Cryptocurrency

Launch of Memecoin ETFs by Osprey Funds and REX Shares

Wednesday. January 22 at 8:00 AM

1 min. read

Asset managers Osprey Funds and REX Shares are planning to introduce exchange-traded funds (ETFs) for memecoins such as Dogecoin, Trump, and Bonk, as per a regulatory filing on Jan. 21. The filing also includes proposals for ETFs related to Bitcoin, Ether, Solana, and XRP. These ETFs will directly hold spot cryptocurrencies and related financial derivatives. The REX-Osprey TRUMP ETF will be the first to hold TRUMP, a memecoin endorsed by former US President Donald Trump. The launch of TRUMP caused a surge in investor interest, leading to congestion on the Solana network. With Trump's pro-crypto stance, US regulators are expected to ease their oversight on cryptocurrencies. Asset managers have submitted numerous filings for cryptocurrency ETFs, including altcoins like SOL, XRP, and Litecoin, as well as crypto index ETFs. Rex Shares has a history of launching crypto-related ETFs, such as the T-REX 2X Long MSTR Daily Target ETF.

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Vivek Ramaswamy Steps Down from DOGE to Run for Ohio Governor

Wednesday. January 22 at 9:00 AM

Entrepreneur Vivek Ramaswamy has decided to step down from co-leading the Department of Government Efficiency (DOGE) with Elon Musk to pursue a run for Ohio governor. Ramaswamy expressed confidence in Musk and the team to streamline government. While not revealing specific plans, reports suggest he will announce his candidacy soon. Ramaswamy's departure from DOGE was influenced by Musk's desire for him to leave, following criticism of American culture. The advisory organization, solely led by Musk now, was established through executive orders signed by Trump. DOGE faces legal challenges for allegedly violating transparency laws. The initiative aims to reduce federal spending through cuts and layoffs. Ramaswamy's decision to run for governor marks a significant shift in his career trajectory.

Cryptocurrency

Launch of Memecoin ETFs by Osprey Funds and REX Shares

Wednesday. January 22 at 8:00 AM

Cryptocurrency

Analysis of AI16Z Price Volatility and Market Sentiment

Wednesday. January 22 at 6:00 AM

The AI16Z price has been highly volatile, dropping by 50% in just five days but rebounding by 12% in the last 24 hours. This rapid recovery indicates a positive shift in market sentiment, although technical indicators suggest that the trend is still fragile. The RSI and CMF are showing signs of improvement, reflecting increased buying pressure, but they are still within moderate ranges. The EMA lines suggest a possible continuation of bearish momentum, with the price potentially testing crucial support at $0.569 or, if bullish momentum strengthens, challenging resistance levels at $0.976 and $1.39. The RSI for AI16Z has risen to 44.2 from 31.3 three days ago, signaling a recovery in market momentum. The CMF has also shifted to positive territory, indicating growing buying pressure and a potential change in market sentiment. Overall, while there are positive indicators, caution is advised as the market remains uncertain.

Cryptocurrency

XRP Faces Downward Pressure Amidst Increased Profit-Taking Activity

Wednesday. January 22 at 2:00 AM

XRP has seen a 9% decline from its peak of $3.41 on January 16, due to a rise in profit-taking actions impacting its price. The trend suggests a potential continuation of downward movement in the short run. On-chain data from XRP's Network Realized Profit/Loss (NPL) indicates a surge in profit-taking, with positive values recorded over the past week. This metric reflects XRP holders selling for profit, measuring the difference between the asset's last transaction price and the current market value. A positive NPL signifies more selling for profit than loss, potentially increasing market supply and lowering prices. Additionally, the Exchange Flow Balance for XRP has surged by 105% since January 17, signaling increased token selloffs. This metric tracks asset movements in and out of exchanges, indicating market sentiment shifts. With XRP currently trading at $3.09, continued selloffs could drive its value towards $2.45, barring a reduction in profit-taking by investors.

Cryptocurrency