Essential’s aim is to offer an “intent-centric, declarative approach.” This differs from traditional blockchain in that it leverages users’ “intents” for desired outcomes rather than usual transaction-based interactions where users must specify exact instructions, according to an emailed statement on Tuesday.
Qiibee CEO and founder Gabriele Giancola argued that brands must fully commit to Web3 to reap its benefits.
A U.S. recession in 2024 appears to be on the horizon, according to a recent editorial piece by the Economist. The article surfaces as warnings of an economic downturn grow louder, with the author asserting that “there is no escaping the squeeze ahead for America’s economy.” Economist Article Predicts 2024 Recession as Media Hypes Economic […]
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Bitcoin (BTC) investors are showing a renewed preference for holding and accumulating, according to Glassnode’s latest on-chain report.
Following a period of supply distribution after Bitcoin’s all-time high in March, the market is now exhibiting early signs of a reversal towards accumulation.
Large wallets, often associated with exchange-traded funds (ETFs), appear to be leading this trend. The Accumulation Trend Score (ATS) metric, which assesses weighted balance changes across the market, has recorded its highest possible value of 1.0, indicating significant accumulation over the past month.
Long-Term holders (LTH) have also shifted their behavior. After divesting during the run-up to the all-time high, this group has now returned to a holding preference. Over the last three months, a total volume of 374,000 BTC has migrated into LTH status.
The 7-day change in LTH supply, a tool used to assess rates of change in their aggregate balance, has returned to positive territory. This indicates that the LTH cohort is expressing a preference for holding onto their coins.
Notably, despite aggressive distribution from April to July, the spot price has continued to trade above the Active Investor Cost Basis of $51,300. This metric measures the average price that investors pay to buy their BTC.
As highlighted by Glassnode:
“Since the market managed to find support near this level speaks to a degree of underlying strength, suggesting investors are generally still anticipating positive market momentum in the short-to-medium-term.”
The shift towards accumulation comes amid market uncertainty following a recent sell-off. However, the data suggests that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures.
This week started with spot Bitcoin ETFs recording inflows after closing last Friday with nearly $90 million less in assets under management (AUM), according to Farside Investors’ data.
Instead of BlackRock’s IBIT leading in inflows, ARK 21Shares’ ARKB registered the highest amount of inflows on Aug. 12, surpassing $35 million. IBIT added to the amount with $13.4, while Grayscale’s GBTC lost nearly $12 million in AUM.
On the other hand, Grayscale’s “mini trust” with the BTC ticker captured $7.9 million in cash.
The court said the DAO’s financial details should be known to both sides as they hash out ownership and control issues.
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Bybit, one of the world’s leading crypto exchanges, has achieved a monumental milestone, surpassing $100 billion in daily trading volume earlier this week, according to the company’s Wednesday press release.
The new achievement represents a fourfold increase compared to the platform’s daily average of 25 billion, cementing its position as the world’s second-largest crypto exchange, said Bybit.
The platform’s trading system also boasts high performance, with a Trading Per Second (TPS) capacity of 800,000, up from the previous 500,000, Bybit stated.
The surge in trading volume was driven by strong activity across various products, including perpetuals, futures, spot, and options, the company noted. According to Bybit, its robust platform infrastructure contributed significantly to this growth as well as its commitment to providing clients with an excellent trading experience.
With support for over 20 languages, Bybit serves a global user base of more than 39 million registered users. This growth highlights the platform’s global appeal.
“This record-breaking trading volume is a testament to Bybit’s dedication to providing a world-class trading platform that meets the evolving needs of our users and growing community, said Joan Han, Sales & Marketing Director at Bybit. “We are committed to maintaining our position as a leading cryptocurrency exchange by continuously enhancing our offerings and prioritizing user satisfaction.”
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Executives from VanEck and Coinbase are raising alarms over the U.S. Securities and Exchange Commission’s (SEC) handling of spot Bitcoin ETFs. They pointed to increased borrowing costs as a direct consequence of the regulatory framework. According to these industry leaders, the SEC’s refusal to allow in-kind creation and redemption of Spot BTC ETFs has created inefficiencies. This has forced market participants to take on significant capital costs.
Matthew Sigel, Head of Digital Assets Research at VanEck, a prominent player in the BTC ETF market, has been vocal about the challenges brought on by the SEC’s rules. “The SEC’s refusal to allow the in-kind creation and redemption of spot Bitcoin ETFs forces market participants to pre-fund many of their Bitcoin ETF-related transactions,” Sigel said.
Furthermore, he emphasized that this requirement has made the ETF process more capital-intensive and expensive than necessary. Sigel believes that if the SEC were to approve in-kind transactions, trading spreads would tighten. Also, the discount to net asset value (NAV) of Bitcoin ETFs would narrow, eventually benefiting investors.
Coinbase, a prominent crypto exchange, has also been navigating the challenges posed by the SEC’s framework. Matt Boyd, Coinbase’s Head of Prime Finance, highlighted the financial strain caused by the settlement mismatch between cash and Bitcoin transactions.
“Our financing costs are not particularly expensive. They are similar to emerging market financing costs. Anyone allowing a purchase prior to receiving cash is providing a loan and is getting compensated for that in some way,” Boyd explained, according to a report by Risk.Net.
The mismatch stems from the differing settlement cycles for cash and cryptocurrencies. Bitcoin transactions typically settle on the same day. However, the cash required for these trades, provided by authorized participants (APs) such as banks and high-frequency trading firms, follows a T+1 cycle. Hence, this discrepancy forces ETF managers to either pre-fund Bitcoin purchases from their own balance sheets or seek short-term loans from exchanges like Coinbase.
Also Read: Coinbase Firmly Opposes CFTC’s Proposed Ban On Prediction Markets
The SEC’s regulatory stance has had ripple effects across the industry, affecting other major players. For instance, Duncan Trenholme, TP Icap’s Global Co-Head of Digital Assets, noted the significant strain on ETF managers. “Our clients are having to manage a settlement mismatch on the physical hedging of the ETF, which is a strain on their own inventory or balance sheet,” Trenholme said.
This funding challenge is particularly evident with BlackRock’s iShares Bitcoin Trust, the world’s largest spot Bitcoin fund. The fund has attracted substantial inflows since its launch with over $19.5 billion in assets under management. The IBIT Bitcoin ETF average daily inflows have reached $144 million, with a peak of $849 million in a single day, illustrating the scale of the capital involved.
Moreover, the increasing borrowing costs and counterparty risks have led some in the industry to call for broader solutions. Rob Strebel, Head of Relationship Management at DRW, which operates the crypto trading firm Cumberland, discussed the adjustments his firm has made to cope with these challenges.
“Crypto ETFs require settlements that look like what you see in traditional finance versus spot crypto,” Strebel explained. Additionally, he noted that Cumberland has had to internalize the flow from its market-making activities to mitigate additional balance sheet costs.
Others, like Michael Lie, Flow Traders’ Global Head of Digital Assets, suggest that an industry-wide facility to support short-term borrowing could alleviate some of the pressure. “Being able to source hundreds of millions of capital is quite expensive. It’s not so easy. Market-makers need to free up the cash just for one or two days,” Lie pointed out.
Also Read: Zetachain Soars 17% As Coinbase Confirms Roadmap Listing
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Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Coinbase has set its feet back in Hawaii after a seven year break. The crypto exchange credits its return to new regulations in the state. This comeback will allow Hawaiian residents to use Coinbase’s full range of crypto services again.
In 2017, Coinbase left Hawaii because of strict financial rules set by the state’s Division of Financial Institutions (DFI). Back then, cryptocurrency companies needed a money transmitter license and had to keep cash reserves equal to the value of all cryptocurrencies held for customers. These rules made it hard for Coinbase and other companies to operate, leading to their exit from the state.
In June 2024, Hawaii’s Department of Commerce and Consumer Affairs (DCCA) announced that cryptocurrency businesses no longer need a money transmitter license to operate in the state. This shift in policies have provided crypto companies like Coinbase a chance to re-enter the Hawaiian market. With Coinbase’s comeback, the crypto community of Hawai can now enjoy a large variety of crypto services offered by the crypto exchange. These services include trading, staking and access to over 500 crypto trading pairs with advanced features. In his X post, Paul Grewal, the Chief Legal Officer of Coinbase, shared a blog post with this update.
Hawaii’s new rules show a big shift in the state’s approach to cryptocurrency. For years, strict regulations held back the growth of the crypto industry in Hawaii. The removal of strict regulations for crypto in Hawai shows that the state is now more open for digital technology.
Coinbase’s return is a big win for both the company as well as Hawaii’s residents. This lets the state people be more involved in the global crypto economy. This shift in regulations looks like influenced from the crypto trend in U.S. politics.
As Hawaii continues to update its approach to cryptocurrency, the state is likely to play a bigger role in the global crypto ecosystem. This offers residents new opportunities to engage with this fast growing industry. The comeback of Coinbase to Hawaii is a positive sign for the exchange as well whole crypto community amisds SEC always bringing new issues to light.
Poodlana is one of the new dog-themed tokens to surge ahead of a crucial inflation report on Wednesday.
The potential for the CPI data to swing the U.S Federal Reserve into action for a rate cut in coming months has the markets in a positive mood. Bitcoin’s surge to above $61,000 has buoyed the broader market, while traders eyeing the bull market are flocking to potentially biggest presale gem of the year – Poodlana (POODL).
Despite the news that BitGo moved $2 billion worth BTC from Mt. Gox on Tuesday, the benchmark cryptocurrency has remained near the psychologically important price level of $60k. The surge to $61k comes as investors target further indications that the Fed will cut rates.
Experts have largely shared this view, which has traders in position for a potential rally.
According to QCP Capital, investors are likely to pay closer attention to inflation numbers, with this adding to the overall Fed sentiment.
“This week’s inflation data will be key for the markets,” Sylvia Jablonski, chief executive officer of Defiance ETFs told CNBC’s Squawk Box. “If the market gets the sense that rates are going to be cut, we can end up with a positive year, but probably some volatility for the next month or two.”
As noted, cryptocurrencies have climbed in the past 24 hours as Bitcoin edged above $61k and Ethereum broke above $2.6k. Crypto analysts suggest the top cryptocurrencies could be on the path to greater gains, and the recent dip might have provided a crucial buying opportunity.
Solana meme coin’s market has increased 5.4% to over $6.62 billion. While a fraction of the $2.2 trillion global market cap, these assets have the potential to explode.
Poodlana, which launched its 30-day presale in July, is less than three days away from listing on DEX and potentially one of the top tier crypto exchanges.
The project that combines meme traction in Asia and fashion debuted in presale at the price of $0.02. In just over 27 days, POODL has gone viral with price now at $0.0539 and total amount raised in presale surpassing $7 million.
At the end of stage 10, Poodlana will list on Raydium and possibly one of the major exchanges with the listing price at $0.06.
If cryptocurrencies rally further, Poodlana could mirror top Solana meme coins Bonk, dogwifhat and Popcat that went parabolic after launch. POODL will go live on DEX on Aug. 16 and the next two days or so may be the best time to buy Poodlana.
To find out what sets Poodlana apart, visit the official website.
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