Day: August 7, 2023

Bitcoin (BTC) Outperforms Crypto Hedge Fund Returns in First Half

“It is plain to see that a simple buy-and-hold investment into bitcoin would have outperformed all of these fund baskets. Bitcoin added about 80% in value by the half of the year,” 21e6 Capital due diligence manager Jan Spörer and sales and marketing head Maximilian Bruckner wrote in the report. “In previous bull runs, crypto hedge funds were frequently able to significantly outperform the bitcoin benchmark. How can underperformance among professionally managed crypto funds be such a widespread phenomenon?” Source

India House passes bill to ease Big Tech data compliance

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The lower house of India’s parliament voted in approval of a bill that would ease data compliance regulations for Big Tech companies on Aug. 7, according to a report from Bloomberg.  The Digital Personal Data Protection Bill 2023 would ease storage, processing and transfer standards for major global tech companies like Google, Meta and Microsoft, as well as local firms seeking international expansion. The legislation allows companies to export data sourced from India, except to countries prohibited by the government. As it currently stands, the bill requires government consent prior…

What Could Trigger An Upward Climb

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XRP is currently undergoing a notable price correction, with a 24-hour decline of 2.2% and a seven-day slump of 12.1%, bringing its price to $0.61 according to CoinGecko.  However, amidst this downturn, prominent crypto YouTuber and XRP analyst, Alex Cobb, has set an ambitious price target of $10 for the digital asset, employing the Elliott Wave Theory to analyze its monthly price chart. Source: Coingecko Understanding Elliott Wave Theory Elliott Wave Theory is a technical analysis approach that seeks to predict price movements in financial markets by identifying recurring patterns…

Singapore commits $112M to support fintech solutions like Web3

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The Monetary Authority of Singapore (MAS), the country’s central bank, has announced that it is committing up to 150 million Singapore dollars (around $112 million), to support various financial technology solutions like Web3.  In an announcement, MAS highlighted that the funds will be spent in three years under its renewed Financial Sector Technology and Innovation (FSTI) scheme. According to the announcement, the new scheme will aim to “accelerate and strengthen innovation” by supporting projects that use cutting-edge technologies.  The Monetary Authority of Singapore (MAS) will commit up to S$150 million over…

MicroStrategy’s (MSTR) Bitcoin (BTC) Billions Have Rebounded Since Michael Saylor Exited CEO Job a Year Ago

Saylor had begun purchasing bitcoin for MicroStrategy’s balance sheet in August 2020, fueling its stock rally alongside bitcoin in 2020 and 2021. Taking a wider view, Saylor this week pointed out that MicroStrategy’s share price is up 254% since he first began making bitcoin purchases, well ahead of the Nasdaq’s 31% advance and gains by individual tech stocks like Google parent Alphabet (GOOGL), Apple (AAPL) and Microsoft (MSFT), which are each higher by 60% to 76%, during that time. Source

Solana Products See Strong Inflows; Bitcoin, Crypto Lose $107M

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The past week has painted a vivid picture of shifting investor sentiment worldwide. While Bitcoin and the broader cryptocurrency market witnessed a significant outflow of funds from investment products like ETPs, ETFs and funds, Solana (SOL) emerged as a beacon of hope for altcoin enthusiasts. A Dive Into The Numbers By Crypto Products Digital asset investment products experienced a net outflow of $107 million this week, a figure that underscores the growing trend of profit-taking that has been evident in recent weeks. “Digital asset investment products saw outflows this week,…

What is Pepe Coin? | Blockchain News

Overview Pepe Coin (PEPE) is a deflationary meme coin launched on the Ethereum blockchain. It was created as a tribute to the Pepe the Frog internet meme, which gained popularity in the early 2000s. The project aims to capitalize on the popularity of meme coins like Shiba Inu and Dogecoin, striving to establish itself as one of the top meme-based cryptocurrencies. Key Features No-Tax Policy: PEPE appeals to the cryptocurrency community by instituting a no-tax policy. PEPE ensures a cost-effective trading experience by not levying any transaction fees for buying…

Decentralized asset management system launches for Arbitrum, Optimism

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Decentralized asset management platform Valio has launched publicly, according to an announcement from the platform’s team. The new protocol allows users to have their funds managed by professional traders but without having to trust these traders as custodians. The app’s launch is initially taking place on the Abitrum and Optimism networks. Valio previously launched in a whitelisted version on July 24, but the new public version unveiled on Aug. 7 does not require managers to be approved in advance. Valio user interface. Source: Valio In a conversation with Cointelegraph, Valio…

Former MicroStrategy (MSTR) CEO Michael Saylor’s Wager on Bitcoin (BTC) Looking Better

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A rebound in the price of bitcoin has sharply narrowed losses for MicroStrategy’s (MSTR) holdings of the cryptocurrency. When Michael Saylor stepped down almost exactly a year ago as CEO of MicroStrategy to become its executive chairman with a sole focus on investing in bitcoin, his digital-asset strategy was looking pretty bleak. He had already spent billions of dollars of MicroStrategy’s money to purchase bitcoin — and his paper loss amounted to about $1 billion. Today, though, MicroStrategy’s position looks brighter as bitcoin’s price has rebounded to above $29,000. Saylor…