Latest news with #NicolaiSondergaard
Yahoo
2 days ago
- Business
- Yahoo
HYPE, SUI Lead Altcoin Losses as Ethereum Dips Under $4,300
Ethereum's slip below $4,300 set off a chain reaction across crypto markets Monday morning, wiping out more than $487 million in long positions and leaving altcoins bleeding. Hyperliquid (HYPE) plummeted 8.7% to $43.38 while Sui (SUI) crashed 7.3% to $3.55, leading a brutal selloff across altcoins. Ethereum (ETH) shed 5.4%, Solana (SOL) tumbled 5.6%, and Cardano (ADA) declined 6.2%, according to CoinGecko data. XRP (XRP) fell 4.5%, Stellar (XLM) dropped 5.4%, and Dogecoin (DOGE) retreated 4.6% in the last 24 hours. 'This looks like a fairly natural pullback after the strong run many cryptocurrencies had seen in recent weeks, with liquidations amplifying the downside across the market,' Nansen analyst Nicolai Sondergaard told Decrypt. 'Since altcoins tend to react more sharply during these periods, tokens like HYPE and SUI experienced even steeper declines,' Sondergaard noted, pointing out that Bitcoin's sell-off triggered the declines. Traders brace for Jackson Hole meeting The liquidation cascade comes ahead of Thursday's Jackson Hole symposium, with QCP Capital analysts sharing in their latest report how "some traders believe that the overnight washout reflects de‑risking ahead of the symposium," where Fed Chair Jerome Powell takes the stage. Held each August in Jackson Hole, Wyoming, the symposium gathers the Fed, global central bankers, and policymakers. QCP analysts added that "BTC funding rates had been warning of trouble" with rates turning negative by Saturday despite spot prices rising over the weekend. "The U.S. PPI came in higher than expected, forcing markets to quickly scale back September rate-cut bets that earlier signs of labor market softness had elevated," Dan Chen, analyst at crypto exchange Bitunix, told Decrypt. Chen called the selloff "a corrective pullback within an uptrend" and said the market may consolidate through Jackson Hole if Ethereum "can hold support near $4,150" before resuming its advance. However, he warned that "a breakdown risks further cascading liquidations with downside targets in the $3.9k–$3.6k range, where altcoins—especially HYPE and SUI—are likely to stay relatively weaker." Billions in Ethereum Waiting to Be Unstaked Could Add Sell Pressure to ETH: Analyst Some 75% of Ethereum's $206.79 million in liquidations in the last 24 hours came from long positions, totaling more than $180.52 million, according to CoinGlass data. "The mounting queue of soon-to-be-unstaked ETH could be driving the asset's recent retracement," Juan Leon, Bitwise Senior Investment Strategist, previously told Decrypt.
Yahoo
18-07-2025
- Business
- Yahoo
Coinbase Stock Just Hit a New 52-Week High. How Much Higher Can Crypto Week Take COIN?
Bitcoin's (BTCUSD) march to new heights has entered a remarkable phase. Trading above $122,000 on July 14, the cryptocurrency has more than doubled annually, marking an explosive run that has drawn global attention. Indeed, the digital currency's steep ascent speaks volumes about the current political and financial climate. In what is being called 'Crypto Week,' the U.S. House of Representatives is preparing to debate legislation aimed at turning the U.S. into a regulatory haven for crypto innovation. U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded over $2.7 billion in inflows last week alone, one of their strongest stretches since inception in 2024. More News from Barchart Insider Trading Alert: Here's Who Bought Nvidia and AMD Stock Before the U.S. Chip Deal with China Dear Tesla Stock Fans, Mark Your Calendars for July 23 Robinhood Keeps Hitting New Highs. How Should You Play HOOD Stock Here? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. While the crypto industry's bets on President Donald Trump and the Republican party are clearly paying off, many analysts believe this is just the beginning. According to Nansen's Nicolai Sondergaard, an expanding fiscal stance and loosening monetary policy have laid the groundwork for sustained crypto growth. Amid this momentum, Coinbase Global (COIN) — a leading crypto trading powerhouse — hit a fresh 52-week high of $415.96 on July 17. That has set the stage for what could be an even steeper climb as the Crypto Week unfolds. About Coinbase Stock Coinbase stands as the largest cryptocurrency exchange in the United States. The company holds a market capitalization of $101 billion and serves as a primary financial gateway into the crypto economy for customers. Over the past 52 weeks, COIN stock has surged 65%, with an even more impressive leap of 135% in just the last three months. Amid the current Bitcoin-driven rally, the stock has gained nearly 6% over the past five trading days. In terms of valuation, Coinbase trades at 79 times forward adjusted earnings and 15 times sales, both figures placing it above industry norms. The valuation premium is supported by the company's solid operational performance, reflecting market confidence in Coinbase's growth prospects and leading position within the crypto ecosystem. A Closer Look at Coinbase's Q1 Earnings Coinbase released its first-quarter 2025 results on May 8, reporting total revenue of $2.03 billion, a 24% year-over-year (YOY) increase driven by higher transaction volumes and growing demand for products such as Coinbase One. While revenue expanded, the figure came in just shy of Wall Street's projection of $2.11 billion. Transaction revenue climbed 17.2% to $1.3 billion, supported by notable growth across both consumer and institutional channels. Consumer trading volume surged 39% YOY to reach $78 billion. Institutional activity was also robust, rising 23% annually to $315 billion. Revenue from subscriptions and services grew nearly 37% to $698.1 million, thanks to strong interest in stablecoins and wider adoption of Coinbase One. Adjusted EPS came in at $1.94, slightly ahead of analyst estimates of $1.93 but down 23% YOY. Despite operating gains, rising costs tempered some of the upside. Adjusted EBITDA for the quarter was $929.9 million, down 8.3% YOY. The company exited the quarter with $8.1 billion in cash and cash equivalents as of March 31. Some challenges remain. However, the company's recent $2.9 billion acquisition of Deribit, a leading crypto options exchange, has shifted the narrative. With over $30 billion in open interest and more than $1 trillion in non-U.S. trading volume in 2024, Deribit puts Coinbase firmly at the top of the global crypto derivatives market. Looking ahead, Coinbase expects Q2 subscription and services revenue between $600 million and $680 million. Meanwhile, analysts anticipate a 21% YOY decline in EPS to $0.84 for the quarter, with full-year EPS forecast at $4.90, down 35% YOY. However, a rebound is expected in the next fiscal year, with EPS projected to rise 26% to $6.18. What Do Analysts Expect for Coinbase Stock? Wall Street remains optimistic about COIN stock's future, reflected in a 'Moderate Buy' consensus among analysts. Oppenheimer analyst Owen Lau set a $395 price target on shares, closely matched by Devin Ryan of JMP Securities at $400. Benchmark analyst Mark Palmer sees further upside with a $421 target. Among the 30 analysts covering the stock, 13 recommend a 'Strong Buy,' one favors a 'Moderate Buy,' 14 suggest a 'Hold,' and two advise a 'Strong Sell" rating. The average price target for COIN stock rests at $309.16, although shares currently trade above this mark. At the upper end, Bernstein holds a Street-high target of $510, indicating potential upside of 24%. Highlighting the gap between market perception and reality, Bernstein believes Coinbase is 'the most misunderstood company" in the crypto coverage universe. On the date of publication, Aanchal Sugandh did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
Bitcoin Dips Below $117,000: What On-Chain Data Reveals About The Next Big Price Shift
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin (CRYPTO: BTC) is down nearly 5% from its all-time high of $122,838, trading at $116,880 as of Tuesday morning European time, as the broader crypto market pauses ahead of key macroeconomic data and reacts to a spike in large-scale on-chain activity. Ethereum (CRYPTO: ETH) has also dipped, down 2.5% to around $2,980. What Experts Are Saying: Speaking with Benzinga, analysts say the move is largely a correction following a rapid run-up, compounded by heightened uncertainty around U.S. inflation data and growing signs of profit-taking by major holders. "It's expected that after a large run, some correction is likely, especially following an uninterrupted move from $108K to $122K," said Nicolai Sondergaard, Research Analyst at Nansen. "We now see quite some heavy liquidation levels around $116.3K which is something to watch next as an immediate psychological level." Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — On-chain data from CryptoQuant confirms that whales—large Bitcoin holders—have begun repositioning. According to the firm, over 1,800 BTC were deposited onto Binance in a single day, with transactions over $1 million accounting for more than 35% of total inflows. These movements are typically viewed as precursors to increased volatility. "This activity on Binance is a critical market signal," the firm noted, citing the exchange's dominant position in global spot and derivatives trading. The whale inflows suggest either profit-taking after the rally or preparations to hedge against downside risk ahead of CPI data. Bitfinex analysts attributed the pullback to a combination of factors, including the recent rally's exhaustion and caution ahead of U.S. inflation figures due later today. "Bitcoin's recent pullback appears to be a natural breather following fresh all-time highs, alongside a cautious wait-and-see stance ahead of today's CPI release." They added that if core inflation exceeds 3.2%, it could delay Federal Reserve easing, lift the dollar, and put pressure on risk assets like Bitcoin. "That would strengthen the dollar and hurt demand for non-yielding assets like Bitcoin, potentially extending the pullback by another 5–10%, based on prior CPI events."On the other hand, a softer-than-expected print—such as a headline figure below 2.5% and core easing toward 2.9%—could revive bullish momentum. "A similar outcome today could push Bitcoin back toward $120K+ again especially if ETF inflows remain strong as they have in the past 2 weeks," Bitfinex said. Longer term, structural factors such as U.S. tariffs could keep CPI elevated near 2.9%, which analysts say may limit the scale or duration of any policy-driven rally. Altcoin markets, which had shown renewed strength following Bitcoin's recent high, are also under pressure. Ryan Lee, Chief Analyst at Bitget Research, pointed to a typical capital rotation pattern: "The recent surge in altcoins following Bitcoin's all-time high reflects a classic capital rotation pattern, as traders seek higher beta plays after BTC's initial breakout." Lee said Ethereum could range between $2,500 and $3,500 in Q3 depending on DeFi activity and ETF momentum, while Solana (CRYPTO: SOL) and XRP's (CRYPTO: XRP) trajectories will depend on network growth and regulatory outcomes respectively. What's Next: Market experts suggest that the next move for Bitcoin and by extension, the rest of the crypto market, will hinge on today's inflation data and how it influences interest rate expectations. Whale behavior and ETF flows will also remain key variables. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Bitcoin Dips Below $117,000: What On-Chain Data Reveals About The Next Big Price Shift originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
Bitcoin Dips Below $117,000: What On-Chain Data Reveals About The Next Big Price Shift
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Bitcoin (CRYPTO: BTC) is down nearly 5% from its all-time high of $122,838, trading at $116,880 as of Tuesday morning European time, as the broader crypto market pauses ahead of key macroeconomic data and reacts to a spike in large-scale on-chain activity. Ethereum (CRYPTO: ETH) has also dipped, down 2.5% to around $2,980. What Experts Are Saying: Speaking with Benzinga, analysts say the move is largely a correction following a rapid run-up, compounded by heightened uncertainty around U.S. inflation data and growing signs of profit-taking by major holders. "It's expected that after a large run, some correction is likely, especially following an uninterrupted move from $108K to $122K," said Nicolai Sondergaard, Research Analyst at Nansen. "We now see quite some heavy liquidation levels around $116.3K which is something to watch next as an immediate psychological level." Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — On-chain data from CryptoQuant confirms that whales—large Bitcoin holders—have begun repositioning. According to the firm, over 1,800 BTC were deposited onto Binance in a single day, with transactions over $1 million accounting for more than 35% of total inflows. These movements are typically viewed as precursors to increased volatility. "This activity on Binance is a critical market signal," the firm noted, citing the exchange's dominant position in global spot and derivatives trading. The whale inflows suggest either profit-taking after the rally or preparations to hedge against downside risk ahead of CPI data. Bitfinex analysts attributed the pullback to a combination of factors, including the recent rally's exhaustion and caution ahead of U.S. inflation figures due later today. "Bitcoin's recent pullback appears to be a natural breather following fresh all-time highs, alongside a cautious wait-and-see stance ahead of today's CPI release." They added that if core inflation exceeds 3.2%, it could delay Federal Reserve easing, lift the dollar, and put pressure on risk assets like Bitcoin. "That would strengthen the dollar and hurt demand for non-yielding assets like Bitcoin, potentially extending the pullback by another 5–10%, based on prior CPI events."On the other hand, a softer-than-expected print—such as a headline figure below 2.5% and core easing toward 2.9%—could revive bullish momentum. "A similar outcome today could push Bitcoin back toward $120K+ again especially if ETF inflows remain strong as they have in the past 2 weeks," Bitfinex said. Longer term, structural factors such as U.S. tariffs could keep CPI elevated near 2.9%, which analysts say may limit the scale or duration of any policy-driven rally. Altcoin markets, which had shown renewed strength following Bitcoin's recent high, are also under pressure. Ryan Lee, Chief Analyst at Bitget Research, pointed to a typical capital rotation pattern: "The recent surge in altcoins following Bitcoin's all-time high reflects a classic capital rotation pattern, as traders seek higher beta plays after BTC's initial breakout." Lee said Ethereum could range between $2,500 and $3,500 in Q3 depending on DeFi activity and ETF momentum, while Solana (CRYPTO: SOL) and XRP's (CRYPTO: XRP) trajectories will depend on network growth and regulatory outcomes respectively. What's Next: Market experts suggest that the next move for Bitcoin and by extension, the rest of the crypto market, will hinge on today's inflation data and how it influences interest rate expectations. Whale behavior and ETF flows will also remain key variables. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article Bitcoin Dips Below $117,000: What On-Chain Data Reveals About The Next Big Price Shift originally appeared on
Yahoo
27-06-2025
- Entertainment
- Yahoo
Whatever happened to NFTs?
In 2021, NFTs were everywhere, from pixelated punks to bored apes, they dominated headlines and drew billions in investment. By 2022, celebrities and brands were all in, buying JPEGs on the Ethereum network and even hyping metaverse real estate. But by June 2025, the hype has all but vanished. Floor prices have collapsed, trading volumes have plunged, and the NFT market is now a shadow of its former self. So, what happened to NFTs? Read more: Crypto live prices Yahoo Finance UK sat down with Nansen Research Analyst Nicolai Sondergaard, to find out whether the market is dead, what lessons were learned, and if NFTs left anything of real value behind. NFTs, or non-fungible tokens, are unique digital assets stored on the blockchain, which signify ownership or authenticity of a specific item. They differ from cryptocurrencies like bitcoin (BTC-USD) in that they are indivisible and irreplaceable. Their uniqueness gave them value, especially in the world of digital art, music, collectibles, and gaming. Read more: Bored Ape Bar – Inside the $100,000 membership exclusive NFT club in London With the NFT boom, a new digital creator economy briefly flourished. Artists tokenised their work. Musicians experimented with fan-owned tracks. Enthusiasts traded memes. What began as a niche use of blockchain technology quickly turned into a global cultural movement, but also a speculative bubble. "Instead of being used for the potential that NFTs still have, they became memeified and, as such, were instruments for speculation," Sondergaard said. "This is the reason why many, to this day, still do not touch NFTs, they only see and remember the people that got rich quick and the ones that got burned." The collapse has been dramatic. According to analysis reported by NFT Evening, around 96% of NFT collections are now considered 'dead', meaning they show no trading activity, sales, or community engagement. For context, only 30% were considered inactive back in 2023, highlighting just how steep the decline has been. New NFT mints continue to fall month after month. As NFT Evening also reports, weekly trading volume on Ethereum-based marketplaces stands at around $90m, a fraction of the multi-billion-dollar peaks seen in 2021–2022. So, what caused the NFT craze to fizzle out so rapidly, and what does it reveal about how investors engage with hype-fueled technologies? According to Nicolai Sondergaard, the downfall wasn't due to a flaw in the underlying tech, but rather how it was used. 'They became memeified… traded for pure speculation. Many were fully unaware of what NFTs could be used for aside from minting a collection of pixels," Sondergaard said. The pattern reflects a broader trend in tech cycles that when the narrative is louder than the utility, markets can inflate quickly, and pop just as fast. Sondergaard said this dynamic created a lasting stigma: a tale of fast money, rug pulls, and disillusioned investors, as many people associate NFTs with overpriced monkey pictures and not with any meaningful utility. However, are any industries quietly using NFT technology today in ways the public might not notice, or has the entire concept has been shelved? Sondergaard pointed to several real-world use cases that continue to grow beneath the surface. For example, some communities like Bytexplorers use NFTs as gated passes to forums and events. 'Usually minting these NFTs is cheap, and ensures that people that are really interested join,' he explained. In real estate, platforms such as Propy enable people to buy property using NFTs, putting legal documents on-chain for transparent and secure transactions. The gaming industry, while still in its infancy with NFTs, is experimenting by granting players ownership of in-game items like skins, a move that reflects the thriving secondary markets for virtual goods in games like Counter-Strike. Additionally, in brand engagement, Adidas ( has leveraged NFTs to offer holders discounts and exclusive merchandise, creating new ways to connect with customers. Meanwhile, the music industry uses NFTs to streamline royalty payments, allowing artists to get paid more transparently while enabling fans to truly own music tracks. 'There are a few different real-world use cases that are still going today,' Sondergaard said. 'These don't make headlines, but they represent the core utility NFTs always had, verifiable, programmable digital ownership.' While Ethereum remains the dominant blockchain for NFTs, activity has shifted. According to a16z's State of Crypto 2024 report, the trend is moving away from high-volume secondary trading and toward 'low-cost social collecting experiences.' Two Ethereum Layer 2 networks, Base, from Coinbase (COIN), and Zora, are now seeing an increase NFT minting activity. Base, in particular, has averaged over one million daily active transacting addresses since late 2024. NFTs, as a market, are unquestionably in decline. But the underlying technology, the concept of unique digital ownership, continues to evolve and embed itself quietly into products and platforms. 'Ultimately,' Sondergaard said, 'when considering NFTs there is a need to distinguish memetic NFTs, which are traded for the pure purpose of profit, and the ones used to facilitate something else.' Read more: Why pension funds are buying bitcoin What we know about Elon Musk's controversial blockchain vision for US How AI could change the internetError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
