Every once in a while, a new crypto project makes investors sit up and pay attention. That’s exactly what’s happening with 99Bitcoins Token (99BTC) right now. The project has raised over million in funding so far – and the development team is planning to airdrop a whopping ,999 worth of Bitcoin to early community […]
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Cardano Offering Better Buying Window Than Other Top Coins, Santiment Reveals
The analytics firm Santiment has revealed that Cardano (ADA) currently shows a slightly better buying opportunity than the other top coins.
Cardano May Be Showing A Good Buying Opportunity According To RSI
In a new post on X, Santiment discussed how the top assets in the cryptocurrency sector have been performing regarding the Relative Strength Index (RSI).
The RSI here refers to a technical analysis (TA) indicator that tracks the velocity and magnitude of recent changes in any given commodity’s price.
This momentum oscillator is generally used to judge whether an asset is overvalued or undervalued right now. The indicator displays its value on a scale that runs from zero to one hundred.
When the RSI is above 70, the corresponding asset may be considered overbought and due for correction. On the other hand, the metric being below 30 implies potential oversold status, with a probable price rebound.
Now, here is the chart shared by the analytics firm that shows the trend in the 1-day RSI for some of the top cryptocurrencies by market cap:
As the above graph shows, Cardano currently has the lowest 1-day RSI value out of these top cryptocurrencies at around 32.4. Although the asset isn’t yet inside the actual underpriced zone, this value that’s close enough could still suggest that ADA is providing a good entry point right now.
As Santiment points out, most of the top assets appear to provide a slight buying opportunity. Shiba Inu (SHIB) is currently the lowest one next to ADA, with an RSI value of 38.4.
Both Bitcoin (BTC) and Ethereum (ETH) have prices slightly undervalued to a similar degree, as their RSI values are around the 41 mark. Dogecoin (DOGE) is more or less neutral at the moment, as the metric is just under 50 for the memecoin.
Toncoin (TON) appears to be the riskiest buyout of these top assets if RSI is anything to go by, as the metric stands at 55.1 currently (note that the chart has wrongly marked TON as ETH, as Santiment has admitted in a reply to a user under the post). Nonetheless, this value is still quite close to the neutral level of 50.
It now remains to be seen how the Cardano price develops from here, given that the RSI has flagged it as perhaps the most undervalued of the top coins.
ADA Price
Cardano hasn’t been able to recover from last month’s crash so far. All attempts at a surge have failed, with the coin slumping back to consolidation around the current .44 level.
Blackrock’s BUIDL Fund Overtakes Franklin Templeton to Become Largest RWA Tokenized Offering
Based on the most recent figures, Blackrock’s USD Institutional Digital Liquidity Fund, also known as BUIDL, has expanded to 1.76 million, overtaking Franklin Templeton’s onchain investment vehicle, BENJI, as the largest real-world asset (RWA) tokenized offering. Blackrock’s Digital Fund Surpasses BENJI as Leader in Tokenized Treasury Offerings Blackrock’s BUIDL has now eclipsed all other tokenized […]
Bitcoin News
Memereum Presale: New Wave of Crypto Opportunities Offering Investors Access to DeFi Innovation
PRESS RELEASE. Monaco, April 24, 2024 – Memereum, a promising project on the BNB Smart Chain, is delighted to announce the launch of its presale. It invites investors to join the movement towards financial empowerment and innovation. With a suite of special financial products and services, Memereum is going to participate in the future advancement […]
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Fidelity Incorporates Staking in Spot Ethereum ETF Offering to Boost Fund’s Income
On March 18, the financial behemoth Fidelity Investments updated its application for a spot ethereum exchange-traded fund (ETF) to encompass staking capabilities. The firm, Fidelity, has made it known that the sponsor might “from time to time” opt to “stake a portion of the fund’s assets through one or more trusted staking providers.” Fidelity Updates […]
Bitcoin News
House Financial Services Committee Advances Bill to Repeal SEC Bulletin Preventing Banks From Offering Crypto Custody Services
The House Financial Services Committee of the U.S. Congress has advanced a resolution that seeks to disavow SEC SAB 121, a bulletin that leaves banks and financial institutions out of the cryptocurrency custody provider market. However, the resolution, advanced with bipartisan support, is unlikely to be passed at a vote on the House floor, according […]
Bitcoin News
Bank of America Merrill Lynch and Wells Fargo Begin Offering Spot Bitcoin ETFs to Clients, Report
Bank of America’s Merrill Lynch and Wells Fargo’s wealth management arm have reportedly begun offering some clients access to spot bitcoin exchange-traded funds (ETFs). Other investment platforms that offer some clients access to spot bitcoin ETFs include Fidelity, Charles Schwab, Robinhood Markets, and UBS. Major Banks Embrace Bitcoin ETFs Bank of America’s investment arm, Merrill […]
Bitcoin News
PYUSD’s 30-Day Surge of 72% Vaults Paypal’s Offering Into USD Stablecoin Top Ten
Over the last month, the supply of Paypal’s PYUSD stablecoin has seen a substantial increase, surging by over 72% from 167.83 million to 289.43 million PYUSD. This significant growth has propelled the payment behemoth’s dollar-linked digital currency to become the tenth largest among all USD-anchored stablecoins.
Paypal’s Digital Currency PYUSD Supply Skyrockets
Roughly five months have elapsed since the introduction of Paypal’s Ethereum-based stablecoin, PYUSD. As of the end of August, the total supply of PYUSD stood at 43.3 million, with the top 100 holders possessing 99.99%. However, the quantity of PYUSD has since experienced a dramatic increase, soaring more than 568% to reach the current 289.43 million PYUSD. In the past 30 days alone, from Dec. 10, 2023, to Jan. 10, 2024, the supply of PYUSD has expanded by 72.4%.
Roughly 4,943 distinct addresses are currently holding PYUSD, and the stablecoin has accomplished a cumulative 29,592 onchain transfers. In recent developments, PYUSD has ascended to become the tenth-largest stablecoin by market value, narrowly trailing the market capitalization of pax dollar (USDP). Notably, Paxos, the entity behind USDP, collaborates with Paypal and serves as the primary issuer of the PYUSD stablecoin. Rewind five months, and the scenario was different: Paxos stood as the top holder, with the leading 100 holders controlling 99.99% of PYUSD’s supply.
The landscape has shifted, with the digital currency exchange Crypto.com emerging as the current largest holder of PYUSD. Of the total 289 million tokens, Crypto.com possesses a substantial 112,201,306 PYUSD, representing 38.76% of the entire stablecoin supply. Following close behind, Defiance Capital ranks as the second-largest holder, securing 39,121,862 PYUSD, which accounts for 13.51% of the circulating coins. In third place stands Kraken, holding 31.92 million PYUSD, while the decentralized finance platform Curve Finance occupies the fourth position with a holding of 24.95 million.
Paxos continues to hold a prominent position as the owner of the fifth-largest PYUSD wallet, boasting 24.45 million. While PYUSD ranks as the tenth largest stablecoin, it’s relatively modest when juxtaposed with behemoths like USDC and USDT. Yet, according to bluechip.org’s stablecoin evaluations, PYUSD stands out with an A- rating, surpassing USDC’s B+ and towering over USDT’s D rating. Bluechip suggests that PYUSD’s rating could be elevated from A- to A if Paypal either reveals the details of its reserve custodians and their respective holdings or demonstrates a stable, close peg for a continuous period of 180 days.
PYUSD’s journey in the stablecoin market illustrates a notable evolution in the digital currency space. Its swift expansion and market presence mark a significant trend in the adoption and usage of stablecoins backed by financial incumbents. As PYUSD forges ahead, it presents an interesting case study in the dynamics of stablecoin markets, reflecting the ever-changing landscape of fiat-backed tokens and their growing role in the financial ecosystem.
What do you think about PYUSD’s growth since its launch and the supply increase over the past 30 days? Share your thoughts and opinions about this subject in the comments section below.
Elon Musk’s X Secures 12 Money Transmitter Licenses — X.AI to Raise $1 Billion in Equity Offering
Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise billion in an equity offering.
X Obtains 12 Money Transmitter Licenses
Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming.
In October, Musk unveiled his plan to turn X into a powerful financial platform. The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send to my friend. I’m talking about, like, you won’t need a bank account.”
The billionaire previously said that he plans for X to be “the everything app,” emphasizing that his purchase of social media platform Twitter is an accelerant to the creation of X. Moreover, he has confirmed that none of his companies will launch a crypto token.
X.AI Seeks to Raise Billion, SEC Filing Shows
Musk’s AI company, X.AI Corp., filed Form D, a Notice of Exempt Offering of Securities, with the SEC on Tuesday.
According to the filing, X.AI plans to raise billion through an equity offering. The company has already secured nearly 5 million from four investors, with the first tranche of shares sold on Nov. 29. Additionally, the filing states that X.AI has a binding agreement for the purchase of the remaining shares.
The Tesla chief registered X.AI Corp. in March. The following month, Musk announced a plan to create an AI platform called “Truthgpt” that would rival Chatgpt and other similar products. The AI startup, whose website states its mission as “understanding the true nature of the universe,” released a chatbot called Grok last month, inspired by “The Hitchhiker’s Guide to the Galaxy.”
What do you think about X obtaining money transmitter licenses across the U.S. and X.AI seeking to raise billion in an equity offering? Let us know in the comments section below.
Standard Chartered Bank Begins Offering Digital Yuan Exchange Services in China
Standard Chartered Bank (China) has become one of the first foreign banks to participate in China’s central bank digital currency (CBDC) pilot. The bank explained that as an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of the digital yuan.
Standard Chartered Participates in Digital Yuan Pilot
Standard Chartered Bank (China) Ltd. announced Monday that it has started offering digital yuan exchange services to customers and become one of the first foreign banks to participate in China’s central bank digital currency (CBDC), digital renminbi (RMB), business pilot. Standard Chartered is one of the oldest and most established foreign banks in China. Zhang Xiaolei, CEO of Standard Chartered Bank (China), commented:
We are very pleased to participate in the pilot of digital RMB business as one of the first foreign banks.
The bank explained that it will access the digital renminbi interconnection platform through City Bank Clearing Services. People’s Bank of China (PBOC) Governor Yi Gang disclosed in July that transactions utilizing China’s central bank digital currency, also called e-CNY, reached 1.8 trillion yuan (0 billion) at the end of June.
Zhang explained that as an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of the digital yuan. The executive further shared that the bank anticipates ongoing expansion of China’s CBDC application scenarios, including cross-border merchant payments, trade financing, and supply chain financing.
China is one of the first countries in the world to study central bank digital currency and conduct large-scale pilot projects. Since the PBOC, the country’s central bank, launched its digital renminbi pilot, it has continually expanded the scope of the pilot. Currently, there are 26 digital yuan pilot areas across China.
Standard Chartered Bank has been actively participating in the construction of the digital yuan ecosystem and exploring innovative application scenarios for the Chinese central bank digital currency, the bank detailed. In September last year, Standard Chartered Hong Kong participated in the “Multilateral Central Bank Digital Currency Bridge” proof-of-concept research project aimed at providing cross-border payment settlement services for real transactions of real companies through the currency bridge’s infrastructure.
What do you think about Standard Chartered Bank participating in the digital yuan pilot and offering exchange services for China’s central bank digital currency? Let us know in the comments section below.