24/7 Cryptocurrency News
AI Coins Soar As Nvidia Stock Hits Six-Week High, Rally To Continue?
Published
7 hours agoon
By
adminAI coins have witnessed significant price gains alongside the Nvidia stock, which hit a six-week high with recent bullish developments for the company. These coins have a positive price correlation with the NVDA stock and could continue to rally with the tech company expected to make some bullish announcements at its summit which began today.
AI Coins Rally With Nvidia Stock
Artificial intelligence (AI) related crypto coins have rallied alongside Nvidia’s NVDA stock. The top AI coins, Near Protocol (NEAR) and Bittensor (TAO) are up over 7% and 8%, respectively, in the last 24 hours.
The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours. Injective (INJ) is also among the AI coins that have soared with a price gain of over 3% during this period.
These coins have rallied with the Nvidia stock, which hit a six-week high today. Nasdaq data shows that NVDA rose to as high as $130 today, its best daily performance in the last six weeks. The stock is up following recent bullish developments for the tech giant.
Nvidia’s CEO Jensen Huang mentioned that the company is witnessing an “instance” demand for its Blackwell AI chip. Meanwhile, the company partnered with IT consulting giant Accenture to boost AI adoption among enterprises.
Will The Rally Continue For These Coins?
With Nvidia’s ongoing AI summit, AI coins are expected to keep rallying, at least in the short term. The company is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock. Given their strong positive price correlation with the NVDA stock, these AI tokens will also enjoy significant price gains as the stock rallies.
The AI narrative is also hot at the moment, with companies like Meta and Open AI making great strides in the industry. Meta recently launched a new AI model to compete with tools from rivals like Sam Altman’s Open AI. Meanwhile, Open AI also recently secured funding of $6.6 billion, with the company’s valuation at $157 billion.
Therefore, AI coins will continue to become more valuable as the AI industry grows, with companies like Nvidia, Open AI, and Meta leading the way.
Moreover, these tokens, especially Bittensor, boast bullish fundamentals, which will continue to trigger price rallies. The AI search platform Kaito AI revealed that TAO now represents 29.55% of Grayscale’s AI fund.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
You may like
Ethereum Price At A Make-Or-Break Junction, ETH Whale Selling Continues
El Salvador’s Bonds Spike Despite Bitcoin Criticism
Solana and Cardano investors place big bets on new 10x coin
Dogwifhat Price Eyes 50% Surge As Buyers Break 190-Day Resistance
DTX emerges as last Bullish hope amid ADA token unlock & Ripple’s 10% downfall
Delaware Judge Approves FTX Estate’s Bankruptcy Plan
24/7 Cryptocurrency News
Ethereum Price At A Make-Or-Break Junction, ETH Whale Selling Continues
Published
27 mins agoon
October 8, 2024By
adminAs the Bitcoin unwinding continues, the world’s second-largest cryptocurrency Ethereum has been facing an even steeper correction dropping another 7% on the weekly charts. The Ethereum price is trading much closer to the crucial support of $2,300 while the ETH whale selling has continued this week.
Ethereum Price Drop Under $2,300 Can Trigger 30% Crash
Popular crypto analyst Ali Martinez recently reported that $2,300 is a crucial support for ETH Price as 2.77 million addresses collectively purchased 52.65 million ETH. He said that if the bulls manage to defend this support and reverse the ETH trajectory, there’s the chance of another 3x rally from here. However, if the ETH bears manage to break under the $2,300 level, it could lead to another 30% crash all the way to $1,600.
“If Ethereum can hold above $2,300, we may see a new rally that could push the price toward $6,000,” Martinez noted. Thus, it is a make-or-break for the Ethereum price which could be a deciding factor for its future trajectory. As of press time, the ETH price is trading 1.2% down at $2,432 levels with a market cap of $2,422 levels.
On the other hand, following the Dencun upgrade, the Ethereum mainnet fee has touched an all-time low amid a surge in transactions on the Layer 2 platforms. Thus, with fewer fees burned, ETH has once again turned inflationary, reversing its current deflationary trend. This puts Ethereum price at the risk of a rally to $3,000. On the other hand, the continuous sell-off from ETH whales has dampened the market sentiment recently.
ETH Whale Selloff Continues
As per the recent data from Spotonchain, an ETH whale from the ICO era, who initially received 150,000 ETH during the Ethereum ICO, has made another substantial deposit to Kraken. Just four hours before, the whale has transferred 5,000 ETH worth $12.2 million, to the exchange.
The data also shows that over the past 15 days, this whale has deposited a total of 45,000 ETH ($113.3 million) to Kraken at an average price of $2,517. Following these significant transfers, the whale still holds 94,450 ETH, worth around $230 million. Thus, this continuous selling by the ETH whale shows
The Ethereum whale, who received 150K $ETH during ICO, deposited another 5K $ETH ($12.2M) to Kraken just 4 hours ago.
In total, this whale has deposited 45K $ETH ($113.3M) to #Kraken over the past 15 days at an average price of $2,517, leaving 94,450 $ETH ($230M) remaining.… https://t.co/2BLcWey4Kx pic.twitter.com/TnlbdrGV3d
— Spot On Chain (@spotonchain) October 8, 2024
As the sentiment around ETH weakens, investors are moving their money to Ethereum rivals like Sui (SUI), Solana (SOL) and Avalanche (AVAX) in the current market conditions.
On the other hand, inflows into Ethereum ETFs have also slowed down significantly. On Monday, October 7, none of the spot Ethereum ETFs saw any inflows.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
US Government Could Soon Sell 69,000 BTC
Published
11 hours agoon
October 7, 2024By
adminThere have been several bullish Bitcoin news these past few days. However, a recent Supreme Court ruling could dampen the mood as the US government has gotten the clear to proceed with selling 69,370 BTC associated with the Silk Road marketplace. This is significant as a sale of such magnitude could put massive selling pressure on the flagship crypto.
Bitcoin News: US Government Could Sell 69,000 BTC
The US government could soon sell over 69,000 BTC following the Supreme Court’s denial of a certiorari petition in the Battle Born Investments case against the United States. This Bitcoin news could negatively impact the Bitcoin price. Such a sale will put significant selling pressure on the flagship crypto.
This case involved the ownership of 69,370 bitcoins ($4.4 billion) linked to the Silk Road Marketplace. The government had initially seized these coins from ‘Individual X’ as part of the forfeitures from the dark web marketplace.
The Northern District of California also ordered these coins forfeited in 2022. However, Battle Born Investments appealed to the Supreme Court to claim ownership of these coins, which was why the sale of these coins has been put on hold until now.
The firm, which purchased bankruptcy claims following Silk Road’s collapse, argued that they owned the bitcoin that ‘Individual X’ stole from the dark web marketplace. However, the Supreme Court has chosen not to hear Battle Born’s appeal despite their claims to be the innocent owner of Silk Road’s property, including the 69,370 BTC stolen by individual X.
Supreme Court Order Gives The Government The Go-Ahead
The US Supreme Court’s denial of the petition for certiorari means that the Northern District of California’s forfeiture order remains the law. As such, this gives the government the go-ahead to sell these coins.
While such Bitcoin news provides a bearish outlook for the flagship crypto, it is worth mentioning that there are still formalities that the US Marshals or any other agency looking to liquidate these coins must follow.
Meanwhile, instead of selling these bitcoins, Democratic Representative Ro Khanna said the US government should keep seized bitcoins as a strategic reserve asset. Republican presidential candidate Donald Trump has also promised to create a Bitcoin strategic reserve if elected President. Considering how much BTC the US holds from seizures, Trump could adopt Khanna’s advice.
Bitcoin Treasuries data shows that the US is the largest Bitcoin holder among world governments, with 203,239 BTC. Interestingly, the majority of these coins are from the Silk Road marketplace.
A potential Bitcoin news around the US government selling any of these coins will bring back memories of the German government’s sale of almost 50,ooo BTC between June and July earlier this year. This move led to the Bitcoin price dropping below $55,000 at the time.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Robinhood CLO Poised To Replace SEC Chair Gensler Under Trump Presidency?
Published
14 hours agoon
October 7, 2024By
adminA recent report suggesting Robinhood CLO Dan Gallagher potentially replacing SEC Chair Gary Gensler has sparked discussions in the crypto market, along with the broader financial sector. The report suggests that if Donald Trump wins the upcoming US Presidential Election in 2024, Gallagher could potentially replace Gary Gensler. The US SEC and its current Chair have faced immense backlash recently, with the crypto market blaming the agency for regulatory overreach in the sector.
Robinhood CLO Likely To Replace Current US SEC Chair
A recent Politico report indicates that Dan Gallagher could potentially replace SEC Chair Gary Gensler. The rise of the Robinhood CLO as likely the next SEC Chair has sparked discussions in the crypto market over a potential shift in the regulatory landscape.
Besides, his candidacy has also gained notable traction, especially among Republicans and crypto market enthusiasts, who have long questioned the SEC’s motive under Gensler. In addition, Gallagher’s past experience as an SEC commissioner and his current role at Robinhood makes him a favorite among many in the financial sector. His legal expertise and political background also strengthen his position for the top SEC role.
Meanwhile, the report has cited a former senior SEC official who said that he is a “natural choice” for the role. Gallagher has previously voiced against the US SEC and Gensler’s policies, particularly in the crypto regulation space.
Like many, the Robinhood CLO believes that the agency’s regulatory approach towards digital assets lacks clarity. Besides, he said that a clear guideline tailored for the crypto sector could have helped in the sector’s innovation and growth. It also echoes the sentiment of many who anticipate Gensler to be fired soon.
Robinhood Vs US SEC
According to a Politico report, Gallagher said, “If I were chair, a baseline registration system for crypto exchanges and brokers would already be in place.” His remarks underscore his dissatisfaction with the agency’s handling of the $2 trillion market.
Furthermore, the recent Wells Notice by the US SEC to Robinhood has further sparked debates. The notice claims that the firm is potentially operating as an unregistered broker-dealer in the crypto space.
However, the Robinhood CLO has defended the platform, saying, “Shooting at the good guys is bad policy.” He emphasized that Robinhood’s cautious approach to crypto listing and its avoidance of lending or staking products distinguish it from other platforms that engage in riskier practices.
What’s Next For Gary Gensler?
Donald Trump has actively criticized the SEC Chair Gary Gensler recently, amid his shifting focus towards the crypto sector. He has also said that he would fire Gensler on his first day as the US President. Having said that, speculations soared over Gensler’s future if Donald Trump secured a victory in the upcoming US election.
Besides, previously, a CNBC report has also cited Robinhood CLO as a potential contender for the SEC Chair position under Trump’s presidency. Besides, the report also cited other names like former CFTC chairs J. Christopher Giancarlo, Heath Tarbert, and Paul Atkins, among others, as other contenders for the role.
Meanwhile, the growing criticism of the US SEC, especially under Gary Gensler, has sparked debates if he would continue to be in his chair after the election. In addition, a flurry of democrats also urged Kamala Harris to unseat him if the Democrats secured a victory in the election.
For instance, Mark Cuban expressed frustration against Gensler. Besides, he also reportedly wished to take over the role under Harris’s presidency. However, Cuban also faced criticism from prominent figures like Elon Musk for this comment.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
Ethereum Price At A Make-Or-Break Junction, ETH Whale Selling Continues
El Salvador’s Bonds Spike Despite Bitcoin Criticism
Solana and Cardano investors place big bets on new 10x coin
Dogwifhat Price Eyes 50% Surge As Buyers Break 190-Day Resistance
DTX emerges as last Bullish hope amid ADA token unlock & Ripple’s 10% downfall
Delaware Judge Approves FTX Estate’s Bankruptcy Plan
AI Coins Soar As Nvidia Stock Hits Six-Week High, Rally To Continue?
A Trump Presidency Is The Best Outcome For Bitcoin: NIKOLAUS
Could CYBRO altcoin offer faster gains?
Crypto Analyst Predicts Hedera (HBAR) To Skyrocket 2900%
US Government Could Soon Sell 69,000 BTC
Telegram is a hotspot for crypto fraud and laundering
Robinhood CLO Poised To Replace SEC Chair Gensler Under Trump Presidency?
Investor Dan Tapiero Says Bitcoin Primed To ‘Launch’ if BTC Breaks One Major Resistance Level
Moo Deng, Neiro, SPX6900 surge as fear and greed index hits 42
182267361726451435
Top Crypto News Headlines of The Week
New U.S. president must bring clarity to crypto regulation, analyst says
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum, Solana touch key levels as Bitcoin spikes
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 3 weeks ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
✓ Share: