The move comes the same week that six other companies filed to launch ether futures ETFs. Original
TradFi Giant Direxion Joins Crypto ETF Race by Filing for Combined Bitcoin and Ether Futures Fund
Day: August 2, 2023
AAVE price takes double-digit hit, but strong fundamentals point to eventual recovery
AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level. While the $62 support has demonstrated its resilience, the current price of $64.40 is still 12% below the daily close on July 30. Investors are now questioning whether this movement signifies a more cautious approach to the sector or if other factors are exerting pressure on the AAVE token price. AAVE price index, 12-hour chart. Source: TradingView Part of the recent movement in the AAVE…
Robinhood Crypto Trading Revenue Fell 18% Sequentially to $31M in Q2
In June, Robinhood ended support for all tokens named as securities in the SEC lawsuits against crypto exchanges Binance and Coinbase. Those tokens were Cardano (ADA), Polygon (MATIC) and Solana (SOL). The trading platform currently offers trading for 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE) and avalanche (AVAX). Source
Litecoin Price (LTC) Plunges to Fresh Monthly Lows on Litecoin Halving Day
“Litecoin’s halving cycle has been one of anticipation, where it troughs and peaks ahead of its halving event,” Greg Cipolaro, global head of research at digital asset investment firm NYDIG, wrote in a report last week. “This is opposed to bitcoin, which has peaked well after its halving in its cycles.” Source
FTX CEO Says Embattled Exchange Ready for Bankruptcy Plan That Will Extinguish FTT Token Claims
The bankrupt crypto exchange FTX has submitted a draft reorganization plan to the courts to pay back creditors. The draft plan, filed with a US bankruptcy court on Monday, calls for scrapping claims based on holdings of the disgraced company’s native token, FTT. The draft says the FTT-based claims against the exchange should be dropped due to the “equity-like characteristics” of its native token. It also calls for canceling any other equity interests. FTX plans to pay back other debtors and customers in cash. The company’s CEO, John J. Ray…
Ethereum ETFs Heat Up As Filings With SEC Climbs To Six
The latest sign of crypto going mainstream among traditional investors is the race heating up to launch the first exchange-traded fund (ETF) tied to Ethereum futures. In recent weeks, six companies have filed proposals with the Securities and Exchange Commission (SEC) to launch Ethereum futures ETFs. The Race To Launch An Ethereum Futures ETF Cryptocurrency ETFs track the price of the digital currencies they are tied to and they are not a new thing in the crypto industry. Bitcoin futures have gained popularity in recent years and are already being…
Protocol Design Is Policy-Making, and Crypto Should Demand Better Governance
Despite using crypto wallets for almost a decade, just a few weeks ago I fell for a scam. Many times, I have made some kind of error on a transaction. Ledgers are immutable, but transactions need not be. Any contract worth trusting should be able to reverse transactions that can be proven erroneous or fraudulent. Reversible tokens exist and should be used far more widely, particularly for consumer applications. Combined with clear policies and adjudication, restitution is a requirement for any system that humans are expected to use. Source
Subscribers on X (formerly Twitter) can hide their blue check marks now
X users who subscribe to the “Blue” service now have the option to hide their check mark, according to a recently updated Twitter Help article. Owner Elon Musk had previously warned that he wasn’t afraid to keep “blowing things up” as he and newly appointed X CEO Linda Yaccarino continue to fudge the subscription service features further. How it started: Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for $8/month. — Elon Musk (@elonmusk) November 1,…
What is Metcalfe’s Law, and why does it matter?
Metcalfe’s Law suggests that the more people who use a cryptocurrency, the more valuable and useful it becomes. Does Metcalfe’s law help explain Bitcoin’s price formation? Yes, Metcalfe’s Law can help explain Bitcoin’s price formation — to some extent. It is relevant to Bitcoin since it implies that the value and utility of the Bitcoin network rise exponentially with its number of users and participants (holders, investors and traders). The adoption of Bitcoin has been accompanied by a positive feedback cycle in which increased users have resulted in a rise…
MIT Digital Currency Initiative introduces at-scale, programmable CBDC platform
The Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) has introduced the experimental PArSEC platform. PArSEC — short for “parallelized architecture for scalably executing smart contracts” — is open source and developed with central bank digital currency (CBDC) in mind. The developers highlighted the platform’s speed. It performed 118,000 ERC-20 transactions per second on 128 hosts — exceeding public permissionless blockchains, they said. The platform was thus capable of handling cross-border contracting and could be used to innovate supply chains and compliance checks as well. PArSEC logo. Source: MIT…