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Maker (MKR) gains amid 2-month whale accumulation

  • Maker price jumped Thursday, hitting intraday highs above $1,186.
  • MKR was paring some of the gains as crypto slumped, with prices around $1,141 at the time of writing.
  • Data showed whales have been busy since early July, accumulating over 61.5k MKR.

Maker (MKR) price has witnessed an impressive upside over the past 24 hours, breaking above a price level that had constrained bulls since the broader market downturn in mid-August. 

MKR pushed to highs of $1,186 before it began to pare the gains as sellers swooped in amid profit taking deals.

Why is Maker price up?

On-chain data shows accumulation for Maker has been on the rise since early July. Santiment analysts are saying the two-month accumulation that saw whales and sharks buy more than $70 million worth of the cryptocurrency could provide the impetus bulls need to target new highs in September.

Per the platform, holders with 10k-100k MKR tokens added 61,500 of the governance token to their positions since July 9, 2023. The cohort held between $11.6k and $11.6 million worth of Maker’s token as price crossed the $1,160 level. 

What does this accumulation mean for Maker price? Further buy-side pressure could catapult bulls beyond $1,200, bringing the YTD highs around $1,350 into play in the short term. The flip side is added profit taking.

“Their holdings will continue to correlate with future price movement,” analysts at the market intelligence platform noted in a post shared on X.

Other catalysts of MKR price

As CoinJournal highlighted today in a MKR price analysis piece, Maker’s push into South Korea appears to be one of the catalysts for upward move. This came even as the crypto market retreated after this week’s Grayscale-fueled spike.

Notably, the SEC is 2-0 down after the July 13 Ripple victory and the latest court ruling that the regulator acted “arbitrarily and capriciously” when rejecting Grayscale’s ETF application. Binning SEC’s order adds to the likelihood of a spot ETF finally coming to the US market. Bitcoin and altcoins are poised, with MKR firmly in the picture.

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US Bitcoin Corp announces a deal with Celsius Network

  • USBTC to host 8,500 miners belonging to Celsius at its Alpha Site.
  • Hashrate of these machines is estimated to be 820 petahash (PH).
  • Us Bitcoin Corp expects to be managing over 310,000 miners in total.

US Bitcoin Corp is in focus today after the mining company announced a deal with the bankrupt cryptocurrency platform Celsius Network.

USBTC is a part of Fahrenheit consortium

The data centre operator said in a press release this morning that it will host 8,500 miners belonging to the now defunct crypto lender at its Alpha Site.

Note that USBTC is a member of the Fahrenheit consortium that took over Celsius assets in May. According to Asher Genoot – the President of US Bitcoin Corp:

Opportunity to manage Celsius assets marked a defining milestone … We envision a future where Bitcoin mining is not just profitable but sustainable and industry advancing.

At the time, the said assets which included more than 120,000 miners were valued at about $2.0 billion (find out more).

USBTC to manage more than 310,000 miners

Hashrate of the machines that US Bitcoin Corp plans on hosting at its Alpha Site is estimated to be 820 petahash (PH). Genoot also said in the press release today:

We’re embarking on a new chapter. The synergy between USBTC, Celsius, and Fahrenheit represents our commitment to redefining the mining industry.

USBTC now expects to be managing over 310,000 miners in total including its own machines as well as those of clients like Marathon Digital, Sphere 3D, Teslawatt, Foundry USA, and Decimal Group.

The news arrives only days after Hut 8 Mining issued an update on its in-process merger with Hut 8 Mining.

The post US Bitcoin Corp announces a deal with Celsius Network appeared first on CoinJournal.

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Binance unveils ColLabs, an invite-only Web3 investment community

  • Binance Labs, the venture capital and incubator arm crypto exchange Binance, announced ColLabs today.
  • The invite-only channel will bring together a Web3 investment and financing community for founders and investors.

Binance is stepping up its role as a leading player in the growth of Web3 by unveiling a new investment program aimed at builders, founders and investors in the sector.

A hub for Web3 venture community

On Thursday, Binance’s venture capital and incubator arm announced the launch of ColLabs, a Web3 investment and financing community that will be invite-only. Apart from bringing founders, builders and investors together and fostering connections, ColLabs is aimed at becoming the knowledge exchange hub for the Web3 venture capital community.

“The community is designed to facilitate the sharing of insights and investment opportunities sourced from the Binance Labs team and our portfolio companies,” the team at Binance’s VC arm noted.

With ColLabs members will be able to unlock exclusive content, select curricula from Binance Labs’ incubation programs and access deal-sourcing opportunities. The program will be the members’ gateway to VCs and institutional investors, the platform noted.

The community will also include a blog, a newsletter, and a Telegram channel – also invite-only.

The post Binance unveils ColLabs, an invite-only Web3 investment community appeared first on CoinJournal.