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Grayscale’s GSOL: The Future Of Solana Investment Or A Bubble Waiting To Burst?

Grayscale has announced the public trading of its Solana Trust under the ticker symbol GSOL GSOL, making it the latest addition to the 15 other cryptocurrency investment products the company offers on OTC Markets.With 304,427 outstanding shares as of Friday, investors with access to U.S. securities can “buy and sell freely-tradable GSOL shares through their investment accounts,” said Grayscale.The objective of GSOL is to be linked to Solana SOL/USD to allow investors to gain exposure to the digital asset without owning them directly.This strategy is similar to Grayscale’s Bitcoin BTC/USD and Ether ETH/USD trusts, GBTC and ETHE respectively, where accredited investors with Bitcoin and Ether give crypto to Grayscale in exchange for shares in the trusts, while retail investors can acquire stock through public markets.GSOL had been open to private placement since November 2021, and its website disclosures reveal that the Solana trust has $2.9 million in SOL.Also Read: Crypto Lender Amber Group Shifts Focus Towards Institutional Business, May Shut Down Retail OperationsMeanwhile, GBTC manages $19 billion BTC, and ETHE manages $6.3 billion ETH.However, GBTC and ETHE are trading far below the digital assets themselves, upsetting some investors.GBTC is trading at a 37% discount to Bitcoin held in Grayscale’s trust, after its long-running premium flipped negative in February 2021.ETHE is trading at a markdown of minus 46%.The launch of GSOL comes as Grayscale is still in a legal battle with the SEC over the rejection of its Bitcoin spot ETFs. A Grayscale victory over the SEC does not guarantee the approval of such investment products, according to Blockworks.Read Next: The Real Reason Why Shaquille O’Neal Is In Hot Water Along With FTX Co-Founder
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CryptoPunk #7026 Sold For 99 ETH

CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. What happened: CryptoPunk #7026 just sold for 99.00 ETH ETH/USD ($206,315 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium.Here are a list of its attributes and how many other Punks have the same trait:
Accessory: Earring (2,459)
Accessory: Mustache (288)
Type: Male (6,039)
Accessory: Cowboy Hat (142)
Accessory: 3 Attributes (4,122)
Why it Matters: Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter. Cryptopunk sales are a leading indicator for the rest of the NFT market, and go to show that some are willing to spend serious coin on blockchain based art.Price Action: Ethereum is currently trading at $2,084.11, down 1.6% over the past 24 hours.See Also: NFT Release Calendar and Best NFT Projects of 2021Data provided by OpenSea.Checkout the full cryptopunk collectionYou can learn more about this NFT here.This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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Cardano Down More Than 3% Within 24 hours

Cardano’s ADA/USD price has decreased 3.15% over the past 24 hours to $0.44. This is contrary to the coins performance over the past week where it has experienced an up-trend of 11.0%, moving from $0.39 to its current price.The chart below compares the price movement and volatility for Cardano over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.The trading volume for the coin has climbed 104.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.04%. This brings the circulating supply to 35.05 billion, which makes up an estimated 77.88% of its max supply of 45.00 billion. According to our data, the current market cap ranking for ADA is #7 at $15.33 billion.Powered by CoinGecko APIThis article was generated by Benzinga’s automated content engine and reviewed by an editor.© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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CryptoPunk NFT Sold For 53 ETH

CryptoPunks are a generative art collection, and one of the first ever applications of NFTs for digital art. There are only 10,000 Punks in existence, and some of them are thought to be lost forever. What happened: CryptoPunk #9174 just sold for 53.10 ETH ETH/USD ($110,659 USD). The value of CryptoPunks is typically determined by Punk’s attributes, with the hoodie, beanie, and pilot helmet traits being the most coveted. Other species of Punks (Zombies, Apes and Aliens) are incredibly rare and also sell for a premium.Here are a list of its attributes and how many other Punks have the same trait:
Accessory: 2 Attributes (3,279)
Accessory: Stringy Hair (463)
Type: Male (6,039)
Accessory: Front Beard Dark (260)
Why it Matters: Cryptopunks are the ultimate rookie card for NFT collectors. CryptoPunks have earned huge influence in 2021, with dozens of Celebrities proudly showing off their punk ownership on Twitter. Cryptopunk sales are a leading indicator for the rest of the NFT market, and go to show that some are willing to spend serious coin on blockchain based art.Price Action: Ethereum is currently trading at $2,084.11, down 1.6% over the past 24 hours.See Also: NFT Release Calendar and Best NFT Projects of 2021Data provided by OpenSea.Checkout the full cryptopunk collectionYou can learn more about this NFT here.This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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