With bitcoin exceeding ,000 on Wednesday, the leading meme coins experienced notable increases over the last 24 hours. Shiba inu (SHIB) advanced 7.7% in the past day, while dogecoin (DOGE) rose 2.1%. Among the top five meme coins by market capitalization, floki (FLOKI) saw a 21.2% increase over the past day. However, BODEN emerged as […]
Bitcoin News
US Spot Bitcoin ETFs Rack up $4.6 Billion in Trading Volume on Day 1 — Blackrock Debuts With $1 Billion
U.S. spot bitcoin exchange-traded funds (ETFs) racked up .6 billion in total trading volume on their first day of trading. Blackrock, the world’s largest asset manager, debuted with more than billion in trading volume for its Ishares Bitcoin Trust. Grayscale’s spot bitcoin ETF, which converted from the Grayscale Bitcoin Trust, registered a total trading volume of .3 billion. This is “easily the biggest Day One splash in ETF history,” said an ETF analyst.
.6 Billion in Total Trading Volume
The long-awaited debut of U.S. spot bitcoin exchange-traded funds (ETFs) ignited a trading frenzy on their first day of trading Thursday, reaching a cumulative volume of .6 billion. Blackrock, the world’s largest asset manager, debuted with over billion in trading volume for its Ishares Bitcoin Trust (IBIT), followed by Fidelity Wise Origin Bitcoin Fund (FBTC), with a trading volume of 2 million.
Grayscale’s spot bitcoin ETF, which was converted from its bitcoin trust (GBTC), had a total trading volume of .3 billion. Noting that Grayscale’s bitcoin ETF volume “isn’t ‘new’ per se,” Bloomberg ETF analyst Eric Balchunas opined on social media platform X Thursday: “Good sign to see 4 issuers over 0m. Strong middle class in the works.” He emphasized:
Easily the biggest Day One splash in ETF history.
In a follow-up post, the Bloomberg analyst wrote: “All told there were 700,000 individual trades today in and out of the 11 spot ETFs. For context, that is double the number of trades for $QQQ (altho it sees much bigger $ volume bc bigger fish use it) So a lot more grassroots action (vs big seed buys) than I expected which is good.”
The SEC approved 11 spot bitcoin ETFs on Wednesday after many years of anticipation. All of them started trading on Thursday. However, despite greenlighting spot bitcoin ETFs, SEC Chair Gary Gensler cautioned that this wasn’t an endorsement of bitcoin itself. He continues to caution investors about the risks of investing in crypto assets.
What do you think about U.S. spot bitcoin ETFs on their first day of trading? Let us know in the comments section below.
MicroStrategy’s $4.6 Billion Bitcoin Bet Pays Off, Here’s How Much It’s Worth Now
The cryptocurrency industry has experienced significant growth in recent weeks with an influx of capital. This influx of capital has forced Bitcoin over various price resistances, with the latest being a brief cross over the ,000 level. MicroStrategy has emerged as a prominent public company that has successfully capitalized on this price push.
MicroStrategy’s blockbuster bet on the world’s largest cryptocurrency has certainly paid off so far. The company has posted over billion in unrealized profit thanks to Bitcoin’s 36% increase from ,750 since October 13. Shares of MicroStrategy have also risen simultaneously, soaring more than 55% since the same time period.
MicroStrategy’s Bold Bitcoin Bet Paying Off
MicroStrategy started buying in Bitcoin in 2020 but the latest acquisition came in October, amidst the influx of money into Bitcoin, where the company announced it had acquired an additional 155 BTC for .3 million.
MicroStrategy now owns a total of 158,245 BTC, acquired at an average total value of .68 billion. At BTC’s current price of around ,500, MicroStrategy’s BTC investment is now worth over .77 billion, representing an unrealized 26% return of .1 billion in around three years.
The company’s investment in Bitcoin has also paid off on the back end of its stock price, as it has outperformed many stocks and assets since the adoption of its Bitcoin strategy. The share price has shot up 242% from its open price of 5 at the beginning of the year.
At the time of writing, MicroStrategy share is trading at 7, and Michael Saylor noted that this growth has been largely in part to its innovative Bitcoin strategy.
BTC Putting Microstrategy On The Map
MicroStrategy’s Michael Saylor has been an outspoken proponent of Bitcoin. Saylor’s belief in Bitcoin spearheaded MicroStrategy’s investment in the asset, and a cursory look through his social media page on X shows various posts promoting Bitcoin.
#Bitcoin is Coming. pic.twitter.com/5oE42SQvgC
— Michael Saylor
(@saylor) November 9, 2023
Saylor recently stated, in an interview with Fox Business, that MicroStrategy’s BTC investments were part of a well-planned strategy to rival tech giants like Google, Microsoft, and Apple.
“What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple Computer as a mid-sized software company. We realized Bitcoin is like a high-tech dominant digital network growing at 40% or 50% a year, and so we bought it,” he said in the interview.
Saylor also expects the demand for BTC to double in the next 12 months amidst its next halving and the approvals of spot Bitcoin ETFs in the US. Ultimately, he believes that the price of BTC will eventually reach million.
MicroStrategy isn’t the only company with Bitcoin on its balance sheet. Public companies now own a total of 239,494 BTC, representing 1.23% of the total supply. Marathon Digital, Galaxy Digital, and Tesla are a few of these companies, holding 13,286, 12,545, and 10,500 BTC, respectively.
Mysterious Crypto Trader Burns Over $4.6 Million in Ethereum and Premium NFTs
In the latest wave of onchain mystery, enthusiasts of the crypto world have been abuzz with talks about an enigmatic address that has been annihilating millions of dollars in crypto assets, as well as blue chip non-fungible tokens (NFTs). Specifically, on July 26, 2023, this very wallet sent 2,500 ether, valued at over .6 million, to a well known burn address, a definitive action that ensures those funds are irretrievable and permanently removed from circulation.
Mystery Crypto Address Annihilates Millions in Assets: From 2,500 Ether to Blue-Chip NFTs
Picture possessing 2,500 ether, only to spontaneously decide to obliterate the funds by transferring the crypto assets, valued at .6 million, to a burn address. This exact scenario unfolded when the crypto address nd4.eth executed this irreversible action on July 26, 2023, and it hasn’t ceased its relentless destruction of crypto assets since.
On August 9, 2023, Arkham Intelligence’s X account explained that nd4.eth transferred three blue-chip NFTs, namely a Bored Ape Yacht Club, a Mutant Ape Yacht Club, and a Bored Ape Kennel Club. These three NFTs, Arkham detailed, carried a combined value of ,300.
“These tokens are all completely unrecoverable. Why would someone do this?” Arkham asked.
The discussion further observed that nd4.eth incinerated ,000 worth of APE, along with other crypto assets like GNS and GMX, amounting to a few thousand dollars. Arkham noted that nd4.eth functioned as a trader, boasting a substantial million counterparty volume with Uniswap and million with Binance.
“[nd4.eth] received around 5.5K ETH in Dec 2022 from enditall.eth, but [nd4.eth] didn’t burn that – instead bridging it to Arbitrum, and buying GMX,” Arkham explained. The burn address itself carries a notable reputation, as Vitalik Buterin famously transmitted a large sum of SHIB to the address in 2021.
Although the burn address is home to the notorious SHIB from Buterin, the 2,500 ETH from nd4.eth constitutes its entire holding in terms of ethereum (ETH), with the sole exception being a cumulative total of 3.24 ETH, dispatched by a large handful of other senders. Statistics show nd4.eth held a total of 11,058 ETH worth roughly million and it now holds 0.00254 ether worth just over .
What do you think about nd4.eth’s unusual activity? Share your thoughts and opinions about this subject in the comments section below.
Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6?
The month of September for WAVES didn’t look good as the coin registered a sharp downward pattern. The market is looking bearish as WAVES slipped below the key .6 level.
- Crypto market looking bearish for WAVES
- WAVES key support retests the .3 zone
- OBV shows a weakening in selling volume
Bitcoin, the king of crypto, climbed to .8K, forcing the retreat of the bears and allowing the bulls to recharge.
In the event that Bitcoin nosedives lower than K, this could inevitably pull the other cryptocurrencies down with it.
On the other hand, WAVES has shown some improvement as it dashes above the zone in the last two days.
Waves is a multi-purpose blockchain platform which supports different types of use cases including decentralized applications and smart contracts.
The blockchain platform’s native token is WAVES, an uncapped supply coin used for payments such as block rewards.
.3 Revisited As Key Resistance Zone
Based on the 4-hour chart, WAVES was able to recover and jump to the .3 level following its recent correction.
In the next days, WAVES price is seen to bounce back in the .5-.6 range. A couple of days ago, the key support found at .3 have been revisited as a key resistance zone.
Source: TradingView.com
Earlier, its price has once again dropped below the range. On the 1-hour chart, it retreated once again or back to the .3 level following its latest setback.
The price on the higher timeframes is seen to be massively bearish than bullish. Additionally, the market is now leaning toward the sellers as noted in the past few weeks.
WAVES was aiming to hit the .3 mark a few days ago but was barred and pushed towards the .9 mark instead.
With that being said, going long in the .02 support level wouldn’t be a wise move, especially with the risks involved.
With the token unable to clutch strongly on the zone, this led to the bears gaining enough traction to dominate. Additionally, a selling opportunity is predicted to occur once a retest is done on the mark.
WAVES RSI Falls Below 50
According to CoinMarketCap, WAVES price is up by 2.53% or trading at .01 as of press time.
The Fibonacci retracement levels at the .0 and .09 range can hinder the buyers’ intent to press on the gas in terms of prices.
The token’s relative strength index is seen to have traversed below 50 further strengthening the validation of bearish momentum.
Also, the CMF is seen to have dropped beneath the -0.06 level showing the rapid loss of capital. In terms of On Balance Volume, the token seems to signify weakened selling as seen in the past few days. More so, the OBV also shows that there is no indication of a sharp pullback.
The price is seen to have plunged below the mark. It was seen to pause at the .94 level which means a retest at the mark could tick off a selling opportunity.
Crypto total market cap at 2 billion on the daily chart | Source: TradingView.com
Featured image from The Coin Republic, Chart: TradingView.com
(The analysis represents the author’s personal views and should not be construed as investment advice).
NewsBTC
MetaMall Successfully Completes Seed, Strategic and Private Sale Rounds raising $4.6 million from crypto heavyweights
MetaMall just as the name implies is a Mall in the Metaverse where three of the world’s biggest technologies right now (VR, NFTs and DeFi) converge. This is a virtual space where users can buy, sell and lease virtual Real Estate, build and sell Real Estate as NFTs, organize and host virtual games, events and galleries amongst other things. Users can also engage with some of the biggest brands in the commerce, business and entertainment industries from the comfort of their homes.
Token holders of MetaMall will be called Metamallers and the platform will serve as a primary centre for crypto enthusiasts of all levels. Users will have access to crypto knowledge and immersive entertainment in one location for the first time. Metamallers will be able to make money for themselves by owning Real Estate, selling advertising, playing games, creating networks, and much more.
MetaMall is built on the Solana network, which ensures the fast completion of transactions and cheapest gas fees and features a cross-chain compatible wallet. This is an entire VR shopping and lifestyle experience zone and we are pleased to announce that we’ve completed all our token sale rounds and our land sale is now live.
.6 million was raised in our Funding round – Seed/Angel/Series A: Pre-IDO (which is now closed) through token sales and over million has been raised so far through NFT Real Estate sales. Some of the industry’s leading Venture Capital firms were among the investors in these rounds. A couple of these key investors include 316VC, MarsVC, WLI Capital, BullPerks, HVS Ventures, CCK ventures among others.
A representative of MarsVC, one of the investors said, “We are very excited to partner with Metamall. Serge and team’s experience in building innovative companies and vision of metaverse will make Metamall an exemplary success.”
Serge Gianchandani is the Co-Founder of MetaMall, a serial entrepreneur with 12 patents on 3D and VR imagery products and also the founder of Egg Solution Optronics. In 2001 Serge became the leader in immersive technology. Serge co-founded Moksha and scaled the company from Zero to million with 300+ clients across the globe like Amazon, Kmart, Flipkart etc. Serge sold his 1st company to Wave Comm (Anant Nahata) the owner of KOOVS.
Sahan Ray is the other half of the founding team of MetaMall and an IIT and IIM Alumni. Sahan has led multiple businesses to Unicorn Status. He led the planning and execution of major projects at Benetton India, achieving a GMV of more than 0 million as AVP of Revenue at Jabong. Sahan also led a business leadership team driving 40X growth in 23 months to cross the billion annual trade at Udaan.com.
Giving his thought as regards the completion of the funding rounds, Serge Gianchandani said, “We see generations of users spending quality time on Metaverse for gaming, social networking as well as building wealth. Metamall is a unique convergence of metaverse, NFT and crypto that enables enriching user experience as well as giving brands, individuals and experience owners to connect with their audience. We are very excited as this journey enters its next phase.”
The funds raised in these rounds will be used to scale up the tech and marketing teams and to work with leading tech platforms and designers to deliver the most innovative and engaging metaverse for a proper and enjoyable retail and gaming experience.
It is important to mention that our pre-IDO token allocation to generate funds is now closed and the NFT land sale on MetaMall is currently on. The land sale however will be closed before our IDO which is planned for January 2022. We are looking to take the MetaMall platform to live in 6 months and we’re well on schedule to achieve this in that time frame.
Cardano Holders Disappointed Over Initial 4.6% Estimated Staking Rewards
In the countdown to the Shelley mainnet launch at the end of this month, Cardano has released details of its staking reward system.
The amount of staking reward is determined by several factors, such as the number of staking pools in operation, the saturation of a delegated pool, and block production efficiency. At present, all elements are undetermined.
However, based on the default estimates of IOHK, users will receive 4.6% per annum.
Rewards from the Incentivized Testnet (ITN) were between 6% – 8%, depending on individual testnet staking pools. As such, news of a sub-five reward on mainnet is something of a blow for ADA holders.
In response to the announcement, one user wrote:
“Most people were predicting 6-10% and even Charles said in one of his AMAs it would be similar to the ITN. I’m happy with 6% but under 5.. better to sell and buy property.“
Another pointed out that the figure is notional; what’s more, 4.6% is still a better rate than any bank is currently offering.
Cardano staking rewards go live from August 18th, 2020, three weeks after the rollout of Shelley.
Source: twitter.com
Cardano Staking Walkthrough
Dr. Lars Brünjes, the Education Director at IOHK, gave an overview of the Cardano staking process, as well as a walkthrough of the staking calculator.
“How are rewards calculated? That happens on an epoch by epoch base. Every epoch, which lasts for five days, rewards are determined and paid to all participants.”
Each stake pool receives a reward determined by factors such as the ADA pledge of the pool, the margin operational costs of the pool, performance in terms of block production efficiency, and the amount staked with the pool.
After all the costs are subtracted, the remaining balance is split proportionally between all delegators.
Brünjes also spoke about the diminishing returns on pool saturation, this process lowers the reward payout if a pool becomes too big. This is currently set at around 0.66%. If a pool controls more than this of the entire stake, then rewards paid to that pool are reduced.
The idea is to incentivize stakers to move funds to smaller pools, in the hunt for better payouts, which also encourages greater decentralization of the network.
Brünjes mentioned that discussions with the community will take place after staking goes live. That way, feedback to change the system parameters can be made.
How Does Cardano Fare Against Other Staking Protocols?
The Cardano community as a whole has reacted unfavorably towards the estimated staking returns.
While the 4.6% figure is based on indeterminate factors at present, it’s still much lower than rewards from other staking protocols.
Matic Network currently pays 53%, based on 18% of Matic staked. This amount will fall as more Matic is staked, but even with 100% of circulating supply staked, the Matic protocol will pay 9.95%.
Source: wallet.matic.network
Tezos is more comparable with Cardano in terms of having similar market cap and volume. Data shows Tezos currently pay a staking reward of 5.48%.
As such, while the Cardano community may be disappointed, the reward level is still in line with expectations.
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![cardano](https://www.newsbtc.com/wp-content/uploads/2020/07/1111-860x564.png)