| Reading time: 5 minutes | News | Crypto Converter | Profit Calculator | Tesla transfers $760M in Bitcoin to unknown wallets, raising concerns of a sale | | Key points: | Tesla has transferred nearly all its Bitcoin, valued at $760 million, to unknown wallets. The company's wallets now hold just $6.65 in Bitcoin.
| News - Elon Musk's Tesla, a major corporate holder of Bitcoin, has sold the majority of its cryptocurrency holdings. The electric car maker transferred nearly 11,500 Bitcoin, valued at around $760 million, to unknown wallets. This move has sparked speculation about Tesla's future stance on Bitcoin. | Tesla initially purchased $1.5 billion worth of the cryptocurrency in 2021. While the company once held as much as $2.5 billion in Bitcoin, it has been gradually reducing its exposure to the digital asset. In early 2022, Tesla sold 75% of its Bitcoin holdings, realizing a loss. | Elon Musk, the CEO of Tesla and a prominent figure in the cryptocurrency space, has expressed mixed views on Bitcoin in the past. While he has acknowledged the potential of the king coin and other cryptocurrencies, he has also shown a preference for Dogecoin. | In conclusion - The sale of Tesla's Bitcoin holdings could have implications for the broader cryptocurrency market. As one of the largest corporate holders of Bitcoin, Tesla's actions can impact market sentiment and price movements. | RWA tokenization set for explosive growth, projected to reach $10T by 2030 | | Key points: | | News - The real-world asset (RWA) tokenization sector is experiencing a boom, with experts predicting massive growth over the next decade. | Financial institutions and consulting firms anticipate the RWA market could skyrocket by over 50 times by 2030, reaching a value between $4 trillion and a staggering $30 trillion. | Analysts believe RWA tokenization has the potential to revolutionize how financial markets function. As the technology matures, it could encompass a larger share of global financial markets, fundamentally changing how individuals invest, trade, and own assets. | But here's a catch - However, the RWA sector remains dominated by stablecoins, which account for over $170 billion of the market. Onchain tokenized securities and treasuries hold a significantly smaller share, valued at $2.2 billion. | Despite this current imbalance, experts see immense benefits in bringing real-world assets onto the blockchain. Tokenization has the potential to streamline transactions, making them faster, cheaper, and free from intermediaries and geographical limitations. | Grayscale seeks SEC approval to convert $520 Million fund into ETF | | Key points: | | News - Grayscale, a prominent crypto asset manager, has submitted a filing to the U.S. SEC to transform its $520 million multi-cryptocurrency fund into an ETF. | The New York Stock Exchange (NYSE) filed a 19b-4 form on October 14, requesting a rule change to facilitate the listing of the new ETF. | The Digital Large Cap Fund managed by Grayscale currently oversees approximately $524 million in assets, with a significant allocation of 76% to Bitcoin, 18% to Ether, and the remainder distributed among Solana, XRP, and Avalanche. | What's more? An accompanying 8-K form was submitted to inform investors that the fund adheres to the proposed rule changes by the NYSE. | This filing comes after the SEC approved Grayscale's earlier requests to convert its Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) into ETFs. | The regulatory landscape shifted after a favorable court ruling in August allowed Grayscale to advance its applications. | Ethereum price gains momentum, yet DApp activity declines by 23% | | Key points: | | News - Ethereum's price has experienced a mixed performance in recent weeks, with a surge followed by a decline. Despite reaching its highest level in two weeks, Ether remains down 25% over the past three months. | While Ethereum's total value locked (TVL) has remained relatively stable, its DApp volumes have seen a notable decline. | More details - This downturn has sparked concerns about the future direction of Ether's price. Although other networks like BNB Chain and Solana have also experienced declines in DApp volumes, Ethereum's specific areas of weakness, such as Uniswap and Balancer, may be contributing to investor sentiment. | The lack of significant inflows into US-based spot Ether ETFs is another factor limiting Ether's price growth. Investors seem to be favoring Bitcoin over Ether instruments, as evidenced by the net inflows into Bitcoin ETFs. | Finally, Ethereum's increasing supply, despite high network usage, has led to frustration among investors. | | More stories from the crypto ecosystem | | Interesting facts | Before Hall Finney advanced the Proof-of-Work (PoW) concept as the consensus mechanism behind Bitcoin, the original idea was to prevent spammers from using a high computational power to send a high amount of email to many users at once. This was also the first use case of PoW. The EOS blockchain holds the record for the highest amount of money raised in an Initial Coin Offering (ICO). For context, ICO is a means by which a project raises money for a cryptocurrency venture. Between 2017 and 2018, EOS, founded by Hong Kong-based company Block.one, raised a staggering $4.1 billion by selling over 1 billion EOS tokens. Several global crypto adoption reports identify India as the country with the most crypto users. According to the reports, the country has over 90 million people holding one cryptocurrency or another. Other nations like China, the United States, the Philippines, Vietnam, and Nigeria also fall into the top 10.
| | Top 3 coins of the day | Solana (SOL) | | Key points: | | What you should know - Solana has recently attempted a bullish breakout from a symmetrical triangle pattern, suggesting potential upward momentum. The price, at press time, was at $155.64, and the triangle's upper boundary at around $160 acted as immediate resistance. If SOL breaks above this level, it may test the next resistance around $170. Support could be found near the lower trendline, approximately at $140, providing a cushion against any downside. The MACD was positive, indicating bullish momentum, with the MACD line above the signal line. Additionally, the increasing trading volume supported the recent upward move, highlighting strong buying interest. However, traders should monitor the volume closely; a decrease could indicate waning bullish pressure. | Litecoin (LTC) | | Key points: | LTC bulls gained strength in the last few days. However, the recent bullish move hasn't been backed by good volume.
| What you should know - Litecoin, at press time, was trading at $70 after a prolonged period of rangebound movement between $64 and $72, as shown in the highlighted area. The price has recently tested the upper boundary of this range, suggesting possible breakout potential. However, without a decisive close above $72, the risk of a return to the range's lower boundary remains. The RSI remained at 51.06, indicating a neutral stance, which aligned with the ongoing consolidation. Additionally, the Simple Moving Average (SMA) around $66.54 was acting as dynamic support, helping to sustain the price within the range. Traders should watch for a breakout above $72 for a bullish continuation, potentially targeting $76. | Aave (AAVE) | | Key points: | | What you should know - Aave, at the time of writing, was trading at $155.24, following a recent pullback from the $160 level, where it faced resistance. The price has been forming higher highs and higher lows, indicating an overall uptrend. AAVE remains above the middle Bollinger Band, which is near $151.41, acting as a support level. A sustained move above this support could maintain bullish momentum. The Awesome Oscillator showed positive momentum, though it appeared to be weakening slightly at press time, suggesting that buyers were losing some strength. The Bollinger Bands have been contracting, signaling reduced volatility and potential consolidation before the next significant move. If AAVE can break above $160, it may target the $170 resistance. Conversely, a drop below $151.41 could see AAVE retesting lower levels around $134. | How was today's newsletter? | |
|
No comments:
Post a Comment