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Kraken has announced its expansion beyond cryptocurrency by launching commission-free trading. This move marks a significant shift for the platform, aiming to attract a broader range of investors and enhance its competitive edge in the trading market.
Circle Internet Financial is enlisting JP Morgan Chase and Citi for its planned IPO filing, expected in late April, though timelines may shift. This follows previous attempts to go public, including a SPAC merger in 2021 and a draft S-1 registration with the SEC in 2024. Circle, which issues the USDC stablecoin, joins other crypto firms like Kraken and Gemini in pursuing public listings amid a supportive regulatory environment.
Circle Internet Financial, creator of the USDC stablecoin, is preparing for an IPO with guidance from JPMorgan and Citi, aiming to file documentation by late April 2025. The company seeks a valuation of $4 billion to $5 billion, a decrease from its previous $9 billion target, as it faces scrutiny over its revenue reliance on USDC reserves. With USDC's market cap surpassing $60 billion, this IPO could be the most significant in the crypto sector since Coinbase's debut in 2021.
Kraken is exploring a $1 billion debt raise with Goldman Sachs and JPMorgan as it prepares for a potential IPO, possibly in Q1 2026. This follows the SEC dropping its case against the exchange for alleged securities law violations. The company previously considered going public as early as 2021 and reported over $1.5 billion in revenue in 2024.
Options trading platform Deribit has attracted interest from potential buyers, with various parties exploring strategic investments, although it is not officially for sale. The platform's trading volume surged to $1.2 trillion in 2024, and it is valued between $4 billion and $5 billion. Amid a rise in crypto M&A activity, Deribit is positioned to play a significant role in the evolving market landscape.
Deribit, a leading cryptocurrency options exchange, is exploring buyout offers amid increasing merger activity in the blockchain sector. The exchange, valued between $4 billion and $5 billion, has engaged Financial Technology Partners to assist in evaluating these opportunities, although it has not officially been put up for sale. With a trading volume of nearly $1.4 billion in the last 24 hours and open interest at $2.8 billion, Deribit has solidified its position in the market, especially after relocating to Dubai in 2024.
Solana (SOL) is facing bearish momentum, struggling to maintain support at $180 after a six-week retracement following rejection above $260. Despite strong social volume, decreasing active addresses and a recent $21 million deposit on Kraken raise concerns about potential sell pressure. The market's overall slump, particularly with Bitcoin's drop, has further impacted SOL, which must surpass the $218.2 resistance to shift its daily structure bullishly.
A recent survey by CryptoQuant reveals that the majority of crypto users are young, predominantly male, and well-educated, with 60% aged 25-44 and 62% having over three years of experience in the space. Binance is the leading exchange globally, while Bitcoin and Ether are the most favored cryptocurrencies. Users primarily engage in spot trading, with only 19% trading derivatives, and they rely on independent research and social media for investment decisions.
Ethereum price is attempting a recovery after dropping to $2,920, but faces resistance near $3,200 and $3,240. A failure to break these levels could lead to further declines, with major support at $3,120 and $3,050. A clear move above $3,240 may open the path toward $3,350 and beyond.
Bitcoin is showing signs of recovery, rising from the $89,200 zone and trading above $94,000, with immediate resistance at $95,200 and key resistance at $95,800. If it surpasses this level, further gains could push the price towards $97,400 and potentially $99,500. However, failure to break above $95,800 may lead to a decline, with major support levels at $94,000 and $93,200.
Kraken Energy Corp.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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