Cryptocurrency Investing

US regulators could approve spot ether ETFs for launch by July 4, sources say.

By Suzanne McGee and Hannah Lang

(Reuters) - The U.S. Securities and Exchange Commission could approve exchange traded funds (ETFs) tied to the spot price of ether as soon as July 4, as talks between asset managers and regulators enter the final stages, industry executives and other participants told Reuters.

Eight asset managers, including BlackRock (NYSE:BLK), VanEck, Franklin Templeton and Grayscale Investments, are seeking SEC approval for the funds. Most of them had rolled out spot bitcoin ETFs in January, the culmination of a decade-long tussle with regulators. Grayscale again hopes to convert an existing trust into an ETF.

Executives at two firms, who requested anonymity due to the confidential nature of the discussions, said the process of amending the offering documents has progressed to resolving only "minor" issues. Those documents must be approved before the ETFs can be launched.

A lawyer working with one of the issuers, who also requested anonymity, said it was "down to the finishing touches" and that approval is "probably not more than a week or two away."

The SEC declined to comment. In an interview with Reuters earlier this month, SEC Chair Gary Gensler said the launch date depends partly on how quickly issuers respond to the regulator's queries.

The January launch of funds tracking the spot price of bitcoin was one of the most successful in the ETF market, drawing some $8 billion in assets, Morningstar Direct data showed. As of late June, those nine new products have nearly $38 billion in assets, although the holdings of Grayscale Bitcoin Trust - which converted its $27 billion bitcoin trust into an ETF at the same time - dipped to $17.8 billion.

Many ETF and cryptocurrency analysts believe the launch of the new spot ether ETFs will be less impressive.

"Ethereum is not the same size in terms of market cap, nor does it have the same volumes," said James Butterfill, head of research at Coinshares.

The price of ether has languished this month, falling more than 11%, alongside a 9.8% drop in bitcoin. Moves in bitcoin typically impact the price of ether.

Given the differences in market size and nature of the two cryptocurrencies, inflows may be much more muted when the ether ETFs launch, said Bryan Armour, an ETF analyst at Morningstar.

"With bitcoin, there had been pent-up demand for a decade and investor interest was off the charts," he said. "This just isn't going to command the same excitement."

The SEC has already approved the rule changes required for the New York Stock Exchange, Nasdaq and Cboe to list and oversee trading in the new products. That means that once SEC staff sign off on the filings, the products could start trading in as little as 24 hours.

Bitcoin price today: hovers around $60k amid Mt Gox fears; Ether ETF hype dim

Investing.com-- Bitcoin price fell on Thursday, seeing little relief after a major rout over the past week as fears of a massive sale event stemming from defunct exchange Mt. Gox kept traders averse towards the token.

Markets took little support from a Reuters report that the Securities and Exchange Commission could approve exchange-traded funds tied to the spot price of Ether by as soon as next week.

Broader sentiment towards crypto was also quashed by fears of an upcoming U.S. inflation reading that is likely to factor into the outlook for interest rates. This notion also kept traders heavily biased towards the dollar.

Bitcoin fell 1.1% in the past 24 hours to $60,918.7 by 01:28 ET (05:28 GMT).

Bitcoin price hit by Mt Gox jitters, strong dollar
Liquidators for the defunct crypto exchange Mt Gox said that they planned to begin crypto assets stolen during a 2014 hack by as soon as early-July. The distributions will chiefly consist of large quantities of Bitcoin and Bitcoin Cash.

But given that the Bitcoin being returned to clients will be of a substantially higher value than when it was stolen, traders expect that the receivers of the assets will be more likely to liquidate their holdings, presenting massive selling pressure on Bitcoin.

Mt Gox liquidators were seen mobilizing about $9 billion worth of Bitcoin earlier this year. But their holdings of the token are much more.

Beyond the Mt Gox sales, anticipation of PCE price index data- which is the Federal Reserve’s preferred inflation gauge- also kept investors on their toes.

Strength in the dollar- amid persistent fears of high for longer U.S. interest rates- were a key weight on crypto prices in recent sessions.

Crypto price today: Ether little enthused by ETF report
Among broader cryptocurrency prices, altcoins also drifted lower as traders remained biased towards the dollar.

World no.2 token Ether fell 0.4% to $3,374.23, taking little support from a Reuters report that said the SEC could approve a spot Ether ETF by as soon as next week.

Optimism over a spot Ether ETF saw the token rally sharply through May. But it was seen giving up a bulk of those gains over the past two weeks, as traders questioned just how much of a price boost a spot ETF could provide.

The approval of a spot Bitcoin ETF earlier this year saw the token briefly rally to record highs. But Bitcoin has since remained within a tight trading range and struggled to offer any meaningful near-term returns.

Hype over the spot Bitcoin ETFs was also seen dwindling in recent weeks, as crypto investment products clocked two weeks of steep outflows.

Other altcoins also drifted lower on Thursday. ADA, SOL and XRP fell between 0.5% and 2.7%.

Among meme tokens, DOGE fell 3.4%, while SHIB lost 3.2%.

Will XRP's $0.5 Reversal Finally Happen? Bitcoin Can (BTC) Hold Above $60,000, Cardano (ADA) Lost $0.4: What's Next?

U.Today - XRP has failed; the reversal attempt began back on June 24. The asset has been gradually gaining some strength on the market but has failed to get past the 26 EMA, which shows that the current movement has no momentum nor strength behind it.

The inability of XRP to break above the 26 EMA is a sign of the absence of buying pressure on the market. If the 26 EMA is not broken, it indicates that the bulls are not in control. The 26 EMA frequently serves as a significant resistance level.

Any price movement without a lot of volume is probably going to be erratic and short-lived. There has been volatility on the larger cryptocurrency market, with key assets like Ethereum and Bitcoin seeing declines. It is difficult for altcoins like XRP to gain traction in this environment. The price action of XRP is being significantly impacted by the general bearish sentiment on the market.

Given that the RSI is currently in the 40–50 range, it appears that XRP is neither overbought nor oversold. The lack of significant momentum in either direction is supported by this neutral RSI reading. XRP needs to see an RSI move above 50, along with rising volume and optimistic market sentiment, in order to stage a significant comeback.

A retest of lower support levels may occur if XRP struggles to stay below the 26 EMA. At $0.46, which has historically served as the asset's floor, there is another major support level. A more significant decline in XRP might be expected, possibly testing even lower levels if this support is broken. However, a strong break above the 26 EMA backed by rising volume might indicate a possible reversal. XRP clearly needs more buyers.

Can Bitcoin return?
Bitcoin is currently trading above the important psychological threshold of $60,000, but it is not yet clear if the digital asset will be able to hold the line against the gradually rising selling pressure on the market.
More sellers are putting more pressure on the cryptocurrency market, and Bitcoin is no different. Given the extreme volatility of the last few days, the price action of BTC must continue to hold above the $60,000 threshold. The current state of the market is testing this level, which has historically provided strong support.

Bitcoin is likely to face difficulties in the future, according to a number of technical indicators. The 30-to 40-range RSI suggests that Bitcoin is getting close to the oversold area. In addition to reflecting the strong selling pressure that is currently driving the market, this may indicate a buying opportunity. It is also important to keep an eye on the moving averages, especially the 50-day and 200-day EMAs.

If Bitcoin manages to hold above $60,000, we could see a potential rebound. The first target would be the $65,000 resistance level which, if breached, could pave the way for a rally toward $70,000. However, for this to happen, there needs to be a significant increase in buying volume and positive market sentiment.

On the flip side, if Bitcoin fails to hold the $60,000 support, the next major support lies around $57,000. A drop below this level could invalidate the 200-day EMA as a support, pushing Bitcoin into a more bearish zone and potentially triggering a stronger sell-off.

Cardano's stalemate
Cardano appears to be at a standstill as investors are not taking notice of what was once one of the most intriguing assets available, and core enthusiasts are the only ones giving it serious consideration.
ADA's pricing performance has been poor in spite of its potential and strong community support. With its price stuck around $0.41, the chart shows that Cardano has been finding it difficult to gain traction. The 50-day and 200-day EMAs in particular are critical resistance levels for any meaningful upward movement in the cryptocurrency but have not been broken by it.

Technical analysis shows that Cardano is in oversold territory because its RSI is in the lower range. This may indicate that long-term investors have a chance to purchase. But the low trading volume is a worrying indication that the market as a whole is not interested. At best, investor sentiment has been uncertain about Cardano.

This article was originally published on U.Today

Nvidia's valuation recovers to $3.1 trillion, looks to rise further

Shares in Nvidia (NASDAQ:NVDA) rose sharply on Tuesday, reclaiming the $3 trillion valuation following a spate of consecutive declines that cost the AI darling its title as the world’s most valuable public company.

NVDA closed 6.7% higher, propelling its market cap to $3.1 trillion and easing investor concerns that its key role in the AI revolution may be cooling.

The stock continued to attract positive attention on Wednesday, rising more than 2.4% in premarket trading. Should it hold onto these gains, NVDA could add a further $70 billion to its market cap and inch closer to Apple (NASDAQ:AAPL), which is currently valued at $3.21 trillion.

On June 18, Nvidia’s market capitalization reached $3.34 trillion, surpassing Microsoft's (NASDAQ:MSFT) to become the world's most valuable company. However, over the following three trading days, the company lost $430 billion in market value, retreating to third place.

Rivian spikes premarket after VW unveils plan to invest up to $5 bn in EV start-up.

Investing.com -- Shares in Rivian (NASDAQ:RIVN) leapt in premarket U.S. trading after Germany's Volkswagen (ETR:VOWG_p) announced a major investment plan in the American high-end electric truck group.

The partnership, which could see VW provide Rivian with as much as $5 billion in capital, aims to form a 50/50 joint venture for sharing knowledge on electric vehicle architecture and software. If the tie-up is completed, Volkswagen will gain "immediate access" to Rivian's current EV technology.

However, the joint venture's establishment depends on several factors, including technical feasibility reviews, further negotiations, regulatory approvals, and achieving certain milestones. A final decision is still pending.

"This partnership brings Rivian’s software and zonal electronics platform to a broader market through Volkswagen Group’s global reach and scale," said Rivian Chief Executive RJ Scaringe in a post on X.

For Rivian, Volkswagen's funding provides some much needed financing for a firm that has been hit by sluggish demand and an uptick in costs due to elevated interest rates.

Hype around EV start-ups fueled a sharp jump in Rivian's shares after its initial public offering in 2021 that pushed its market value above VW's at one point. But the stock has since retreated, slipping by around 90%.

In a note to clients, analysts at Canaccord Genuity said the announcement will be a source of "giant relief" for Rivian investors, allowing the business to fund its operations as it races to bring its R2 sport-utility vehicle to market in 2026. California-based Rivian is working to produce its new R3 and R3X crossover models as well.

The cash infusion from VW joint venture will also aid Rivian as it looks to become free cash flow positive, the Canaccord Genuity analysts added. In the first quarter of 2024, Rivian lost over $1.4 billion.

Meanwhile, the move comes as VW looks to bolster its EV offerings during a time of intensifying competition from burgeoning rivals in China.

"New Chinese brands are moving at an unprecedented speed, and only through vertical integration can other automakers hope to keep pace," analysts at Piper Sandler said in a note.

Oliver Gray contributed to this report.

FedEx shares surge premarket as profit forecast tops Wall Street expectations.

Investing.com -- Shares in FedEx (NYSE:FDX) surged by more than 13% in premarket U.S. trading after the shipping giant revealed an upbeat outlook and unveiled plans for a $2.5 billion share buyback in its current financial year.

The Memphis-based company, whose results are considered to be a possible marker of the state of the global economy, said it now expects to deliver full-year revenue growth in the low- to mid-single digit. Analysts had called for an increase of 3%.

Earnings in its 2025 fiscal period are also seen at between $20 to $22 per share, topping at the midpoint Wall Street's predictions of $20.92, according to Reuters.

FedEx also reported a 7.2% uptick in income excluding items to $1.34 billion in its fiscal fourth quarter on revenue of $22.1 billion, driven in part by a push to reduce structural costs that helped mitigate the impact of inflation-linked weakness in shipping demand. Chief Executive Raj Subramaniam called the returns "unprecedented in this current environment," adding that the momentum is expected to "continue in fiscal 2025."

Meanwhile, FedEx said it was considering whether to sell or hold on to its freight trucking business, which raked in $2.3 billion in revenue in the three months ended on May 31.

Market observers widely took note of this announcement, with Stifel analysts saying that it implies a potential spinoff of the business.

"The division has quietly grown from the family outcast to the most profitable division in the portfolio," the Stifel analysts noted, adding that "a divestiture seems prudent" and "offers a tantalizing opportunity for investors."

Elsewhere, FedEx's rosy forecast helped give lift to peer DHL (ETR:DHLn). Germany-listed shares in the logistics player edged higher in early European trading on Wednesday.

Futures mostly higher, FedEx's rosy outlook, Rivian surges - what's moving markets.

Investing.com -- U.S. stock futures point mostly into the green on Wednesday after a rebound in tech stocks helped the S&P 500 and Nasdaq Composite end multi-day losing streaks in the previous session. FedEx (NYSE:FDX) shares spike in extended hours trading as the delivery group and global economic bellwether unveils an upbeat full-year financial forecast. Shares in Rivian (NASDAQ:RIVN) also surged, boosted by plans from Germany's Volkswagen (ETR:VOWG_p) to invest up to $5 billion in the electric truck maker.

1. Futures broadly higher

U.S. stock futures edged broadly higher on Wednesday after the benchmark S&P 500 and tech-heavy Nasdaq Composite snapped three-day losing streaks in the prior session.

By 03:27 ET (07:27 GMT), the Dow futures contract was mostly flat, S&P 500 futures had gained 5 points or 0.1%, and Nasdaq 100 futures had inched up by 32 points or 0.2%.

Strength in artificial intelligence semiconductor group Nvidia (NASDAQ:NVDA) and other big-name tech firms pulled both the S&P 500 and Nasdaq Composite into the green on Tuesday. Shares in Nvidia climbed by 6.8%, recovering from a three-session sell-off, while the sector-wide Philadelphia Semiconductor index added 1.8%.

Chipmakers also gave lift to the S&P 500 Technology index, while Google-parent Alphabet (NASDAQ:GOOGL) and Facebook-owner Meta Platforms (NASDAQ:META) also rose, pushing up the communications services index.

The blue-chip Dow Jones Industrial Average was the laggard, ending the trading day in the red after touching a one-month high on Monday.

2. FedEx advances on upbeat outlook

Shares in FedEx surged by more than 13% in extended hours trading after the shipping giant revealed an upbeat outlook and unveiled plans for a $2.5 billion share buyback in its current financial year.

The Memphis-based company, whose results are considered to be a possible marker of the state of the global economy, said it now expects to deliver full-year revenue growth in the low- to mid-single digit. Analysts had called for an increase of 3%.

Earnings in its 2025 fiscal period are also seen at between $20 to $22 per share, topping Wall Street's predictions of $20.92 at the midpoint.

FedEx also reported a 7.2% uptick in income excluding items to $1.34 billion in its fiscal fourth quarter on revenue of $22.1 billion. CEO Raj Subramaniam called the returns "unprecedented in this current environment," adding that the momentum is expected to "continue in fiscal 2025."

Logistics player DHL's (ETR:DHLn) stock price ticked higher in early European trading following FedEx's announcement.

3. Pool shares sink

Pool (NASDAQ:POOL) stock fell 7% on Tuesday after the swimming pool products distributor cut its earnings and revenues expectations, citing the impact of a downturn in consumer spending on big-ticket items like home improvement projects.

One of the sector's leading names, Lousiana-based Pool flagged that construction activity may slip by 15% to 20% this year. Sales year-to-date have also decreased by around 6.5% versus the comparable period in 2023, the company noted.

The firm warned that recent data suggests "persistently weak demand for new pool construction" following the end of the typical swimming pool high-season from late May to early June.

Pool's decline on Tuesday pulled down peers like pool supplies firms Hayward Holdings (NYSE:HAYW) and Leslie's (NASDAQ:LESL), as well as pool manufacturer Latham Group (NASDAQ:SWIM).

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
4. Rivian shares soar as VW plans $5 billion investment

Shares in Rivian leapt in extended hours trading after Germany's Volkswagen announced a major investment plan in the American high-end electric truck group.

The partnership, which could see VW provide Rivian with as much as $5 billion in capital, aims to form a 50/50 joint venture for sharing knowledge on electric vehicle architecture and software. If the tie-up is completed, Volkswagen will gain "immediate access" to Rivian's current EV technology.

A final decision on the establishment of the joint venture is still pending.

The move comes as VW looks to bolster its EV offerings during a time of intensifying competition from rivals in China and U.S. giant Tesla (NASDAQ:TSLA).

5. Crude inches up

Crude prices rose Wednesday, despite a surprise jump in U.S. stockpiles, as traders weighed geopolitical risks and confidence surrounding the summer driving season.

By 03:26 ET, the U.S. crude futures (WTI) traded 0.6% higher at $81.28 per barrel, while the Brent contract climbed 0.5% to $84.62 a barrel.

Data from the American Petroleum Institute, released on Tuesday, showed that U.S. oil inventories grew by around 0.9 million barrels in the week to June 21.

This was something of a surprise given expectations for a draw of 3 million barrels, but is largely being overlooked as investors anticipate inventory drawdowns during the peak third quarter demand season. The official numbers from the Energy Information Administration are due later in the session.

Both contracts are still sitting on strong gains over the past two weeks, as persistent geopolitical tensions – Israeli strikes on Gaza and Ukrainian attacks on Russian refineries -- resulted in traders pricing a risk premium into oil prices.

Bitcoin drops 7.8% to below $60,000.

(Reuters) - Bitcoin dropped 7.8% to $59,215 at 8:50 pm GMT on June 24.

1

Bitcoin price today: down to $61k amid regulatory jitters, inflation angst

Investing.com-- Bitcoin price fell on Tuesday, extending recent declines as a mix of regulatory fears, particularly over U.S. action and German government sales, coupled with broader risk aversion, kept crypto prices under pressure.

The world’s largest cryptocurrency fell 2.4% in the past 24 hours to $61,332.0 by 01:22 ET (05:22 GMT). It had fallen as far as $59,215 in overnight trade.

Selling in crypto currencies was driven by a storm of different regulatory factors, which, coupled with angst over U.S. interest rates, drove broader prices lower. Crypto investment products were also seen logging two straight weeks of heavy capital outflows.

Bitcoin price pressured by German sale fears, inflation angst
Bitcoin was nursing steep losses through the past week amid reports that the German government was selling Bitcoin confiscated from a piracy website. Reports said the German police had sold about 3,000 tokens of the 50,000 initially confiscated.

Reports of the German sales were accompanied by other reports that the U.S. Commodity Futures Trading Commission was investigating market maker Jump Trading over its crypto trading activities. Jump President Kanav Kariya also said he was leaving the firm.

The reports added to a broader risk-off sentiment in crypto markets, as traders pivoted into the dollar ahead of key U.S. inflation data due this Friday. PCE price index data, which is the Federal Reserve’s preferred inflation gauge, is widely expected to offer more cues on interest rates this week.

Rising fears of high rates had battered crypto markets through the past week, and showed little signs of clearing. Strength in the dollar also diminished crypto’s appeal.

Crypto investment products see sustained outflows
Data from digital asset manager CoinShares showed on Monday that crypto investment products saw outflows totaling about $584 million, with a bulk of these being directed towards U.S. Bitcoin exchange-traded funds.

Bitcoin products saw outflows of $630 million, while altcoin products saw mild inflows as investors saw recent price slumps as a buying opportunity.

Crypto price today: Altcoins rise but nurse losses
Broader crypto prices rose on Tuesday, with major altcoins rebounding from steep losses seen over the past week.

World no.2 token Ether rose 0.2% to $3,377.80, after relinquishing a bulk of its gains made on hype over a spot Ether ETF.

ADA, SOL and XRP rose between 0.3% and 10%, with Solana leading gains among its peers, albeit in slim trading volumes.

Among meme tokens, SHIB and DOGE added about 2% each.

Promontory Technologies Goes Live for External/LP Investors

Road Town, British Virgin Islands, June 25th, 2024, Chainwire

Promontory Technologies is excited to announce the launch of its Promontory Alpha Fund, a quantitative, systematic, multi-strategy approach to trade liquid listed digital (“crypto”) assets. The fund is designed to be market-neutral and avoid deep drawdowns, offering both a BVI vehicle for non-US investors and a Delaware LP for US investors.

Promontory’s CEO, Jackson Fu, was a day-one co-founder of the highly successful Qilin Investment, a top-rated quant hedge fund manager based in Shanghai. Since its launch in 2016, Qilin has managed USD $5-7 billion in AUM with excellent risk-adjusted performance, earning it the nickname “The DE Shaw of Asia”. The Promontory team includes several key members from Qilin and brings a strong pedigree in the quant systematic trading space to the crypto markets.

Notably, the new fund has attracted capital from investors such as prominent Asian family offices and billionaire entrepreneurs, which the team hopes will underscore confidence in Promontory’s approach and team.

Joining Jackson at Promontory from Qilin, are CIO Robin Liu, and several top quants and developers. Robin previously managed a USD $100 million (5,000 BTC) quant crypto strategy at Amber Group. The Promontory team, now 15 strong, includes seasoned professionals from BlackRock (NYSE:BLK), Brevan Howard, Deutsche Bank, Morgan Stanley, OKX, Huobi, Gate, and WorldQuant.

Promontory’s strategy uses advanced quantitative techniques, data science, AI, machine learning, and risk modeling to identify uncorrelated alpha in liquid digital assets. By diversifying capital and risk across a broad mix of sub-strategies and factors, the strategy achieves strong diversification and multiple sources of alpha. The team has adapted and honed their models and algorithms over several years to work successfully in the crypto space and has been trading these models in the crypto markets.

Jackson commented, “We are thrilled to launch our external co-mingled fund vehicle. Our key value proposition lies in our ability to outperform traditional hedge funds by capitalizing on crypto’s high volatility and inefficiencies, all while avoiding the significant volatility and drawdowns of the underlying crypto assets through highly structured and repeatable trading processes and algorithms.”
The strategy is offered in USD, BTC, and ETH share classes and provides separately managed accounts.
For more information on Promontory Technologies and the Promontory Alpha Fund, users can contact [email protected] or visit www.promotechfi.com and their LinkedIn company page.

About Promontory Technologies

Promontory Technologies is the premier digital asset management firm dedicated to serving family offices, institutions, and high net worth individuals. Promontory provides digital asset exposure, risk management and diversification through a quantitative systematic hedge fund, venture capital, market making and OTC services.

The firm is helmed by a team of seasoned executives who have successfully managed a quantitative hedge fund with over US$7 billion in AUM in the traditional securities markets, as well as a crypto quantitative hedge fund with over US$200 million in AUM.

Cryptoverse: Trump drubs Biden in meme coins

By Medha Singh and Lisa Pauline Mattackal

(Reuters) - Donald Trump has taken a commanding lead over Joe Biden - in the world of political meme coins, at least.

Crypto tokens linked to former President Trump have leapt in volume and value in recent weeks as the November U.S. presidential election heaves into view and the arch-rivals prepare for their first public debate.

The universe of the so-called "PolitiFi" tokens is tiny, with a combined market value of about $1 billion. A majority of those are linked to Trump, who has presented himself as a champion for cryptocurrency although he hasn't offered specifics on his proposed crypto policy.

Of the top 10 political meme coins by market value, seven are based on Trump, with many playing on Trump's Make America Great Again slogan, such as MAGA and MAGA Hat, according to crypto platform CoinGecko, while only one - Jeo Boden - is related to President Biden, CoinGecko data shows.

The largest token linked to a political figure, MAGA, trades under a ticker called TRUMP on exchanges and was launched in late August 2023. Its market value has leapt as high as $775 million in June from nearly nothing at the start of the year.

By comparison, Jeo Boden, which launched in March this year, jumped to as much as $648 million days after its launch before gradually sliding to $87 million.

Forrest Przybysz, a cryptocurrency trader and CEO of Sistine Research, says meme coins by their nature are not only highly speculative but also driven by attention cycles.

"The more attention a token can hold and maintain, usually the higher it's price will go ... he added. "Trump is an attention magnet. Therefore he is the ideal subject for a meme token."

"We should expect price and speculation on a Trump-based meme token to rise as we get closer to the election."

Political tokens are a fraction of the $46 billion market value of meme coins - hyper-speculative, volatile and risky cryptocurrencies often driven by internet jokes - which are themselves a niche segment of the broader $2.3 trillion cryptocurrencies, per Coingecko estimates.

The origins of some of the tokens are obscure and debated on social media by traders wary of a "rug pull", where investors deposit money in phony projects only to find the coin's developers have vanished with the money.

Of the top 10 biggest political tokens, which typically aim to capitalize on the increased attention on political figures ahead of elections, eight were launched between May and June this year, CoinGecko said.

"Meme coins are similar to nonfungible tokens in terms of being a bit of collectors' item. The idea is that you monetize public attention," said Yan Liberman, co-founder at crypto research firm Delphi Digital.

However, trading these tokens is easier said than done. Few, if any, are listed on the biggest centralized exchanges such as Coinbase (NASDAQ:COIN) or Binance. Most of the tokens are traded in ether or solana pairs on smaller exchanges, each typically have a market value of below $100 million and trade for fractions of a cent apiece.

Messari’s New Report Recognizes Nervos CKB as a Game-Changer for Bitcoin’s Scalability and Programmability.

In a groundbreaking analysis, leading cryptocurrency research firm Messari has published a comprehensive overview of the Nervos Network (CKB), spotlighting its pivotal role in enhancing Bitcoin’s technological framework. The report details how Nervos leverages its innovative Layer-1 blockchain and RGB++ protocol to address critical scalability and programmability challenges within the Bitcoin ecosystem.

According to the report, Nervos Network not only expands on Bitcoin’s fundamental technologies but also introduces significant improvements with its Cell Model and CKB-VM. These advancements facilitate more complex applications and transactions on the blockchain without sacrificing the core principles of decentralization and security.

Messari's research further highlights the RGB++ protocol, an evolution of the original RGB protocol that enables smart contracts and asset issuance directly on Bitcoin’s blockchain. Since its implementation, the RGB++ protocol has driven a notable increase in network activity, including an 181% month-over-month growth in new addresses this April, demonstrating the community's strong reception and the protocol's impact.

The integration of payment channels with the Lightning Network is also underway, which promises to make the Nervos Network more scalable and versatile for various blockchain applications. This development is poised to further cement CKB’s position as an essential layer for Bitcoin’s operation and accessibility.

"Messari's report reaffirms our belief in the Nervos CKB’s Bitcoin-native approach to solving long-standing issues in the Bitcoin space," said Baiyu, CKB Eco Fund Lead. "As we continue to innovate and expand our ecosystem, this recognition underscores the significant potential of CKB to support Bitcoin’s evolution into a more robust and versatile blockchain platform."

The complete report by Messari not only sheds light on the technical merits of the Nervos Network but also positions it as a formidable contender in the blockchain space, capable of driving future innovations and increasing the overall utility of Bitcoin.
For more information and to access the full report, users can visit https://messari.io/report/understanding-nervos-network .

About Nervos CKB:

CKB is the first fully BTC-isomorphic L2 (PoW+UTXO), offering a more decentralized, secure, and Bitcoin-compatible L2 solution.

CKB scales Bitcoin's programmability and interoperability with RGB++ protocol, which maps Bitcoin UTXOs to CKB Cells, enabling the seamless transfer of Bitcoin L1 UTXO-based assets such as Ordinals, Atomicals, and Taproot, to CKB without any cross-chain bridge and vice versa. UTXO Stack, a Bitcoin L2 "OP Stack" secured by CKB and powered by RGB++, enables high-performance parallel chains, offering near-unlimited scalability without compromising security. CKB Lightning Network will connect with Bitcoin’s Lightning Network, facilitating a bi-directional, censorship-resistant, permissionless and trustless flow of assets between the two networks.

CKB mainnet launched in Nov. 2019 and completed its first mining reward halving in Nov. 2023.