Tag Archives: crypto

Bitcoin Slumps Below 67000 Amidst Crypto Sell-Off But Solana Bucks The Trend

‪Bitcoin Slumps Below $67,000 Amidst Crypto Sell-Off, But Solana Bucks The Trend‬

By Brenda Ngari – March 15, 2024

In the early hours of Friday morning, a sharp correction wiped billions of dollars from the total crypto market cap, with Bitcoin (BTC) tumbling below $67,000 per coin.

At publication time, nearly all of the top 20 coins by market value had registered 24-hour losses. In a remarkable exception to the rule, Solana (SOL) was up more than 4% during the same time frame.

Why Is The Crypto Market In Red?

Bitcoin has been on a parabolic tear thanks to the huge success of the newly launched spot BTC exchange-traded funds (ETFs). But then, on Thursday, the U.S. Producer Price Index (PPI) numbers came in above expectations, highlighting the persistent nature of high inflation.

Traders interpreted this data as an indicator that the Federal Reserve will not slash interest rates in May — triggering a sell-off of crypto assets and stocks. In particular, Bitcoin shed over 8% of its value in the space of hours, tumbling to as low as $66,858.

The benchmark crypto has since slightly recovered and is trading hands for $67,418 at press time. But it’s considerably below the $73,737 record high it reached yesterday, CoinGecko data shows.

Another thing denting Bitcoin’s price? Roughly $400 million worth of BTC was moved by Grayscale to its custodian, Coinbase, and Arkham Intelligence data was revealed today. The digital asset manager started moving its BTC to Coinbase for selling after it transformed its flagship GBTC fund to a spot BTC ETF. In January, Grayscale was offloading massive amounts in crypto assets, at one point shifting over $2.1 billion in just days to Coinbase. This caused significant bearish pressure on the price of Bitcoin.

SOL: A Beacon Of Green

Major altcoins Ethereum (ETH), Ripple’s XRP, Cardano (ADA), and Dogecoin (DOGE) also lost 8%-13.4% in the last 24 hours.

However, Solana’s native token SOL showed relative strength amid the sudden crypto market retreat, posting its highest price in 26 months before the slump. Nevertheless, SOL was up 4.8% on the day, making it one of the best-performing assets.

The crypto was recently trading for $173.06, still some 32.6% lower than its 2021 November all-time high. But traders expect a continued upsurge for SOL, suggesting a $250 target price is achievable.

SOL’s surge can be attributed to retail demand for trading Solana-based meme coins such as dogwifhat (WIF), a token that recently saw a meteoric rally.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

MicroStrategy To Raise Another 500 Million Via Debt Offering To Snap Up More Bitcoin

MicroStrategy To Raise Another $500 Million Via Debt Offering To Snap Up More Bitcoin

By Brenda Ngari – March 14, 2024

MicroStrategy, now touting itself as a Bitcoin Development Company, is not slowing down even after acquiring more Bitcoin than every spot BTC exchange-traded fund (ETF) in the United States. The Michael Saylor-led company is launching another private offering of convertible notes to snatch up more BTC.

$500 Million Debt Sale For More Bitcoin

Prominent technology firm MicroStrategy is planning to sell an additional $500 million of its debt to expand its Bitcoin stockpile.

The company announced its latest fundraiser on Wednesday, which will again come in the form of a private senior convertible notes offering, due on March 15, 2031, in order to buy more BTC.

Just days ago, MicroStrategy completed an $800 debt raise, which had been increased from an initially planned $600 million, with the proceeds of the sale plus excess cash used to purchase 12,000 more BTC for nearly $822 million.

After that purchase, the firm’s cache stands at 205,000 Bitcoins (worth over $15 billion) — making it the largest corporate holder of the preeminent cryptocurrency. Saylor’s massive Bitcoin bet has borne fruits, with nearly $8 billion in unrealized profit on its investment.

MicroStrategy is now just 5,000 Bitcoins, shy of owning 1% of the top crypto’s maximum supply. Assuming Bitcoin continues hovering above $70K, the firm could purchase roughly 6,900 BTC with the proceeds of the latest debt offering.

If six-figure Bitcoin forecasts come true and the flagship crypto reaches $100,000 by mid-2025, MicroStrategy’s unrealized profit on its holdings will exceed $13.4 billion, or a 197% return on investment in the space of five years.

Saylor recently said investors should treat Bitcoin less like a currency and more like a “billion-dollar property in cyberspace” that has the potential to preserve capital for hundreds of years.

Notably, MicroStrategy is not the only crypto firm seeking to borrow money for its business after a parabolic Bitcoin bull run. Coinbase, America’s largest crypto exchange, on March 12 announced it would sell $1 billion worth of senior notes, maturing in April 2030, to qualified institutional investors. The proceeds will be used to repay existing debt and general corporate purposes.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

El Salvador’s Bitcoin Investment Has Netted 85 Million In Profits Thanks To BTC Price Record Highs

El Salvador’s Bitcoin Investment Has Netted $85 Million In Profits Thanks To BTC Price Record Highs

By Brenda Ngari – March 12, 2024

Salvadoran President Nayib Bukele’s decision to purchase Bitcoin (BTC), the world’s oldest and largest cryptocurrency, has certainly paid off. BTC’s latest rally to new all-time highs has thrust the Central American nation’s BTC portfolio into the black by $85 million, data indicates.

BTC Profits Hit $85 Million

Bitcoin was first adopted as legal tender in El Salvador in 2021, and since then, the country’s stockpile has gone from crypto winter rags to record riches. Since President Nayib Bukele announced that his government would start buying 1 BTC per day, it has accumulated roughly 2,861 BTC — according to the NayibTracker website — acquired at an average cost of $42,600. At Bitcoin’s new all-time high of $72,710 on March 11, this was worth over $207 million. He spent over $122 million on the cryptocurrency, meaning he’s up over $85 million.

El Salvador’s embrace of the benchmark cryptocurrency has proved contentious both at home and abroad, with the passing of the historic “Bitcoin Law” welcomed by protests, while everyone from university professors to the World Bank and U.S. lawmakers slagging off Bukele’s “careless gamble.”

However, the pro-Bitcoin president, who in February was reelected in a landslide presidential election victory — has been unfazed by the criticism, forging ahead with the tiny Latin American nation’s plans for a Bitcoin City — a tax-free city powered by a volcano and financed by BTC-backed bonds.

Bukele indicated in a March 12 post that El Salvador is accruing even more BTC in the form of revenue from other avenues. This entails revenue from the “freedom visa” passport program, which converts Bitcoin to United States dollars for local businesses, BTC mining, and revenue from government services.

El Salvador announced the visa program in December, offering foreigners a passport and residency if they invest $1 million in Bitcoin or Tether’s USDT. Months before that, in October, the nation launched its first local BTC mining pool in collaboration with Volcano Energy and Luxor Technology.

Venture capitalist Tim Draper recently suggested that El Salvador will be able to fully pay off its IMF debt if Bitcoin hits $100,000 and thereafter become financially independent.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Breaks Past 71000 For First Time Ever Overtaking Silver’s Market Cap

Bitcoin Breaks Past $71,000 For First Time Ever, Overtaking Silver’s Market Cap

By Brenda Ngari – March 11, 2024

Bitcoin has registered a significant milestone, eclipsing the market capitalization of silver as it topped $71,000 for the first time ever.

The world’s largest and oldest crypto has been on a steady uptrend since the landmark approval of the spot BTC exchange-traded funds (ETFs) in the US. BTC jumped past the $70,000 threshold for the first time in history on March 8. The Bitcoin price hit a high above $70K then, followed by a swift correction to the mid-$68,000 zone. Days later, BTC has burst above $71K, logging a fresh all-time high.

Bitcoin Breaches $71,000

Bitcoin was trading for $71,733 at press time, a 2.9% jump over the last 24 hours. According to CoinGecko data, the alpha crypto has gained roughly 10.4% over the past week and 53.1% during the last month.

Following the new record high, Bitcoin has become the eighth-largest asset in the world after its market capitalization surpassed the $1.383 trillion market cap of silver, the second-biggest precious metal in the world.

Bitcoin boasts a market value of $1.409 trillion, trailing behind Microsoft, Apple, Nvidia, Saudi Aramco, Amazon, and Google parent company Alphabet. Gold has long held the top spot with its $14.685 trillion market cap.

The bullish BTC rally comes on the back of a very successful week for spot ETFs. As per data from BitMEX Research, these products witnessed more than $2.2 billion in inflows last week. As of last Friday, BlackRock’s IBIT spot ETF had amassed approximately $13.6 billion in assets under management.

Since their debut, the ETFs have absorbed 4.06% of the current Bitcoin supply, as observed by Dune. At this rate, ETFs are projected to suck up 8.65% of the BTC supply annually.

Another factor boosting the price of Bitcoin is the approaching halving event, in which the amount of BTC given as a reward to Bitcoin miners for processing new blocks on the network will be slashed in half. This April halving will see the reward lowered to 2.125 BTC from 6.25 BTC, subsequently reducing the amount of Bitcoin issued every day by circa 900 BTC, worth roughly $73 million.

Meanwhile, other major cryptos, including ether (ETH), have also seen substantial gains, with the second-largest jumping above the $4,000 milestone. Ether has some bullish news of its own as a catalyst this week. In just two days, the Dencun upgrade will go live. Dencun is expected to dramatically enhance network scalability and reduce transaction fees for Layer 2 blockchains.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Here Are The Most Bullish Bitcoin Predictions For 2024

Here Are The Most Bullish Bitcoin Predictions For 2024

By Olivia Brooke – March 10, 2024

The most valued cryptocurrency by market capitalization has maintained its position above $60,000 for over ten days. With a continued increase in price value, market participants are making bold long-term and short-term predictions for the asset. The bullish sentiments are mostly backed by a handful of fundamental factors that key players expect to drive prices to new highs.

Making a bullish price forecast, on-chain analyst Willy Woo is convinced that Bitcoin can go above $100,000 within the next 22 months. As such, Woo expects Bitcoin to maintain stability above its current levels for the rest of 2024.

He cites BlackRock and Fidelity as factors that could propel this price upswing.

As he explained in a post shared with X, formerly Twitter,

“BTC price will go past $125k minimum before the end of 2025 just from Blackrock and Fidelity clients if they rotate 3% exposure to Bitcoin. These are their most optimistic portfolio allocation recommendations: Blackrock ($9.1T): 84.9% and Fidelity ($4.2T): 3%.”

Responding in affirmation to comments from an X user, who insisted that the prediction was rather conservative, the on-chain analyst noted that the prediction was modest as it is only $13.3 trillion of the $500 trillion global wealth.

Peter Brandt increases his Bitcoin price prediction to $200,000

Bernstein analysts recently made another bold price prediction led by Gautam Chhugani. The analysts observed that Bitcoin is on an 18-month path to $150,000. They credited the price upsurge to the unprecedented institutional adoption.

Peter Brandt, the CEO of global trading firm Factor LLC, has recently emerged as one of the most bullish crypto proponents.

The veteran crypto trader made an even more bullish prediction after Bitcoin surpassed $57,000, following the approval of 11 Bitcoin Spot ETFs. Brandt raised his initial price prediction by $80,000.

"With the thrust above the upper boundary of the 15-month channel, the target for the current bull market cycle scheduled to end in Aug/Sep 2025 is being raised from $120,000 to $200,000 … A close below last week’s low will nullify this interpretation.” Peter Brandt wrote.

As demand for ETFs intensifies, market players firmly hold on to their bullish take. The upcoming halving scheduled for April is another factor that could boost price value.

Bitcoin was trading for $69,385 at this time while the market continued in an upward direction. Analysts are calling $80,000 a near-term price point for Bitcoin.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Cardano May Have Just Ignited Game-On Face For 10 ADA Price’ In This Super Cycle

Cardano May Have Just Ignited Game-On Face For ‘$10 ADA Price’ In This Super Cycle

By Brian Njuguna – March 9, 2024

As positive crowd sentiment engulfs the crypto market after Bitcoin breached the all-time high (ATH) price of $69,000, Cardano (ADA) seeks to ride on this wave by mimicking its last bull run.

Taking on X, formerly Twitter, leading market analyst Ali Martinez pointed out that if this historical pattern saw the light of day, ADA could surge to the $10 price level.

Martinez noted, “Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before ADA goes parabolic toward $10.”


Source: Ali Martinez

Cardano hit $3 during the last cycle after surging by more than 3,200%. Therefore, if ADA follows in these footsteps, Martinez believes the $10 price threshold will be in the offing as the eighth-largest cryptocurrency will have soared by more than 2,000%.

Since Cardano has broken out of a cup & handle formation that came to light in June 2022, ADA is likely to smash the $3 price level this cycle.

Cardano Experiences Heightened Network Activity

Based on CoinGecko data, Cardano has already recorded a 47.5% monthly surge, and increased network activity has played an instrumental role in this uptrend.

Specifically, ADA has been depicting strong network engagement and increased investor interest thanks to rising transaction volume and active daily addresses.

Cardano was hovering around the $0.7 level at press time, according to CoinGecko.

Top crypto analyst Dan Garmbadello recently echoed Martinez’s sentiments that Cardano was eyeing a parabolic movement since it had broken out of a major structure.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Original article posted on the Zycrypto.com site, by Brian Njuguna.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Explosion To 300000 Looms Tether Co-Founder Opines Here’s Why This Bull Rally Could Be The Biggest’ One Yet

Bitcoin Explosion To $300,000 Looms, Tether Co-Founder Opines. Here’s Why This Bull Rally Could Be The ‘Biggest’ One Yet

By Brenda Ngari – March 8, 2024

After Bitcoin (BTC) recently hit a new all-time high above $70,000, analysts and investors are looking out for the next potential milestone for the maiden cryptocurrency.

Tether pioneer William Quigley suggests the ongoing bull run could outshine all previous ones, and there is room for BTC to surge to as high as $300,000.

Bitcoin On Track For $300,000?

This current Bitcoin bull run stands out in several ways. For one, as Tether co-founder William Quigley explained in a recent interview with CNBC, the market is in “better shape” fundamentally than it was before the May halving in May 2020. He cited the shiny new spot Bitcoin exchange-traded funds (ETFs) and the high derivative volumes.

Bitcoin’s upswing in recent weeks has coincided with the accelerating inflows into the spot ETFs. Notably, these products have amassed more than $53 billion in assets under management as of March 7 since their debut in January.

Quigley noted that the upcoming block subsidy halving typically drives the price of Bitcoin higher. In his view, should history repeat itself with a successful breakout higher, BTC price will be targeting prices north of $300,000 — a 350% growth from its current price level.

“I’m not predicting this, I’m just saying if you apply historical patterns, it would suggest Bitcoin being in excess of $300,000 at the peak of this next bull market,” Quigley clarified.

Bitcoin investors have historically welcomed the quadrennial halving event, which cuts the rewards earned by miners by half. The next halving is anticipated in mid-April, a countdown clock indicates.

“Bitcoin is maybe the only globally traded asset that I know of whose demand is purely based on sentiment,” the Tether co-founder posited.

“There’s not a Bitcoin company, there’s not a Bitcoin price-to-earnings ratio, it’s just a sentiment-driven token. And what you can say about that is sentiment has no limits. You can always be more optimistic, and so this rally may be the biggest we’ve seen.”

Concerns Over BTC Price Pullback Remain

While halving is considered a bullish tailwind for BTC prices, not everyone is feeling hopeful about what the coming months hold.

Venturefounder, a contributor to blockchain analytics provider CryptoQuant, postulated that both Bitcoin and the largest altcoin, Ethereum (ETH), must make a more decisive break of current all-time highs. He referenced the impending decision over whether or not to greenlight U.S.-based spot ETH ETFs.

“If BTC and $ETH fail to make a definitive new ATH breakout in March, I think it’s more likely we see more downside in April/May leading to the halving and ETH ETF approval,” he predicted.

According to Venturefounder, “March is probably the most important month of this cycle following such bullish February month.”

Moreover, JPMorgan analysts have previously suggested in a research report that the halving will hurt miners’ profitability, given the slashed rewards and higher production expenses, which ultimately could lead to Bitcoin falling to $42,000 “once Bitcoin-halving-induced euphoria subsides after April”.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Satoshi’s Prophecy: Another Bank Plummets While Bitcoin Soars

Satoshi’s Prophecy: Another Bank Plummets While Bitcoin Soars

By Bary Rahma
7 March 2024, 00:30 GMT+0000

In brief

NYCB's stock value plummeted over 40% amidst financial health concerns, while Bitcoin soared to a new high of $69,000.


The bank's struggles, including a $2.4 billion loss and leadership changes, contrast starkly with Bitcoin's robust growth.


Bitcoin's demand surges as shown by record-high accumulation addresses and ETF holdings, despite potential corrections.

In a dramatic turn of events that echoes the prescient warnings of Satoshi Nakamoto, the creator of Bitcoin, the financial system witnessed another stark contrast between the faltering traditional banking sector and the growing cryptocurrency market.

The spotlight shone brightly on New York Community Bank (NYCB), which experienced a precipitous decline in its stock value. It plunged over 40% in the wake of alarming revelations about its financial health and management disruption. This turbulence occurred against Bitcoin’s 58% year-to-date ascent to a fresh all-time high of $69,000.

NYCB Goes Bust While Bitcoin Hits Record Highs

The plight of NYCB, a regional lender based in Hicksville, New York, became public knowledge when it disclosed a “material weakness” in its internal controls. This led to a staggering $2.4 billion loss for shareholders last quarter.

A leadership reshuffle compounded the bank’s woes. Alessandro DiNello assumed the roles of president and CEO while a series of credit rating downgrades pushed NYCB’s debt into junk territory.

This series of misfortunes mirrored the earlier collapse of First Republic Bank. Therefore, it hinted at a potential systemic issue within the regional banking sector. Still, NYCB grappled with its internal turmoil and secured a major cash infusion amid the possible erosion of depositor confidence.

“In evaluating this investment, we were mindful of the Bank’s credit risk profile. With the over $1 billion of capital invested in the Bank, we believe we now have sufficient capital should reserves need to be increased in the future to be consistent with or above the coverage ratio of NYCB’s large bank peers,” Former United States Secretary of the Treasury Steven Mnuchin said.


NYCB Price Performance. Source: TradingView

This financial distress starkly contrasted with the flourishing crypto market. Unprecedented investment and accumulation of Bitcoin have signaled a robust vote of confidence from both new and veteran investors.

Significant inflows into accumulation addresses underpin Bitcoin’s resilience and growth. Likewise, growing exchange-traded fund (ETF) holdings reflect an increasing Bitcoin demand that contrasts with the instability plaguing the traditional banking industry.

This divergence reflects a broader shift in investor sentiment, seeking refuge in what many perceive as a more decentralized and secure financial future.

“The total Bitcoin holdings of accumulation addresses also reached record-high levels. The total holdings at these addresses are now 1.5 million Bitcoin. These addresses denote investors that only accumulate Bitcoin and have never sell, so the accelerating growth in their Bitcoin holdings is a sign of strong demand,” analysts at CryptoQuant told BeInCrypto.


Bitcoin Accumulation Addresses. Source: CryptoQuant

However, it is not all smooth sailing for Bitcoin. Despite the growing demand and reaching new price heights, other indicators suggest Bitcoin might be entering an overheated phase. These metrics reveal a complex time where rapid gains could precipitate equally swift retractions.

 

“A short-term pause/correction may be brewing as prices have increased too fast in relation to key on-chain metrics… Moreover, traders’ unrealized profit margins are now above extreme levels, which can anticipate selling pressure from these market participants,” analysts at CryptoQuant added.

As Bitcoin continues to chart its course, the fate of traditional banks may serve as cautionary tales for an industry at a crossroads, navigating the challenging waters of modern finance in the shadow of Satoshi Nakamoto’s remarks.

“Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts,” Satoshi Nakamoto wrote.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Original article posted on the BeInCrypto.com site and written by Bary Rahma.

Article re-posted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Altcoins Are About to Explode Analyst Prediction For Ether Solana XRP Cardano Shiba Inu PEPE

“Altcoins Are About to Explode” — Analyst Prediction For Ether, Solana, XRP, Cardano, Shiba Inu, PEPE

By Georgi Farfarov – March 8, 2024

Predictions and analysis come from many people in the dynamic crypto world. But recently, Michaël van de Poppe, a well-known crypto analyst, has made waves with his bold proclamation that this Bitcoin bull run is not just significant – it’s about to be a “giant” and possibly even a “supercycle.” In this article, we delve into van de Poppe’s insights and explore the implications of his prediction on the broader crypto landscape.

The Unusual Bitcoin Cycle

One of the standout features of van de Poppe’s analysis is his observation that Bitcoin has never reached an all-time high before its halving.

This altered occurrence has led the analyst to believe that the ongoing Bitcoin bull cycle holds extraordinary potential. Despite a recent correction that saw Bitcoin drop 8% from its $69,000 peak, van de Poppe remains optimistic, attributing the pullback to the natural flow of the crypto market.

Altcoins Positioned to Outperform Bitcoin

Contrary to the Bitcoin-centric focus that often dominates discussions, van de Poppe predicts that altcoins will be the real stars of the upcoming months.

Emphasizing their potential to outperform Bitcoin, he points to notable performers like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which have made impressive moves in recent weeks.

Navigating the Crypto Landscape

While Robert Kiyosaki’s bullish prediction for Bitcoin reaching $100,000 by June 2024 sounds exciting, van de Poppe’s nuanced perspective offers a more detailed view of the crypto landscape. With his belief that altcoins like Ether, Solana, XRP, Cardano, Shiba Inu, and PEPE are about to dominate the current bull run, it’ll be interesting to see how both theories play out.

Expert analysis and predictions provide invaluable insights into the ever-evolving world of crypto. Michaël van de Poppe’s bold proclamation about the potential “giant” Bitcoin bull cycle and the anticipated outperformance of altcoins fuel the excitement surrounding crypto assets. The coming months promise to be dynamic, with altcoins potentially taking centre stage in the crypto arena.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Georgi Farfarov and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Pantera is Raising 250M to Buy SOL from FTX Estate: Report

Pantera is Raising $250M to Buy SOL from FTX Estate: Report

Lucky Ebosele | Last updated March 7, 2024 | @ 14:43

Crypto-focused asset manager Pantera Capital is reportedly raising money from large investors to buy discounted Solana tokens from the bankrupt FTX estate.

Pantera Seeks to Raise $250M

According to a Bloomberg report that cited marketing materials sent to prospective investors, Pantera is seeking funds for the ‘Pantera Solana Fund,’ which would have the option to buy up to $250 million worth of SOL tokens from FTX at $59.95 or 39% below the average price over the past 30 days.

The report stated that investors would have to agree to a vesting period of up to four years in exchange for this discount.

Pantera was aiming to close the fund by the end of February, but it is unclear how much money they were able to raise. Investors participating in the fund must invest at least $25 million and have their SOL tokens initially locked and gradually vested over four years.

The asset manager plans to charge a management fee of 0.75% and a performance fee of 10%.

Pantera’s investment is an opportunity to capitalize on the discounted price of SOL and potentially profit as the Solana ecosystem grows. On the other hand, the deal will allow FTX to offload its SOL holdings and return value to creditors without putting immediate pressure on the token’s price.

SOL Performance Post-FTX Implosion

As of Wednesday, March 6, FTX held 41.1 million SOL tokens, worth approximately $5.4 billion in current prices and equivalent to 10% of the token’s total supply.

Since the FTX implosion in November 2022, SOL’s price has surged by nearly 4x after facing a tumultuous period. Over the past year, the token has jumped by approximately 650%, thereby increasing the value of FTX’s holdings and giving the firm the opportunity to fully repay creditors.

SOL was trading at $142.10 at press time, representing an 11.37% increase in the past 24 hours.

Disgraced FTX co-founder Sam Bankman-Fried (SBF) was a major backer of the Solana network. Moreover, FTX and its sister company, Alameda Research, were heavily invested in the Solana ecosystem.

DISCLAIMER

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

The original article written by Lucky Ebosele and posted on Coinfomania.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley