Schlagwort: crypto business

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BTC hits $31k as SEC approves first leveraged Futures Bitcoin ETF

  • Bitcoin rose to above $31,450 on Friday, its highest level since June 2022.
  • BTC price spiked to the year-high level after the SEC allowed the Volatility Shares 2x Bitcoin Strategy ETF, or BITX.
  • This is the first leveraged Bitcoin Futures ETF in the US and comes after this week’s BlackRock-fueled bullish sentiment for the crypto market.

Bitcoin smashed past the $31,000 level on Friday afternoon as the market reacted to the latest news about the US market’s first leveraged Futures Bitcoin exchange traded fund (ETF).

The upside pushed BTC price to highs of $31,458 on crypto exchange Bitstamp, with the flagship cryptocurrency’s price setting a new year-to-date high and its highest level since June 2022. BTC traded at $31,170 at the time of writing, about 4% higher in the past 24 hours but an impressive 87% up YTD.

SEC approves first leveraged Futures Bitcoin ETF

On Friday, June 23, the US market entered a new chapter in crypto investing when the first leveraged Bitcoin Futures ETF became effective. The Volatility Shares 2x Bitcoin Strategy ETF, or BITX, will begin trading on Tuesday 27 June and will allow its investors an exposure to Bitcoin with daily returns.

Instead of investing directly in Bitcoin, BITX will “seek to benefit from increases in the price of Bitcoin Futures Contracts,” per details of the Fund in the prospectus filed with the SEC. The 2x Bitcoin Strategy ETF will align with the CME Bitcoin Futures Daily Roll Index.

Bitcoin has led the market higher over the past week or so, riding on the bullish sentiment triggered by $9 trillion asset manager BlackRock’s filing for a spot Bitcoin ETF. BlackRock has a very high rate of success with ETF applications, the reason for the market’s optimism. 

Analytics platform IntoTheBlock pointed out what a spot ETF would mean for Bitcoin adoption and price.

Indeed, the asset manager’s filing paved way for a frenzy of spot ETF applications from several other Wall Street giants and global financial institutions. With BTC price in bullish momentum, its likely the market could see many more mega moves by smart money.

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Crypto price prediction: Cardano, Polygon MATIC, Stellar Lumens

  • Cryptocurrencies had a strong performance this week as Bitcoin surged to $30,000.

  • Most altcoins like Cardano, Pepe, and MATIC also jumped.

  • More upside will depend on whether Bitcoin is able to clear $31,000.

Cryptocurrencies had a strong performance this week as investors focused on TradFi and the positive comment from Jerome Powell, the Federal Reserve chairman. Bitcoin price jumped by more than 20% in the past 7 days while Ethereum soared by 14%. The near-term price action for cryptocurrencies will depend on whether BTC will soar above the year-to-date high of $31,000. So, what next for MATIC, Stellar, and Cardano?

Cardano price prediction

Cardano has been in a strong bearish trend in the past few months. It dropped to a low of $0.4592 on April 16th to a low of $0.2295. The lowest point was a notable one since it was the lowest level in December.

While the recent rebound is welcome, buyers should be cautious considering that the coin has formed an inverted cup and handle pattern. The current rebound is part of the handle section. In price action analysis, the inverted C&H pattern is usually a bearish sign. Therefore, there is a likelihood that the Cardano price will resume the bearish trend in the near term.

If this happens, the next level to watch will be at $0.2414. A break below this level will confirm the bearish thesis and signal that the ADA price could slip to the key support level at $0.20, which is about 30% below the current level.

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Polygon MATIC price prediction

Polygon MATIC price has been in a steep sell-off in the past few months. This decline happened as the layer-2 network faces significant competition from the likes of Optimism and Arbitrum. On the daily chart, the price dropped to $0.5079 in June and then resumed the bullish trend this week. It has now retested the important resistance point at $0.6905, the lowest point on September 20th last year. 

MATIC remains below the 25-day and 50-day moving averages. Therefore, I believe that this recovery will not hold. If this happens, the coin will likely retest the month-to-date low of $0.50, which is about 26% below the current level.

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Stellar Lumens price prediction

The daily chart shows that the XLM price crashed to a low of $0.075 on June 15th. This was an important level since it coincided with the lowest level on March 11th of this year. Stellar has now moved slightly above the 25-day and 50-day moving averages. It has also formed what looks like a double-bottom pattern whose neckline is at $0.1145. 

Therefore, there is a likelihood that the Stellar coin will likely continue rising as buyers target the key resistance point at $0.10, which is about 11.31% above the current level. 

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US Supreme Court hands Coinbase key win

  • The US Supreme Court ruled that the district court must stay proceedings in a class action lawsuit when interlocutory appeal is ongoing.
  • Coinbase filed an appeal after its motion to compel arbitration was denied.
  • The ruling comes days after Coinbase was sued by the SEC over allegations of violating securities laws.

Coinbase has scored a notable victory after the US Supreme court’s ruling on its appeal over arbitration.

On Friday, the apex US court ruled in favour of the crypto exchange’s argument, stating that a federal court must stay proceedings in a lawsuit where a defendant’s appeal for arbitration is ongoing.

US Supreme Court sides with Coinbase

The Supreme Court’s verdict comes after the exchange filed an appeal earlier this year after its “motion to compel arbitration” was denied the US District Court for the Northern District of California.

Coinbase moved to file an interlocutory appeal and sought to have the District Court stay proceedings of a class action lawsuit pending the resolution of its appeal. That too had been denied at the US Court of Appeals for the Ninth Circuit.

“When a federal district court denies a motion to compel arbitration, the losing party has a statutory right to an interlocutory appeal. The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings,” Justice Brett Kavanaugh noted in the Supreme Court’s opinion.

Coinbase is facing a class action lawsuit filed by Abraham Bielski at the US District Court for the Northern District of California, in which he alleges that the US-based cryptocurrency exchange “failed to replace funds fraudulently taken from the users’ accounts.”

The Supreme Court notes in its ruling that “Coinbase’s User Agreement provides for dispute resolution through binding arbitration.” This is what informed the exchange’s move to file for arbitration – which the lower courts denied.

“We are grateful to the Supreme Court for its careful review. Another example of why I believe in the American court system. The rule of law is sometime slow, and at times disappointing. But it remains our last, best hope in an imperfect democracy,” Coinbase Chief Legal Officer Paul Grewal tweeted.

While the majority was in favour of Coinbase, Justice Ketanji Brown Jackson dissented, noting that “today’s majority invents a new stay rule perpetually favoring one class of litigants—defendants seeking arbitration.” 

According to Justice Jackson, the move could have “significant implications for federal litigation.”

Coinbase was recently sued by the US Securities and Exchange Commission (SEC) over allegations of violating securities laws.

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MARA stock price tests key resistance: Is Marathon Digital a buy?

  • Bitcoin mining stocks made a bullish breakout this week. 

  • Marathon Digital share price soared to the highest level since November.

  • Future price action will depend on the Bitcoin price action.

Marathon Digital stock price surged to the highest level since November 2022 as Bitcoin and other cryptocurrencies roared back. MARA shares jumped to a high of $12.75, meaning it has soared by more than 319% from the lowest level in December. Other bitcoin mining companies in the industries like Riot Platform and Hut 8 Mining also surged.

Bitcoin mining stocks jump

The main reason why MARA stock price soared is that Bitcoin price neared the highest point this year. This rebound happened as the crypto fear and greed index soared to the greed area. 

Most analysts believe that the ongoing trend of TradFi is the main driving factor for Bitcoin prices. TradFi refers to a situation where traditional finance companies move to the crypto industry. 

On Friday, Blackrock, the biggest asset manager in the world, announced that it had applied for the iShares Bitcoin Trust with the SEC. This will be an ETF tracking the spot Bitcoin price and will be similar to the Vanguard Gold Trust.

Other large companies in the industry also unveiled their Bitcoin ETF filings. They included companies like Invesco and WisdomTree. Analysts believe that the SEC will come under pressure and allow these funds this time.

Another TradFi news was that Deutsche Bank applied for a crypto custody license in Germany. Credit Agricole, a large French bank, also received its custody license. These banks hope to take care of wealthy Europeans seeking access to the industry.

Therefore, MARA stock price is soaring because its business thrives in a period when Bitcoin price is thriving. Its future price action will depend on whether Bitcoin moves above $31,000. This is an important level since it is the upper side of the double-top pattern. As such, if it rises, it means that the double-top pattern has been invalidated.

MARA stock price forecast

The daily chart shows that the Marathon Digital stock price has been in a slow bullish trend in the past few months. The shares consolidated at around $10 in the past few weeks. It then moved slightly above the key resistance point at $12.85, the highest level on April 18. The price was along the upper side of the ascending triangle pattern.

MARA share price has jumped above the 25-day and 50-day moving averages. Therefore, while the outlook is neutral, the stock will likely have a bullish breakout as buyers target the next key resistance point at $15. A drop below the support at $10.90 will invalidate the bullish view.

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Dash (DASH) completes its block reward “Halving”

  • Dash block reduction occurred at block height 1,892,161.
  • Unlike Bitcoin halving that cuts block rewards in half, Dash reduces its reward by 7.14% after every 210,240 blocks.
  • Currently, the reward is 2.3097 DASH and will reduce again in July 2024.

The block reward on the Dash (DASH) blockchain network has reduced after its halving that took effect at block height 1,892,161.

Like Bitcoin, Dash cuts its block reward. However, instead of the halving that for instance sees Bitcoin’s block reward cut in half every four years, Dash reduces the reward by 7.14% every 210,240 blocks.

With the network’s block time of 2.5 minutes, DASH block reward reduction happens approximately every 365 days. The countdown to the next halving is estimated to occur in the first week of July 2024, with the block reward set to reduce from 2.3097 DASH to 2.1448 DASH.

Dash block reward distribution

Like in other mining coins, block reward reduction affects what miners earn for deploying their computational power to process transactions and secure the network. Reducing the reward therefore impacts their overall profitability.

For instance, Dash’s latest halving saw mining pool ViaBTC inform miners that the reward will reduce from 1.05 to 0.98 DASH.

Block rewards are split three-way: Miners and masternodes, which are key to the network’s privacy feature (CoinJoin) and instant transactions (InstantSend), share 90% of the block reward, while 10% goes to the DASH Treasury DAO.

Currently, the distribution between miners and masternodes is 42.3% and 57.7% respectively. The ratio is set to change in favour of the masternodes over time, with this reaching the 40:60 ratio by May 2025.

DASH “halving” happens approximately 40 days to Litecoin’s halving expected in August this year. After that, the most anticipated block halving event will be Bitcoin’s, which is scheduled to happen in April 2024 (the countdown is down to about 308 days).

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