In a major announcement, the leading centralised crypto Exchange (CEX) Bybit has announced its first onchain DEX called Byreal. To be launched by Q3, the new DEX will leverage the Solana network which has been continuously outpacing Ethereum in terms of DEXs volume. Ben Zhou, co-founder and CEO of Bybit while making the announcement said,
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XRP price has recorded slight gains today, June 16, after a weak performance over the weekend. At press time, XRP price trades at $2.19, while trading volumes were up by 16% to $2 billion. However, despite the recent upward trend, XRP is still facing bearish pressure as the XRP/ETH ratio signals a potential 40% crash
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In the latest development, CoinShares has filed with the US Securities and Exchange Commission (SEC) to offer a Solana ETF. This comes just days after other asset managers like Bitwise filed an amended S-1 with the Commission. CoinShares Files To Offer Solana ETF With US SEC A SEC filing shows that the asset manager has
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Strategy, previously known as MicroStrategy, has announced another Bitcoin purchase worth just over $1 billion, which it made between June 9 and 15 last week. This marks the tenth consecutive weekly purchase for the BTC Treasury company. Meanwhile, the MSTR stock price has rebounded amid this announcement. Strategy Acquires 10,100 for $1.05 Billion In a
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Anne Wojcicki, the co-founder and former CEO of 23andMe, has regained control over the embattled genetic testing company after her new nonprofit, TTAM Research Institute, outbid Regeneron Pharmaceuticals, the company announced Friday.
TTAM will acquire substantially all of 23andMe’s assets for $305 million, including its Personal Genome Service and Research Services business lines as well as telehealth subsidiary Lemonaid Health. It’s a big win for Wojcicki, who stepped down from her role as CEO when 23andMe filed for Chapter 11 bankruptcy protection in March.
Last month, Regeneron announced it would purchase most of 23andMe’s assets for $256 million after it came out on top during a bankruptcy auction. But Wojcicki submitted a separate $305 million bid through TTAM and pushed to reopen the auction. TTAM is an acronym for the first letters of 23andMe, according to The Wall Street Journal.
“I am thrilled that TTAM Research Institute will be able to continue the mission of 23andMe to help people access, understand and benefit from the human genome,” Wojcicki said in a statement.
23andMe gained popularity because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company. At its peak, 23andMe was valued at around $6 billion.
The company struggled to generate recurring revenue and stand up viable research and therapeutics businesses after going public, and it has been plagued by privacy concerns since hackers accessed the information of nearly seven million customers in 2023.
TTAM’s acquisition is still subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri.
An attempt to break out of a month-long consolidation fizzled out as the Nifty declined and returned inside the trading zone it had created for itself. Over the past five sessions, the markets consolidated just above the upper edge of the trading zone; however, this failed to result in a breakout as the markets suffered a corrective retracement. The trading range stayed wider on anticipated lines; the Index oscillated in a 749-point range over the past week. The volatility rose; the India Vix climbed 3.08% to 15.08 on a weekly basis. The headline Index closed with a net weekly loss of 284.45 points (-1.14%).
We have a fresh set of geopolitical tensions to deal with Israel attacking Iran. The global equity markets are likely to remain affected, and India will be no exception to this. Having said this, the Indian markets are relatively stronger than their peers and are likely to stay that way. Despite the negative reaction to the global uncertainties, Nifty has shown great resilience and has remained in the 24500-25100 trading zone, in which it has been trading for over a month now. There are high possibilities that over the coming week, the Nifty may stay volatile and oscillate in a wide range, but it is unlikely to create any directional bias. A sustainable trend would emerge only after Nifty takes out 25100 on the upside or violates the 24500 level.
The weekly RSI stands at 57.67; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.
The pattern analysis of the weekly chart shows that the Nifty has failed to break above the rising trendline resistance. This trendline begins from 21150 and joins the subsequent higher bottoms. Besides this, it reinforces the 25100 level as a strong resistance point. For any trending upmove to emerge, it would be crucial for the Index to move past this level convincingly.
Overall, it is unlikely that the Nifty will violate the 24500 levels. The options data shows very negligible call writing below 24500 strikes, increasing the possibility of this level staying defended over the coming days. Unless there is a situation with more gravity to be dealt with, the markets may stay largely in a defined trading range. The sector rotation stays visible in favor of traditionally defensive pockets and low-beta stocks. We continue to recommend a cautious stance as long as the Index does not move past the 25100 level and stays above that point. Until then, a highly stock-specific approach is recommended while guarding profits at higher levels.
In our look at Relative Rotation Graphs®, we compared various sectors against the CNX500 (NIFTY 500 Index), representing over 95% of the free-float market cap of all the listed stocks.
Relative Rotation Graphs (RRG) show that the Nifty Midcap 100 has rolled inside the leading quadrant and is set to outperform the broader markets relatively. The Nifty PSU Bank and PSE Indices are also inside the leading quadrant; however, they are giving up on their relative momentum.
The Nifty Infrastructure Index has rolled into the weakening quadrant. The Banknifty, Services Sector Index, Consumption, Financial Services, and Commodities Sector Indices are also inside the weakening quadrant. While stock-specific performance may be seen, the collective relative outperformance may diminish.
The Nifty FMCG Index languishes in the lagging quadrant. The Metal and Pharma Indices are also in the lagging quadrant, but they are improving their relative momentum against the broader Nifty 500 Index.
The Nifty Realty, Media, Auto, and Energy Sector Indices are inside the improving quadrant; they may continue improving their relative performance against the broader markets.
Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst
Peter Schiff has once again taken aim at Bitcoin (BTC) and its biggest corporate supporter, Strategy. In a recent post on X, formerly known as Twitter, the economist warned that the “biggest regret Strategy shareholders will have is not selling.” Peter Schiff Warns Strategy Shareholders of Looming Collapse Schiff, a longtime critic of Bitcoin, suggests
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The founder of Cardano, Charles Hoskinson has released fresh developments regarding the possible integration of XRP and other Ripple-associated assets on the Cardano network. This update was a direct response to a user who inquired on the inclusion of RealUSD (RLUSD) on Cardano. Hoskinson Hints at Comprehensive XRP Integration Package Hoskinson responded by highlighting a
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Binance Chain is the dominant blockchain for memecoin activity, as its trading volume has surpassed Solana. BNB Chain holds 45% of the total memecoin DEX volume while Solana and Ethereum are sitting on 25% and 20% respectively. Binance Chain Flips Solana In Memecoin Trading Volumes After months of memecoin trading volume dominance, activity levels on
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Between June 9 and 13, sixty major Bitcoin-related (BTC) announcements were made by companies around the world, according to data shared by @btcNLNico on X. The Bitcoin Treasury Strategy is entering a rapid growth phase, with more firms adopting the leading cryptocurrency as part of their financial infrastructure. Over 2,500 BTC Added as New and
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