Category: Cryptocurrency News

submitted by /u/samdane7777 [link] [comments]

I saw a tweet/x by a pretty big creator saying something like “can’t believe more people don’t know about this” with a screenshot showing big gains suggesting some slick defi opportunity. When I clicked on the link, it described an “arbitrage mev bot” and had a video demonstrating how it worked. The details in retrospect…
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The announcement follows the launch of a $100 million fund back in April focused on investing in crypto projects in Asia.

Despite his agency suffering a slew of losses in the courts, Gensler is sticking to his guns at the Senate Banking Committee hearing.

The Grayscale Bitcoin Trust (GBTC) share price has again made headlines. Its premium or discount to Bitcoin’s net asset value (NAV), often viewed as an indicator of institutional sentiment towards the cryptocurrency, has displayed a notable trend recently, even amid the prevailing bearish atmosphere. GBTC’s Evolving Price Dynamics The phenomenon of GBTC’s share price inching closer to Bitcoin’s market price is worth noting. The correlation between the two has been historically significant, with price differences often shedding light on broader market sentiments. Related Reading: Bitcoin Weekly TD Sequential Buy Setup Appears, But Warns Of Potential Risk According to data from CoinGlass, a renowned crypto monitoring platform, the GBTC shares were recorded trading at a 17.17% discount to the BTC/USD rate as of September 9th, the last update. Such levels haven’t been witnessed since December 2021, highlighting a potentially shifting sentiment in the market. The so-called “GBTC Premium,” previously a surplus, has been a discount to the net asset value for a while now. The shift was drastic at one juncture that the differences neared roughly 50% last November. Such variance has led to a divergence between GBTC’s performance and Bitcoin’s price strength, especially as Bitcoin revisits price zones it hasn’t seen in the past six months. What This Could Mean For Bitcoin The narrowing of GBTC’s discount isn’t just an isolated event. It paints a broader picture of potential market sentiment shifts and future movements. Notably, a shrinking discount can be interpreted as a sign of growing institutional interest, as the GBTC serves as a prominent avenue for institutions to gain exposure to Bitcoin without directly holding the asset. If institutional interest is indeed on the rise, this could bode well for Bitcoin’s mid to long-term price outlook. Related Reading: GBTC Shares See Volumes Climb To 2-Year High Amid Grayscale’s Victory Lap Nevertheless, Bitcoin is currently seeing a downtrend. The asset has plunged nearly 15% in the past month and 2% in the last 24 hours. As a result, its price has fallen below the recently established $26,000 mark, trading at $25,175 at the time of writing. According to Cryptocon, a trader and analyst, Bitcoin might see a weaker performance this month as October often brings a turnaround and more decisive price action. September is historically a pretty bad month for #Bitcoin, that’s just the facts. October is historically very bullish. But maybe, it’s November that will bring the turn around we need according to our performance since the halving dates. To be… pic.twitter.com/Olg0XHVxKG — CryptoCon (@CryptoCon_) September 11, 2023 This perspective aligns with a prevalent crypto community theory that marks November 28th as a quadrennial “bull run launch” for Bitcoin. Featured image from iStock, Chart from TradingView

Marcus said there’s still no universal protocol when it comes to transferring money, unlike information which can be shared via email.

One coin that analysts seem to still be bullish on is Cardano’s native token ADA. However, despite all of the faith that remains in the digital asset, the price continues to tank and has fallen below multiple important support levels. Analyst Goes Deep On Cardano In an interview hosted by Altcoin Daily, crypto analyst Hashoshi shares very bullish views on the Cardano network. He starts out by explaining that the design decisions being made by the Cardano network have been some of the better ones in the space. Going further, Hashoshi lauds the development rate of protocols on the blockchain as projects continue to build. Related Reading: Ethereum Whales Send $486 Million To Coinbase, Time To Exit? “Cardano’s done things almost completely different from the start,” the analyst said. “They’re in a good position right now, despite what people might believe, to make a resurgence if the conditions are correct,” he further added. For the price of ADA, the analyst explains that with liquidity coming back into the crypto space, the price of the digital asset could reach above its previous all-time high of $3.10.  “The community is still strong… and I think then you see them outstrip that previous all-time high.” Hashoshi is not the only analyst bullish on the price of ADA going forward. Another analyst Kara Szabo has predicted that the price of the digital asset could climb to $5. Szabo also bought $20,000 worth of ADA at the start of September, signaling the analyst’s conviction on the altcoin’s bullish performance going forward. “My conservative price estimate for the next bull run is $5,” Szabo said on X. “I know some people will think this is low, but this is a 20x from the current price!! For a large market cap alt, this very well may be one of the best plays in crypto at the current price point.” Here is my in-depth #Cardano $ada price prediction for the upcoming bull market. This very well may be the best performing large market cap that investors are sleeping on: ✅ Ada has a max supply of 45,000,000,000 tokens with approximately 35,045,020,830 of those tokens in… pic.twitter.com/k4Hs89q1lG — Kara Szabo (@kararesurrect) September 9, 2023 Cardaon’s token plunges to $0.24 | Source: ADAUSD on Tradingview.com But Why Is ADA Price Falling? Despite the bullish sentiment that has enveloped the digital asset, the ADA price has continued to struggle in the market. The reason for this decline can be attributed to a significant amount of ADA being unstaked from smart contracts, causing the total staked ADA to slide downward. Data from DeFi tracker DeFiLlama shows that the total tokens staked on the Cardano network dropped from above 777 million on September 2 to 733 million on September 11. This meant that over 43 million ADA were unstaked and likely made their way to the open market as these holders sold their stash. Staked tokens nosedive in September | Source: DeFiLlama Such a large amount being dumped into the market in a period of low liquidity could see the altcoin continue to drop, especially if more ADA is unstaked to be sold in the open market. Related Reading: Why The Shiba Inu Price Cannot Realistically Get To $0.001 However, ADA’s long-term outlook remains bullish as the Cardano network remains one of the networks with the most developments taking place. As developers flock to the network, investors are expected to follow. At the time of writing, ADA is struggling at $0.24, down 2.33% in the last day and 5.10% in the last week. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com