Sui in strategic partnership with Franklin Templeton

Posted on November 22, 2024November 23, 2024 by Olumide Adesina

Sui and Franklin Templeton Digital Assets have teamed up to develop blockchain-based technologies and fortify Sui’s ecosystem. According to a Sui post, the collaboration will help developers in the Sui ecosystem while utilizing Franklin Templeton’s knowledge of blockchain, digital assets, and investment strategies.

Franklin Templeton Digital Assets has been developing different investment strategies, operating node validators, and creating blockchain-based technological solutions. “Blockchain technology has drawn interest from technologists and economists over a decade, but it frequently encounters technical obstacles. Tony Pecore, SVP and Director of Digital Asset Management at Franklin Templeton expressed excitement about the work being done by the Sui team.

Its research team uses tokenomics analysis, which assesses the supply and demand of blockchain-based tokens to help direct project development and investment,. The asset management company VanEck declared that its SUI exchange-traded note would be listed on Euronext Amsterdam and Paris.

Details of Sui’s partnership According to the release, the partnership is focused on promising Sui projects such as Ika, a tool for safe cross-chain interactions; Karrier One, which powers a decentralized mobile network; and DeepBook, a decentralized order book for DeFi trading.

These initiatives show how blockchain technology can be used in industries, including telecommunications and finance. This action fits with a larger pattern of big banks investigating blockchain technology. The massive asset management company Grayscale established a trust, especially for SUI earlier this year.

Sui is a premier destination for application builders in gaming, DeFi, meme coins, and real-world applications such as 3D printing and tokenized securities. One of the most popular stablecoins in the world is now directly accessible to users with the most recent native USDC launch on Sui, which eliminates the risks and complications associated with bridged assets.

Forex Signals Brief November 22: Services and Mfg. PMI Close the Week

Posted on November 22, 2024November 22, 2024 by Skerdian Meta

Today we have the Manufacturing and Services PMI report for October from around the globe, which is unlikely to offer any major surprise.

Continue reading “Forex Signals Brief November 22: Services and Mfg. PMI Close the Week” →

MicroStrategy market valuation drops to $80 billion

Posted on November 22, 2024 by Olumide Adesina

Shares of MicroStrategy dropped 16 percent to $397 on Thursday after Citron Research, a well-known investment firm, said it had a long position in Bitcoin and a short position against the company. The revelation highlights growing worries that the company’s stock is overpriced because of what some consider to be an excessively high company valuation.

Citing stocks and ETFs offered on trading platforms Coinbase and Robinhood, Citron Research asserted that investing in Bitcoin has never been “easier.”.

MicroStrategy’s market capitalization exceeded $100 billion, more than three times the value of the roughly 331,000 BTC currently valued at $33 billion. The market value of MicroStrategy has decreased to about $80 billion after the huge sell-off

Even though Bitcoin was getting close to $100,000 after a three-week surge in new all-time highs, Citron, which famously supported MicroStrategy in 2020 as “the best way to play Bitcoin,” claimed the company’s valuation had become “completely detached” from Bitcoin fundamentals.

MicroStrategy recently surpassed Nvidia as the second most actively traded stock on the Nasdaq by dollar volume.

Additionally, the analyst asserted that it “may have been $GME to last do it,” noting that it has been years since a stock has moved this much. According to a report by media outlet Sherwood,

“MicroStrategy functions as a leveraged Bitcoin amplifier, utilizing convertible debt to purchase additional Bitcoin while its stock trades at a premium during bull markets.”. As a result, MSTR’s stock rises in value, which enables it to raise money to buy more Bitcoin at a reduced cost. This creates a self-reinforcing cycle. This approach is risky, if Bitcoin goes into a prolonged bear market that drives MSTR’s stock below the conversion prices of its outstanding notes, worth more than $4.08 billion.

MicroStrategy may be forced to sell its Bitcoin holdings to pay off creditors in such a narrative given its small cash reserves (roughly $46.3 million). This could set off a vicious cycle in which the selloff of Bitcoin could lead to further price drops and more liquidations.

Solana on Bazooka, hit all time high

Posted on November 22, 2024November 22, 2024 by Olumide Adesina

Solana finally broke its all-time high price record, surpassing $262 for the first time in three years.

Solana continued its recent hot streak following cryptocurrency candidate Donald Trump’s victory in the U.S. election, breaking above the previous $260 record mark early Thursday afternoon, according to Binance data. The surge followed after Gary Gensler, the SEC Chairman who led the regulator’s crypto industry crackdown, resigned on January 20, 2025, as Trump took office.

The altcoin gained significant traction as a quicker and less expensive alternative to Ethereum, and it soared to its previous high price peak in 2021. However, the following year saw a slow cooling of the hype due to a wider bear market in cryptocurrencies as well as technical problems, such as network outages. But in the two years since then, Solana has advanced, with developers working to increase stability and believers continuing to build on the chain. Additionally, Solana Labs has extended its efforts into mobile phone hardware and apps.

Glassnode data revealed that on November 16th, Solana’s transfer volume reached a record-breaking $318 billion, while active addresses surged to more than 22 million. however, the mean and median transaction volumes decreased at the same time periodicity. The increase in network activity could be a sign of bot-driven activity, which has previously fueled comparable patterns on Solana.

High interest in Solana-based Meme Coins

Meme coin speculation has been the main driver of Solana’s popularity and demand for SOL this cycle because of the network’s ease of minting and low cost. According to DefiLlama, decentralized finance (DeFi) on Solana has increased by more than 500 percent in terms of the total value locked this year to $8.8 billion.

Solana prices on Binance had reached $264 at the time of this publication. SOL has been among the better-performing altcoins this year with a 160 percent gain since the start of 2024, The asset dropped to a cycle low of just under $10 in December 2022 following the collapse of former FTX CEO Sam Bankman-Fried’s cryptocurrency empire.

The idea that Donald Trump will create a more benevolent regulatory environment for cryptocurrencies has sparked the market in recent weeks, the total market capitalization reached an all-time high of $3.4 trillion.

The announcement of SEC Chair Gary Gensler’s resignation in January has also contributed to the rise of altcoins. Gensler frequently claimed during his time there that all cryptocurrency assets other than Bitcoin (BTC) were securities.

Sui suffers outrage scare but recovers strongly

Posted on November 21, 2024November 21, 2024 by Olumide Adesina

Sui suffered its first significant outage, with the network unable to process transactions for about two hours but recovered strongly. A “bug in transaction scheduling logic caused validators to crash was the reason for the outage’, according to Sui’s official account on Twitter.

‘Since then, a patch for the problem has been released”, Sui continued, and the network’s validators have swiftly embraced it.

Sui’s token early dropped as low as $3.36, but as of this writing, it has risen to $3.64, indicating a 5% price gain over the previous day. The token has a market valuation of $10.34 billion and is ranked the 17th most valuable crypto asset by market valuation. SUI, like that of many digital assets, has increased since Election Day, rising by about 82% since Donald Trump won the presidency this month.

Suiscan’s latest data shows that block production on the Sui network has successfully resumed. Suiet, the Sui ecosystem wallet on platform X, also formally confirmed the network’s recovery. Block production resumed, an important step in stabilizing the Sui network after it was disrupted and its functionality was affected. Restoring the network is essential to preserving the dependability and integrity of transactions and activities inside the Sui ecosystem.

Sui had maintained steady uptime since the network went live in May 2023 until the bug forced its validators offline. The digital asset ranks eighth out of all chains in terms of total value locked (TVL), or the value of assets locked in smart contracts on Sui’s network, according to DefiLlama.

The ability of the Sui network to start producing blocks again is encouraging for both its users and the larger blockchain community. It highlights the network’s infrastructure’s adaptability and resilience in handling and resolving technical issues. Stakeholders will closely observe the network’s performance as it stabilizes to guarantee dependability and effectiveness in its ecosystem.

Sui dubbed a “Solana killer” for its emphasis on quick transaction speeds, had an outage Thursday that mirrored issues Solana occasionally encountered. The most recent outage occurred in February of this year, and Solana had five significant outages in 2022.

U.S SEC Chairman will resign on Trump’s inauguration day

Posted on November 21, 2024November 21, 2024 by Olumide Adesina

Gary Gensler, the chair of the Securities and Exchange Commission and a longtime opponent of the cryptocurrency sector, announced that he will step down on the day Donald Trump takes office in January. He will leave his position as commissioner, so he won’t be around to defend his regulatory policies, which include a tough stance against the crypto industry.

Gensler described the watchdog as “a remarkable agency” in a statement. The Commission’s and its employees’ core missions are to safeguard investors, promote capital formation, and make sure that the markets benefit both issuers and investors.

“True public servants make up the staff,” he stated. Serving alongside them on behalf of regular Americans to ensure that our capital markets remain the greatest in the world has been the honor of a lifetime’. The statement continued by expressing gratitude to Gensler’s fellow commissioners and President Joe Biden. Gensler oversaw several enforcement actions that impacted the cryptocurrency sector after taking office in April 2021.

The regulator broadened its enforcement actions from targeting crypto issuers, as it did under former SEC Chair Jay Clayton, who served under Trump, to bringing lawsuits against crypto trading platforms, despite industry participants’ hopes that he would take a more lenient stance toward the cryptocurrency space.

The SEC filed a lawsuit against Binance.US, Coinbase, Kraken, and others while Gensler was in charge, claiming the exchanges were unregistered clearinghouses and securities brokers.

He also oversaw the first approval of spot bitcoin and ether exchange-traded products, although was earlier against them at first, but after the agency lost a court case, he was forced to vote with the two Republicans on the five-member commission to approve the ETFs.

Trump hasn’t named Gensler’s successor yet. However, several people have been floated, such as Teresa Goody Guillén, a former SEC lawyer, currently in private practice, and Brian Brooks, a former Acting Comptroller of the Currency who also briefly oversaw Binance. US — as well as several others.

The commission will consist of two members from each party in Gensler’s absence, preventing a three-member Republican block until the Senate confirms Trump’s subsequent appointment. Major policy changes or enforcement decisions might have to wait until the GOP has a majority on the commission.

Forex Signals Brief November 21: Unemployment Claims to Remain Stable

Posted on November 21, 2024November 21, 2024 by Skerdian Meta

Yesterday the main event for the day was the US inflation report for October, while today US Unemployment Claims will highlight the day, which are expected to remain stable, confirming that the US employment sector is in good shape, perhaps giving the USD another push higher.

Continue reading “Forex Signals Brief November 21: Unemployment Claims to Remain Stable” →

MicroStrategy much bigger than Binance Coin, valuation over $100 billion

Posted on November 20, 2024 by Olumide Adesina

MicroStrategy is much more valuable than Binance Coin with a market valuation of over $100 billion. Binance Coin is the fifth most valuable cryptocurrency asset with a market valuation of $87 billion. The stock is expected to rise further as analysts predict that MicroStrategy’s BTC buying spree will pick up speed even faster than expected.

Bloomberg data shows that MicroStrategy’s market capitalization is now close to $102 billion MicroStrategy is the 97th largest publicly traded company in the US by market valuation and shows no sign of slowing down

The company’s market capitalization was supported by a share price increase of over 500 percent since the start of the year. This momentum is because of a bold investment strategy centered on the massive acquisition and Bitcoin’s record highs, which surpassed $94,4K today. The crypto market soared after Donald Trump won the US presidential election because many think his victory will help the sector. The business revealed plans to raise $21 billion in debt and another $21 billion in equity to finance the “21/21 Plan,” a multibillion-dollar purchase of Bitcoin over three years.

MicroStrategy was America’s most traded stock, surpassing well-known companies like Tesla and Nvidia on Wednesday

MicroStrategy revealed its biggest Bitcoin purchase, paying $4.6 billion for 51,780 BTC between Nov. 11 – 17. The business analytic firm currently has about $40 billion in Bitcoin. MicroStrategy doubled down on Bitcoin purchases during its earnings call in August pledging to use a novel performance metric: Bitcoin yield. Bitcoin yield is a benchmark for business performance by calculating the ratio of BTC holdings to outstanding shares.

Forex Signals Brief November 20: UK Inflation Expected to Increase

Posted on November 20, 2024November 19, 2024 by Skerdian Meta

Today the UK CPI inflation is expected to show an increase, going in line with other inflation reports around the world, such as the increase in Canadian inflation yesterday.

Continue reading “Forex Signals Brief November 20: UK Inflation Expected to Increase” →

XRP melts like butter in a hot frying pan

Posted on November 20, 2024November 20, 2024 by Olumide Adesina

The Ripple token pulled back by more than 20% from its three-year high which sparked the current decline and the larger correction.

XRP experienced a considerable decline from its most recent three-year high of about $1.26, even though the technical setup for the asset’s long term remained positive. After falling 5% over the past day, XRP is now worth $1.09 on November 19.

XRP has set off a highly impetuous movement in the short term, price action must digest this bullish phase for momentum indicators to cool,. Although a quick revival is not impossible, it is more likely to pause to create a stable and long-lasting rise. $28 million was virtually liquated in the last 24 hours at the XRP futures market has long positions got evaporated.

Donald Trump’s reelection as US president was the main driver of the 130 percent rally in November that preceded XRP’s price decline. Shorter time horizons affirm the crypto asset relative strength index is above 70, indicating “overbought” conditions.

XRP bearish signals confirmation bias are strong in the short term. According to TradingView data, the token is in an oversold market condition. Furthermore, the signal line in the Moving Average Convergence Divergence (MACD) indicates a negative trend since it is below the MACD line.

XRP’s price further indicates the possibility of additional drops based on these technical indicators. It must try to recover its price by leveraging the present positive momentum if the altcoin is to see upward movements. Additionally, the market price of the token was negatively impacted by Ripple’s ongoing lawsuit.