Month: July 2023

Nasdaq refiles Valkyrie’s spot Bitcoin ETF application, includes Coinbase as surveillance partner

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The most recent filing involving cryptocurrency fund manager Valkyrie’s application for a spot Bitcoin exchange-traded fund (ETF) in the United States followed others by including a “surveillance-sharing agreement” with Coinbase. According to a July 3 filing with the U.S. Securities and Exchange Commission, the Nasdaq stock exchange refiled for a proposed rule change allowing the listing of a spot Bitcoin (BTC) ETF for the Valkyrie Bitcoin Fund. The filing included details of a June 30 agreement with Coinbase aimed at giving Nasdaq “supplemental access to data regarding spot Bitcoin trades.”…

Starknet’s Quantum Leap hits testnet with TPS reaching ‘triple figures’

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Starknet’s Quantum Leap upgrade has been deployed on a testnet, with the Ethereum layer-2 scaling protocol claiming it’s capable of processing “hundreds of transactions per second.” If achieved, it would be at least a 50x improvement from its current throughput, thanks to the version 12 upgrade harmonizing how the sequencer’s code interacts with the Cairo programming language. A Starknet fact sheet states that the “time to inclusion” after the upgrade goes live on the mainnet “will be under 15 seconds,” meaning decentralized applications will be able to confirm transactions on-chain…

A Crypto Metric Called Years to Profitability Is Good for Evaluating Blockchains

Then, by using the same set of growth rate assumptions for each chain (we calculated future CAGRs of 30%, 40% and 50%), we can make comparisons across chains and explore more deeply what drives YTP. For example, while APT has a high YTP, this is partially because the chain is relatively new and therefore its revenues are smaller than those of other more established chains. SOL has modest inflationary schedules compared to blockchains like NEAR or ICP. In all examples, a blockchain’s ability to burn tokens (and provide some kind…

The Supreme Court could stop the SEC’s war on crypto

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When the leaders of the American Revolution signed the Declaration of Independence on July 4, 1776, they had no guarantee of victory. The battle for independence was underway, and their prospects were uncertain. Despite occasional victories, these audacious freedom fighters were grossly outnumbered and had difficulty retaining volunteer soldiers. Their commitment to the cause of freedom was their only fighting chance. Cryptocurrency as an open-source software industry is in a similar predicament. The United States Securities and Exchange Commission and banking regulators are trying to dismantle this budding industry, brandishing…

Can Bitcoin repeat a 2017-like rally as dollar correlation reverses?

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There is a common belief that when the U.S. dollar declines relative to other main global currencies, as measured by the Dollar Strength Index (DXY), the impact on Bitcoin (BTC) is positive, and vice versa. For instance, the DXY index dropped from 103.0 on Jan. 2017 to a 92.6 low on Aug. 2017, while Bitcoin rallied from $1,000 to $4,930 in the same period. But is there enough evidence to justify a bull run similar to 2016–17, as some analysts are arguing? But is there enough evidence to justify a…