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Showing posts from May 25, 2021

Michael Saylor says Bitcoin Mining Council required to combat ‘hostile’ narrative

Michael Saylor has provided more context on the Mining Council, and hopes to combat the anti-crypto narrative with greater Bitcoin mining transparency. MicroStrategy CEO, Michael Saylor has explained the details and thinking behind the formation of the Bitcoin Mining Council . The council was formed on May 25 after Saylor brokered a successful meeting between Elon Musk and several top North American Bitcoin mining firms. The miners involved will provide current and planned renewable usage transparency, and will lobby other mining operations across the globe to do so as well Michael Saylor describing the formation of the Bitcoin Mining Council and @ElonMusk 's shared interest in seeing #Bitcoin succeed: pic.twitter.com/7MfODadi8p — Documenting Bitcoin (@DocumentingBTC) May 25, 2021 Speaking at the virtual Consensus 2021 conference, Saylor emphasized that the council was formed out of the need to provide greater transparency on the Bitcoin mining industry, and promote sustai...

DeFi and traditional finance could converge thanks to tokenization

It won’t be easy to bring DeFi to be on par with traditional finance, but tokenization can help it along, says Liquefy’s CEO. Nonfungible tokens could become a bridge to connect the legacy financial system to the emerging fintech world in the near future. During a recent interview, Adrian Lai, CEO of Liquefy — an investment firm and an incubator for decentralized finance platforms — told Cointelegraph China that synthetic assets, NFTs and digital securities are redefining the way capital markets operate. Lai especially believes that the value of synthetic assets could give each individual in decentralized finance access to essentially any asset, as long as there is a reliable data feed. This emerging trend between traditional finance and DeFi is inevitable. Lai also pointed out that as the convergence between security tokens and digital currencies grows greater, we will see increased activity between traditional finance and cryptocurrencies. He added that: “We are seein...

Ether sails past BTC’s daily volume as Grayscale ETH Trust trades at 11% premium

Roughly $60 billion worth of ETH changed hands over the past 24 hours while BTC saw $50 billion in trade. Ethereum is seeing renewed interest in the aftermath of Bitcoin's travails this week, with Ether’s 24-hour trade volume topping BTC’s by a significant margin. However it's still a long way from doubling Bitcoin's volume as some ETH proponents suggested. On May 25, a screenshot of CoinGecko data circulated across Crypto Twitter showing the daily volume of Ether had surpassed $115 billion while Bitcoin’s sat at nearly $53 billion. Speaking to Cointelegraph, CoinGecko’s co-founder and COO, Bobby Ong, revealed the data depicted in the screenshot was not accurate due to either an API error, or wash-trading, resulting in inflated ETH volumes reported by the EXX exchange. Ong stated that Coingecko has since disabled its data feed from EXX. The platform now shows Ether has driven 20% more volume than BTC over the past 24 hours with roughly $60 billion trade compared to Bi...

Zimbabwe’s Biggest Bank Looks at Methods to ‘Leverage Cryptocurrencies’

One of Zimbabwe’s biggest financial institutions, CBZ Holdings says it is looking at ways it could “leverage cryptocurrencies and other emerging digital innovations.” According to the financial institution’s chairperson, Marc Holtzman, CBZ “is open-minded about new innovations, as these could open up new opportunities going forward.” Innovations Opening up New Markets Speaking in an interview with a local publication, Holtzman also acknowledges that innovations such as “cryptocurrencies, or rather blockchain more broadly, fintechs, bigtechs and techfins” are all serving “specific gaps.” Revealing his organization’s stance on such innovations, the chairman said: Our view is that these innovations have the potential to strengthen the way we do business, the way we serve our customers, as well as open up new market opportunities. Holtzman adds that such opportunities “can be pursued through collaboration and cooperation with the same fintechs.” Consequently, the chairperson says C...

Voyager Digital sees 16X increase in quarterly revenue, first operating profit

The Canadian trading and yield app recorded $60 million in revenue for Q1, 2021. Crypto asset trading firm Voyager Digital has announced financial results for the first quarter of 2021, and they are impressive. The retail crypto trading and yield platform reported another record quarter, with momentum continuing into the current quarter. Total revenue for the period came in at $60.4 million , more than a 16x increase from $3.6 million over the previous quarter. The company ended the quarter with an operating profit of $30 million and an adjusted working capital of $197 million. It was the firm’s first-ever quarter of operating profit, Voyager said in an announcement. Trading volumes have also surged in 2021, leading to a massive revenue boost for the firm. Q1 saw $5 billion of principal volume traded compared to $350 million of principal value traded in the previous quarter. Newly funded accounts in May have already surpassed the whole month of April, with currently 1.6 million v...

You can now buy gold-backed NFTs with the mining carbon footprint offset

Wallet provider Lohko has launched gold-backed NFTs offering carbon offsets. Digital asset wallet provider Lohko and London-based tech firm Mattereum have teamed up to launch nonfungible tokens , or NFTs, that are backed by gold and have carbon offsets attached. According to a May 26 announcement the tokens represent ownership over physical gold bars that are stored in a vault in Singapore managed by partner Bullionstar. Each NFT represents an underlying bar of gold, with both the token and the physical bar of gold sharing a unique serial number. The tokens are also sold with a warranty ensuring NFT’s owner “has full legal rights to redeem the physical gold bar.” The NFTs have been listed on popular Ethereum-based NFT marketplace OpenSea, with the tokens representing either one ounce of gold, 10 grams of gold, or 100 grams of gold respectively. One of the 100 gram NFTs also features 3D digital art depicting an animated bull on a gold bar. A version of this token appears to have ...

Bank of England Governor Bailey Says Cryptocurrencies Are ‘Dangerous’

Known for his reluctant stance on decentralized money, the Governor of Bank of England (BOA), Andrew Bailey, has recently taken his anti-crypto rhetoric up a notch. Speaking at a meeting with lawmakers in London, Bailey stated that cryptocurrencies are “dangerous.” Andrew Bailey Remains Sceptical About Cryptos “Crypto-assets,” as the central bank’s official labels bitcoin and the rest, present a danger to the public, Bailey told the British Parliament’s Treasury Committee. The Governor’s statement on Monday reiterates his long-standing concern about decentralized digital currencies, Reuters noted in a report . Addressing the committee members, the head of Bank of England said: I’m sceptical about crypto-assets, frankly, because they’re dangerous and there’s a huge enthusiasm out there. Andrew Bailey’s latest criticism comes after previous statements revealing his negative attitude towards cryptocurrencies. The governor has in the past warned ordinary Brits they should not invest...

$223M fund for Internet Computer builders — but community is wary

The Dfinity Foundation has launched a fund of around $223 million to support development on its decentralized Internet Computer network. Zurich-based Dfinity Foundation has announced a fund worth CHF 200 million, or around $223 million, to support development on the Internet Computer — a blockchain-based decentralized network with wildly ambitious plans to one day “replace” much of the internet. The non-profit scientific research organization announced “The Developer Ecosystem Program” on May 26, and is now accepting applicants for development grants. These grants will operate separately from the $14.5 million Beacon Fund, which was announced in September 2020, and is a dedicated venture fund that backs developers creating open internet services on the platform. In a blog post announcing the new grants, Dfinity founder and chief scientist, Dominic Williams, stated : “Our aim is to support the reimagination of all systems and services in new forms using smart contracts on an infi...

Uniswap v3 flips v2 on volume — and both versions flip Bitcoin on fee revenue

Both iterations of the world’s most popular DEX now generate more fee revenue than Bitcoin. The world’s largest decentralized exchange keeps growing and the newly-launched third iteration has now surpassed version two in terms of daily volumes. In addition to v3 topping the daily transaction volumes of v2, both have individually surpassed Bitcoin in terms of daily fee generation . The move was observed by Uniswap founder Hayden Adams who commented that both are earning more daily and weekly fees than Bitcoin miners. Data from Cryptofees showed that Uniswap v3, which was launched on May 5 , generated $4.5 million with v2 generating $3.8 million in fees for the day. Bitcoin was behind both of them at the time with $3.7 million in daily fee generation. Great to see @Uniswap v3 added https://t.co/lUNKPjwNZB v3 and v2 LPs are now both earning more daily and weekly fees than Bitcoin miners https://t.co/OLaJMUltXW pic.twitter.com/sVBrtEdl9C — Hayden Adams (@haydenzadams) May 25, 2...

Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’

Galaxy Digital CEO Mike Novogratz doubts the future of dogecoin. The billionaire investor said that “It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest.” Novogratz Says Dogecoin ‘Doesn’t Have Long-Term Legs’ Michael Novogratz, CEO of Galaxy Digital Holdings Ltd., recently discussed with Goldman Sachs the potential for cryptocurrencies, including dogecoin, and their ability to transform the financial system and beyond. His comments are published in a Goldman Sachs report entitled “Crypto: A New Asset Class?” which was published on May 21. Novogratz was asked: “What do you make about the rise of dogecoin and other meme coins?” The CEO replied: Dogecoin is a very speculative asset, much more so than bitcoin. It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest. The Galaxy Digital executive explained that “dogecoin started as a joke and grew for two ...

Shark Tank’s Kevin O’Leary Expects Flood of Institutional Money Into Bitcoin When ESG Standards Are Met

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has predicted that a flood of institutional money will flow into bitcoin once miners have addressed the renewable energy and environmental, social, and governance (ESG) issues. He said the flood will begin when bitcoin meets the ESG standards which will allow institutional investors to get into the asset class. O’Leary Predicts Soaring Institutional Demand for Bitcoin After Miners Solve ESG Issues Kevin O’Leary has reiterated his concerns about bitcoin’s sustainability and the importance of the cryptocurrency meeting institutions’ ESG standards during a webcast at the Consensus 2021 convention Monday. ESG refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business: environmental, social, and corporate governance. The Shark Tank star emphasized that institutional investors are still interested in bitcoin despite the recent sell-off. Currently, less than 1% of insti...

Goldman Sachs Says FOMO Is Driving Institutional Investors to Bitcoin

Investment bank Goldman Sachs says institutional investors and asset managers are driven to bitcoin by “fear of missing out” (FOMO). Goldman now considers bitcoin a new asset class. Nonetheless, institutional investors are facing several strong barriers to entry into the crypto market. Asset Managers, Institutions Facing Crypto FOMO Goldman Sachs said Monday that the fear of missing out (FOMO) on potential gains from cryptocurrencies among investors has pushed crypto prices higher over the past year. Mathew McDermott, Goldman Sachs’ global head of digital assets, said in a note to clients: There’s no doubt that ‘fear of missing out’ (FOMO) is playing a role given how much bitcoin and other crypto assets have appreciated and how many interested parties of all flavors have jumped into this space. While liquidity has increased in the crypto market recently, the analyst said “it’s still difficult for institutions to gain access to the market, which remains quite fragmented.” He con...

Amid rising stablecoin inflow, cautious traders fear a dead cat bounce

Strong hands accumulated Bitcoin throughout last week’s historic correction but BTC’s inability to reclaim the $40,000 level has some traders afraid of a dead cat bounce. The recent extreme volatility in the cryptocurrency market following Bitcoin’s ( BTC ) dip to $30,000 and the recovery to $38,000 has traders confused about whether the current price action is a ‘dead cat bounce’ which will see token prices head lower or a solid reversal that will set the floor for the next leg higher for the market. While BTC price still remains more than 40% below its all-time high of $64,863, bulls have managed to weather multiple attempts to significantly break below support at $36,000. BTC/USDT 4-hour chart. Source: TradingView A closer analysis of on-chain data and exchange inflows shows that Bitcoin's sell-off led to the market-wide downturn and Delphi Digital analyst Nick Pappageorge highlighted the fact that BTC inflow to exchanges “topped over 20,000 BTC in just one hour o...

Fed’s Daily Tapering Increases by 23%- Tuesday’s Reverse Repo Removes $432 Billion from Market

Since well before the onset of Covid-19, the U.S. Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history. This weekend reports disclosed that the Fed has started to taper quantitative easing (QE) when it removed $351 billion from the market last week. This Tuesday the Fed revealed it completed a reverse repo operation for $432.9 billion. On May 22, Bitcoin.com News reported on the Federal Reserve initiating overnight reverse repos (RRP) to the tune of $351 billion. Tuesday’s recently reported reverse repo shows a 23.07% increase. RRP facility operations are the opposite of QE, as the Federal Reserve removes M1 from the system by selling Treasuries back to the market. The most recent overnight operations seem to be only Treasuries, as no purchases of mortgage-backed securities (MBS) have been mentioned. The Federal Reserve followed the $351 billion RRP operation with $369 billion on...

Realm Closes $2.25M for Seed Investment to Build NFT Powered Microverses

PRESS RELEASE. Realm, a new NFT microverse platform, has closed its first investment round at $2.25M led by Alphabit with strategic investments from NGC, Genesis Block Ventures, LD Capital, Moonrock, and SL2 amongst other funds. Realm aims to challenge the current NFT platforms by offering creators and players a personalised metaverse aptly dubbed a “microverse”. Each microverse, known as a realm, will come with an original genetically coded blockchain avatar. The NFT platform integrates OpenSea’s vast NFT marketplace, and has partnered with Reef Chain to harness the power of Substrate and the Polkadot framework to ensure cross-chain compatibility. “We’ve been working on how the metaverse will blur the lines between digital and virtual realities for six months. We’re excited to have some world class investors on board who align with our vision of making everybody the master of their own realm,” said Matthew Larby, Realm CEO and Founder. “Alphabit has made a seed stage investment in...

OneOf raises $63M for new Green NFT platform for musicians

The soon-to-be-launched platform will feature NFTs from artists like Whitney Houston, Doja Cat, John Legend, TLC, H.E.R, Quincy Jones, Charlie Puth, Jacob Collier, G-Easy, AURORA, The Kid LAROI, Alesso and more. Sustainable technology company OneOf has raised $63 million in seed funding to finance its new Green NFT platform for musicians, offering further evidence that the market for nonfungible tokens remains hot. Several investors and venture capitalists participated in the seed round, including Bill Tai, Sun Said of Nima Capital, Sangha Capital, Tezos Foundation, Jack Herrick and Jaeson Ma of East West Ventures. Built on the Tezos protocol, OneOf is a marketplace for artists and fans to tap into digital collectibles. The company claims that minting NFTs on Tezos uses over 2 million times less energy than leading networks like Ethereum. Artists wishing to mint an NFT on Tezos will pay zero cost for their listing, while users will be able to pay for their collections in over 135 ...

Data Shows Bitcoin Addresses in Accumulation Captures Fresh New Highs

After bitcoin prices dipped to a low of $30,066 per unit last week, lots of people have been focused on the panic sellers. Meanwhile, when bitcoin prices plunged, the number of bitcoin addresses in accumulation tapped an all-time high at 545,115 addresses. Number of Bitcoin Accumulation Addresses Hit New Highs Bitcoin ( BTC ) prices slid from a $64,895 per unit high to a low of $30,066 per bitcoin in 30 days losing more than 53% in value. When the price plunge took place data from Glassnode’s bitcoin “accumulation addresses” spiked . The number of bitcoin addresses in accumulation shows fundamental strength signals and gives investors a perspective of long-term holders. Glassnode’s data reflects addresses with little to no incoming transactions, as opposed to addresses that are more active. Nine months ago, Glassnode reported on accumulation addresses reaching the 500k mark. “There are over 500,000 Bitcoin ‘accumulation addresses’ holding a total of 2.6 million BTC (~14%). Accu...

Negative funding rates incentivize traders to long Polygon (MATIC) and AAVE

The funding rate for MATIC and AAVE is currently rewarding traders who are leveraged longs, but it might not last for long. Data shows that AAVE and Polygon ( MATIC ) traders are currently being paid up to 4.3% per week to long future contracts. In the crypto markets, traders are usually bullish, or at least the majority of retail investors are. This causes an interesting phenomenon as it incentives arbitrage desks and whales to sell futures contracts while simultaneously buying on regular spot exchanges. Crypto total market capitalization, USD billion. Source: TradingView The above chart shows the incredible 240% gain accumulated in 2021 as crypto reached a $2.58 trillion total capitalization on May 11. The 53% correction that followed over the next week led to a $1.3 trillion bottom, decimating $32 billion of futures open interest. Perpetual futures automatically rebalance daily Unlike regular monthly contracts, perpetual futures prices are very similar to those at regu...

Mark Cuban officially backs Polygon

The Ethereum-based scaling solution recently appeared on the Mark Cuban Companies website, seemingly affirming his investment in the project. Billionaire investor Mark Cuban has thrown his weight behind Polygon, according to a new disclosure on one of his websites, offering further evidence that wealthy investors are tapping into the digital asset market despite the recent turmoil. The addition of Polygon to the Mark Cuban Companies website appears to have been made recently and reaffirms the billionaire’s backing of the project. Cuban, who was once a polarizing figure in the cryptocurrency market, has become a more vocal supporter of the nascent asset class over the past year. Recently, when Elon Musk decided to stop accepting Bitcoin ( BTC ) due to environmental concerns, Cuban said his Dallas Mavericks would continue to accept the digital currency as payment . This story is still in development. https://ift.tt/3hUjc1M

Fund Manager One River Files SEC Prospectus for Carbon Neutral Bitcoin ETF

On Monday, the crypto asset fund manager One River filed a unique bitcoin exchange-traded fund (ETF) registration with the U.S. Securities and Exchange Commission (SEC). According to the Form S-1 filed, One River wants to list a carbon-neutral bitcoin ETF on the New York Stock Exchange (NYSE). One River’s Bitcoin ETF Aims to Provide a Fund That Offsets Carbon Emissions Associated With Bitcoin Mining Carbon-neutral bitcoin mining has been a topical conversation these days within the cryptocurrency community. One River is taking bitcoin funds to a different level by registering for a carbon-neutral bitcoin ETF with its partner the carbon credit platform MOSS . The CEO of MOSS Luis Felipe Adaime detailed in April that the “MOSS Carbon Neutral Custody allows any institutional or corporate investor a means to offset the carbon emissions associated with crypto assets.” On May 24, 2021, One River filed a Form S-1 registration with the SEC in order to disclose the company’s prospectus sum...