Jirafus
@jirafus
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💰Initia raises $2.5 million in under 2 hours on Cobie's Echo at $250 million token valuation.
Initia, a blockchain project that announced a $14 million Series A funding round on Wednesday, raised an additional $2.5 million in under two hours on Thursday via Echo, the angel investor platform founded by well-known crypto trader Jordan Fish, also known as Cobie, two sources with direct knowledge of the matter told The Block.
The fundraise on Echo was conducted through a token purchase agreement, unlike Initia's Series A, which was structured as a simple agreement for future equity (SAFE) with token warrants, the sources said.
Notably, Initia's Echo round took place at a $250 million valuation, 28.57% lower than the $350 million valuation for the Series A, the sources added.
Initia co-founder Ezaan Mangalji, who goes by "Zon," and Cobie both confirmed Initia's fundraising on Echo to The Block but declined to comment on specific details of the raise. 0 reply
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📉The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according to data from CoinGlass.
At the time of writing, Bitcoin is trading down 3.5% at $61,720 early Wednesday, while Ethereum (ETH) fell over 6% to $2,480, according to CoinGecko data.
It's worth noting that analysts have been saying the setback, however painful, is temporary—not the harbinger of a prolonged bear market. In the coming months, Bitcoin stands to see a boon from China's stimulus, U.S. employment figures, clarify on FTX payments to creditors, and an end to the U.S. election season.
The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according… 0 reply
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📉Geopolitical risks could drive bitcoin below $60,000, creating buying opportunity, Standard Chartered analyst says.
Standard Chartered's global head of digital assets research Geoff Kendrick said that while risks in the Middle East may drive bitcoin lower, investors should consider it a buying opportunity due to Donald Trump's rising chances in the U.S. presidential election race.
"Risk concerns related to the Middle East seem destined to push bitcoin below $60,000 before the weekend, but, positions like the $80,000 call options highlighted here and the circularity vis-à-vis Trump probabilities suggests the dip should be bought into," Kendrick said in a note.
He observed that the odds in the U.S. presidential race between Donald Trump and Kamala Harris have shifted slightly this week. According to Polymarket, Trump's chances have increased by about 1%, while Harris's have dropped by the same amount. As a result, Harris's likelihood of winning the November election now stands at 49%, whereas Trump's… 0 reply
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