Author: dfmines

Some crypto traders have made millions of dollars from the latest leading narrative, Artificial Intelligence (AI) related tokens. However, the sector’s quick rise in popularity has received backlash from several community members and industry figures, who consider the tokens “worse” than the memecoin trend. Related Reading: Bitcoin Bounces Back Above $100K – Is the Bull Run Resuming or a Correction Ahead? Crypto Traders Make Millions From AI-Related Tokens On January 6, on-chain data analysis firm Lookonchain shared that a smart Solana trader obtained massive returns from AI agent and memecoin ai16z (AI16Z). The investor turned $2 million into $21 million in less than two months amid the AI-related tokens rally. The AI-managed crypto fund is on the Solana blockchain and governed by the ai16zDAO. Its name is a wordplay originating from the venture capital firm Andreessen Horowitz, also known as a16z, seemingly created to bring attention to the project. According to the post, the whale purchased 10.6 million ai16z, worth $2.27 million, between November 15 and November 22, 2024, at an average cost of $0.214. Since then, the cryptocurrency has seen a 965% surge to trade around $2.28. At the time of the report, the investor’s holdings were valued at around $21 million, making $19 million in unrealized profits. Earlier today, the whale sent 5.3 million ai16z, worth $10.68 million, into Jupiter to sell via limit order. Meanwhile, another trader turned $123,000 into $4.5 million after betting on ai16z when the token’s market capitalization was $22 million. The whale purchased 6.17 million ai16z and sold 4.67 million for around $1.78 million last month. The investor currently holds 2.65 million ai16z tokens, valued at $2.9 million, bringing the total profits to more than $4.5 million in two months. This whale also made another $13.4 million from other AI crypto tokens like GOAT, FARTCOIN, and ARC. Community Calls AI Agent Tokens ‘Overrated’ In late 2024, AI Agent tokens gained massive popularity among crypto investors, with several experts predicting that AI-related tokens, alongside memecoins, would be the largest narrative of this year. Meanwhile, AI memecoins stole the spotlight as the year ended, sending some of the tokens in the sector to the top 10 memecoins ranks in late December. Ai16z, the largest AI memecoin by market capitalization, has seen a 251% increase in the past month, hitting an all-time high (ATH) of $2.47 on January 2. The token is also the third-largest AI agent crypto and has seen a 25% surge in the last 24 hours, trading between $2.25 and $2.28 throughout Monday morning. Nonetheless, the sector has received heavy criticism recently from the crypto community. On-chain sleuth ZachXBT recently called AI agent tokens a scam. Responding to Justin Taylor, another industry member, the crypto detective stated that “99% of it is a scam” and suggested that “the AI agent wrapper grifts are probably worse than other past trends.” Related Reading: Litecoin Comeback: LTC Breaks Free And Guns For $400 Zach argued that memecoins “at least” promised nothing, “AI coins try to larp as much as possible to appear legit to unsuspecting buyers.” Similarly, Solana founders consider AI agent tokens to be overhyped. According to an anonymous poll of 42 Solana founders, several of the polled considered AI Agents, alongside Blinks, to be the “most overrated Solana sector.” Despite the criticism, the sector still registers a 5% increase in the last 24 hours, with a daily trading volume of $2.28 billion and a market capitalization of $17.5 billion, according to CoinGecko data. Featured Image from Unsplash.com, Chart from TradingView.com

Spot Bitcoin ETFs in the United States hoovered up a whopping 51,500 BTC in December while only a fraction of that was produced.

XRP price is consolidating gains above the $2.350 support zone. The price is showing positive signs and might aim for a fresh increase above $2.4650. XRP price is struggling to gain pace for a move above the $2.50 zone. The price is now trading below $2.435 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $2.385 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase if it stays above the $2.320 support. XRP Price Holds Support XRP price remained above the $2.320 level but failed to start a fresh increase like Bitcoin and Ethereum. The price struggled to clear the $2.50 resistance and remained below $2.45. The last swing low was formed at $2.32 and the price is now consolidating. There was a move above the $2.40 level. The price cleared the 50% Fib retracement level of the recent decline from the $2.507 swing high to the $2.32 low. The price is now trading below $2.435 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $2.385 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.465 level or the 76.4% short-term rising channel forming with support at $2.385 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.50 level. The next resistance is $2.55. A clear move above the $2.55 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.720 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.880. Another Decline? If XRP fails to clear the $2.435 resistance zone, it could start another decline. Initial support on the downside is near the $2.380 level. The next major support is near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.380 and $2.320. Major Resistance Levels – $2.4650 and $2.500.

Jeju Island, South Korea’s special self-governing province, plans to introduce NFT-based digital resident tourism cards in the second half of this year. Jeju Authorities Target Millennial and Gen Z Visitors South Korea’s special self-governing province, Jeju Island, has announced plans to issue a non-fungible token (NFT)-based digital resident tourism cards in the second half of […]

An unnamed Canadian man says he’s been forced to move from one Airbnb to another to evade his suspected kidnappers.

Ethereum price extended its increase above the $3,650 zone. ETH is consolidating and aims for a fresh increase above the $3,750 resistance. Ethereum started a decent recovery wave above the $3,700 zone. The price is trading above $3,650 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,660 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it clears the $3,750 resistance level. Ethereum Price Climbs Above $3,700 Ethereum price remained stable above the $3,550 level and extended its upward move like Bitcoin. ETH gained pace for a move above the $3,620 and $3,650 resistance levels. The bulls were able to surpass the $3,700 resistance level. It opened the doors for a move toward the $3,750 level. A high was formed at $3,742 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $3,593 swing low to the $3,742 high. Ethereum price is now trading above $3,660 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,660 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $3,593 swing low to the $3,742 high. On the upside, the price seems to be facing hurdles near the $3,710 level. The first major resistance is near the $3,750 level. The main resistance is now forming near $3,780. A clear move above the $3,780 resistance might send the price toward the $3,850 resistance. An upside break above the $3,850 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,920 resistance zone or even $4,000 in the near term. Another Decline In ETH? If Ethereum fails to clear the $3,750 resistance, it could start another decline. Initial support on the downside is near the $3,660 level and the trend line. The first major support sits near the $3,620. A clear move below the $3,620 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,500 support level in the near term. The next key support sits at $3,420. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,660 Major Resistance Level – $3,750

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MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy. MicroStrategy Eyes $42 Billion Capital Raise By 2027 In a filing with the US Securities and Exchange Commission (SEC), MicroStrategy disclosed that it purchased 1,070 Bitcoin tokens at an average price of approximately $94,000 on December 30 and 31, 2024.  This brings the company’s total Bitcoin holdings to an impressive 447,470 BTC, acquired for around $27.97 billion at an average price of $62,503 per Bitcoin.  Notably, Saylor highlighted in a social media post on X (formerly Twitter), that the company achieved a Bitcoin yield of 48% for the fourth quarter of 2024 and 74.3% for the entire fiscal year. Related Reading: XRP Eyes $11 Breakout, But A Correction Might Come First—Analyst MicroStrategy’s ambitious plans extend beyond Bitcoin acquisitions. On Friday, the firm announced its intention to raise up to $2 billion through offerings of perpetual preferred stock, which will hold seniority over its Class A common stock.  This move is part of a larger strategy to raise $42 billion in capital by 2027 through various means, including at-the-market stock sales and convertible debt offerings. With more than two-thirds of its equity goals already met, the company is expected to pivot towards fixed-income markets in the near future. The demand for MicroStrategy’s stock (MSTR) has notably increased among hedge funds, which are employing convertible arbitrage strategies that involve purchasing bonds and short-selling shares.  This strategy capitalizes on the volatility of MicroStrategy’s stock, a characteristic that has become a cornerstone of its business model. Benchmark analyst Mark Palmer remarked: That volatility itself is a key element of MicroStrategy’s approach because it enables the company to tap into the capital markets and particularly the convertible bond market more easily. MicroStrategy’s recent proposal to increase the number of authorized shares of Class A common stock from 330 million to 10.3 billion has sparked fears of share dilution, leading to a significant drop in the company’s stock price.  MicroStrategy’s Bold Bitcoin Strategy Faces Headwinds  On the day of the proxy filing in December, shares fell by as much as 9.6%. Adam Kobeissi, founder of The Kobeissi Letter, noted the dilemma faced by investors, stating:  It’s a lose-lose because on one hand you have people saying that it’s dilutive and they’re selling the stock… but on the other hand you have people saying if it doesn’t pass, then they can’t keep buying Bitcoin and the whole investment strategy is kind of broken. A vote on the share increase is scheduled for January 21, 2025, and with Saylor being a significant shareholder, the amendment is expected to pass. Should it be approved, the increase in shares could lead to further volatility in MicroStrategy’s stock price as the company becomes more leveraged.  Although the company has typically outperformed Bitcoin, it has faced challenges in recent months, underlining that its performance is influenced by factors beyond just cryptocurrency prices. Related Reading: Ethereum Price on the Rise: Can Momentum Fuel Bigger Gains? Despite the recent fluctuations, Palmer maintains a “buy” rating on MicroStrategy’s stock. He believes the market’s reaction to the proposed share increase has been an overreaction.  “The company’s strategy has been to issue shares to make accretive Bitcoin purchases which can accrue to the benefit of shareholders,” he commented. MicroStrategy’s aggressive approach to Bitcoin acquisitions has seen it make significant purchases exceeding $1 billion in late 2024, although recent weeks have seen a slowdown in these activities amidst fluctuating Bitcoin prices.  Palmer reassured investors, stating, “We’ve seen a pull forward of the company’s strategy, which is not indicative of a slowdown… it’s more a reflection of the aggressive approach that the company has taken.” At the time of writing, the market’s leading crypto is inching closer to the $100,000 milestone, trading at $99,340, up 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com 

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Bitcoin price is recovering losses above the $100,000 zone. BTC is showing positive signs and might continue higher if it clears the $102,500 resistance zone. Bitcoin started a decent increase above the $98,800 zone. The price is trading above $100,000 and the 100 hourly Simple moving average. There is a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $98,500 support zone. Bitcoin Price Reclaims $100K Bitcoin price started a decent upward move above the $96,500 resistance zone. BTC was able to climb above the $97,200 and $98,800 resistance levels. The price was able to clear many hurdles near the $100,000 level. It even spiked above $102,000. A high was formed at $102,479 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high. There is also a short-term bullish trend line forming with support at $99,800 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent upward move from the $97,251 swing low to the $102,479 high. Bitcoin price is now trading above $100,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,500 level. The first key resistance is near the $103,200 level. A clear move above the $103,200 resistance might send the price higher. The next key resistance could be $104,500. A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,500 resistance level. Any more gains might send the price toward the $108,000 level. Another Drop In BTC? If Bitcoin fails to rise above the $102,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $101,250 level. The first major support is near the $100,000 level. The next support is now near the $98,550 zone. Any more losses might send the price toward the $96,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $101,250, followed by $100,000. Major Resistance Levels – $102,500 and $103,200.