Valkyrie CIO Predicts Spot Ethereum ETF Approval Will Take 1-2 Years
Steven McClurg, Valkyrie’s chief investment officer, noted that a spot Ethereum ETF could gain approval in the next year or two, but he doesn’t expect that to happen anytime soon. In recent months, well-known companies such as Fidelity and BlackRock have filed for spot Ethereum ETF. Some analysts predict that the Securities and Exchange Commission could approve these products as early as May of this year. Currently, Valkyrie is not competing for the Ethereum ETF seat.
Reddit Converts Excess Money into Bitcoin and Ethereum
Massive social media platform Reddit thinks cryptocurrency and blockchain hold great promise, according to new filings. The company has used its extra cash since 2022, adding small amounts of Bitcoin and Ethereum to its treasury. Reddit said in its IPO filing filed with the U.S. Securities and Exchange Commission on February 22 that they invested some of their excess cash reserves in Bitcoin and Ethereum. They said that as of December 31, 2023, the only cryptocurrencies held in the company’s treasury were Bitcoin and Ethereum, but they added that the amounts were insignificant.
Singularity Raises $2.2 Million to Develop KYC-Compliant DeFi Platform for Institutions
Singularity Network, a protocol that appeals to institutional investors seeking exclusive access to DeFi, raised $2.2 million in its second investment round ending in late 2023. The company plans to use the recently raised capital to support protocol development, develop regulatory-compliant DeFi infrastructure, and prepare for the protocol’s launch in the coming months. Gumi Crypto Capitals led the investment round, while leading investors such as Eureka Partners and Nomura’s digital asset division Laser Digital also participated in the investment. Digital Assets Capital Management, Gandel Invest and Apollo Crypto were among the other investors in this round. These companies had previously supported Singularity in its seed round.
Sky Mavis Co-Founder Jeffrey Zirlin’s Wallet Was Hacked for $9.7 Million in Ethereum
Jeffrey Zirlin, co-founder of Sky Mavis, the company that makes the Axie Infinity game, said that according to the X post, two of his wallets were seized on Friday morning, Asian time, but Ronin was not affected. A ‘whale wallet’ was found to have been hijacked and transferred 3,248 Ether worth approximately $9.7 million from Ronin Bridge to cryptocurrency mixer Tornado Cash. This information was discovered by blockchain security firm PeckShield. Zirlin stated on X that the attack was limited to his personal accounts and had nothing to do with the operations or viability of the Ronin chain.
Paris Saint-Germain to Become Blockchain Validator for Chiliz Chain
French football giant Paris Saint-Germain has announced that it will become a network validator for the Chiliz Chain blockchain, which hosts PSG fan tokens. Chiliz said the buyback program will help PSG ‘regularly replenish’ its fan token reserves and build a sustainable digital economy around them.
Bitcoin Price and Spot ETF Entry/Exit Correlation Decreases, According to JPMorgan
According to JPMorgan analysts, the correlation between Bitcoin price and inflows and outflows to spot ETFs is decreasing. The correlation between the two asset classes has fallen to 0.60, analyst Ken Worthington said in a note to the bank’s clients on Thursday morning. Worthington pointed out that this rate is lower than the 0.78 value on February 7 and the 0.84 value on January 31.
PancakeSwap Releases Nemesis Downfall
Nemesis Downfall, the newest addition to the PancakeSwap Gaming Marketplace, will be released in open beta on February 28. In Nemesis Downfall, players will be able to purchase characters, weapon skins, and other in-game items by depositing ND or CAKE. Nemesis Downfall is the third game to go live on PancakeSwap Gaming Marketplace, following the launch of Pancake Protectors and Pancake Mayor in November.
Marathon Digital Holdings Launches Direct Bitcoin Transaction Sending Service
Marathon Digital Holdings, a Bitcoin mining and digital asset technology company, has introduced a new direct Bitcoin transaction sending service called ‘Slipstream’. The new service is designed to facilitate and accelerate large and/or non-standard Bitcoin transactions.
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BITCOIN(BTC)
In today’s morning hours, Bitcoin is trading at $51,150, down 0.26%. When we examine the four-hour chart, we see that there is horizontal movement between the $50,600 and $52,800 levels. With the breakdown of this region, it can be followed in which direction the movement will continue. Yesterday evening, the level of 52,000 dollars was seen again, but it could not be maintained. If the resistance level of $52,300 is broken upwards and persistence is achieved above it, levels of 52,800 and then $53,300 can be targeted. In case of a withdrawal, if the support zone of $ 50,650 is broken downwards and persistence is maintained below it, a retreat movement towards the $ 49,750 region may be seen.
ETHEREUM(ETH)
Ethereum, which lost 0.58% of its value as of the morning hours, is priced at $ 2953. When we examine the four-hour chart, we have been in a rising trend since January. We see that the support area of $2875 is working well and there is an upward reaction from this area. When evaluated in the short term, the $2990 level appears as the resistance zone. If there is persistence above this region, the $ 3000 level and then the $ 3100 level may be tested again. In case of a withdrawal, the levels of 2875 and 2700 dollars can be followed as support.
RIPPLE(XRP)
As of the morning hours, XRP is priced at $0.5394 with a 0.26% loss in value. When we examine the four-hour chart, the $0.54 region is major support. In case of an upward movement, the $0.55 level must be broken upwards and maintained above it. In this case, the $0.56 region can be tested. In case of a withdrawal, if the support zone of $ 0.5375 is broken downwards and permanence is maintained below it, the retreat may continue up to the 0.53 region.
AVALANCHE(AVAX)
AVAX is priced at $36.58 with a 0.57% depreciation as of morning hours. When we examine the four-hour chart, persistence above $36 is very important. We see that there is a reaction again from the support zone of $ 36. If this movement continues, the $38.50 level can be followed as resistance. If the support zone is broken downwards, a withdrawal movement up to the $ 35 level may be possible.
SOLANA(SOL)
SOL is priced at $102.38 with a 0.61% gain in value as of the morning hours. When we examine the four-hour chart, we see that it received a reaction from the support zone at $ 101.65. If it persists above this region, a rise towards the $107 region may be possible. In downward movements, the $ 101.65 level appears as an important support point. In case of a downward break of the support zone, the $ 100 and $ 96 levels can be followed as support.
CHAINLINK(LINK)
As of the morning hours, LINK is priced at $18,060 with a 0.34% loss in value. When we examine the four-hour chart, we see that the support zone of $ 18,150 has been broken downwards. For the moment, it seems that this area is working as resistance and the price wants to be tested again. If this movement persists above the $18,150 region, the $18,500 level can be tested. It works as resistance and if the price moves downwards, the $17,500 level can be followed as support.
FIL
FIL is priced at $8,385 with a 4.02% gain in value as of the morning hours. When we examine the daily chart, we see that the resistance zone of $ 7.80 has been broken upwards and the movement has become stronger by staying above it. If this movement continues, the $8.5 level can be followed as resistance. In case of a withdrawal, the $ 8.25 level can be followed as support.
CTSI
CTSI is priced at $0.3345 with a 3.05% gain in value as of the morning hours. When we examine the daily chart, we see that the ascending triangle formation has broken upwards. If there is persistence above this region, the $0.35 level can be tested. In case of a pullback, the $0.325 level can be followed as support.
