Synopsis
- Crypto Market braces for volatility, amidst Grayscale dump
- Is FTT ready for a revival?
- VeChain’s new upgrade
- Biggest loser of the week
Key Observations
Analysis
Crypto market to expect volatility as GBTC dumps
The crypto market is anticipated to witness volatility, with Grayscale dumping Bitcoin. The ETF approval rally has now passed and reports indicate that GBTC holders are offloading billions worth of BTC from Grayscale’s ETF. The ongoing sell pressure from GBTC suggests that this trend is set to continue, contributing to uncertainty in the market.
Investors have managed to offload more than $2 billion worth of the Grayscale Bitcoin Trust GBTC since it was converted into an ETF earlier this month.FTX was then revealed to have sold 22 million shares worth close to $1 billion.
Analysts and investors are expected to monitor the market for upcoming trends and pattern after anticipating a volatile period.
FTT making a comeback?
Figure 2: FTT frenzy as markets react
The FTX debacle has witnessed major price corrections in recent history. The Grayscale sell-pressure has been believed to be FTX paying back creditors by dumping their BTC holdings since the ETF approval came along. FTX along with Celsius is injecting crypto holdings into exchanges with the intent to sell. This overall crypto market has seen a downtrend in the past week. However, the native token of FTT has witnessed a 260% surge in the 24-hour trade volume while the price has seen a 2% jump in the last 24 hours.
This comes after SBF’s parents moved to dismiss the lawsuit against Sam. Bankman and Fried, both professors at Stanford Law School, argued that Bankman did not have a fiduciary relationship with FTX and did not serve as a director, officer, or manager.
VeChain announces new integration
Figure 3: Ledger Live integration goes live for Vechain
The blockchain platform, VeChain has achieved seamless integration into Ledger Live which aims to provide users with a hassle-free and secure method to manage their VeChain Token holdings directly. This highlights the platform’s commitment to sustainability and scalability in the ever-evolving crypto space.
The new integration eliminates the need for third-party intermediaries, ensuring direct control over VET assets. The new update has greatly improved the service and enhanced safety features. This has made managing VET and VeTHOR tokens much easier. The integration with Coinify also showcases a positive stride toward making VeChain’s blockchain technology available to everyone.
Biggest loser of the week: Arbitrum One (ARB) down by 26%
Opinions:
Technical Analysis:
Arbitrum One has seen a dump after the selling pressure with the drop-down to under $1.6, resulting in a 26% dip over the past 7 days. ARB is likely to test the support regions at $1.50 if current levels fail to hold.
Oscillator indicators: 2 bearish, 9 neutral, 0 bullish
Moving Average indicators: 9 bearish, 1 neutral, 5 bullish
Conclusion
The cryptocurrency market was marked with important events. The ETFs had pumped the market with optimism which has since seen a remarkable downturn as major institutions are dumping digital assets. This has resulted in a massive surge for FTT in terms of volume. Meanwhile, VeChain’s shows signs of promise with the new upgrade – Ledger Live.
