PRESS RELEASE. [Singapore, Mar 22, 2024] Yala, a project that enables the seamless transfer of Bitcoin liquidity through a meta yield stablecoin, is thrilled to announce a comprehensive brand upgrade. This reflects our commitment to making Bitcoin liquidity universally accessible across blockchain ecosystems, enhancing DeFi liquidity efficiency. The upgrade includes a refreshed branding message, a […]
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Utilizing data from Glassnode to estimate a market-wide cost basis reveals intriguing trends in the average price at which coins are withdrawn from exchanges. The information, segregated into cohorts, uncovers an upward trajectory on a cost basis, indicating a trend of purchasing Bitcoin at incrementally higher prices.
Most notably, the 2024 cohorts experienced a significant upswing, seeing an average profit margin of about $10,500, which translates to an approximately 20% gain from their initial cost basis ($52,478), according to data from Glassnode.
Interestingly, the 2021 cohort managed to significantly reduce their cost basis from $47,000 to a more conservative $36,971, as highlighted by recent CryptoSlate data analysis. Despite the reduction, the cost basis for all cohorts has risen in recent months, showing an unwavering dedication to buying Bitcoin regardless of increasing prices.
| Year | Price |
|---|---|
| All-time | $13,689 |
| 2017+ | $18,082 |
| 2018+ | $21,758 |
| 2019+ | $25,018 |
| 2020+ | $29,173 |
| 2021+ | $36,971 |
| 2022+ | $32,139 |
| 2023+ | $36,058 |
| 2024+ | $52,478 |
Source: Glassnode
The 2023 cohort, exhibiting the most bullish behavior, showcased a dramatic rise in cost basis from roughly $26,500 in October 2023 to a present figure of $36,058, suggesting a potential to surpass the 2021 cohort.
The post Recent Bitcoin buyers show unyielding optimism, pushing cost basis upward despite price surges appeared first on CryptoSlate.
Frax Finance, a decentralized finance (DeFi) protocol, recently unveiled its Singularity Roadmap. It aims to propel the total value locked (TVL) of its layer 2 blockchain, Fraxtal, to $100 billion by the end of 2026. This notable surge would represent a 760,000% increase from the current TVL levels, which stand at $13 million.
According to the protocol’s announcement, Fraxtal, the substrate that powers the Frax ecosystem, serves as Frax Finance’s operating system. With the launch of Fraxtal and achieving an effective 100% Collateralization Ratio (CR), Frax Finance claims to have consolidated its core product offerings.
To reach the ambitious $100 billion TVL goal, the protocol has announced that it has already generated over $45 million, reaching the coveted 100% CR.
As announced, with this milestone achieved, the FRAX stablecoin, which has remained relatively dormant during the process, and the FXS revenue share, which has been temporarily reduced by 90% to conserve assets, can now undergo a “transformative change.”
In addition, the upcoming introduction of Layer 3s (L3s) on Fraxtal is expected to be a key factor in further contributing to the growth and adoption of the protocol.
Fraxtal, which is built on the Optimism (OP) network, stands out as one of the most widely used layer 2 solutions on top of Ethereum (ETH), according to the protocol. The Frax team says it has developed its underlying incentives to provide a seamless experience for developers and users, further encouraging adoption.
In particular, by owning the entire stack, Frax can introduce advanced features such as account abstraction, new precompiles, privacy features, aggregated decentralized applications (dApps), and interoperability with Superchain.
The protocol believes these features will enhance the on-chain experience, making Fraxtal the “preferred” platform for holding, staking, and transferring crypto assets.
The proposal also unveils Frax Finance’s plan to establish 23 Layer 3s within 365 days, kicking off the “Fraxtal Nation” community. By supporting these 23 chains with developer access, incentives, and investment, Frax aims to foster a positive-sum approach and provide additional support to official partners.
The protocol also suggests that these partners will receive “substantial allocations” of FXTL points, aiming to solidify the role of the FXS token as the ultimate beneficiary of the Frax ecosystem.
Moreover, Frax Finance founder Sam Kazemian intends to allocate 50% of the revenue from protocol fees to veFXS token holders. In comparison, the remaining 50% will be used to acquire FXS and other Frax assets for pairing in the FXS Liquidity Engine (FLE).
This initiative will increase liquidity, strengthen the Frax balance sheet, and provide additional incentives for the protocol’s stakeholders.
Frax Finance’s proposal also seeks to reactivate the protocol fee switch, which was temporarily turned off during the consolidation phase of the protocol.
By reigniting this switch, a portion of the yield generated from protocol fees will be directed toward veFXS token holders. veFXS, or veiled FXS, represents a locked version of the native token, FXS, and offers enhanced voting power and participation in the Frax ecosystem.
As of the time of writing, FXS has not responded favorably to the news. Its current trading price is $6.93, reflecting a 3.5% loss in the past 24 hours. It is important to note that the proposed protocol features are still in development, and the impact on the Frax Finance ecosystem and the token’s performance is yet to be determined.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Selling covered calls against your stock positions is a solid options strategy.
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A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]
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If home sellers stop paying real-estate agents’ commissions, buyers may end up footing the bill.
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A crypto analyst on X is confident that Bitcoin has bottomed and is poised for major gains in the sessions ahead. Interestingly, the bullish outlook hinges on the Bitcoin market cap retesting all-time highs at press time.
So far, the Bitcoin price is around 2021 highs in USD terms but recently broke all-time highs, peaking at around $73,800. This fluctuation is also reflected in its market cap. It currently stands at $1.25 trillion, down 5% in the past 24 hours.
Notably, it is at the same price level as in 2021, when Bitcoin prices peaked, recording new all-time highs.
While optimism abounds and the trader expects more sharp price expansions in the days ahead, it is not immediately clear whether the coin will rip higher, aligning with this forecast. Bitcoin is volatile and has remained so despite changing market dynamics.
At the same time, unlike in the past, Bitcoin prices are driven not only by retail forces but by institutions. These institutions are regulated by the United States Securities and Exchange Commission (SEC), which also approved the spot Bitcoin exchange-traded fund (ETF).
This Bitcoin derivative product has been the primary driving force in the past ten weeks. This is from looking at how prices have evolved since its approval in mid-January 2024.
However, since BlackRock and Fidelity are regulated by the United States SEC, unlike retailers, they cannot act as they wish. Considering the millions and billions of dollars at play, their comments or assessments on the coin, now and in the future, can greatly impact sentiment.
Sentiment has been dented when writing. Even with the United States Federal Reserve (Fed) ‘s decision to hold rates at 5.5%, the highest in 2023, lifting prices, there has been no solid follow-through in price action. The coin remains steady below $70,000.
Whether prices will rally over the weekend remains to be seen. However, for now, there are some headwinds to consider.
First, there has been a slowdown in inflows to spot BTC ETFs. At the same time, outflows from the Grayscale Bitcoin Trust (GBTC) have increased. Second, after rallying sharply from October 2023, a cool-off before halving might see the coin trend lower.
Feature image from DALLE, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Nike (NKE -6.90%) recently announced its fiscal 2024 third-quarter earnings results (for the quarter ending Feb. 29), and the updated Wall Street opinions are starting to roll in. Several analysts covering the stock simply reiterated their forecasts after the footwear giant revealed weak sales trends. But Nike also attracted a significant downgrade from one analyst.
Let’s look at why the analyst sees almost no upside potential for the stock over the next year.
An analyst at RBC Capital lowered the agency’s rating on the stock to a hold from a buy following the Q3 earnings report. RBC reduced its 12-month price target on Nike shares as well, down to $100 per share from $110 per share. Given that the stock was trading at about that level before the earnings report, this suggests little room for growth in Nike’s stock over the short term. Shares currently trade at about $94.
It’s true that Nike’s earnings update left a lot to be desired. Sales were essentially flat in Q3. That result stands in contrast to footwear industry peers like Deckers Outdoor, which saw strong growth in the most recent quarter. The lack of analyst enthusiasm likely is related to Nike executives forecasting continued sluggishness ahead through at least the rest of 2024.
Nike has been cutting inventory for over a year, and so this demand shortfall isn’t harming earnings by much. Profit fell by just 3% on a per-share basis this past quarter, for example. But the prospects for a growth rebound do seem limited as retailers continue to cut their inventories. As a result, investors might want to look toward more successful athletic shoe and apparel manufacturing peers such as Deckers and Lululemon Athletica before jumping into Nike stock.
Demitri Kalogeropoulos has positions in Nike. The Motley Fool has positions in and recommends Lululemon Athletica and Nike. The Motley Fool recommends the following options: long January 2025 $47.50 calls on Nike. The Motley Fool has a disclosure policy.
The stock rose another 35% on Friday after Germany voted to decriminalize cannabis.
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