Latest news with #WillClemente
Yahoo
15-07-2025
- Business
- Yahoo
Bitcoin Market Top Is 'Nowhere Near,' Say Analysts as Price Pauses at $120K
Bitcoin BTC cooled off during U.S. trading hours Monday after nearly topping $123,000 earlier in the session, but market top calls are premature, analysts said. BTC slipped below $120,000 late in the U.S. day, shedding most of its overnight advance, but holding on to a modest 0.6% gain over the past 24 hours. Ethereum's ether ETH slid back below $3,000, while dogecoin DOGE, Cardano's ADA ADA and Stellar's XLM XLM declined around 2%-3% on the day. Among majors, XRP XRP, SUI SUI and Uniswap's UNI UNI outperformed with 2.5%, 10% and 6% gains, respectively. Crypto-linked stocks also retraced some of their morning gains, with Strategy (MSTR) and Galaxy (GLXY) still higher 3%-4%, while Coinbase (COIN) gained 1.5% After BTC surged over 10% in less than a week and some altcoins advancing much more, prices may consolidate as some traders digest the move and realize profits. Still, this leg of the crypto rally is more likely in the early phases than towards the end, said Jeff Dorman, CIO of digital asset investment firm Arca. In a Monday investor note, he cited crypto analyst Will Clemente's observation about previous major tops like March 2024's spot bitcoin ETF-related peak and the Dec 2024/Jan 2025 frenzy surrounding the Trump election/inauguration, when open interest in altcoin derivatives flipped that of BTC "The current rally is nowhere near that," Dorman said. Volumes on both centralized and decentralized exchanges rose 23% week-over-week, but still aren't near to the levels during other broad-market rallies in the past, Dorman added. Looking at the big picture, bitcoin is being propelled higher by excessive sovereign debt and investors seeking refuge from monetary inflation, said Eric Demuth, CEO of Europe-based crypto exchange Bitpanda. He said BTC rising to €200,000 ($233,000), is "certainly a possibility," but the underlying adoption of the asset carries more importance than price targets. "What happens when Bitcoin becomes permanently embedded in the portfolios of major investors, in the reserves of sovereign states, and in the infrastructure of global banks?," he said. "Because that's exactly what's happening right now." In the next years, Dermuth expect bitcoin's market capitalization to gradually converge to gold's, currently sitting at over $22 trillion, nine times larger than BTC.
Yahoo
10-06-2025
- Business
- Yahoo
Plasma's XPL Token Sale Attracts $500M as Investors Chase Stablecoin Plays
Plasma, a crypto startup developing a blockchain optimized for stablecoins, attracted $500 million in deposits for its token sale on Monday — 10 times more than originally planned. The fundraising cap was filled in five minutes as investors scrambled to earn an allocation for the token distribution, according to blockchain data from Arkham Intelligence. The ceiling was lifted from $250 million, which had already been increased from a $50 million original target announced just two weeks ago. Over 1,100 wallets participated in the sale of Plasma's XPL token, with a median allocation of roughly $35,000, the company said in an X post. The offering was conducted on Sonar, a public token sale platform built by Echo, a crypto-focused private fundraising startup led by prominent investor Cobie. The outsized demand underscores surging investor interest in stablecoins — cryptocurrencies pegged to traditional currencies like the U.S. dollar — and the infrastructure that supports them. Stablecoins have become a dominant force in crypto, with total supply surpassing $250 billion, and are increasingly used for everyday finances like payments, remittances and savings. While Bitcoin BTC remains the oldest and most secure blockchain, most stablecoin activity today occurs on newer networks such as Ethereum, Tron, and Solana. Plasma aims to bring native stablecoin utility to Bitcoin by building a sidechain fully compatible with the Ethereum Virtual Machine (EVM), the software standard that underpins much of decentralized finance. The team says the Plasma chain will address key challenges faced by stablecoins on existing blockchains — including high fees and scalability limits — by leveraging Bitcoin's security and enabling zero-fee transactions for Tether's USDT USDT. Plasma's fundraising follows a string of market signals pointing to rising appetite for stablecoin exposure. Just last week, Circle (CRCL), issuer of the $60 billion USDC stablecoin, completed a blockbuster public market debut, with shares surging over $110 from a $31 IPO price. "Circle up another 20% at the open and Plasma's $500M public token sale sold out in the first block. The people want exposure to stablecoins," crypto analyst Will Clemente posted.
