Curve DAO (CRV) has continued to decline recently. Here’s what on-chain data says regarding if a rebound is probable for the coin anytime soon. What Curve DAO Metrics Hint At Regarding Futures Price Action In a new insight post, the on-chain analytics firm Santiment has recently discussed how the underlying metrics related to CRV have looked. The first relevant metric here is the “Supply Distribution,” which tells us the percentage of the Curve DAO supply each investor group holds. In particular, the cohort of interest here holds between 10,000 and…
Month: August 2023
U.S. Securities and Exchanges Commission (SEC) Opens Potential Bitcoin Spot ETFs to Public Opinion
The U.S. Securities and Exchange Commission (SEC) is opening up the potential creation of ARK Invest’s spot market Bitcoin (BTC) exchange-traded funds (ETFs) to public opinion. In a new document, the regulatory agency is asking the public to submit their “written data, views, and arguments” on a proposed rule change that would allow the Chicago Board Options Exchange (CBOE) to list and trade shares of the ARK 21 Shares Bitcoin ETF. “The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act97 to determine whether the proposed rule change,…
Bitdeer’s losses widen in Q2 after one-time $33M listing fee, shares up 44%
Bitcoin miner Bitdeer Technologies, a firm spun off from prominent Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain, recorded a net loss of $40.4 million in the second quarter of 2023, up from a net loss of $15.6 million in Q2 2022. The company disclosed in its earnings report published on Aug. 11 that the losses were largely attributed to a $33.2 million listing fee paid to Blue Safari relating to Bitdeer’s listing on the Nasdaq exchange. The firm’s revenue increased by 5.2% to $93.8 million. The same day, Bitdeer’s stock…
Did XRP Price Really Hit $50 On Gemini Exchange
On August 10, the price of XRP inexplicably spiked for a brief moment on the Gemini exchange. For a moment, the price of XRP reached an astounding $50 per coin before quickly crashing back down to the same level on spot markets on other exchanges. Brief Price Surge On Gemini According to various posts on social media platform X (formerly known as Twitter), it would seem that Gemini experienced a technical issue that caused the XRP price displayed on their exchange to show an erroneous price of $50. During that…
SEC decision on Bitcoin ETFs won’t leave out Wall Street giants
The Securities and Exchange Commission’s (SEC) delay in deciding whether to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States is fueling expectations that a final verdict will come in a batch that includes key players on Wall Street, including BlackRock and Fidelity. “There’s a tremendous amount of pressure on the SEC to approve a number of these ETFs, particularly because the approved Futures backed products are lagging spot performance substantially, harming investors,” markets veteran and co-founder of CoinRoutes Dave Weisberger told Cointelegraph, adding that all pending…
“Pretty Standard” Experts Say About ARK 21Shares Bitcoin ETF Decision
The SEC requested fresh written commentary and opinions on a proposed rule change to allow issuers to list a Bitcoin spot ETF. Blackrock, Fidelity, and other wall street punters await the Commission’s decision on their own ETF filings. Ark Invest CEO Cathie Wood predicted the delay on Bloomberg TV, adding hinting at simultaneous approvals in the future. Bitcoin’s price hardly reacted to the news of a delay. The U.S. Securities and Exchange Commission (SEC) is inviting new public commentary on the Ark 21Shares Bitcoin ETF application, delaying a decision on…
Cameron Winklevoss’ Gemini Rebuts Digital Currency Group Legal Filing Amid Dispute
On Thursday, DCG argued that Gemini’s fraud accusations over the Gemini Earn service should be tossed out, asserting that DCG had “virtually nothing to do with” the program. In a Friday post on X, the social-media service formerly known as Twitter, Cameron Winklevoss said, “This is a direct admission that they did in fact have something to do with the Gemini Earn program. Lol.” Source
Bitcoin futures open interest at 2023 high while BTC trading volume at yearly low — What gives?
Bitcoin (BTC) traders are currently not pleased with the recent price trends, especially due to the inability of its price to surpass the $30,500 mark over the last four weeks. This frustration is compounded by the fact that several requests for spot Bitcoin exchange-traded funds (ETFs) are either being delayed or pending review from regulators. Interestingly, there has been a noticeable uptick in the open interest of Bitcoin’s futures contracts, which likely indicates increased demand from institutional traders. On the other hand, activity in the derivatives markets has been lackluster.…
Visa Eyes Mass Adoption of Crypto by Testing On-Chain Gas Fee Payment Through Fiat
Especially gas fees, the cost of sending and receiving ether (ETH), the native cryptocurrency of the Ethereum blockchain, and the process of managing the user’s ETH balance to cover these additional costs is “burdensome,” Visa said in the blog post. Eliminating this complexity could make blockchain-based transactions more accessible and user-friendly, the blog added. Source
Hong Kong Securities Watchdog Grants Preliminary Nod to HKVAX for Virtual Asset Exchange Operations
The Securities and Futures Commission (SFC) of Hong Kong has issued an in-principle approval to the Hong Kong Virtual Asset Exchange (HKVAX) to establish and operate a virtual asset trading platform in accordance with the securities laws of the region, media reports said. On August 11th, HKVAX made an announcement confirming that it had received an “approval-in-principle” from the SFC, allowing the exchange to conduct regulated activities falling under Type 1 and Type 7 classifications. A Type 1 license authorizes the platform to operate a digital asset trading platform catering…