Monat: Oktober 2024

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Grayscale wants to convert its mixed-crypto fund into an ETF

  • Grayscale filed to convert its $524M Digital Large Cap Fund into an ETF.
  • The fund includes BTC, ETH, Solana, XRP, and Avalanche among its holdings.
  • This is Grayscale’s third ETF conversion after its Bitcoin and Ethereum funds.

Grayscale Investments has taken a significant step toward expanding its suite of cryptocurrency-based financial products by filing with the US Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).

The GDLC, which currently trades over the counter, offers diversified exposure to several leading digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), and Avalanche (AVAX).

Grayscale’s move marks a continued effort by Grayscale to make cryptocurrency investments more accessible to traditional investors.

Grayscale’s Digital Large Cap Fund (GDLC)

According to the company’s report, the fund has $524 million in assets under management, with a significant concentration in Bitcoin and Ethereum, which make up nearly 75% and 19% of the holdings, respectively.

The remaining portion is allocated to Solana, XRP, and Avalanche, providing investors with a balanced exposure to established and emerging cryptocurrencies.

The third time Grayscale is converting a fund into an ETF

If approved, the ETF would represent Grayscale’s third conversion of a fund into an ETF, following its previous transitions of Bitcoin and Ethereum funds earlier this year.

A spokesperson from Grayscale emphasized that the filing reflects the firm’s commitment to enhancing the accessibility of the crypto asset class for mainstream investors.

The company aims to leverage the regulatory structure of an ETF to offer a more efficient and widely accepted investment vehicle, which could attract additional interest from institutional and retail investors.

In parallel with Grayscale’s move, the market has seen a surge in ETF filings for various crypto assets.

Recently, Bitwise submitted an application to the SEC seeking permission to list a spot XRP ETF and Canary Capital submitted applications to list XRP and Litecoin ETFs. However, these filings have yet to receive approval, underscoring the regulatory uncertainty surrounding crypto-based ETFs in the United States.

Grayscale’s initiative to convert GDLC into an ETF aligns with its broader strategy of offering products that bridge the gap between traditional finance and the evolving digital asset landscape.

Alongside its proposed conversion, the firm has also introduced funds that provide exposure to XRP and the AAVE governance token, reflecting its proactive approach to navigating the competitive and regulatory dynamics of the crypto market.

The post Grayscale wants to convert its mixed-crypto fund into an ETF appeared first on CoinJournal.

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Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

  • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
  • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
  • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

First time Tesla is touching its Bitcoin stockpile

The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

The post Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses appeared first on CoinJournal.

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Bitcoin Dogs (0DOG) price prediction: a potential surge in ‘Uptober’

  • October, known as “Uptober,” historically boosts Bitcoin prices significantly.
  • Bitcoin Dogs (0DOG) could surge alongside BTC, with predictions of 100X growth.
  • Upcoming catalysts include a Telegram game and NFT collection driving demand.

As October unfolds, the cryptocurrency market is buzzing with excitement, and Bitcoin Dogs (0DOG) is emerging as a prominent player in this landscape.

Historically known as “Uptober,” this month has seen Bitcoin (BTC) experience significant gains, averaging around 22% in previous years. Analysts are optimistic that Bitcoin Dogs, as a leading beta play in this market, will follow suit and deliver impressive returns for investors.

Historical context and macro conditions

Bitcoin’s average performance through October indicates a strong likelihood of hitting $73,000 before the month’s end.

Coupled with China’s stimulating economic measures and expectations of a 50 basis point cut in interest rates from the Federal Reserve, conditions appear ripe for risk assets, including cryptocurrencies.

In addition, recent geopolitical tensions in the Middle East, particularly with missile launches from Iran, have introduced volatility into the markets.

Historically, such events often present opportunities for savvy investors, as they tend to buy at depressed price levels. The current environment probably presents a last chance to acquire Bitcoin Dogs before potential price surges as market sentiment shifts.

The case for Bitcoin Dogs (0DOG)

Bitcoin Dogs is attracting significant attention due to its positioning within the Bitcoin ecosystem. As the first ICO launched on BTC, 0DOG offers investors a unique opportunity to participate in a historic event that could mirror the early days of Bitcoin itself. The token is a BRC-20 token, meaning it is soft-pegged to Bitcoin’s price and typically moves in tandem with the leading cryptocurrency.

Analysts are excited about Bitcoin Dogs not just because of its price potential but also due to upcoming catalysts. The community eagerly anticipates the launch of a Telegram game, along with an NFT collection.

There is a growing trend in demand for Telegram games, and if Bitcoin Dogs’ offering gains traction, it could quickly elevate the token into the top 100 cryptocurrencies by market cap.

0DOG price predictions for Q4 2024

Bitcoin Dogs (0DOG) is currently trading at $0.007064, reflecting a 2.8% increase in the last 24 hours. With a 24-hour trading range of $0.006616 to $0.007354, the token has shown resilience amidst broader market fluctuations.

Looking forward to Q4 2024, analysts predict that 0DOG could see a price range between $0.76 and $1.12. This upper estimate represents a staggering 100X increase from its current market cap, underscoring the potential for explosive growth. The key drivers behind this optimism include the anticipated performance of Bitcoin itself, with forecasts suggesting that BTC could smash past $74,000.

As liquidity conditions improve and the broader crypto market begins to climb, the fear of missing out (FOMO) among investors will likely kick in, paving the way for another altcoin mania. Being a part of the leading meme coin network, Bitcoin Dogs stands to benefit significantly from this momentum.

Conclusion

The narrative surrounding Bitcoin Dogs is compelling, particularly as Uptober has historically proven to be one of the best months for Bitcoin.

With analysts expecting significant gains in BTC, 0DOG is poised to capitalize on this upward trend. Investors looking for leveraged returns on Bitcoin would do well to consider acquiring 0DOG during this pivotal month.

If interested in 0DOG, you can visit the official Bitcoin Dogs website to learn more.

The post Bitcoin Dogs (0DOG) price prediction: a potential surge in ‘Uptober’ appeared first on CoinJournal.

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XRP Prognose: Steht ein Ausbruch kurz bevor?

XRP könnte vor einem Kursausbruch stehen, nachdem der Preis die Unterstützung bei 0,54 US-Dollar verteidigt hat. Technische Indikatoren wie MACD und RSI zeigen eine positive Tendenz, während das rückläufige Volumen auf Vorsicht im Markt hindeutet.