updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Wealth manager, Wells Fargo joins the growing list of firms with spot Bitcoin ETF exposure. A new filing with the Securities and Exchange Commission (SEC) shows the bank has acquired Bitcoin exposure sparking debates among crypto users.
The institutional investor follows a growing list of United States wealth managers to gain exposure to the largest cryptocurrency after the approval of spot ETFs on Jan 11. According to the SEC filing, Wells Fargo has positions in Grayscale’s Bitcoin ETF, ProShares Bitcoin Futures ETF, etc. The news comes following previous projections of renewed institutional inflow in the market.
The news of the third largest bank in the United States gaining Bitcoin exposure through ETFs is huge for the market amid concerns of dwindling inflows to ETFs. Coming out of the 2022 bear market, the anticipation for spot Bitcoin ETFs drove inflows to the assets. As a result to price of Bitcoin soared above $44,000 in December after heightened investments in Q4, 2023.
This year, the approval led to an all-time high for the asset above $72,000 with inflows surging to new highs. However, the Q1 dominance of Bitcoin ETFs has lost a slight stream with recent market liquidations and the price of the asset plunging below $62,000.
The disclosure by Wells Fargo and other firms like Susquehanna International Group on spot Bitcoin ETFs can trigger a new market direction.
Bitcoin bulls continue to tip a new high for the asset swinging out of short-term fluctuations. Positive sentiment can be sparked by Fed rate cuts and the upcoming US elections. A Fed cut will see investors move funds to risky assets which is a strength for the market.
This week, Standard Chartered restated its bullish projection for Bitcoin price. Analysts at the bank tips a possible $150,000 price for BTC. Inflows to spot Bitcoin products remain a bullish factor for every analyst and the Wells Fargo report could be a rallying point for participants.
Also Read: IMF Calls for Nigerian Regulation of Global Cryptocurrency Exchanges
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Although unknown, many believe the Bitcoin wallet may belong to a major crypto exchange moving money around, or asset manager Blackrock Inc.
An unknown Bitcoin wallet has become the world’s third-largest BTC holder in only over three months. Members of the entire crypto community are now curious about who owns the wallet and why they amassed that much Bitcoin in such a short time.
The mysterious wallet began to collect Bitcoin on the 8th of May, according to BitInfoCharts data. After collecting Bitcoin for three and a half months, the unknown wallet had received $3.08 billion worth of the king coin, a total of 118,000 BTC.
Unsurprisingly, there are a few theories on how the wallet collected that much Bitcoin. While some suggest that the funds belong to a major crypto exchange moving their money around, others believe that BlackRock (NYSE: BLK), the world’s largest asset manager is the likely owner. According to a tweet, the BlackRock suspicion is because the asset manager filed for a spot Bitcoin ETF almost exactly a month after the first major transaction on the 16th of May.
The unknown wallet is now the third-largest, followed by a Binance cold wallet. According to a report, Binance also holds the world’s largest Bitcoin wallet and has been in the number 1 position since March 2021. As of June, the wallet held 248,597, 1.28% of Bitcoin’s total supply. However, another report estimates that Bitcoin creator Satoshi Nakamoto is the largest holder, with more than 1 million BTC across several thousand addresses. Satoshi’s identity is still unknown.
BlackRock surprised both the traditional and crypto industries when the company submitted an application for a spot Bitcoin ETF in June. BlackRock applied for the iShares Bitcoin Trust ETF, naming crypto exchange Coinbase (NASDAQ: COIN) as the Bitcoin custodian and Bank of New York Mellon (NYSE: BK) as the custodian for cash.
The United States Securities and Exchange Commission (SEC) has never approved a spot Bitcoin ETF. However, many believe several factors, including Ripple’s recent win and the introduction of a bilateral surveillance sharing agreement (SSA), augur well for the crypto industry and the chance of approval. In addition, some analysts believe the SEC may be willing to approve BlackRock, a traditional finance giant, over crypto companies.
Bitcoin is currently trading above $26,000 even though the market is experiencing a widespread sell-off. According to Material Indicators cofounder Keith Alan, Bitcoin’s price may eventually hit $25,000 before an upward rally toward $28,000 or $29,000.
After rising above $27,000 last week, the king coin hit the $26,000 range last Friday. Analysts believe that the plunge came from BTC ETF approval uncertainty and the rise in US interest rates. The 30-year Treasury bond hit 4.42%, the highest point since 2011.
Another factor thought to be affecting Bitcoin is the recent $373 million writedown of SpaceX’s Bitcoin holdings. The company also reportedly sold some of its Bitcoin.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Cardano NFTs soar in popularity post Vasil update.
Cardano is now the third-largest nonfungible token (NFT) protocol by trading volume, according to a report by blockchain and decentralized apps (dapps) analytics firm DappRadar.
The network’s overall NFT volume reached $191 million in the 30-period ending on Sept.30, trailing only Ethereum
Cardano’s
The increase in trading volume is largely attributed to the network’s Vasil update, which went live on Sept. 22 after a series of delays and increased the network’s operating capacity while reducing transaction time. The update kickstarted the launch of Plutus v2, the network’s smart contract language, that made it easier for developers to build on the chain.
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Cardano dapps are “experiencing large increases in users engagement”—decentralized exchange Minswap saw a gain of 21% in unique active wallets in the past 30 days and JPG Store’s rose 17%, according to DappRadar’s report.
Though the Ethereum Merge is the shining star of blockchain and protocol updates in the second half of the year, it was Cardano’s that had perhaps the most tangible results, with network transactions surging to 82,880, its largest number since May, according to the report. However network transactions have only increased in the last 15 days, hitting a peak of 108,781 on October 25 according to Cardanoscan. Network activity had significantly decreased in June, hitting all-time lows as the Vasil update kept getting pushed back from its initial June date.
But the road for Cardano from here is not easy. Total value locked (TVL), a common measure of the chain’s size, is minimal, compared with rivals Ethereum and Solana. Cardano network transactions are a mere fraction of Ethereum’s, which weigh in at one million a day according to data from Etherescan.
While Cardano is the preferred choice for large projects because of its “scalability, interoperability and sustainability,” according to a blog post by DappRadar, its $66 million TVL is minimal when compared to Ethereum’s $31.4 billion and Solana’s $955.5 million.
Grayscale has announced that it has updated its Digital Large Cap Fund to include Cardano (ADA)
Grayscale has announced that it has added Cardano (ADA) to its large cap fund. The ADA holdings now make it the third-largest holding in the fund, behind bitcoin and ethereum.
The company exposure to ADA is currently 4.26%. With bitcoin making up 67.47% and ethereum making up 25.39%. In fourth place is bitcoin cash with 1.03%.
In an announcement on Twitter, Grayscale commented on the addition of ADA, saying “Welcome aboard, Cardano. We have adjusted the portfolio of Grayscale Digital Large Cap Fund to now include ADA. Previously, the large cap fund did not hold ADA. The move to add the fifth-largest crypto by market capitalization relates to the fund’s “passive, rules-based strategy that seeks to provide exposure to 70% of the digital asset market.”
The addition of ADA comes just weeks after the company updated its “assets under consideration list. The list added 18 additional assets to total 31 possible projects to be added to the investment fund.
However, it appears the first one selected out of the large list is ADA. The project has beaten out the likes of other well-known major cap projects such as Uniswap (UNI), Polkadot (DOT) and Internet Computer (ICP).
Following the announcement on Twitter, The price of ADA jumped nearly 6.50% to $1.38. ADA is currently the highest gainer in the top ten, with the price sitting at $1.36, up 4.5% on the day so far. The news also saw huge volume on Binance as buyers rushed to buy the news.
The quarterly portfolio adjustment by Grayscale, which was last completed in April. Saw the crypto investment fund add Chainlink (LINK). The next update to the portfolio is set for the end of September 2021.
Grayscale, the world’s leading digital asset management fund, revealed that it had rebalanced its portfolio in a way where Cardano’s ADA is now the company’s third-largest holding.
We are excited to welcome Cardano to our Digital Large Cap Fund’s portfolio as we work to ensure that our diversified Fund can safely hold assets that collectively comprise 70% of the entire digital asset market. Digital currencies represent a unique opportunity for investors to diversify their portfolios, and at Grayscale, we are proud to provide our investors with access to leading digital currencies through regulated, familiar product offerings.”
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Data shows that Shiba Inu (CRYPTO: SHIB) is now a top Ethereum (CRYPTO: ETH) burner.
What Happened: According to blockchain explorer Tokenview, Shiba Inu burnt 815.47 ETH worth $3.5 million in the last 24 hours.
The Dogecoin (CRYPTO: DOGE) rival ranked third on the leaderboard of top ETH burners, surpassed only by stablecoin Tether (CRYPTO: USDT) and decentralized exchange Uniswap’s (CRYPTO: UNI) V2 Router.
According to the Tokenview, currently, fin the last 24 hours,#Ethereum has produced 15,130.06 ETH and burned 16,863.68ETH in total. #ETH
The top three burned lists in the24 hours are:
Uniswap V2: Router 2、Tether USD、#SHIBA INUhttps://t.co/Q5Hvo3nJiV pic.twitter.com/VcP6uWbDlH
— Tokenview (@tokenview2018) October 29, 2021
Burning tokens effectively removes them from circulation — a feature introduced by EIP-1559 enacted in August 2021.
So far, the network upgrade has destroyed more than 670,000 ETH, which equates to around 50% of the new coins issued over the same period.
The amount of ETH burned is directly related to network usage. After Shiba Inu’s gargantuan 800% rally this month, the subsequent growth in network activity is hardly surprising.
According to Defi Llama, the total value locked in Shiba Inu staking DEX ShibaSwap has doubled to $527 million this month.
As of Friday, there are 837,869 Shiba Inu holders, according to CoinMarketCap. Despite the strong growth in active addresses, however, data shows the top 10 holders are in control of 71.9% of the coin’s circulating supply.
SHIB Price Action: At press time, SHIB was trading at $0.00007396, down 11.76% in the last 24 hours.
Photo by Patrick Hendry on Unsplash.
Shiba Inu continues its upward climb, and experts predict that the memecoin is gearing for a spot in the top three cryptocurrencies by market capitalization. Shiba Inu’s price historically retraces after SHIB millionaires sell their holdings.
Shiba Inu, the memecoin that became popular as Dogecoin-killer, now ranks twelfth based on market capitalization, according to crypto data aggregator CoinGecko.
The team behind the Shiba Inu token consistently announces new updates to the ecosystem, keeping up with the latest cryptocurrency trends. The news of the burn policy was followed by new listing announcements and the launch of 10,000 NFTs (Shiboshis).
Coinbase listing was a key factor that triggered a rally in the token, driving the price to $0.00003473. Though SHIB price is 22% away from its all-time high, the memetoken has made a massive comeback over the past four weeks.
The implementation of the burn policy has fueled a bullish outlook among traders. Shytoshi Kusama, project head for the SHIB ecosystem, recently tweeted about the new burn policy and its impact on Shiba Inu.
But WAIT there’s more. A % of EACH transaction will be burnt! This is exactly what the community has asked for and is the perfect way we can all do our part to burn massive amounts of #SHIB.
Best of all, @NOWPayments_io is also onboarding $LEASH and $BONE 3/5
— Shytoshi Kusama (@ShytoshiKusama) October 7, 2021
With its rapid growth and rising market capitalization, SHIB has already surpassed Litecoin, Chainlink and Avalanche. SHIB price is up over 245% in the past week.
@DelCrypto, a stock market and cryptocurrency analyst, recently argued that Shiba Inu is primed to rank in the top three cryptocurrencies by market capitalization. The analyst is of the opinion that SHIB is likely to dethrone ADA.
“The Flippening” is taking on a whole new meaning!!!
Rumors starting to swirl in the cryptosphere that $SHIB has potential to break top ten & then it gets interesting, as its surging potential could flip $ADA to become a top 3 crypto!!!#1CentDream#1CentDreamShib#SHIBarmy
— Del Crxpto (@DelCrxpto) October 9, 2021
The narrative of “flippening” is used in the context of Ethereum surpassing Bitcoin’s market cap. The new “flippening” is SHIB, possibly dethroning ADA and ranking in the top three cryptos.
SHIB’s current market capitalization is $14.6 billion and five times increase puts Shiba Inu at par with Cardano. Cardano’s market cap is $71 billion.
Critics are rejecting the possibility of further growth in SHIB price. Michael Burry, the investor who famously predicted the 2008 financial crisis, was recently quoted as saying:
Just saying, one quadrillion seconds is about 32 million years; One quadrillion days is 2.7 trillion years, or ALL of TIME, from the beginning of the universe, multiplied by 71,000. In other words, pointless.
SHIB’s supply is capped at one quadrillion tokens, and Burry considers the memetoken pointless. Despite the critique, SHIB price is climbing higher.
FXStreet analysts have predicted that the memecoin is likely to present a buying opportunity to traders before hitting a target of $0.00005.
Cryptocurrency analyst Michaël van de Poppe is analyzing Cardano’s path forward in the wake of Bitcoin rallying to a new 90-day high above $55,000.
In a new strategy session, Van de Poppe highlights the potential entry points for Cardano on the USD chart and says he believes the crypto asset is close to a bottom.
“If you want to buy Cardano at this point, I think you want to be looking at anywhere in this range here, aggressive in the area around $2.45. And also if we dip towards $1.75, that’s an entry point.”
Cardano is trading at $2.27 at time of writing, per CoinGecko.
The crypto analyst adds that he expects Cardano to continue climbing higher and approach its all-time high at $3.10.
“So what are we going to expect at this point? I’m assuming that we’re going to have a grind back up with Cardano against USDT for a little bit towards this all-time high region just like we have been seeing in November 2020, in which we grinded back up toward the all-time high region before we started to accelerate heavily.”
Looking at Cardano against Bitcoin (ADA/BTC), Van de Poppe outlines how the pair can restart its uptrend.
“We are making lower highs, lower lows… if we break above the area of 0.0000464 BTC ($2.50), that is the level that you should be looking at and then we’re going to have a new impulse wave.”
However, if bulls fail to push above 0.0000464 BTC, Van de Poppe says the pair could drop between 0.00003785 BTC ($2.04) and 0.000032 BTC ($1.72).
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Crypto markets are prospering today, especially the altcoins. Currently, the popular altcoin ADA, Cardano’s native coin, continuously registered its all-time highs since August 19th, surpassing the previous record of $2.47 on May 16th. As of May 2021, Cardano is the fifth-biggest cryptocurrency by market capitalization. Three months passed by, it became the third-largest one, behind Bitcoin and Ether.
At the time of writing, the latest ATH was $3.10.
Cardano is a blockchain platform that aims to be a better place where people can create smart contracts. It combines pioneering technologies to provide security and sustainability to decentralized applications, systems, and societies. Simply put, Cardano is a proof-of-stake blockchain platform with a native cryptocurrency called “ADA”.Learn more.
This year, ADA broke the relatively stable trend of last year and traded in an obvious upward channel. According to statistics, the closing price of ADA for a total of 25 days this year exceeded $2, reaching a maximum of $2.96. Since March, the closing price has basically stabilized at above $1. The average price this year is about $1.21, an increase of 1,244.44% from the average price of $0.09 last year, a significant increase. However, Bitcoin has not risen that much.
In addition to the rising currency prices, Cardano’s on-chain fundamentals have also developed to a greater extent this year. From the perspective of user scale, as of September 2nd, ADA’s non-zero addresses have reached 2.23 million, an annual growth of 248.44%, and a growth rate of 253.97% higher than last year.
The number of daily active addresses of ADA has exceeded 110,000, the highest number of daily active addresses has reached 177.32K, and the number of days when the number of daily active addresses exceeds 100,000 has also reached 60 days. In addition, the average level of user activity has also increased significantly. According to statistics, the average daily active address of ADA this year is 76,100, an increase of 631.73% from last year.
ADA’s on-chain transaction activity basically matches the development of market value. The activity of Cardano’s on-chain transaction has increased significantly this year.
According to statistics, as of August 22nd, Cardano’s monthly average monthly on-chain transactions totaled approximately 973,000 times this year, an increase of 620.74% from the total monthly average of 135,000 transactions last year. The average growth rate higher than the overall growth rate may be affected by the number of transactions on the chain in May of this year, which exceeded 1.61 million, which coincided with the ADA’s currency price hitting a record high.
In terms of transaction volume, the total amount of Cardano’s on-chain transactions so far this year is approximately $1,135.617 billion, an increase of 719.63% from the total amount of $138.552 B of on-chain transactions last year. It is expected that this increase will continue to expand by the end of this year. In addition, this year’s Cardano’s monthly average on-chain transactions totaled approximately $142 B, a rapid increase of 1134.78% over last year.
Ada has skyrocketed 1668% this year alone- the open price was $0.1753 and the all-time high by now was $3.10. It is now the best-performing top five cryptocurrencies compared to returns of 1,030% for Binance coin, 330% for Ether, and 59% for Bitcoin. However, it needs to be acknowledged that tokens are also susceptible to broader crypto market volatility. Now, let’s see the main reasons for the bull run of ADA.
ADA soared in May after Elon Musk announced that Tesla would no longer accept payment in Bitcoin due to the hefty environmental downside of the massive amounts of electricity used to “mine” new coins. Instant time, the crypto market crashed and has yet to fully recover, but ADA surged to new highs as investors flocked to more environmentally sustainable tokens.
The upcoming Alonzo upgrade might be the reason for the price soar of Cardano(ADA). The upgrade will allow smart contracts to be built on the network, potentially making the Cardano blockchain more attractive to a wider amount of users. The Head of Delivery & Project at Input Output (IOHK), Nigel Hemsley, has revealed the launch date of the Cardano Alonzo upgrade-September 12nd.
*Smart contract is a piece of code that allows people to enter financial agreements without the need for a centralized party.
Now all eyes will be on the September 12 Alonzo upgrade and how it will lead the ADA’s current positive run. If things go well, ADA could be a primary competitor to Ethereum, ushering another era in the crypto market. Ethereum already offers smart contracts and has drawn the interest of institutional investors for its range of potential uses in financial services. The same situation could happen to Cardano.
Investors are continuing to drive the value of Cardano higher due to the upgrade. ADA is among the most highly sought-after cryptocurrencies for new traders due to its still-relatively low price and a promising future.
Most of the firms have a bullish forecast on Cardano’s future price. Coin Price Forecast sees a sizable upside and expects ADA fly to $5.47 by the end of 2021, which suggests an upside of 87 percent. WalletIInvestor forecasts that ADA will reach $4.736 in 2021 and $12.505 in five years, which is a potential return of 62 percent and 328 percent, respectively. Digital Coin Price also has a similar prediction and sees ADA reaching $4.3 by the end of 2021 and $5.33 by 2022.
After the release of the upgrade launch date, Cardano Price was soaring tremendously. It can expect more price soar in the forthcoming days. Based on the positive price prediction on Cardano in the future years, some investors might switch their investments and put money in Cardano. With the confidence about the Alonzo upgrade, it is bright to buy this altcoin to gain long-term profit.
It can be seen from the green candles that Cardano goes well recently. If traders want to gain a short-term profit, leverage trading is greatly suggested.
Take Bitcoin as an example. With 100x leverage applied, you can use 1 BTC to long a position worth 100 BTC(predicting BTC price will be up) In spot trading, if you buy 1 Bitcoin at the price of $50,000, and when it rises to $55,000, you’ll gain only $5000 as profits. While on Bexplus, if you invest in 1 BTC at the same price with 100x leverage, and the Bitcoin price rises to $55,000, you have a chance to get profits of $500,0000.
*Calculation of the profit: ($55,000-$50,000) *100= $500,000
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