Kategorie: Crypto Markets

• JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows.
• Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking.
• Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level.

The selling pressure that hit Bitcoin (BTC) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan.

A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with Grayscale’s GBTC shows the expected profit-taking has already occurred.

GBTC outflows reducing, but…

On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg’s senior ETF analyst Eric Balchunas said was the “lowest bleed since day one.” While still a large figure, the amount decline showed the outflows were “seemingly trending down,” he added.

On January 25, Balchunas noted that while GBTC outflows had continued to trend down, the other ETFs had also recorded a significant dip in inflows. 

According to James Seyffart, BlackRock took in only $66 million on day 9 of its IBIT spot ETF trading, with the group of spot Bitcoin ETFs that began trading on January 11 seeing a net outflow of $158 million.

The good news: GBTC outflows trending down. The bad news: so are the Nine’s. That leaves us with TOTAL ROLLING NET FLOWS of +$824m. Also $ARKB and $BITB crossing half a billion is remarkable. For any normal launch in first month that’s considered blockbuster-level success. https://t.co/jPtlxhMtwP

— Eric Balchunas (@EricBalchunas) January 25, 2024

But in their note, JPMorgan says that with $4.3 billion in outflows so far, GBTC has surpassed analysts’ estimates of $3 billion. Given this outlook, it is possible the rough patch occasioned by the GBTC hemorrhage is done, Panigirtzoglou wrote. 

Bitcoin price traded at $39,878 at 1:30 pm ET on Thursday, still struggling to reclaim the $40k mark after Wednesday’s dump to lows of $38,600. The current price level sees BTC hover nearly 20% down since breaking lower from highs of $49k.

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• Swan Mining started its operations in the summer of 2023, and has mined over 750 BTC.
• Currently, it has 4.5 exahash and expects to exceed 8 exahash by March.

Swan Bitcoin, a US-based investment platform focused Bitcoin (BTC), has announced Swan Mining, the company’s mining arm that had been operating in stealth mode.

The company’s Bitcoin mining arm launched its operations in July 2023, the company said in a press release on Thursday, noting that it has so far mined over 750 bitcoins.

Swan Mining currently contributes 4.5 exahash to the Bitcoin network, the firm added. The mining unit expects its mining capacity to increase to more than 8 exahash by March, 2024.

“Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly,” Swan founder and CEO Cory Klippsten said:

Swan also eyeing public listing

According to today’s announcement, Swan Mining’s business uses a funding model that has no debt. Also notably, the mining platform has legally segregated its entities from the rest of Swan Bitcoin’s business.

Swan, which has seen a rapid expansion over the past year, with its revenue surpassing $125 million, says it’s eyeing a Series C financing. Targeted for conclusion over coming months, raised capital will be split between the company’s financial services, mining, and acquisitions divisions.

Klippsten has also hinted at Swan’s push for a US public listing, with the company looking at the next 12 months.

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• Taki DAO says the partnership with Flowdesk will help supercharge liquidity for TAKI, the native token of the Taki Games ecosystem.
• The partnership follows TAKI’s expansion to Polygon in December. 

Taki DAO and Flowdesk, a full-service digital asset trading technology firm with market making and OTC services, have announced a key partnership that will see the latter extend its market making services to the TAKI token.

The integration means Flowdesk now provides liquidity for TAKI, the native token of the Taki Games Network. TAKI powers Taki Games’ rewards across its ecosystem of popular mobile games, Taki DAO announced on Thursday.

“Taki Games is on a mission to bring gaming’s 3B users and $200B in revenues on chain, which means that liquidity is crucial to absorbing increasing sizes of TAKI purchases to power our rewards system. We’re excited to see Flowdesk partner with the TAKI DAO to help make this system more seamless for our users, and to serve as a model for the rest of the gaming industry,” Weiwei Geng, the CEO of Taki Games, said in a statement.

Taki Games eyeing greater liquidity for TAKI

Amid its quest to grow TAKI liquidity across its ecosystem, Taki Games recently partnered with Polygon based DEX platform QuickSwap. 

In December, Taki Games announced its TAKI token was expanding to Polygon. The expansion featured a new native token and redesigned tokenomics. Taki said this move would see the mobile gaming network tap into the broader Web3 gaming, with users benefiting from new TAKI rewards.

Taki Games also announced a merger with Unite as well as revealed the acquisition of multiple gaming studios.

The partnership with Flowdesk adds to this effort, with the trading technology provider’s liquidity now key to Taki Games’ expansion plans for Web3 gaming. Taki DAO says increased demand and adoption of Taki Games has pushed TAKI token volumes higher. TAKI trading volumes surpassed $13 million in early January.

TAKI traded at $0.017 at the time of writing, having surged by more than 3% after the news to reach highs of $0.018. TAKI is up 85% in the last 30 days. The token reached an all-time high of $0.2948 in April 2022.

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• Stellar (XLM) is gearing up for the launch of smart contracts on the mainnet.
• Meme Moguls (MGLS) could be the standout crypto meme project in this market cycle.
• MGLS price in presale stage 5 is $0.0036, up 89% from the initial $0.0019.

Stellar announced on Wednesday that a vote for its highly anticipated software upgrade, the Protocol 20 upgrade, will happen as planned on January 30, 2024. XLM price flipped positive in the past 24 hours as the potential impact of the upcoming network change drives fresh interest.

Elsewhere, market confidence in new meme-backed exchange Meme Moguls (MGLS) has seen investors flock to its presale. Find out why XLM and MGLS could be great investment opportunities in 2024 and beyond.

Stellar poised for Protocol 20 upgrade

In December 2023, the Stellar Development Foundation (SDF) announced that the quest to bring smart contracts functionality to Stellar had hit a new milestone. It was that the network would have its Soroban smart contracts roll out on the mainnet after a vote on January 30.

The software upgrade that supports this functionality is Protocol 20, which SDF just confirmed will go to a validator vote on the 30th of this month. A phased roll out will follow.

Denelle Dixon, CEO and Executive Director at Stellar Development Foundation, says the launch of Soroban smart contracts is the “foundation of a more inclusive future” for Stellar. The excitement is visible across the XLM community.

Meme Moguls offers opportunity with meme-backed exchange

As the broader crypto market looks to recover following recent downside action, a lot of attention in the presale market has shifted to tokens deemed to be below the radar but that offer huge investment potential.

In the meme coin world, finding the next Dogecoin or Shiba Inu is many traders’ focus as they hunt in the gem land that is crypto presale. One project that currently stands out is Meme Moguls.

Meme Moguls is a platform that combines the simulated trading of hottest meme-based tokens and play-to-earn tokenomics. In this way, the meme coin community has the opportunity to earn from viral meme performance while tapping into the entertainment environment of P2E games. 

But more than the simulated trading and the chance to become a mogul being attractive, there’s another reason Meme Moguls is seeing huge interest. That reason is this: holding the native MGLS offers exclusive access to passive income earning opportunities. 

The Ethereum-based platform’s native token will allow holders to participate in staking via the stake-and-earn feature. Other than this, one can earn rare NFTs through gameplay achievements, with these NFTs tradable at marketplaces such as Opensea.

Are Stellar (XLM) and Meme Moguls (MGLS) a good buy today?

XLM is the native cryptocurrency in the Stellar blockchain ecosystem. The token’s main use as a transactional currency powers the decentralized blockchain platform’s digital payments network.

Ahead of an upgrade that introduces smart contracts capabilities, XLM looks poised for an upside momentum as it hovers near $0.11. With prices down almost 12% in the past one month, investors could use any downside as an opportunity to add to their portfolios.

Notably, Stellar reached highs of $0.8756 at its peak in 2018, which suggests an explosive bull rally could see it recoup most of the losses seen since.

On the other hand, the kind of utility that Meme Moguls offers means MGLS could be the next hottest meme project. Analysts looking at the trajectory of the meme coin market and Meme Moguls’ potential to dominate its space has MGLS seen as a potentially 100x token. 

This outlook has added to the project’s presale momentum, pushing the total amount raised to over $1.9 million.

Currently, MGLS is priced at $0.0036 in stage 5 of its presale – indicating an impressive 89% increase during this phase. Early adopters could unlock more gains after the final stage and when Meme Moguls enters the trading market.

Are you interested in buying Meme Moguls? Visit their website.

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• Synthetix’s deployment of V3 Perps on Base allows developers on the Ethereum L2 blockchain to create and launch their own crypto perpetuals products.
• V3 Perps on Base will help Synthetix generate more trading volume for its perps across the Ethereum ecosystem.

Synthetix (SNX), a decentralized marketplace for crypto derivatives and real-world assets, has deployed the V3 of its perpetuals contracts protocol on Base. 

In an announcement on Wednesday, the platform said Perps V3 will offer developers direct access to the product solutions and liquidity needed when launching crypto perps.

Synthetix targets increased trading in Ethereum ecosystem

The deployment of Perps V3 makes Synthetix the first protocol to bring a major perpetuals contracts product to the Ethereum Layer-2 blockchain, the platform said in a press release.

With this launch, both Base and Coinbase ecosystem traders now have an easier way of experimenting with Synthetix-powered exchanges. These include Kwenta, Polynomial, and dHEDGE and the soon-to-launch perpetuals futures exchange Infinex.

Kain Warwick, founder of Synthetix, commented:

“Most crypto activity is not leveraging the decentralized technology we’ve built. Base serves as a gateway for the millions of Coinbase users. By deploying Synthetix Andromeda to Base, we aim to generate increased trading volume for Synthetix perps across the Ethereum ecosystem.”

According to the Synthetix team, Perps V3 aims at improving the experience of both traders and developers, with key features enabling this including use of alternative collateral for liquidity providers. While collateral has so far been limited to Synthetix’s native SNX token, V3 on Base adds USDC.

There’s also sUSD, sETH, sBTC, as well as other approved spot synthetic assets.

USDC’s introduction as collateral provides new opportunities for liquidity providers. It also adds to the overall flexibility traders on Synthetix will enjoy, while helping to curb SNX inflation. Cross margin capabilities, composable account management and deterministic settlements are also key improvements in V3.

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