Grayscale Seeks to Convert Digital Large Cap Fund into ETF, Files S-3 Form

Onyxcoin has struggled since reaching a year-to-date high of $0.04 on January 26. It has since shed over 70% of its value to trade at $0.011 at press time.

However, the renewed optimism in the broader crypto market is shifting sentiment toward XCN, setting it up for a recovery.

XCN Traders Bet Big on a Comeback

On-chain data suggests that demand for long positions is increasing, hinting at a resurgence in traders’ confidence. At press time, XCN’s long/short ratio is at 1.35, its highest in over 30 days. 

The long/short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price declines) in the market. A ratio below one means there are more short positions than long ones. Conversely, a ratio above one suggests that traders are taking more long positions, signaling a bullish outlook on the asset. 

When the ratio is this high, traders expect the price to rise, increasing the buy orders in the market. If this continues, it will drive up XCN’s demand and, as a result, its price. 

Additionally, the token’s weighted sentiment is positive, further reinforcing the notion that investors’ confidence in XCN’s short-term recovery is increasing. At press time, this on-chain metric stands at 0.82. 

An asset’s weighted sentiment measures its overall positive or negative bias, considering both the volume of social media mentions and the sentiment expressed in those mentions. 

When it is positive, it is a bullish signal. It indicates a growth in positive bias toward XCN, which could prompt its investors to increase their trading activity, driving up its value. 

XCN Bulls Eye a Break Above Descending Channel

On the daily chart, XCN is poised to break above the upper trend line of the descending channel which has kept its price in a decline since January 26. 

If successful, the bullish breakout could propel the token’s price to $0.022, a high it last reached on February 18.

If the downtrend persists, XCN could fall below the lower trend line of its descending channel which forms support at $0.0085. In this scenario, its price could drop lower to $0.0075.

The post Onyxcoin’s (XCN) 70% Drop Could Mark the Bottom as Bullish Sentiment Resurfaces appeared first on BeInCrypto.

According to a new report, 15 firms and individuals from the crypto industry donated more than $100,000 to President Trump’s Inauguration, totaling over $85 million.

Almost all of these companies apparently received direct or indirect benefits from Trump’s administration. This includes dropped legal proceedings, lucrative business partnerships, participation in Trump’s Crypto Summit, and more.

Crypto Industry Went All-In on Trump’s Inauguration

Since promising to bring friendlier regulations on the campaign trail, Donald Trump attracted a reputation as the Crypto President.

Trump’s Inauguration festivities included a “Crypto Ball,” and several prominent firms made donations for these events. Today, a report has compiled all crypto-related contributions of over $100,000, revealing some interesting facts.

Since taking office, President Trump and his family have been allegedly involved in prominent crypto controversies, and these donations may be linked to several of them.

For example, eight of the donors, Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, Ripple, Robinhood, and Consensys, had SEC investigations or lawsuits against them closed since Trump’s term began.

The commission might have dropped its probe against these companies anyway due to its changing stance on crypto enforcement. However, being in the President’s good books likely helped the process.

Further Alleged Benefits for Donors

In other words, nearly half the firms that made donations to Trump’s Inauguration have seen their legal problems cleared up quickly. This isn’t the only regulation-related benefit they allegedly received.

Circle, for example, recently made an IPO after openly stating that Trump’s Presidency made it possible. Galaxy Digital received SEC approval for a major reorganization, a key step for a NASDAQ listing.

Other donors, such as Crypto.com and ONDO, got more direct financial partnerships with businesses associated with the Trump family.

Previously, Ripple’s CEO, Brad Garlinghouse, anticipated a crypto bull market under Trump. Also, XRP, Solana, and Cardano were all unexpectedly included in the US Crypto Reserve announcement.

All three of these companies made major donations to Trump’s Inauguration.

It seems that most of the firms involved got at least some sort of noticeable benefit from these donations. Donors like Multicoin and Paradigm received invitations to Trump’s Crypto Summit, while much more prominent groups like the Ethereum Foundation got snubbed.

Meanwhile, various industry KOLs and community members have already alleged major corruption in Trump’s crypto connections.

While some allegations might lack substantial proof, the crypto space has changed dramatically under the new administration, for both good and bad.

The post Crypto Firms Donated $85 million in Trump’s Inauguration, What Did They Receive? appeared first on BeInCrypto.