Global Hive Buzz

Bitcoin Dumps $500 Million in just 2 Hours

Bitcoin faced an 8% decline on Wednesday amid growing concerns about the potential approval of a spot Bitcoin (BTC) ETF. This downturn erased the entire upward movement witnessed on January 1, leading to the liquidation of positions worth $500 million across various derivatives exchanges.

The market sentiment shifted as doubts increased regarding the approval of the ETF, creating a stalemate. According to options analyst GreeksLive, "The likelihood of the ETF's passage became less and less likely, and the market saw a stalemate." The skepticism in the market was further fueled by weaknesses observed in crypto mining stocks and the sell-off in several U.S. stocks related to cryptocurrencies.

Reuters had previously reported that a Bitcoin ETF could receive approval as early as "Tuesday or Wednesday," citing inside sources. However, financial services firm Matrixport expressed a more cautious outlook, dismissing overly optimistic expectations. Matrixport stated, "We believe all applications fall short of a critical requirement that must be met before the SEC approves. This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January."

Altcoins" Poised for Growth in the Surging Crypto Market

While Bitcoin dominates the headlines with its recent surge to 18-month highs, seasoned experts understand that the most transformative gains often lie in other corners of the cryptocurrency landscape. A handful of carefully selected "altcoins" are expected to thrive as the broader crypto market gains momentum.

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Solana has surpassed Ethereum in 7-day stablecoin transaction volume

Once dubbed an "Ethereum killer," Solana has outpaced the transaction value of Ethereum's largest altcoin blockchain by over $13 billion, as reported by Artemix.xyz.

The increased interest in Solana has had a direct impact on its native cryptocurrency, SOL, which has surged to prices not witnessed since the collapse of Terra in 2022. SOL experienced a remarkable 1,000% gain last year, reaching above $110 at the time of this report. This surge propelled SOL to overtake Ripple's XRP token, securing its position as the fifth-largest cryptocurrency in the market. As of the latest update, Solana is closely trailing Binance's BNB coin and boasts an even higher 24-hour trading volume, according to Coingecko.

The positive momentum for SOL may continue with upcoming token airdrops, offering additional rewards for participants. Jupiter, an emerging decentralized exchange (DEX) on Solana, is gearing up to launch its native digital currency in January, further contributing to the growing ecosystem.

NFT initiatives initiate the distribution of "complimentary" company equity to token holders.

On December 25th, Pons Asinorum, the founder of The Plague, an NFT collection, revealed that holders of their NFTs would receive a portion of the company's shares based on the number of unlisted NFTs they possess.

Despite potential legal and regulatory concerns, the NFT founder asserted the legality of the action, emphasizing that the shares were not sold. The founder claimed to have consulted with several legal experts regarding the move, noting that at the time of NFT purchase, holders did not anticipate receiving shares.

The community responded to the announcement, engaging in discussions about whether this development is a "gamechanger or just a sham." Waleswoosh, Azuki's Researcher in Residence, suggested that, under specific circumstances, this could be legally permissible. The researcher pointed out that the eligibility criteria were already fulfilled in both cases, clarifying that the NFTs were not originally sold with the explicit intention of offering equity.

Simultaneously, some community members expressed hope that other brands would grasp the implications of this approach. One member speculated on various applications, proposing a realistic scenario involving NFTs/trait market shares, where sales generate a percentage allocated to specific holders.

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