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  • Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    • GRIID begins trading on NASDAQ post-SPAC merger, enhancing market presence.
    • NASDAQ debut follows a successful merger with Adit EdTech Acquisition Corp.
    • GRIID’s listing underscores the growing integration of cryptocurrency firms into traditional markets.

    GRIID, a US-based Bitcoin mining company, has officially commenced trading on the NASDAQ Global Market, heralding a new chapter in its journey. Known for its vertically integrated mining facilities leveraging sustainable energy, GRIID’s foray into the NASDAQ marks a notable milestone in the cryptocurrency sector’s intersection with traditional financial markets.

    The move signifies a pivotal moment for GRIID, emphasizing its strategic expansion and commitment to delivering value to shareholders.

    GRIID’s SPAC merger

    GRIID’s NASDAQ listing comes on the heels of a successful merger with Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC). This strategic move underscores GRIID’s dedication to fortifying its market position and enhancing shareholder value. With the completion of the merger on January 2nd, GRIID swiftly transitioned to public trading, showcasing its agility in capitalizing on market opportunities.

    As GRIID joins the ranks of publicly traded Bitcoin miners on NASDAQ, including industry giants like Coinbase Global and Marathon Digital, the cryptocurrency ecosystem continues to integrate into mainstream finance. GRIID’s presence on NASDAQ not only bolsters its visibility and liquidity but also underscores the growing investor interest in cryptocurrency-related ventures.

    GRIID’s NASDAQ debut marks a significant milestone for the company and the broader cryptocurrency industry. With its innovative approach to Bitcoin mining and strategic market moves, GRIID is poised to make waves in the financial landscape, further bridging the gap between traditional finance and the burgeoning world of digital assets.

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  • Nasdaq and Cboe eyeing Bitcoin ETF Options, Pullix’s PLX presale nears $4M

    Nasdaq and Cboe eyeing Bitcoin ETF Options, Pullix’s PLX presale nears $4M

    • SEC nods propel Bitcoin ETF options trading by Nasdaq and Cboe, marking a significant leap in crypto investment avenues.
    • Nasdaq’s BTC ETF options promise cost efficiency, advanced hedging; Analysts foresee hedge fund influx.
    • Pullix’s PLX token presale gains traction, introducing a game-changing “Trade-to-Earn” concept, reshaping crypto engagement.

    Just when everyone thought that 2024 had seen the most after the recent spot Bitocin ETFs approval by the US SEC, excitement is rippling through the crypto community again as Nasdaq and Cboe gear up for Bitcoin ETF options trading. The two have already filed applications with the SEC and the regulatory authority has recognized the applications.

    Simultaneously, Pullix, a hybrid trading platform is promising a new era in decentralized finance.

    Nasdaq and Cboe Bitcoin ETF Options trading move

    In a screenshot posted on X by James Seyffart, the SEC has already acknowledged the 19b-4s requesting the ability to trade options on spot Bitcoin ETFs.

    Nasdaq’s proposal centres around listing options for BlackRock’s iShares Bitcoin Trust, while Cboe aims to trade options on exchange-traded products (ETPs) holding Bitcoin. Notably, Cboe’s prominent role in launching six of the SEC-approved spot BTC ETFs positions it as a key player in shaping the crypto market.

    With positive market responses and efficient tracking of Bitcoin’s price since ETF trading initiation on January 11, options trading is considered the “next logical step,” offering enhanced utility and risk management for investors.

    Options trading in BTC ETFs, as proposed by Nasdaq, is hailed for bringing cost efficiencies and advanced hedging strategies to investors. Derivatives provide the right to buy or sell an asset within a specified timeframe, enhancing utility for a broader investor base, including traditional finance sectors.

    Analyst Dave Nadig from VettaFi in an interview with CNBC predicted that the introduction of BTC ETF options will attract hedge fund players, fostering increased speculation and diversified investment approaches in the crypto market.

    The regulatory waiting game is on, with options approval potentially by the end of February, pending SEC decisions and a 21-day public comment period.

    Pullix: unveiling Trade-to-Earn model 

    Amidst the crypto fervour surrounding Biotin ETFs, The upcoming Pullix trading platform takes centre stage with its innovative model. Pullix introduces a unique “Trade-to-Earn” concept, allowing users holding its native token, the PLX, to earn instant rewards for trading on the platform.

    The PLX token’s main USP lies in its revenue-sharing mechanism, enabling holders to profit from the daily revenues generated by the trading exchange. This game-changing approach combines active trading with a guaranteed fixed income, setting Pullix apart in the rapidly evolving crypto space.

    The token is currently in its sixth presale stage and is already showing signs of massive support from crypto enthusiasts. At press time, the presale had raised close to $4 million with only five stages sold out.

    To participate in the presale and acquire the PLX token ahead of the Pullix platform launch, which is scheduled for before the end of January, you can visit the official Pullix Website.

    Conclusion

    As the crypto market witnesses a transformative phase with Nasdaq and Cboe expediting options trading on Bitcoin ETFs, Pullix’s PLX presale adds another layer of excitement, introducing a “Trade-to-Earn” model that could redefine user engagement in decentralized finance.

    Investors and enthusiasts alike are closely watching these developments, eagerly anticipating the impact on investment strategies and the broader adoption of cryptocurrencies. The convergence of innovative trading platforms and tokenomics marks a significant chapter in the evolving narrative of digital assets.

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  • Bitcoin’s correlation with Nasdaq 100 shrinks to 3-year low

    Bitcoin’s correlation with Nasdaq 100 shrinks to 3-year low

    • Bitcoin’s correlation with the Nasdaq 100 has fallen to just 3% in June, down from the overall 60% in 2022.
    • BTC price has outperformed the stock index year-to-date and over the past year.
    • Bitcoin price jumped to a year high last week after news of a spot Bitcoin ETF application by global asset manager BlackRock.

    Bitcoin’s correlation with tech stocks has declined sharply over the past few months, more so after the benchmark cryptocurrency’s rally to a new year-to-date price this month.

    According to an analysis published by market data research platform Kaiko released today, June 26, BTC has continued to break its correlation with the Nasdaq. 

    Kaiko researchers note that in June, Bitcoin’s and the Nasdaq 100 trading trajectory diverged to currently sit at just 3% correlation.

    Bitcoin outperformed Nasdaq 100 in June

    The falling correlation, according to Kaiko, has been enhanced by the cryptocurrency’s double digit gains in June.

    In this, BTC outperformed the tech equities’ 3%. While the Nasdaq 100 has gained about 35% year-to-date, its managed only 22% in the past year. BTC on the other hand is up more than 108% YTD and over 72% over the past year, even with the sell-offs occasioned by the collapse of TerraUSD and FTX in 2022.

    It’s a performance that has seen the lockstep trading witnessed in the second half of last year shrink from 60%, the Kaiko analysts pointed out. 

    CoinJournal analyst Dan Ashmore also recently looked at the fading correlation between the top crypto asset and stocks, examining the whys. 

    BlackRock ETF news major bullish catalyst

    On current outlook, Bitcoin has outperformed traditional risk assets even after a negative sentiment permeated the market following the US Securities and Exchange Commission (SEC) regulatory actions against Binance and Coinbase. Earlier, BTC had performed much better as stocks floundered amid the banking sector turmoil.

    And just this past week, as equities broke their winning streak on new macroeconomic fears, Bitcoin led the crypto market higher – fueled by news of BlackRock’s ETF filing. BTC currently sits around $30,260, down 1% in the past 24 hours, but still up by over 15% in the past seven days.

    CoinShares’ Chief Strategy Officer Meltem Demirors notes that together with BlackRock, companies with a combined $27 trillion in client assets are working to offer customers access to the crypto asset class.

    But while the Blackrock-inspired ETF frenzy remains a key bullish catalyst, other metrics such as open interest suggest growing inflows and speculation. Bitcoin bulls holding above the psychological $30k level or bouncing from fresh retest below that could form the next leg for BTC price upside action.

    As highlighted here, the $34k level is increasingly looking as the next major hurdle for BTC in the short term.

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  • Here’s why the Nasdaq 100 and Bitcoin correlation has faded

    Here’s why the Nasdaq 100 and Bitcoin correlation has faded

    • Bitcoin price has crashed by about $6,000 from its highest point this year.

    • Nasdaq has moved into a strong bull market because of AI.

    • The Federal Reserve will conclude its two-day meeting on Wednesday.

    Nasdaq 100 and Bitcoin prices have moved in the opposite direction in the past few weeks. The tech-heavy Nasdaq 100 index has soared to the highest level since April last year. In all, it has jumped by almost 40% from the lowest level this year. 

    Bitcoin price, on the other hand, has been stuck at the important support level at $25,200. It has dropped by more than $6,000 from its highest level this year. In the past, Nasdaq 100 and Bitcoin had a close correlation because they are often seen as high-risk assets.

    Regulatory concerns

    The main reason why the Nasdaq 100 and Bitcoin price correlation has faded is the ongoing crackdown in the United States. On Monday last week, the Securities and Exchange Commission (SEC) filed a major lawsuit against Binance, the biggest company in the industry.

    The agency accused the company of deceptive practices, commingling funds, and offering its services in the United States illegally. Then on Tuesday, the SEC filed a lawsuit against Coinbase, the biggest company in the US. It accused Coinbase of listing unregistered securities to American customers.

    The regulatory crackdown comes at a time when the crypto industry has gone through a challenging period. Last November, FTX, a major crypto exchange filed for bankruptcy, costing invetors billions of dollars. 

    Crypto companies argue that the SEC and other policymakers have not issued clear guidance about the crypto industry. For example, Coinbase questioned why the SEC allowed it to go public if it offered illegal products.

    Why Nasdaq 100 index is soaring

    On the other hand, the Nasdaq 100 index is soaring because of FOMO and the ongoing artificial intelligence hype. A closer look at the top movers in the Nasdaq 100 index shows that they have a thing to do with AI.

    Nvidia share price has jumped by more than 180% this year, giving it a market cap of over $1 trillion. Tesla, which is also investing in AI, has soared by over 110% while Broadcom, Amazon, and Palo Alto Networks have risen by more than 70%.

    Therefore, there is a likelihood that investors are rotating from the high-risk crypto industry to invest in stocks. Stocks are widely seen as being less risky than cryptocurrencies. 

    Still, there is a likelihood that cryptocurrencies will bounce back later this month as the regulatory concerns ease. As we have seen in the past, these cases tend to take years to conclude. 

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