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Bitcoin Price Reaches $80k, Will BTC Continue To Rally?

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1 month ago

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Bitcoin price has reached a new all-time high of $80,000, marking a critical milestone in its price journey. This surge in value comes amid heightened trading volume and growing interest from both retail and institutional investors. However, as Bitcoin enters a phase of price discovery, there are mixed views on whether the asset will continue to rise or face a potential correction.

Bitcoin Price Reaches New ATH At $80k

The Bitcoin Fear and Greed Index has reached 78, signaling “Extreme Greed” among market participants. This high reading suggests increased enthusiasm and optimism, which can drive prices up in the short term.

Yet, extreme greed often precedes corrections as traders look to lock in profits, especially when prices reach historical highs. Ki Young Ju, CEO of CryptoQuant, pointed out that with 100% of Bitcoin addresses currently in profit, some investors may soon take advantage of the opportunity to sell.

“Bitcoin just entered the price discovery phase. We often see a correction when prices hit these levels,” Ju noted in a social media post, referring to previous instances when large investors opted to sell at peak prices, leading to pullbacks. With Bitcoin nearing $80,000, Ju and others expect a potential “wave-4 correction” before further upward movement.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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Elon Musk xAI Secures $6B To Boost Generative AI Expansion: Details

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54 minutes ago

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December 24, 2024

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Elon Musk xAI has raised $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission. This round adds to the $6 billion raised earlier this year, bringing the company’s total funding to $12 billion. The capital injection positions xAI to expand its generative AI initiatives and enhance its competitive edge.

Elon Musk xAI Achieves $12B Total Funding After Latest $6B Round

According to a recent report, Elon Musk xAI has successfully secured $6 billion from investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia, and others. This latest funding round exclusively involved previous investors, many of whom had supported Musk’s acquisition of X (formerly Twitter).

The funds bring xAI total capital raised to $12 billion. The company plans to use this funding to accelerate the development of its generative AI model, Grok, and expand its ecosystem. This substantial financial backing positions the firm to compete with industry leaders such as OpenAI and Anthropic.

Moreover, the Grok AI model, developed by xAI, powers a range of features on X, including a chatbot available to premium and free users in select regions. Known for its functionality, Grok can generate images through the Flux generator, analyze visuals, and summarize trending news.

In October, xAI launched an API allowing developers to integrate Grok into third-party apps and platforms. The company also introduced a standalone iOS app for testing, further extending its generative Artificial Intelligence capabilities.

Memphis Data Center and Infrastructure Upgrades

To support its ambitious goals, Elon Musk xAI operates a Memphis data center equipped with 100,000 Nvidia GPUs. The facility, constructed in just 122 days, currently relies partly on diesel generators. According to the blog post, the company has plans to double the center’s capacity in 2025, securing approval for additional power.

The upgraded infrastructure will also benefit Tesla, with plans to integrate xAI’s developments into autonomous driving technologies. This expansion reflects Elon Musk’s vision to enhance AI applications across industries.

While Elon Musk’s xAI has made rapid advancements, it continues to face fierce competition. Rivals such as Anthropic and OpenAI have also secured billions in funding.

Following the growing competition, earlier this month, the Tesla CEO filed a lawsuit against OpenAI and Microsoft, accusing them of anti-competitive practices. The lawsuit alleges that OpenAI coerced investors to avoid supporting rivals like Musk’s xAI. Musk’s legal team claims that Microsoft’s $13 billion investment in OpenAI led to conflicts of interest and market manipulation

In addition, Meta CEO Mark Zuckerberg emphasized the need for stricter oversight to prevent nonprofit entities from exploiting their status for financial gain. Joining Elon Musk, Zuckerberg called for a formal investigation into OpenAI’s transition, highlighting potential misuse of tax-exempt donations and resources.

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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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Moonpay In Talks To Acquire Coinbase Commerce Rival Helio

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4 hours ago

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December 23, 2024

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Multinational financial technology firm Moonpay is reportedly in talks to buy Helio as it looks to bolster its crypto service offerings. According to a scoop shared by Fox Business journalist Eleanor Terrett, the Helio deal is worth about $150 million. If successful, this will mark the largest acquisition made by the Miami-based firm since its inception.

Moonpay and Helio as the Power Duo

While much detail has not emerged regarding the terms of the deal, many in the ecosystem are already weighing the potential. Notably, Helio will enable Moonpay to compete directly with Coinbase Commerce as a self-service crypto payments outfit.

Helio enables content creators and ecommerce merchants to get paid for their products and services using crypto. Among the available products includes Solana Pay, the payments engine powering the DexScreener platform. As Terrett highlighted, the Solana Pay outfit is also integrated into Shopify.

Moonpay occupies a unique role in the crypto ecosystem. It currently powers a lot of crypto payments services with an extensive partnerships record. As reported by Coingape in October, it landed a Venmo partnership to enable crypto access to 60 million users worldwide.

With crypto adoption growing, the need for more merchant integrations have grown considerably. Moonpay is among the infrastructure firms benefitting from these growth and Helio might help amplify this.

Growing Corporate Investments in Crypto

Since the victory of Donald Trump as president-elect last month, the corporate alignment has increased. Suddenly, companies are beginning to revamp their investment strategies in a bid to benefit from the potential incoming pro-crypto administration.

From Justin Sun investing $30 million into World Liberty Financial to Tether’s latest $775 million investment in Rumble, firms are largely diversifying their portfolios.

While M&A activities beyond the potential Moonpay deal might appear too formal, the presence of Bitcoin and Ethereum-based ETF products is removing entry barriers for firms.

BlackRock invests in IBIT, setting a precedent for state pension funds to also join the trend. Asset management firms are doubling down on other crypto ETF products to grant firms more access to gain exposure to the crypto industry.

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5 Tokens Ready For A 20X After Solana ETF Approval

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8 hours ago

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December 23, 2024

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The US Securities and Exchange Commission (SEC) looks likely to approve a Solana exchange-traded fund (ETF) under Donald Trump’s administration. With this Solana ETF approval looking imminent, there are tokens that are ready to enjoy a 5x price increase once this happens.

5 Tokens That Could 20x After A Solana ETF

Bloomberg analysts recently suggested that a Solana ETF could launch at some point next year, although the exact timing remains uncertain due to some complex legal issues. Ahead of this potential launch, these are 5 tokens that could witness a significant price increase after the SEC approves a Solana ETF.

Jupiter (JUP)

Jupiter (JUP) is one of the tokens that is ready for a 20x price increase after a Solana ETF approval. The JUP price is in a good position to benefit from such bullish development, considering its status as one of the top Solana coins.

As such, the DeFi token will likely witness a parabolic surge on the back of an ETF approval. Crypto analyst Altcoin Scholar predicted that JUP could rally to $10 or higher in this bull run.

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NebulaStride Token (NST)

NebulaStride Token (NST) is in a good position to witness a significant price increase after a Solana ETF approval. This ETF approval provides a bullish outlook for the crypto and NST, as a newer token, could enjoy one of the most gains.

As a newer token, NST could even record more than a 20x price increase since it has more room to run to the upside than these older coins. the token’s fundamentals also provides a bullish outlook for its as NebulaStride is revolutionizing the finance space.

Render (RENDER)

Render (RENDER) is another top Solana coin that is ready for a 20x price increase after a SOL ETF approval. The token already boasts a bullish outlook based on its ties to the artificial intelligence (AI) narrative.

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Meanwhile, from a technical analysis perspective, crypto analysts have suggested that RENDER is well primed for a parabolic surge. In an X post, crypto analyst Exotrader predicted that the AI coin couuld rally to as high as $24 as long as it holds the $6.9 support level on the weekly close.

Bonk (BONK)

Bonk (BONK) has become more than just a meme coin in the Solana ecosystem. The top meme coin has gained several use cases and even boasts an exchange-traded product (ETP).

Meanwhile, it is worth mentioning the upcoming BONK token burn with 1 trillions coins set to be burnt. With this 1 trillion token burn on the horizon, the meme coin eyes a $0.11 price target.

XRP

XRP looks like an obvious play if the SEC were to approve a Solana ETF, especially if this approval comes before the one for an XRP ETF. In a scanario where a SOL ETF gets approved an XRP ETF, XRP will likely witness a 20x price increase as traders anticipate the XRP ETF next.

Moreover, crypto analysts have already provided a bullish outlook for the XRP price. One of these analysts is Dark Defender who predicted that XRP could rally to as high as $18 in this market cycle.

Conclusion

A Solana ETF approval is undoubtedly bullish for JUP, NST, RENDER, BONK, and XRP. These coins, most especially NST, are ready to enjoy a 20x price increase once these SEC approves the SOL ETF.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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