Lưu trữ cho từ khóa: CryptoCurrency

DeFi

Theta Labs launches tool converting smartphone GPU to mine TFUEL tokens

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Theta Labs has launched EdgeCloud for Mobile, allowing users to contribute their smartphones’ GPU power as nodes in its decentralized network and earn TFUEL tokens.

According to a press release shared with crypto.news, EdgeCloud for Mobile aims to harness the computing resources of the roughly 3.9 billion active Android devices worldwide to bolster its decentralized cloud computing network.

Theta EdgeCloud is a DePIN-powered hybrid cloud-edge computing platform that utilizes over 30,000 distributed nodes to offer scalable, cost-effective GPU computing resources. With smartphones becoming increasingly powerful and capable of handling complex computations, the platform aims to capitalize on these capabilities.

According to Mitch Liu, co-founder and CEO of Theta Labs, by allowing smartphones to become a part of its decentralized network of nodes, the platform would be able to “fundamentally transform the scale” at which it operates.

“By growing from 30,000 PC nodes to potentially millions of mobile devices, this move significantly boosts our network’s capabilities. Each device adds to our distributed GPU power,” Liu added.

These devices will assist with AI computations, like video object detection, by running small, parallel tasks. Theta Labs estimates that if a mere 30,000 Android devices contribute their GPU power for just eight hours a day, they can generate 240,000 hours of computational work in a single day.

The EdgeCloud mobile application, already available on the Google Play Store, gives users the flexibility to only share resources when the device is plugged in or connected to a wifi network, ensuring minimal battery drain and data usage while contributing to the network and generating passive income.

Users get TFUEL tokens, the native token of Theta Network, in exchange for committing their resources. At press time, the altcoin was up 98.8% over the past year.

The application will support any Android phone or tablet manufactured after 2020, with no geographic restrictions.

As previously reported by crypto.news, Theta EdgeCloud has already secured several partners in academia that utilize the platform’s resources for advanced AI research across fields like media, healthcare, bioinformatics, and finance. The latest to tap into the DePIN-powered network was the Seoul Women’s University.

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Theo Crypto News

DeFi

POPCAT hits all-time high as market cap surges past $1b

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Solana-based memecoin POPCAT hit an all-time high on Sep. 25 as its market cap shot past the $1 billion mark.

At press time, Popcat (POPCAT) was still up 10% over the past day, exchanging hands at $1.02. The meme coin had surged to its all-time high of $1.07 earlier on the day, and almost 60% higher than its weekly low.

Popcat’s recent price surge has pushed its market cap over $1 billion, landing it in the 82nd spot among cryptocurrencies, according to CoinGecko. Its daily trading volume also jumped by 53%, hitting around $136 million.

Meanwhile, the social sentiment around Popcat has been bullish, according to CoinMarketCap data. Following its recent feat, whales have turned their attention to the meme coin, with one investor scooping up $1.3 million worth of POPCAT at $1 on the same day.

A look at Coinglass data shows POPCAT’s open interest is up 13%, reaching its all-time high of $106 million when writing, pointing to a rise in the number of traders that are engaging with the meme coin driving its rally. Additionally, the weighted funding rate has spiked to a record high of 0.0200%, further supporting the coin’s upward momentum.

The surge has propelled POPCAT close to the upper Bollinger Band, which currently sits at $1.0704. This indicates that the asset will soon reach an overbought zone, though it also reinforces the strong bullish momentum in the short term.

POPCAT price, Bollinger Bands and CCI – Sept. 25 | Source: crypto.news

Furthermore, its Commodity Channel Index spiked to 143.81 following the recent rally, a level well above the overbought threshold of 100. Such elevated readings typically signal the potential for an impending correction, urging caution among traders.

If POPCAT continues to gain momentum and breaks above the $1.070 resistance level, it could push higher, with $1.2 as the next psychological target.

In contrast, failure to maintain current support levels could result in a further decline, with the middle Bollinger Band around $0.7482 serving as the first support zone. Traders should be cautious of potential consolidation or heightened volatility around these critical levels.

Popcat’s latest rise is part of a broader rally in cat-themed meme coins. Cat in a Dog’s World (MEW), another Solana-based cat-themed token, saw an 8% gain in the last 24 hours, while Mog Coin (MOG) and Michi (MICHI) climbed 5.6% and 7.4%, respectively.

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Theo Crypto News

DeFi

Sei spikes 25%, breaks key resistance as bulls eye $0.50

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Sei, the layer-1 blockchain for high-frequency crypto trading, saw its native token’s price jump more than 25% in the last 24 hours.

On Sept. 25, Sei (SEI) rose from an intraday low of $0.366 to hit a high of $0.471 earlier in the day across major exchanges.

This is the highest level the token has been since June 12, with its market capitalization leaping to $1.6 billion, positioning it as the 59th largest digital asset globally, according to CoinGecko data.

The price surge came alongside a 187% rise in its daily trading volume, currently hovering around $523 million. Further, Coinglass data shows that SEI’s daily open interest was up 34.4% to $170.3 million when writing, pointing to heightened investor activity fueling SEI’s ongoing rally.

On the 1-day chart, SEI had broken out of a falling wedge pattern, a technical setup that typically signals further upside potential.

SEI price, Bollinger Bands and RSI chart -Sept. 25 | Source: crypto.news

It has also broken the upper Bollinger Band, which stands at $0.4503, indicating that upward momentum remains strong.

The Directional Movement Index shows increasing bullish momentum, with a rising +DI and a falling -DI, indicating reduced selling pressure. At the same time, the Average Directional Index is climbing, suggesting that the previously weak bullish trend is gaining strength.

SEI DMI – Sept. 25 | Source: crypto.news

Given the current trend, traders should keep an eye on the $0.50 mark, which could serve as the next psychological resistance. A successful breach of this level, combined with strong volume, might push the price toward $0.55 or higher.

However, the overbought Relative Strength Index at 74 signals the possibility of a near-term correction or consolidation. In case of a reversal, the middle Bollinger Band around $0.3224 may serve as a key support level.

Major liquidation levels

Currently, the key liquidation thresholds for SEI are around $0.454 on the downside and $0.475 on the upside, with significant leverage among intraday traders at these levels, according to Coinglass.

Source: CoinGlass

If SEI drops to $0.454, nearly $494.47K in long positions could be liquidated. Conversely, a rise to $0.475 could lead to the liquidation of approximately $3.44 million in short positions.

At press time, bulls seemed to be in control, with the potential to trigger liquidations of short positions at higher levels.

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Theo Crypto News

DeFi

SEC pushes back Ethereum ETF options decision to November

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The United States Securities and Exchange Commission has delayed its decision regarding the approval of options trading for spot Ethereum ETFs.

In two separate filings, the SEC said it requires “sufficient time to consider the proposed rule change” that would allow Nasdaq ISE LLC and NYSE American LLC to offer options trading for spot Ethereum ETFs.

Currently, BlackRock’s iShares Ethereum Trust (ETHA), Bitwise’s Ethereum ETF (ETHW), Grayscale’s Ethereum Trust (ETHE), and Ethereum Mini Trust (ETH) are the funds seeking the commission’s approval.

BlackRock filed for the rule change for its ETHA product in August 2024, while Bitwise and Grayscale followed with their respective filings via NYSE American LLC during the same month. 

Initially, a final decision was expected by September 26 and 27, 2024, but the regulator has extended the review period to Nov. 10 and 11, 2024. 

This is typical under Section 19(b)(2) of the Securities Exchange Act. It gives the regulator more time to consider these decisions and aligns with its cautious approach towards crypto-related ETPs.

Meanwhile, on Sept. 20, the regulator approved options on BlackRock’s iShares Bitcoin Trust, allowing Nasdaq to list IBIT options under its continued listing standards. However, the approval came after an almost eight-month review period.

Nasdaq had to refile multiple amendments throughout this process, starting from Jan. 11, 2024, to provide additional information regarding Bitcoin-based ETPs. These amendments were necessary for the SEC’s thorough review, ensuring all regulatory concerns over market manipulation and other risks were addressed before approval.

The SEC’s extension comes amid declining interest in spot Ethereum ETFs, with the nine funds experiencing seven consecutive weeks of outflows. To date, these outflows have exceeded $620 million. In contrast, spot Bitcoin ETFs have recorded over $17 billion in inflows since launch.

In other news, BlackRock recently filed an amendment requiring its custodian, Coinbase, to process Bitcoin ETF withdrawals within 12 hours. 

This change came in response to rising concerns among investors about Coinbase’s transparency in handling Bitcoin assets. The quicker withdrawal process is intended to reassure investors that their holdings are being appropriately managed and not through “paper BTC” or IOUs.

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Theo Crypto News

Bitcoin

Spot Bitcoin ETFs accumulate $390.7m over four days, Ethereum ETFs see rebound

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Spot Bitcoin exchange-traded funds in the U.S. recorded a significant jump in net inflows on Sept. 24, while spot Ether ETFs reversed course, moving back into net positive flows.

Data from SoSoValue shows that the 12 spot Bitcoin ETFs recorded net inflows of $135.95 million on the day, marking the fourth consecutive day of positive inflows. Over this period, the funds have accumulated more than $390.7 million.

BlackRock‘s IBIT, the largest Bitcoin ETF, spearheaded the inflows with $98.9 million, marking its second consecutive day of positive inflows and bringing its total net inflows to $21.03 billion to date.

BItwise’s BITB and Fidelity’s FBTC followed with $17.4 million and $16.8 million flowing into their funds respectively. Grayscale Bitcoin Mini Trust drew in $2.9 million.

The remaining eight BTC ETFs including Grayscale’s GBTC remained neutral on the day.

Total trading volume for the 12 BTC ETFs soared to $1.11 billion on Sept. 24, higher than the $949.72 million seen the previous day. Since launch, these funds have recorded a cumulative total net inflow of $17.83 billion. Bitcoin (BTC) had risen 1.6% over the past day, trading at $64.196 at press time.

Meanwhile, the nine U.S.-based Spot Ethereum ETFs logged net inflows of $62.5 million on Sept. 24, a flip from the net negative flows seen the previous day. Most of the inflows went into BlackRock’s ETHA, which saw $59.3 million added to the fund.

VanEck’s ETHV and Invesco’s QETH also drew in modest inflows of $1.9 million and $1.3 million respectively. The remaining ETH ETFs saw no trading activity on the day.

The trading volume for these investment vehicles had seen a rise, jumping to $180.42 million on Sept. 24 from $167.35 million seen the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $624.17 million. At the time of publication, Ethereum (ETH) was exchanging hands at $2,623.

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Theo Crypto News

Bitcoin

Bitcoin set for potential breakout this week

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Bitcoin could be on the path to a new all-time high if it breaks out of its reaccumulation phase this Saturday, according to an analyst.

In a Sept. 14 X post, prominent trader Rekt Capital indicated that Bitcoin could soon break out of its reaccumulation range, where it has been trading since early March if historical patterns repeat.

The analyst pointed out that Bitcoin has historically exited its reaccumulation phase between 154 and 161 days after a halving event.

A Bitcoin halving event is when the reward for mining new Bitcoin blocks is cut in half, reducing the rate at which new Bitcoins are created. This occurs once approximately every four years to maintain Bitcoin’s fixed supply of 21 million.

The latest halving happened on April 20, 2024, 157 days ago—right within the historical window for a potential breakout, according to Rekt Capital.

Bitcoin is now 157 days post-halving event | Source: X/RektCapital

In an earlier X post, the analyst revealed that in both the 2016 and 2020 halving cycles, Bitcoin broke out of its accumulation range after 154 and 161 days, respectively. He clarified that while history doesn’t always follow an exact pattern, the current situation aligns with previous breakout periods.

“History suggests it is ‘Breakout Time’ for Bitcoin,” Rekt Capital said, noting that if the pattern holds, Bitcoin could break from its reaccumulation range within the next few days.

The analysis also pointed out that while September is typically a bearish month for Bitcoin, this cycle has defied expectations. 

Since the start of September, Bitcoin (BTC) has increased by 9.8%, climbing from its initial price of $58,147 to reach an intraday high of $63,869 on Sept. 24 at the time of reporting. This rise made it Bitcoin’s best-performing September in over a decade, starkly contrasting to the eight bearish September it has endured in the past 11 years.

Looking ahead, rising institutional interest may also play a crucial role in driving Bitcoin’s price higher over the long haul. Bloomberg analyst Eric Balchunas expects major Bitcoin ETF issuers like BlackRock to increase their Bitcoin holdings by the end of 2025.

The rationale is that as more investors engage with Bitcoin ETFs, issuers must buy additional Bitcoin to meet demand, further tightening supply.

Bitcoin was exchanging hands at $63,623 at press time, up 7.7% over the past week.

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Theo Crypto News

DeFi

Celestia’s TIA jumps 14% following new funding round

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TIA, the native token of the modular blockchain network Celestia, has surged 14% after it announced the commencement of its second funding round.

At press time, Celestia (TIA) was trading at $6.2, having surged to an intraday high of $6.86—marking a rise of over 40% from its weekly low. The token’s daily trading volume doubled from the previous day to $410 million.

TIA 24-hour price chart – Sept. 24 | Source: crypto.news

Meanwhile, its market capitalization reached $1.34 billion, securing its position as the 65th largest cryptocurrency, according to CoinGecko. Following the latest price jump, TIA also gained a top trending status on the crypto data aggregator.

Despite the recent price rally, TIA still has to climb 69.8% to break past its all-time high of $20.85 seen on February.

TIA’s price rally follows a key milestone, with the Celestia Foundation announcing an additional $100 million in funding, bringing its total to $155 million. The funding round coincided with Celestia’s core developer community unveiling the project’s technical roadmap, both of which traders perceived as positive developments.

Eyes on $6.60 resistance level

TIA’s price has now fallen to $6.171, hovering just below the upper Bollinger Band, which is currently at $6.601. This suggests that the token recently encountered resistance near the upper band, leading to a sharp pullback, as indicated by the price being near the middle band.

TIA Bollinger Band and RSI – Setp. 24 | Source: crypto.news

The Relative Strength Index RSI is at 56.87, retreating from overbought levels, which points to weakening bullish momentum. However, the RSI is still above the neutral zone, signaling that there is room for potential upward movement if buyers step in.

If TIA can regain momentum and break above the $6.60 resistance level, it could push higher, with $7 as the next target. In contrast, failure to maintain current support levels could result in a further decline, with the middle Bollinger Band around $4.994 serving as the first support zone. Traders should be cautious of further consolidation or volatility near these key levels.

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Theo Crypto News

Phân tích

NEAR spikes nearly 31% in 30 days, bulls eye $6 target

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NEAR Protocol is currently one of the top performers in the market, with bulls aiming to capitalize on the uptrend to break through a key psychological barrier.

Notably, NEAR Protocol (NEAR) has seen a remarkable surge over the past month, gaining nearly 31%. Most of its recent performance came from a notable intraday gain of 14.43%, the largest in over four months. 

NEAR 1D chart – Sept. 24 | Source: crypto.news

This came on the back of a partnership between leading AI chipmaker Nvidia and Alibaba, which triggered a favorable reaction from AI tokens.

NEAR is trading at $5.217 at the time of writing, having appreciated by as much as 6.36% over the past 24 hours. The latest upsurge has pushed its market cap to $5.79 billion, with a massive daily trading volume of $890 million.

This surge has driven the asset above the upper Bollinger Band, currently at $5.072. This position suggests that NEAR is in an overbought condition, but confirms the strong bullish momentum in the short term.

In addition, the Commodity Channel Index surged to 224.85 following the recent rally. A CCI reading above 100 is considered overbought. As a result, caution is warranted, as such high readings often precede corrections. 

However, following a minor drop this morning, NEAR Protocol retested the upper Bollinger Band and sustained a value above it. This indicates that the bulls are firmly in control of the market at the reporting time. 

This momentum could persist if buying pressure continues. NEAR is now facing a critical juncture as it approaches resistance levels at $5.469 and $6.301. 

The $6 psychological level represents a major target for bulls. However, the last time NEAR approached $6, it faced strong resistance at $5.9, resulting in ten consecutive days of losses. 

For the bulls to breach this level, NEAR would need to consolidate above $5.469 and maintain its current momentum. Failure to break past $5.469 could see a retracement to the Pivot level support at $4.954 or further down to $4.121.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Polymarket considering token launch as part of a $50M fundraising effort

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Polymarket plans to raise $50 million and is exploring a potential token launch as the on-chain betting platform grows.

According to a report from The Information citing anonymous sources, Polymarket will raise $50 million in fresh funding and could introduce a token that would “validate the outcome of real-world events.”

Launched in 2020, Polymarket emerged as a prominent player in the prediction market space this year, with its smart contracts running on the Polygon blockchain. It allows users to bet on the outcomes of various events, from sports to geopolitical tensions, with the U.S. presidential election drawing particular attention with nearly $1 billion wagered.

Data from DeFi Llama shows that Polymarket now holds over $121 million in total value locked, with its growth accelerating even further following mentions from major outlets such as Bloomberg and CNN, with the former even integrating Polymarket data into its election terminal.

The New York-based company is now considering offering investors warrants for future token purchases as part of the funding round, but it isn’t clear whether investors will receive equity, token warrants, or both if the token issuance plan moves forward.

The potential token could serve as a tool for users to validate real-world event outcomes, according to the sources, though the details of how this would function weren’t clarified. It is also unclear whether the token would replace or supplement Polymarket’s current use of the UMA Protocol, which resolves market outcomes via community votes.

Earlier this year, the company raised $70 million across two previous rounds, including a $45 million Series B led by Founders Fund, a venture capital firm started by billionaire Peter Thiel.  

Polymarket’s expansion plan surfaces as U.S. regulators have taken a firm stance against election betting contracts, arguing that it may influence outcomes. CFTC Chairman Rostin Behnam recently commented on the situation, warning that platforms offering offshore election betting to U.S. customers would face enforcement action if found violating U.S. law.

Currently, U.S. residents are blocked from accessing the platform as a part of a 2022 settlement with the CFTC, but some reports suggest that American users have been bypassing these restrictions using VPNs.

In related news, the on-chain prediction market continues to grow, with Wintermute, a prominent cryptocurrency market maker, announcing plans to launch OutcomeMarket, a multi-chain platform focused on U.S. election betting.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News