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Kraken To Shut Down Its NFT Marketplace

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5 hours ago

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American crypto trading platform Kraken has decided to shut down its Non-Fungible Token (NFT) marketplace. In a personal message circulating on X, the exchange informed some of its users holding NFT of the sunset plans.

End of Kraken NFT Marketplace 

As the trading platform noted, the shutdown process will commence on November 27. The digital collectibles trading platform will enter a withdrawal-only mode on this date.

Once this mode kicks in, the exchange said users will not be able to list, purchase, bid on or sell any NFT they hold. With these features deactivated, it noted that any of its NFT holders can transfer their assets to a self-custodial wallet of their choice.

Kraken occupies an important place in the crypto ecosystem. Beyond NFTs, the exchange co-launched the Global Dollar Network in partnership with Galaxy Digital and other industry giants.

This is a developing story, please check back for updates!!!

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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.





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Will XRP Price Reach $2 By The End Of November?

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40 mins ago

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November 26, 2024

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Crypto analysts Mikybull Crypto and CrediBULL Crypto have suggested that the XRP price could reach $2 by the end of November. However, CrediBULL Crypto warned about what could hinder XRP from reaching this target.

XRP Price To Reach $2 By The End Of November

In an X post, Mikybull Crypto stated that the XRP price was looking so good at its current level and predicted that the crypto could reach $2 this week. CrediBULL Crypto also suggested that XRP could rally to $2 before this month ends but warned that it could depend on the Bitcoin price movement.

In an X post, the crypto analyst said that Bitcoin and XRP were at a pivotal point in their current price levels. He remarked that if the latter is at a level where it could record an extended 5th wave for this rally and continue above $2 without any significant pullback, it should be bottoming within its current range.

CrediBULL Crypto added that if the Bitcoin price holds 94,000, there is a decent chance the XRP price will be above $1.10, and the extended 5th wave will happen. However, if Bitcoin breaks below $1.10, it will confirm the completion of the first major Wave 1 from $0.48 to $1.62.

With the Bitcoin price falling today, this XRP rally to $2 before the end of this month could be at risk based on CrediBULL Crypto’s analysis. It is worth mentioning that the crypto analyst raised the possibility of XRP still enjoying this rally if Bitcoin can hold this $94,000 level and chop around this range for a bit.

The Rally To $2 Could Pave The Way To Double Digits

In an X post, crypto analyst Egrag Crypto suggested that the XRP price rally to $2 could pave the way for the crypto to reach double digits. This came as he revealed that the Fib channel 0.236 aligns perfectly at $2.

The crypto analyst remarked that with the right news and catalysts, XRP will soon break past this critical level, and then the real FOMO will kick in at $2. Egrag Crypto stated that reaching the Fib 0.5 level alone will take the XRP price into double digits. He noted that historically, the crypto has even surpassed this Fib level to hit at least 0.702.

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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.





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Ripple CLO Stuart Alderoty Challenges US SEC

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12 hours ago

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November 26, 2024

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Ripple CLO Stuart Alderoty slammed the U.S. Securities and Exchange Commission (SEC) for bragging about enforcement actions and raising record fines. Stuart Alderoty has challenged the bragging rights of the US SEC, highlighting the flawed approach the government agency has taken in lawsuits.

Ripple CLO Slams US SEC For Boasting About Fines Collection

Ripple CLO Stuart Alderoty reacted to the U.S. Securities and Exchange Commission’s (SEC) post on X about collecting record fines in the history of the agency.

Alderoty lambasted the US SEC for bragging about record fines collection. He compared it with a professor boasting about their highest-ever class failure rate and the most cheating scandals.

Furthermore, he added that the SEC’s oversight has gone wrong, driven by perverse incentives. Notably, the agency has also failed to provide clarity to the crypto community about rules and regulations. “It’s not a measure of success,” he added.

“We announced that the SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history, said the US SEC.

The government agency also boasted about the success of the Division of Enforcement under SEC Chair Gary Gensler. It claims the enforcement division has helped promote the integrity of capital markets to benefit investors.

However, investors claimed the agency has harmed investors more and Gary Gensler is the least effective SEC Chairman in American history.

Ripple Launches Tokenized Money Market Fund

Ripple has introduced its first tokenized money market fund in partnership with UK-based asset manager abrdn and crypto exchange Archax. The fund, available on the XRP Ledger (XRPL), aims to enhance financial accessibility and liquidity.

Meanwhile, XRP futures open interest surpassed $2.50 billion, signaling growing trader activity. Whale accumulation also continues, with over 250 million XRP purchased during recent price dips. This has fueled speculation of a rally toward $20 as XRP shows strong market demand.

Currently, XRP price trades at $1.33, down 10% in the last 24 hours. Its market cap stands at $75 billion, with $10 billion in trading volume.

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

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.





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Is Marathon Digital (MARA) a Better Bet Than MicroStrategy (MSTR) Stock Now?

Published

15 hours ago

on

November 26, 2024

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Bitcoin miner Marathon Digital (NASDAQ: MARA) buzz on Wall Street with 44% gains in the last week. Financial giant Cantor Fitzgerald raised the stock’s target price to $42, another 60% on expectations of outperforming MicroStrategy (MSTR) as well. MARA stock price surged to a six-month high on Monday amid the latest price target.

Why Is Marathon Digital (MARA) A Strong Bet

Cantor Fitzgerald has drawn attention to Marathon Digital Holdings (MARA) as a standout player in the Bitcoin ecosystem, reported Street Insider. The financial giant also emphasized its distinction from MicroStrategy (MSTR) due to its operational focus on Bitcoin mining. As of Monday’s closing, the MARA stock was trading at 26.42, with most of the gains coming over the past week.

MARA is currently the largest public-traded miner by the BTC hashrate, and produces nearly 25 Bitcoins every day. Unlike MSTR, which primarily invests in Bitcoin directly, MARA operates a mining business that generates Bitcoin at a discount to the spot price.

This approach, combined with its “HODL” strategy of retaining mined Bitcoin rather than selling, positions its operations as accretive on a Bitcoin-per-share basis, noted Cantor Fitzgerald.

The analysts at Cantor also said that MARA’s equity value currently trades at a ~152% premium over its Bitcoin holdings. On the other hand, MicroStrategy acquires Bitcoin at the spot market rate, but MARA has the leverage to mine Bitcoin at a ~40% discount to the spot price, which further strengthens its model.

Thus, Cantor Fitzgerald noted that as Marathon Digital reduces its reliance on third-party hosting firms, its cost of mining is likely to decline. This makes the business even more accretive in the long run. The Bitcoin miner purchased 5,771 BTC after raising $1 billion through a stock offering last week.

They further added that the Bitcoin miner’s operational efficiency, coupled with MARA’s strategic alignment, suggests the company could surpass MSTR in profitability metrics. As a result, Cantor Fitzgerald gave a target of $42 for the MARA stock.

What’s Next for MicroStrategy (MSTR)?

The world’s largest corporate Bitcoin holder Microstrategy (NASDAQ: MSTR) purchased additional 55,500 Bitcoins on Monday, for an investment value of a massive $5.4 billion. With this, it has taken its total Bitcoin holdings to 386,700 BTC.

However, amid the macro conditions and Donald Trump’s tariff raise, the MSTR stock closed 4.87% lower at $403 on Monday. Along with the US equity futures, the Bitcoin price crashed over 4% slipping under $94,000.

On the other hand, Bernstein analysts believe that there’s still steam left in the MSTR stock rally. As a result, they have given the MSTR stock price target of $600.

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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.





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