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Tag: Grayscale

  • Polkadot (DOT) regains bullish moment

    Polkadot (DOT) regains bullish moment

    Polkadot (DOT) stands at $36.35, at the time of writing. Polkadot crypto’s price has increased by 0.65% in the past twenty-four hours while the daily trading volume has gone up by 25%. Polkadot is the 8th largest cryptocurrency with a market capitalization of $33 billion. DOT coin has established its all-time high at $48.36 two weeks ago and after market corrections, the coin appears to be picking up the pace again.

    Poladot (DOT) Technical analysis

    The technical indicators for Polkadot coin are standing at a neutral position as the bulls and bears both vie for dominance in the market. Out of the 26 technical indicators, thirteen are giving out a buy indication with eight standing at neutral and only five indications of sell.

    A trader has given a bullish analysis for the coin. Per the trader, Polkadot crypto is set towards the moon. Polkadot can be observed to be operating above the 18-day Moving Average – indicating a rise in the price level. The immediate resistance level facing Polkadot coin lies at the 0.618 Fibonacci retracement level – at the price level of $39.46 – followed by $44 and $50. The trader has set a price target for Polkadot above $100 with the possibility of going even higher. However, if the bears dominate the market then Polkadot will be able to find stable support at 0 Fibonacci retracement which lies parallel to the price level of $26.

    Osprey’s Polkadot trust

    The cryptocurrency asset management firm Osprey Funds has announced the creation of a Polkadot (DOT) fund in order to allow their customer base to invest in the cryptocurrency. The trust’s management fee of 2.5% is also said to be exempted before 2023. Polkadot trust will be available at by private placement at $25,000 and above to qualified investors only.

    Greyscale Investments had taken a lead in creating a Polkadot fund along with others; however, the final details of Grayscale’s Polkadot trust are yet to be finalized which makes Osprey’s Polkadot trust the first of its kind in the market. The announcement of the fund may have been what accounted for the bullish momentum in DOT coin’s market.

  • Two Crypto Firms Make it to TIME’s Most Influential Companies’ List

    Two Crypto Firms Make it to TIME’s Most Influential Companies’ List

    The cryptocurrency market has observed performance unparalleled to other investment alternatives. The bull run of 2021 resulted in a renewed fame of cryptocurrencies as well as a wider acceptance. Where the views of sceptics would turn the market bearish once, today institutional behemoths, billionaires, and veteran investors have all pledged their support to cryptocurrencies.

    The influence that blockchain technology has on our lives is inadvertently going to rise as we become more entangled with the technology. Two cryptocurrency firms have made it to TIME magazine’ 100 most influential companies’ list. The crypto firms to have made I to the list are Coinbase and Digital Currency Group.

    The Top 100 Most Influential Companies’ list had four broad categories – Pioneers, Leaders, Innovators & Disrupters. The list gauged the impact that firms have been able to create over the course of a year.

    Coinbase, the leading cryptocurrency exchange, recently got listed on NASDAQ which marked a turning point in the journey of cryptocurrency adoption & acceptance. Coinbase had recorded revenues higher in the first quarter of 2021 than the previous full year. The crypto exchange was listed alongside giants like Facebook and Alibaba and the magazine called it be “shoring up cryptos credibility” specifically pointing towards the direct listing on April 14.

    Digital Currency Group made it to the list primarily because of its subsidiaries, Grayscale & the crypto news website CoinDesk. Grayscale is an asset management firm dealing in cryptocurrencies. Grayscale’s assets under management totals to $45.4 billion. Digital Currency Group’s name on the list may also be attributed to the recent partnership between DCG and TIME magazine for a series of educational videos on cryptocurrencies, for which TIME will be paid by Grayscale in cryptocurrencies.

  • Grayscale to top the market cap of the largest ETF

    Grayscale to top the market cap of the largest ETF

    Asset management firm, Grayscale, has exceeded $50 billion in cryptocurrency holdings for the first time. The asset manager is set to break the record of the largest commodity ETF which stands at a valuation of $57 billion.

    The largest exchange-trade fund GLD, which is physically backed by gold has listing on many major stock markets. GLD is a safe haven investment for investors throughout the world because of its safety and almost zero volatility. But the rise of cryptocurrencies has led to the consideration of cryptocurrencies replacing gold. GLD has nearly stagnant yields and by the principle of the stock market, the high risk of cryptocurrencies is equal to high rewards.

    Grayscale has plans to convert into ETF if the SEC regulations allow. Grayscale would have been the second largest ETF, if approved, currently and close to become the largest. The CEO of Grayscale Michael Sonnenshein believes Grayscale will top GLD soon.

    The asset manager is holding approximately 3.5% of the total BTC circulating supply – around 660,000 Bitcoin tokens. Grayscale’s assets under management range from Bitcoin to lesser known coins. It also has a hefty holding of $7.4 billion ETH in its Ethereum trust funds. The firm has a total of ten crypto trust funds with a total valuation of $50 billion.