Author: Max Bauer
According to a recent statement from cryptocurrency analysis firm CryptoQuant, bullish sentiment is building in the Ethereum futures market. This renewed optimism is reflected in positive ETH funding rates, a key metric measuring the balance between buyers and sellers in the futures market. Positive funding rates suggest that buyers are more aggressive, indicating a bullish outlook. CryptoQuant notes that while the current funding rates are positive and trending upwards, they remain below the levels observed in March when Ethereum experienced a significant bullish run. This suggests a growing, but not yet overwhelming, bullish sentiment. A stronger surge in positive funding…
Florida Chief Financial Officer Jimmy Patronis is advocating for the inclusion of cryptocurrency investments within the state’s pension funds. In a recent interview, Patronis emphasized the growing importance of crypto and its potential for returns, stating, “Crypto is not going anywhere. It’s going to continue to expand, and I think we’d be a fool if we’re not prepared to harness the opportunities there.” Patronis’s proposal comes in the wake of former President Trump’s suggestion for a US strategic crypto reserve, and follows similar moves by Wisconsin and Michigan. While acknowledging his fiduciary responsibility to protect the state’s pension funds, Patronis…
Bitcoin investors should brace for a potential price pullback leading up to the US presidential election on November 5th, followed by a period of heightened volatility, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered. Despite a recent surge to $73,563 on Tuesday, Bitcoin remains stubbornly below its all-time high of over $73,700 set in March. Kendrick suggests that investors liquidating positions ahead of the election could exert downward pressure on the cryptocurrency’s price, making a breakout above its historical peak less likely in the near term. “There is a risk of pre-election position unwinding, meaning…
Coinbase Global, a leading cryptocurrency exchange platform, released its Q3 2024 financial results, reporting a total revenue of $1.13 billion. While this figure fell short of analysts’ estimates of $1.25 billion, the company highlighted several positive developments and a strong focus on long-term growth. Key Takeaways from Q3 2024:
MicroStrategy, the business intelligence firm known for its substantial Bitcoin holdings, has unveiled an aggressive three-year plan to raise $42 billion for further Bitcoin acquisitions, according to statements made during their Q3 2024 earnings call. The company’s new “21/21 Plan” aims to raise equal parts equity and fixed income securities – $21 billion each – to expand its Bitcoin treasury holdings. This announcement marks a significant escalation in MicroStrategy’s Bitcoin strategy, which has already established the company as a leading institutional Bitcoin holder. CFO Andrew Kang reported a successful third quarter, highlighting the company’s raising of $2.1 billion through equity…
A recent report from cryptocurrency analysis firm CryptoQuant suggests that the Bitcoin network is poised for a significant bullish signal. The firm’s analysts have identified an impending golden cross in the metric of active addresses. Active addresses represent the unique addresses actively participating in Bitcoin transactions. This metric provides valuable insights into network activity, investor engagement, and broader market trends. By applying a 30-day moving average (DMA) and a 365-day DMA to this indicator, analysts can gauge momentum. Historically, a golden cross, where the 30-day DMA crosses above the 365-day DMA, has been associated with upward price momentum. This bullish…
Reddit, the popular social media platform, has revealed that it sold the majority of its cryptocurrency holdings, primarily Bitcoin and Ethereum, during the third quarter of 2023. The move comes as a surprise, especially considering the significant price surge of Bitcoin in October, a period often referred to as “Uptober” by crypto enthusiasts. The company disclosed this information in a recent SEC filing, stating that the net carrying value of the sold cryptocurrencies and the subsequent gain were deemed “immaterial.” While the exact dollar amount of the sold assets remains undisclosed, it’s clear that Reddit missed out on substantial potential…
A bombshell investigation has revealed that popular YouTuber MrBeast, known for his extravagant stunts and massive following, may have been engaged in long-term insider trading and market manipulation. The findings suggest that MrBeast used his immense influence to promote cryptocurrency tokens, only to subsequently sell them at inflated prices, netting millions of dollars in illicit profits. The investigation, conducted by a team of researchers, uncovered a complex network of over 50 cryptocurrency wallets linked to MrBeast. These wallets were allegedly used to participate in a variety of fraudulent activities, including: The total estimated profit from these activities exceeds $23 million…
Bitcoin has continued its upward trajectory, nearing its all-time high of $72,000. The cryptocurrency’s recent rally has been driven by a confluence of factors, including the upcoming US elections, easing tensions in the Middle East, and significant inflows into Bitcoin ETFs. Election Hopes: One of the primary drivers behind Bitcoin’s surge is the anticipation of the US presidential election. Many analysts believe that a potential Donald Trump victory could have a positive impact on cryptocurrency markets, given his pro-crypto stance and previous statements supporting the industry. Easing Middle East Tensions: The recent de-escalation of tensions between Israel and Iran has…
Optimism Foundation has agreed to provide a $42.5 million grant in OP tokens to Kraken, a major U.S. cryptocurrency exchange. The funds will be used to support the development and growth of Ink, Kraken’s layer-2 network built on Optimism’s OP Stack. The deal, finalized earlier this year, positions Kraken as a key player in Optimism’s expanding “Superchain” ecosystem, which also includes notable participants like Coinbase, Sony, and Uniswap. By leveraging Optimism’s technology, Ink aims to offer users faster transaction speeds and lower fees. The $42.5 million grant, initially valued at approximately $100 million, underscores Optimism’s commitment to fostering innovation and…