{"id":633848,"date":"2024-08-08T10:00:20","date_gmt":"2024-08-08T10:00:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633848"},"modified":"2024-08-07T19:51:44","modified_gmt":"2024-08-07T19:51:44","slug":"grayscale-introduces-new-crypto-funds-for-tao-sui-triggering-price-responses","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/grayscale-introduces-new-crypto-funds-for-tao-sui-triggering-price-responses\/","title":{"rendered":"Grayscale Introduces New Crypto Funds For TAO & SUI, Triggering Price Responses"},"content":{"rendered":"

Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers has unveiled its latest offerings. On Wednesday, the company announced the launch of two new crypto mutual funds: the Grayscale Bittensor Trust and the Grayscale Sui Trust.<\/span><\/p>\n

Grayscale Unveils Bittensor And Sui Trusts<\/span><\/h2>\n

According to the announcement<\/a>, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes the advancement of open-source artificial intelligence (AI) technologies.<\/p>\n

In parallel, the Grayscale Sui Trust focuses solely on SUI, the token underpinning the Sui protocol, a Layer 1 (L1) <\/span>smart contract<\/span><\/a> blockchain designed to facilitate globally scalable decentralized applications.<\/span><\/p>\n

Related Reading: Tron Lost 10% Since Last Week \u2013 Is There A Saving Grace Ahead?<\/a><\/div>\n

Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new additions, emphasizing the \u201cpivotal roles\u201d Bittensor and Sui play in the decentralized AI and smart contract blockchain realms, respectively. Sharif-Askary said:<\/span><\/p>\n

With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem\u2019s continued evolution.<\/span><\/p><\/blockquote>\n

These newly launched Trusts are now available for daily subscription by eligible individual and institutional accredited <\/span>investors<\/span><\/a>, operating similarly to Grayscale’s existing suite of single-asset investment trusts.\u00a0<\/span><\/p>\n

Notably, they represent some of the first investment products exclusively focused on the tokens underpinning the Bittensor Protocol and Sui.<\/span><\/p>\n

In Wednesday’s announcement, Grayscale also confirmed its intention to seek a secondary market listing for the new products. Still, it cautioned that success was not guaranteed, with<\/span> regulatory considerations<\/span><\/a> posing potential challenges.<\/span><\/p>\n

SUI & TAO Price Analysis<\/span><\/h2>\n

Following the asset manager’s announcement, the two tokens present a stark contrast in price action following the broader market <\/span>crash <\/span><\/a>experienced over the weekend and exacerbated on Monday.\u00a0<\/span><\/p>\n

For instance, the SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March of this year. However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966.<\/span><\/p>\n

Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA?<\/a><\/div>\n
\"Grayscale\"
The 1D chart shows SUI’s price recovery over the past 24 hours. Source: SUIUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% <\/span>price drop<\/span><\/a> in the fourteen-day time frame. Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday.\u00a0<\/span><\/p>\n

In the case of another leg up to regain previously lost levels, the most insignificant hurdle in the near term is placed at the $300 level, which is key for bullish investors in the token to approach the all-time high of $757 reached in March.\u00a0<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers has unveiled its latest offerings. On Wednesday, the company announced the launch of two new crypto mutual funds: the Grayscale Bittensor Trust and the Grayscale Sui Trust. Grayscale Unveils Bittensor And Sui Trusts According to the announcement, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes the advancement of open-source artificial intelligence (AI) technologies. In parallel, the Grayscale Sui Trust focuses solely on SUI, the token underpinning the Sui protocol, a Layer 1 (L1) smart contract blockchain designed to facilitate globally scalable decentralized applications. Related Reading: Tron Lost 10% Since Last Week \u2013 Is There A Saving Grace Ahead? Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new additions, emphasizing the \u201cpivotal roles\u201d Bittensor and Sui play in the decentralized AI and smart contract blockchain realms, respectively. Sharif-Askary said: With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem\u2019s continued evolution. These newly launched Trusts are now available for daily subscription by eligible individual and institutional accredited investors, operating similarly to Grayscale’s existing suite of single-asset investment trusts.\u00a0 Notably, they represent some of the first investment products exclusively focused on the tokens underpinning the Bittensor Protocol and Sui. In Wednesday’s announcement, Grayscale also confirmed its intention to seek a secondary market listing for the new products. Still, it cautioned that success was not guaranteed, with regulatory considerations posing potential challenges. SUI & TAO Price Analysis Following the asset manager’s announcement, the two tokens present a stark contrast in price action following the broader market crash experienced over the weekend and exacerbated on Monday.\u00a0 For instance, the SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March of this year. However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966. Related Reading: Cardano Price Crash Below $0.3: Is It Time For You To Buy ADA? On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% price drop in the fourteen-day time frame. Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday.\u00a0 In the case of another leg up to regain previously lost levels, the most insignificant hurdle in the near term is placed at the $300 level, which is key for bullish investors in the token to approach the all-time high of $757 reached in March.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":626951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[90220,91582,91581,6664,14690,7523,11849,89192,83824,91209,88403,88415,92859],"class_list":["post-633848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bittensor","tag-bittensor-tao","tag-bittensor-news","tag-crypto","tag-crypto-news","tag-grayscale","tag-grayscale-investments","tag-grayscale-news","tag-grayscale-trust","tag-sui-news","tag-sui-token","tag-suiusdt","tag-taousdt"],"acf":[],"yoast_head":"\nGrayscale Introduces New Crypto Funds For TAO & SUI, Triggering Price Responses<\/title>\n<meta name=\"description\" content=\"Grayscale announced the launch of two new crypto mutual funds: the Grayscale Bittensor Trust and the Sui 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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