Altcoin
Solana to Lead future of Tokenized Assets Says Scaramucci, $200 Coming?
Real World Asset (RWA) tokenization has recently taken center stage with some of the top industry players focusing on this next shift in the blockchain industry. While speaking at the Breakpoint 2024 conclave, SkyBridge Capital founder Anthony Scaramucci said that tokenization will play a massive role in transaction verification, with Solana playing a key role in the tokenized assets industry.
Solana to Lead the Future of Tokenized Assets
SkyBridge Capital founder Anthony Scaramucci stressed the importance of asset tokenization in streamlining financial systems adding that the industry spends $7 billion per year globally on transaction verification. He also added that tokenization will eliminate the need for third-party intermediaries thereby reducing unnecessary friction in transactions.
While speaking at the Breakpoint 2024 conclave, Scaramucci praised Solana for its leadership in the tokenized assets space, adding that it would lead future developments. “The future is tokenized, and Solana is leading,” Scaramucci remarked. Recently, Scaramuucci has also been closely working on Kamala Harris’s crypto policies.
He added that tokenization will make the trading of assets more flawless in comparison to the existing system with friction. At the recent Breakpoint 2024 event, Solana announced key partnerships with financial giants like Franklin Templeton and Citi Bank. As part of this partnership, Fraklin will leverage the SOL blockchain for its on-chain mutual fund. On the other hand, Citi Bank is also exploring the Layer-1 blockchain to process transfers along with other smart contract services.
On the other hand, $100 billion asset management giant WisdomTree has unveiled a new platform to provide seamless access to real-world tokenized assets. The WisdomTree Government Money Market Digital Fund allows users to engage meaningfully with tokenized assets. Interestingly, the tokens on the platform will be initially minted on the Ethereum blockchain.
SOL Price Rally Ahead?
The SOL price has given a strong recovery of more than 10% from the support levels of $130 this week. This puts the altcoin in a comfortable situation to kickstart a further rally from here onwards for a Solana rally to $200.
Popular trader Peter Brandt showed that SOL is gearing up for a strong rally henceforth with the potential of another 30% gain from here. As of press time, the SOL price is trading at $145 levels. As per the image shared by Peter Brandt, SOL has been consolidating in the range of $130-$210. Thus, it can proceed further to the upper end of this range in the coming days.
Attention all cryptomaniacs.
Looks like $SOL $SOLUSD held support at $120
This could become a rectangle capable of launching a sizable advance pic.twitter.com/id0eTzzsVW— Peter Brandt (@PeterLBrandt) September 20, 2024
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Buying XRP? Discover If Grayscale XRP Trust Is a Better Choice
Grayscale XRP Trust has emerged as an alternative for investors looking to buy XRP, as it provides exposure to the cryptocurrency. However, the question remains whether the closed-end fund is a better choice than purchasing spot XRP on crypto exchanges and enjoying the self-custody of one’s coins.
Is Grayscale XRP Trust A Better Choice For Buying XRP
There are several benefits to buying XRP through Grayscale’s closed-end fund instead of through spot trading on crypto exchanges. The asset manager stated how the fund helps investors avoid the challenges of “buying, storing, and safekeeping XRP directly.” A major benefit of such a fund is the ease it provides, especially for non-crypto natives.
Traditional investors can buy the Grayscale XRP Trust instead of having to set up a crypto wallet and account with crypto exchanges. Moreover, buying shares in the fund is arguably more secure than buying XRP on crypto platforms. Security remains a major problem in the crypto space, with hacks still rampant. Recently, hackers stole $43 million worth of crypto from the BingX exchange.
Meanwhile, institutional funds are less prone to these attacks and exploits. Moreover, they are also under regulatory scrutiny, which makes them a better investment option than buying crypto independently through exchanges. The collapse of exchanges like Mt. Gox and FTX has shown that it always takes a while before customers can recover their assets if their funds are mismanaged.
Why The Fund Might Not Be The Better Choice
It is worth mentioning that the Grayscale XRP trust isn’t easily accessible. The asset manager stipulated that the fund is only available to accredited investors, who are believed to be brokerage firms. Moreover, investors will buy these shares through a private placement, with a one-year holding period.
This means that investors cannot trade their shares on the secondary market until after one year. Grayscale also revealed that redemptions of the shares are currently not authorized, meaning that investors might have to hold onto their shares longer than they want to.
The Trust also has a management fee of 2.50%, which Grayscale will earn from investors to oversee the investment fund. Therefore, buying XRP through crypto exchanges is arguably more cost-effective than gaining exposure through Grayscale’s fund.
The Grayscale XRP Trust currently has a net asset value (NAV) of $11.65 per share. Each share equals almost 20 XRP, meaning the Trust isn’t trading at a premium to the XRP price. Therefore, investing in the fund isn’t precisely an arbitrage opportunity for traders who usually look to take advantage of price discrepancies.
At the time of writing, Grayscale already has $707,080 in assets under management (AuM) for the fund, indicating that investors are already expressing considerable interest in the Trust.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Bonk Inu Announces ETP Launch In US For Retail and Institutional Investors
Bonk Inu (BONK), the popular Solana-based dog-themed meme coin, has recently marked a monumental stride within the global crypto landscape. Notably, the meme token announced the launch of a BONK exchange-traded product (ETP) in the U.S, emerging as the first-ever meme coin to achieve this feat. Crypto market enthusiasts speculate whether the ETP launch could fuel a positive impact on the asset’s price ahead.
Bonk Inu Unveils BONK ETP In The U.S.
According to the latest Solana Breakpoint, a multi-day event for devs and enthusiasts, the Bonk Inu (BONK) community is launching an ETP in the U.S. “This marks the first-ever step towards a BONK ETF,” the announcement added.
The Solana meme coin‘s team is working with Osprey Funds, a New York-based company that helped streamline one of the first Bitcoin ETFs and Solana Trust, to roll out the ETP in the U.S. Notably, the meme token’s community also revealed that it is looking forward to launching the ETP by the end of this year.
Meanwhile, the announcement added that the ticker remains the same, BONK. Overall, the plans for an upcoming ETP launch have sparked a tidal wave of optimism for the token globally.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Experts Predict XRP Price for 2025 if Bitcoin Hits $100K-$150K
With the Ripple Labs vs US SEC lawsuit almost over, traders are anticipating a huge XRP rally. The XRP price action has been sideways for more than two years, impacted by the bear market, the lawsuit, and Terra and FTX crises. The token can hit at least $2, if Bitcoin price gains momentum towards $100K-$150K after the most awaited breakout.
XRP Price Rally Holds Promise as Ripple Lawsuit Is Over
The US Securities and Exchange Commission (SEC) has only two weeks to appeal the remedies ruling by Judge Torres. The government agency hinted at not appealing summary judgment on XRP programmatic sales. It also regrets using the term “crypto asset securities” in crypto cases and decided to drop its use.
While the SEC deliberates to appeal against the remedies ruling, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty indicated that the XRP lawsuit is over. They do not intend to appeal first, but cross-appeal is more likely.
Moreover, if the agency loses to Ripple in the Second Circuit Court, it will create a binding precedent over other courts. It discourages the SEC from appealing the Ripple case unless the agency has new clarity or evidence. This will boost XRP price.
Bitcoin Price Rally to $100K-$150K
Wall Street giants, analysts, and financial experts have predicted an average Bitcoin price rally to $100K-$150K in this cycle. Thus, the next wave of the bull market started with a 50 bps interest rate cut by the US Federal Reserve.
BTC price jumped nearly 10% this week, with the price currently trading at $62,814. The 24-hour low and high are $62,630 and $64,119, respectively. Furthermore, the trading volume has decreased by 21% in the last 24 hours, indicating a decline in interest among traders. The latest Bitcoin recovery was a bull trap as predicted by CoinGape Media.
However, Bitcoin price chart is forming a cup-and-handle pattern, which shows that a breakout could result in a massive bullish rally. But, Bitcoin needs to break above $67K and consolidate for a rally to $100K.
Why XRP Price Will Rally With Bitcoin?
Popular crypto analyst CredibleCrypto has predicted a 25% rally in XRP price to $0.75 in October. However, the price needs to first push below a range low before moving right back into the range and heading in the upside direction.
A rally to $1 will be supported by the historically bullish fourth quarter for the crypto market. Traders will also have more positive sentiment with no implications of elections and the Ripple vs SEC lawsuit. The XRP price target of $2 in 2025 is based on market demand and supply dynamics in the bull run.
Moreover, crypto analyst Ali Martinez revealed that whales have bought over 380 million XRP in the last 10 days. In total, whales purchased tokens for around $228 million. The buying activity started even weeks before the Fed rate cuts due to positive sentiments from Wall Street.
The above predictions coincide with the technical indicators, patterns and support-resistance levels in daily timeframe. Investors need to track this and chart in higher timeframes for potential entry and exit points to turn thousands in millions.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
-
Market3 months ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin3 months ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation5 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
NFT3 months ago
New And Upcoming NFT Projects
-
Altcoin3 months ago
2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 months ago
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
Blockchain5 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 months ago
Ethena (ENA) Whale Faces $13M Loss With 30% Token Drop
✓ Share: