21Shares has taken another step towards the launch of its Sui ETF. This time, the Nasdaq stock exchange has filed Form 19b-4 with the US Securities and Exchange Commission (SEC) on behalf of the asset manager to list and trade shares of this fund. Nasdaq Files 19b-4 To List & Trade 21Shares Sui ETF A SEC filing has shown that Nasdaq has filed the Form 19b-4 to list and trade shares of 21Shares Sui ETF on its stock exchange. This officially initiates the review process, during which the Commission will approve or deny the application. As CoinGape earlier reported, 21Shares has shown its intention to offer this ETF when the asset manager filed the S-1 with the SEC earlier this month. This fund will provide institutional investors with exposure to SUI, which is the native token of the Sui network. The Sui price is in the green amid Nasdaq’s filing,… Read More at Coingape.com
Last week, the PI token attempted a bullish breakout, breaking above a descending parallel channel that had capped its price for several weeks.
However, the rally was short-lived. PI failed to hold onto its gains and quickly retraced, signaling what now appears to be a textbook dead cat bounce.
PI Faces Heavy Sell Pressure
A dead cat bounce is a temporary, short-lived recovery in the price of an asset in a prolonged downtrend. It tricks traders into thinking a reversal is underway, only for the price to resume falling to new lows quickly.
PI’s breakout looked like the start of a recovery following several weeks of decline. However, the failure to sustain the rally and the drop that followed confirms it was a dead cat bounce, with bearish momentum now threatening to push PI toward its all-time low.
Readings from the PI/USD one-day chart show its Balance of Power (BoP) at -0.84, indicating that sell-side pressure remains significant.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, negative BoP readings signal that sellers dominate the market, with little to no buyer resistance. This confirms the sustained downward pressure and weakening investor confidence.
The negative BoP readings for PI reinforce the bearish outlook, suggesting that selling activity could continue unless new demand resurfaces.
Furthermore, PI’s Moving Average Convergence Divergence (MACD) indicator confirms the bearish bias against the altcoin. At press time, PI’s MACD line (blue) rests below the signal line (orange).
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with PI, when the MACD line rests below the signal line, it indicates bullish momentum, suggesting waning buying activity. Traders see this setup as a sell signal. Hence, it could exacerbate the downward pressure on PI’s price.
Traders Eye $0.40 Support as PI Struggles to Hold Ground
If the downward pressure persists, PI could slide even further, deepening losses for holders who bought into last week’s breakout. In this scenario, the altcoin’s value could revisit its all-time low of $0.40.
Gold price has heavily benefited from capital flight as investors flee from volatile stock markets amid global trade wars.
Bitcoin price will gain bullish sentiment after gold hits rally top and cash rotation kickstarts.
The U.S. stock market recorded more forced liquidations on Wednesday amounting $1.5 trillion, after Fed Chair Jerome Powell said that more volatility is likely ahead. With the trade war negotiations taking longer than anticipated, investors have been fleeing to the Gold markets to protect working capital.
Moreover, inflation is anticipated to increase as investors show midterm fear amid the weakening U.S. dollar against major currencies.
Gold Market Blowout
Gold price gathered more bullish momentum during the North American trading session on Wednesday as the trade negotiations rattled global stock markets.
In the past 24 hours, Gold price rallied over 3 percent to trade at about $3,337 at the time of this writing. Gold has continued with price discovery since its bullish breakout in October 2023, catalyzed by rising demand from global central banks led by China.
When Bitcoin?
Bitcoin has earned the title digital gold in the past decade, especially after emerging from the 2008 financial crisis and thriving through the Covid-19 crash. As Coinpedia reported, the Federal Reserve already views Bitcoin as digital gold and not as a competitor for the United States dollar.
Consequently, the U.S. government under President Donald Trump is keen to tap into Bitcoin to reduce its huge debt burden.
From a technical standpoint, BTC price has in the past cycles experienced parabolic rallies every time that Gold price reached the peak of its rally. Based on historical trends, Gold price is expected to reach $3,500 in this cycle, or even higher depending on the trade war dynamics.
In the three month candlestick, gold price has reached the top after the Relative Strength Index hit a minimum of 93, whereby it currently hovers about 83.
The post Gold Price Soars Past $3,340: When Will Bitcoin Price Catch Up? appeared first on Coinpedia Fintech News
Gold price has heavily benefited from capital flight as investors flee from volatile stock markets amid global trade wars.
Coinbase signed a deal to acquire the crypto derivatives exchange Deribit for $2.9 billion, signaling the company’s growing interest in the crypto derivatives market.
The exchange will transfer $700 million in cash to Deribit, making the rest of its payment in Class A stock. This may or may not delay the deal’s finalization for a few months.
Four months later, Deribit is willing to accept a much lower offer. It’s unclear what pushed Deribit to move forward with a $2.9 billion offer from Coinbase. After the Kraken deal fell through, the crypto derivatives exchange left Russia due to EU sanctions.
This may have contributed to its lower valuation, but it’s difficult to say for sure. One thing seems evident: Coinbase pursued the deal to expand its presence in the derivatives market.
“With Deribit, Coinbase becomes the #1 global platform for crypto derivatives by open interest and options volume. Deribit brings approximately $30 billion in open interest and $1 trillion+ in trading volume. This is a major step in our global expansion strategy. We’re set to offer unparalleled access to crypto derivatives,” Coinbase claimed on social media.
This partnership with Deribit, however, will allow Coinbase to supercharge these operations.
Meanwhile, Coinbase’s share prices have recovered significantly since Trump’s sweeping tariffs last month. COIN surged over 36% since April, as the exchange prepares its Q1 2025 earnings report later today.
Deribit executives will receive most of their $2.9 billion asking price in Class A stock from Coinbase. The latter firm will pay $700 million in cash, but will otherwise seal the acquisition deal with 11 million shares.
According to the press release, this may delay the proceedings somewhat, but the transaction “is expected to close by year-end.”
Moving forward, Coinbase didn’t specify how it plans to leverage Deribit’s resources for its own expansion plans. Still, the firm’s public statements repeatedly stressed that Deribit is the world leader in crypto derivatives.
By simply taking over its user base and trading volumes, Coinbase has gained many opportunities to take over the spotlight.
