Losses pile up

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Left in a ditch on the side of the road for months, only to shoot to the moon in March, Xido Finance (XIDO) just re-set all engines to boost. In the past 24 hours, with the rest of the cryptosphere crouched in a bunker, XIDO, launched as an automated market maker (AMM) this past June on the Binance Smart Chain (BSC), rocketed 106% to reach above $68. That's still below the $100 mark it nearly reached on St. Patrick's Day and well short of the token's all-time high of $481, reached soon after it was born.

A boffo 1,000%+ price explosion came between early- and mid-March following the DeFi project's official pivot to play-to-earn gaming, framed as a "first step into the metaverse.” Not much by way of updates regarding the NFT-centric “GoldMine” game has followed, a scour of related forums reveals.

The XIDO token was recently listed on the Singapore-based crypto exchange XT.com (TheDailyHodl).

It's not clear why XIDO is suddenly surging today. But there's no shortage of BSC enthusiasts chirping about it.

Not a single non-stablecoin asset in the Top 50 is in the green. Not one.

Although, the No. 54 coin, Frax, did gain 0.2%. That was FRAX's one-day move as of Thursday at 7 a.m. (EST).

Bitcoin set today’s tone, declining 4% over 24 hours. Solana shed 6%.

Even Dogecoin is down. Elon Musk is now on the board of Twitter and DOGE is 14 cents, pretty much where it was last week at this time.

At one point yesterday, BTC didn't just fail to hold $45K, it fell below $43K. At 9 a.m. (EST), the largest crypto was about $43,630.

The Teucrium Bitcoin Futures Fund, a BTC futures-based exchange-traded fund (ETF), has won approval from the U.S. Securities and Exchange Commission. Speculation, that a spot market BTC ETF might soon follow, is mounting.

NYSE Arca will list the ETF, issued, managed and distributed by Teucrium (pronounced “two-cree-um”) and its related subsidiaries. The SEC announced the approval yesterday. Their blessing notably falls under the Securities Exchange Act of 1934 (not to be confused with the Securities Act of 1933, also known as the ’33 Act); the paperwork for prior BTC-related ETFs was filed and green-lit under the auspices of yet another federal law, the Investment Company Act of 1940, a path which, said CoinDesk, citing Bloomberg, involves a slightly different set of regulatory hurdles in terms of winning approval, potentially now providing a route to the long-sought spot BTC fund passage.

Burlington, Vt.-based Teucrium, known for its agriculture-focused ETFs, made news last month when its $400 million wheat fund (WEAT) momentarily halted trading after it literally ran out of shares after soaring 50% in the first few weeks after Russia invaded Ukraine.

Botanically speaking, Teucrium is a fairly expansive genus of perennial flowering plants, part of a family that is scientifically classified as Labiatae, closely associated with aromatic culinary herbs, such as sage and rosemary.