Chainlink surges 7% to a 22-month high, Genesis applies to sell Bitcoin and Ethereum worth $1.6 billion

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Bitget2024/02/05 13:25

Chainlink's CHAIN has risen 7% in the past 24 hours, reaching a 22-month high on Friday, ending a three-month bull market rest for the leading decentralized oracle network token. Chainlink stated last week: "Traditional financial institutions need data, computation and cross-chain capabilities to adopt blockchain and tokenized RWA on a large scale. Only the Chainlink platform provides all three.

In addition, Flare Network's FLR token rose nearly 7%. Ethereum, the second largest cryptocurrency by market value, rose by 1%. Bankrupt cryptocurrency lender Genesis submitted a motion to a US judge on Friday asking for approval to sell over $1.6 billion worth of Bitcoin (BTC), Ethereum (ETH) and Ethereum Classic (ETC) held in Grayscale trust products.

If the motion is approved, the market may see another part of Bitcoin being sold off. JPMorgan Chase (JPM) said in a research report on Thursday that Tether's (USDT) growing dominance is detrimental to the entire crypto ecosystem.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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