Altcoin
Crypto Funds Scoop Up FTX’s Metaplex Tokens In Multi-Million Dollar Deal
“MPLX remains underappreciated and trades at a low multiple,” said Ryan Watkins, co-founder of Syncracy Capital, according to sources. “We believe Metaplex is crucial infrastructure for the Solana digital asset ecosystem and will eventually rank among the most valuable projects on Solana.” Watkins confirmed that Syncracy purchased $1.4 million worth of MPLX at $0.20 in April, representing a roughly 40% discount at the time.
FTX Estate’s MPLX Token Sale Draws Strong VC Interest
In addition to Modular and Syncracy, Pantera, ParaFi, and Theia Blockchain have also acquired MPLX from Wave Digital. Felipe Montealegre, co-founder of Theia, verified the purchase but did not disclose further details. Meanwhile, Pantera Capital and ParaFi Capital co-led the MPLX acquisition, according to sources. The Block reached out to Wave Digital for comment but has yet to receive a response.
“We hold MPLX tokens,” Cosmo Jiang, portfolio manager at Pantera Capital, confirmed in a recent X post. He added that Metaplex aligns with Pantera’s long-term investment strategy, which targets high-quality protocols with strong product-market fit and the potential for value growth.
MPLX is the latest FTX estate asset to draw interest from venture capital firms. Earlier this year, the company’s estate’s sale of its $7.5 billion in discounted Solana tokens also attracted VC attention, with Pantera Capital purchasing batches of SOL tokens in April and May after reportedly seeking to raise $250 million for this purpose in March.
According to Arkham data, the crypto exchange’s estate has sold most of its tokens and retains over $376 million in assets. However, it remains unclear how much profit can be made from selling illiquid or defunct tokens, such as its FTT holdings, which are purportedly worth nearly $325 million at current prices.
From Crypto King to Convict: Sam Bankman-Fried’s Fall From Grace
Less than a year ago, Sam Bankman-Fried was a crypto prodigy living large in the Bahamas, hailed as a math genius from MIT who turned away from Wall Street to carve his own path. Surrounded by celebrities, admirers, and friends, he was seen as a visionary and a philanthropist, growing his wealth with the promise of eventually giving it all away.
But in a few weeks, Bankman-Fried’s fortunes crumbled. Convicted on seven counts, he now faces a potential 115-year prison sentence. While his future is sealed, the fate of his collapsed company, FTX, remains uncertain. The Bahamas, once economically fueled by the crypto industry and the company’s lavish presence, is left grappling with the aftermath. The guilty verdict may offer some solace to the island’s citizens, but the crypto exchange’s downfall has left a gaping void in their economic hopes.
The ripple effects of the, once the most famous, crypto exchange’s collapse have reached far beyond the Bahamas. Investors who once believed in Bankman-Fried’s vision are also reeling. For instance, in a recent update, Thoma Bravo CEO who had led a $900 million investment into the exchange, has now vowed to steer clear of crypto altogether. Reflecting on the failed investment, Bravo admitted that his firm’s philosophy is to avoid repeating mistakes—even at the cost of missing future opportunities. Thoma Bravo, a major tech investor, had helped raise the company’s valuation to $18 billion, only to witness the devastating collapse of both the exchange and digital asset prices.
Investors Pivot While Others Seek Opportunity in Crypto’s Collapse
The collapse of this crypto exchange has left a deep mark on the crypto world, affecting not only Bankman-Fried and his once-loyal investors but also the wider blockchain ecosystem.
As major funds like Pantera Capital and ParaFi Capital continue to pick up assets once held by the exchange’s estate, such as Metaplex tokens, the landscape remains uncertain yet hopeful for some.
While many, like Bravo, have chosen to steer clear of crypto, others see opportunity in the ashes of the downfall, betting on the potential of undervalued digital assets to recover and thrive. The future of FTX may be sealed, but its impact continues to ripple through the industry.
Altcoin
Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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
XRP Price At Risk As Ripple Moves $250M?
The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
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
Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital
Ripple chief legal officer (CLO) Stuart Alderoty has revealed how US President-elect Donald Trump can make the United States (US) the crypto capital. The Ripple CLO statement came as Ripple CEO Brad Garlinghouse outlined his checklist for the Trump administration.
Ripple CLO Reveals How Trump Can Make US Crypto Capital
In an X post, Stuart Alderoty called on Donald Trump to move swiftly to end the regulation-by-enforcement approach that the crypto industry has endured and position the US as the crypto capital of the world.
As the Ripple CLO suggested, the US has been unable to claim the title of crypto capital due to its unfavorable regulatory environment. Regulators like the US Securities and Exchange Commission (SEC) have clamped down on crypto firms instead of providing regulatory clarity.
However, the Ripple CLO believes that is likely to change under Donald Trump. In his post, he also revealed that the president-elect had taken time to listen to Ripple’s story when they met and has also prioritized crypto as a key policy issue.
Indeed, the US president-elect was very vocal about crypto during his presidential campaign, making several promises to the crypto industry. As part of his promises regarding Bitcoin and the crypto industry, Donald Trump said he would fire US SEC Chair Gary Gensler on day one in office.
This is one of the major promises the crypto community is holding on to, considering that Gensler has spearheaded the anti-crypto crusade in the country.
Brad Garlinghouse Outlines Checklist For Donald Trump’s Administration
Before the Ripple CLO’s comments, Ripple CEO Brad Garlinghouse had outlined his checklist for the Trump administration’s first 100 days in office. First, he stated that Trump should fire Gensler on Day 1, just as promised.
In Gensler’s place, Garlinghouse recommended that the president-elect appoint either Christopher Giancarlo or Robinhood CLO Dan Gallagher, as they will be “massive upgrades” in rebuilding the rule of law at the SEC. Galaxy CEO Mike Novogratz also recently mentioned pro-crypto US SEC commissioner Hester Peirce as one of those who could also replace Gensler.
The Ripple CEO also asked Trump to get the US Congress to move the digital asset market structure bill forward in the Senate. Lastly, he asked if they could get some clarity for Ethereum, similar to that of Bitcoin and XRP since they are recognized as non-securities.
While Brad Garlinghouse didn’t endorse any candidate, Ripple CLO Stuart Alderoty and Ripple co-founder Chris Larsen made their stance known through donations. The Ripple CLO donated $300,000 to the Donald Trump campaign, while Larsen donated up to $11 million to Kamala Harris’ campaign.
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.
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