Day: January 22, 2024

FTX’s Alameda Research drops lawsuit against Grayscale

Alameda Research, an affiliate of bankrupt crypto exchange FTX has dropped its case against Grayscale.
The lawsuit’s dismissal comes as Grayscale’s GBTC sees huge outflows following SEC’s spot Bitcoin ETF approval.

Alameda Research, the collapsed crypto trading arm of bankrupt cryptocurrency exchange FTX, has dropped its lawsuit against Grayscale Investments. Reuters highlighted Alameda Research’s move to drop the case in a report on Monday.

Alameda Research drops Grayscale lawsuit

The FTX affiliate filed its lawsuit against Grayscale in March 2023 and alleged that the GBTC issuer had enriched itself at the expense of its shareholders.

Alameda Research’s lawsuit came before Grayscale’s eventual victory over the US Securities and Exchange Commission (SEC), with the legal milestone setting in motion the events that led to SEC’s approval of several spot Bitcoin ETFs, including Grayscale’s Bitcoin Trust (GBTC).

With the approval and conversion of GBTC into a spot ETF, Grayscale investors have been able to redeem their shares. In its lawsuit, Alameda claimed that the digital asset manager, which also seeks to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF, charged high fees and wasn’t allowing redemptions.

The approval of GBTC as a spot Bitcoin ETF has addressed the redemptions issue, with Grayscale seeing a massive outflow since GBTC began trading on January 11, 2024. On Monday, the company reportedly sent 15,308 BTC worth over $623 million to Coinbase Prime.

Grayscale deposited 15,308 $BTC($623.8M) to #CoinbasePrime again 50 mins ago.

Since the ETF was passed, #Grayscale has deposited 63,991 $BTC($2.68B) to #CoinbasePrime during the opening hours of U.S. stocks (14:30 UTC).

According to Arkham, #Grayscale currently holds 549,116… pic.twitter.com/i1LtKryu6W

— Lookonchain (@lookonchain) January 22, 2024

With over 63,000 BTC sold since, one of the likely sellers could be the FTX estate, given it has offloaded several assets in the past few weeks.

Bitcoin price has struggled amid the BTC dump, reaching lows of $40,367 on Monday, January 22, 2024.

The post FTX’s Alameda Research drops lawsuit against Grayscale appeared first on CoinJournal.

Crypto.Com confirms Terra Luna Classic (LUNC) delisting

CryptoCom confirms Terra Luna Classic (LUNC) delisting.
Terra Luna Classic (LUNC) sees a 13% price plunge.
According to emails received by investors, the exchange is set to delist the coin on Feb 15.

In a sudden turn of events, the Terra Luna Classic (LUNC) community is grappling with uncertainty following the confirmation of its delisting by Crypto.com. The news has sent shockwaves through the market, causing a 13% tumble in LUNC prices.

Investors received emails about the delisting on February 15, raising concerns about the legitimacy of the information and potential phishing scams. Amidst this turmoil, Crypto.com has acknowledged the validity of the news, leaving the community eagerly awaiting official announcements.

Terra Luna Classic community in turmoil

The delisting of the LUNC comes hours after Terraform Labs filed for Chapter 11 bankruptcy protection in the US and the ensuing LUNC price drop has fueled a dilemma among holders, torn between selling their holdings and awaiting official confirmation from Crypto.com.

LUNC price chart

However, concerns about phishing scams have also heightened as no official announcement was made on the exchange’s website or social media channels.

Despite inquiries from the Terra Luna Classic community, Crypto.com’s response to the delisting confirmation has left many questions unanswered. While acknowledging the news as valid, the exchange provided limited details, leaving investors in the dark about the extent of the impact and the jurisdictions affected. The absence of an official announcement on Crypto.com’s official channels has added to the fear, uncertainty, and doubt (FUD) surrounding LUNC and LUNA prices. Investors are now eagerly anticipating clear communication from the exchange’s executives.

Although Terraform Labs, associated with Terra Classic, filing for bankruptcy protection in Delaware is thought to add to the complexities, the company expresses its commitment to continue working on its goals while navigating legal hurdles.

Nonetheless, the broader selloff in the market further compounds challenges for Terra Luna Classic, raising questions about the project’s future amid a dynamic and challenging environment.

The post Crypto.Com confirms Terra Luna Classic (LUNC) delisting appeared first on CoinJournal.

BTC dips as key support zone at $40k comes under pressure

Bitcoin price is currently near $40,480 after falling 3% in the past 24 hours.
BTC faces pressure as Grayscale sells more Bitcoin amid GBTC outflows.

 Bitcoin (BTC) price saw another sell-off bout on Monday as the crypto fell more than 3% to hover just above the key $40,400 level.

With today’s BTC decline, the global crypto market cap has also dipped by about 4% in the past 24 hours to $1.65 trillion. The outlook is one of widespread altcoin weakness – Ether prices have dropped below $2,400, Solana under $87 and XRP towards $0.52.

Injective, Near Protocol and Avalanche are some of the biggest losers on the day with near double-digit declines in the past 24 hours.

Bitcoin price dips amid Grayscale BTC dump

The flagship cryptocurrency’s struggles came as GBTC issuer Grayscale Investments transferred more of its BTC holdings to Coinbase Prime. Prices fell sharply last week amid the growing GBTC outflows.

As on-chain data from blockchain security and market intelligence platform Arkham Intelligence showed, Grayscale moved another 15,308 BTC as trading markets opened on Monday. The total amount of funds transferred has increased to over 63,991 as of January 22, 2024.

In total, the digital asset manager has deposited BTC worth over $2.68 billion to Coinbase Prime since its GBTC exchange-traded fund began trading on January 11.

Arkham data shows Grayscale still holds 549,116 BTC worth over $22.3 billion.

Grayscale deposited 15,308 $BTC($623.8M) to #CoinbasePrime again 50 mins ago.

Since the ETF was passed, #Grayscale has deposited 63,991 $BTC($2.68B) to #CoinbasePrime during the opening hours of U.S. stocks (14:30 UTC).

According to Arkham, #Grayscale currently holds 549,116… pic.twitter.com/i1LtKryu6W

— Lookonchain (@lookonchain) January 22, 2024

BTC price outlook

If GBTC related sell-off pressure continues to mount, Bitcoin price could swing below the critical support level. Chances that bears could target lower areas are likely to increase should fresh panic selling hit the market.

However, should bulls flip higher on a strong bounce from the current levels, Bitcoin price could eye the 43k hurdle. The recent highs above $49k could be the main resistance zone in case of an strengthened upward continuation.

BTC traded at $40,480 on Monday at 11:30 am ET.

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$1 Launch price Option2Trade (O2T) Gains Influx of dYdX and Polygon Investors

Option2Trade (O2T) is a new AI and Web3 social trading platform for crypto, Forex, stocks and commoditities.
The O2T presale is gaining momentum as investors eyeing best tokens under $1 flock to its presale.
dYdX and Polygon are also showing bullish signs, but investors are showing great confidence in O2T.

Crypto investors are turning to new crypto gems as they look to ride the most of the upcoming bull market. Option2Trade (O2T), an AI-driven social trading platform currently in its presale phase, stands out as one of the top tokens under $1 in the market. 

Is this altcoin set to challenge coins such as dYdX (DYDX) and Polygon (MATIC)?. Here’s more about Option2Trade.

Option2Trade: The new AI social trading platform set to dominate market

Amid the growing crypto investing market, new platform Option2Trade (O2T) is looking to bring a new age where traders can tap into the power of artificial intelligence (AI) to power their investing experiences.

A licensed trading platform, Option2Trade allows users to leverage AI and Web3 social trading algorithms, integrating cryptocurrency with the robust technology that powers markets across FX, stocks, and commodities among others.

The project’s launch of its O2T token presale is one more step as the platform seeks to dominate the leverage and margin trade. The O2T token is the native utility token that will allow holders to participate in the governance of the Option2Trade ecosystem.

Holders will also tap into the token’s integration as a transactional currency, accessing opportunities not just across decentralized finance (DeFi), but also gaming. Staking and an NFT marketplace are also key features of this platform.

dYdX and Polygon: MATIC and DYDX outlook

Option2Trade’s is well-positioned as one of the top platforms set to disrupt the traditional exchange and trading market ecosystem via AI and Web3. Could O2T be a more appealing buy today compared to dYdX and Polygon? A look at what Polygon (MATIC) and dYdX (DYDX) are first.

Polygon stands out as an Ethereum scaling solution, with its technology key to the ecosystem across standalone chains, Optimistic Rollups and ZK Rollup chains among other applications.

dYdX (DYDX) is the native token of dYdX Chain, a decentralized exchange (DEX) protocol that briefly overtook Uniswap as the largest DEX by 24-hour trading volume. As of January 22, dYdX Chain was seeing a significant bump in its DEX volumes (dYdX v4 is second behind Uniswap v3, while dYdX is fourth).

What’s the market outlook for MATIC and DYDX?

MATIC price remains in a downtrend since hitting its all-time high in December 2021. The token is poised at $0.77, down 23% in the past year and more than 73% off its ATH. 

DYDX meanwhile trades around $2.86, down from its December 2023 peak above $3.73.

For investors looking for a potentially profitable investment in 2024, both Polygon and dYdX could be good buys under $1 and under $5 respectively. But investors seeking even greater opportunities in the presale market are flocking to Option2Trade’s O2T presale.

Is Option2Trade (O2T) the best altcoin under $1 to buy today?

Option2Trade’s potential to disrupt the market is showing as O2T presale attracts massive attention from across the cryptocurrency space.

Currently in stage 1, the project has sold over 38 million O2T tokens. Early adopters have so far allocated more than $215 million to O2T as they look to take advantage of the current presale price of $0.007. The attractively low price and the potential for Option2Trade to take the crypto market by storm makes joining the presale today a great chance.

Given this outlook, O2T could be one of the best under $1 tokens to buy in 2024. 

Learn more about Option2Trade here.

The post $1 Launch price Option2Trade (O2T) Gains Influx of dYdX and Polygon Investors appeared first on CoinJournal.

Coinbase-backed Ondo Finance opens Asia Pacific office, ONDO token up 73%

Ondo Finance, backed by Coinbase, expands into Asia Pacific, capitalizing on 73% weekly ONDO token surge.
Company opens its first APAC office and appoints Ashwin Khosa as VP for Business Development in the region.
The strategic move aligns with Ondo’s dominant position in tokenized securities, targeting APAC’s digital asset fervour.

Ondo Finance, a prominent US-based issuer of tokenized securities backed by Coinbase, is making headlines with its strategic expansion into the Asia Pacific region.

This move comes amidst a remarkable 73% weekly surge in the value of its ONDO token, showcasing the platform’s growing influence. The company’s entry into the dynamic APAC market is set to capitalize on the region’s fervent interest in digital assets, fueled by a thriving crypto community and evolving regulatory frameworks.

Ondo Finance’s footprint in Asia Pacific

While officially announcing its strategic expansion into Asia Pacific, Ondo Finance also announced the inauguration of its first office in the Asia Pacific region, marking a calculated move to tap into the escalating enthusiasm for digital assets.

While the specific location remains undisclosed, the company’s founder and CEO, Nathan Allman, expressed his enthusiasm for the expansion. He highlighted the active and rapidly growing crypto community in the Asia Pacific, emphasizing the appeal of Ondo’s tokenized exposure to U.S. assets.

To spearhead this strategic move, Ondo Finance has enlisted the expertise of Ashwin Khosa as the Vice President of Business Development for Asia Pacific. Khosa, with a decade of institutional business development experience in Hong Kong, brings valuable insights into the nuances of on-chain finance and the Asia Pacific market.

This expansion aligns seamlessly with Ondo’s existing dominance in the tokenized securities realm, boasting nearly 40% of the global market share. The platform’s three main tokenized products—OUSG, OMMF, and USDY—enable global investors to access key US-based asset classes in a tokenized format.

ONDO token price movement

The expansion into Asia Pacific comes on the heels of a remarkable 73% weekly increase in the value of Ondo Finance’s ONDO token. At press time, ONDO was trading at $0.2812, up 3% in 24 hours.

ONDO price chart

 

This surge reflects growing confidence and interest in the platform and its tokenized offerings.

Ondo Finance has been actively shaping its future landscape with strategic collaborations. Notably, partnerships with Mantle Network and Solana have gained attention, emphasizing the collaborative efforts to bring USDY to their respective blockchain networks.

Additionally, the Ondo Foundation’s recent announcements, including a points program and a proposal to unlock the ONDO token, further underline the platform’s commitment to advancing on-chain finance and expanding its global influence.

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Bitcoin ETF Gains Traction – Fantom (FTM), Polygon (MATIC), and NuggetRush (NUGX) Hailed as the Most Undervalued and Promising Altcoins

TLDR

Bitcoin becomes the second-largest ETF commodity in the US.

Fantom, Polygon, and NuggetRush are the most compelling crypto investments currently.

NuggetRush is tipped for a timely 55x rally after its launch.

Following the SEC decision on Bitcoin ETFs on January 10—a milestone achievement—the ETF market has been gaining significant traction. Barely two weeks since its launch, Bitcoin has become the second-largest ETF commodity in the US, surpassing silver. Considering the potential ETF impact on crypto prices, Polygon (MATIC), Fantom (FTM), and NuggetRush (NUGX) have been hailed as the most undervalued and promising cryptocurrencies. This post will discuss why these are the best coins to invest in.

>> Buy NuggetRush Now <<

NuggetRush (NUGX): A New and Promising ICO

If you are seeking one of the best meme coins to invest in, NuggetRush (NUGX) is a great place to begin your search. It stands out from the regular dog coins or cat coins, boasting real-world applications. Its low token supply—500 million—further makes it stand out, along with features like governance and NFT staking.

Its integration of utility puts it at the intersection of play-to-earn (P2E), GameFi, and memes. More than just a meme, it is placed among the list of meme coins with potential. Its gold mining game will feature a thrilling and immersive gameplay experience. More importantly, players will earn passive income as they collect valuable in-game assets while having fun.

Primed for massive adoption, there has been overwhelming participation in the presale. In the fifth round of the ICO, a token is priced at only $0.018. 

According to analysts, there’s potential for a 55x rally in the first six months after its launch, an outlook that positions this project one of the best new crypto to invest in. To participate in the ongoing presale, follow the link below.

>> Buy NuggetRush Now << 

Fantom (FTM): The Next Ethereum?

Fantom (FTM) is one of the most undervalued yet promising altcoins on the market. It costs less than half a dollar, suggesting significant room for growth from its all-time high of $3.48. Considering its staggering growth potential, it is one of the best cryptos to invest in.

In addition to its potential ascent, Fantom plays a critical role in the crypto space, which will contribute to its demand and growth. It was designed to be the Ethereum killer, making it a smart contract and blockchain platform. As a result, many consider Fantom the next ETH. Very Bullish.

In essence, as a layer-1 crypto, FTM is a promising play you don’t want to miss out on, especially with the market poised for a rally. If you haven’t added Fantom to your portfolio yet, now might be a great time to do so.

Polygon (MATIC): Primed for Another Bull Run

Polygon (MATIC) is another bullish play and one of the altcoins to watch this year. Like FTM, MATIC also costs less than a dollar and has significantly declined from its peak. More importantly, it plays a key role in the blockchain space as a layer-2 scaling solution.

Given the above, Polygon is one of the best cryptos to buy now. Its solid fundamentals and low price make it an easy favorite, hence the massive accumulation among investors.

It has been gaining momentum, which many are speculating is the start of a bull run. With much to look forward to, Polygon is a good crypto to buy. To avoid experiencing the fear of missing out (FOMO) later on, you might want to grab some MATIC tokens now.

Conclusion

Bitcoin is currently the second-largest commodity ETF in the US, becoming more popular than silver. At the same time, Fantom, Polygon, and NuggetRush have emerged as the most compelling investments. Their low prices, coupled with massive upside potential, make them bullish plays not to miss out on.

Visit NuggetRush Presale Website

The post Bitcoin ETF Gains Traction – Fantom (FTM), Polygon (MATIC), and NuggetRush (NUGX) Hailed as the Most Undervalued and Promising Altcoins appeared first on CoinJournal.

DOGE could slip below $0.080: Will the bulls regain control soon?

Key takeaways

Dogecoin has been underperforming over the last few days and could drop below the $0.080 region soon.

Memeinator’s presale is now in its 13th stage and has raised close to $4 million.

The cryptocurrency market has been bearish since the spot Bitcoin exchange-traded funds (ETFs) were approved. Dogecoin is currently struggling to stay above the $0.080 region and could dip further in the coming hours or days.

Despite that, the Memeinator presale continues to surge ahead and is close to setting a new milestone. 

DOGE underperforms and could drop below $0.08

Dogecoin, the leading meme coin in the world, has been underperforming over the past few days. It has lost more than 3% of its value over the weekend and could experience a further dip in the short term.

At press time, the price of DOGE stands at $0.0838 per coin. The bearish performance comes as the broader crypto market has been experiencing selling pressure since the spot Bitcoin ETFs were approved in the United States.

What is Memeinator?

Despite the current bearish trend in the market, investors continue to pour funds into new and exciting projects. Memeinator remains one of the beneficiaries as its presale continues to attract more investors. 

Memeinator is a Web3 project that is working to make content creation better for people within the crypto space and beyond. Per the team, the goal of the project is to destroy worthless memes on the internet and promote the use of quality ones. 

The development team seek to push the project to reach a billion-dollar market cap, with its various products and features striving for adoption. Memeinator will leverage AI technology and blockchain to identify worthless memes, allowing investors to know and avoid them. 

Currently, Memeinator is in its presale stage and has raised more than $4 million from the public over the last few months. Its native token, MMTR, began the presale at $0.01 per token, and the price will rise to $0.0485 by the end of the presale, giving early investors an amazing 132% ROI once it gets listed on crypto exchanges. 

Once the presale stages are completed, the team will organise a Memeinator game where players will get a chance to eliminate enemy memes and win some exciting prizes. 

Why has Memeinator’s presale raised so much?

The Memeinator presale is close to hitting a new milestone despite the current bearish trend in the market. This is thanks to its excellent and unique value proposition. With the right level of adoption, Memeinator would be used by degens, crypto natives, speculators, and content creators. 

According to the development team, Memeinator will use AI to analyse and evaluate memes on the internet, identifying lower-quality memes to replace or “destroy. With Memeinator, content creators will have access to high-quality memes instead of the mediocre ones currently littering the internet. 

The team have also incentivized the MMTR token in a bid to make it very attractive to investors. The first incentive is a reward for token holders. Secondly, MMTR has deflationary mechanisms which would help increase the token price as total supply decreases. Furthermore, 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Click here to read more about the Memeinator presale.

Is the Memeinator token a good buy? 

Memeinator could prove to be an excellent project if the development team go through with their plans. If that happens, MMTR’s price could surge higher in the coming months and years.

During the first stage, MMTR was sold at $0.01 per token and it now goes for $0.0197. The price will increase to $0.0208 once the presale enters stage 14.

So far, the Memeinator team has raised $3.847 million and is close to achieving the $4.025 million target it set for the current presale stage. 

MMTR’s value could soar higher in the coming months and years once the token gets listed on cryptocurrency exchanges. 

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