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Grayscale ETF Filings, DeepSeek Sell-Off, and More

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As another week passes by, the crypto market is abuzz with big stories and new headlines. The list includes Arthur Hayes predicting a Bitcoin slump to $70,000 and how DeepSeek sent shockwaves through the industry.

This week also saw Grayscale submit ETF filings for Litecoin and Solana with the SEC, alongside rumors suggesting the regulator may dismiss the Ripple lawsuit.

Arthur Hayes Predicts a Mini-Financial Crisis for Bitcoin

Arthur Hayes, former CEO of BitMEX, has revised his short-term Bitcoin forecast. Earlier this month, he predicted that Bitcoin would peak in mid-March before experiencing a significant correction.

However, Hayes updated his outlook this week, stating that BTC is already on the verge of this decline.

“Reversing the order of my tryptic essay series. I am calling for a $70,000 to $75,000 correction in BTC, a mini financial crisis, and a resumption of money printing that will send us to $250,000 by the end of the year,” Hayes claimed.

Hayes’ short-term bearish outlook for Bitcoin was driven by the worsening global fiat liquidity environment. This is caused by rising US 10-year Treasury yields, a tightening Federal Reserve, and reduced money printing in major economies such as the US, China, and Japan.

Hayes argued that Bitcoin is particularly sensitive to shifts in global liquidity conditions, which could lead to the predicted slump. At press time, Bitcoin was trading at $104,709, down 0.3% over the past 24 hours.

Bitcoin price
Bitcoin Price Performance. Source: BeInCrypto

Grayscale Seeks SEC Approval for Solana and Litecoin ETFs

Grayscale, one of the largest crypto asset management firms, has submitted applications with the SEC for ETFs tracking both Litecoin and Solana. The firm’s Litecoin ETF marks only the second such filing, following Canary Capital’s application in October.

Moreover, according to ETF analysts Eric Balchunas and James Seyffart, a Litecoin or Hedera ETF is more likely to win SEC approval earlier than Solana.

“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then probably Litecoin (because its a fork of BTC, [therefore it’s a] commodity), then HBAR (because it’s not labeled a security) and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas claimed.

It appears their predictions are coming true, as the SEC has already approved combined Bitcoin and Ethereum ETFs.

Nevertheless, the Grayscale application did not significantly impact Litecoin prices. At press time, LTC was trading at $131.60, up 1.2% over the past 24 hours.

Litecoin price
Litecoin Price Performance. Source: BeInCrypto

ZachXBT Tracks Down $29 Million SUI Token Exploit

Blockchain investigator ZachXBT recently exposed the loss of $29 million worth of SUI tokens in December 2024. On January 26, ZachXBT disclosed details of the exploit, which targeted a major holder on the Sui network.

The attacker reportedly siphoned off 6.27 million SUI tokens, valued at $29 million, on December 12. The stolen assets were transferred from Sui to Ethereum using bridging tools, then laundered through Tornado Cash in smaller portions to obscure the trail.

“The victim transferred their .sui domains to a new uncompromised address shortly after the theft. Current limitations with Sui block explorers and Sui analytics tools make the theft difficult to trace,” ZachXBT said.

ZachXBT made headlines in January after he revealed that he helped the US government recover a substantial portion of $20 million stolen in a hack. 

DeepSeek Causes Major Crypto Sell-Off, $800 Million Liquidated in Just One Day

The unveiling of Chinese AI startup DeepSeek has coincided with a sharp sell-off in the crypto market.

Founded less than two years ago, DeepSeek has risen to prominence, positioning itself as a competitor to established AI giants like OpenAI, Meta, and Nvidia. With a development cost of under $10 million, DeepSeek has emerged as a disruptive competitor, sparking debate among experts about its long-term implications. 

DeepSeek’s rise caused Bitcoin (BTC) to drop over 5% in a matter of hours, with major altcoins seeing even steeper declines of 8–10%. According to data from Coinglass, in 24 hours, 315,090 traders were liquidated on January 27, with the total liquidations crossing $800 million.

Liquidations
Total Liquidations on January 27. Source: Coinglass

Some attributed the market crash to DeepSeek’s rising popularity and its potential impact on the stock market. Ash Crypto, an industry veteran, is among those who link the volatility to broader market reactions triggered by DeepSeek’s rapid rise.

“This has nothing to do with the crypto market and everything to do with the US stock market,” he explained.

Ash Crypto linked the crypto downturn to a reevaluation of overvalued tech stocks, citing DeepSeek’s competitive edge as one reason. The AI crypto segment also suffered in the aftermath of DeepSeek’s rise, with the market cap of AI crypto tokens dropping by double-digits.

Is Ripple vs. SEC Over?

 The SEC may have dropped its lawsuit against Ripple without announcement. The Commission removed references to the case from its website, but other crypto lawsuits are still visible.

Social media users noticed that the SEC’s website removed all references to this suit.

“Is Ripple Free from the SEC? Searched for “Ripple” in the SEC’s litigation section and… No results! Did the legal battle just end? Is this the final chapter of Ripple vs SEC? If true, this could be a historic moment for XRP,” influencer John Squire claimed on X (formerly Twitter).

Commentators have also noted that other suits, such as the one against Kraken and Coinbase, are still on the website.

However, one attorney claimed that the suit is still active in Pacer, a government website that provides access to federal court records.

“The SEC website does not matter. The appeal is still open in the Court’s nationwide PACER system. I just logged in. The last entry is Ripple’s request for a time extension to file its Brief. The case status is still shown as active,” he claimed.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Recovery Stalls—Are Bears Still In Control?

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XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

  • XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
  • The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

XRP Price

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.



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