Kategorie: Crypto Markets

DOGE price jumped to highs near $0.17, while Twitter shares also gained to close 5.6% higher at $51.70.

Dogecoin (DOGE) surged by more than 25% on Monday 25 April after its biggest fan Tesla CEO Elon Musk, acquired Twitter (TWTR).

DOGE, which has pumped on previous Musk-related news, soared to intraday highs near $0.17. The top meme coin’s upsurge came after a day-long tease, with investor sentiment around the coin peaking after Musk reached a deal with the Twitter board over the purchase.

While the cryptocurrency remains a long way off its all-time high of $0.73 reached in May 2021, the reaction to today’s news could only be among many to come.  

At the time of writing, DOGE/USD was trading around $0.16, about 15% up in the past 24 hours after paring some of the intraday gains.

Twitter accepts Elon Musk’s $44 billion buyout

On Monday, Twitter announced in a press release that its board had “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk.”

According to the announcement, the acquisition translates to $54.20 per share for a value of $44 billion. At this price, Twitter shareholders are getting a 38% premium on the company stock’s closing price on 1 April 2022, a day before the Tesla CEO disclosed a 9% stake in Twitter.

Musk says he will ensure Twitter becomes the ‘bedrock’ of free speech, better than ever and free of spam bots. He will enhance it with new features as well as seek to authenticate all humans.

“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he said. 

Musk also hopes that him owning the social media company doesn’t push some users off the platform.

I hope that even my worst critics remain on Twitter, because that is what free speech means

— Elon Musk (@elonmusk) April 25, 2022

Twitter’s share price jumped from under $49.00 on Monday, soaring to highs of $52.29. Despite paring some of the gains, the stock still closed more than 5.6% up at $51.70.

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Solana, Terra, and Avalanche are in the top ten list of largest cryptocurrencies by market cap.

Avalanche (AVAX), Solana (SOL), Terra (LUNA) and Algorand (ALGO) are among altcoins to see notable investment inflows over the past week, digital asset manager CoinShares reported on Monday.

According to the crypto asset manager, the week saw a slowdown in outflows from institutional investment products, largely due to interest in altcoins.

“Altcoins remain the focus amongst investors, with notable inflows into Avalanche, Solana, Terra and Algorand of US$1.8m, US$0.8m, US$0.7m and US$0.2m respectively,” the firm said in the latest edition of the Digital Asset Fund Flows Weekly.

Other altcoin products in Binance, Ripple, Tron and Litecoin remained largely unchanged over the week.

Ethereum sees 3rd week of outflows

Despite the negative sentiment that swept through the cryptocurrency market last week, outflows reduced significantly. CoinShares says the industry posted total outflows of $7.2 million for the week ending 22 April. Comparatively, total outflows a week earlier were $97 million.

Solana, for instance, had seen an outflow of $27 million due to what CoinShares said was down to profit-taking deals.

But while the overall digital asset investment product space recorded minor outflows last week, the story was a bit different for Ethereum.

Per the report, weekly flows for funds tailored around the second-largest cryptocurrency by market cap totaled 16.9 million. With these, Ethereum’s outflows monthly and year-to-date at the end of last week stood at $57 million and $169 million respectively.

Bitcoin sees inflows of $2.6 million

Bitcoin stemmed the negative trend by registering minor inflows, the report showed. Investment funds around the leading cryptocurrency by market attracted institutional inflows of $2.6 million.

However, due to recent market weakness, Bitcoin’s monthly flows are around negative $178 million. Year-to-date flows in BTC-related investment products are around $252 million.

Overall, crypto investment products have suffered outflows of $219 million in the past three weeks. Year-to-date flows are, however, positive at $389 million.

The digital assets funds report tracks flows from major crypto asset investment fund providers such as Grayscale, ETC Group, ProShares, 3iQ and CoinShares itself. These providers have launched numerous institutional-focused crypto products in the US, Europe and across the globe. 

 

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The floor price of Bored Ape Yacht Club (BAYC) NFTs, one of the most popular and fast-growing NFT collections, has hit an all-time high (ATH) as its native token (APE) also continues to outpace other cryptocurrencies in the market.

In this article, we will focus on the rationale behind its fame and what has caused its NFT floor price to hit a new all-time high.

Bored Ape Yacht Club NFT collection

Before delving into the reasons why the floor price of BAYC NFTs has shot to an all-time high today, it is important to first explain what the BAYC is.

In a nutshell, Bored Ape Yacht Club is a collection of 10,000 Bored Ape NFTs each with unique digital collectibles that live on the Ethereum blockchain. They have different traits that range from accessories and outfits to moods and expressions.

The NFT owner is granted exclusive perks as well as creating a personal club of rich folks where only BAYC NFT holders are allowed.

Why did the BAYC NFTs’ floor price hit a new ATH?

There are two main factors propelling the floor price of BAYC NFTs upwards and they include the Bored Ape metaverse launch and the growing hype around ApeCoin.

Bored Ape metaverse launch

Yuga Labs said via Twitter, that the Bored Ape metaverse will be launched on April 30. Besides, there was a release of some more details in addition to the trailer teaser.

Meet you there.https://t.co/qgI5RM4aov

— Yuga Labs (@yugalabs) April 23, 2022

The metaverse will be able to support a couple of popular collections other than BAYC like CryptoPunks, World Of Women, Meebits, and spinoff Mutant Apes.

According to Yuga Labs, the NFTs will also play a major role in the upcoming metaverse, thanks to the Yuga Labs as all the NFT collections included skyrocketed in their trading activities, however Bored Ape bit all odds to be the largest NFT collection by market value.

There are also ongoing rumors that the project will be opening sales for digital land soon priced in APE.

The growing hype around ApeCoin

The other main factor is the growing hype around ApeCoin (APE) (the native token for the Bored Ape NFT collection), whose price has been a bullish trend in the past few weeks. 

The post Here’s why Bored Ape Yacht Club NFT’s floor price hit an all-time high today appeared first on Coin Journal.

The crypto market as a whole is very bearish with almost each top 100 coin in the red at the time of writing. 

Top cryptos

Bitcoin is down around 3% in the last 24 hours, trading at $38,500. Ethereum and Binance Coin are each down by around 5%. The biggest loser in the top 20 is NEAR Protocol, which slid 10%. 

XRP leads the pack with the biggest losses over the past 7 days: over 11%. Terra’s LUNA shed 3% of its value today, but it remains the only top 20 crypto in the green in terms of gains in the last 7 days (+16%).  

Top movers

Most top 100 coins lost 4-6% of their value today. Notable standouts are Cosmos, Neo, Theta Network, and Holo, each down 9%; UniSwap, Chiliz, Loopring, and Secret, each of which suffered a loss of 10%, and Aave with 11%. 

The Waves coin, created by Ukrainian-born Alexander Ivanov, shed 12% of its value despite support for the David in the uneven battle. Zilliqa and Audius, both of which rallied recently, have lost 13% each. 

The biggest top 100 loser is Moonbeam, which slid 16%. About ten days ago, Moonbeam gained 15% after taking part in a series of leading international crypto events and reaching an important milestone in terms of total value locked on the platform.

At the other end, there are just two modest gainers. Amp and ApeCoin each added around 1%.  

Trending

There are two new hot tokens today. The token of Bend DAO (BEND) is up 866% in the last 24 hours. Bend is a decentralized non-custodial NFT-backed borrowing and lending protocol where users can participate as depositors or borrowers. 

Whenever there’s a big event related to the crypto industry, there emerges a coin for it. This brings us to the second hot token, ELON BUYS TWITTER. After Elon Musk announced he had found the money to buy the social media giant, this token was created. It gained 564% in the last 24 hours. 

ELON BUYS TWITTER will give meme creators a chance to earn and allow them to gain stipulated revenue for their work. It will help aspiring meme creators showcase their talent to the world. 

 

The post Highlights April 25: Cryptos in the red, Moonbeam slides 16% appeared first on Coin Journal.

Ripple’s battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged since December 2020 is set to go into early 2023, according to an update shared by Stuart Alderoty, General Counsel at Ripple.

The case revolves around XRP, a cryptocurrency launched by Ripple Labs.

On December 22, the SEC announced it had charged Ripple Labs Inc. and two top executives over the sale of $1.3 billion worth of unregistered securities. The regulator said the securities offering was “ongoing,” allegedly referring to Ripple’s sales of XRP.

Essentially, the SEC was saying that XRP was a security. Ripple and its top executives have maintained that the securities watchdog’s accusations are outright false. So much more has come to the fore, including comments from former SEC officials.

It’s hurting XRP holders

Saturday’s update from Alderoty, and defense lawyer James K. Filan, means it’s going to be a whole two years of waiting for the case’s resolution.  

“It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said in a Twitter thread.

Filan pointed to this same likelihood, stating in a tweet that both the SEC and Ripple had filed a joint scheduling letter seeking a resolution to the case. According to him, the parties have proposed that opening briefs for summary judgment start in August.

The timeline also caters to any expert challenges, with closing briefs then expected “a few days before Christmas.”

SEC’s delay tactics

SEC’s apparent delay tactics over the course of the case ostensibly played a role in Ripple’s decision to agree to a joint filing. It’s the reason why XRP holders will have to endure the long wait for a potential resolution. 

Alderoty said:

“To those asking if this is a joint filing – yes it is. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”

To all that have been following the case thus far – thank you. Know that Ripple is pushing hard (and the Court is working hard) to resolve the case as soon as possible, despite the SEC time and again doing everything they can to delay. https://t.co/bP0shaNBOa

— Stuart Alderoty (@s_alderoty) April 22, 2022

So the XRP community goes on waiting. As noted earlier, it’s the investors who are ‘hurting.’

XRP price today

XRP was trading around $0.71, nearly 2% down in the past 24 hours and close to 40% off the highs reached in April 2021. That run to highs near $2.00 on 14 April was the altcoin’s best since the surge to the all-time high of $3.40 in January 2018.

The cryptocurrencies market cap has also shrunk, pushing XRP from third behind Bitcoin and Ethereum down to sixth at the time of writing with $34.3 billion.

The post Ripple vs. SEC case will likely be decided in early 2023, says lawyer appeared first on Coin Journal.