Wall Street adoption may catalyze the first “supercycle” extending Ether’s price appreciation beyond the traditional four-year cycle, according to the largest corporate ETH holder. This week in DeFi, a debate emerged about whether growing adoption among Wall Street participants may lead to the crypto market’s first extended “supercycle,” resulting in digital asset valuations rising beyond the historic four-year cycle’s time frame. As the leading smart contract blockchain, Ethereum’s native Ether (ETH) token could be set to benefit from “Wall Street running into the blockchain,” according to BitMine, the largest corporate holder of ETH. Despite the optimistic prediction, Ether’s price fell 13% over the past week, dropping below the $4,000 level for the first time since Aug. 8, Cointelegraph data shows. Read more
The reported funding round comes amid earlier indications that the crypto exchange is preparing for a potential public offering. Kraken has reportedly raised $500 million at a $15 billion valuation, strengthening its financial position amid growing speculation that the cryptocurrency exchange is preparing for an initial public offering (IPO). The funding was first reported by Fortune, which cited a source close to the negotiations in a profile on co-CEO Arjun Sethi. The source claimed that Kraken closed the round earlier this month. When contacted by Cointelegraph for confirmation, a Kraken representative declined to comment. Read more
Bitcoin showed no sign of a major rebound after the release of major US inflation data, with bid liquidity clustered at $108,200. Key points: Bitcoin sellers attempt to break support at $109,000 at the week’s final Wall Street open. BTC price action can head toward $100,000 as a result, despite a large “deleveraging” event. Read more
Key factors, such as Bitcoin dominance, liquidity shifts, market cycles and investor sentiment, drive altcoin season. Altcoin season, often called “altseason,” occurs when a significant portion of altcoins, cryptocurrencies other than Bitcoin, experience rapid price increases that outpace Bitcoin’s performance. This period is characterized by a shift of investor capital from Bitcoin (BTC) into assets such as Ether (ETH), Solana (SOL), Cardano (ADA) and even smaller tokens like Dogecoin (DOGE) or Pudgy Penguins (PENGU). Read more