Kategorie: Crypto News

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Bitwise seeks SEC approval for first-ever Hyperliquid (HYPE) ETF

  • Bitwise has submitted S1 for an ETF tracking HYPE.
  • It would be the first ETF tied to a perp DEX token.
  • Approval could see Hyperliquid exploding to new highs.

$15B asset manager Bitwise seems prepared for the next chapter of digital finance.

The company has filed with the US Securities & Exchange Commission for an exchange-traded fund (ETF) tracking Hyperliquid’s native coin, HYPE.

The S-1 application gained traction as a HYPE ETF would be the first of its kind, offering market players regulated access to a perpetual decentralized exchange token.

That signals the growing influence of DeFi and increasing pressure on Wall Street to expand cryptocurrency offerings beyond the top Bitcoin and Ethereum.

Understanding Hyperliquid

Hyperliquid is a decentralized platform designed specifically for DeFi undertakings.

While traditional blockchains often incorporate multiple use cases, Hyperliquid zeroes in on perpetual futures (perps) trading – a derivatives product that’s gaining remarkable attention in the cryptocurrency markets.

Notably, perps allow traders to speculate on future prices of assets without expiry dates.

That has made them attractive to institutions and experienced traders seeking heightened liquidity and flexibility.

Most importantly, Hyperliquid boasts a high-frequency infrastructure that handles the market with speed and efficiency.

This has seen the DEX create a sought-after niche in the blockchain industry.

Bitwise’s HYPE ETF application reflects confidence in the broader cryptography technology and Hyperliquid’s role in the future of decentralized finance (DeFi).

A exchange-traded fund approval would be a game-changer for US investors and the DEX.

Hyperliquid might boom to levels that the BitMEX co-founder predicted as institutional players join.

Pension funds, retail broker accounts, and hedge funds will have a regulated exposure to HYPE via a familiar product: the ETF.

Americans will gain frictionless access to a high-frequency decentralized asset, something that has been somewhat intimidating for non-crypto-native investors.

Everyday investors can use brokerage apps to buy into the altcoin’s exposure without the hurdles of creating wallets and exploring DEXs.

Challenges ahead

While the application stirred optimism, approval remains far from guaranteed.

The US SEC has taken a cautious approach to cryptocurrency ETFs, often citing concerns like investor protection, liquidity, and market manipulation.

Furthermore, Bitwise’s filing comes as the regulator delays its decision on multiple altcoin exchange-traded funds, including Pengu, Avalanche, and Sei.

Moreover, questions linger whether the SEC can endorse an ETF of an asset with a primary utility linked to high-risk perpetual trading.

The regulator will likely prioritize balancing investor safety and innovation when reviewing the application.

HYPE price action

The alt lost 0.2% in the past day to hover at $42.43.

HYPE has declined from its mid-September all-time highs of $58.

Meanwhile, its current outlook mirrors ongoing broader market declines.

Cryptocurrencies extended their downside yesterday after the US revised GDP data.

Bitcoin trades below $110,000 as cryptocurrencies follow September’s history of bearish performance.

The post Bitwise seeks SEC approval for first-ever Hyperliquid (HYPE) ETF appeared first on CoinJournal.

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Bitcoin, Ethereum, altcoins tumble after US GDP surprise; $1.1B liquidations hit market

  • Bitcoin drops below $109K amid hawkish macro data and Fed uncertainty.
  • $1.1B in leveraged positions liquidated, led by ETH longs.
  • Crypto stocks and miners slide, with MSTR and Coinbase under pressure.

The crypto market turned defensive as traders sized up hawkish macro data and tumbling crypto stocks.

Sentiment soured after the US GDP revision, with investors recalibrating their bets on a Fed rate cut. Bitcoin and major altcoins slid, dragged by the specter of sticky interest rates and souring risk appetite.

The recent drop punctuates a volatile week, but for many, it’s more a tactical retreat than a full-on capitulation.

With liquidations mounting and market leaders under pressure, eyes now turn to next week’s economic releases to see if crypto can recapture its footing.

Crypto market liquidations hit $1.1B

Bitcoin, the market’s heavyweight, has slipped below $111,000 and is trading just above $108,000 at press time, its weakest print in September.

Volume surged as sell orders hit exchanges, with the market cap now sitting at $2.17 trillion and daily turnover topping $75.54 billion.

Ethereum fared worse, shedding 8% in a day as the ETH/BTC ratio gave back all its summer gains.

Solana, previously a darling amid corporate adoption chatter, dropped another 6% in the past 24 hours, and is now nearly 20% down on the week.

DOGE limped lower with the pack, unable to shake off risk-off sentiment. XRP, meanwhile, mirrored the sector’s slide, as hopes for a rate-induced bounce faded.

This synchronized selloff triggered over $1.1 billion in liquidations on leveraged positions, with ETH longs accounting for nearly $400 million in forced closes, according to CoinGlass data.

Despite the selloff, trading volumes remain robust, as speculators and long-term holders alike reposition for the coming months.

GDP revision roils crypto stocks; Fed rate cut bets slip

Thursday’s surprise GDP revision jolted macro-sensitive assets, and the crypto sector was front and center.

The US economy grew 3.8% in Q2, well above expectations, sending Treasury yields to a three-week high and cooling bets on imminent rate cuts.

Bitcoin was hit hardest, breaching $109,000 and touching its lowest in nearly a month.

Ethereum’s losses deepened as investors bailed on high-beta alts. Crypto-tied stocks like MicroStrategy (MSTR), the largest corporate BTC holder, slid 4.5%, while Coinbase (COIN) tumbled 4.1%.

Miners took an even bigger hit: Cipher Mining (CIFR) plunged 9.4% despite positive news, while HIVE, Bitdeer, and Bitfarms dropped by 6-8% each.

Stablecoin issuer Circle (CRCL) and Galaxy Digital (GLXY) extended industry-wide declines. August trading volumes soared, spot and derivatives hit an annual high of $9.72 trillion, with Gate exchange leaping ahead in market share.

But liquidations kept mounting as leveraged longs were wiped out in the latest downturn, and crypto equities are now sitting at multi-month lows.

All eyes are on Friday’s data releases and next week’s Fed commentary to see if battered risk assets find relief, or prepare for another round of turbulence.

The post Bitcoin, Ethereum, altcoins tumble after US GDP surprise; $1.1B liquidations hit market appeared first on CoinJournal.

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Ethereum price dips to $3,830 as key indicator signals momentum breakdown

  • Ethereum fell to $3,830 on Thursday, dropping nearly 9% in 24 hours as Bitcoin dived to near $108,000.
  • Crypto analyst IncomeSharks highlighted Ethereum price weakness amid the OBV indicator breakdown.
  • XRP, Solana and BNB also dropped to or below key levels as cryptocurrencies plummeted.

Ethereum (ETH) price has experienced significant volatility in the past week, with its value extending its decline in the past 24 hours as bears pushed the token to lows of $3,830.

Having traded above $4,760 earlier this month, the near 9% dip in the past 24 hours and 16% dive in the past week have ETH hovering at a key level.

Broader weakness that also has Bitcoin near $108,000 and top altcoins struggling could align with a technical breakdown to see Ethereum’s price plunge to lows of $3,500 in the short term.

Ethereum price dives nearly 9% as key indicator signals breakdown

The latest dump for cryptocurrencies has Ethereum’s price hovering below $3,850 as of writing.

While bulls could reclaim the area above $3,860 and eye $4,000, analysts are pointing to a critical breakdown in the On-Balance Volume indicator as a potential signal for further losses.

As crypto analyst IncomeSharks highlighted on X, the ETH price is down amid a breakdown of the OBV momentum.

The indicator, which measures cumulative volume flow, showed a clear divergence from price action, and IncomeSharks says that while it retains the horizontal support, it is signalling weakness as buying pressure wanes.

Per the analyst, the loss of momentum suggests a bearish outlook.

On the weekly chart, Ethereum price has touched a key level below which sellers could target support around $3,500.

Both the weekly relative strength index (RSI) and on-balance volume (OBV) are downsloping.

The RSI remains above 55, suggesting room for bulls to navigate the downside pressure.

Notably, the daily RSI puts Ethereum in oversold territory, which might mean bear exhaustion.

Ethereum price chart by TradingView

Top altcoins fall to critical support levels

The downturn in Ethereum’s price is not an isolated event, as several top altcoins have also breached critical support levels.

As noted, this comes amid a broader market correction that aligns with the wobbly action seen on Wall Street over the past two days.

With BTC dropping to near $108,000 and Ethereum slipping to intraday lows near $3,800, top alts XRP, Solana (SOL), and Binance Coin (BNB) followed suit.

XRP was down 6% to $2.78 amid a downtrend line breakdown, while Solana, after a brief rally in recent days, has corrected to dip below $200.

A 7% drop in the past 24 hours saw SOL price hover near $197.

Meanwhile, BNB has encountered resistance after a notable surge that included multiple new all-time highs above the $1,000 mark.

But with profit taking widespread, BNB price held near $964, about 5% down in the past 24 hours.

The post Ethereum price dips to $3,830 as key indicator signals momentum breakdown appeared first on CoinJournal.

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World Liberty’s WLFI holds steady as Robinhood listing sparks interest

  • WLFI displays resilience amid broader market bloodbath.
  • Robinhood has listed the token today, boosting investor trust and visibility.
  • Cryptos struggle as September history unfolds.

The digital assets industry slumped on Thursday as Bitcoin dipped from above $112,000 to $110,700.

The global crypto market drifted further below the $4 trillion psychological mark after a 2.5% 24-hour dip to $3.81 trillion.

While altcoins appear to suffer the most, with many halting their bullish structures with double-digit declines, Trump-linked WLFI held steady.

World Liberty Financial’s token gained a modest 0.64% on its daily chart amid market-wide slumps.

The resilience comes after the DeFi project scored a Robinhood listing today.

The integration renewed interest among the crypto community as it translates to increased visibility to the retail audience.

Also, the compliant, commission-free trading platform adds credibility to WLFI, which remains tied to political developments.

The native token maintained stability following the listing updates and seems ready to lead the next leg up.

Robinhood boosts WLFI sentiments

Robinhood has gained a reputation as a leading trading platform for retailers, allowing individuals to access both cryptocurrencies and traditional stocks.

Most importantly, the platform prioritizes compliance, meaning it lists financial instruments after significant scrutiny.

Many believe digital tokens on Robinhood are legitimate, with impressive future potential.

Therefore, WLFI’s listing on the trading platform marks a key breakthrough for World Liberty Financial.

DeFi enthusiast Chence Alpha expects magnified liquidity as smart-money ventures into the token.

The move indicates growing recognition after the native token’s September 1 official debut.

Cryptocurrency enthusiasts love Robinhood for its user-friendliness and reduced entry barriers.

Even individuals who might have never interacted with decentralized exchanges (DEXs) can purchase WLFI tokens from the application.

Meanwhile, this development has likely cushioned WLFI against the prevailing broader market downturn.

Magnified exposure and easier entry could attract another wave of investors.

That will boost trading volumes and support price performances, essential factors as the alt eyes rebound to post-listing peaks above $0.30.

WLFI price outlook

The native coin outperformed markets today as it remained stable despite notable dips in the overall market.

WLFI trades at $0.2019 after a 0.64% increase on its daily chart.

The soaring daily volumes, currently above $500 million, signal reinvigorated optimism in the altcoin.

Nonetheless, the broader market outlook remains crucial for WLFI’s near-term trajectory.

Exchange listings trigger short-lived gains, and unless bulls amplify actions, corrections follow once the hype fades.

Bears dominate the cryptocurrency space, and the market might underperform in the coming sessions.

History shows September closes with losses, and that means sellers could have an upper hand as October approaches.

Experts view the current dips as a normal September rest before “Uptober” rallies.

Analyst Michael van de Poppe believes this is “the final correction before the big run” that could see altcoins surge up to 10x.

Bitcoin’s performance and potential swift recovery above $113,000 would support WLFI’s stability and catalyze the anticipated breakout past the $0.3 psychological mark.

The post World Liberty’s WLFI holds steady as Robinhood listing sparks interest appeared first on CoinJournal.

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Flare price surges amid 290% volume spike: next target for FLR?

  • Flare price rose to above $0.028 before paring gains.
  • The crypto project’s DeFi ecosystem, enhanced by FXRP, has driven a significant rise in active users, boosting network activity.
  • As Flare’s oracle services gain traction, could this boost the bulls’ price target above $0.030 and allow for further upside momentum?

Flare (FLR), the native token of the Flare Network, has surged over 10% in the past week to test $0.028, largely outpacing the broader cryptocurrency market amid widespread declines.

While it traded near $0.025 at the time of writing, FLR has broken through critical resistance levels after bouncing off lows of $0.023.

With bullish momentum driving the price, Flare could target $0.038 or higher.

Fueled by strong technical indicators and growing adoption of Flare’s decentralised finance ecosystem, this rally has attracted significant attention from both retail and institutional investors.

FXRP token and XRP DeFi integration

Flare’s recent surge is due to its integration with XRP through the FXRP token, enabling XRP to become DeFi-ready.

The Flare Network’s FAssets mainnet facilitates the conversion of XRP into FXRP, unlocking deeper liquidity and new use cases such as lending and borrowing.

The platform’s total value locked has soared to $217 million in an integration that has positioned Flare as a leader in bridging XRP’s non-smart contract capabilities with decentralised finance.

“For over a decade, XRP has powered fast and efficient settlement at scale. FXRP on Flare extends that strength with composability, opening new growth opportunities: XRP as collateral, liquidity, and yield in DeFi,” the Flare team posted on X.

Additionally, the token`s institutional backing and partnerships focused on interoperability have further solidified investor confidence, driving FLR’s price momentum.

Flare price: $0.038 target and technical outlook

Flare is trading around $0.0256 at the time of writing.

The token moved within a daily range of $0.0245 to $0.0284, marking a 3.4% gain in the last 24 hours.

On the chart, FLR broke above the 23.6% Fibonacci retracement level at $0.0217.

This puts FLR price well above its 7-day SMA at $0.0246, showing strong short-term bullish control.

Meanwhile, the Moving Average Convergence Divergence indicator remains positive.

Notably, the MACD line crosses above the signal line, confirming upward momentum.

Flare chart by TradingView

Although the Relative Strength Index is downsloping and near 55, staying above the neutral mark indicates bulls remain in control.

Gains could ensue before prices reach overbought territory.

If FLR maintains support above $0.0264, it can rise up to $0.0389, aligning with the 61.8% Fibonacci retracement level.

This could allow buyers to aim for $0.040 and higher, which are levels last seen in January 2025 and April 2024.

However, a failure to hold current levels could see a pullback to $0.024, with deeper support at $0.022.

The post Flare price surges amid 290% volume spike: next target for FLR? appeared first on CoinJournal.