Elisa Centrone

API3 to Hold AMA on X on January 31st API3 will host an AMA on X on January 31st at 16:00 UTC. The event will focus on the growing ecosystem of decentralized applications (dApps). The convergence of data, oracles, and decentralized finance (DeFi) will be explored during the session. API3 InfoAPI3 is a project that focuses on delivering traditional dAPI services for Web3 applications. The project is governed by a decentralized autonomous organization DDAO, specifically the API3 DAO.Traditional API services are centralized, meaning they are owned and controlled by individual companies or organizations. This creates a range of issues in terms of transparency, security, and reliability. API3 addresses these problems by offering fully decentralized APIs.The API3 token is used within the project's ecosystem as a means to incentivize network participants, including node operators and developers, to engage in voting and DAO governance. #CryptoNews

JPMorgan Sees Downward Pressure Easing for Bitcoin as Grayscale Profit-Taking Fades JPMorgan’s Bitcoin Price Outlook Global investment bank JPMorgan weighed in on the crypto market again this week following a bitcoin selloff that saw the price of BTC dropping from above $47K before the spot bitcoin exchange-traded fund (ETF) approvals to below $39K this week. The bitcoin selloff is accompanied by massive outflows from Grayscale’s bitcoin trust GGBTC, which converted into a spot bitcoin ETF following the approval by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. Since Jan. 12, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC, equivalent to $4.77 billion, based on the BTC exchange rates as of Jan. 27. On Thursday, JPMorgan strategist Nikolaos Panigirtzoglou said: “Given $4.3b has come out already from GBTC, we conclude that GBTC profit taking has largely happened already.” The analyst added: This would imply that most of the downward pressure on bitcoin from that channel should be largely behind us. Last week, Panigirtzoglou predicted that $3 billion would exit GBTC, building on his earlier estimate that up to $3 billion had been invested into GBTC in the secondary market during 2023 to take advantage of the discount to NAV. He explained that as this $3 billion leaves the bitcoin space through GBTC profit-taking, bitcoin’s price will face downward pressure. Sharing a similar view, Needham’s John Todaro said in a note that Thursday “registered one of the lowest days in net outflows from GBTC and the third consecutive day of declining outflows, which could indicate the beginning of a slowdown in redemptions.” He emphasized: “While it has been difficult to quantify how much more should come out of GBTC, we believe two of the largest drivers of selling [– outflows driven by the FTX estate and arbitrage funds –] are nearly done.” This week, another JPMorgan analyst, Kenneth Worthington, said: “We think the catalyst in bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants.” The investment bank downgraded Coinbase stock 📷COIN from Neutral to Underweight. #CryptoNews

Bitcoin's Dip Doesn't Faze Cathie Wood: 'Backed By The Largest Computer Network'

- lonely hearts and vacant dreams.