Crypto analyst Benjamin Cowen highlights the impressive rally of Solana (SOL) but advises caution, drawing parallels to Ethereum’s past performance and pointing towards potential market shifts. He emphasizes the importance of considering market cap valuations and macroeconomic factors that could trigger a pullback in SOL/BTC.
Polymarket, a prediction market platform, witnessed a surge in trading activity during August 2024, with volumes reaching record highs across various political and cultural betting markets, particularly those related to the upcoming U.S. Presidential election. The platform’s monthly trading volume skyrocketed to nearly $400 million, driven by heightened interest in political outcomes and an increase in daily users.
Crypto analyst Dima James Potts believes Dogecoin (DOGE) is set for a bullish run starting as early as September, drawing parallels with past price cycles. While historical patterns suggest a potential surge, investors need to be cautious as crypto markets remain volatile.
Crypto analyst Dylan LeClair discusses MicroStrategy’s innovative Bitcoin strategy, which involves using corporate finance tools to accumulate Bitcoin and has been adopted by companies and even a soccer club. This strategy has proven successful, with MicroStrategy’s market cap significantly increasing since implementing it. LeClair believes more companies will follow suit, but cautions that it remains a bold move for most corporations.
The chances of a Solana (SOL) based exchange-traded fund (ETF) getting approved in 2024 are looking increasingly slim due to regulatory hurdles and the SEC’s classification of Solana as a security. The SEC’s rejection of two spot Solana ETFs and the decreasing probability on decentralized platforms reflect the challenging environment for crypto-based ETFs.
Crypto analyst CryptoCred provides insights on recent Bitcoin and altcoin price action. He analyzes Bitcoin’s futures data and highlights the importance of divergences between price action and metrics like open interest and funding rates. He also discusses potential trading strategies for Ethereum, Solana, and Tron.
Mantra Chain, a Layer 1 blockchain, is working to bring real-world assets (RWAs) onto the blockchain, a move that could see a $2 trillion market by 2030. The company is partnering with traditional finance (TradFi) institutions to tokenize assets like real estate, commodities, and securities, increasing liquidity and accessibility for investors.
The SEC has expressed concerns about whether Solana should be classified as a security, potentially hindering the approval process for Solana-based exchange-traded funds (ETFs). This decision comes after discussions with ETF applicants and has led to the withdrawal of 19b-4 forms, which would have initiated the approval process. While the SEC remains silent on the matter, the move has sparked debate on the regulatory landscape for crypto assets.
This week saw a dip in the crypto markets, with Bitcoin and Ethereum both declining by 2.5%. Meanwhile, the US political scene heats up with Trump’s return and the upcoming election. In tech news, Apple expands its Indian footprint, OpenAI’s Worldcoin faces backlash, and AMD makes a major AI acquisition.
Despite facing competition from other networks, Cardano’s ADA has maintained a steady user base and transaction volume, suggesting potential undervaluation. The network’s resilience and strong long-term holder confidence have fueled speculation about a possible bullish reversal.
