Day: January 16, 2024

Bitwise CIO Equates Bitcoin ETF Impact To 1.4 Halvings

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Following last week’s launch of 11 spot Bitcoin exchange Traded-Funds (ETFs) in the United States, Matt Hougan, Chief Investment Officer (CIO) at Bitwise, has offered a compelling perspective on the potential impact of these ETFs on the Bitcoin market. His remarks come at a critical juncture, with the next Bitcoin halving event anticipated in mid-April 2024. Spot ETFs Could Have Impact Like 1.4 Bitcoin Halvings Hougan draws a parallel between the impact of Bitcoin ETFs and the Bitcoin halving events. He states, “Crypto natives have a good mental model for…

Manta Pacific Overtakes Base as 4th Largest Ethereum L2

In a move that solidifies Manta Pacific’s dominance in the industry, Binance recently introduced MANTA as its 44th project on the Launchpool.  In a recent development, Manta Pacific, the native layer 2 of Manta Network, has emerged as the fourth-largest scaling solution, surpassing Coinbase’s Base, according to data from L2Beat. Manta Pacific’s Rise to Prominence The Total Value Locked (TVL) on Manta Pacific currently stands at an impressive $850 million, leaving Base behind at $756 million. This shift in rankings highlights the growing prominence of Manta Pacific in the Decentralized…

Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins

There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery. Bitcoin Whales Stop Selling Old BTC According to a report posted by Santiment, the reason for…

Pantera Capital expects altcoins with proven protocols to outperform in upcoming cycle

Crypto investment firm Pantera Capital says tokens with promising underlying protocols and product market fit are set to outperform in the upcoming cycle. According to a new report from Pantera Capital, tokens with promising underlying protocols and a demonstrated product-market fit are expected to outperform in the upcoming cycle “just as one would expect across other asset classes like equities.” Although Pantera Capital did not name specific tokens, the firm said that over the long term, token selection will be “paramount because outperformance will be on a case-by-case basis and…

Bitcoin and CBDCs Threaten US Dollar’s Dominance as Global Currency

The report states that an increase in the adoption and use cases of Bitcoin and CBDCs could weaken the strength of the US dollar. Andrew Peel, the Head of Digital Assets at financial services giant Morgan Stanley (NYSE: MS), has warned that the use of cryptocurrencies like Bitcoin could negatively impact the US dollar. Peel said a potential paradigm shift in the way people view and interact with digital assets, including CBDCs (Central Bank Digital Currencies), could weaken the US dollar’s dominance as a global currency. Perception of Bitcoin and CBDCs…

Pro-Crypto Republican Vivek Ramaswamy Ends Presidential Bid in US

Ramaswamy’s departure from the presidential race leaves a void in terms of a candidate explicitly championing pro-crypto policies. Pro-crypto Republican candidate Vivek Ramaswamy has officially withdrawn from the United States presidential race, marking the end of his nearly year-long campaign. Ramaswamy, who gained attention for his outspoken stance on cryptocurrency and blockchain technology, announced at a press conference in Des Moines, Iowa. Despite his efforts to bring a pro-crypto agenda to the forefront of American politics, Ramaswamy cited challenges and an uncertain path to victory as the primary reasons for…

Former BitMEX CEO Arthur Hayes Says Bitcoin ETFs Could Attract Billions of Dollars

While being bullish on Bitcoin ETFs for the long term, Arthur Hayes expressed bearish sentiments on Bitcoin in January, anticipating a short-term correction of up to 30% in prices. In a recent post on Tuesday, Arthur Hayes, Chief Investment Officer of the family office Maelstrom and former CEO of BitMEX, delves into the allure of Bitcoin (BTC) for investors, citing market inefficiency and its uncorrelated behavior with traditional assets as key factors attracting billions in capital from broader financial markets. As one of the earliest and most notable Bitcoin traders,…

Mercedes-Benz Unveils In-Car Virtual Assitant with NFT and Generative AI Capabilities

The virtual assistant is designed to offer very natural and empathetic interactions with consumers and features four different emotions. One of the ways that we see blockchain-based assets progressing is the ways in which they are made more accessible in everyday life. This is especially true when they are being pushed by major corporations and we have seen this time and time again. One of the latest examples of this comes from Mercedes-Benz, which unveiled its new MBUX Virtual Assistant at CES 2024. This virtual assistant comes with a horde…

HashKey Group Announced Completion of Series A Funding Round with $100M at Valuation of Over $1.2B

The newly acquired funds will help HashKey to build diversified Web3 products amid the mainstream adoption of digital assets and blockchain technology in Asia. HashKey Group, the operator of a leading Hong Kong-based cryptocurrency exchange and other web3-focused platforms, announced the completion of the Series A funding round with nearly $100 million. As a result, the company saw its valuation rally beyond $1.2 billion to a unicorn status. According to the announcement, HashKey will direct the funds to build more licensed and diversified web3 products to solidify its position in…