Category: Crypto market

Sequoia Capital earns $100 million from Stripe’s $1.1 billion acquisition of Bridge

Posted on by Olumide Adesina

Sequoia Capital, a venture capital firm, will make roughly $100 million from Stripe’s $1.1 billion acquisition of Bridge. The significant return is particularly notable in the cryptocurrency sector, where venture capital has sharply declined from its peak in 2022.

 

According to Bloomberg, Sequoia invested $19 million in Bridge’s Series A investment round less than a year ago. The amount represents 16% of the stablecoin platform’s ownership, which might result in a $100 million windfall when liquidated.

Bridge is projected to yield substantial returns for those companies that invested in it. Nearly 10% of Bridge is owned by Ribbit Capital, which anticipates a return comparable to Sequoia’s. Haun Ventures still owns 4% of the business, while Index Ventures and Bedrock Fund Management, own roughly 6% a piece.

Stripe revealed its completed $1.1 billion offer for Bridge. Sean Yu and Zach Abrams co-founded the platform, which provides software solutions for companies to handle stablecoin payments. The deal is anticipated to be finalized in the upcoming months, although it is still awaiting regulatory approval.

The billion-dollar deal was disclosed six months after Stripe co-founder John Collison promised the company would support stablecoins by mid-2024.

The purchase of Bridge is one of the largest acquisitions ever in the crypto industry. Stripe reportedly became interested in Bridge because of exponential growth, which saw it reach a $14 million run rate. Analysts commonly use this indicator to predict a company’s future performance based on its current financial data.

Whales rush on PNUT amid widespread media coverage

Posted on by Olumide Adesina

Elon Musk’s social media comments and the widespread media coverage of the issue caused a PNUT buying frenzy, which in turn caused many cryptocurrency whales to enter the market. According to Lookonchain data, one whale paid 5,100 SOL for almost 9 million PNUT

PNUT’s market capitalization quickly rose to an all-time high of almost $130 million as its price peaked at $0.12, and its trading volume skyrocketed to nearly $300 million. Profit-taking, however, has since increased the market capitalization to $60 million, and the token is currently trading at $0.06.

The market valuation of PNUT, a Solana-based meme coin, has increased to over $100 million less than three days after it was first launched, suggesting an astounding surge in

A few meme coin traders profited from PNUT’s strong ascent. A trader made almost $1.7 million trading PNUT, as shown on Lookonchain.

What is the origin of these phenomena? The meme coin PNUT depicts an American adopting and saving a squirrel named Peanut. Later on, the squirrel rose to fame on social media. But the animal was later put to death by New York Democrats for not being a pet.

A social media trendy squirrel, Peanut the Squirrel, was recently seized and put down by the New York State Department of Environmental Protection for rabies testing, thus triggering the creation of the meme coin.

Mark Longo its caretaker, shared adorable photos and videos of Peanut the Squirrel performing tricks and donning small hats on social media, the animal became well-known online.

However, Longo said on October 30 that the authorities had taken the pet squirrel away. A meme coin named PNUT was quickly created to honor the animal.

Trump-based tokens on fire ahead of U.S election

Posted on by Olumide Adesina

Trump-based PolitiFi tokens surged ahead of the US election with some reporting gains of over 100% for the past day.

Donald Trump

Doland Tremp, Super Trump, TrumpCoin, and other meme coins based on the former US president Donald Trump witnessed notable gains.

Trump has gained widespread recognition as a big fan of the crypto industry. He has promised to establish a Bitcoin reserve for the country to reduce the $35 trillion in U.S. debt in the coming years. Additionally, he has pledged to establish the United States as the global center of cryptocurrency.

The excitement around political meme coins increased because of the November 5th presidential elections, which are expected to influence the crypto industry’s future domestically and globally.

Trump tokens continued to lead even as the former president’s odds of winning were declining across prediction platforms. At the time of writing, polymarket statistics showed that Trump’s chances of winning had dropped from 66.9% on October 30 to 56%.

However, investors are still somewhat skewed toward Trump’s prospects of winning the presidency again as seen by by the price action of these digital tokens
The only positive meme coin centered around Vice President Kamala Harris was Kamabla (KAMABLA). With intra-day highs and lows of $0.00078 and $0.00049, respectively, KAMABLA rose 32.7% over the previous day.

Harris’s prospects increased from 33.5% to 44%, indicating a change in market sentiment as investors began to lean toward an uncertain outcome due to polling errors in previous election years.

Forex Signals Brief November 4: US Elections, FED and BOE Rate Cut Highlight the Week

Posted on by Skerdian Meta

This week the economic calendar is light apart from the Bank of England meeting, but the US presidential elections will likely make up for it with volatility. Last week started with the general elections in Japan, which produced no clear winner, and offered some volatility for the Yen.

We have two more central bank meetings this week

Continue reading “Forex Signals Brief November 4: US Elections, FED and BOE Rate Cut Highlight the Week” →

XRP shows reversal signs after falling below $0.50

Posted on by Olumide Adesina

Recent price action on XRP suggests a potential turnaround. After a period of uncertainty and high selling pressure, XRP may finally see some upward movement, according to a bullish indication of this reversal pattern. However, the market sentiment in the digital space still threatens XRP’s momentum because of the bearish volume.

XRP has been attempting to level off around the $0.50 support level to prevent further declines, as shown on the daily chart. The candlestick pattern, emerging at this level may signal a reversal if trading volume shifts in the direction of buying pressure in the days ahead.

XRP might return to important resistance levels, with $0.54 and $0.56 acting as immediate targets, if a verified reversal is set in motion. If XRP breaks above its present levels, it might grow more quickly, but this depends on volume and buyer demand, continuing to rise. the volume trend shows more bearish signs than bullish components in the volume trend despite the green candlestick pattern,

This suggests that the overall sentiment is not very positive, notwithstanding the possibility of some short-term upward momentum. The lack of significant buying interest in XRP indicates that market participants are still cautious, and the asset may continue to face pressure amid the absence of inflows.

Without it, XRP may retest lower support levels, and any upward momentum could be short-lived. For any potential changes in volume dynamics, traders will be watching how XRP responds to the current support.

Bitget wallet hosts 6 million users on Telegram

Posted on by Olumide Adesina

Bitget Wallet, a self-custodial cryptocurrency wallet operated by Bitget Exchange, gained millions of users, a few days after its launch and is quickly gaining popularity on Telegram.

Bitget Wallet Lite is a multichain wallet integrated into Telegram that allows users to buy, store, and send digital assets within the service.
Since its soft launch on October 28, six million people have signed up for the Bitget Wallet Lite Mini App on Telegram, within three days after the official launch.

According to Telegram data, Bitget Wallet Lite’s user base surpassed six million monthly users on the official day of debut, after adding three million users in the first two days. The figure represents half of 12 million monthly users using Bitget Wallet.

Although Wallet in Telegram is the default cryptocurrency wallet on Telegram chat, other Mini Apps offer crypto wallet features within the app.

Hot Wallet has 6 million monthly users; Tonkeeper has 760,000 members; OKX Wallet hosts 700,000 subscribers; and numerous others are some of the largest cryptocurrency wallets on Telegram.

Users should exercise caution when engaging with Mini Apps on Telegram because phishing attacks and other threats are frequent,, despite the increased activity of crypto wallets on the messaging app.

UBS builds investment fund on Ethereum

Posted on by Olumide Adesina

UBS Asset Management has introduced the first tokenized investment vehicle based on Ethereum. The fund, called “UBS USD Money Market Investment Fund Token,” or “uMINT,” is built on Ethereum for certain authorized distribution partners in Singapore.

Tokenization is converting traditional assets, like stocks or bonds, into digital tokens that can be managed on a blockchain, the decentralized technology that underpins cryptocurrencies like Bitcoin.

These digital tokens facilitate the buying, selling, and holding portions of traditional financial instruments by representing a portion of the asset.
UBS intends to capitalize on the rising demand for tokenization by leveraging its international resources and regulatory alliances. Investors who purchase tokens in the uMINT fund will have access to institutional-level money market assets in a cautious, risk-managed setting.

In the past, UBS has actively participated in the public Ethereum network using permission-required tokens. However, Ethereum technology is also available in private settings. Since UBS uses both as part of UBS Tokenize, we have requested clarification even though the fund most likely uses public blockchain.

According to Thomas Kaegi, co-head of UBS Asset Management APAC, “We have seen growing investor appetite for tokenized financial assets across asset classes.” “We can now offer clients a cutting-edge solution by utilizing our global capabilities and working with peers and regulators.”

The crypto investor class is currently the primary focus of tokenized money market funds like BUIDL, Franklin Templeton’s FOBXX, and soon uMINT. The funds offer a secure location for cash parking and revenue generation.

21Shares files for spot XRP ETF approval

Posted on by Olumide Adesina

21Shares submitted a request for authorization to establish an exchange-traded fund that deals in spot XRP (ETF) to the US Securities and Exchange Commission.
The Ohio-based asset management firm submitted a Form S-1 to the SEC  to issue and sell shares of the Core XRP Trust on the Cboe BZX Exchange. Investors have the “opportunity to indirectly access the market,”  but are not exposed to XRP directly

The SEC has not responded to managers applying for a spot XRP amid the ongoing case against Ripple Labs, although spot Bitcoin ETFs were approved in 2024. In the judgment of the civil suit, which is now being appealed by the SEC with a cross-appeal from Ripple, a federal judge held that the XRP token was not a security regarding programmatic sales on exchanges.

If approval is granted, Coinbase Custody Trust Company will serve as custodian of the investment vehicle’s XRP.  Bitwise and other asset management companies had registered their applications for their XRP ETFs.

Sources report that the SEC’s approval of spot bitcoin ETFs in January led several asset management companies to explore bitcoin or other cryptocurrency-related investment options. Therefore, it comes as little surprise that Canary Capital, VanEck, and 21Shares have all filed for the ability to offer a spot Solana ETF and trade shares of it. Further, Canary has also put forward a L

Forex Signals Brief November 1: The NFP Unlikely to Move Markets Much

Posted on by Skerdian Meta

Yesterday started with retail sales from Australia which were weak but the AUD ended the day slightly higher, as the USD retreated lower. Besides that, the slight improvement in the Chinese Manufacturing and Services PMI numbers also helped the sentiment somewhat, which was mostly mixed.

The US jobs market is holding well despite any NFP number today
The US jobs market is holding well despite any NFP number today

Continue reading “Forex Signals Brief November 1: The NFP Unlikely to Move Markets Much” →

XRP Shrinks: Will This Grayscale Request To The SEC Drive Ripple To $0.66?

Posted on by Dalmas Ngetich

XRP is firm when writing, rejecting attempts to push lower, looking at events in the daily chart. Sellers are in control, and should the coin drop below $0.50, the local support could trigger a massive sell-off, forcing the coin to the $0.45 and $0.40 region. From a top-down preview, the path of least resistance is northwards, shaped by the bulls of Q3 2024. Bulls have a lot to prove at the moment. If there is resumption of September gains, XRP must close above $0.53 and $0.55, reversing losses from October 30.

At spot rates, sellers are in control. If price action remains unchanged today, the bears of early October could flow back, not only forcing XRP below $0.50 but also triggering a possible sell-off that may reverse all Q3 2024 gains. Over the last day, the coin has been down, losing 2%. The average trading volume is around $1.1 billion, which is decent.

XRP Daily Chart for November 1

Traders are keeping track of the following XRP and Ripple news:

  • Although prices are down, one analyst thinks technical candlestick arrangements favor bulls. If anything, the analyst continued, this is the last time to buy cheap.
  • The United States SEC has acknowledged a file in which Grayscale is seeking to convert a fund into an ETF. Among the assets held is XRP, though Bitcoin and Ethereum constitute a big part of the product.

XRP Price Analysis

[[XRP/USD]] is flat when writing.

The support is at $0.50.

However, with losses on October 31, there is a risk of a follow-through despite the strong rejection earlier today.

Still, clearer buy signals will print should XRP close above $0.53 and $0.55.

If the breakout is with expanding volume, the coin could rally to $0.66 in a buy trend continuation.

On the flip side, any dump below $0.50, with equally high trading volume, is a precursor to losses to $0.45—or worse.