Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The approval of the Bitcoin Spot ETFs has been one of the most hotly awaited events in crypto ever, with analysts unsure of whether the price would go up or down. Here we explore the trajectory of BTC and its effects on the wider market, including what is happening with Meme Moguls, Solana, and Cardano.
Supporters of Meme Moguls (MGLS) can take part in pre-sale and buy tokens here.
Is the Bitcoin Spot ETF bullish for crypto or not?
While overall most people predicted that the Bitcoin ETF approval would be a good thing for crypto, since it facilitates easy adoption of bitcoin by institutional investors, some people thought it might be a buy the rumor, sell the news event. Bullish proponents pointed out the billions of dollars that asset managers had ready to go into BTC upon approval.
However, at first Bitcoin’s price seemed to falter, dipping way below January’s anticipatory high of $ 47K to to $38K. Analysts have concluded that a lot of this fall was due to GBTC outflows, as the ETF converted to a Spot ETF. Current data shows that the Greyscale outflows are slowing now, and this is reflected in the fact that BTC has now rebounded to $47,200. News about potential Ethereum ETFs also appears to be fueling the market.
It’s clear that institutions are buying the ETFs, which are already in 5% profit since they launched.
Meme Moguls price is as yet unaffected by the Spot ETFs
The play-and-earn game Meme Moguls - currently in development - has gone nowhere but up since its inception a few months ago. This is because it is currently in presale, and is up by 80% from $0.0019 to $0.0036. With two and a half more stages to go before launch, Meme Moguls is set to rise again, regardless of the wider market.
The success of Meme Moguls will ultimately lie in how fun the game is and the ability of Meme Moguls to galvanize their community. In their Telegram chat, they have just revealed some screenshots of in-game footage, with more on the way.
Crypto traders love trading, and chatting together on Telegram and Discord. And so, this project, which aims to unite people through a simulated trading game, and provide ways to earn crypto as people play, means many people are very excited about the MGLS launches.
Solana (SOL), Cardano (ADA) seeing pressure
In line with Bitcoin, both Solana and Cardano have spiked this weekend. However, both of them are still failing to regain previous highs, despite the ETF news. Solana has faced yet another outage lasting five hours, while Cardano chugs along slowly, promising a lot but way behind other newer blockchains.
As of February 10, 2024, Solana is trading at $107 after a strong six-month climb from around $25 in August 2023. However, Solana remains far below its all-time high near $260 set in late 2021, unable to exceed that previous peak, and the highs of December 2023 despite its recent rally of over 300%.
Similarly, Cardano's ADA token has failed to match its record highs of over $3 even with its recent recovery. Cardano currently stands at $0.53 after months of lackluster action between $0.25 and $0.30 in late 2023. While showing slight upward momentum in early 2024, Cardano remains far below historic tops and lacks the dramatic price surge seen with Solana recently.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide
