Renowned venture capitalist Tim Draper announced a significant collaboration between Draper University and Stellar. The partnership aims to accelerate and fund up to 80 startups over the next two years, with these startups set to build on the Stellar blockchain platform. The initiative includes the Stellar Astro Hacker House and the Stellar Embark Accelerator, programs […]
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Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch
The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market.
With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.
HK Bitcoin ETF Market Poised For Record-Breaking Debut
Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.
This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars.
Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia.
Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market.
According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.
Unprecedented Investment Options
One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings.
Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold.
Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.
Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang.
Mainland Chinese Investors Restricted
Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support.
Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.
On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race.
Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.
Currently, BTC is trading at ,000 after failing to consolidate above the key ,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run.
Featured image from Shutterstock, chart from TradingView.com
Stellar The New Star: XLM On Tear As Analyst Predicts $0.47 Price Target
Stellar (XLM), a prominent player in the digital asset landscape, is experiencing a surge in optimism as analysts forecast a significant price increase in the near future. The cryptocurrency, currently priced at .1126, has demonstrated stability amidst market fluctuations, attracting investor interest and propelling a potential bullish trend.
Stellar Breaks Out Of Technical Pattern
This newfound optimism stems from a recent technical breakout. XLM successfully emerged from an Ascending Triangle pattern, a bullish indicator that often precedes price surges. This breakout was further bolstered by a retest of the breakout level, solidifying the potential for an upward trajectory.
Technical analysts are leveraging the measured move technique to predict XLM’s future price movement. This analysis suggests a target range spanning from 0.38 to 0.47 cents, aligning with Fibonacci levels 0.70 to 0.78. This range signifies substantial growth potential, enticing investors seeking profitable opportunities.
Investor Confidence On The Rise
Beyond technical indicators, investor confidence is playing a significant role in Stellar’s projected rise. The recent 2.50% price increase over the last 24 hours underscores this growing momentum. This shift in market sentiment indicates a bullish trend, potentially leading to a notable price appreciation in the coming months.
Analyst Projects Stellar To Reach .47
Adding fuel to the fire, crypto analyst EGRAG CRYPTO recently shared a bullish forecast for XLM’s price trajectory. The analyst predicts a surge towards a promising target of .47, highlighting the potential for substantial growth. This bullish sentiment resonates with investors and enthusiasts, further bolstering confidence in Stellar’s future.
#XLM Rockets Towards 0.47c!
#XLM has successfully broken out of the Ascending Triangle and is currently retesting the breakout level. This sets the stage for a potential bullish move.
The measured move suggests a target range between Fib 0.702-0.786 (0.38-0.47c),… pic.twitter.com/bmezGMnrTI
— EGRAG CRYPTO (@egragcrypto) April 23, 2024
The analysis digs deeper, identifying key Fibonacci retracement levels as crucial milestones for XLM. These levels not only serve as potential profit-taking targets for investors but also signify the strength of the upward momentum.
Interestingly, the analysis suggests that XLM has the potential to surpass traditional technical indicators. Should the cryptocurrency surpass the formidable Fib 1.618 level, it could embark on a remarkable ascent, exceeding expectations and venturing into uncharted territory.
Market Volatility Warns For Caution
While the outlook for Stellar appears promising, it’s crucial to remember the inherent volatility of the cryptocurrency market. Unforeseen events and market fluctuations can significantly impact prices.
Despite the inherent risks, the technical indicators and growing investor confidence paint a compelling picture for Stellar’s future. As the digital asset landscape continues to evolve, Stellar’s potential for significant growth is undeniable.
Featured image from Pexels, chart from TradingView
Magic Eden Surges to Top Spot in NFT Market, Records Stellar $756M Trading Volume in March
Magic Eden, a Solana-based NFT marketplace, achieved its highest monthly trading volume in March, outpacing Blur with a 194.4% increase to 6.5 million, attributed to its Diamond reward program and support for creator royalties. This surge led Magic Eden to become the top NFT marketplace by trading volume, dethroning Blur for the first time since […]
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Coingecko Report: Meme Coins Eclipse AI and RWA Tokens With Stellar Q1 Performance
In the first quarter of 2024, meme coins significantly outshone all other cryptocurrency narratives by delivering an astonishing average return of 1312% across its leading tokens, as observed in a report by Coingecko. Among these, the newly launched tokens Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW) were notable for […]
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Riding The Ripple: XRP Stellar 1-Year Performance Leaves Banks In The Dust
XRP holders are facing mixed signals. While the digital asset boasts nearly 20% in gains over the past year, significantly outperforming traditional savings accounts, its recent performance pales in comparison to other cryptocurrencies.
After a substantial decline, the altcoin’s price has now entered a phase of sideways consolidation, making market players unsure of its future course. It appears like the cryptocurrency will likely stay stuck in a narrow range until there is a breakout in either way.
XRP: Beating Savings Accounts
Despite the seemingly negative vibe, a recent report highlighted the coin’s resilience. Specifically, it underscored its advantage over stagnant savings accounts.
XRP hit a low of .42 in March 2023 and surged to .93 in July, fueled by optimism surrounding the Ripple vs. SEC lawsuit. The coin then saw a rise of 1.30% on Sunday. After losing 1.35% on Saturday, the altcoin gained 0.41% at the end of the week to close at .6299. Today, it sits at .61, reflecting a 20% year-over-year increase.
This dwarfs the returns offered by most savings accounts. A Business Insider report pegs the average Annual Percentage Yield (APY) for US savings accounts between 0.01% and 0.25%. Even high-yield online banks rarely surpass 5.30% APY.
XRP is up over 6% within a single year, it has outperformed every savings account of every bank in the world and yet you people are still crying about it. pic.twitter.com/GGxVPJfudU
— Mr. Huber (@Leerzeit) March 29, 2024
“Mr. Huber,” a prominent crypto community investigator, emphasizes this point. To paraphrase his views, he said while XRP might not be setting the crypto world on fire right now, it’s definitely a better option than letting your money languish in a savings account.
However, discontent simmers within the community. Over the past three months, XRP has seen a meager 1% growth, while rivals like Bitcoin and Ethereum have skyrocketed by over 50%. This lackluster performance compared to its peers is causing frustration among holders.
The future trajectory of XRP hinges on multiple factors. The ongoing Ripple vs. SEC lawsuit, which centers around whether XRP is a security, is a significant cloud hanging over the coin’s price. A favorable outcome could reignite investor confidence and propel XRP upwards.
Diverse Perspectives And Pressure In The Crypto Market
Another factor is the broader cryptocurrency market. If the current bull run continues and other top coins maintain their momentum, XRP might face additional pressure to catch up.
Analysts remain divided on XRP’s short-term prospects. Some believe the current stagnation is a buying opportunity before a potential price surge. Others urge caution, citing the ongoing lawsuit and the unpredictable nature of the cryptocurrency market.
The diverse perspectives surrounding XRP showcase the exciting array of options available to investors. With XRP presenting a compelling alternative to conventional savings methods, its unique features shine through.
Despite recent fluctuations in its performance compared to other digital assets, this opens up opportunities for thoughtful consideration and strategic investment. Ultimately, the choice to embrace XRP hinges on aligning with one’s personal risk appetite and long-term investment objectives, empowering individuals to make informed decisions tailored to their financial aspirations.
Featured image from Karolina Grabowska/Pexels, chart from TradingView
Bitcoin Climbs Above $70,000, Marking a Stellar Recovery
On Monday, bitcoin’s value soared back to the ,000 mark after a decline to just under ,000 the previous week. Over the last 24 hours, its value against the U.S. dollar has increased by 7%, reaching a peak of ,645 for each unit. Bitcoin’s Swift Comeback For the first time since March 14, 2024, bitcoin […]
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Arweave and Aptos Lead Crypto Market Surge With Stellar Gains as BTC Nears All-Time High
Bitcoin experienced a 6.8% increase on Wednesday, reaching a peak of ,000. This upturn also propelled several other digital assets upwards, notably arweave (AR) with a 50.3% increase and aptos (APT) with a 23.5% appreciation against the U.S. dollar. AR, APT, FET, DOGE, PEPE, and ORDI Post Impressive Gains Amidst Crypto Upswing As of 2 […]
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Bitcoin Reaches $57K in Stellar Monday Surge, Erasing $70 Million in Shorts in Just One Hour
Bitcoin reached a peak of ,055 on Monday, climbing 10.1% over a 24-hour span and elevating the digital asset’s market value to .10 trillion. The value of bitcoin relative to the U.S. dollar hasn’t ascended to these levels since Nov. 22, 2021, marking 12 days after the digital currency’s peak value of ,000. Monday’s Bitcoin […]
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Stellar Debuts Smart Contracts With Protocol 20 Update
Stellar has announced the introduction of smart contracts as part of its Protocol 20 update, passed by a validator vote on Feb. 20. The upgrade introduces Soroban, the new smart contracts system, to mainnet, and initiates a phased rollout for validators to monitor the performance of these transactions before scaling them at a subsequent phase. […]
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