Market
Binance to Delist These 2 AI Cryptos
The largest crypto exchange by trading volume, Binance, will delist and suspend Ocean Protocol (OCEAN) and SingularityNET (AGIX) tokens in support for Artificial Superintelligence Alliance (ASI) merger.
AI crypto coins are rallying on the back of this news, with AGIX, OCEAN, and FET leading by double digits.
Binance Delists Ocean Protocol and SingularityNET
Binance has announced that it will support the ASI token alliance. The first act of support will be to delist Ocean Protocol and SingularityNET native tokens, OCEAN and AGIX, respectively. The action, effective July 1, will mean ceasing trading for the tokens and suspending all deposits and withdrawals.
“At 2024-07-01 03:30 (UTC), deposits and withdrawals of Ocean Protocol (OCEAN) and SingularityNET (AGIX) will be suspended. Please ensure that you leave sufficient time for your OCEAN and AGIX deposits to be fully processed prior to this time,” the announcement states.
Binance has also committed to handle all technical requirements for AGIX and OCEAN holders. The two tokens will assume the ticker of FET at Binance, swapped at a ratio of 1 OCEAN to 0.433226 FET for the Ocean Protocol and 1 AGIX to 0.433350 FET for the SingularityNET token.
Read More: How Will Artificial Intelligence (AI) Transform Crypto?
As BeInCrypto reported in late March, Fetch.ai, SingularityNET, and Ocean Protocol committed to entering a definitive merger agreement. Under the terms of the contract, their respective utility tokens, FET, AGIX, and OCEAN, would become one ASI. Effectively, they would achieve “the largest open-source, independent player in AI research and development.”
This strategic move aims to foster the development of a decentralized AI platform, a vision shared by all parties. Despite the merger of their tokens into the ASI token, SingularityNET, Fetch.ai, and Ocean Protocol will maintain their operational independence. However, they will collaborate under the umbrella of the Superintelligence Collective. This new coalition will be led by Ben Goertzel, the founder and CEO of SingularityNET.
The convergence of the three entities reflects the escalating race among AI-oriented platforms to pioneer decentralized AI technology. The goal is to move away from the control of tech giants like Alphabet and Microsoft and ensure that corporations do not solely prioritize shareholder interests.
FET, AGIX, OCEAN Tokens Rally
FET, AGIX, and OCEAN are rallying on the back of this news, significantly outperforming their peers in the sector. AI tokens have seen gains upwards of 30%, showcasing market confidence.
Read more: Best Crypto AI Trading Apps in 2024
A look at the FET/USDT trading pair in the 1-day timeframe shows a strong resolve among the bulls. This is demonstrated by the bullish crossover when the Relative Strength Index (RSI) crosses above its signal line (yellow band).
The RSI crossover is considered a buy signal. The large green nodes on the volume profile reinforce it. Together, they signify positive sentiment in the FET market. The Parabolic Stop and Reverse (SAR) indicator is trailing the Fetch.ai price from below. As long as this price tracking indicator trails the asset from below, the token remains bullish.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin ETFs Could Overtake Gold ETFs by End of The Year
Spot Bitcoin exchange-traded funds (ETFs) in the US are nearing a major milestone. They are set to become the biggest BTC holders in the world, even surpassing the amount held by Bitcoin’s creator, Satoshi Nakamoto.
Additionally, they are catching up to gold ETFs in total net assets.
Bitcoin ETFs on The Verge of Surpassing Satoshi Nakamoto’s BTC Stash
Since their launch in January, US spot Bitcoin ETFs have grown significantly. According to crypto analyst HODL15Capital, these funds now hold about 1.081 million Bitcoin, just below Nakamoto’s estimated 1.1 million.
Satoshi Nakamoto, the anonymous creator of Bitcoin, is believed to own approximately 5.68% of the total Bitcoin supply. These holdings, valued at over $100 billion, place Nakamoto among the world’s wealthiest individuals — if they are alive and a single person.
However, Bloomberg’s Senior ETF Analyst, Eric Balchunas, pointed out that ETFs are now 98% of the way to overtaking Nakamoto. He predicted that if the current pace of inflows continues, this could happen by Thanksgiving.
“US spot ETFs now 98% of way there to passing Satoshi as world’s biggest holder. My over/under date of Thanksgiving looking good. If next 3 days are like the past 3 days flow-wise it’s a done deal,” Balchunas stated.
SoSoValue data shows inflows into these ETFs grew by around 97% week-on-week to $3.3 billion over the last five trading days, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing $2 billion. This surge coincides with the introduction of options trading for these products, which many believe is attracting more institutional investors.
Meanwhile, Bitcoin ETFs are also narrowing the gap with gold ETFs, which currently hold $120 billion in assets under management (AUM). According to Balchunas, Bitcoin ETFs manage $107 billion and could overtake gold ETFs by Christmas.
These bullish predictions reflect Bitcoin’s exceptional performance in 2024. The top cryptocurrency has surged nearly 160% since January, trading near the $100,000 landmark. In addition, its $1.91 trillion market capitalization now exceeds that of silver and major corporations like the state-owned oil company Saudi Aramco.
However, BTC still lags behind gold, which remains the world’s largest asset with a market capitalization of more than $18 billion.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why Ethereum Price May Fall Under $3,000
Ethereum (ETH) is currently facing significant downward pressure, with its price declining by 3% over the past 24 hours. This bearish trend could push ETH’s price below the critical $3,000 price level.
This analysis examines the factors contributing to this likelihood.
Ethereum Sellers Re-Emerge
An assessment of the ETH/USD one-day chart has revealed that the coin’s moving average convergence divergence (MACD) indicator is forming a potential death cross. As of this writing, the coin’s MACD line (blue) is attempting to fall below its signal line (orange).
This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. A MACD death cross occurs when the MACD line (the shorter-term moving average) crosses below the signal line (the longer-term moving average), indicating a bearish trend or momentum reversal. This signal suggests that selling pressure is increasing, and the asset’s price could decline further.
ETH’s rising Aroon Down Line confirms this strengthening bearish pressure. It currently sits at 78.57%, confirming that the decline in ETH’s price is gaining momentum.
The Aroon Indicator evaluates the strength of an asset’s price trend through two components: the Aroon Up line, which reflects the strength of an uptrend, and the Aroon Down line, which reflects the strength of a downtrend. A rising Aroon Down line indicates that recent lows are occurring more frequently, signaling growing bearish momentum or the start of a downtrend.
ETH Price Prediction: Key Support Level To Watch
ETH currently trades at $3,333, resting above the support formed at $3,203. This level is crucial because a decline below it will cause ETH to exchange hands under $3000. According to readings from the coin’s Fibonacci Retracement tool, the Ethereum price will drop to $2,970 if this happens.
However, a resurgence in the demand for the leading altcoin will invalidate this bearish thesis. If this occurs, Ethereum will rally toward $3,500.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition
Cantor Fitzgerald, a prominent US financial services firm, is expanding its alliance with Tether, a key player in the digital asset industry and the issuer of the world’s largest stablecoin.
According to reports, the firm has agreed to acquire a 5% stake in Tether as part of a broader collaboration that includes Bitcoin-backed lending initiatives.
Tether Mints $13 Billion USDT as Cantor Fitzgerald Deepens Tie
The acquisition talks, reportedly finalized in 2023, valued the 5% stake at approximately $600 million. This partnership positions Tether to gain strategic advantages, particularly as Cantor Fitzgerald’s CEO, Howard Lutnick, takes on his new role as Secretary of Commerce under President-elect Donald Trump.
Market observers suggest that the nomination raises the possibility of enhanced regulatory support for Tether, which has faced scrutiny over potential violations of sanctions and anti-money laundering regulations—a claim the company has denied. However, Lutnick has promised to step down from his positions at Cantor Senate confirmation.
Beyond the ownership stake, Tether is expected to support Cantor Fitzgerald’s Bitcoin lending program, a multi-billion-dollar initiative. The program aims to offer loans backed by Bitcoin, initially funded with $2 billion, with plans for significant future expansion.
Meanwhile, Cantor Fitzgerald is already a critical partner for Tether, reportedly holding a significant portion of the stablecoin issuer’s $134 billion reserves in US Treasury bills.
As Cantor Fitzgerald deepens its involvement with Tether, the firm has continued its aggressive token minting. On November 24, blockchain analytics platform Lookonchain reported that stablecoin company minted an additional $3 billion USDT, bringing the total minted since November 8 to $13 billion. This expansion has pushed the total supply of USDT to approximately $132 billion.
The increased USDT supply may reflect the growing demand for stablecoins, often used to hedge market positions or facilitate crypto transactions without converting to fiat. This liquidity influx could reduce volatility and enhance price stability across the digital asset market.
This surge in USDT supply coincides with a broader market rally led by Bitcoin and other assets such as Dogecoin and Solana, signaling renewed investor confidence in the crypto ecosystem.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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