right? You can learn more about Poodlana token here.

    Bitcoin struggles around $60,000

    While the extreme fear experienced a week ago appears to have eased, the hesitance is still pulpable. As such, Bitcoin is struggling to break past the $60,000 zone in this week’s first trade session.

    On a daily chart, it continues to trade below the 25 and 50-day EMAs. This substantiates last week’s outlook of a dead cat bounce. In the short term, the range between 57,121 and 61,925 is worth watching.

     

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