Crypto Inside

2023-11-28 17:06:21 Bitcoin spot ETF anticipation fuels largest crypto fund inflows for two years: CoinShares

Crypto fund inflows at asset managers such as 21Shares, CoinShares, Bitwise, Grayscale and ProShares added $346 million last week, the largest jump since the bull market of late 2021, according to CoinShares’ latest report. Last week's addition nearly doubled the $176 million registered in the prior week, compounding a nine-week consecutive run and bringing year-to-date inflows to over $1.5 billion. The surge was fueled by anticipation of a U.S.-based spot bitcoin ETF, CoinShares.

Bitcoin investment products accounted for $312 million of the total inflows last week, while short-sellers "continue to capitulate," Butterfill added, with short bitcoin funds seeing a third week of outflows totaling just under $1 million and AUM falling over 60% since a peak in April. ETPs now account for 18% of total spot bitcoin trading volume, well above average, highlighting their growing popularity among investors seeking exposure to digital assets, Butterfill noted. Ether investment products added $34 million last week to a run totaling over $100 million. The four-week inflow streak has almost fully corrected outflows for the year, marking a decisive turn-around in sentiment, Butterfill said. Ochish/sharhlash

2023-11-27 14:44:17 Holders Of Islamic Coin Are Expecting New Listings This Year After The First Listing On KuCoin Over 30 Days Ago

ISLM is now successfully listed on KuCoin, but the team also announced that KuCoin is only a kickstarter and soon there will be listings on other top-tier exchangers, which will bring new liquidity to the coin and might improve the price of the token. Recently Islamic Coin has secured $200M from private investments and another $200M from ABO Digital.

The coin is backed by top names in finance and UAE Royal Family members on Executive Board. In addition, partnerships with SushiSwap and Pyypl will help further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities. The coin has the biggest Twitter account among crypto Muslim community with 1.3M followers and the potential audience of over 2 billion holders. Developers believe that if at least 3% of this audience holds ISLM token, the capitalization will be comparable to BTC. Islamic Coin recently won «Best Blockchain Infrastructure of the Year» at TahawulTech’s Future Enterprise Awards 2023. Islamic Coin could disrupt the $2 trillion Islamic financial market and if you want to be a part of it - check KuCoin and secure ISLM now. Ochish/sharhlash

2023-11-25 15:25:20 BNB UPDATE

Despite the fact that CZ is trying his best to protect and reinforce BNB by announcing token burning and new project Neutron on the Binance Launchpad..

Binance Coin doesn't react positively. A descending triangle (bearish pattern) is still forming on the chart which is a sign of high sell pressure and weakness from the bulls' side.

Chances of breaking the $200 support are quite high. If it happens, we will see $180 in no time. Good SHORT opportunity. Ochish/sharhlash

2023-11-21 22:37:41 BitGo CEO expects further complications before a Bitcoin ETF can hit market

In a recent interview with Bloomberg TV, BitGo CEO Mike Belshe expressed a cautious outlook on the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. SEC. Belshe’s optimism regarding the potential approval of a spot Bitcoin ETF was accompanied by a dose of realism, indicating that the path to approval might encounter additional hurdles.

The key concern highlighted by Belshe revolves around market structure issues, specifically the SEC’s insistence on the separation of exchange and custody roles. This issue has been contentious in various applications, particularly those involving Coinbase custody. Belshe noted that the SEC’s emphasis on market structure is not unprecedented, citing the existing separation of exchanges from custody in other markets like the CFTC market structure and equities markets. He also suggested aligning with this separation model would benefit the crypto market. SEC will demand a complete separation of these functions before approving the applications. Ochish/sharhlash

2023-11-19 18:05:35 Bitcoin price spikes $800 on claims SEC is engaging with exchanges over spot ETFs

The price of bitcoin spiked by $800 immediately following a report that the U.S. Securities and Exchange Commission has been interacting with exchanges in relation to numerous spot bitcoin ETF applications. "Hearing chatter SEC’s Trading & Markets engaged with exchanges this week on spot bitcoin ETF 19b-4s, is advising them they'd like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple weeks," wrote Eric Balchunas.

Balchunas noted that cash creates make sense because they reduce limitations on broker dealers. He said that a few bitcoin ETF applications had planned this already while the remainder had chosen to go for in-kind. "Anyway, this doesn’t change our 90% odds up or down but is good sign the process marching and SEC has a path [forward] in the plumbing that they are comfortable with," he added. The price of bitcoin surged from roughly $36,000 to $36,800 in just minutes following the post before settling down, according to The Block's Price Page. "Nothing groundbreaking. Nothing changes. But shows progress is still happening and things moving forward," noted fellow Bloomberg Intelligence ETF Research Analyst James Seyffart on X. Ochish/sharhlash

2023-11-16 00:49:22 Near Foundation and Polygon Labs Partner to Build Zero-Knowledge 'Prover' for WASM Chains

Near Foundation, the organization supporting the development of the NEAR ecosystem, has partnered with Polygon Labs to “build a zero-knowledge (ZK) prover for Webassembly (WASM) blockchains or zkWASM for short.” According to a joint press release, the two entities’ zkWASM prover, which is set to be launched in 2024, is positioned “to lead the market among other wasm provers.” WASM chains using this prover, the settling of transactions will be more efficient and cost-effective with maximum security guarantees.

“We are proud to collaborate with NEAR on this exciting research initiative to further drive the development and adoption of ZK technology. The zkWASM prover maximizes developer customizability, which means projects will be able to select from a number of provers when building with CDK, whether that’s launching or migrating an EVM [Ethereum Virtual Machine] chain, or building a WASM chain for closer Ethereum alignment and access to liquidity.” As explained in the press release, the availability of a zkWASM prover means NEAR validators will significantly simplify validator requirements which in turn leads to “better scalability and increased decentralization for the NEAR Protocol.” Ochish/sharhlash

2023-11-12 21:00:51 Michael Saylor’s Massive Bitcoin Bet Crosses $1B in Unrealized Profit

The surging price of bitcoin (BTC) has pushed the asset’s largest public holder, business software company MicroStrategy (MSTR), to unrealized gains of over $1.1 billion, 25% more than their cumulative investment. Bitcoin holdings at the company founded by Executive Chairman Michael Saylor, who often tweets his support for the largest cryptocurrency, reached $5.7 billion late on Thursday as the price crossed $37,000 for the first time since May 2022. The company holds over 158,000 bitcoins.

The company holds over 158,000 bitcoins, a position it acquired over a three-year period by investing company funds and proceeds from bond sales. The value of the holdings is now equal to over 80% of MicroStrategy’s $7.1 billion stock market capitalization. The cost for these holdings is a cumulative $4.6 billion, data from Bitcoin Treasuries show. That's more than 10 times larger than the next biggest institutional holder, bitcoin miner Marathon Digital, which has 13,000 bitcoins worth $500 million at current prices. MicroStrategy’s most recent publicly known purchases came in the weeks ahead of Sept. 24, when it added 5,445 bitcoins for just under $150 million, or an average price of $27,053 each. Ochish/sharhlash

2023-11-09 03:57:23 Ava Labs lays off 12% of staff to ‘reallocate resources,’ CEO says

Ava Labs, the main developer of the Avalanche blockchain, laid off 12% of its workforce, its chief said today. Emin Gün Sirer, founder and CEO of Ava Labs, said in a post on X that the staff cuts allow the firm. “This reduction in force affected 12% of Ava Labs…Bear markets are difficult to navigate,” Sirer wrote. “Ava Labs is fortunate to have significant runway and resources at our disposal, and we will be focusing those resources on advancing the Avalanche ecosystem for years to come.”

Sirer did not specify which company divisions had to reduce their headcounts, but Garrison Yang, Ava Labs’ VP of Growth and Strategy said today in a LinkedIn post that the company has laid off employees in the marketing team. “Today was the last day at Ava Labs for many people on our world class marketing team,” Yang said in the post. “These are the people who [brought] Avalanche's gaming brand from zero to top of the pack in less than a year… These people have helped Avalanche navigate multiple industry blow ups, a bear market, and countless other challenges.”. The layoff comes after the company said last month that it had hired two Polygon and OKX employees. Ochish/sharhlash

2023-11-06 01:35:26 Circle Mint Account Closure for Individual Customers, Institutions Only Now Supported

Circle, a well-known company in the cryptocurrency world, particularly for issuing stablecoins, has announced that it is currently in the process of discontinuing support for consumer Circle Mint accounts. This strategic decision, which has been communicated directly to individual consumers, is designed to streamline operations solely for consumer accounts. Importantly, this change will not affect business or institutional accounts, which will continue to operate as usual.

Circle Mint Account Closure for users with zero balances in their accounts because support will soon end. The closure of these consumer accounts is currently scheduled for the end of November. This means that users who wish to mint Circle stablecoins, such as the widely-used USDC and the Euro-based EURC, will need to look for alternative platforms on which to conduct these activities. In addition, Allaire highlighted the strong partnerships that Circle has built with various global retail entities. This includes their strategic partnership with Coinbase, a leading cryptocurrency exchange. These partnerships have allowed for comprehensive retail access to USDC at no additional fees while also maintaining a 1:1 exchange rate. Ochish/sharhlash

2023-11-02 12:13:26 I Don’t Trust in Music NFTs”: French Electronic Producer DJ Agoria

While some see music NFTs—unique digital assets that often have both musical and visual components—are the future of the music industry, opening up new opportunities for both artists and fans, DJ Agoria, a prominent French electronic producer, composer, and DJ isn't too keen on the hype.

“Since the beginning, I was saying that I don't trust in music NFTs, even if I'm a DJ, an artist, and a musician. We don’t want to make music NFTs mainstream, we want music NFTs to be rare, and the fact that we develop things that people desire or fight to get, excites me more,” DJ Agoria told Decrypt at this year's NFT Paris.

For him, it's about going beyond platforms like Spotify where "for $10, you can have any type of music at any time."

DJ Agoria started his career back in the 1990s when raves dotted clubs around Europe, and those vibes are still alive today, making him “really believe in the desire and the need to look for something more.” Ochish/sharhlash