Mercado Libre, one of the biggest e-commerce platforms in Latam, has disclosed it holds over $40 million in cryptocurrency, according to its Q1 2024 filings. The company disclosed that it held 412.7 bitcoin (BTC) and 3,041.6 ethereum (ETH), by March 31. However, Mercado Libre does not own these holdings, as its CIO Richard Cathcart explained,
Franklin Templeton manages assets worth $1.46 trillion. Base network, an Ethereum Layer-2 solution, is gaining activity. Continue Reading: Franklin Templeton Highlights Base Network’s Growing Influence
In a recent funding initiative, the Solana-based Agridex project secured $5 million in a pre-seed round aimed at enhancing the tokenization of agricultural commodities. The funding, led by Endeavour Ventures, included contributions from African Crops Limited and Oldenburg Vineyards. Agridex Attracts $5 Million to Develop Solana-Powered Agricultural Marketplace Agridex‘s platform, which operates on the Solana
Coinbase plans to list three new altcoins for futures trading. The listing includes Jupiter (JUP), Tensor (TNSR), and Jito (JTO). Continue Reading: Coinbase Announces Listing of New Altcoins
Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January. While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee “Bitcoin Mini Trust.” Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted. The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM). In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation. DCG Reports 11% Q1 Revenue Increase Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices. However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume. At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds. Featured image from Shutterstock, chart from TradingView.com
Michelle Murphy, 58, from Bedford, Texas, has been sentenced to nine years in federal prison for attempting to hire a hitman using bitcoin to kill her boyfriend’s lover. Charged in September 2023 and pleading guilty in December, Murphy used the dark web to orchestrate the crime, paying $10,510 in bitcoin. The transaction was traced through
May features significant events influencing Bitcoin and overall crypto market dynamics. Jerome Powell's upcoming speeches and economic indicators are highly anticipated. Continue Reading: Key Events in May Could Impact Bitcoin and Crypto Market Trends
An analyst has pointed out how Arbitrum (ARB) has formed a Tom Demark (TD) Sequential buy signal on its weekly chart recently. Arbitrum May Have Hit A Point Of Reversal According To TD Sequential In a new post on X, analyst Ali has discussed a TD Sequential signal that Arbitrum has observed in its weekly price recently. The “TD Sequential” is an indicator in technical analysis generally used for locating probable reversal points in any asset’s price. This indicator has two phases, the first of which is known as the “setup.” In this phase, candles of the same polarity are counted up to nine, and once these nine candles are in, the price may be assumed to have reached a possible turnaround. Related Reading: Bitcoin Network Fundamentals Could Sustain $265,000 Price, CryptoQuant CEO Explains Naturally, if these candles were green, the TD Sequential would suggest a potential sell signal for the asset, while if they were red, the indicator would shoot a buy signal. Once the setup is complete, the “countdown” phase begins. The countdown works much like the setup, except that it lasts thirteen candles, not nine. The countdown’s finish leads to another likely top or bottom for the price. Now, here is the chart shared by Ali that shows the TD Sequential signal that Arbitrum has just formed in its weekly price: The pattern that has recently been forming in the ARB price recently | Source: @ali_charts on X As displayed in the above graph, Arbitrum has recently completed a TD Sequential setup on its weekly price with red candles. This naturally means that, according to the indicator, the asset should likely reverse towards the upside now. The analyst suggests that this buy signal “anticipates a one to four candlesticks rebound for ARB.” Given this pattern, how the coin’s price will develop in the coming days remains to be seen. In some other news, the Arbitrum network has recently observed its transaction activity go up, as market intelligence platform IntoTheBlock has pointed out in an X post. The trend in the total number of transactions taking place on the network over the last few years | Source: IntoTheBlock on X The chart shows that the number of transactions on Arbitrum has been increasing in the last couple of months. Back in early March, the network’s average transfer count stood at around 1 million, but recently, it has crossed the 2 million mark. Related Reading: Cardano Offering Better Buying Window Than Other Top Coins, Santiment Reveals A high transaction count is generally a sign that traders are interested in the asset. This could lead to more volatility for the coin’s price, although its direction can go either way. ARB Price At the time of writing, Arbitrum is trading around $1.01, down almost 2% over the past seven days. Looks like the price of the coin has witnessed a drawdown in the last few days | Source: ARBUSD on TradingView Featured image from Shutterstock.com, IntoTheBlock.com, charts from TradingView.com
A closely followed crypto trader believes that Bitcoin (BTC) and two altcoin projects are gearing up for massive rallies. Pseudonymous analyst Inmortal tells his 213,200 followers on the social media platform X that, based on the historical duration of market cycles, Bitcoin has much higher to go. “We still have room for 500 more green The post Trader Says Bitcoin (BTC), Chainlink (LINK) and One Ethereum Rival Setting Up for Rallies appeared first on The Daily Hodl .
Glassnode reports Ethereum lags behind Bitcoin in investor interest. Bitcoin ETF approvals significantly impact market movements. Continue Reading: Insights on Bitcoin and Ethereum’s Current Market Positions