Category Archives: Cryptocurrency
Why Spot Ether ETFs Could Face a Difficult Path to Approval – Investopedia
Key Takeaways
The Securities and Exchange Commission (SEC) is considering applications for spot exchange-traded funds (ETFs) for ether (ETHUSD), the native token of the Ethereum blockchain and the second largest cryptocurrency by market capitalization. But experts are increasingly skeptical that approval will come any time soon.
The agency's approval of spot-bitcoin (BTCUSD) ETFs earlier this year turbocharged the demand for the cryptocurrency, propelling its price to multiple records, but an encore with ether appears less likely due to a number of factors.
The SEC has already delayed decisions on approvals for ether ETFs by Fidelity, BlackRock (BLK) and Grayscale, questioning whether the proposals are supported by the same arguments that led to the approval of the bitcoin funds, and over security concerns.
"My cautiously optimistic attitude for ETH ETFs has changed from recent months. We now believe these will ultimately be denied May 23rd for this round. The SEC hasn't engaged with issuers on Ethereum specifics. Exact opposite of #BitcoinETFs this fall," Bloomberg Intelligence's James Seyffart wrote in an X post last week.
Industry watchers are skeptical that approvals will come in May, as scheduled, for a variety of reasons. Primary among them is the fact that ether is stakeda process in which cryptocurrency holders lock up their funds as collateral to support the operations of a blockchain network in exchange for rewards in the form of additional cryptocurrency.
On March 18, Fidelity added an amendment to its proposal to allow traders to stake some of the assets held, and a day later Grayscale amended its application to add staking as well.
Last year, the SEC cracked down on staking, fining cryptocurrency exchange Kraken $30 million and forcing the company to shut down its staking-as-a-service business for not following securities law. It also sued Coinbase (COIN) for its staking offering. That litigation is still in process.
When investors provide tokens to staking-as-a-service providers, they lose control of those tokens and take on risks associated with those platforms, with very little protection, the SEC said at the time of the Kraken fine.
That could be interesting in the context of an Ether ETF, where investors do not actually hold the tokens. Instead, they get shares in a fund that has pooled their resources to invest in a portfolio comprising the underlying token.
In a note dated March 12, crypto researcher Noelle Acheson pointed out the uniqueness of staking ether could lead to denial because there's "regulatory fog" surrounding the activity.
Spot bitcoin ETFs were approved by the SEC in January after several failed attempts. The regulator had previously denied filings until last year when a U.S. Court of Appeals for the District of Columbia said the SEC failed to adequately explain its reasoning for the rejections, specifically in the case of the conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF. That court ruling led the commission to approve the listing and trading of the spot bitcoin ETF shares.
Jake Chervinsky, chief legal officer at Variant, an early-stage crypto fund, wrote in post on X March 11 that the commission could come up with new grounds for denial that werent tested by Grayscale in court, which would likely also be subject to a court challenge. The SEC is more than willing to take litigation risk and lose in court based on a preference for being viewed as fighters in a war against crypto rather than being accused of rolling over, Chervinsky wrote.
Earlier this month, SEC Chair Gary Gensler declined to say in an interview with Yahoo Finance whether he would approve the Ether ETF applications. He continued to criticize cryptocurrency saying it "has challenges" and is "rife with abuses and fraud," Yahoo Finance reported.
Acheson said that there's a conceptual problem for Ether that didn't apply to bitcoin. "This statement may irritate many, but ETH was created to be used, not held," Acheson said.
ETH can be a store of value among other functions, but thats not where its main advantage lies, she said.
"It is the field for the largest distributed computing platform in the world, and powers a range of decentralized applications," Acheson said, while bitcoin in her opinion is a product to be held. "Basically, for BTC a spot ETF makes sense. For ETH, less so," she said.
Another point of difference could arise out of the classification of ether as a security, as opposed to bitcoin, which is considered a commodity. Bloomberg reported on Mar. 20 that the SEC is investigating Ethereum Foundation, in what could lead to classification of ether as a security.
If the SEC is able to classify ether as a security, it would have far reaching consequences not just for the token, but the cryptocurrency markets as a whole. Ether would have to abide by securities laws and the SEC would have more power to regulate the cryptocurrency and how its traded. It could also open doors for other crypto tokens to be classified as securities, leading to greater regulatory scrutiny.
Coinbase's chief legal officer Paul Grewal said in a post on X last week that some regulators in the past have clarified ether's status as commodity while the SEC itself has doubted whether the token could be identified as a security.
"The SEC has no good reason to deny the ETH ETP applications. And we hope they wont try to invent one by questioning the long established regulatory status of ETH, which the SEC has repeatedly endorsed," Grewal wrote.
On Monday, Graycale's chief legal officer Craig Salm sounded an optimistic tone in posts on X, saying that the issues that were resolved in the run-up to the approval of the spot bitcoin ETFs were the same as those the SEC must weigh now.
"The only difference is rather than the ETF holding bitcoin, it holds ether," Salm said. "So in many ways, the SEC already has engaged and issuers simply have less to engage on this time."
"Perhaps I will feel differently as we get closer to final approve/deny dates in late May 2024, but at this point, I don't think perceived lack of engagement from regulators should be indicative of one outcome or another," Salm said.
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Why Spot Ether ETFs Could Face a Difficult Path to Approval - Investopedia
Opinion: My ill-fated dip in the cesspool of cryptocurrency – The Globe and Mail
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Representations of cryptocurrency Bitcoin in Paris on March 9.Benoit Tessier/Reuters
Rob Csernyik is a 2022 Michener-Deacon fellow and a contributing columnist for The Globe and Mail.
When Bitcoin hit an all-time high of nearly US$74,000 on March 14 pushing the cryptocurrency market to a dizzying US$2.8-trillion I was not in the cheering section. Months before, I had started cashing out my meagre crypto and related holdings for about $20 in profit.
For some investors, the recent crypto valuation rebounds suggest a return to the unbridled optimism that characterized much of the last decade. Its a reason to hold or to buy more. But for others millennials, including me, with limited funds to allocate its an escape hatch were wise to take.
The fresh territory to explore? Its not unchartered, only sleepier: the sturdier footing of blue-chip stocks or exchange-traded funds, particularly those with attractive dividend payouts.
In May, 2020, with fewer places to spend my money because of COVID-19 lockdowns and tumbling equity prices, I started a self-managed investment account. It hasnt grown into a massive nest egg, but is now worth several thousand dollars.
Im not alone. The same calendar year I started, Canadians opened more than 2.3 million new do-it-yourself investment (DIY) accounts, according to Investor Economics, a financial services research firm. This was nearly three times the number opened in 2019.
Bitcoin ownership was on the rise, too: 13 per cent of Canadians by 2021, up from 5 per cent in previous years according to the Bank of Canada. Crypto mining stocks and exchange-traded funds (ETF), which Canada had before the United States, made it easy to buy crypto as a theme without opening a separate wallet.
It was easy to get swept up in the excitement and the feeling that if I wasnt invested in crypto, I was missing out. I steered my savings toward it and, like my fellow emerging DIY investors, encountered a steep learning curve. Going in, I knew the days of massive returns the first-movers of crypto reaped were over, but I treated them as interchangeable with high-risk stocks.
But I gave them too much space in my portfolio. Prices shifted more quickly than news cycles could keep up with, and I got used to seeing outsized gains. They made me hungry for more. After the crypto crash in the spring of 2022, my portfolios related holdings floundered. I saw my returns drop lower than I felt comfortable with.
Having spent the last few years grimacing at my portfolio has led me to reconsider my appetite for risk. For me, this was mostly a revision of how crypto fit in. In hindsight, I can see how investing similar dollar amounts in more thoughtfully chosen equities or ETFs would have helped me reach more modest but still reasonable growth goals without the risk of crypto.
Thats why, when I saw my Bitcoin investment finally in the black again, I hit sell. My profit was tiny, but I could reallocate the funds toward something more carefully chosen, instead of plucked from the headlines because everyone else seemed to be buying it.
A defining moment came while listening to an investor call for a freelance story I was working on. A Goldman Sachs Wealth Management executive was asked for her thoughts on the new Bitcoin ETFs that were recently approved for trading in the United States.
She was unequivocal: investors should not allocate to cryptocurrencies or crypto ETFs as part of their investment portfolios. It was as speculative as gambling at a Las Vegas casino. That I had been considering my crypto allocations investments in the classic sense suddenly seemed naive.
Granted, this is ultimately a personal decision. Some people like to speculate and have enough wealth that they dont need to worry about losses. But much of the DIY crowd, including me, are not in that category. We cant afford to be. Im not much of a gambler, and besides, to grow my portfolio to contribute to a property down payment or to assist with retirement requires a more considered approach.
I vowed, after hearing the executives remarks, to step up my divestment and reallocate more selectively. When an opportunity came to sell my bit of Ether at a profit, it went. Same with a handful of crypto mining stocks.
I feel more positive and secure toward my investments since making this pivot, even if my portfolio hasnt grown significantly since. I also find myself paying less attention to the constant headlines about them. Thats why I barely notice some of the headlines about Bitcoin selloffs trimming back some of the most recent record-breaking gains.
There are enough horror stories about everyday people betting big on cryptocurrency and losing their savings or selling off their holdings at a loss because they fear it will only get worse. If the chance to break even or turn a small profit appears, save yourself.
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Opinion: My ill-fated dip in the cesspool of cryptocurrency - The Globe and Mail
Cryptocurrency: Top 3 Coins To Buy for 5X Profit In April – Watcher Guru
Investors are constantly on the lookout for the next cryptocurrency opportunity. With numerous digital assets vying for attention, it can be challenging to identify the coins with the most promising prospects. In this article, well explore three cryptocurrencies that have the potential to deliver 5X profits in April: NEAR Protocol (NEAR), Shiba Inu (SHIB), and Stacks (STX).
These projects have demonstrated impressive performance in recent weeks and possess unique features and use cases that could propel them to new heights in the coming month.
NEAR Protocol (NEAR) has emerged as a strong contender in the blockchain space, offering a scalable and developer-friendly platform for decentralized applications (dApps). With its unique sharding technology and proof-of-stake consensus mechanism, NEAR aims to address the scalability and usability challenges faced by other blockchain networks.
Over the past 24 hours, NEAR has witnessed an impressive 11.1% increase in price, currently trading at $7.22.
Moreover, the cryptocurrency has surged by a staggering 107.3% over the past 30 days, indicating strong market momentum and investor confidence. As more developers and projects flock to the NEAR ecosystem, the demand for the native token is expected to rise, potentially leading to further price appreciation in April.
Shiba Inu (SHIB), the beloved meme coin that started as a lighthearted joke, has proven its staying power in the cryptocurrency market. With a dedicated community, Shiba Inu has the potential to ride the wave of the upcoming bull run.
Over the past 30 days, SHIB has experienced an astonishing 194% increase in price, currently trading at $0.00002793. As mainstream adoption of cryptocurrencies grows and market sentiment remains bullish, Shiba Inus popularity and brand recognition could fuel its price appreciation in April. Also, this could potentially lead to 5X returns for investors who capitalize on this opportunity.
Stacks (STX) is an innovative cryptocurrency that aims to bring smart contract functionality to the Bitcoin network. By leveraging Bitcoins security and stability while enabling developers to build decentralized applications, Stacks bridges the gap between the worlds largest cryptocurrency and the growing demand for programmable money.
Over the past 7 days, STX has seen a significant 28.3% increase in price, and it has also gained 39.1% over the past 30 days, currently trading at $3.54. Additionally, as more investors recognize the potential of Stacks and its unique position in the cryptocurrency ecosystem, demand for STX could soar, potentially leading to 5X profits in April.
The cryptocurrency market presents numerous opportunities for investors to generate substantial returns, and the three coins discussed in this article NEAR Protocol, Shiba Inu, and Stacks could potentially deliver 5X profits in April.
However, it is crucial to remember that the crypto market is highly volatile and subject to rapid changes in sentiment and market conditions. Also, as with any investment, it is essential to conduct thorough research, understand the risks involved, and make informed decisions based on your individual financial goals and risk tolerance.
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Cryptocurrency: Top 3 Coins To Buy for 5X Profit In April - Watcher Guru
Dogecoin Overtakes Cardano As 9th Largest Cryptocurrency – Watcher Guru
Dogecoin (DOGE), the original memecoin, has flipped Cardano (ADA) for the position of the 9th largest cryptocurrency. DOGE surged by 3.1% in the daily charts, 32.2% in the weekly charts, and more than 108% over the previous month. Moreover, the popular memecoins market cap has risen by 3.30% in 24 hours, currently at $25.78 billion. Cardano (ADA), on the other hand, has a market cap of $23.61 billion.
Also Read: How High Can Dogecoin (DOGE) Rise This April 2024?
DOGEs latest rally could be due to Coinbase announcing futures trading for the popular memecoin. Furthermore, DOGEs OI (Open Interest) recently surpassed the $1 billion mark, currently at $1.57 billion. The increase in OI reflects investors positive interest in the memecoin.
DOGE has also seen an increase in whale activity over the last few days. Last week, transactions between $100,000 and $1 million increased by about 92% at one point.
According to CoinCodex, DOGE may witness a slight correction in April, falling to $0.150837 by Apr. 15, 2024. Hitting $0.150837 from current levels would translate to a decline of about 15.78%.
Changelly also predicts a bearish outlook for Dogecoin (DOGE) for the next few weeks. The platform predicts the memecoin to fall to $0.158410 by Apr. 15, 2024.
Also Read: Shiba Inu vs. Dogecoin: ChatGPT Predicts If SHIB Can Outperform DOGE
However, there is also a possibility that DOGE could continue on a bullish path. If Bitcoin (BTC) reclaims its all-time high, fuelled by its halving event, we may witness another market-wide rally. In such a scenario, DOGE may continue to surge.
Furthermore, Elon Musk recently announced that Tesla may soon begin to accept Dogecoin (DOGE) for its vehicles. If Tesla enables DOGE payments for its cars, we may witness a surge in the assets price.
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Dogecoin Overtakes Cardano As 9th Largest Cryptocurrency - Watcher Guru
Compass Coffee Makes a Bold Move By Accepting Cryptocurrency in D.C. – Eater DC
Making a statement against credit card junk processing fees, D.C.s veteran-owned Compass Coffee invited todays Navy Yard customers to buy their brew with digital dollars instead. The one-day pilot with Coinbase coincides with the top U.S. crypto exchanges Update the System Summit in the nations capital. While mega-chains like Starbucks and Subway have recently started accepting payments in bitcoin and the like, its rare for a small business like Compass to get into crypto. Todays Half Street SE customers can scan a QR code to pay with USDC a so-called stablecoin that acts like a digital dollar and sip cups rebranded with Coinbase facts on unnecessary transaction fees pocketed by big banks. Decade-old Compass, which loses almost 4 percent in revenues to every credit card swipe, says its global bean suppliers could also financially benefit from using faster digital dollars. Coinbase tells Eater its teaming with Compass to show D.C. a real-life example of how money can move with the speed and ease of the internet, without the middleman hiking up fees. The unlikely partnership could blossom this year into the implementation of an actual crypto-accepting system across its 16 local cafes.
M. Frances, a newly announced dining destination that functions as a nonprofit through the LEE Initiative, is opening in the Union Market district later this summer (1252 4th Street NE). Over its five-year lifespan, M. Frances will double as a case study in providing independent restaurateurs with real-time research on ways to improve sustainability, innovation, and labor practices. The all-female culinary team is comprised of chefs Amy Brandwein (Centrolina, Piccolina), Taylor Davis (Nami Steakhouse), AuCo Lai (Star Hill Provisions), Liliana Myers (Safta), and Lisa Donovan (NYT food writer).
The Metropolitan Washington Airports Authority (MWAA) just announced 15 fresh concessions opening at Reagan National Airport and Dulles International Airport this year. Most are retail names, but theres one big restaurant to note. DCA will welcome an outpost of Mi Vida, Knead Hospitality + Designs stylish Mexican eatery with D.C. locations at the Wharf, Logan Circle, and Chinatown. Maryland-based chain Nalley Fresh will also bring its salads, wraps, and bowls across the Potomac. In less-exciting news, IAD and DCA will each get a new Starbucks.
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Compass Coffee Makes a Bold Move By Accepting Cryptocurrency in D.C. - Eater DC
Cryptocurrency Clash: Evaluating SLERF, Shiba Inu, and BEFE Coin for Investment – NewsBTC
With meme coins taking over the market again, investors are in dilemma of choosing the perfect coin to invest. Whether it should be the newbie in the town, SLERF, or one of the OG coins, Shiba Inu, or the ever-steady BEFE Coin? It is essential to understand the performance of SLERF, Shiba Inu, and BEFE coin and then make the right decision. So, lets evaluate them.
Theres been enough praise for SLERF in the meme crypto market, with investors and whales going crazy over the sloth-themed SLERF coin. But what about SLERFs performance? Reporting on March 23, 2024, SLERF has a value of $0.5937, indicating a downfall of 0.39% in the past 24 hours. However, SLERF had a lot of fluctuations over the past 24 hours, with SLERF value going to the red zone and taking 5 hours to rise. The sudden downfall of SLERF created a double top pattern on the early morning of March 23, 2024.
Regarding SLERFs weekly performance, there has been a decline of 10.07%, indicating that investors might be skeptical about the SLERF coin.
After being in the red zone for quite some time, Shiba Inu is finally seeing green. As recorded on March 23, 2024, Shiba Inus value is at $0.00002813, which shows an increase of 5.95% in the past 24 hours. Looking back into Shiba Inus past weeks performance, it is on the rise, with an immediate hike at 9.75%. However, investors are still doubtful about Shiba Inus performance since Shiba Inu did not perform when BTC shifted the market towards the positive zone. Instead, Shiba Inu saw a massive sell-off of its tokens, with Shiba Inu investors trying to lock in profits from the meme coin. Due to this, analysts are currently stating that Shiba Inu might fall back up to 10% in the upcoming days. However, it is better to sit and watch the performance of Shiba Inu before making any assumptions.
BEFE coin had been in the red zone from March 17, 2024, till the evening of March 23, 2024, after which it entered into the positive zone. Before that, BEFE was clearly touching the skies. As of now, i.e., March 23, 2024, BEFE is at $0.0005109, showing an increase of 26.59% in the past 24 hours. Looking at BEFEs one-month performance, the coin has shown an increase of 15.53%. Compared to SLERF and Shiba Inu, BEFE has a high potential to take its investors into the millionaire zone.
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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Cryptocurrency Clash: Evaluating SLERF, Shiba Inu, and BEFE Coin for Investment - NewsBTC
Elons Dogecoin (DOGE) Cult Splits Bag With 1000x Movement Cryptocurrency, Analyst Predict Top 20 Listing Soon – The Portugal News
Analysts are buzzing with predictions, suggesting that Option2Trade (O2T) is on a fast track to securing a spot among the top 20 cryptocurrencies by market capitalization, a feat that Dogecoin (DOGE) itself achieved amid a flurry of social media frenzy and celebrity endorsements.
Dogecoin (DOGE) - The Beloved Meme Coin
Dogecoin (DOGE), the cryptocurrency that began as a joke but turned into a cultural phenomenon, owes much of its success to the unwavering support of its community and the occasional tweet from tech magnate Elon Musk. The Dogecoin (DOGE) community, often referred to as the "DOGE cult," has been instrumental in propelling the meme coin to incredible heights, showcasing the power of community-driven investments in the cryptocurrency space.
Enter Option2Trade (O2T) - The New Contender
Amid the loyalty and camaraderie within the Dogecoin (DOGE) community, the emergence of Option2Trade (O2T) represents a pivotal moment. Option2Trade (O2T) is capturing the imagination of investors with its promise of a 1000x return, a bold claim that speaks to its ambitious roadmap and the innovative technology underpinning its platform. Unlike Dogecoin (DOGE), which thrives on its meme status and the whims of social media sentiment, Option2Trade (O2T) is building its reputation on solid technological advancements and a clear vision for the future of crypto trading.
The Dogecoin (DOGE) Community's New Venture
As news of Option2Trade (O2T)'s potential spreads, a notable number of Dogecoin (DOGE) enthusiasts are beginning to explore this new opportunity. The allure of joining a project with the tagline "1000x movement" is too compelling to ignore for those who have already witnessed the meteoric rise of Dogecoin (DOGE) from its meme coin origins to becoming a staple in the portfolios of crypto investors worldwide.
Analysts' Bold Prediction for Option2Trade (O2T)
The buzz around Option2Trade (O2T) is growing louder by the day, with analysts projecting an unprecedented ascent to the top 20 cryptocurrencies. This prediction is based on the robust fundamentals of O2T, its innovative approach to disrupting the traditional trading space, and the growing trend of Dogecoin (DOGE) investors diversifying into this new, promising venture. If the trajectory of Dogecoin (DOGE) has taught the crypto community anything, it's that underestimating the power of a dedicated and enthusiastic investor base can be a mistake.
Dogecoin (DOGE) and Option2Trade (O2T) - A Synergistic Relationship
The relationship between Dogecoin (DOGE) and Option2Trade (O2T) is becoming increasingly synergistic. While Dogecoin (DOGE) continues to enjoy its status as the premier meme coin, backed by a vibrant community and celebrity endorsements, Option2Trade (O2T) is carving out its niche by offering groundbreaking solutions to longstanding issues in the crypto trading sphere. This diversification by Dogecoin (DOGE) investors into O2T is a testament to the evolving nature of the cryptocurrency market, where innovation, potential for growth, and community support converge to create new opportunities.
Conclusion: A New Chapter in Cryptocurrency Investments
The move by a portion of Elon Musk's Dogecoin (DOGE) cult to split their bag with Option2Trade (O2T) marks a significant shift in the cryptocurrency landscape. As Option2Trade (O2T) gears up for what many believe will be a meteoric rise to the top 20 cryptocurrencies, the broader crypto community is reminded of the dynamic and ever-changing nature of this space. For Dogecoin (DOGE) and Option2Trade (O2T) alike, the future holds endless possibilities, fueled by the passion of their investors and the promise of innovation that lies at the heart of the cryptocurrency movement.
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Elons Dogecoin (DOGE) Cult Splits Bag With 1000x Movement Cryptocurrency, Analyst Predict Top 20 Listing Soon - The Portugal News
Cryptocurrency Trends: Solana (SOL) Recovers After Minor Correction, Algotech (ALGT) Presale Hits $3M After $500K … – NewsBTC
The cryptocurrency landscape is constantly changing, as shown by significant fluctuations and notable developments. Solana (SOL) witnessed a sharp dip, contrasting with a new DeFi platforms impressive presale performance, raising eyebrows across the crypto community.
Solana, one of the leading cryptocurrencies, rebounded rapidly after a minor correction. The blockchain has witnessed a surge of development activity as memecoins continue to surge. Solana-based memecoin Dogwifhat (WIF) recently witnessed significant bullish growth, with an increase of over 20% in the past day.
Technical analysis of Solana price suggests significant positive potential for the blockchain as well. The blockchain initially hit its 2024 peak on March 17 by hitting $210 but had a minor rebound back to $170 before continuing its move upwards.
A key positive factor for the bulls was the positive traction behind memecoins like SLERF and Book of Memes (BOME), which shocked the market with their rapid surge. This led insiders to speculate whether Solana would become a DeFi powerhouse with the potential to outshine Ethereum this year.
With these factors under the spotlight, technical analysis suggests that the SOL price could revisit its yearly highs in the coming weeks. Network investors are actively exploring projects that have high upside potential.
Emerging trading platform Algotech has emerged as a significant choice for investors looking to diversify their portfolios.
Algotech (ALGT) has emerged as a beacon of success amid market volatility. With its presale exceeding $3 million and raising over $500K in a single day, the project exhibits resilience and investor confidence.
Early investors in Algotech (ALGT) are not only getting their hands on the ALGT tokens for $0.06 but also getting access to governance rights and a share of profits from trading fees. The token price is expected to rise to $0.08 in the next round.
Investors and enthusiasts are eager to take advantage of this opportunity before prices potentially skyrocket to the $1 mark once the DeFi platform is listed on major exchanges. Algotechs record-breaking presale shows high market demand. As it continues to grab attention and investment, this emerging player solidifies its position as a promising opportunity.
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Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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Cryptocurrency Trends: Solana (SOL) Recovers After Minor Correction, Algotech (ALGT) Presale Hits $3M After $500K ... - NewsBTC
Bitcoin Becomes the Most Preferred Cryptocurrency in the UAE – TradingView
Key points:
A recent report unveiled the significant gains in the crypto sector in the United Arab Emirates (UAE) over the last year. According to a Chainalysis report, the UAE has marked a substantial capital gain of $204 million in crypto investment in 2023.
Though the UAE was only 38th in the top 50 countries with remarkable crypto investment gains, it secured the second rank among the GCC countries. Saudi Arabia, with a gain of $351 million, achieved the first position in the list of GCC countries and the 26th position in the top 50 countries. No other GCC countries were included in the list.
Notably, the United States led the rally with a total gain of $9.36 billion. The United Kingdom secured the second position, marking a gain of $1.39 billion. The upper and lower middle-income countries like Vietnam, China, Indonesia, and India follow suit with gains of $1.18 billion, $1.15 billion, $1.96 billion, and $1.05 billion, respectively.
The report further highlighted that Bitcoin is the most preferred cryptocurrency by UAE investors. Chainalysis stated, This asset class delivered strong results for UAE investors, accounting for 70 percent of the total gains they made last year. Ethereum and Ripples XRP secured the second and third positions for the most preferred cryptocurrencies in the UAE. Chainalysis Director of Research, Kim Grauer, stated,
The outsized popularity of Bitcoin and Ethereum indicates a level of maturity among UAE investors. The community is backing well-established digital assets with steady and proven performance, rather than more speculative cryptocurrencies.
Moreover, the report unearthed the global crypto investors gains that totaled $37.6 billion in 2023. Chainalysis cited, 2023 proved to be a year of strong recovery for global crypto markets, with asset prices and market sentiment rebounding positively after the turmoil of the previous year.
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Bitcoin Becomes the Most Preferred Cryptocurrency in the UAE - TradingView
Cryptocurrency: Top Three Solana Meme Coins That Could 50x This Bull Season – Watcher Guru
Solanas stellar price ascent needs no further introduction. The token has been performing exceptionally well this bull season, establishing cryptocurrency market dominance by exuding strategic powerplay. Per CoinMarketcap, Solana has noted a significant price hike of 70% in the last month. Stable at $189, SOL is bound to project a positive price ascent in the near future.
Additionally, Solana-inspired meme coins have also taken the crypto world by surprise by performing remarkably well and aligning with their parent blockchain. These tokens have surged 300% during this bull run, birthing millionaires in their wake. Heres our list of the top three Solana-inspired coins that could potentially disseminate 50x rewards this season.
Also Read: Solanas Fees Soar Past Bitcoins: Will SOL Reclaim $200 By March End?
Born out of Jest, the Shiba Inu-inspired DogWifHat, aka WIF, has now become a major crypto meme token deployed on Solana. The token has surged more than 700% in the last month. The elements of colloquial crypto FOMO and positive market sentiment have primarily driven WIFs pace.
Per CoinMarketcap, DogWifHat is currently at $2.47 after briefly touching an ATH of $3. The token has been up 9% in the last 24 hours, and predictions anticipate its upcoming meteoric rise.
Per CoinCodex, DogWifHat may soon breach the $3 threshold and touch a new ATH of $3.36 by March 26.
According to our current Dogwifhat price prediction, the price of Dogwifhat is predicted to rise by 30.57% and reach $3.36 by March 26, 2024.
The steady rise in price signals a bullish streak for WIF holders. Given its massive popularity quotient and positive price metrics, DogWifHat can be a lucrative coin to explore.
Bonk, another dog-inspired meme coin on Solana, gains strength against major crypto coins and contenders. The token is up 7% in the last 24 hours, trading at $0.00002379. The tokens unparalleled growth has helped it amass a loyal fan following. Per CMC, the token has noted an 86% surge in the past month, outlining its potential and powerful impact.
Labeled as the coin deployed for people and by the people, BONK competes with contenders like Shiba Inu and Dogecoin to establish its own unique identity as a leading crypto coin. With a stellar record of disseminating decent profits, BONK can be another crypto coin worth investors money and time.
Also Read: Solana Urges Community To Stop Exploring Pre-Sale Projects On Network
Per CoinCodex, the BONK token may soon note a significant price hike of 30%.
According to our current Bonk price prediction, the price of BONK is predicted to rise by 30.22% and reach $0.00003154 by March 26, 2024.
BOME is the recent Solana crypto offspring, making waves in the market lately. The token was launched to redefine web3 culture by amalgamating memes, decentralized storage solutions, and degen shitcoin trading and gambling.
Soon after its launch, BOME climbed a new ATH, driven by community surges and sentiment. The token has noted a staggering 1191% surge in its price in the last month. BOME is currently sitting at $0.01176, with the potential to help investors earn stable profits.
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Cryptocurrency: Top Three Solana Meme Coins That Could 50x This Bull Season - Watcher Guru