ARK Invest sees Bitcoin at $2.3 million with asset diversification
and market updates
ARK Invest predicts that Bitcoin could reach $2.3 million with a
reallocation of 19.4% of global assets. The report highlights
Bitcoin (COIN:BTCUSD) as an attractive investment, with an
annualized return history of 44% over the past seven years,
outperforming other assets. ARK Invest’s strategy of including
Bitcoin in portfolios to maximize risk-adjusted returns reflects a
long-term view despite market volatility. Adoption by institutional
investors and its position as a safe asset in times of uncertainty
are key factors. The 11 approved Bitcoin ETF applicants represent
approximately 3.3% of the total Bitcoin supply, indicating growing
institutional accumulation.
On Friday, the price of Bitcoin, which had recovered to the
$43,000 level, slightly dipped below this level in the last 24
hours, and speculation about a reduction in interest rates in the
US may impact the market. “Nearly 60% of players believe that
US interest rates may fall in May after the Federal Reserve
Chairman’s speech this week. The market is liking this hypothesis,
which is keeping BTC above $40,000 and causing exchanges to break
historical highs,” commented Fernando Pereira, an analyst at
Bitget. Additionally, nearly $1 billion in Bitcoin options are set
to expire today, with a significant expiration of 230,000 Ethereum
(COIN:ETHSD) contracts also on the horizon.
Valkyrie announces BitGo as new custodian for Bitcoin ETF
Valkyrie (NASDAQ:BRRR), a pioneer in Bitcoin ETFs in the US, has
chosen BitGo as the second custodian for its fund, emphasizing
diversifying the security of its digital assets. This
collaboration, marked as a milestone by BitGo’s Mike Belshe,
suggests a growing trend among ETFs to strengthen investment
protection. The industry closely watches this development,
anticipating similar moves from other funds in response to
Valkyrie’s innovative risk management.
BlackRock and ProShares ETFs surpass GBTC in trading volume
BlackRock’s (NASDAQ:IBIT) and ProShares’ (AMEX:BITO) ETFs
surpassed Grayscale’s (AMEX:GBTC) ETF in trading volume on
Thursday, with IBIT reaching $306 million and BITO reaching $298
million, compared to GBTC’s $291 million. This milestone, observed
for the first time, highlights a shift in the Bitcoin market, with
daily ETF volumes falling below $1 billion. Investors transitioning
from GBTC to new ETFs reflect diversification and evolving
preferences in crypto asset investments.
Hong Kong’s VSFG moves towards Ethereum ETF
Hong Kong’s Venture Smart Financial Holdings (VSFG) is close to
applying for a Bitcoin ETF and anticipates an Ethereum ETF in the
second quarter, pending regulatory approval. VSFG’s President,
Lawrence Chu, emphasizes careful preparation for regulatory
submission and potential fee competition among asset managers in
the city, where the cryptocurrency ETF market is gaining
traction.
Chainlink reaches a 22-month peak and outperforms major cryptos
Chainlink (COIN:LINKUSD) achieved a notable 22-month peak, with
LINK surpassing $18.5 on Friday, outperforming Bitcoin
(COIN:BTCUSD) and Ether (COIN:ETHUSD) with a 35.14% jump in one
week. This breakthrough ends a three-month stagnation, highlighting
Chainlink’s vital role in connecting blockchains with external
data. Growing interest in LINK futures contracts and the potential
for real asset tokenization reinforce optimism around LINK.
Solana DEX surpasses Ethereum after JUP airdrop
The Jupiter token airdrop on Solana generated significant
enthusiasm, causing Solana’s DEXs to outperform those on Ethereum
in trading volume, with $1.14 billion in 24 hours. This event
underscores Solana’s growth in DeFi, especially after the $700
million JUP airdrop to nearly one million wallets, stimulating
record activity on the network. Despite the recent advantage,
Solana still trails Ethereum in weekly volume, with the network’s
stability evident even amid heavy traffic.
Meta Platforms boosts the market with profits and impacts AI tokens
After reporting positive earnings and announcing a $50 billion
share buyback, Meta’s (NASDAQ:META) shares surged on Friday,
leading to an increase in artificial intelligence tokens. With CEO
Mark Zuckerberg highlighting advances in AI and the metaverse, the
company, which also announced its first dividend, saw a cascading
effect benefiting AI tokens like Render (COIN:RNDRUSD) and Fetch.ai
(COIN:FETUSD), with increases of 0.87% and 3.92% in the last 24
hours, respectively.
Victoria VR drives the metaverse on Apple’s Vision Pro
Victoria VR, an innovator in cryptography and VR, announced the
launch of its metaverse app for Apple’s Vision Pro (NASDAQ:AAPL),
promising advanced graphics and immersive gameplay. Available in
the second quarter, the app promises a rich digital experience,
leveraging the capabilities of Vision Pro and the strength of Web3.
Apple’s pioneering VR with Vision Pro faces competition from Meta
Quest. Victoria’s metaverse is powered by the VR token, which has
appreciated by 60%, encouraging active participation and rewarding
users with a share of in-game sales revenue.
Polygon Labs streamlines team to reinforce efficiency
Polygon Labs (COIN:MATICUSD) reduced its team by 19%, cutting 60
positions, according to CEO Marc Boiron’s announcement on Thursday.
The restructuring aims to accelerate progress and strategically
align teams within the web3 ecosystem while maintaining a sharp
focus on the company’s mission. This strategic decision, driven by
efficiency rather than financial reasons, follows the separation of
Polygon Ventures, now P2 Ventures, and the future independence of
the Polygon ID team.
Avantis launches on the Base network with innovative perpetual
swaps strategy
Avantis debuted on the Base mainnet, bringing an innovative
solution to the challenges of crypto futures markets, focusing on
the retail audience. As a pioneer in Layer 2 backed by Coinbase
(NASDAQ:COIN), Avantis aims to introduce DeFi users to high-risk
trading with leverage of up to 75x. After a two-month test with $5
billion in trading, the protocol proposes a unique method, offering
discounts to traders taking opposite positions, mitigating risks,
and encouraging diversified participation.
Binance freezes $4.2 million in XRP after exploit
Binance blocked $4.2 million in XRP (COIN:XRPUSD) following a
$120 million exploit, following an alert from XRP Ledger
developers. Binance CEO Richard Teng pledged to assist Ripple in
investigations to recover the funds, monitoring transfers to the
exchange. The breach, which affected Ripple co-founder Chris
Larsen’s personal wallet, resulted in the diversion of 213 million
XRP, some of which was laundered through various exchanges.
OPNX announces closure of operations in February
Open Exchange (OPNX), the successor to Coinflex, will cease its
operations in February 2024. The platform instructed users to
settle positions by February 7th and withdraw funds by February
14th, promising an organized closure. Linked to the founders of
Three Arrows Capital, OPNX expressed gratitude to its community for
its support.
El Salvador maintains commitment to Bitcoin under Bukele
El Salvador will continue to adopt Bitcoin (COIN:BTCUSD) as a
legal currency if President Nayib Bukele is reelected, according to
Vice President Felix Ulloa. The decision reinforces the country’s
pioneering position in Bitcoin integration, inspired by the recent
approval of Bitcoin ETFs in the United States. Bukele, known for
his innovative policies, also plans to advance the proposal for
Bitcoin City, powered by volcanic geothermal energy.
Hut 8 and Ionic Digital partner for Bitcoin mining
Hut 8 (NASDAQ:HUT) has entered into a four-year agreement with
Ionic Digital, newly emerged from Celsius’s bankruptcy, to provide
managed Bitcoin mining services. The partnership involves the
expansion and operation of facilities in Texas and New York, with
Hut 8 managing 127,000 miners and a 300 MW infrastructure. This
agreement promises to strengthen Hut 8’s position in the industry,
generate significant revenue, and include an equity stake in
Ionic.
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