Get ready for a thrilling moment in the crypto world! Jupiter, the renowned Solana-based decentralized trading aggregator, is all set to make waves with the launch of its native token, JUP. Mark your calendars, as the big event unfolds this Wednesday at 10 a.m. EST!
In an exciting update, Jupiter’s pseudonymous founder, Moew, announced in a recent forum post that the initial maximum circulating supply of JUP has been adjusted to 1.35 billion, down from the earlier figure of 1.7 billion. This means, with JUP-U.S. dollar perpetuals trading at 65 cents on Aevo at the moment, JUP could kickstart its journey with an impressive market cap of around $700 million.
Breaking down the distribution, a whopping 1 billion coins are earmarked for airdrops, 50 million each allocated for loans to market makers on centralized exchanges and liquidity pool necessities, with the remaining 250 million dedicated to a launch pool. This airdrop is a strategic move to distribute new or existing tokens en masse, aiming to amplify adoption within the community.
Great news for Jupiter enthusiasts! Around 955,000 wallets that have engaged with Jupiter before Nov. 2 are in line to receive the JUP airdrop. This information comes straight from the data source Airdrop Official.
So, are you ready to be a part of this monumental airdrop and witness a new chapter in the Solana ecosystem? Let the countdown begin!
dave
dave
Dave is a seasoned cryptocurrency expert and passionate writer in the digital currency space. Since diving into the world of crypto in 2015, he has been an ardent observer and participant in this ever-evolving domain. His fascination with cryptocurrencies, especially Bitcoin, and his keen interest in the transformative potential of blockchain technology have fueled his journey. With a deep understanding of cryptocurrency markets and trends, Dave brings a wealth of knowledge to his readers.
Ethereum’s Promising Recovery: Analyzing the Sustainability of the Rally
The crypto community is buzzing with excitement as Ethereum (ETH) shows signs of a promising recovery. Recent on-chain data suggests this rally might have the legs to sustain itself.
Key indicators like ‘Daily Active Addresses’ and ‘Network Growth’ have shown a positive trend for Ethereum. These metrics measure the unique number of addresses engaged in transactions daily and the influx of new addresses, respectively, shedding light on Ethereum’s increasing utility and growth.
Current data indicates a rise in daily new addresses and active transactions, signaling strong interest from both existing and new investors. With 101,000 new addresses daily and 484,000 unique active addresses, Ethereum is witnessing a surge in user engagement and investment interest.
This uptick in network activity is critical for Ethereum’s market cap growth, hinting at a healthy and expanding ecosystem. In contrast, Bitcoin’s recent ‘active entities’ data has shown a decline, setting Ethereum apart in terms of user engagement and utility.
Despite a recent price dip, Ethereum’s strong network activity suggests that its rally might still have potential. With the coin trading around $2,300, the robust network activity is a beacon of hope for Ethereum enthusiasts looking for sustainable growth.
There’s an exciting buzz in the cryptocurrency world as Bitcoin (BTC) continues its bullish push. Recently, Bitcoin has been eyeing an upward trajectory above the $42,500 resistance mark, showing signs of a potential rally beyond the $43,800 resistance.
Bitcoin is maintaining its momentum above the key $42,500 resistance zone, currently trading above $42,750. The cryptocurrency is also supported by the 100 hourly Simple Moving Average, indicating strong market confidence. A key bullish trend line is forming, providing robust support near $42,650.
If Bitcoin manages to surpass the $43,250 and $43,800 resistance levels, we could see a significant upswing. Bulls might then target the $44,500 mark, paving the way for a potential surge towards the $45,000 and $45,200 resistance levels. Such a move could further propel Bitcoin’s market value.
However, there’s always a flip side. If Bitcoin struggles to break the $43,800 resistance, it might trigger a bearish wave. Key support levels to watch in this scenario would be around $42,800 and $42,650. A dip below these could lead to a more substantial decline, possibly towards the $41,200 support.
Overall, the cryptocurrency market is buzzing with excitement as Bitcoin continues to show its resilience and potential for further growth. Whether you’re a seasoned trader or a curious observer, these are thrilling times in the world of digital currencies!
Ethereum ETFs on the Horizon: A Game Changer in Crypto Investment
The crypto community is abuzz with anticipation as the Securities and Exchange Commission (SEC) is poised to replicate its bitcoin ETF approval strategy for Ethereum (ETH) ETFs. According to insights from Standard Chartered Bank, we’re likely to see a green light for these ETFs by May 23.
Geoffrey Kendrick, head of the bank’s forex and digital assets research, predicts a bright future for ETH. Drawing parallels with the BTC ETF journey, Kendrick suggests ETH could skyrocket to $4,000 by the approval date. This optimism is bolstered by the SEC’s historical stance on ether and its regulated futures contract status on the Chicago Mercantile Exchange.
With Grayscale’s ETH trust eyeing an ETF transition, the crypto world is eager to see how the SEC’s decision unfolds. Kendrick remains bullish on crypto, particularly in price trends, foreseeing a potential rise in bitcoin to $100,000 by year-end and $200,000 by 2025.
Although bitcoin experienced a dip post-ETF approvals, mainly due to outflows from Grayscale Bitcoin Trust (GBTC), it’s now making a strong comeback, trading around $43,540. Ethereum, on the other hand, is expected to be less vulnerable to post-approval sell-offs, thanks to factors like the smaller market cap share of the Grayscale Ethereum Trust compared to GBTC pre-BTC ETF approval.
As for Ethereum’s ETFs, May 23 could mark the approval of simple ETFs mirroring ether’s price movements, with staking yield ETFs potentially following suit. Kendrick also highlights Ethereum’s upcoming upgrade, which he believes will positively impact ETH prices.
The crypto market is on the edge of its seat, with experts weighing in on both sides of the fence about the potential approval of a spot ether ETF. As we step closer to this key date, the crypto sphere remains a hotbed of excitement and speculation.
It’s been quite the rollercoaster for Coinbase’s app in the Apple App Store rankings. Back in early December, the app was sitting comfortably at the 49th spot among finance iPhone apps. Then, as excitement for spot bitcoin ETFs hit its peak, the app soared to the 16th position by Christmas. Fast forward to today, and it’s settled back down to the 43rd spot, based on the latest data from The Block.
This fluctuation in ranking is intriguing, given the recent surge and subsequent cooling in the cryptocurrency market. The approval of 11 spot bitcoin ETFs by the Securities and Exchange Commission on January 10 certainly played a part in these shifts.
According to Rebecca Stevens, a Senior Research Analyst at The Block, the dip in Coinbase’s app popularity isn’t too shocking. The drawdown in crypto asset prices and new platforms allowing retail traders to access crypto without leaving their primary brokerage are key factors.
December 2023 and early January were buzzing with anticipation for the U.S.’s first ever spot bitcoin ETF approval, aligning with a bullish run on cryptocurrency prices. However, the market has somewhat stabilized since then, mirroring the changes in Coinbase’s app ranking.
Terraform Labs Seeks Chapter 11 Protection Amid Legal Battle with SEC
Terraform Labs is making strategic moves in the legal arena, having recently filed for Chapter 11 bankruptcy protection. This move is a key part of the company’s strategy to appeal against the U.S. Securities and Exchange Commission’s (SEC) securities fraud lawsuit. CEO Chris Amani emphasized in a recent filing that this step is crucial for the company’s ongoing operations, preserving value for creditors and stakeholders, including the Terra LUNA community.
Filed on January 21 in the U.S. Bankruptcy Court for the District of Delaware, the bankruptcy protection aims to provide an orderly process for resolving claims against the company and pursuing an appeal. Amani highlighted the necessity of this protection, stating that without it, Terraform Labs would likely have to liquidate post-trial.
The background of this legal challenge stems from the SEC’s charges against the firm and its former CEO Kwon Do-hyeong in February 2023. The SEC accused them of orchestrating a significant crypto asset securities fraud while raising billions in unregistered transactions. However, Terraform Labs disputes these claims, arguing that the cryptocurrency tokens in question are not securities and thus outside the SEC’s jurisdiction.
The upcoming trial against Terraform Labs, now pushed back to late March at Kwon’s request, is set against the backdrop of the company’s turbulent history. Terraform Labs, known for the algorithmic stablecoin TerraUSD and its sister cryptocurrency Luna, witnessed a dramatic collapse in May 2022. Kwon’s subsequent arrest in March last year added to the company’s woes. Terraform’s legal strategy now focuses on challenging the SEC’s claims and seeking a positive outcome in the ongoing legal dispute.
Ethereum’s blockchain has just made a significant stride with its largest upgrade since early 2023, launching on its second of three test networks. This brings the eagerly-awaited ‘Dencun’ project and its revolutionary ‘proto-danksharding’ feature closer to reality.
Proto-danksharding is all about reducing transaction costs for layer-2 blockchains and making data availability more affordable. It introduces ‘blobs,’ a novel compartment for data storage. With the number of layer-2 chains on Ethereum rapidly increasing, this upgrade is crucial for supporting the ecosystem’s expansion.
The Sepolia testnet saw the Dencun upgrade come to life at 22:51 UTC on Thursday, finalizing shortly after. This marks Sepolia as the second testnet to simulate Dencun, following an earlier launch on the Goerli testnet. The final testnet, Holesky, is set for the Dencun upgrade on February 7.
Testnets are essential for developers, allowing them to tweak the protocol or decentralized applications in a low-risk environment. Post-Dencun, the community eagerly awaits the final date for its activation on the main Ethereum blockchain.
This monumental upgrade, initially slated for late 2023, follows the Shapella upgrade of last March, which enabled the withdrawal of staked ether (ETH).
It’s been an intriguing ride for spot bitcoin ETFs since their launch. While they kicked off with much fanfare, the unexpected twist has been their impact on the price of Bitcoin (BTC), which has seen a decline of about 15% since January 10, the day the U.S. Securities and Exchange Commission (SEC) gave its nod to these exchange-traded funds.
Initially hailed as a bullish milestone in crypto history, capable of attracting new investors and billions in capital, the reality has been somewhat different. The launch of bitcoin ETFs seems to be, at least for now, tempering the enthusiasm around Bitcoin.
One of the key reasons behind this trend is the shifting dynamics of GBTC, which transitioned to an ETF from a closed-ended trust. This change allowed investors to withdraw their capital, leading to over $3 billion in redemptions from Grayscale. Interestingly, not all of these funds are being redirected into other bitcoin ETFs.
On the social media front, Chris Burniske, a notable venture capitalist, predicts a potential bottom-out for Bitcoin, potentially as low as $20,000. This sentiment mirrors a Deutsche Bank survey where one-third of respondents foresaw Bitcoin dipping below $20,000 by year-end.
However, it’s not all gloomy. The recent regulation developments, such as Binance’s settlement with the Department of Justice and the closure of the FTX saga, suggest a clearing regulatory path for Bitcoin. Plus, with the ‘GBTC effect’ likely to taper off, there’s room for optimism.
Looking back, Bitcoin has weathered significant storms, like the 30% fall post the SEC’s rejection of the Winklevoss ETF application in 2013, and the tumultuous 2017 bull market start. Bitcoin’s journey has been one of highs and lows, and ETFs, despite their lukewarm start, represent a milestone for the asset class’s longevity.
As we navigate through these market changes, patience, as always, remains a vital virtue for investors and market watchers alike.
FTX Lawsuit Update: Sam Bankman-Fried’s Parents Seek Dismissal
Joseph Bankman and Barbara Fried, the parents of cryptocurrency figure Sam Bankman-Fried, are making headlines as they seek to dismiss a lawsuit filed by the bankrupt crypto exchange FTX. The lawsuit aims to recover funds allegedly transferred under fraudulent circumstances.
In September 2023, FTX filed a lawsuit to recover millions of dollars from Bankman and Fried. This lawsuit came shortly before their son, Bankman-Fried, was convicted on all seven counts of defrauding customers and the U.S. government. His sentencing is currently slated for March.
As professors at Stanford Law School, Bankman and Fried have argued that there was no fiduciary relationship between Bankman and FTX, emphasizing that Bankman did not hold any significant managerial role within FTX. A January 15 court filing further contends that FTX failed to demonstrate ‘actual knowledge’ of any actions by the parents that would constitute a breach of fiduciary duty.
The lawsuit, while not specifying the total alleged misappropriation, does highlight specific transactions. These include Bankman’s $200,000 annual salary as an advisor to the FTX foundation, over $18 million for property in the Bahamas, and $5.5 million in donations to Stanford University, which the university plans to return.
This ongoing legal battle continues to unravel in the high-stakes world of cryptocurrency, capturing the attention of the global finance community.
Skyrocketing Bitcoin Predictions Post-Halving: Scaramucci’s Bold Forecast
Anthony Scaramucci, the dynamic founder and managing partner of Skybridge Capital, is making waves with his bold prediction for Bitcoin (BTC). He anticipates a significant surge in Bitcoin’s value post the upcoming halving event in April, a key moment when the creation of new bitcoins is set to reduce once again.
“Take a look at Bitcoin’s halving cycles,” Scaramucci advised on the Scott Melker podcast. He highlighted a fascinating pattern: multiplying Bitcoin’s value by four, 18 months post-halving, has historically matched its price. Using a conservative estimate of $35,000 at the time of halving, Scaramucci envisions the potential for Bitcoin to reach $200,000 if it stands at $50,000 in April, or even $240,000 at $60,000.
Looking at the bigger picture, Scaramucci sees Bitcoin potentially reaching a market capitalization akin to half of that of gold, which would catapult the price of a single Bitcoin to an astounding $400,000.
Scaramucci’s investment acumen is well proven, being the first external investor in BlackRock’s spot bitcoin exchange-traded fund (ETF), which was approved earlier this year. BlackRock CEO Larry Fink, initially a skeptic, has since transformed into a strong proponent of Bitcoin, a change Scaramucci applauds, recognizing the importance of leaders adapting their views based on thorough research.