Day: August 27, 2020

Fidelity Launches New Bitcoin Index Fund for Institutional Investors

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Fidelity aims to foray deep into the crypto market as the company files for a new Bitcoin-only fund for accredited and institutional players. The investment giant also published a survey showing rising institutional participation in the crypto market. Fidelity Digital Assets, the cryptocurrency subsidiary of investment giant Fidelity Investments, is making bold moves to expand its crypto investment offering to institutional players. On Wednesday, August 26, director of digital funds at Fidelity Peter Jubber filed for a new Bitcoin index fund with the U.S. Securities and Exchange Commission (SEC). Dubbed…

Flare proposes new bridge to allow XRP to be used on Ethereum

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On Aug 26, Ripple (XRP) partner Flare Networks revealed details of a proposed new bridge connecting XRP with the Ethereum (ETH) blockchain. Ripple’s CEO Brad Garlinghouse and the XRP Army have expressed support for the first two-way bridge to bring the ecosystems together. The trustless bridge will allow XRP on the Flare Network —  known as FXRP — to be used within the Ethereum network, while “providing a scaling platform for Ethereum tokens and applications”. Flare is a network that integrates the Ethereum Virtual Machine (EVM) in order to provide…

Chainlink (LINK) is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

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Chainlink (LINK) is trading nicely above the $14.00 support zone against the US Dollar. It seems like the bulls are setting up for another rally if the price clears the $16.00 resistance. Chainlink token price is trading above the main $14.00 support zone against the US dollar. The bulls are facing a major resistance near the $16.00 level and 100 simple moving average (4-hours). There is a crucial contracting triangle forming with resistance near $16.00 on the 4-hours chart of the LINK/USD pair (data source from Kraken). The pair is…

Riot Blockchain buys 5,100 S19 Pro Antminers, aims for 1.66% of hashrate

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Nasdaq-listed Bitcoin (BTC) mining firm Riot Blockchain has announced a new purchase of 5,100 Bitmain S19 Pro Antminers, that are slated for deployment in February 2021. The new miners will be purchased for $11.2 million, and comes hot on the heels of a $17.5 million deal for 8,000 S19 Pros that was inked with Bitmain on August 24.  Riot expects to achieve positive cash flow during late 2020 and reach an operational hash rate of 0.55 EX/s before the end of the year. Riot currently represents more than 0.35 EX/s…

Libra replaces general counsel Robert Werner after 3 months

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Stevan Bunnel, former general counsel for the U.S. Department of Homeland Security (DHS), has been revealed as the Libra Association’s new leading lawyer. Since leaving the Homeland Security Department in 2017, Bunnell co-chaired the data privacy-focused legal practice O’Melveny & Myers until joining the Libra Association this month. The association’s former general counsel, Robert Werner told Bloomberg Law that he chose to depart from the position after it became clear it meant he would have to relinquish an existing position on the boards of directors for Deutsche Bank Trust Co.…

Whitelist-only crypto withdrawals coming soon claims Ari Paul

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Crypto investor Ari Paul has predicted that within a year or two much of the crypto ecosystem will only allow withdrawals to whitelisted addresses. In a tweet on August 26, the BlockTower Capital co-founder and CIO Ari Paul forecast that there may also be a division between ‘clean’ coins that can be traced to regulated institutions and all others. 1/ Within a year or two, most crypto exchanges will probably only allow withdrawals to “whitelisted” addresses. We’ll have separate ecosystems for coins: “clean” coins that can be traced to a…

Celsius Network raises more than $20M via equity crowdfunding

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Blockchain-based lending platform Celsius (CEL) Network has raised $20.17 million from more than 1,000 investors with one day to go in its recently extended crowdfunding offering. The most recent extension occurred long after passing the $17 million ‘target’, which itself was a substantial increase on the original $10 million to $15 million target. Celsius trumpeted it’s $10.7 million raised from 39 investors on the first day of the offering, but it then took 44 more days to raise the next $10 million. It emerged that Tether had tipped in $10M.…

Key Reasons Why Bitcoin Must Clear $11,500 For Hopes of a Fresh Rally

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Bitcoin price is currently struggling to clear the $11,500 and $11,550 resistance levels against the US Dollar. BTC could start a steady increase if it clears the $11,500 resistance. Bitcoin is trading in a range below the $11,650 and $11,550 resistance levels. The price is facing a major hurdle near $11,500, $11,550, and the 100 hourly simple moving average. There is a major breakout pattern forming with resistance near $11,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either break the $11,550 barrier…

Filecoin tests pave way for Ethereum fee restructure

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A long anticipated Ethereum Improvement Proposal (EIP) which aims to tackle high network fees is currently being tested on the Filecoin network. A proposal to change Ethereum’s fee structure has been in the pipeline since first being suggested in April 2019. A surge in network fees in recent months has brought the spotlight back on to EIP 1559, and it is being trialled on the digital storage platform Filecoin. Ethereum co-founder, Vitalik Buterin, tweeted an update as more information and research is piled into the proposed upgrade. In case you…

How Investors Could See “Max Pain” Following Friday’s $740m Bitcoin Options Expiry

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In just a few days, the Bitcoin options market will see a massive $740 million contract expiry, which accounts for roughly 37% of the total outstanding open interest within the market. This expiration may have some impacts on the crypto market’s price action, as those holding both calls and puts may move to cover or roll-over their positions depending on where the benchmark cryptocurrency is trading at around this time. The vast majority of these contracts are on Deribit – signaling that the platform still has absolute domination over the…