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.
Asset manager VanEck has registered for a proposed BNB exchange-traded fund (ETF), the latest among the list of its new crypto ETF filings. As a result, the trading volume for BNB Coin has shot up by 42% to more than $2.12 billion, as analysts are now closely watching for a BNB price rally to all-time highs.
In BNB Price Ready for A Mega Rally?
BNB Coin has performed relatively well over the past month compared to Bitcoin and other altcoins. While BTC and top altcoins like ETH, SOL, XRP saw double-digit losses in March, BNB Coin is down just 1% on the monthly chart. After a strong consolidation of around $610 levels, the BNB price could be eyeing a strong breakout to new all-time highs.
BNB Burn and Pascal Hardfork Offer Support
BNB Coin features a real-time burn mechanism that permanently removes a portion of gas fees from circulation. Over the past seven days, 951.85 BNB worth $571,747.74 was burned, contributing to a total burn value of nearly $160 million, as per data from BNBBurn.
BNB’s price recently gained momentum following the implementation of the Pascal hard fork, which enhanced its compatibility with Ethereum. The network is preparing for additional hard forks this month and in June, aimed at further improving transaction speeds.
Additionally, BNB Chain is gaining a lot of popularity among meme coins, adding support for Mubarak meme coin, CZ’s Dog BROCOLLI meme coin, and others.
Looking at the technical setup, the BNB price chart shows that the altcoin is forming a cup-and-handle pattern, along with an ascending channel pattern formation, as shown in the image below.
On the other hand, BNB price is trading above the 50-day moving average, which is a positive indicator. But for the altcoin to kickstart a rally to its all-time high of $790, it must first complete the handle formation at $662, and give a breakout above that level.
As of press time, BNB Coin is trading at $603 levels with its daily trading volume up by 42%, surging past $2.12 billion. Furthermore, the Coinglass data shows that the BNB options trading volume is also up by 46%.
VanEck Files for Spot BNB ETF
$115 billion asset manager VanEck filed for the spot BNB ETF in Delaware on Tuesday, April 1, which could serve as a major catalyst for the BNB Coin rally ahead. The proposed BNB ETF would follow the price of BNB, the fifth-largest cryptocurrency by market capitalization.
Apart from BNB, VanEck has already submitted crypto ETF applications for Bitcoin, Ether, Solana, and Avalanche. VanEck filed for SEC approval last month to launch the first AVAX ETF, building on its success with spot Bitcoin and Ethereum ETFs.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
Tether, the developer of USDT, has added 8,888 Bitcoins to its holdings valued at around $735 million at the time of the transaction. This latest market move by the popular stablecoin issuer was reported by Arkham.
In a snapshot offered by Arkham on its official website, it revealed that the stablecoin company withdrew 8,888 Bitcoins from Bitfinex, a leading exchange and Tether’s sister company, on Monday.
Source: Arkham
Tether’s latest transaction pushes its Bitcoin holdings to 92,647, valued at $7.7 billion at current market prices. With this latest boost to its crypto holdings, Tether remains one of the biggest Bitcoin holders in the industry.
Tether Slowly Builds Its Bitcoin Reserve
In the last few weeks, Bitcoin was the among the main agenda of US President Donald Trump for a Strategic Bitcoin Reserve (SBR). But last Monday, Tether made its presence felt by adding more Bitcoins to its already huge crypto reserve.
Tether’s crypto reserve is one of the biggest in the business as it’s used to back up its stablecoin, the USDT. Currently, Tether controls over5 60% of the total stablecoins market, with a market cap of $144 billion, compared to a total of $234 billion valuation for the whole stablecoin industry.
Tether’s latest transaction puts it in the big league, making it the sixth biggest holder of Bitcoin. According to Bitcoin Treasuries, Tether is the second-largest private holder of the asset, below Block.one. But if we zoom out and consider other entities and publicly-traded companies, Strategy (formerly MicroStrategy), and the top spot Bitcoin ETFs issuers beat Tether’s holdings.
Commitment To Invest In Bitcoin
Tether’s latest Bitcoin acquisition reflects the company’s commitment to Bitcoin. Interestingly, the company pledged to use a part of its net profit to buy additional Bitcoins. The company committed last May 2023, and stated that it will use 14% of its net profits to buy additional Bitcoins.
Tether’s most recent Bitcoin purchase was 8,404, which was made last December, which pushed its holdings to 83,759.
$1B USDT Into Reserves
Tether’s latest Bitcoin purchase coincided with the minting of fresh tokens. According to on-chain data, the stablecoin company minted $1 billion in tokens on Tron. Tether CEO Paolo Ardoino has confirmed the minting of a new USDT.
According to Ardoino, the minting of new USDT was authorized, but he insisted that this batch is not yet included in the circulation. They added that the newly minted USDT is now part of their inventory and will be used for future issuance requests. Tether has already minted $8 billion tokens on Tron since the start of the year, and recorded $22 billion worth of USDT minted last year.
Featured image from Pixabay, chart from TradingView
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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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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