Day: January 26, 2023

Brevan Howard Hires Dragonfly Capital Veteran as Digital Portfolio Manager

Hu joined Dragonfly Capital, a crypto-focused investment banking firm, in 2019 as a general partner and head of liquid strategy. He previously spent three years as an associate at BlackRock with the Alternative Investment Group. In April, Dragonfly closed its third fund, with $650 million in committed capital to invest in blockchain and crypto companies creating “new digital economies.” The same month, Brevan Howard participated in the $70 million funding round for Bitcoin protocol Lightning Labs. Source

After Mocking the Price Model, Crypto Advocates Discuss Bitcoin’s Rainbow Chart Reintegration – Featured Bitcoin News

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On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow chart’s lowest band at the end of 2022. Bitcoin’s Rainbow Chart Is Making the Rounds Again Last year, specifically in Aug. 2022 and then at the end of the year, the cryptocurrency community discussed the…

88x Finance partners with Axelar Network for cross-chain yield aggregator

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The crypto bear market may be lasting longer than expected, but some Web3 startups see it as the perfect opportunity to build solutions and infrastructure that will welcome users and institutions when the next wave of adoption arrives. Cross-chain yield aggregator 88x Finance claims that the emergence of general message passing and true composability between blockchains is an opportunity to provide services both to retail and professional investors. Roughly six months after starting to build the platform, the protocol is now participating in the Axelar Ecosystem Startup Funding Program, a…

Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worries

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Stablecoins in the cryptocurrency market help provide U.S. dollar-pegged tokens within the volatile industry. In bull markets, the market capitalization of stablecoins tends to decrease as investors flock to more volatile assets; and in bear markets, investors seek shelter in low-volatility stablecoins, thus increasing their market caps. On Jan. 26, the total market capitalization for stablecoins like Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) is over $131 billion. Stablecoin supply dominance. Source: Glassnode Stablecoins are so crucial to the future of crypto that Moody’s, a well-respected…

Cardano Adds 50,000 New Wallets As ADA Market Cap Surges

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The Cardano ecosystem has the potential for further growth. The network has grown tremendously in various sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs). The blockchain has recorded massive adoption over the past months emerging as the third most active blockchain in development activity. According to data from Cardano Blockchain Insights, this blockchain’s ecosystem has added more than 50,000 new wallets since the beginning of the year. From 3,842,867 recorded on January 1 to 3,894,735 wallets registered as of January 25, a total of 51,868 wallets were added to…

Porsche NFT trading volume nears $5M despite launch woes, minting halt

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German luxury car manufacturer Porsche’s nonfungible token (NFT) collection reached 2,839 Ether (ETH) ($4.5 million) in total sales volume, according to data from NFTScan at the time of writing on Jan. 26. The collection had a floor price of 2.74 ETH and a high price of 9.18 ETH, with over 1,705 total sales.  Originally meant to have a total supply of 7,500 NFTs, Porsche abruptly halted the minting process on Jan. 25 after some users complained of high minting prices and lack of utility for NFT holders. The supply has since been…

CFTC Commissioner Kristin Johnson Urges Congress to Expand Agency’s Authority to Review Crypto Acquisitions

Such meteoric rises, Johnson explained, are often followed by an all-too-common ending: “Like lightning striking, in an instant, the exchange suspends trades, shutters the windows for withdrawals, silences traffic on its website and files for bankruptcy protection, leaving customers infuriated, investors stunned, and creditors scrambling in a footrace to the courthouse.” Source

Blur NFT Marketplace Surges in Volume and Market Share, Rivaling Industry Leader Opensea – Bitcoin News

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Blur, the non-fungible token (NFT) marketplace, has seen a significant increase in volume since its launch in October. According to statistics from Dune Analytics, Blur has captured about 30% of the market share in terms of sales volume. The NFT marketplace leader, Opensea, commands 48% of the market share. Blur NFT Marketplace Captures 30% of Market Share in Sales Volume An NFT marketplace called Blur has seen an increase in market share over the past 30 days. According to statistics from Dune Analytics, Blur holds 30% of the NFT market’s…

Barry Silbert keeps quiet as Genesis goes down in flames

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Just two months after the collapse of FTX, Genesis is following suit. Against an increasingly disheartening backdrop of “Big Cryptos” going bust, Barry Silbert’s cryptocurrency lender, Genesis Global Holdco, is the latest firm to file for bankruptcy, and if things always come in three, it might not be the last. Genesis Capital’s parent company, Digital Currency Group, has denied any involvement in the bankruptcy filing, citing “a special committee of independent directors” in charge of the decision, seemingly without any input from Silbert himself. But both companies are already getting…

Crypto-friendly Stripe weighs public offering: Report

Internet payment processor Stripe is reportedly eyeing a public offering and has set a 12-month timeline to explore the possibility. Stripe has hired Goldman Sachs and JPMorgan Chase to advise on the feasibility and timing of a public-market debut, according to a Jan. 26 report by The Wall Street Journal. A source with knowledge of the matter told the Journal that Stripe’s executives will either take the company public or allow employees to sell shares in a private transaction. The Journal also reported that Stripe’s management is unlikely to pursue…