The court decision comes after a flurry of large institutions filed applications for spot bitcoin ETFs, with asset manager BlackRock filing its application in June. BlackRock’s filing generated a large amount of optimism that a spot bitcoin ETF might be approved. Others like Fidelity, the large mutual-fund manager, have also applied for bitcoin ETFs. Seven bitcoin futures ETFs have been trading since 2021. Source
Boy, this is a bit like finding out that there never was a Pee-wee Herman, just a middle aged man who became known for the playhouse he hung around a lot — only a lot less endearing. BitBoy, I mean, Armstrong, was one of the most influential trading gurus in the game, and likely the most loathed. Source
Paypal’s Ethereum-based stablecoin PYUSD has failed to capture crypto investors’ interest. According to data from Nansen, 90% of the stablecoin’s total supply still remains with its issuer Paxos’ wallet. Paypal’s PYUSD Adoption Setback The payment giant Paypal’s recently launched stablecoin PYUSD continues to struggle with adoption and has failed to gain traction since its official launch on August 7, 2023. Despite PayPal having over 350 million users worldwide, on-chain data from Nansen has shown that only a small percentage of its user base is currently using and holding the PYUSD…
The Chain Development Kit (CDK) will allow developers to build their own customizable chains, and connect to each other through a ZK-powered bridge to form a “Value Layer.” Source
Bitcoin (BTC) may offer investors a rare chance to buy at a support zone with a “100% long hit rate,” new analysis says. In its latest update piece on Aug. 29, crypto asset manager Capriole Investments told investors to watch for a BTC price dip to $24,000. Capriole founder “very confident” in $23,000 BTC price support Bitcoin continues to track sideways around $26,000, but there is no shortage of market participants predicting further BTC price downside. $25,000 remains a popular target, but for Capriole, long-term trend lines with an impressive…
Indian cryptocurrency exchange CoinSwitch laid off 44 employees, about 7% of its total headcount, from its customer support team. The team still has about 82 members. The layoff took place about three weeks ago but came to light only recently, media reports said. Since April, CoinSwtich recruited about 60 people, mostly in product tech and compliance. Before the layoff, the crypto trading platform had 640 employees. A news report in Money Control quoted CoinSwtich’s spokesman saying customer queries have reduced significantly with plunging trading volumes, creating redundancy in the customer…
Pepecoin (PEPE), once an extremely profitable memecoin, has plunged by more than 80% four months after its record high. Now, technicals suggest that the memcoin could be at risk of even bigger losses in the coming weeks or months. Pepecoin faces rug pull allegations On Aug. 24, several rogue Pepecoin developers changed the number of signatures required to move tokens from their multi-sig wallet from five-out-of-eight to two-out-of-eight. Then, they sent $16 million worth of PEPE to crypto exchanges, suggesting that they wanted to sell. A segment of market analysts…
The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer…
DYDX, the native token of a decentralized exchange (DEX) with the same name, has been on a good run in the past few days. According to CoinGecko data, the cryptocurrency’s price jumped by 10.7% in the past week, reflecting a positive performance after an unfavorable start to August. However, there has been rising concern that this spurt of bullish momentum may be short-lived. And the upcoming token unlock event is the primary source of this skepticism. dYdX To Unlock $13.8 Million Worth Of Token In Single Event Token unlock events…
Bitcoin mining company Canaan announced its unaudited financial results for Q2 2023, showing growth in computing power sold and BTC mining revenues while it tackled a significant net loss of $110 million. up 31% on Q1. The NASDAQ-listed company outlined a variety of reasons influencing increased revenues and a significant headwind that included an inventory write-down and equipment impairment totaling $54 million. Canaan recorded $73.9 million in revenue in Q2 2023, up from $55.2 million quarter-on-quarter. This consisted of $57.9 million from products revenue and $15.9 million in Bitcoin mining…