Day: August 14, 2023

Is A $DXY Collapse The Catalyst For A Crypto Bloodbath?

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Michael Burry, renowned investor, and hedge fund manager, has once again made headlines with his significant short position in the traditional market, which could impact the nascent crypto industry if his bet is to materialize. Burry, known for accurately predicting the subprime mortgage crisis, recently went mega-short with over $1.6 billion in S&P 500 (SPY) and Nasdaq 100 (QQQ) puts. These indexes often record a high correlation with the crypto market as they attract similar investors.  Burry’s $1.6 Billion Short Signals Potential Implications For Crypto Market Burry’s track record as…

Are market cap and other comparisons actually relevant for investors?

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The connection between Bitcoin and gold goes back to Bitcoin’s origin. While it is not mentioned in the Bitcoin white paper, Satoshi Nakamoto actually referred to gold’s rarity in a Bitcointalk forum post when introducing the first version of Bitcoin (BTC) in 2009. This was to emphasize the importance of a limited supply of 21 million coins. Bitcoin’s market value is frequently matched up against gold, which boasts a total worth of $12.8 trillion, and many crypto pundits often point to the approval of a gold exchange-traded fund (ETF) in 2004 as…

Here’s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn’t Coming

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Recent comments from former SEC Attorney John Reed Stark have further dampened optimism about the regulator approving any of the pending Spot Bitcoin ETF applications. Spot Bitcoin ETF Approval Looking More Unlikely The United States Securities and Exchange Commission (SEC) has continuously denied applications for a Spot Bitcoin ETF, and Stark has suggested that this trend isn’t going to change anytime soon as the SEC will likely deny all the pending applications due to several “compelling reasons.” While aligning his opinion with that of Better Markets, Stark stated that the…

Bitcoin Frontier Fund launches accelerator program for Ordinals startups

The Bitcoin Frontier Fund, formerly Stacks Ventures, launched what it’s calling the first Bitcoin Ordinals accelerator program on Aug. 14. Program Information This program is led by VC @TO & is a 4-month program for builders to raise funding, connect with mentors, & be guided by the best in the industry (sneak peak below). It will help with co-founder relationships, mentors & advisors, fundraising & pitching. pic.twitter.com/MSykk2l7Dl — Bitcoin Frontier Fund (@BTCFrontierFund) August 14, 2023 According to the program’s website, the Bitcoin Frontier Fund is offering seed money to startups innovating…

Hedera Hashgraph’s HBAR Rallies on FedNow Addition of Dropp

According to a report by Messari, Hadera’s average daily active accounts have grown 288% year-to-date, jumping from 3,500 to 13,500 by Q2 2023. In terms of average daily creation of new accounts, there was a 340% surge over that same period, said Messari. The main driver behind the uptick in activity in Q2 was propelled by non-fungible tokens (NFTs), with the main driver of NFT activity being Karateka, a Web3 game built by GameOn leveraging the IP of Karate Combat. The report noted that last year’s activity was primarily driven…

Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth?

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Base, the Ethereum Layer 2 rollup developed by crypto exchange Coinbase, is already making a name for itself in the market. The blockchain’s Total Value Locked (TVL) has been on a rapid rise over the last few weeks, rising triple-digits in just the last two weeks alone. So the question now is, what’s driving the TVL growth? Meme Coins, Rugs, And Newcomers Unlike other Layer 2 networks, Base seemed to have gotten its big break with the growing trend of meme coins being launched on the network. The most notable…

CoinDesk to lay off part of editorial staff in preparation for sale of stake: Report

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CoinDesk is reportedly planning layoffs in its editorial department ahead of the sale of a stake in the publication to investors, according to media reports.  TechCrunch wrote that CoinDesk CEO Kevin Worth sent an internal email warning that “several roles, predominantly in our media team, were impacted by a reduction in force.” Other sources estimated the staff reduction at 16% or 45%. A 45% cut would represent about 20 people, according to reports. According to the leaked email, an “all hands” meeting will be held at CoinDesk at 4:00 pm…

Crypto’s Theater Is Becoming More Surreal

Decentralization theater matters because it reduces censorship-resistance, and also gives leverage to regulators or police enforcers to coerce developers into making changes, revealing information, or simply shutting the thing down. How can people trust that this can be a feasible infrastructure for the future of finance, how can institutions trust they can move trillions of dollars in the system, if it can be arbitrarily changed? Source

Bitcoin Miner Riot Sees Substantial Increase In BTC Holdings

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Bitcoin mining has been up by a considerable fraction this year, as the blockchain network recorded a new all-time high in hash rate in the second quarter of the year. Mining revenue is also up, as the bitcoin Bitcoin recorded a spike in transaction volume.  As a result, Riot Blockchain, one of the largest publicly traded Bitcoin mining companies in the US, has recorded an increase in operations in the second quarter. According to its 2023 second-quarter financial results, the mining company recorded a new all-time record hash while ramping…