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Tesla's bitcoin holdings remained unchanged in Q4, earnings report suggests
Tesla Inc., the electric vehicle maker led by Elon Musk, did not sell or buy bitcoin during the fourth quarter of last year, according to its latest quarterly report.
Tesla Inc. did not report any activity regarding bitcoin in its fourth-quarter report, suggesting that the company retained its holding of 9,720 bitcoin. The absence of any mention of the largest cryptocurrency by market capitalization implies that Tesla did not engage in converting its bitcoin into fiat currency.
White & Case secures dismissal for Mango in cutting-edge metaverse art dispute
Global law firm White & Case LLP has successfully represented Punto Fa, S.L., the company trading as Mango, the well-known Spanish fashion brand, in securing the dismissal of a lawsuit based on alleged breaches of intellectual property rights of pieces of art created by well-known Spanish artists.
The claim was brought by Spanish entity Visual Entidad de Gestión de Artistas Plásticos (Vegap), which manages the intellectual property rights of more than 150,000 authors and artists globally.
🗞️ Bitcoin Miner Outflows Hit Six-Year Highs Ahead of Halving, Sparking Mixed Signals
Miner outflow has hit a multi-year high as tens of thousands of bitcoin (BTC), worth over $1 billion, have been sent to exchanges.
CryptoQuant data shows that the majority of the bitcoin has moved from mining company F2Pool.
Bradley Park, an analyst at the company, told CoinDesk in a Telegram message that the move is due to miners facing increased costs.
🗞️ Crypto Titans Unleash Excitement: Fidelity, Grayscale, and VanEck Accelerate Toward Spot Bitcoin ETF!
Hold onto your hats, crypto enthusiasts! The digital frontier is ablaze as Grayscale and VanEck join forces, filing their Form 8-A alongside Fidelity, igniting the journey towards a spot bitcoin exchange-traded fund (ETF). This trifecta of filings is poised to reshape the future of digital asset investments.
Form 8-A: Unlocking the Gates to Crypto Prosperity!
Beyond mere paperwork, the Form 8-A filing is a cryptographic key, unlocking the ability for issuers to grace the exchanges once regulatory approval is secured. Grayscale and VanEck's synchronized move injects fresh momentum into the race for a spot bitcoin ETF, aligning perfectly with the imminent decision from the Securities and Exchange Commission (SEC).
Grayscale's Epic Journey: From Courtroom Triumph to ETF Aspirations!
Grayscale, the maestro of crypto innovation, embarks on a transformative quest to convert its flagship fund into a spot bitcoin ETF. A victorious courtroom battle in August set the stage, compelling the SEC to reassess and positioning Grayscale to launch the Grayscale Bitcoin Trust (GBTC) into the ETF realm upon regulatory green lights.
Crypto Heavyweights Collide: BlackRock and Fidelity Enter the Arena!
But the spectacle doesn’t end there! Enter BlackRock and Fidelity, financial powerhouses making waves over the past year. The crypto arena is buzzing with intensity, underscoring the escalating demand for regulated crypto investment options. Investors brace for impact as the SEC decision day approaches.
🗞️ Crypto miner Core Scientific expects to emerge from bankruptcy in January
Cryptocurrency miner Core Scientific said on Thursday it was expecting to emerge from bankruptcy in mid-to-late January, a year after it became a casualty of high-profile collapses that led to a rout in crypto tokens. The Austin, Texas-based company said it has reached an in-principle agreement with all key stakeholders on the terms of a global settlement. "The global settlement removes key hurdles to our anticipated emergence from Chapter 11 in January," said CEO Adam Sullivan in a statement.
Core Scientific had filed for bankruptcy protection in December last year, citing slumping bitcoin prices, rising energy costs for bitcoin mining and unpaid debt from U.S. crypto lender Celsius Network, one of its biggest customers.
More than a trillion dollars in value were wiped out from the crypto sector last year with rising interest rates exacerbating worries of an economic downturn. The biggest blow came after major crypto exchange FTX filed for bankruptcy protection in November 2022. Its swift fall sparked tough regulatory scrutiny of how crypto firms hold funds and conduct business operations. Core Scientific said it has rescheduled the confirmation hearing to Jan. 10 and intends to file a motion to modify certain dates, including an extension of the deadlines to vote or file an objection.
🗞️ 'Bitcoin NFT' Hysteria Comes to Sotheby's as Super-Mario-Style Mushroom Character Tops $200K
The first-ever sale by Sotheby's of "inscriptions" created using the Bitcoin blockchain's Ordinals protocol – from a pixelated collection known as "BitcoinShrooms" – drew about $450,000, or five times the highest estimates, potentially revealing a mainstream fervor for the tradable digital images colloquially referred to as "NFTs on Bitcoin.". The auction, which concluded on Wednesday, consisted of three of the images, including a pixelated avocado that fetched more than $100,000.
The results recall the mania that swept digital-asset markets a couple years ago when digital artwork and non-fungible tokens or "NFTs" first started drawing eye-popping sums, and captured mainstream attention; one NFT by the artist Beeple drew $69 million at the auction house Christie's. Many of those collections, however, were built atop the Ethereum blockchain. The Ordinals inscriptions, which debuted late last year featuring a new technology pioneered by Casey Rodarmor atop Bitcoin have witnessed bouts of popularity this year sufficient to cause congestion and elevated fees on the distributed network, launched in 2009 to be a peer-to-peer payments network.
🗞️ LayerZero says it's targeting token launch for first half of 2024
Blockchain interoperability protocol LayerZero has clarified it will launch a token after months of ardent speculation. "LayerZero has always been built with the ability to have a native token within the protocol, as can be seen in the immutable code launched on day 1. We’ve heard the community discussion over the last few months and the lack of clear communication around this," the project posted on X.
"We’ll state now in no uncertain terms that there will be a LayerZero token. Its distribution is something we’re committed to getting right and expect it to happen within the first half of 2024," it added. This implies that the token will be handed out in the form of an airdrop, a common method of reward early users with tokens. Tokens of previous projects often carry governance rights over the future development of the token and the idea is that the protocol's users will be the best ones to decide how it should develop going forward. LayerZero allows users to move data and assets across blockchains. In April 2023, its development firm raised $120 million in a Series B funding round at a valuation of $3 billion.
🗞️ Binance ending support of BUSD stablecoin in December
Binance said it will cease support of BUSD on Dec. 15 after the stablecoin's issuer Paxos was earlier this year ordered to stop minting the token. The cryptocurrency exchange had said in August it planned to "gradually" phase out support for the BUSD stablecoin by Feb. 2024. At the time, it urged customers to convert to another stablecoin called FDUSD. Users are still able to make the conversion with zero fees, according to Binance.
"Paxos has stated that BUSD will remain supported by Paxos and redeemable through at least February 2024," Binance said in a blog post. In February of this year, the New York Department of Financial Services ordered Paxos to stop issuing BUSD, or Binance USD. Throughout this year, U.S. authorities have been increasingly aggressive in an effort to crack down on crypto organizations including Binance. The exchange recently agreed to pay more than $4 billion in fines as its CEO Changpeng Zhao left his position after pleading guilty to willfully violating the Bank Secrecy Act. BUSD is a stablecoin pegged to the U.S. dollar launched in 2019 by Binance and Paxos. At one point, the token ranked as the third largest stablecoin on the market with a total supply of over $16 billion.
Grayscale Bitcoin Trust Could See $2.7B of Outflows if ETF Conversion Is Approved: JPMorgan
Grayscale Bitcoin Trust (GBTC) shares have been bought in the secondary market this year at a deep discount to net asset value (NAV) in anticipation the trust’s conversion to an exchange-traded fund (ETF) will be approved by the U.S. Securities and Exchange Commission (SEC), JPMorgan (JPM) said in a research report Thursday. The bank estimates a net $2.5 billion has flowed into GBTC since the start of the year, increasing to $2.7 billion if adding the covering of short interest.
“Assuming this buying flow was mostly speculative in anticipation of GBTC being converted to an ETF, then it is likely that this $2.7b would come out of GBTC as these investors take profit once GBTC gets converted,” analysts led by Nikolaos Panigirtzoglou wrote. “If this $2.7b exits completely the bitcoin space then such an outflow would of course put severe downward pressure on bitcoin prices,” the authors wrote. “If instead most of this $2.7b shift into other bitcoin instruments such as the newly created spot bitcoin ETFs post SEC approval, which is our best guess, then any negative market impact would be more modest.” Still, the “balance of risks for bitcoin prices is skewed to the downside in our opinion as some of this $2.7b is likely to completely exit the bitcoin space,” the bank said.
PancakeSwap proposes veCAKE launch to boost governance influence and liquidity
Multi-chain decentralized exchange PancakeSwap has proposed introducing vote-escrowed CAKE (veCAKE) and voting gauges over the next few days, with over 98% of votes currently in favor of the launch. The move is “designed to empower CAKE holders with increased governance influence, boost liquidity across our pools and supercharge rewards for CAKE stakers,” according to the proposal.
PancakeSwap’s Q4 roadmap, voting gauges enable veCAKE holders to vote on the distribution of CAKE farm emissions. This means that CAKE holders, stakers and protocols can start accumulating veCAKE and leverage their holdings to influence reward distributions in different liquidity pools on the decentralized exchange. In return, they receive "ve" tokens, granting them more substantial voting rights in governance decisions and often higher protocol rewards. It aims to promote long-term engagement and align user interests with a protocol's success, moving away from short-term speculation and toward sustained participation and decision-making.
Bitcoin Long Term Holders Supply Hit New High With Positive Market Signs
In a remarkable turn amidst Bitcoin’s recent market fluctuations, data from HIVE Digital Technologies reveals an extraordinary trend among long-term holders. Often referred to as “hodlers,” these individuals and entities, including notable names like Microstrategy and Grayscale, form the bedrock of Bitcoin’s ecosystem. Renowned for resisting panic selling during market downturns, their resilience is proving crucial in navigating the current period of uncertainty.
Bitcoin long term holders supply has reached an unprecedented milestone, totaling an astounding 14.83 million BTC. This surge serves as a testament to the unwavering belief in Bitcoin’s intrinsic value and its potential to revolutionize the financial landscape. Remarkably, despite the continuous increase in overall Bitcoin supply, the percentage of BTC held by low-time preference investors remains at a record high. This data surfaces at a time when the cryptocurrency markets are experiencing prolonged periods of low volatility, attributed to the absence of favorable catalysts, challenges in sustaining a crypto ecosystem, and a general lack of interest among retail investors for tokens.
Hacker Steals $27M in Tether From Wallet Linked to Binance Deployer
A hacker stole $27 million worth of tether (USDT) from a wallet linked to the Binance deployer over the weekend, according to blockchain analyst ZachXBT. The $27 million loot was converted to ether (ETH) before being sent to exchanges FixedFloat and ChangeNow. All funds were then bridged to bitcoin (BTC) via the THORChain bridge. According to on-chain data, the victim's wallet had received ether via two separate wallets from the Binance deployer in 2019.
"The user made a withdrawal from Binance, which was valid and authorized on our platform. Unfortunately, the DeFi wallet that received the withdrawal was compromised. While this is outside of our scope of control, Binance's security team is looking into the matter and we will provide assistance where we can," a Binance spokesperson told CoinDesk. THORChain has become an epicenter for hack-related activity over the course of the year – in June hackers that stole $35 million from Atomic Wallet used THORChain to conceal the ill-gotten gains, and last month THORSwap put its platform into maintenance mode after a series of FTX hack-related trades.
Vanguard Group Bitcoin ETF Will Not Be Launched Because Of Intrinsic Value
Vanguard Group’s CEO, Tim Buckley, has confirmed that the asset management giant will not pursue Bitcoin Exchange-Traded Funds (ETFs), distinguishing itself from competitors like BlackRock and Fidelity. A Vanguard spokesperson cited similar reasons for not launching a Vanguard Group Bitcoin ETF as the company had for never creating a gold ETF, emphasizing Bitcoin’s perceived lack of “intrinsic value,” absence of cash flow, and extreme volatility. Market indicators also signal increasing readiness for cryptocurrency products, with inflows into digital asset funds reaching their highest weekly level since July 2022.
In contrast to BlackRock and Fidelity, which recently announced proposals for Bitcoin spot ETFs, Vanguard remains steadfast in its decision. When asked about the possibility of a Vanguard Group Bitcoin ETF or cryptocurrency ETF, Buckley clarified that Vanguard’s focus lies with asset classes suited for long-term portfolios, and they do not view Bitcoin as fitting within that framework. Currently, BlackRock’s application for a spot Bitcoin ETF is awaiting review by the Securities and Exchange Commission (SEC). The regulatory body has expressed skepticism toward the cryptocurrency sector in the past, denying similar applications while permitting Bitcoin futures ETFs. However, hopes for regulatory approval have been bolstered by Grayscale Investments’ recent legal victory against the SEC. The court ruling suggests that the path to a spot Bitcoin ETF may be clearer.
UK confirms plans to regulate crypto industry with formal legislation
The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms.
The government’s proposals include stricter rules for exchanges, custodians that store crypto on behalf of clients, and crypto lending companies. The U.K. also proposes stricter regimes for market abuse and cryptoasset issuance and disclosures. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. The EU set out a clear framework for digital assets with its MiCA (Markets in Crypto-Assets) regulation, including a licensing process for crypto firms. The U.K. is further ahead in the process than other tech leading nations. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.
Sam Bankman-Fried Tells Jury 'Run on the Bank' Felled FTX
NEW YORK — Sam Bankman-Fried continued his defense Monday against allegations he committed fraud and conspired to commit other forms of fraud in operating FTX and Alameda Research. Continuing a trend from Friday, when Bankman-Fried's lawyers kicked off their direct examination, the FTX founder corroborated some details from company insiders who testified against him earlier in the trial while providing alternate explanations – downplaying his culpability – for certain key events.
Toward the end of his defense lawyer's questioning, Bankman-Fried walked the jury through the events of August through November of 2022, when FTX rapidly morphed from crypto kingpin to bankrupt company. Bankman-Fried zoomed in on the aftermath of an award-winning Nov. 2, 2022, CoinDesk scoop that revealed Alameda's secretly precarious financial position – characterizing the events that followed as a "run on the bank," an interpretation prosecutors moved to strike for the jury. (It was the same phrase used by former Enron CEO Jeff Skilling when explaining that company's spectacular collapse to Congress more than 20 years ago; he ended up serving 12 years in prison for fraud.)
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🗞️ Cathie Wood’s Ark Invest Sells ProShares Strategy ETF (BITO) To Buy ARKB Spot Bitcoin ETF
Asset management firm Ark Invest founded by Cathie Wood has offloaded holdings in ProShares Bitcoin Strategy ETF (BITO).
The move comes as Ark Invest looks to increase its holdings in the Ark 21Shares Spot Bitcoin ETF (ARKB) from funds earlier parked in the ProShares Bitcoin Strategy ETF, strategically readjusting in response to evolving market conditions.
🗞️ VanEck Leads with $72.5M in Spot Bitcoin ETF Seeding!
In a revolutionary move, potential issuers of spot Bitcoin ETFs have just dropped a bombshell, revealing their initial funding amounts and reshaping the future of crypto investments!
VanEck Takes the Helm with a Whopping $72.5 Million Seed Investment!
VanEck, the investment powerhouse, steals the spotlight by injecting a massive $72.5 million as a direct investment to seed its potential spot Bitcoin ETF, a move set to redefine the crypto landscape! 💰🌟 Brace yourselves for an exhilarating journey led by VanEck!
Bitwise Puts $500,000 on the Table, Pantera Capital Throws in a Jaw-Dropping $200 Million Interest!
Bitwise enters the scene, seeding its proposed ETF with $500,000. Hold onto your hats as Pantera Capital expresses a staggering $200 million interest in the fund, a testament to the immense potential awaiting approval. Note: Interest is not legally binding but sends shockwaves through the crypto sphere!
BlackRock Adds $10 Million to the Mix!
Global giant BlackRock makes its mark, injecting a substantial $10 million to seed its potential spot Bitcoin ETF, adding a heavyweight presence to the competition!
🗞️ Crypto Alert: BitMEX Co-Founder Issues Dire Warning on Spot Bitcoin ETFs!
In a compelling blog post dated December 23, Arthur Hayes, the co-founder of BitMEX, raises a red flag about the potential risks associated with spot Bitcoin exchange-traded funds (ETFs). This influential figure in the crypto space suggests that if these ETFs gain unwavering popularity, they could pose a serious threat to the foundational nature of Bitcoin.
Preserving Bitcoin's Essence: Hayes underscores the intrinsic value of Bitcoin, derived from its continuous movement. However, he expresses concerns that spot Bitcoin ETFs, designed to accumulate and store assets like a metaphorical vault, might disrupt the inherent dynamism that defines Bitcoin's value.
Transaction Disruption Risk: The real danger, as outlined by Hayes, emerges if ETF issuers hoard all available Bitcoin, and investors opt for Bitcoin derivatives over directly holding the cryptocurrency. This shift could potentially lead to a decline in network transactions, removing the incentive for miners to validate transactions.
Balancing Innovation and Tradition: The success of spot Bitcoin ETFs prompts critical questions about finding a delicate balance between financial innovation and maintaining the organic dynamism of the cryptocurrency.
Community Dialogue Urgency: Hayes urges the crypto community to engage in thoughtful discussions to navigate these potential challenges. Striking the right balance becomes pivotal—a nuanced interplay between adopting financial advancements and safeguarding the intrinsic principles that define Bitcoin.
January spot bitcoin ETF approvals likely but ether is a 'completely different animal': Bloomberg ETF analyst
Bloomberg Intelligence ETF research analyst James Seyffart and his colleague Eric Balchunas have become famous on Crypto Twitter this year for their spot bitcoin ETF analysis and predictions, earlier to the call than most that approvals were likely around the corner. Seyffart reiterated that the window for a potential spot bitcoin ( BTC -2.45%) ETF approval was looking like it would fall between Jan. 8 and Jan. 10.
So far, the Securities and Exchange Commission has delayed making a decision, but with regard to the Ark and 21Shares ETF, it must approve or deny one by this deadline on Jan. 10. Seyffart argues the SEC has been strategically delaying, lining up the various applications, or most at least, to be approved at the same time, so as not to give one firm an advantage — and that’s why Seyffart thinks en masse approval will happen in January. The SEC “doesn't want to be picking favorites here to win these races, whether it's getting the most assets or acquiring the most liquidity,” Seyffart said. “So if the SEC is going to approve all these things, it’s likely going to approve them all at once, because, again, it doesn’t want to play kingmaker in this case.”
🗞️ SEC Hasn't Met Legal Requirements to Sue, Binance Says in Latest Bid to Dismiss Lawsuit
Binance, Binance.US and Changpeng Zhao argued that the U.S. Securities and Exchange Commission (SEC) did not meet the requirements of the “Howey Test” in its suit against the two companies and their founder in a new filing Tuesday. It’s the latest bid to dismiss the lawsuit filed by the federal regulator in June when the SEC alleged that Binance and Binance.US allowed the general public to buy and trade unregistered securities by listing certain cryptocurrencies and offering a staking service.
Binance, which recently settled different charges with the U.S. Department of Justice, Commodity Futures Trading Commission, Office of Foreign Asset Control and Financial Crimes Enforcement Network, filed to dismiss the SEC lawsuit in September, arguing the regulator was overreaching its authority (it made a similar argument in a filing to dismiss a CFTC suit in July). In Tuesday’s filings – which are responding to the SEC’s own reply to the motion to dismiss – both Binance and Binance.US argued that the regulator hadn’t shown there were any obligations to the exchange’s users after they purchased certain cryptocurrencies, suggesting there was no investment contract as needed by the Howey Test.
🗞️ Coinbase's Rally Still Has Legs, Chart Analyst Says
Shares in Nasdaq-listed cryptocurrency exchange Coinbase (COIN) have surged nearly 300% this year, outperforming leading cryptocurrency bitcoin (BTC) by a significant margin. Per Fairlead Strategies, further gains could be in the offing, as COIN is on track to confirm a long-term base pattern breakout. Basing involves an asset consolidating in a price range for a prolonged time following a significant sell-off.
The energy built up during the consolidation is unleashed in the direction in which the base is breached, that is, to the higher side, in case of a bullish breakout. “COIN is likely to confirm a long-term base breakout this Friday above near $116 resistance. The breakout is a positive long-term development, suggesting the primary trend has shifted higher,” Fairlead’s analysts team, led by founder and managing partner Katie Stockton, said in a note to clients Monday. According to analysts, the base breakout has opened doors for a rally toward resistance at $160 and potentially $200.
🗞️ Bitcoin IRA Savers Have New IRS Contribution Limits in 2024
The IRS raised the contribution limit for individual retirement accounts for 2024. Cryptocurrency investors can now save $500 more in a self-directed Bitcoin IRA. On Nov 1, the IRS announced, “The limit on annual contributions to an IRA increased to $7,000, up from $6,500,” for the 2024 tax year. The 401(k) limit also went up by $500 to $23,000. That means Bitcoin investors who are saving for retirement with a self-directed Bitcoin IRA can now contribute $500 more next year.
Saver investors looking to hedge inflation, diversify their portfolio, or add a risk-reward, high-growth tech play to their strategy also get a tax benefit with a Bitcoin IRA or 401(k) account. The main advantage of an IRA is taxpayers can deduct their contribution from the amount of their taxable income. Some 401(k) savers may also have the option to contribute Bitcoin to their 401(k) and get a tax benefit. That is if their employer allows it and works with a pension fund that provides digital asset services. Otherwise, they have to use a self-directed Bitcoin IRA to get a tax deduction. Fidelity Investments, for example, works with 23,000 employers to maintain Bitcoin 401(k) retirement accounts. Its Digital Assets arm provides digital custody services, allowing 401(k) contributors to save for retirement using Bitcoin.
KuCoin Became The First Exchange That Listed Islamic Coin, But New Listings Are On Its Way
According to the Islamic Coin's socials the official listing of Islamic Coin has launched October 10th on KuCoin. Islamic Coin also announced that KuCoin is only a kickstarter and there will be new listings this year on other top-tier CEX and DEX platforms. That means ISLM will receive new liquidity and improve its price.
Islamic Coin is backed by top names in finance and UAE Royal Family members on Executive Board. The mission of the company is to empower 1.8B+ Muslims with a gateway to Shariah-compliant Web3. The coin has the biggest Twitter account among crypto Muslim community with 1.3M followers. The project has already secured $400M from private investments and from ABO Digital. Collaborations with Sushi and Pyypl further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. If you want to secure ISLM before new liquidity hits - check KuCoin to buy ISLM now.
US Presidential Candidate Vows to Protect Bitcoin From Government Interference
U.S. presidential candidate Vivek Ramaswamy says the government is “threatened by the existence of Bitcoin,” emphasizing that if the cryptocurrency becomes more popular, it would create “a threat to the incumbent status of the U.S. Federal Reserve itself.” He promised to ensure the government is “staying the heck out of the business of those who are innovating” if he’s elected president.
“My view is I’m against corporatism which is the merger of state power and private power to together coordinate and do what can’t be done,” he detailed. “I, instead, have a different vision, which is the government should get the hell out of the hair of Bitcoiners.” He emphasized: “It’s not how do we integrate. It’s how do you actually realize the initial promise of being an alternative Wild West that’s a true frontier for pioneers and explorers without being constrained.”. He warned: “That’s just the excuse they are using. Part of this is they want to create a surveillance state … to be able to monitor how you are using your energy. If they can monitor that, they can monitor anything.”
🗞️US Options Exchange Cboe To Promote Margined Bitcoin And Ethereum Futures
Cboe Digital, a leading cryptocurrency platform, has revealed its groundbreaking plan to initiate trading and clearing in margin futures on Bitcoin and Ether, commencing January 11, 2024. Dedicated to instilling trust, transparency, and responsible innovation in crypto markets, US options exchange Cboe adopts an intermediary-inclusive model, ensuring the separation of duties to prevent conflicts of interest. The integrated exchange-clearinghouse model is poised to introduce unique offerings in 2024.
Initially, US options exchange Cboe will provide financially settled margined contracts on Bitcoin and Ethereum, with plans to expand into physically delivered products contingent upon regulatory approvals. The margin model offers a capital-efficient approach, enabling customers to trade futures without the need for full collateral upfront. John Palmer, President of US options exchange Cboe, expressed gratitude for the support from industry partners, emphasizing the significance of margin futures in expanding access and offering hedging opportunities in the evolving digital asset market. The integration of derivatives is viewed as a crucial step in advancing the market’s liquidity and growth. Cboe Digital’s unified spot and derivatives trading platform will simplify customer access to both markets.
Track Champions League launches mobile metaverse
The UCI Track Champions League and Infinite Reality have launced a metaverse platform for the Track Champions League. First revealed at a trial for the London event last year, which Broadcast Sport wrote about here, the platform includes public and private lounges for viewers to meet each other in, biometric rider race data to see during races, on-demand highlights and exclusive content such as behind-the-scenes docuseries Back On Track.
The metaverse will be available on the App Store from 10 November, leading into the two London rounds taking place this weekend. It will only be available on iOS at first, with Android and desktop versions to come “soon”. You can see the metaverse in use in the video below. Following the races, former UCI World Champion Matthew Richardson and reigning Olympic Champion Kelsey Mitchell will take part in the first live meet and greets on the platform, where fans will have the opportunity to discuss their recent performances face-to-face, in real-time. These will take place at 18:30 and 19:30 GMT on Friday 10 November, and 17:00 and 18:00 GMT on Saturday 11 November
Crypto lawyer John Deaton believes Ripple has 90% chance of winning SEC lawsuit
Well-known cryptocurrency attorney John Deaton believes that the SEC only has a 10% chance of winning its dispute with Ripple, with 90% odds in the company’s favor. Deaton said that a settlement of $20 million or less would represent a significant legal triumph for Ripple, The lawsuit, which the SEC initiated against Ripple Labs in December 2020, alleged that the company conducted an unregistered securities offering by selling its native token XRP.
Deaton’s recent comments were prompted by a post from Ripple’s Chief Legal Officer Stuart Alderoty, who highlighted that the SEC faced a recent defeat in the case of the SEC versus Govil, where the U.S. Court of Appeals for the Second Circuit ruled that the SEC cannot request a substantial disgorgement award without first demonstrating actual financial harm to investors. Deaton strongly refuted the idea that the lawsuit’s outcome was an even 50/50 for the SEC, contending that it’s closer to a 90/10 advantage in favor of Ripple. His assessment resonates with the sentiment in the cryptocurrency community, which generally views a suggested $20 million settlement as a favorable resolution for Ripple.
Solana-Based Products Lead with 74% AUM Increase in October: CCData
October witnessed significant advancements in the industry owing to the launch of six ETH Futures ETFs, offering investors a chance to delve into Ether futures. Bitcoin responded positively to the developments. Further gains were fueled by speculations about BlackRock’s application approval of a spot BTC ETF in the United States. As a result, the total assets under management (AUM) for digital asset products surged by 6.74%, reaching $31.7 billion in October. This represented the first upturn since July 2023.
Despite affiliation to FTX and its disgraced founder, Sam Bankman-Fried, as well as its own share of outages, Solana has managed to recover this year. This is evident by the continued inflow streak over the past several weeks. Meanwhile, the assets under management (AUM) for Bitcoin-based products also surged by 11.1%, reaching $23.2 billion and commanding a 73.3% market share. This signifies a rise from 70.5% in September. Ethereum-based products, however, witnessed a decrease despite the introduction of new ETFs. These products collectively experienced a 5,45% decline, lowering their AUM to $6,35 billion, and their market share dropped to 20.1%. This marks a down from 22.6% in September. Basket-based products, on the other hand, saw a 2,10% increase, reaching $1,19 billion and capturing 3,75% of the market.
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