Day: October 20, 2021

Mono X launches mainnet on Ethereum and Polygon

Automated market maker (AMM) MonoX has announced the official launch of its mainnet platform, offering investors a full complement of swap and liquidity capabilities on the Ethereum and Polygon blockchain networks. With the release of this new service, Mono X is aiming to establish a cost-effective and accessible infrastructure for liquidity providers seeking to propel their projects to the market and traders interested in engaging in token swap services. In the case of traditional decentralized exchanges (DEXes) such as dYdX, it is necessary for projects to provide two tokens to…

Ethereum (ETH) Breaks $4,000, All-Time High Unavoidable?

The Ethereum rally continues and seems to be moving into FOMO levels. At press time, the second crypto by market cap has blasted through the major resistance at $4,000 and moves fast into price discovery. Related Reading | Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase Ethereum records 4% and 14% in the daily and weekly charts, respectively. The euphoria in the market seems to be driven by the launch of a Bitcoin-linked ETF in the U.S. ETH on an upwards trend in the daily chart. Source: ETHUSD Tradingview…

VanEck to Join ProShares in Launching a Bitcoin Futures ETF

Canada allowed physically backed bitcoin ETFs to launch earlier this year, however, while the U.S. is still only allowing futures-linked ETFs to go live. SEC Chair Gary Gensler, who opened the door for these products in August, has said in multiple public statements that he believes ETFs filed under the Investment Company Act of 1940, which govern the futures ETFs, provide stronger investment protections than the Securities Act of 1933, which govern physical ETFs. Source

Bitcoin Hits New All-Time High Above $65K on Strength of ETF Debut

Bitcoin, the world’s largest cryptocurrency by market capitalization, has hit a new all-time high above $65,000. The crypto broke above its previous high of $64,889 reached in April. Bitcoin is currently changing hands for around $65,607, up 4.2% over the past 24 hours. The latest rally pushed bitcoin’s year-to-date terms to 122%, according to CoinDesk data. The largest cryptocurrency appears to have gotten a push on Tuesday from the launch of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund approved by the U.S. Securities and Exchange Commission to invest…

Bitcoin officially hits new all-time high above $65K

Bitcoin (BTC) has hit a new all-time high in U.S. dollars as a long-awaited surge pushes BTC/USD into price discovery. BTC/USD 1-hour candle chart (Coinbase). Source: TradingView Bitcoin back in price discovery Data from Cryptox Markets Pro and TradingView showed Bitcoin breaching the $64,900 ceiling in place since April. On the second day of trading for the hugely popular ProShares Bitcoin Strategy ETF, BTC/USD again surged ahead of the U.S. open — a practice that has characterized the pair in recent days. The halls of eternity echo with the cries…

Bitcoin Price Sets New All-Time High Above $65,000

Bitcoin price has done it and made a higher high, setting a new all-time high record above $65,000 according to several exchanges and the TradingView BTCUSD Index. What exactly does this mean for the first-ever cryptocurrency and the current market cycle? Read on to find out. Bitcoin Price Sets New Record ATH Above $65,000 The number one ranked cryptocurrency by market cap has just set another major milestone, and proven to the market that the bull cycle isn’t yet finished. It also means that the April 2021 “top” was nothing…

Bitwise Launches Polygon Fund for Ethereum-Scaling Exposure

“For years, the excitement around crypto’s most promising use cases, including DeFi [decentralized finance] and NFTs [non-fungible tokens], has been muted by the fact that Ethereum simply isn’t built to handle it all yet,” Matt Hougan, Bitwise’s chief investment officer, said in a statement. Hougan sees Polygon as a platform to improve these issues. CryptoX Portal

Russia Considers Partially Replacing Dollar Reserves With Digital Assets in Future – Finance Bitcoin News

Amid ongoing sanctions, the government of Russia has been working to limit the country’s dependence on the U.S. dollar. The Ministry of Foreign Affairs now says it’s possible to partially replace the greenback in currency reserves and trade settlements with other currencies and even digital assets in the future. Foreign Ministry Official Sees Russia Acquiring Digital Assets to Reduce US Dollar Dependence In its efforts to counter the negative effects of expanding U.S. sanctions, the Russian Federation is putting an emphasis on “dedollarization,” Deputy Foreign Minister Alexander Pankin remarked in…

DCG, Facing Competition From Bitcoin ETFs, Plans to Buy More Grayscale Bitcoin Trust

Digital Currency Group (CoinDesk’s parent company) is planning to hoover up up to a billion dollars worth of Grayscale Bitcoin Trust (GBTC), the company announced Wednesday. With subsidiary Grayscale’s flagship product facing sudden competition for brokerage accounts’ bitcoin dollars, the crypto conglomerate increased its GBTC buy range by $250 million. It said it has bought $388 million shares of GBTC so far. The authorization comes as bitcoin-curious mainstream investors look beyond Grayscale for crypto exposure. On Tuesday, ProShares, a Wall Street fund shop, launched the first bitcoin-linked exchange-traded fund (ETF)…

Bitcoin price eyes $65K breakout as BTC exchanges reserves fall to 2018-lows

Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC. Bitcoin’s all exchange reserve. Source: CryptoQuant CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins…