Crypto keeps sprinting
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 9th November 2023.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Crypto Off To The Races As BTC Crosses $37K
Early Thursday, Bitcoin barreled toward $37,000 after new reports of a fresh dialogue between U.S. federal regulators and Grayscale. These discussions, revealed Wednesday evening, center around the supposedly impending conversion of Grayscale's GBTC trust fund into a publicly traded ETF, marking a monumental sea change in the government's attitude toward crypto, possibly triggering inflows.
Between 8 a.m. (EST) and 9 a.m. (EST), the largest crypto hovered around $36,800.
Then, at 9:07 a.m. (EST), BTC shot to $37,200. It has surged 6% in 24 hours.
A slew of altcoins sprinted ahead as well.
Ordinals, a Bitcoin-network-run platform for creating NFT-like assets, saw its native ORDI inscribe a 178% return over the past seven days amidst renewed interest in tokenized images and newly attained support from Binance.
According to CoinGecko, ORDI is the 137th-largest digital asset in terms of its market capitalization (roughly $314 million).
Shooting up 30% just in the past 24 hours was the Ethereum-run ILV token (No. 93, with a half-billion-dollar-market-cap) connected with Illuvium, a soon-to-be-launched NFT-centric game. It has been created in connection with ImmutableX, a layer-2 scaling protocol.
Yesterday came word that Illuvium has secured eye-level shelf space within the bustling confines of the Epic Games Store. ILV is +66% this week.
But the most outstanding weekly performer at the moment is Kaspa's KAS, up 72% since last Thursday morning. KAS is clocking record highs, hurtling toward a dime after only one month ago barely being a nickel.
In fact, KAS, in the past 12 months, has gained a staggering 2,600%. Its market cap is now $1.9 billion, enough to place it with CoinGecko's Top 40. Not bad for a Proof-of-Work (PoW) project underpinned by the GHOSTDAG protocol allowing orphan blocks created in parallel to coexist.
What's down
In Sea Of Green, TON Springs A Leak
As of 9:25 a.m. (EST), Bitcoin was $37,600. That's its highest level in 18 months.
Total crypto rose 4.3% to $1.45 trillion.
Crypto-related equities were rising in U.S. pre-market trading.
How bullish is it getting out here? FTX's long forgotten FTT token jumped on reports the exchange could be revived.
And then there's Solana, crushed amidst the FTX debacle last November; SOL has more than doubled in the past month.
Even Bonk, a Solana-run memecoin, soared 66% over the past day.
The entire CoinGecko Top 100 chart is a picture of springtime green with nary a speck of red. Save for a single blight: Toncoin.
TON fell 7% in the past 24 hours. A lone laggard today, TON was a leader less than 24 hours ago.
The Telegram-associated crypto reached $2.61 yesterday. That level, unseen since February, came after revelations that Telegram founder Pavel Durov used $200K worth of TON to purchase 10,000 premium subscriptions that he plans to give away randomly.
Decrypt noted a slew of recent developments that have helped drive TON from the sub-$2 level over the past 30 days. These headline-grabbing strides include: the launch of TON Space, a self-custodial wallet, on Telegram; and a live, authenticated speediness test of The Open Network blockchain which produced world-record-setting transactions-per-second (TPS) data that auditor CertiK verified.
What's next
Odds Of A Spot BTC ETF Approval Rise As Grayscale-SEC Talks Reportedly Progressing
BTC is finally back where it was in May of 2022 before the Terra ecosystem collapsed, setting off a cascade of failures and crypto winter. Now, a year-and-a-half later, with “Uptober” giving way to a “November to Remember,” the intensity of industry heat can be felt in every direction.
Bloomberg analysts just came out with new odds – a 90% likelihood – that the first spot BTC ETF will be approved.
Grayscale, per CoinDesk, citing one source (requesting anonymity), has been in private talks with two SEC divisions – Trading/Markets and Corporation Finance – since its victory over the agency in court last month.
An SEC spokeswoman declined to comment on the new talks.
Grayscale had sued the regulator for arbitrarily rejecting its bid to turn GBTC into an ETF. At a minimum, the SEC was to give the application a new look.
Craig Salm, Grayscale's chief legal officer, confirmed reengaging with the SEC’s division of trading and markets.
But Salm wouldn't elaborate beyond describing the engagement as "good" while also offering a best-case forecast. "It's not a matter of if anymore," he said. "It's a matter of when."
