Month: September 2023

Costo sells out of gold bars, but is it a better investment than Bitcoin?

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Costco has made headlines this week after it rapidly sold out of gold bars. In times of economic uncertainty and rising inflation, it’s no surprise that investors are turning to traditional safe-haven assets like gold. The question is whether gold’s performance will eventually catapult its price above $2,050, a level last seen in early May. In the past 12 months, the price of gold has surged by an impressive 12%. This rally has been partially fueled by the Federal Reserve’s efforts to combat inflation by maintaining higher interest rates, a…

A $600B tipping point for crypto

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A United States appellate court directed the Securities and Exchange Commission in August to reassess its denial of Grayscale’s application for a Bitcoin exchange-traded fund (ETF). A little-noted consequence of that decision is that it could open the floodgates for $600 billion in new cash to enter the cryptocurrency market. ETFs provide investors with a regulated way to gain exposure to different asset classes, including Bitcoin (BTC). The approval of a Bitcoin ETF could democratize investment in the cryptocurrency sector, drawing parallels to how the iShares MSCI Brazil ETF and the VanEck…

Google Cloud is now a validator on the Polygon network

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Polygon Labs announced on Sept. 29 that Google Cloud has joined the Polygon proof-of-stake network as a validator.  Google Cloud joins over 100 other validators verifying transactions on its layer-2 Ethereum network. This month, @GoogleCloud became part of the decentralized validator set for Polygon PoS. The same infrastructure used to power @YouTube and @gmail is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol. With 100+ validators securing the Polygon PoS… — Polygon (Labs) (@0xPolygonLabs) September 29, 2023 Per a post from Polygon Labs on the X platform (formerlly…

This Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead?

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On-chain data shows that a bullish combination has just formed for Bitcoin, which may signal that a rally could be ahead for the asset. Sharks & Whales Are Accumulating Both Bitcoin, Tether Right Now According to data from the on-chain analytics firm Santiment, both the sharks and whales of BTC and USDT have been accumulating recently. The metric of interest here is the “Supply Distribution,” which keeps track of the total amount of a given asset that the different holder groups carry. In the current topic, sharks and whales are…

Global Investment Manager VanEck To Launch Ethereum (ETH) Futures Exchange-Traded Fund

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Global investment firm VanEck is preparing to roll out an Ethereum (ETH) futures exchange-traded fund (ETF) amid an optimistic outlook for the first-ever US futures ETF based on the second-largest crypto asset by market cap. In a statement published on Thursday, the firm says the VanEck Ethereum Strategy ETF (EFUT) will not directly invest in Ethereum or other crypto assets, but in standardized, cash-settled ETH futures contracts traded on registered commodity exchanges. “VanEck Ethereum Strategy ETF (EFUT) [is] an actively managed ETF designed to seek capital appreciation by investing in…

Cosmos plans to attract Ethereum developers in 2024

The Interchain Foundation has revealed its 2024 roadmap for Cosmos, prioritizing blockchain modularity, interoperability, and attracting Ethereum ecosystem developers. The Interchain Foundation, a non-profit with a mission to bolster the adoption of Cosmos, recently unveiled its roadmap for 2024. Their ambition is to redefine the landscape of what is popularly known as the “internet of blockchains.” At the core of this 50-page document lies Cosmos’ commitment to blockchain modularity and interoperability, concepts that are fundamental to the network. These underline Cosmos’ aim to serve as a conduit, connecting various blockchain…

Valkyrie backtracks on Ether futures contract purchases until ETF launch

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Asset management firm Valkyrie has said it will hold out for the United States Securities and Exchange Commission (SEC) to approve an exchange-traded fund, or ETF, with exposure to Ether (ETH) futures rather than making purchases in advance. In a Sept. 29 filing with the SEC, Valkyrie said it will not make certain purchases “until the effectiveness of an amendment” reflecting ETH futures contracts as the ETF’s principal investment strategy. The firm told Cointelegraph on Sept. 28 that it planned to allow investors exposure to Ether and Bitcoin (BTC) under…

MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move. Whales Move Tens Of Millions To Exchanges The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth…

MakerDAO Secures $6 Billion For Treasury Bill Investments As MKR Dominates 2023

According to a Bloomberg report, MakerDAO, one of the prominent decentralized lenders in cryptocurrency, has reaffirmed its decision to invest billions of dollars in US government bonds. This strategic move has propelled its governance coin, MKR, to reach its highest level since April 2022, outperforming other major cryptocurrencies, including Bitcoin (BTC). MKR has experienced a remarkable surge of 77% this quarter, emerging as the best-performing cryptocurrency of the year. Despite a modest decline of 3.9% to $1,452 on Friday, the coin has nearly tripled in value.  MakerDAO Doubles Down On…