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Webull ended crypto offerings due to SEC opposition during past IPO attempts

by CoinNews
written by CoinNews

Online brokerage Webull decided to cut its crypto offerings because of the unfavorable regulatory landscape in the US as it waits for approval to list on Nasdaq via a special purpose acquisition company (SPAC), Bloomberg News reported on Feb. 28.

The company said that its previous attempt to carry out an initial public offering (IPO) was likely blocked due to its crypto-related services. Webull has attempted to carry out several initial public offerings (IPOs) but failed on each occasion.

Webull US CEO Anthony Denier said:

“For different reasons we were unsuccessful … I can name a few, and I think the latest one is crypto exposure. The [SEC has] not been friendly, which is widely known.”

End of crypto services

According to Bloomberg, Webull sold its digital asset business and discontinued its crypto offerings at the end of the third quarter of 2023 because of the SEC’s unclear rules for registered broker-dealers that work with crypto.

The firm continues to offer crypto buying and selling in partnership with Bakkt through its Webull Pay App, which is described as a separate business in the firm’s support pages.

However, despite Webull’s concerns around SEC regulation, at least one retail brokerage with crypto services succeeded in launching an IPO.

Webull’s major competitor, Robinhood, has offered crypto trading features since 2018 and successfully completed its IPO in 2021.

Listing via SPAC

Webull currently plans to list on Nasdaq via a $7.3 billion special purpose acquisition company (SPAC) deal with SK Growth Opportunities Corp, a blank check company.

Though there are various advantages, SPACs are broadly considered less demanding than IPOs and notably allow an upfront valuation.

According to a press release, the deal will see ordinary SKGR stock begin trading under a new ticker label, while the combined company will take on the name “Webull Corporation.”

The deal is not yet complete but awaits shareholder and regulatory approval.

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Ark Invest and 21Shares enhance Bitcoin ETF transparency with Chainlink integration

by CoinNews
written by CoinNews

What is CryptoSlate Alpha?

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Connect via Access Protocol

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Here Are The Factors Driving The Shiba Inu Recovery Above $0.00001

by CoinNews
written by CoinNews

Shiba Inu (SHIB) is on a roll, having again broken above the crucial $0.00001 resistance level. This recent price surge from the meme coin is believed to be propelled by several factors that undoubtedly provide a bullish narrative for the crypto token. 

Burn Rate Contributes To The Shiba Inu Rise

Data from the burn tracking website Shibburn shows that SHIB’s burn rate has increased exponentially as of late, contributing to the meme coin’s latest price surge. According to Shibburn, almost 103 million SHIB tokens have burned in the last 24 hours, a 1913% increase from the previous day. 

This is a welcome development, considering that Bitcoinist reported a crash in the SHIB token burns a week ago, with only about 2 million SHIB tokens burned on February 20. As such, a spike in the token burns automatically sends a bullish signal across the ecosystem. Token burning is one of the initiatives the SHIB community has adopted to help increase SHIB’s value.

Meanwhile, the recent petition launched by the SHIB community urging Grayscale Investments to offer a Shiba Inu ETF is another factor that could be driving the meme coin’s bullish momentum. Although it seems like a reach, the possibility of launching an ETF that centres around the meme coin is one that provides optimism to SHIB investors. 

Moreover, the impact that just rumours about an ETF launch could have on the crypto token in question has become evident, having seen how Bitcoin rose significantly on the back of reports that a Spot Bitcoin ETF would be approved. 

Investors Are Betting More On SHIB

Data from Coinglass shows that the open interest for SHIB has increased in the last 24 hours. This is significant as the derivatives market is known to impact a crypto token’s price discovery. The increase in open interest also suggests that traders are likely placing more bullish leveraged bets on the meme coin.

This increased interest in the Shiba Inu ecosystem is not surprising, considering how much work the team continues to put in to ensure that the crypto token stands out as more than a meme coin. Earlier this month, they secured a strategic partnership with K9 Finance, a liquid staking derivatives (LSD) platform. 

This move will ultimately benefit SHIB as more token burns are expected to be carried out due to increased trading activity on Shibarium. More liquidity is also likely to flow into the ecosystem soon enough as K9 Finance recently announced its token generation event, which will take place on March 7. 

At the time of writing, SHIB is trading at around $0.00001075, up over 5% in the last 24 hours, according to data from CoinMarketCap. 

Shiba Inu price chart from Tradingview.com

SHIB price showing strength at $0.000011 | Source: SHIBUSD on Tradingview.com

Featured image from CryptoRank, 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.

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Bitcoin’s Swift Climb Triggers Soaring Premium in South Korea During Worldwide Rally

by CoinNews
written by CoinNews

Bitcoin's Swift Climb Triggers Soaring Premium in South Korea During Worldwide RallyOn Wednesday, bitcoin’s value ascended past the $60K threshold, peaking at a 24-hour high of $61,389 by 10:45 a.m. (ET). Concurrently, South Korea observed a pronounced premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying prices that are $2,251 higher. In a Worldwide Bitcoin Frenzy, South Korea and 30+ […]

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At $61,594 Bitcoin is at fair market price according to the power law model

by CoinNews
written by CoinNews

On a monumental day for Bitcoin, where it opened at $56,900, the flagship digital asset has officially exited the bear market according to the Bitcoin Power Law model. After surpassing $61,000, it has now reached the ‘fair price’ of $61,594, aligning with the projected power law price.

Power law model for Bitcoin's price (Source: Bitcoin fair price)
Power law model for Bitcoin’s price (Source: Bitcoin fair price)

First posited by Giovanni Santostasi, the Bitcoin Power Law is a model that attempts to predict Bitcoin’s long-term price trajectory based on its historical tendency to follow a roughly straight line when plotted on a logarithmic scale. This pattern suggests an underlying pattern to Bitcoin’s growth.

The model distinguishes between “fair price” (the trend line representing an average valuation) and “bottom price” (historically about 58% below the fair price, indicating a potential floor). These values are calculated using a formula based on the number of days since Bitcoin’s creation (Genesis Block) and a specific exponent:

Fair Price = 1.0117e-17*(days since Genesis Block)^5.82.

The chart below shows a section of the power law model and its relative fair price as shared by Santostasi on Feb. 25. Bitcoin has since passed the current ‘fair price,’ indicating it is heading toward the bull market ‘bubble’ identified as a key component of each Bitcoin halving cycle within the power model.

Bitcoin power law chart (@Giovann35084111)
Bitcoin power law chart (@Giovann35084111)

Within the power law model, the price deviates from the ‘fair value’ above and below during bull and bear markets but ultimately returns to the fair value over time. Historically, the model has been highly accurate. However, it’s important to note that this is a model, and while it has held up surprisingly well at times, market forces can change, and the model cannot account for all factors potentially influencing Bitcoin’s price.

The post At $61,594 Bitcoin is at fair market price according to the power law model appeared first on CryptoSlate.

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Hot Airdrop: Social-Fi Project CharityDAO About to Launch Airdrop Event

by CoinNews
written by CoinNews

PRESS RELEASE. According to community volunteers, CharityDAO will launch a large-scale airdrop event on February 29th. It is estimated that 76 million CHD tokens will be distributed to participating users. The current method of interaction is not yet known. This is another popular Social-Fi project announcing an airdrop following friend.tech’s high-profile announcement last week. Benefiting […]

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Senator Warren asserts desire for crypto collaboration while claiming industry accepts criminals

by CoinNews
written by CoinNews

Senator Elizabeth Warren expressed willingness to engage the crypto industry if players in the industry adhere to regulatory standards akin to those in traditional finance.

In a Feb. 27 Bloomberg interview, Warren said:

“I want to collaborate with the industry, what I don’t understand is why the industry seems to be saying that they only way that they can survive is if there’s plenty of space for the drug traffickers and the human traffickers.

Oh and the terrorist, and the ransomware scammer, and the consumer scammers and the rogue nations, North Korea that is financing about half of its nuclear missile program with crypto, that all of that has to be left open.

Warren’s stance towards crypto has faced steep criticism from stakeholders within the burgeoning industry who argue that her policies drive innovation overseas.

Notably, a prominent pro-crypto lawyer challenging her seat in the Senate, John Deaton, accused Warren of engaging in a “politics of division and destruction.”

“Level playing field”

Senator Warren emphasized the need for uniform regulatory standards across the US financial landscape, urging the crypto sector to adhere to existing rules. The lawmaker noted that major traditional financial entities, including banks, credit unions, and stockbrokers, abide by the established regulations, whereas the crypto industry operates outside this framework.

“In our financial system, pretty much everybody follows the same set of rules. I’m talking banks and credit unions and credit card companies, gold traders and stockbrokers. Private equity now has to follow the rules. Precious metal dealers, Venmo, Western Union, but not crypto,” she explained

In advocating for regulatory parity, Warren highlighted the similarity in activities and associated risks between traditional and crypto finance. She stressed the importance of enforcing existing laws rather than creating new regulations. She added:

“I just want a level playing field here if you’re part of the financial system moving around literally billions of dollars. Remember, my bill is not a regulatory bill. It’s a bill about law enforcement.”

Her proposed legislation, the Digital Asset Anti-Money Laundering Act, seeks to bring the crypto ecosystem into greater compliance with anti-money laundering frameworks governing the traditional financial system.

Despite criticism from some corners of the crypto industry, the bill has garnered significant support from several US lawmakers.

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Cardano (ADA) Among Only Coins Seeing Loss-Taking: What It Means

by CoinNews
written by CoinNews

Cardano (ADA) is among the few cryptocurrencies that are still observing loss-taking being the dominant behavior among investors.

Bitcoin & Ethereum See Profit-Taking, While Cardano Is Seeing Capitulation

According to data from the on-chain analytics firm Santiment, Bitcoin (BTC) and Ethereum (ETH) have both been seeing the investors majorly selling at profits, while Cardano has seen the loss-taking outweigh the profit-taking.

The indicator of interest here is the “Ratio of Daily On-Chain Transaction Volume in Profit to Loss,” which, as its name already suggests, tells us about how the loss-taking volume of any asset compares against its profit-taking volume.

This metric works by going through the transaction history of each coin currently being moved on the blockchain to see what price it moved at before this. If the previous transfer price for any coin was less than the spot value it is being sold at now, then its sale is contributing towards the profit-taking volume.

Similarly, the coins of the opposite type (that is, those with last price higher than the latest transfer price) add to the loss-taking volume. The indicator takes the total volume of each type and outputs their ratio.

Now, here is a chart that shows the trend in this ratio for a few different top cryptocurrencies over the last few months:

Cardano vs Bitcoin vs Ethereum

The value of the metric seems to have been greater than one for most of these assets recently | Source: Santiment on X

As displayed in the above graph, all of these assets, except for Cardano, have their Ratio of Daily On-Chain Transaction Volume in Profit to Loss sitting at positive values right now.

Such values of the metric imply the profit-taking volume is currently greater than the loss-taking volume for these assets. Ethereum, in particular, seems to have been observing the most aggressive profit-taking spree recently, as the cryptocurrency has been seeing about 2.3 green transactions for every underwater movement.

Bitcoin is seeing the second-highest ratio, with 1.8 profit-taking transactions taking place for every loss-taking transfer. It’s much more balanced for the altcoins, however, as XRP (XRP) and Litecoin (LTC) have only been witnessing minimally higher dominance of profit selling.

Cardano has outright been seeing the loss-taking volume pulling ahead of the profit-taking one, implying that the investors have been going through capitulation. These loss sellers may be ditching the asset in favor of Bitcoin and others, who have offered greener pastures recently.

Historically, the dominance of profit-taking has been something that has led to tops for cryptocurrencies. Loss-taking, on the other hand, has often facilitated bottoms to form as weaker hands flush out in such events and stronger, more resolute investors take their coins.

As such, Cardano has been behind the other top coins in this metric recently may mean that the coin could still have the potential to rise, whereas the others may be nearing possible tops.

ADA Price

While Cardano has performed worse than the likes of Bitcoin and Ethereum recently, its returns have still not been that bad as the asset is up 8% over the past week and trading around $0.63.

Cardano Price Chart

Looks like the price of the asset has been surging recently | Source: ADAUSD on TradingView

Featured image from Shutterstock.com, Santiment.net, 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.



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Bitcoin Inches Away From $60,000 As BTC Hits ‘Extreme Greed’

by CoinNews
written by CoinNews

After rising 5% in the last day, Bitcoin (BTC) is now rapidly nearing the coveted $60,000 mark. This is because investor interest in the largest cryptocurrency in the world has reached levels last seen during a 2021 boom, bringing it very close to its all-time high.

Pre-Halving Rally? Bitcoin Nears $60K

The increase in price coincided with a surge in demand as spot bitcoin exchange-traded funds (ETFs) achieved trading volumes of over $3 billion cumulatively on Tuesday. Additionally, other traders cited the anticipated April bitcoin halving as the source of a fresh narrative that spurs a pre-halving increase.

The world’s most sought-after digital asset’s market cap has now reached $1.2 trillion, Coingecko data shows.

Bitcoin fast approaching the $60K level. Source: Coingecko

Joel Kruger, a market strategist at LMAX Group, stated that the market is “that much more determined to see the level retested and shattered” now that bitcoin is that much closer to retesting its record high.

Due mostly to the euphoria surrounding a number of spot bitcoin exchange-traded funds that began trading in January, bitcoin has increased by as much as 16% this week and 35% so far this year.

Bitcoin market cap currently at $1.16 trillion. Chart: TradingView.com

Bitcoin reached its highest level since November 2021 when it surpassed $59,000. The objective of the present surge is to see if the price can rise to $68,790, its all-time high. Six months before a stunning crash in 2022, that peak occurred.

According to Coinglass data, futures bets on lower bitcoin prices have taken on $25 million in liquidations since Asian morning hours, which could have contributed to the price rise.

‘Extreme Greed’ For BTC

In the meantime, on Wednesday, the Fear and Greed Index—a sentiment indicator that measures how quickly asset movement deviates from underlying fundamentals—flashed 82, signaling “extreme greed” and hitting its highest level in more than a year.

Source: Alernative.me

A scale of 0 to 100 represents the most anxious and 100 is the most greedy on the index. According to the index’s creators, an environment that is hungry is indicative of exuberance and shows the market is due for a correction.

Since the ETFs started trading on January 11, Bitcoin has increased by 24%. The current upward trend in pricing, according to Bitwise Asset Management analyst Ryan Rasmussen, is merely the beginning.

“The demand that ETFs are generating for the spot bitcoin market is substantially greater than the daily production of fresh supply,” he stated.

In the end, Rasmussen stated:

“What we’re witnessing is cryptocurrency kind of rising from the ashes of the 2022 market.”

The volume of bitcoin trades made thus far this quarter has exceeded the totals for each quarter of 2023 for the same period. Major cryptocurrency trading platforms like Coinbase Global (COIN) and Robinhood (HOOD) have benefited greatly from this activity. Between the start of January and now, those stocks have increased by 27% and 31%, respectively.

Featured image from Pexels, 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.

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Bitcoin Miner Riot Acquires 31,500 ‘Next Generation’ M60S Mining Machines Worth $97.4 Million

by CoinNews
written by CoinNews

Bitcoin Miner Riot Acquires 31,500 'Next Generation' M60S Mining Machines Worth $97.4 MillionBitcoin miner Riot Platforms Inc. said it expects to take delivery as well as deploy 31,500 Whatsminer M60S miners worth $97.4 million by the end of July 2024. The addition of the new bitcoin mining machines is projected to increase the “self-mining” hashrate capacity of Riot’s Rockdale Facility to 15.1 EH/s. Replacement of Underperforming Miners […]

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