Cryptocurrencies Price Prediction: Pancakeswap, Ethereum & Ripple — Asian Wrap 21 October
|PancakeSwap Price Forecast: CAKE under pressure as whales off-loads and investors lock in profits
PancakeSwap (CAKE) trades in red below $2.90 at the time of writing on Tuesday after facing rejection from the key level in the previous day. On-chain data further supports the bearish outlook as profit-taking among holders rises and large holders have been offloading their positions. On the technical side, CAKE could face further downside, potentially slipping below the $2.60 level.
Ethereum Price Forecast: ETH faces $4,100 hurdle as VanEck files for Lido staked ETH ETF
VanEck has filed with the SEC to launch the first-ever ETF tracking the price of liquid staking protocol Lido staked ETH (stETH) in the US. The product, the VanEck Lido Staked Ethereum ETF, aims to give investors exposure to the price performance of staked ETH and the accompanying staking rewards. "If approved, the ETF would give institutional investors a compliant, tax-efficient way to gain Ethereum staking exposure within a regulated investment structure," Lido Finance wrote in statement on Monday. The platform also highlighted how stETH enables issuers to manage creations and redemptions efficiently while avoiding Ethereum withdrawal delays.
Ripple, SBI Holdings, Pantera Capital to raise $1 billion for Evernorth XRP treasury
Ripple-backed company Evernorth announced its plan to go public via a merger with the special-purpose acquisition company Armada Acquisition Corp. The transaction is projected to raise $1 billion, which will be used to establish a digital asset treasury centered on XRP accumulation, according to a statement on Monday. Key backers behind the initiative include SBI Holdings, contributing $200 million, along with Ripple and its co-founder Chris Larsen, Pantera Capital, Kraken and GSR. The majority of net proceeds will be directed toward open-market purchases of XRP to build what Evernorth describes as the "world’s leading institutional XRP treasury," while the remainder will support operations and other corporate initiatives.
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