BlackRock’s head of digital assets, Robert Mitchnick, said Bitcoin ETFs currently draw more investor demand than Ethereum funds.

The Bitcoin 2024 conference in Nashville, which is expected to attract 20,000 crypto enthusiasts, comes as exchange-traded funds now offer exposure to the largest cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).

Spot ETH ETFs are the new market entrants, but spot BTC ETFs have traded since January and amassed over $60 billion in assets under management, per SoSoValue. Mitchnick remarked that it’s still early, and flows have yet to indicate whether investors will reallocate capital from Bitcoin funds into Ethereum ETFs. 

Spot Ether ETFs achieved 79% of day one total flows recorded by spot Bitcoin products. Data including Grayscale outflows slashed that number to 16% as investors flocked out of the firm’s ETHE vehicle. Ethereum responded with a price slump and was down up to 7% on July 25.

You might also like: Alluvial CEO: Ethereum ETF inflows could surpass $20b

Similar flows occurred in January when spot BTC ETFs launched. Investors also pivoted away from Grayscale converted GBTC at the time. If the pattern continues to repeat, markets may see days or even weeks of Grayscale outflows. Sell fatigue might then set in, and total flows could flip positive if spot ETH ETFs capture Wall Street demand. 

Nevertheless, many within the crypto industry opine that ETFs for Bitcoin and Ethereum incentivize more U.S. crypto funds to launch soon. Issuers like VanEck have filed for a Solana (SOL) Trust designed similarly to existing spot ETFs. 

Speaking with Bloomberg’s James Seyffart, Mitchnick said BlackRock does not currently see demand for crypto ETFs beyond Bitcoin and Ethereum. 

BTC vs ETH ETFs Day 1 Comparison:Total ETH flows ($108M) were 16% of BTC flows ($655M), but 79% if you exclude the outflows from ETHE ($484M)/GBTC ($95M) conversions. ETHE outflows likely larger because it was already trading at NAV on conversion, while GBTC was still at… pic.twitter.com/7E4iGKA7Vr

— Juan Leon (@singularity7x) July 24, 2024

Read more: Ethereum ETFs bring substantial benefits, yet challenges remain | Opinion

With the 2025 bull run around the corner, the Render Network price can rise dramatically. The surge in demand for 3D graphics in entertainment raises the question: Could RENDER soar to $25 by 2025? Let’s explore the factors at play.

Table of Contents

What is Render?

Market potential

Market position

Inflation and supply

Correlation with Bitcoin price movements

Render’s 2025 bull run price analysis

What is Render?

The Render Network is a decentralized platform for GPU rendering that allows artists to use powerful GPU nodes worldwide for their projects on demand. Node providers contribute their unused GPU power to a blockchain-based marketplace, which enables faster and cheaper rendering than traditional centralized services. In this system, the Render token serves as the medium of exchange between users and providers of GPU power.

Moreover, Render Network is part of the OTOY technology stack, which uses OctaneRender software. The integration extends to widely used applications such as Blender, Adobe After Effects, Houdini, Autodesk Maya, Unreal Engine, and more.

Market potential

The entertainment industry, particularly gaming and cinema, is the primary market for 3D graphics rendering. The demand for computer-generated imagery (CGI) and animation only continues to grow. For example, according to PwC Global, the entertainment sector can potentially exceed $3 trillion in value.

The growing demand for 3D graphics will favor platforms such as Render that offer scalable rendering services. Additionally, the Render Network’s availability on multiple blockchain networks – Ethereum, Polygon, and Solana – provides additional flexibility and reach. Among these, Solana stands out as particularly capable of handling increased rendering workloads due to its high scalability and cheap transaction fees.

Furthermore, Render has already collaborated with major productions, including the VR experience for “Batman: The Animated Series” and the opening titles for “Westworld.”

Market position

As of July 25, Render Network is number 2 in distributed computing, second only to Internet Computer, and ranks 32nd in the broader crypto market with a market cap of around $2.6 billion.

While some folks might be popping hopium pills and dreaming of tokens skyrocketing to $100 or even $1,000, the price analysis must be realistic. Render’s already high-ranking position limits its growth potential. It’s not really about crushing dreams but about looking at the market with clear eyes instead of rose-tinted glasses.

Inflation and supply

Render Network does not face significant concerns over token unlocks, as most tokens have already been unlocked. The only new tokens entering circulation are due to the inflation rate, set at 760,567 RENDER per month to incentivize users. However, the actual circulating supply has inflated differently. From January 2024 to July 2024, the supply increased by 18,950,928 RENDER, resulting in a 5.1% inflation rate over six months.

Source: https://token.unlocks.app/render-token

The Burn Mint Equilibrium deflationary mechanism has not prevented this level of inflation. If the trend continues, the annual inflation rate will reach 10.2%. This metric is crucial for forecasting the supply by mid-2025 to accurately assess the token’s valuation. Starting with a supply of 390,859,381 tokens, the projected supply would be approximately 430,727,038 RENDER.

Correlation with Bitcoin price movements

Analysis of the Pearson correlation coefficient between RENDER and BTC from 2020 to July 2024 shows a correlation of 0.727. The result indicates a strong linear relationship, with RENDER’s price movements closely following BTC’s.

The analysis also looked at the yearly standard deviations for RENDER and BTC, which were 1.725 and 0.616, respectively. Furthermore, RENDER had annual returns of 235.69%, while BTC had 62.98%. These numbers helped create a model to predict RENDER’s price changes based on BTC’s movements.

RENDER BTC Annual Return 235.69% 62.98% Annual St. Deviation 1.725 0.616 Pearson Correlation Coefficient 0.727 0.727

Render’s 2025 bull run price analysis

We developed a model with three scenarios: bear case, base case, and bull case. These scenarios correspond to BTC prices in 2025 of $100,000, $150,000, and $200,000, respectively. By standardizing the changes in BTC and RENDER, we calculated the expected price for RENDER in each scenario. The calculations assume a BTC price of $65,000 and a RENDER price of $6.80 as the starting points:

Bear Case Base Case Bull Case BTC $100,000 $150,000 $200,000 RENDER $14.26 $24.91 $35.57

The base case scenario appears to be the most realistic. Given the calculated supply, it projects RENDER reaching a market cap of approximately $10.73 billion and a price of $24.91. This market cap seems achievable, considering RENDER will not be the only token to rise during a bull run.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Telegram mini-game Catizen earned $16 million in in-game purchases and donated 1% to saving stray cats.

Table of Contents

Catizen gains popularity in the blockchain space

What is known about Catizen

A new trend in the blockchain community

The popularity of Telegram has attracted scammers

Should you pay attention to Catizen and other mini-games?

Telegram founder Pavel Durov said that Catizen earned $16 million from in-game purchases. They also donated 1% of this amount to save homeless cats.

According to Durov, within a few months, Catizen attracted more than 26 million users. In addition, its team has also developed tools to allow other developers to easily launch their projects based on The Open Network (TON) on Telegram.

“Catizen introduced millions of people to blockchain because it uses TON-based smart contracts for its in-game rewards.”

Pavel Durov, Telegram founder

Durov also noted that he is a dog lover. Therefore, he is looking forward to the developers of Catizen launching a game about his favorite pet, Dogizen.

Source: X

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Catizen gains popularity in the blockchain space

In early June, Catizen took first place in the App Battle competition of The Open League’s third season after winning the App Battle of The Open League’s second season.

“Congratulations to Catizen, Yescoin, SquidTG, Getgems, Fanton, TON Punks, and Tonano, who have won a combined reward of $500,000 in Season 3.”

The Open League team

The project’s achievements attracted the Binance Labs team, the venture capital division of the largest crypto exchange. They invested in Pluto Studio, the studio behind Catizen. The investment amount is not disclosed.

“Pluto Studio will use this new funding to fuel growth of the platform through supporting the development of the Catizen mini-app and game engine constructions, making it easier for more developers to join the Catizen ecosystem.”

Binance Labs team

What is known about Catizen

Catizen, a gaming bot on Telegram, immediately caught the attention of users, including those who actively use the TON blockchain. The Catizen community has grown to 25 million gamers, with approximately 1.5 million users constantly online.

The game takes place in a digital universe called Meowverse, which is entirely dedicated to cat themes. In this world, users can complete various tasks and receive valuable rewards.

In Catizen, gamers run a cat cafe where patrons pay to spend time with cats. When customers take a level 1 cat to play, players receive some in-game currency vKITTY.

Source: Catizen

Players also get unique IDs that provide access to the Launchpool and open up new opportunities within the game. Additionally, users actively participate in various events and competitions to earn airdrops through the play-to-airdrop mechanics.

According to the project team, the clicker’s native token, CATI, is planned to be launched and will also be available for staking. Players will receive 41% of the total CATI supply as an airdrop.

A new trend in the blockchain community

Tap-to-earn games have sparked significant growth in the TON ecosystem by offering simple game mechanics and tangible rewards. The mini-game boom on Telegram has accelerated the adoption of cryptocurrencies and set a new standard for integrating digital assets into social and gaming platforms.

Amid the growing popularity of mini-games on Telegram, Durov announced that the messenger will have a Mini Apps store and a built-in browser with web3 support by the end of the month.

According to the Telegram team, more than 500 million users interact with mini-apps monthly, purchasing goods and accessing services and games. The platform’s integration with the TON blockchain has led to a surge in the popularity of crypto-based games, especially after the success of Notcoin.

You might also like: HashKey launches tap-to-earn bot on Telegram to woo retailers with its HSK token

The popularity of Telegram has attracted scammers

Amid the growing popularity of Telegram, experts warned of an increase in the number of attacks. Thus, the Slow Mist platform reported an increase in the number of phishing attacks aimed at TON users.

Analysts say attackers distribute malicious links or bots in various Telegram channels. They most often do this under the guise of announcing an airdrop.

TON 生态的钓鱼开始多了，Telegram 生态过于自由的特点，许多钓鱼链接（或 bot 形式）通过消息群组方式传播，空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产（包括 NFT，特别的如 Anonymous Telegram Numbers，类似手机号，许多人用于创建 Telegram 账号，这个被钓走，意味着对应的 Telegram…

— Cos(余弦)😶‍🌫️ (@evilcos) June 24, 2024

In addition to cryptocurrency, attackers steal anonymous numbers in the messenger, which are used to create additional accounts on Telegram. If the number is stolen, the user will completely lose control over the profile. 

Should you pay attention to Catizen and other mini-games?

Games with tap-to-earn mechanics provide insight into cryptocurrency games’ potential. Their affordability and ease of use make them attractive to those interested in exploring the world of cryptocurrencies.

The rapid rise in popularity of mini-games like Catizen demonstrates the community’s interest in cryptocurrencies and provides an accessible entry point into the blockchain space for everyone.

You might also like: Tap-to-earn games are thriving but their tokens face potential risks

Blockchain analytics firm Arkham Intelligence has launched a new feature that enables users to connect their Coinbase Wallets directly to its platform.

The integration enables users to track their crypto holdings and transactions seamlessly on Arkham. 

Arkham’s platform specializes in de-anonymizing blockchain transactions and linking them to real-world entities and individuals. It is known for identifying individuals who have moved large amounts of crypto on the blockchain.

Announcing Arkham X Coinbase Wallet!You can now connect your Coinbase Wallet to Arkham to track your holdings & transactions directly on the platform. pic.twitter.com/YcROT9Itpi

— Arkham (@ArkhamIntel) July 25, 2024

With this integration, Coinbase Wallet users can access detailed analytics on their crypto activities, including transaction-level data, flow of funds, and counterparty relationships.

The partnership enhances Arkham’s capability to serve a broader range of users by leveraging Coinbase’s extensive user base and onboarding process.

You might also like: Court rejects SEC claim that Coinbase Wallet is unregistered broker

Arkham’s blockchain analysis and intelligence

Arkham is a blockchain analysis platform that employs artificial intelligence to deanonymize blockchain and on-chain data. It consists of two primary components: the Analytics Platform, which covers analytics of numerous exchanges, funds, and tokens, and the Intel Exchange, which allows users to conduct transactions of intelligence.

In March, Arkham discovered a U.K. government wallet holding 61,245 BTC, worth approximately $4.1 billion, likely linked to a 2018 police confiscation from Chinese nationals involved in investment fraud.

You might also like: Coinbase to hold crypto for the US government

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Dogecoin is set for a big 2024 price boost with market recovery and community support. Meanwhile, PlayDoge raises $5.8M in presale, blending 90s Tamagotchi with play-to-earn gaming.

Dogecoin, one of the most popular memecoins, is forecasted to see a significant price increase in 2024 thanks to several factors, including market recovery and community support.

Meanwhile, a new competitor, PlayDoge (PLAY), has raised $5.8 million in its presale. This new Doge-themed memecoin brings the Tamagotchi-style game of the 90s into everyone’s pocket via play-to-earn mobile game.

Dogecoin’s predicted rise

Dogecoin (DOGE), launched in 2013 as a joke cryptocurrency, has grown to become one of the most recognized names in the crypto world and the largest memecoin with a market cap of $18 billion.

Known for its Shiba Inu mascot and the support of high-profile figures like Elon Musk, Dogecoin has experienced significant volatility over the years. Currently, Dogecoin is trading at around $0.12, far below its all-time high of $0.73 in May 2021.

Despite that, some crypto analysts believe that DOGE could trade as high as $0.27 by the end of 2024, making 125% gains from the current price.

Some crypto experts and Dogecoin investors have speculated that Elon Musk will integrate DOGE in some form or another on his X (Twitter) platform. Even US presidential candidate Donald Trump has raised $3 million in crypto donations, including Dogecoin.

On top of that, the community is still strong as their developers continue building tools to allow businesses to integrate Dogecoin into their tech stack and offer clients and customers to pay for goods and services in DOGE.

Another factor that could positively affect Dogecoin’s price is the ongoing market recovery after the Bitcoin halving and Bitcoin and Ethereum spot ETFs approval by the Securities and Exchange Commission (SEC).

With Dogecoin heading to new highs this year and the memecoin meta returning, many Doge-themed memecoins stand to benefit. And that includes the latest meme coin and play-to-earn sensation PlayDoge.

You might also like: PlayDoge presale raises $3.5m in two weeks, combining memes with P2E gaming

PlayDoge sells at discounted price as presale approaches $6 million

While Dogecoin is gearing up to rise this year, PlayDoge, a new entrant in the memecoin space, has already made waves with a successful presale. By raising $5.8 million in its presale so far, it has demonstrated strong investor interest and confidence in the project.

Unlike many memecoins that lack utility, PlayDoge is a play-to-earn (P2E) game that combines blockchain technology with gaming. In this case, the game will use Doge pets in the Tamagotchi style of the 90s.

This will allow players to care for their virtual pets, ensuring they are fed and happy. There will also be daily quests that players can complete. All of this will earn the player PLAY tokens. But if the player fails to care for their pet, it could leave.

PlayDoge’s unique approach not only provides entertainment value but also financial incentives, making it an attractive option for gamers and crypto enthusiasts alike.

As of June 2023, over 91 million units of the original Tamagotchi devices have been sold worldwide. With PlayDoge using a mobile game on top of the Tamagotchi appeal, $PLAY has an enormous potential to explode in 2024.

Crypto experts from 99Bitcoins believe PlayDoge could 10x after the presale ends.

But before the game launches, early investors can hop on the bandwagon while the token is sold at a discount during the PlayDoge presale. Every few days, the PLAY token price is expected to go up during the presale, giving early birds the best price.

The PLAY token will have utility within the game. For example, holding PLAY will unlock features like the Leaderboard where players can compete for bonus PLAY token rewards and other prizes. 

You might also like: Notcoin price rising again; PlayDoge could be the next P2E token to pump

Tokenomics and future plans

The tokenomics of PLAY are designed to ensure a stable and sustainable economy within the game. There is a total of 9.4 billion tokens and half of them are allocated for the presale. Staking rewards get 12% to incentivize locking up tokens during the presale and lower the selling pressure after the presale ends.

All the remaining tokens are allocated for community rewards, project funds, marketing, and exchange liquidity.

The PlayDoge team has created a four-phase roadmap where the first phase includes the start of the presale and a smart contract audit by SolidProof.

The second phase consists of the game being built along with the presale end and the PLAY token launching on decentralized exchanges like Uniswap.

Phases three and four consist of the PlayDoge app release with community airdrops and centralized exchange listing. Given how PlayDoge is being built on the Binance blockchain, this could help the token list on Binance sometime in the future, with potential for it to enjoy the “BInance Effect” — an average 41% price jump after listing.

You might also like: Notcoin drops 9% while PlayDoge raises $5.5m in presale

PLAY staking rewards

While the presale lasts, investors can lock their PLAY tokens to earn staking rewards. Purchases made on both Ethereum and Binance blockchains are eligible for the rewards, but the annual percentage yield is different.

Staking on ETH has over 82% APY, while on BNB the APY is at 70% at the moment.

On top of that, there are frequent meme competitions on the PlayDoge X account. Competitors can win up to $75 USDT simply by creating a PlayDoge meme and sharing it on X.

As PlayDoge continues to develop and expand, it is set to become a major player in the crypto gaming world, offering exciting opportunities for both gamers and investors.

For more information, visit the PlayDoge presale website, and follow the project on X or Telegram to get the latest updates.

Read more: Memecoins surge as Bitcoin rebounds: Pepe up over 20%, PlayDoge nears $6M

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

With Ethereum ETFs trading, a bull run looms. Analyst spots WienerAI with huge potential. Presale ends in 6 days after $7M raised.

With Ethereum ETFs now trading, crypto’s next bull run is within reaching distance. However, according to a prominent analyst, there’s one project that stands out as having monumental potential. It is called WienerAI (WAI) and is currently available at presale.

But after raising over $7 million, the presale is coming to a close. There are just six days left until the campaign ends, so potential investors must act quickly.

WienerAI could be the biggest token launch of 2024

This year has been jam-packed with promising token launches – but none are turning heads like WienerAI. Amidst investors sinking over $7 million into the ICO, leading industry analysts have also taken note.

One of those is Jacob Bury. In a recent analysis, the renowned low-cap gem hunter said that WienerAI could 10x after its exchange launch. While most presales launch onto decentralized exchanges, Bury speculates that WienerAI could also secure centralized exchange listings.

Moreover, the analyst highlighted some of the project’s key selling points as reasons for its promising potential. “It ticks the AI box, has the memecoin factor, and has a strong community. The meme culture itself will help with the price action,” he said.

And in another video, Bury highlighted that he invested $6K into WienerAI and that it could rise in value between 5-100x. And he is not the only expert bullish on WienerAI. For instance, ClayBro recently made a video stating WAI could “easily 10x.”

ClayBro also underscored that WienerAI has a lucrative staking mechanism. Staking is already live and enables investors to compound their gains. Currently, it provides a 141% APY, but this will decrease over time. In contrast, ETH and SOL stakers can garner up to an 8% APY.

But there are also other reasons to be excited about WienerAI.

You might also like: Dogwifhat and Shiba Inu surge, traders predict WienerAI could be next

WienerAI is the first memecoin with an AI trading bot

AI memecoins have proven one of crypto’s most popular trends recently. Topping that list is Turbo, the first memecoin created by AI. Turbo has drastically outpaced other memecoins this year, pumping over 5,000%.

For perspective, Pepe is up 600%, and Dogecoin is up 59%. It’s a golden era for AI, and WienerAI gives you another shot to get in early. And adding to the excitement, WienerAI has profound benefits over Turbo and other memecoins.

It has massive staking rewards and is currently trading at a low price. But most importantly, it’s crypto’s first memecoin AI trading bot. The bot has several functions. For instance, users can execute and track trades seamlessly. Trade execution is instant, MEV-resistant, fee-free, and noob-friendly.

This means no more long wait times or MEV attacks when trading on-chain. But here’s where things get interesting. WienerAI will have a dedicated AI chatbot focused on crypto trading.

Imagine you want to quickly research a new trading strategy, get feedback on a coin you’re considering buying, or discover trending altcoins. WienerAI can do all of that and more. It’s like ChatGPT for trading.

More than just a bot–WienerAI is your ultimate crypto trading companion.We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj

— WienerAI (@WienerDogAI) June 11, 2024

Picture this: you want to find a memecoin that could be listed on Binance next. You could either spend hours researching, and understanding Binance’s listing criteria, and then trust your judgment – or you could leverage a cutting-edge AI tool to do the work for you. It’s a no-brainer. WienerAI is the ultimate research companion for crypto traders.

You might also like: WienerAI gains investor traction as it hits $7M in presale

ETH ETFs off to explosive start; altcoin season is imminent

Ethereum ETFs launched on Tuesday and its opening day’s trading volume was the second-highest among all ETF launches from the last year. The Bitcoin ETF launch was the only one to outpace Ethereum’s. Wall Street just can’t get enough of crypto.

And as Wall Street liquidity floods into ETH, traders will begin rotating profits into other altcoins.

I was curious how the Eth ETFs would rank in Day One volume vs all 600 or so new launches in the past 12mo but *excluding* the btc ETFs and $ETHA would be #1 (by a lot), $FETH #2, $ETHW #5 and $ETH 7th, and $ETHV in 13th spot. And $CETH, which was lowest among group, would still… pic.twitter.com/qXJFcuupi5

— Eric Balchunas (@EricBalchunas) July 23, 2024

For low market cap projects like WienerAI, the timing couldn’t be better to debut on exchanges. But with just six days until the presale ends, prospective investors must be fast. Once WAI launches on exchanges, there’s a good chance the price will surge from the current $0.00073 presale price tag.

For more information, visit WienerAI’s presale website.

Read more: Crypto Guru predicts shiba inu price rally, WienerAI to surge

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Developers are one step closer to activating restaking on Solana with the Jito Foundation’s latest code release.

On July 25, the Jito protocol published its first code base for unlocking staking and restaking platforms on Solana (SOL). Although the code hasn’t been edited, it could potentially enable any Solana-native protocol to secure decentralized apps with any cryptocurrency.

The move would also extend to actively validated services, commonly called AVS. 

1. Announcing Jito Restaking: A Next-Gen Infrastructure PlatformThe Jito Foundation is excited to release the code for Jito Restaking, a hybrid staking, restaking, and LRT module. 🤝Wtf is that? Lets dive in. ↓ pic.twitter.com/7nDaZdnZIn

— Jito (@jito_sol) July 25, 2024

Restaking took off last year when protocols like Ethereum’s EigenLayer (EIGEN) allowed users and protocols to deploy staked digital assets on multiple networks. EigenLayer effectively advanced staking utility and economic security beyond the confines of blockchains or dapps where users originally locked their cryptocurrencies. 

Read more: Solana price steady as Franklin Templeton eyes spot ETF

Jito piggybacked off this idea but veered away from EigenLayer’s restrictions. Where EigenLayer supports only Ether (ETH), EIGEN, and ETH derivatives, Jito hopes to include a wider array of assets. 

“Jito Restaking is fundamentally multi-asset, capable of leveraging staked base assets such as JitoSOL, other liquid staking tokens, or any other SPL token,” the blog post read.

The concept of restaking has set Solana’s ecosystem abuzz for months, with several teams and developer groups reportedly working on the mechanism. 

At the time of publication, Jito seems to lead the pack with its restaking code. Nothing indicates that Jito has deployed its idea on-chain yet, but releasing the code suggests that it may come soon. Jito’s native token, JTO, grew 8.5% in 24 hours following the news while a downswing swept the broader crypto market.

24-hour JTO price chart on July 25 | Source: crypto.news

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The recent approval of new crypto ETFs sparked a surge in Bitcoin, Ethereum, and XRP prices as Rollblock’s crypto casino capitalizes on the momentum in its ongoing presale.

The past few days saw a monumental development with the recent approval of new crypto ETFs that ignited a surge in cryptocurrency prices, particularly Bitcoin, Ethereum, and XRP. However, BlackRock CEO Larey Fink sounded a cautionary alarm. Meanwhile, a crypto casino, Rollblock, has been capitalizing on this surge after going seven figures in ongoing presale. Read on to learn more.

BlackRock CEO issues caution as BTC price adds $13k

Bitcoin went up by $13,000—and so did the whole crypto market. However, the enthusiasm was tempered by BlackRock CEO Larry Fink’s cautionary comments. A few months ago, Fink gave a thumbs-up to Bitcoin as a “legitimate financial instrument” and a hedge against currency debasement. In fact, BlackRock’s rooting for BTC gave its ETFs more traction on Wall Street. However, he has highlighted concerns about unsustainable US debt driving Bitcoin prices higher.

Ethereum ETFs hit the market with a colossal win

Even before Larry Fink’s comments, Ethereum has been the hot new crypto ETF taking the spotlight. The CBOE listing the 21Shares Core Ethereum ETF (CETH) and the Fidelity Ethereum Fund (FETH) provides a more regulated and secure way to explore Ehereum in the volatile crypto market.

As expected, the outcome was massive. Ethereum ETFs hit the market on July 23rd and posted a colossal $527M inflow on debut day. Analysts are optimistic, and many are saying that ETH will go past $6k. Bitcoin had the same “ETF Effect” and went kaboom to $73.5k ATH.

You might also like: Rollblock’s 200x potential excites experts; BNB, Polkadot view could be dim

XRP up 26% amid anticipation for SEC breakthrough

XRP was roiled in regulatory turmoil until a favorable turnaround last year. But XRP barely moved. In fact, its price is still -18 % Year-on-Year as the crypto sphere holds its breadth for the July 25th panel meeting between Ripple and SEC.

Meanwhile, recent market volatility hasn’t dampened XRP’s spirit. XRP saw a 26% surge to $0.6, with whale activity increasing—a show of growing confidence in a positive outcome.

You might also like: Investors rush to Rollblock presale as it crosses $1.3m, rivals PEPE, SHIB

Rollblock turns the overnight sensation into presale

Despite BlackRock CEO’s comments, the crypto surge has proven to be the revitalizing push that sent the new unique GambleFi protocol, Rollblock, to the spotlight. Savvy investors know snapping up a high-potential blue-chip asset at its early stage is key to million-dollar gains. This hot new crypto gaming platform presents that opportunity again with its GambleFi shift. 

Rollblock is changing the status quo set by traditional casinos and their inefficiencies. The crypto casino is a blockchain-powered AI-backed gambling platform, and thus, punters won’t have to worry about security, odd manipulation, delayed payment processing, and opaque operations.

But that’s not all! Rollblock’s simple-to-use and intuitive platform features no KYC registration, assistive AI tech, over 150 gaming titles, and dozens of passive earning streams. Users can partake in its ecosystem economy and earn a steady income stream with its hold-to-earn and revenue-sharing program. 

Like the magical Phoenix, Rollblock crypto casino has had an outstanding presale achievement, going over 70% to $0.017 and accruing close to $1.5M in raise. Rollblock presale is still on for smart investors to ape in at $0.017 in stage 4. As forecasted by analysts, the Rollblock token will go $2 and above after listing.

For more information, visit the Rollblock presale website or follow the project online for further updates.

Read more: Dogecoin and Shiba Inu lose momentum as Rollblock’s utility gains attention

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Former President Donald Trump has successfully raised over $4 million in cryptocurrency for his presidential campaign.

According to recent Federal Election Commission filings and a report by CNBC, the crypto political donations have come in the form of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and the U.S. dollar-pegged stablecoin USDC. Some donations have come in the form of memecoins.

Trump’s campaign has quickly converted these crypto contributions into the more stable USDC, with some funds held for strategic purposes. 

The “Trump 47” joint fundraising committee, active from April 1 to June 30, reported the contributions. Notably, 19 donors collectively contributed more than $2.15 million in BTC, highlighting a growing trend among crypto enthusiasts to support political campaigns through digital currencies.

The fundraising milestone underscores a significant shift in campaign finance, reflecting the increasing acceptance and integration of digital assets in political contributions.

In late May, Trump’s crypto holdings exceeded $10 million. 

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Who has been donating crypto to Trump? 

Prominent crypto investors, such as Tyler and Cameron Winklevoss, co-founders of Gemini, were key contributors, each donating over $1 million in BTC. 

Other notable donations included $50,000 in bitcoin from Mike Belshe, CEO of BitGo, and nearly $845,000 in ether from Jesse Powell, founder of Kraken.

On May 21, The Trump campaign introduced a fundraising page that accepts donations in any cryptocurrency available on the Coinbase platform.

Trump and crypto 

During his campaign trail, Trump has not shied away from expressing a pro-crypto sentiment. Historically, Trump has had a mixed stance on cryptocurrency. In 2019, he expressed skepticism about Bitcoin, calling it “highly volatile.”

However, during this election cycle, Trump said he would embrace crypto in his next presidential term.

“Crypto is moving out of the U.S. because of hostility toward it. I don’t want that. If we are going to embrace it, we will have to let them be here,” he said in a recent rally.

Trump’s pro-crypto stance has led to a surge in digital currency contributions, boosting his campaign finances and highlighting increased acceptance of cryptocurrencies in mainstream politics.

Other means of crypto political donations 

On July 22, Engage Raise launched a blockchain-based donation platform allowing U.S. politicians to receive crypto donations via Coinbase’s Base network.

big news: any US politician can now accept onchain donations on @base — link below to sign up and get started.way lower fees than credit cards, accept donations in thousands of ERC20s, quickly settle to USD for the candidate! pic.twitter.com/FTem0psQQu

— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) July 22, 2024

The network supports over 240 cryptocurrencies and credit card payments. This type of platform has increased the use of crypto in political activities. Notable users of the platform include Tom Emmer and Cynthia Lummis, with a focus on non-partisan adoption.

You might also like: Will Trump create a US Bitcoin strategic reserve?

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Avalanche and LayerZero surge: ZRO hits new ATH with 20% spike, AVAX displaces Tron. Analysts back Raboo as top 2024 token.

Avalanche (AVAX) and LayerZero (ZRO) have hit major gains in the past few weeks. With ZRO’s new ATH spike (up to 20%) and Avalanche displacing Tron on the top crypto coins list, users have been impressed by the performances of AVAX and ZRO coins.

They are just some of the tokens that are doing well. Analysts have also identified Raboo (RABT) as the best token to buy this year. Here’s a weekly roundup of the three crypto tokens.

AVAX torches Tron in the top crypto coins list

The top crypto coins were reshuffled on Sunday night, as the AVAX token hit a 10% spike in about 24 hours. Adding to Avalanche’s monthly gains of around 22%.

Some experts have pinned the latest returns on Avalanche to a token flipping that occurred over the weekend. While token flips are a bit unreliable, traders hope that AVAX can maintain the uptrend in the coming weeks.

Another benefit of the token flip was that Avalanche’s market cap rose from about $11.6 million on Saturday to about $12.4 million on Sunday. The rise in market cap saw Avalanche edge Tron on the top 20 crypto tokens list.

LayerZero goes up 20%; ATH on the charts?

There’s been a lot going for LayerZero since its launch this year. The project offers an omnichain messaging channel that connects blockchains, and ZRO has been well received in the trading sector lately.

The reception has seen its price rocket by over 74% in the past month, joining the top gainers in the crypto market. The past week alone has generated a 20% increase for LayerZero, and the big question is how far up the ZRO price can go.

LayerZero is now trading at $4.90 on the exchanges, and buyers are already investing in its futures contracts. After a trading volume spike of about 280%, there’s some curiosity about whether ZRO might be stretching its ATH from the previous $5.40 to its recent ATH of $5.57, can ZRO keep up the momentum.

You might also like: DOT drops below support level, Raboo dominates crypto as Ethena revamps tokenomics

Action from the meme sector: Is Raboo the best token to buy?

Memes are the life of the crypto-verse, and even though we have new projects launching every other month, crypto traders are still missing the good old days.

That’s because, for the most part, the memecoins launching nowadays lack a drive for continuity. Raboo is bringing a change to the standards, particularly to how memes are generated. With more high-quality crypto memes, Raboo plans to put the old guard in the meme sector out of business, forcing them to upgrade to the new status quo.

Now, how exactly will Raboo be revamping meme-making? With its AI and human community! Raboo is as unique as it is community-centered, and its users will have their work easier with Rabooscan in charge of gathering memeable content from social media pages.

The generative AI will then create the best memes. It’s top entertainment, and there are plenty of them too! And all you need to do is lock into the presale today.

You might also like: Cardano encounters bearish pressure as Raboo outpaces rival PEPE

Spike your portfolio with the RABT token

The crypto market is regaining bullish momentum. AVAX and ZRO have impressed, but both top coins might be slowing down already. Raboo is just starting, and its profit potential has no roof.

Investors can get the RABT tokens today for $0.0048, and enjoy a doubled bonus of 20%.

RABT is set for a 100x spike when it launches on top-tier exchanges. A $500 investment could turn into $50,000 within a few months! RABT is arguably the best token to buy right now.

For more information, visit Raboo’s presale website and follow the project on Telegram and X for the latest updates.

Read more: The breakout, the pro, the veteran: Latest news on Raboo, Kaspa, XRP

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Bitcoin offers an alternative to centralized banks and is a tradeable currency, making its value easily accessible through various online conversion methods.

An online search of the word revolution will provide you with an almost instantaneous definition, it is “a forcible overthrow of a government or social order, in favour of a new system.”

The creation of Bitcoin was not forcible, but it intended to overthrow or at the very least, provide an alternative to the ‘old system’ of centralized banks.

Regardless of your Bitcoin beliefs, or its place in modern finance, this form of currency is here and tradeable. If you have been lucky or wise enough to have bought Bitcoin at a low, you might be looking to ‘cash out’. Determining its value can be done by typing something as simple as BTC to GBP or BTC to USD into a search engine.

On such sites, you will have to access to up-to-date cryptocurrency conversion rates, conversion tables, historical price data, Bitcoin news tailored to both beginner and intermediate Bitcoin level readers and a FAQ’s section. These sites are a great way to run regular conversion checks, which help you calculate what your Bitcoins are worth in your local currency. Done over time, this allows you to see market trends and decide on the right time to buy or sell.

Read on to find out which conversion method suits you.

You might also like: US Senator plans to announce legislation for Strategic Bitcoin Reserve at Bitcoin 2024 

A brief history 

Bitcoin was not the first iteration of cryptocurrencies, but it is certainly the most popular. It is one of the earliest cryptocurrencies, with the most trade volume by far. The immense size of this digital currency, has lured banks, private equity funds and even governments into the crypto frontier.

The first online appearance of Bitcoin was in August of 2008, when the domain bitcoin.org was registered. With the first transaction of 10 Bitcoins happening a few months later, in January of 2009. 

The first notable retail transaction involving physical goods was made on the 22nd of May 2010.  By exchanging 10 000 Bitcoins for two pizzas from the popular American pizza franchise Papa John’s located in Jacksonville, Florida. The Jacksonville resident, Laszlo Hanyecz, posted in an online forum and offered his Bitcoin to anyone who could order him two pizzas. A forum user, Jeremy Sturdivantuser, from England accepted the online offer and proceeded to order the pizzas to be delivered to Hanyecz. The 10 000 Bitcoins were worth approximately 40 USD at the time of the online exchange. Those same 10 000 Bitcoins would be worth a little over 580 million USD, as of writing in July of 2024. The event would become infamous among crypto currency aficionados, as ‘Bitcoin Pizza Day’.

Bitcoin prices, valuations, transactions and news were typically negotiated and shared on the Bitcoin forum. These days, users hold their Bitcoin in personal cryptocurrency wallets and transact through online exchanges.

Bitcoin conversion in practice

Bitcoin is classed as a digital asset. Meaning it must be exchanged for fiat currency before it can be withdrawn as actual cash. A fiat currency is a national currency, such as the dollar or pound.

Similar to fiat currency, the value you receive when selling your Bitcoin depends on the cryptocurrency market and the levels of supply and demand. Users need to be aware that exchange fees can be added to both the buying and selling of Bitcoin. Competition among exchanges has seen fees drop from low single figure percentages all the way down to tenths or even hundredths of a percent.

Now that you have decided on a suitable exchange and are happy with rates charged, the process selling your Bitcoin can begin. The Bitcoin is converted to fiat cash, which is stored in your exchange account. Meaning that you will have created a fiat wallet as well as a crypto wallet.

After your Bitcoins have been converted to fiat currency, you can link your bank account to the wallet and transfer the funds over. Setting up a crypto wallet often requires the same documentation of ID and proof of residence, as would be asked of you when opening a regular bank account.

Liquidating your Bitcoin outside of exchanges by using a Bitcoin ATM is also an option. This process is unfortunately not as simple as drawing fiat currency from an ATM, as the ATM essentially acts as your exchange, meaning that you would convert your Bitcoin to fiat currency on it and then be able to withdraw the funds. There are processing times involved when drawing from a Bitcoin ATM, possible admin fees as well as the need to find a Bitcoin ATM in your vicinity.

The alternative is to buy products directly using your Bitcoin, such as clothing items, gift cards, hotel stays and airline tickets. Your Bitcoin can be linked to your fiat card, meaning you are essentially cashing out by making purchases of regular products.

A final thought

As with most ways of spending your money, comparison, frugality and thought are required. The same goes for buying and selling cryptocurrency, such as Bitcoin. Do your homework, as you would when buying or selling a car or home. As soon as you trade fiat currency for cryptocurrency, that cryptocurrency becomes an asset. Assets can appreciate and depreciate in value. A smart investor or trader, of any commodity or asset, will do their homework and understand the market as a whole, and all fees involved, before taking a step. 

Read more: Crypto miner Marathon Digital adds $100m in Bitcoin to reserves

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Shiba Inu and Dogecoin lost momentum in the market dip. Investors shift to Rollblock’s, a crypto casino which has surpassed $1.4M in presale.

Both Shiba Inu and Dogecoin have seen their momentum cut short during this recent market correction. Many investors have been rotating funds into low-cap projects that offer real-world utility to make up for this decline. One of these projects is the crypto casino Rollblock, which recently crossed the $1.4 million mark in the presale of their native token RBLK.

Dogecoin rises by 17% in a few days price action still underwhelming

Dogecoin has been printing higher highs on the chart, but after reaching a peak, Dogecoin’s trading volume is slowing down. Dogecoin’s price is currently hovering around the $0.136 mark, and it has experienced a 44% rebound from the lows at the start of July. 

Dogecoin is trading above the 100 EMA, which is a bullish signal. Analysts have also noticed that whales have been moving billions of Dogecoins, which could mean that price suppression could be taking place as big holders accumulate.

You might also like: Crypto investment showdown: Rollblock vs. Shiba Inu vs. Cardano

Shiba Inu still ranging while other memes rise

Shiba Inus’s price action has been lackluster in July, with Shiba Inu ranging around the $0.000017 mark for a month now. Shiba Inu experienced a quick deviation to the lows as Bitcoin dropped at the start of July, but it recovered swiftly and the range was respected.

During this consolidation, whale activity on Shiba Inu dropped significantly, and the Shibarium ecosystem is underperforming. Some analysts point out that this could be a ‘calm before the storm’ moment for Shiba Inu, as burn activity is steadily increasing.

You might also like: Rollblock’s 200x potential excites experts; BNB, Polkadot view could be dim

Rollblock the ‘greener pastures’ for investors

Rollblock is a community-driven crypto casino making waves both in the crypto world and the online casino sphere with its unique DeFi-powered revenue-share model. Rollblock runs on the Ethereum blockchain, ensuring quick and safe transactions that are easily traceable and immune to third-party manipulation.

The platform is fully licensed and already generating revenue with thousands of active users. There is no KYC requirement, and users can begin playing one of the 150 different games immediately, with sports betting to be added soon. 

The revenue-share model is where Rollblock really shines. Up to 30% of the casino’s revenue will be invested to buy RBLK on the open market weekly. Half of this amount will be distributed to holders as staking rewards, offering some of the highest APY in the market. The remaining half will be burned, creating a series of supply shocks that will drive up the price of RBLK. 

Stage 4 of the RBLK presale is live, and tokens have already increased in value by 70%, with RBLK currently selling at $0.017. Experts believe RBLK could skyrocket by over 800% by the end of the final stage. As the cycle progresses, Rollblock appears poised for a significant 100x increase. Investors are encouraged to take timely action to maximize their returns.

For more information, visit Rollblock’s official website or join the online community.

Read more: Investors rush to Rollblock presale as it crosses $1.3m, rivals PEPE, SHIB

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Paysafe has announced a strategic partnership with Alchemy Pay, a prominent fiat-crypto payment solution provider. 

The integration allows users across 130 countries to purchase crypto like Bitcoin (BTC) and Ethereum (ETH) using over 40 fiat currencies.

The collaboration aims to enhance Alchemy Pay’s offerings for crypto exchanges, Web3 companies, and other crypto businesses by integrating Paysafe’s payment products.

In the first phase of the partnership, Alchemy Pay has incorporated Paysafe’s Skrill and NETELLER digital wallets, along with various third-party local payment methods, into its Fiat On-ramp solution. 

Paysafe’s open banking solution in the U.K. and 15 European countries enables direct bank account payments for crypto purchases.

You might also like: Mastercard partners with crypto gateway Alchemy Pay to prevent identity fraud

Expansion details

This partnership significantly expands Alchemy Pay’s payment solution, offering more options and reducing transaction friction for crypto partners and their customers. 

The integration of LPMs, which are highly recognized in specific markets, combined with Skrill and NETELLER’s global reach, aims to minimize abandoned transactions and enhance the payment experience.

Micah Kershner, SVP of Crypto & Digital Assets at Paysafe, highlighted Skrill and NETELLER’s large user base and popularity among crypto holders.

“We’re delighted to partner with Alchemy Pay, which like Paysafe has a global footprint,” said Kershner. “The Skrill and NETELLER wallets’ large user-base and popularity among crypto holders along with integration of local payment methods will power Alchemy Pay’s Fiat On-ramp with more payment options.”

The second phase of the partnership, which is expected to roll out later this year, will see Alchemy Pay integrating additional Paysafe payment options in other regions of the world.

You might also like: Alchemy Pay expanding to support Scroll Network

Ethereum price has dropped for two consecutive days, erasing most gains in the last three weeks.

The price of Ethereum (ETH) retreated to $3,145 on Thursday, its lowest level since July 13 and 11% below its highest point this week.

Ethereum price chart | Source: TradingView Why Ethereum price is falling

This pullback happened despite the Securities and Exchange Commission’s recent approval of spot Ethereum ETFs and their strong performance. 

On Wednesday, these ETFs traded about $852 million compared to Bitcoin’s $1.1 billion, meaning that there is strong demand among investors. Data by Blackrock shows that ETHA has over $269 million in assets, while the Bitwise Ethereum ETF (ETHW) has $230 million in assets.

Ethereum has dropped for three reasons. In a note, Michael van de Poppe, a popular crypto analyst, pointed to the ongoing liquidations from the Grayscale Ethereum Trust (ETHE), a fund with an expense ratio of 2.50%. 

As it happened with the Grayscale Bitcoin ETF, many investors have sold their holdings and moved them to cheaper funds. For example, an ETHE investor with $100,000 in assets will pay a fee of $2,500, while one in Grayscale’s Mini Ethereum ETF (ETH) will pay just $150. 

Therefore, Michael believes that Ethereum price could retreat some more soon and then bounce back when outflows from ETHE ease. He expects that the coin could jump to a record high when these outflows end.

If the markets copy the price action of the #Bitcoin ETF, then it's likely that we'll have a slight sell-off due to the outflows of the Grayscale trust.One-two weeks for downward momentum, before the real surge of Ethereum towards a new all-time high. pic.twitter.com/fmjE7z7We9

— Michaël van de Poppe (@CryptoMichNL) July 24, 2024

Buy the rumor, sell the news

Second, Ethereum price is falling as investors sell the news since the token rallied ahead of the approval. In most cases, assets rise ahead of a major event and then retreat when it happens. This happened after the recent Bitcoin halving, the approval of Bitcoin ETFs in January, and the judgment of the Ripple vs. SEC case. 

You might also like: Ethereum price could see sell-the-news retreat following ETF approval

Finally, the decline aligns with the ongoing Bitcoin (BTC) price action. BTC, the biggest crypto in the industry, has dropped for four straight days, triggering a deep sell-off among other altcoins like Avalanche (AVAX) and Jasmy. 

Despite the ongoing decline, a bullish case can be made for Ethereum. It is the second-biggest cryptocurrency in the world, has a long history of outperforming Bitcoin, and has strong utility, as Jay Jacobs of BlackRock said.

Here's BlackRock's Ether pitch to normies via @JayJacobsCFA: "While many see bitcoin's key appeal in its scarcity many find ethereum's appeal in its utility.. you could think of ethereum as a global platform for applications that run without decentralized intermediaries" $ETHA pic.twitter.com/ffyglfSTiB

— Eric Balchunas (@EricBalchunas) July 22, 2024

Ethereum is still the most active blockchain network. It handles the most stablecoin transactions, has the most assets in the decentralized finance industry, and makes the most money. Data by TokenTerminal shows that it has made over $1.7 billion in fees this year, double what Tron (TRX) and Bitcoin have made combined. 

You might also like: Strong US GDP data puts Bitcoin, Jasmy, Avalanche recovery at risk

A new lending protocol on Arbitrum’s network may be a scam platform, says on-chain investigator ZachXBT.

Crypto sleuth ZachXBT has called out newly launched defi lender Sorta Finance as a possible exit scam, and part of a criminal group stealing funds across blockchains. According to ZachXBT, the Arbitrum-based protocol bears the same signature as past rug pulls like Magnate Finance, Solfire, and HashDAO.

The modus operandi usually involved forking Compound’s lending smart contract on Ethereum Virtual Machine-compatible chains. Malicious developers would then pause the protocol and withdraw user deposits from the total value locked. 

Community Alert: @Sorta_Finance is likely to exit scam on Arbitrum in the future so do not use the protocol.This scammer has previously stolen $25M+ with scams such as Magnate, Kokomo, Lendora, Solfire, Crolend, HashDAO, etcThe deployer was newly funded and the first address… pic.twitter.com/JsHGawtQyX

— ZachXBT (@zachxbt) July 25, 2024

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ZachXBT said the bad actors gained legitimacy on EVM chains and accrued TVL by tapping shady audit firms. Low-tier crypto influencers were also paid to promote the platforms. The crypto-native term for this is a process called “shilling.” 

Furthermore, the crypto investigator noted that a Tornado Cash withdrawal funded an early Sorta Finance user. Tornado Cash is a U.S.-sanctioned crypto mixer used to obfuscate transactions. Lawmakers have frequently noted that criminals use the tool to hide where funds originated from. 

As of July 25, Sorta Finance had less than $100,000 in TVL. But ZachXBT stressed that similar protocols seemingly masterminded by the same person led to millions of deposits. The blockchain Sherlock Holmes surmised that individuals behind Sorta Finance and other scams have pocketed over $25 million to date. 

Community Alert: The group of scammers who stole 8 figs with Magnate, Kokomo, Lendora, Solfire, etc is back with a new project on Blast @Leaperfinance Last week they funded an address on Blast with ~$1M of laundered funds from the previous rugs and have begun adding liquidity… pic.twitter.com/yqRKvZuuye

— ZachXBT (@zachxbt) April 14, 2024

ZachXBT’s post highlights an emerging crypto trend that focuses on preventing blockchain crime before it happens. Individuals and collaborative entities are dedicating resources to improve on-chain safety by bootstrapping public vigilance.

Companies like Coinbase and initiatives like SEAL 911 have formed digital information sharing and analysis centers or ISAC to pool data on hacks, malicious activity, and criminal operations to better defi’s ecosystem.

Read more: Revealed: What causes Bitcoin’s selling pressure

Falling cryptocurrencies like Bitcoin, Jasmy, and Avalanche could face further downsides after the U.S. published strong gross domestic product and jobless claims data.

Bitcoin (BTC) ‘s price retreated by almost 4% on Thursday and was trading at $63,950. Other altcoins, like JasmyCoin (JASMY) and Avalanche (AVAX), performed worse, falling by over 10%. The two have slipped for four consecutive days and are hovering at their lowest swings since July 14. 

Bitcoin, Avalanche, Jasmy prices | chart by TradingView

Most of this decline is likely because of the ongoing liquidation of Bitcoin from Mt.Gox wallets. Kraken has already distributed its coins, while Bitstamp will move coins worth $3 billion on Thursday. 

US GDP and jobless claims data

The other risk facing Bitcoin, altcoins, and stocks is that the U.S. economy is doing better than expected. In a report, the Bureau of Economic Analysis said that the economy expanded by 2.8% in the second quarter, beating the median estimate of 2.0%. It was also better than Q1’s growth of 1.4%.

Another report revealed that the initial jobless claims dropped from 245,000 to 235,000 last week. That number was also better than the median estimate of 237,000.

Two better than expected US economic data releases:First and foremost, Q2 GDP grew by 2.8%, significantly higher than the consensus forecast of 2.0%.Weekly jobless claims fell by 10,000 to 235,000.#economy #markets #econtwitter

— Mohamed A. El-Erian (@elerianm) July 25, 2024

These numbers mean that the Federal Reserve may decide to hold rates higher for longer than expected. 

In previous statements, Jerome Powell and other officials have expressed concerns that the economy was slowing. In particular, the Fed is more concerned about the labor market as the unemployment rate rose to 4.1% in June, its highest point since 2021.

Still, economists expect the Fed will leave interest rates unchanged in its meeting next week. The CME Fed Watch tool estimates that the bank will cut rates in September. 

Looking ahead, the next crucial economic data to watch will come out on Friday, when the US will publish the personal consumption expenditure (PCE) data. PCE is the Fed’s favorite inflation gauge. 

Implication on Bitcoin, Jasmy, Avalanche and altcoins

A hawkish Fed would be negative for Bitcoin and other altcoins because these assets do well in a low-interest rate environment. For example, Bitcoin jumped to a record high of $68,000 in 2021 as the Fed brought interest rates to zero. 

Steeper rate cuts would incentivize investors to move to riskier assets. Some of these investors would move from money market funds, which have over $6.1 trillion in assets, to other assets like stocks and cryptocurrencies.

Bitcoin and Ethereum will likely see more inflows from institutional investors now that the SEC has approved spot BTC and Ether ETFs. 

You might also like: Spot Ethereum ETFs saw $133m outflow on second trading day

Bitcoin rejected at a key level

Bitcoin price chart | Source: TradingView

The other risk that altcoins face is based on technical issues. As shown above, Bitcoin’s retreat happened after failing to pierce the descending trendline that connects the highest swings since March. That indicates that the coin could see more downside as sellers target the key support at $60,000.

On the positive side, Bitcoin has formed a falling broadening wedge pattern, a popular sign of a bullish continuation. This means that the coin may have some upside, but only if it crosses the descending trendline.

You might also like: Bitstamp to distribute Mt. Gox Bitcoin by July 25

Bitcoin mining company Marathon Digital has purchased $100 million worth of BTC as part of its “HODL strategy.”

Cryptocurrency mining giant Marathon Digital said in an X post on Thursday that it bought $100 million worth of Bitcoin (BTC) and is now holding over 20,000 BTC on its balance sheet as part of the HODL strategy.

Today, we are announcing that MARA has purchased $100,000,000 worth of BTC. And effective immediately, we are once again adopting a full HODL strategy. Learn more about our #Bitcoin Strategic Reserve: pic.twitter.com/pYxiclOtQa

— MARA (@MarathonDH) July 25, 2024

You might also like: Marathon Digital stock price gains as crypto market moves higher

The American crypto mining company also said that as part of its new approach, Marathon Digital will retain all Bitcoin mined in its operations and will “periodically make strategic open market purchases.” Marathon Digital chief executive Fred Thiel, addressing the purchase, said that the strategy “reflects our confidence in the long-term value” of Bitcoin, encouraging governments and corporations to “all hold Bitcoin as a reserve asset.”

“Adopting a full HODL strategy reflects our confidence in the long-term value of Bitcoin.”

Fred Thiel, Marathon Digital CEO

Marathon Digital’s chief financial officer, Salman Khan, said the company boosted its crypto balance sheet as Bitcoin’s recent price decline afforded the miner “an opportunity to add to our holdings.” Despite the news, Marathon Digital shares (MARA) traded at -2.4% in pre-market, as per data from Nasdaq.

The purchase aligns with Marathon’s goal to double its mining capacity in 2024, aiming to achieve a hash rate of 50 EH/s. As crypto.news reported earlier, Marathon’s operations recently achieved a hash rate of 24.7 EH/s, surpassing rivals Core Scientific and Riot Platforms. If Marathon meets its 50 EH/s target, it will have more than doubled its hash rate since the start of 2024.

Read more: Marathon Digital pays Hut 8 $13.5m to run two Bitcoin mining sites

The Catizen token price rose in a low-volume environment after being listed in the pre-market section of Bitget.

The Catizen (CATI) price rose to a high of $0.77, significantly higher than the listing level of $0.30. Since launching, its total volume has stood at over $170,000. 

Catizen token price is rising

Bitget’s pre-market listing is an innovative product that lets users buy tokens before they are launched officially through an airdrop.

Catizen has become one of the biggest players in the Telegram gaming industry, with over 26 million active users worldwide. It has 1.7 million daily active users and has handled over 20 million on-chain transactions. 

It is a mini-app that combines concepts of gaming, artificial intelligence, and the metaverse. Users interact with it in Telegram, a fast-growing social media platform with over 900 million users globally. 

By leveraging Telegram’s application, Catizen is easier to use than traditional gaming platforms like Axie Infinity (AXS), Decentraland (MANA), and Gala Games (GALA). It also does not require downloading or long user registrations. 

Catizen’s users accumulate the CATI token by playing the game and performing simple tasks like following its social media accounts, checking in daily, and inviting friends.

The mini-app has grown so fast that, according to its founder, it has already made $16 million from in-app purchases. On its platform, users can purchase a set of stars to increase their chances of winning. Because of this growth, Catizen received an investment from Binance Labs. 

Telegram gaming apps are booming

Catizen is one of the many Telegram apps that are seeing significant traction among users. The other popular games in the ecosystem are Gamee, which has 9.5 million users, followed by Cat Gold Miner (6.3 million), The Pixels (5.2 million), BIRD (2.2 million), and Truecoin (1.6 million).

Telegram also houses over 70 tap-to-earn platforms, such as Hamster Kombat, TapSwap, Notcoin, PixelTap by PixelVerse, and Blum. In less than two months, Hamster Kombat has added over 240 million users, while its YouTube channel has gained over 34 million subscribers.

You might also like: What will the price of Hamster Kombat tokens be at launch?

Notcoin (NOT) and PixelVerse are the first two platforms to launch their airdrops. Notcoin’s market cap is over $1.5 billion, while Pixelverse (PIXFI) is valued at $175 million.

Notcoin price chart | Source: TradingView

Therefore, using these metrics, and since Catizen has over 24 million users and is making money, there is a chance that it will hit a market cap of over $1 billion. Besides, play-to-earn cryptocurrencies like Decentraland, Sandbox, and Axie Infinity are valued at over $700 million despite their slowed user growth. 

You might also like: Pixelverse (PIXFI) price rises after perpetual staking launch

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

For weeks, speculation has been mounting about when the US Securities and Exchange Commission (SEC) will approve spot Ethereum exchange-traded funds (ETFs). The introduction represents a transformative development in the cryptocurrency investment landscape, as it brings the potential to democratize access to Ethereum (ETH) investments, enhance market stability, and attract a more diverse investor base. Less discussed but equally important, however, is the need for a balanced consideration of the inherent risks investors should take into account.

You might also like: Client diversity matters for Ethereum, and we must achieve it | Opinion

On the plus side, Ethereum ETFs help simplify the process of investing in Ethereum, making it accessible to a broader audience. This ease of access is particularly beneficial for traditional investors who may be unfamiliar or uncomfortable with the complexities of direct cryptocurrency investments. Issues related to maintaining passphrases, cold storage, security, and multisignature (also known as multisig) access are a massive barrier and source of friction for investors looking to diversify away from traditional assets such as bonds/equities.

SEC approval has the added benefit of providing regulatory assurance. As a regulated financial product, an Ethereum ETF offers a level of security and oversight that is not present in the direct cryptocurrency market. This regulatory framework can instill confidence among investors, especially those wary of the unregulated nature of cryptocurrency exchanges. Including an Ethereum ETF in investment portfolios allows for greater diversification in an uncorrelated asset that many see as the future of finance. 

Cryptocurrencies often have different performance metrics compared to traditional assets, providing a hedge against market volatility and offering the potential for higher returns. As investors look beyond the 60/40 model for investing, Bitcoin ETFs and Ethereum ETFs provide a secure and regulated product to realize these goals. There’s also the potential benefit of institutional investors entering via ETFs, creating a larger, more mature, and more stable cryptocurrency market. Although it remains to be proven, increased institutional participation, driven by the availability of a regulated investment vehicle, could lead to more stable trading patterns and reduced volatility.

Not without challenges 

That being said, the potential benefits of an Ethereum ETF are still hypothetical and remain to be played out. With potential benefits come the potential risks that investors should weigh up, Ethereum remains a volatile asset, and an ETF will inherit this volatility. Investors must be prepared for significant price fluctuations and understand that the ETF does not eliminate the inherent risks of the underlying asset. 

There are also regulatory and technological uncertainties, as the evolving regulatory landscape for cryptocurrencies poses potential risks. Regulatory changes can impact the ETF’s performance and operations, with elections approaching in the US this November, it remains to be seen how supportive the government will be towards this nascent sector of the economy. 

Additionally, technological risks related to Ethereum, such as network upgrades and security vulnerabilities, can affect the ETF’s value. For all the industry proselytizes about the benefits of decentralization, there are significant concerns related to potential centralized points of failure, such as Validator Client software approaching a two-thirds majority, the Infura API, MEV Relays or cloud usage that could lead to catastrophic losses if not properly dealt with by the Ethereum community. 

In fairness, the Ethereum community is addressing these concerns related to centralization and being overly reliant on Geth/Teku validator client software. However, investors would be right to have concerns about how new technologies can fall down due to unexpected hurdles. There’s also the potential for market manipulation; while ETFs provide a regulated environment, the underlying cryptocurrency markets are still susceptible to manipulation. This can indirectly influence the ETF’s performance, making it essential for investors to remain vigilant.

A transformative development

The Ethereum ETF is a significant advancement that brings substantial benefits, including increased accessibility, regulatory oversight, and portfolio diversification. It can attract a wider range of investors, from retail to institutional, and contribute to the overall stability and maturity of the cryptocurrency market. However, the potential risks associated with Ethereum’s volatility, regulatory uncertainties, and technological factors cannot be overlooked. Investors must approach the Ethereum ETF with a comprehensive understanding of these risks and be prepared for the inherent uncertainties. No one is suggesting that investors should allocate more than 5–10% of their investment portfolio into digital assets, and if they do, they should be aware of the inherently volatile nature of these assets and their potential downsides.

While the Ethereum ETF offers an exciting opportunity for diversified investment and enhanced market participation, it is crucial for investors to conduct thorough research and consider their risk tolerance. The ETF’s regulated nature provides a safer entry point into the world of cryptocurrencies, but informed and cautious investment strategies remain paramount. By weighing the transformative benefits against the inherent risks, the Ethereum ETF can be seen as a balanced and innovative addition to the financial market, poised to play a pivotal role in the evolution of cryptocurrency investments and the financial services industry in general.

Read more: Don’t expect quick gains solely because of spot Bitcoin ETFs | Opinion

Author: Nathan Gauvin

Nathan Gauvin is the founder and CEO of Gray Digital, a digital assets investment firm. Under Nathan’s direction, Gray Digital has established itself as a leader in a dynamic market experiencing remarkable growth. Nathan’s expertise spans investment management, operational oversight, portfolio strategy, and risk analysis. His adept navigation of intricate financial scenarios has been pivotal in driving expansion and delivering value to investors while ensuring consistent outcomes, even amidst volatile market conditions. In addition to his role at Gray Digital, Nathan also holds the position of chief investment officer at Blackridge, a firm he founded in 2019. Blackridge is a private investment firm renowned for its expertise in identifying and leveraging disruptive technologies, innovation, and global economic advancements. Prior to founding Gray Digital and Blackridge, Nathan served as a venture partner at Andreessen Horowitz, where he honed his ability to identify promising investment opportunities within the technology sector. His tenure there provided valuable insights into the dynamics of venture capital investing.

Galaxy Asset Management has bagged $113 million for a new venture fund investing in early-stage startups focused on crypto software, infrastructure and financial apps.

Michael Novogratz‘s crypto bank Galaxy Digital has raised $113 million for a new fund focused on backing early-stage companies across crypto protocols, software and financialized applications.

In a Jul. 25 press release, Galaxy Asset Management said the new fund garnered investment from institutional allocators, family offices, and high-net-worth individuals, noting that fundraising started in Q2. The venture capital firm added that it anticipates “continuing fundraising into next year and reaching, if not exceeding, the fund’s $150 million target.”

“This fund will strengthen our commitment to fostering innovation in the digital asset space, enabling us to back visionary startups and gain unparalleled insights into the emerging technologies that will shape both our company and the future of finance.”

Galaxy Digital’s global head of asset management, Steve Kurz

Led by General Partners Will Nuelle and Mike Giampapa, the fund will focus on companies that “engineer digital asset innovation and enable financial institutions, startups, and markets to participate in the onchain future,” the company says, adding that the team’s goal is to “build a portfolio of approximately 30 investments.”

Galaxy joins other crypto venture giants in intensifying their strategies as the market shows signs of recovery. In late April, reports indicated that another crypto VC firm, Pantera Capital, is also looking to raise over $1 billion for a new fund that offers investors exposure to blockchain assets. In June, crypto-focused VC firm Paradigm raised $850 million for its third fund to focus on “crypto projects at the earliest stages.”

Read more: A16z co-founder, Galaxy Digital back 1kx’s new $75m crypto fund