Search Results for: Ftx

“This week in blockchain featured a focus on tokenisation of real-world assets, a promising industry potentially worth $5 trillion. However, concerns of standardisation in finance could hinder growth. Ralf Kubli, Casper Association board member, advocates for better quality and transparency of information in financial asset tokenisation to avoid replicating conditions that led to the Great Financial Crisis. “

Despite a 50% drop in overall NFT trading volume since January, DeGods, a PFP project, shows resilience with a 197% surge in trading volume to about $2.5 million. It coincides with the purchase of 158 DeGods, placing DeGods at the top of OpenSea’s leaderboard. However, DeGods’ floor price declined during this sales burst, suggesting fluctuating NFT sales trends. DeGods recently announced “Season III” which will introduce 20,000 new artworks and renew unattractive traits, initiating an intriguing wave in the NFT market.

“The ever-fluctuating crypto market demonstrates resilience, navigating through regulatory challenges and cybersecurity vulnerabilities. Recently, the SEC expressed intent to appeal the partial victory of Ripple’s XRP token. Despite such developments and inherent risks in the DeFi landscape, the ‘HODLing’ behaviour and initiatives from organizations like PayPal, Microsoft, and Aptos Labs reaffirm crypto’s stronghold in mainstream finance.”

United States’ digital asset exchange, Coinbase, intends to repurchase part of its $1 billion corporate debt, floating $150 million of its 2031 bond. Despite a net loss of $97 million in Q2 2023, lesser than the previous $1.1 billion loss, there are speculations of a market rebound. Regulatory ambiguity still poses challenges to the promising outlook.

Binance’s proof-of-reserves report reveals a major drop in its USDC reserves from $3.4 billion to $23.9 million within a month. The plunge was intensified due to the strategic shift of its USDC to Binance USD (BUSD), and the acquisition of prominent cryptocurrencies like BTC and ETH. Despite conjecture, Binance maintains a healthy financial state.

“Binance’s USDC reserves dipped from $3.4 billion to a mere $23.9 million post Silvergate collapse, revealing a major conversion of reserves to BTC and ETH. In the wake of such drastic shifts, questions rise about transparency and safeguards for customer wealth in major crypto exchanges.”

“Cryptocurrency assets experienced a $107 million outflow in the week ending Aug. 4, largely influenced by Bitcoin. Amidst this trend, Solana enjoyed inflows worth $9.5 million, a steep increase compared to the previous week. Ether funds prolonged their negative streak, contributing to Solana’s bullish trend. Experts suggest current market uncertainties are possibly causing Bitcoin’s sidelining sub $30,000.”

Despite attempts to shield investments from volatility, crypto hedge funds underperformed in H1 2023 with a modest 15.2% return, compared to Bitcoin’s 83.3% return. Factors include defensive approaches during industry turmoil, closure of crypto-friendly banks, and a murky regulatory situation. The underperformance underscores the importance of maintaining a balanced portfolio for long-term security and rewards.

“A Spartan ‘buy-and-hold’ approach to bitcoin would have delivered 83% returns for investors in H1 2023, outperforming the average 15% yield from crypto hedge funds, according to 21e6 Capital. The underperformance of professional crypto funds is attributed to larger cash positions for risk mitigation that slow reaction times, and poor altcoin performances.”

In the past year, Michael Saylor, MicroStrategy’s executive chairman, has adopted a risky strategy, pouring the company’s cash into Bitcoin. Despite significant drops in Bitcoin’s value and initial losses, the company has seen rebounds and Saylor remains committed to this venture, even outperforming powerhouse tech companies like Apple and Google in stock price gains. The future is uncertain, but Saylor is confident in this cryptocurrency investment.

“Leading U.S. crypto exchange Coinbase reveals a 70% drop in consumer trading volume due to decreasing market capitalization of cryptocurrencies, stable Bitcoin prices, and less opportunities for significant returns. Despite regulatory scrutiny and downtrend, Coinbase maintains an optimistic outlook, backed by reported increased Q2 revenue and reduced losses.”

“This week, Bitcoin surged significantly and MicroStrategy plans to further boost its BTC coffers. Meanwhile, Tether marked a successful quarter, generating profits over $1 billion. Surprisingly, ETH 2,879 was rescued from a formidable hack thanks to an ethical hacker and Justin Sun. Volatility continues in the cryptocurrency market.”

“In H1 2023, the ‘buy and hold’ strategy outperformed majority of crypto funds by a notable 68.8%, according to data from 21e6 Capital AG. Despite setbacks for crypto funds due to conservative strategies following market collapses, all reported positive results for 2023, though underperforming compared to Bitcoin. Notably, the DeFi scene experienced significant loss due to a security loophole, indicating inherent risks in the digital asset class.”

Comedian Adam DeVine has partnered with crypto exchange Bitget with the aim of making crypto more fun and accessible, thus attracting millennials and Gen Z. Despite concerns surrounding DeVine’s lack of crypto enthusiasm and Bitget’s limitations, the initiative underlines the belief that younger demographics will significantly shape crypto-adoption.

“Tokens tied to Alameda Research saw a 30% rise in value after being listed on the now-defunct exchange FTX. This was allegedly aided by suspicious Twitter activity suggestive of market manipulation. The Network Contagion Research Institute report calls for more scrutiny and regulation in crypto markets to prevent potential inauthentic activity aiming to artificially inflate market values.”

“Despite experiencing a downturn in crypto trading revenue, online trading platform Robinhood still managed to achieve profitability for the first time since their IPO. While some revenues slid, net revenues increased by 10% for Q2 2023, exceeding expectations. Robinhood is also planning UK market expansion and reported an increase in crypto assets under its custody.”

“Cryptocurrency enthusiasm in Canada faced a considerable decline in 2022 due to factors such as regulatory uncertainty and fear of scams. The Bitcoin Omnibus Survey (BTCOS) findings indicate Bitcoin ownership fell significantly, with no significant move towards alternate cryptocurrencies, except for a surge in Dogecoin popularity.”