The second week of trading for the spot Ethereum ETFs saw again more withdrawals than inflows, perhaps driven by the uncertainty in the US economy. The spot Bitcoin ETFs also closed the business week on the wrong foot, with nearly $240 million leaving the financial vehicles. Data from FarSide shows that Fidelity’s FBTC was the...Read More
Toronto-based Bitcoin mining company Bitfarms announced that its operational hash rate reached 11.1 EH/s by the end of July, marking a 109% year-over-year increase and a 7% rise month-over-month. The average operational hash rate for the month was 10.3 EH/s, up 36% from June. Despite a 1% decline in Bitcoin per EH/s due to a...Read More
Marathon Digital (MARA) saw its shares drop over 8% in after-hours trading on Thursday following a second-quarter revenue report that fell short of Wall Street’s forecasts. However, the stock has since recovered some of these losses. Marathon Digital Sees a Revenue Miss Marathon Digital reported second-quarter revenue of $145.1 million, falling short of Wall Street’s...Read More
MicroStrategy, the world’s largest public Bitcoin holder, has announced plans to raise up to $2 billion through the sale of its class A shares. The company made this revelation in a regulatory filing with the U.S. Securities and Exchange Commission on August 1. Details From the Filing MicroStrategy has not disclosed the specific timeline for...Read More
Coinbase reported a total revenue of $1.449 billion for the second quarter, surpassing the market consensus estimate of $1.396 billion. However, this figure represents an 11% decrease from the first quarter, partly attributed to falling consumer transaction revenues. Coinbase Q2 Revenue Drops 29% Coinbase’s Q2 consumer transaction revenues fell 29% to $665 million, down from...Read More
The volatility in the cryptocurrency industry continues, with the leading digital asset plummeting from $65,600 to $62,300 for the second time in the past day or so. The main driver behind the latest price plunge could be attributed to the developments on US soil, as the jobs data was weaker than expected, and the stock...Read More
Futu Securities International – the largest online broker in Hong Kong – has started offering retail cryptocurrency trading in the city-state. The latest move involves attracting investors with shares of Alibaba Group Holding and Nvidia. Residents of Hong Kong can now trade bitcoin and ether on the brokerage platform with Hong Kong or US Dollars....Read More
On August 1, MicroStrategy founder Michael Saylor announced that in July, the firm acquired an additional 169 BTC for $11.4 million and now holds a total of 226,500 BTC. The company continues to focus on its bitcoin acquisition strategy. However, it faced significant impairment losses due to BTC price fluctuations, resulting in a second consecutive...Read More
There’s a new meme coin in town – NEIRO. But experts have already raised significant red flags over it. According to the blockchain data platform Bubblemaps, significant insider trading activity has been observed with NEIRO on the Ethereum blockchain. Insider Trading on NEIRO on Ethereum NEIRO meme coin on Ethereum has been found to be...Read More
Friday, August 2, will see around 37,000 Bitcoin options contracts expire with a notional value of around $2.4 billion. The options expiry event is smaller than last week’s end-of-the-month event but a little larger than the average expiry. Bitcoin Options Expiry Today’s tranche of expiring BTC derivatives has a put/call ratio of 0.58, which means there...Read More
The decentralized finance (DeFi) sector is witnessing a resurgence, marked by growth in key metrics such as active loans and total value locked (TVL) from their 2023 lows. DeFi lending, an important component that enables investors to lend their crypto holdings in exchange for interest, is an indicator of DeFi participation and overall market health....Read More
Pro-crypto Wyoming Senator Cynthia Lummis unveiled her Bitcoin bill on July 31, labeling it “our Louisiana Purchase moment.” The proposed ‘Bitcoin Act’ aims to add 1 million BTC, worth around $64 billion at current prices, to U.S. government holdings over five years. The legislation aims to establish a strategic Bitcoin reserve and other programs: “To...Read More
A lengthy court battle to extradite a disgraced crypto mogul, Do Kwon, has seemingly come to a close following a court ruling Thursday. The Appellate Court of Montenegro ruled that Kwon – founder of the defunct Terra blockchain – will be sent to South Korea for prosecution. Do Kwon Set For South Korea The latest...Read More
The world’s largest stablecoin issuer, Tether, has released its attestation report for the first half of the year, revealing a record $5.2 billion profit. According to an official release from the firm, Tether recorded a net operating profit of $1.3 billion in the second quarter of 2024, and its ownership of United States Treasury bills...Read More
Following the Bitcoin2024 conference, Bitwise CIO Matt Hougan has issued a bold call to crypto investors, urging them to rethink BTC’s potential upside. According to Hougan, the market is “not bullish enough” about the flagship cryptocurrency, and recent developments at the conference have highlighted a shift that could impact Bitcoin’s future value. Political Figures Support...Read More
The nine spot Ethereum ETFs in the US saw net outflows totaling $77.21 million on Wednesday, reversing the previous day’s positive trend. The outflows come amidst Ether’s price faltering below $3,200. Spot Ether ETFs’ Outflow Continues The Grayscale Ethereum Trust (ETHE) recorded $133.33 million in net outflows on July 31st, according to SosoValue data. Since...Read More
Meme coins have been one of the most popular narratives in the first two quarters of 2024. However, there has been a significant cooling off in their market after the intense activity of the “spring.” In fact, recent findings suggest that only a handful of meme coins have recorded gains over the past 30 days,...Read More
Matrixport’s recent report highlights bitcoin’s impressive performance, outpacing the Nasdaq Index by 73% over the past two years. The company emphasized on X that Bitcoin is increasingly seen as a strategic investment, offering diversification and risk mitigation in investment portfolios, as well as representing a stake in the future of technology. Bitcoin Outperforms Nasdaq Index...Read More
The ZKX Protocol, a Crypto.com-backed decentralized exchange, has shut down due to economic challenges. Following the announcement, the ZKX token plunged by over 50% in the last 24 hours. ZKX Token Plummets Over 50% On July 30, co-founder Eduard Jubany Tur announced the discontinuation of the ZKX protocol. He expressed regret, stating that despite their...Read More
XRP climbed to $0.66 on Wednesday, surging by 8% over the past 24 hours from $0.60, a level last seen in the third week of March. The latest upward price action comes amidst important developments in the XRP ecosystem and renewed investor optimism in the market as the accumulation trend intensifies. XRP Accumulation There has...Read More
The crypto investment management company has launched a new product called the Grayscale Bitcoin Mini Trust, which has the ticker $BTC. The new offering, endorsed as a spin-off of Grayscale’s Bitcoin exchange-traded fund (ETF) GBTC, has a competitive, “ultra-low” fee of 0.15%. Grayscale’s New Spin-Off Fund Months ago, Grayscale filed for the Mini Trust fund...Read More
Goldman Sachs CEO David Solomon said that bitcoin could “very well” serve as a store of value similar to gold. Solomon’s comments come at a time of growing debate over bitcoin’s potential as a reserve asset and store of value. Bitcoin’s Potential as a Store of Value In a July 30 CNBC interview, Solomon said...Read More
Bitcoin prices dipped to an intraday low of $65,563 on July 30, marking a 6% slump since the beginning of the week. The asset recovered to reclaim $66,000 but failed to hold at that level, dropping back below it during the Wednesday morning Asian trading session. Nevertheless, BTC markets remain in a five-month rangebound channel,...Read More
According to a Bloomberg Report, Russia will soon legalize the use of cryptocurrencies for payments. This move is aimed at easing the growing difficulties faced by companies in making foreign payments due to U.S. sanctions over the war in Ukraine. Details on the New Bill and Legislation On Tuesday, Lawmakers in the State Duma, Russia’s...Read More
BlackRock has confirmed it has no plans to launch a Solana (SOL) ETF anytime soon, despite the roaring success of its Bitcoin and Ethereum spot ETFs launched this year. The company’s dismissal of small-cap altcoins leaves room for other asset managers to compete in this area, with some already filing to launch the product. BlackRock’s...Read More
21Shares – which is part of 21Shares AG – has announced the integration of Chainlink Proof of Reserve on the Ethereum mainnet. It improves the transparency of the Ethereum reserves backing the 21Shares Core Ethereum ETF (CETH), which is physically backed by Ether and tracks its performance. The Zurich-based financial institution said that the latest...Read More
Fairshake, a pro-crypto and blockchain Super PAC, has now outraised all other Super PACs in the United States heading into the 2024 federal elections. The interest group’s success reflects crypto’s surging role in U.S. politics, which has culminated in vocal support from politicians aiming to protect the industry’s interests. Fairshake PAC Raises $202 Million According...Read More
The US Securities and Exchange Commission (SEC) plans to amend its original complaint against Binance, which might eliminate the need for the court to decide on tokens that were previously classified as securities. The joint filing comes amid increased efforts by presidential candidates to attract pro-crypto voters in the United States. SEC Moves to Amend...Read More
In a recent interview with CNBC, WisdomTree CEO Jonathan Steinberg shared his optimistic outlook on the future of Bitcoin and cryptocurrencies, predicting their mainstream adoption within the next few years. Steinberg cited regulatory clarity, the emergence of publicly traded crypto funds, and the tokenization of real-world assets (RWAs) as the main drivers of this trend....Read More
Solana has surpassed Ethereum in total transaction fees and maximum extractable value (MEV) tips for the first time in a weekly timeframe since its launch. According to data from Blockworks Research, Solana generated approximately $25 million in revenue during the week of July 22, surpassing Ethereum’s $21 million. Solana’s Milestones Dan Smith, a Blockworks analyst,...Read More
