Even Kraken’s parent company wants to use its chain—so why has it slipped back to $80 tonight? $HYPE
As I’m writing this, it’s hovering around $80.70, up about 2.5% over the past 24 hours. It touched roughly $82.50 at its high today. With the whole market waiting for tonight’s 2 a.m. event, all this jumping around isn’t exactly surprising.
Here’s the story that brought it back into the spotlight: on Monday, the company said that Payward, Kraken’s parent company, wants to become the first compliant deployment partner, using its chain to offer perpetual futures to U.S. users. Bitnomial would handle the market and clearing, while NinjaTrader Clearing would manage customer accounts—both are licensed operators.
It sounds pretty impressive: the parent company of a well-established exchange coming in to put this chain to work. But when I looked into it, I found that it’s still only running on testnet, and approval hasn’t come through yet. Whether U.S. users will actually get to use it is still up in the air.
Besides, it’s still a ways off its late-September high of around $98. The Fed could move the whole market with a single word at 2 a.m. tonight, so whether it can hold $80 is still an open question.
I don’t hold any myself. If approval really does come through, is $80 cheap or expensive?
Not investment advice. Be aware of the risks.
As I’m writing this, it’s hovering around $80.70, up about 2.5% over the past 24 hours. It touched roughly $82.50 at its high today. With the whole market waiting for tonight’s 2 a.m. event, all this jumping around isn’t exactly surprising.
Here’s the story that brought it back into the spotlight: on Monday, the company said that Payward, Kraken’s parent company, wants to become the first compliant deployment partner, using its chain to offer perpetual futures to U.S. users. Bitnomial would handle the market and clearing, while NinjaTrader Clearing would manage customer accounts—both are licensed operators.
It sounds pretty impressive: the parent company of a well-established exchange coming in to put this chain to work. But when I looked into it, I found that it’s still only running on testnet, and approval hasn’t come through yet. Whether U.S. users will actually get to use it is still up in the air.
Besides, it’s still a ways off its late-September high of around $98. The Fed could move the whole market with a single word at 2 a.m. tonight, so whether it can hold $80 is still an open question.
I don’t hold any myself. If approval really does come through, is $80 cheap or expensive?
Not investment advice. Be aware of the risks.
