The leading meme token by market value, dogecoin, experienced an 18% increase on Thursday, climbing to .22 per coin for its first ascent to this level since 2021. The ‘Dog Father’ Reigns: Dogecoin Soars 43.3% in 7 Days Against the U.S. Dollar The proclaimed ‘Dog Father’ of meme coins, dogecoin (DOGE), has shown a substantial […]
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Peter Brandt: Bitcoin Vying to Replace Fiat Currencies as Primary Store of Value
Veteran trader and renowned chartist Peter Brandt says bitcoin is “vying to become the Level 1 ‘store-of-value’ standard replacing fiat currencies and government bonds.” He explained that fiat currencies, like the U.S. dollar, “will still be used to buy groceries and pay for gas.” Moreover, he expects governments to “constantly be issuing new currency replacements.” […]
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FTX Bankruptcy Claims Surge in Value: Bids Now Approach 93 Cents on the Dollar
Half a year ago, firms specializing in acquiring troubled companies and their debts were actively accumulating FTX bankruptcy claims worth millions, offering .33 for every dollar of claim. Presently, the valuation of these claims has significantly appreciated, with buyers now prepared to offer .93 on the dollar for each claim. FTX Bankruptcy Claims Now Worth […]
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Ether.fi $210M Airdrop Sparks Market Turbulence, ETHFI Value Drops By 35%
ETHFI, the governance token of the decentralized liquid staking protocol Ether.fi, debuted for .13 following its distribution through its airdrop on March 18.
However, since the 0 million airdrop, the value of ETHFI has experienced a significant decline, plummeting over 35% to its current trading price of .05, according to CoinGecko data.
ETHFI Airdrop Attracts 20,000 Participants
Market expert Tom Wan has provided a summary of the ETHFI airdrop. Out of the total supply of 16.8 million ETHFI tokens, approximately 28% have been claimed by participants.
The airdrop attracted around 20,000 claimers, showcasing considerable interest in the token distribution. Notably, the top wallets, accounting for 1.67% of the total distribution, have the potential to receive between 10,000 and 25,000 ETHFI tokens, reflecting substantial holdings.
Most claimers, comprising approximately 67% of participants, are expected to receive a lower allocation of ETHFI tokens, ranging from 175 to 500.
This distribution strategy aims to ensure a broader and more equitable dispersion of the tokens among participants. However, an interesting observation is that 76% of claimers have transferred their ETHFI tokens to other wallets, indicating a potential desire for liquidity or trading activities.
Furthermore, it is noteworthy that 38% of the token receivers are new wallets, suggesting an expansion of the ETHFI user base as of May 1, 2023. This influx of new participants showcases a growing interest in the governance and utility offered by Ether.Fi’s protocol.
Ether.fi Witnesses Surge In Total Value Locked
Ether.fi has experienced notable growth in net deposits and Total Value Locked (TVL), as evidenced by data provided by Token Terminal. However, the platform has faced fluctuations in its active user base.
According to Token Terminal, net deposits on Ether.fi have significantly increased, reaching .99 billion over the past 30 days alone. This marks a significant growth rate of 136.9%.
Simultaneously, the TVL on Ether.fi has mirrored the surge in net deposits, which also amount to .99 billion over the same 30-day period. This metric represents the total value of assets, predominantly cryptocurrency, locked within the protocol.
However, while Ether.fi has witnessed robust growth in net deposits and TVL, the platform has experienced fluctuations in its active user base. Daily active users have shown a considerable decline of 54.3% over the past 30 days, currently standing at 506.
Similarly, weekly active users have experienced a more moderate decline of 3.5%, currently standing at 5,780. This suggests that while there has been a slight reduction in user engagement every week, a significant portion of the user base remains actively involved with the protocol.
The most substantial decline in user activity is observed in monthly active users, with a notable drop of 68.9% over the past 30 days. The figure currently stands at 14,740 users.
Overall, the distribution of the ETHFI token through the airdrop has garnered significant attention and participation. At the same time, the token’s value has experienced a decline since its initial listing, the long-term potential and impact of ETHFI within the Ether.Fi ecosystems are yet to be fully realized.
Featured image from Shutterstock, chart from TradingView.com
‘Not a Store of Value’ — Vanguard CEO Labels Bitcoin Too Speculative for Long-Term Portfolios
After the U.S. investment advisor Vanguard chose not to offer spot bitcoin exchange-traded funds (ETFs), its CEO Tim Buckley, in a recent discussion, described bitcoin as a speculative asset, unfit for inclusion in long-term investment portfolios. Vanguard’s CEO Confirms: No Change in Bitcoin ETF Policy, Cites Speculation Concerns Reaffirming Vanguard’s perspective on bitcoin during a […]
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Crypto Market’s ‘Monster Cycle’: $7.5 Trillion Market Value By 2025, Bitcoin Targets $150,000
In a recent Bloomberg report, it has been revealed that the market value of crypto assets is expected to witness a remarkable surge, nearly tripling to .5 trillion by 2025.
Wall Street Firm Predicts “Monster Of A Crypto Cycle”
The next few years are likely to usher in a “monster of a crypto cycle,” according to Wall Street research firm Bernstein. In addition, Bernstein analysts have an “outperform” rating on the stock as they initiate coverage of online brokerage Robinhood Markets.
Analyst Gautam Chhugani believes investors should take advantage of the opportunity to ride the “crypto comeback arc,” envisioning a “ninefold increase” in Robinhood’s crypto trading volume over the next two years.
Chhugani expressed his confidence in Robinhood’s prospects, stating that now is the opportune time to enter the market with an 18-24 month window to capitalize on the crypto resurgence. Assigning a price target of to the stock, Chhugani’s price target is currently the highest among analysts tracked by Bloomberg.
Following the publication of positive February operating data, which included increases in assets under custody and surging trade volume, Robinhood shares surged as much as 12% in New York trading, reaching the highest intraday level since December 2021.
So far this year, the stock has gained over 40%. However, Wall Street remains cautious about its outlook, with six analysts rating the stock as a buy, ten suggesting a hold, and three recommending selling.
With the anticipated growth of crypto assets from .6 trillion to .5 trillion, the largest digital currency, Bitcoin, is set to become a trillion asset by 2025. According to Chhugani, this surge is expected to be fueled by the “unprecedented success” of exchange-traded funds (ETFs) tied to the cryptocurrency.
Additionally, Chhugani predicts that Bitcoin will reach a high of 0,000 next year. He emphasized the ongoing institutional adoption of cryptocurrencies and expressed expectations for the continued success of the Bitcoin ETF and the potential launch of an Ethereum ETF within the next 12 months.
Robinhood Positioned For Success
In the context of Robinhood, Chhugani highlighted the company’s “full suite crypto offering within a regulated broker platform,” which positions it favorably. Bloomberg notes that traditional broker platforms, such as Charles Schwab Corp., have been more hesitant in offering cryptocurrency services.
Summing up his bullish stance, Chhugani stated:
In short, we are bullish on crypto, and we believe Robinhood’s crypto business resurgence will restore its fortunes with investors.
The projected exponential growth of the cryptocurrency market and the optimistic outlook for Robinhood’s crypto business have captured the attention of market observers. With the increasing mainstream acceptance and institutional adoption of digital assets, the next few years hold significant potential for investors and market participants alike.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin’s Climbing Value Outshines Global Silver Market in Historic Pre-Halving Surge
Bitcoin’s ascent past the ,000 mark has elevated its market capitalization beyond the combined worth of all the world’s silver. The cryptocurrency has seen a 52.7% increase in value relative to the U.S. dollar over the past month, with 41.1% of this uptick occurring within a mere two weeks. Bitcoin Retakes the 8th Largest Asset […]
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Microstrategy’s Bitcoin Portfolio Value Soars to $13.2 Billion, Marking a 116% Gain
According to the latest figures, Microstrategy’s investment in bitcoin has doubled, showing a 116% increase after the cryptocurrency’s value experienced a significant rise this past week. The company, specializing in business intelligence, has acquired a total of 193,000 bitcoins at an expenditure of .122 billion, with the current market value of their holdings soaring to […]
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Crypto Analyst Says Bitcoin Is Heavily Undervalued Despite ATH, What’s The Fair Value?
Despite Bitcoin recently hitting a new all-time high (ATH) of over ,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant moves to the upside. Interestingly, he also expects that this bull cycle will be one like no other.
Bitcoin Still Heavily Undervalued
Michaël van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “way higher” and noted how the flagship crypto can help hedge against inflation and keep one’s purchasing power alive. Meanwhile, the crypto analyst believes there will be “way higher numbers” in this cycle.
Michaël van de Poppe had previously hinted at Bitcoin rising to as high as 0,000 in this bull run. Other analysts have also given similar price predictions, with the consensus that BTC will surely rise above 0,000. Other crypto analysts, including MacronautBTC, have even gone as far as predicting that Bitcoin could rise above 0,000.
There is a growing belief that this bull cycle will be the mother of all past cycles, which could be the reason for such ambitious predictions. Moreover, this cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have. These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin.
Interestingly, NewsBTC previously reported that the demand for Bitcoin is significantly exceeding Miners’ supply. This development is coming at a time when miners’ rewards are set to be cut in half during the Bitcoin Halving. This would likely lead to more imbalance between the demand and supply curve, potentially leading to an exponential surge in Bitcoin’s price.
BTC Still Has Enough Time To Hit New Highs
Bitcoin hitting a new ATH of ,000 is just the beginning of this bull run, as there is reason to believe this bullish momentum could run into next year. Crypto analyst Ali Martinez noted in an X post that Bitcoin has “consistently taken about 8 to 11 months to hit a market top” whenever it has shattered its previous ATH.
With Bitcoin currently hitting new highs, the analyst added that historical patterns suggest that the next BTC market top “will be sometime between November 2024 and February 2025.” However, Alex Thorn, Head of Research at Galaxy Digital, has warned that “bull markets are not straight lines up” and that sharp corrections should be expected along the way.
At the time of writing, Bitcoin is trading at around ,300, up over 2% in the last 24 hours according to data from CoinMarketCap.
Australian Crypto Love: Value of Digital Assets Held in Super Funds Surges Past $650 Million
In just three years, Australian self-managed super funds saw the value of their respective crypto asset holdings rise from just over 9 million to over 0 million. According to an executive with a local crypto exchange, many Australians are seeking to “allocate at least a percentage of their retirement funds to cryptocurrencies.” Crypto Assets Held […]
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