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🗞️ NFT Platform Launches Nintendo Emulator on Bitcoin
The introduction of this N64 emulator marks a significant stride in leveraging blockchain technology for gaming enthusiasts. Emulators, a crucial component, enable gamers to experience video game consoles on alternative devices without the need to possess or operate the original console.
Pizza Ninjas emphasizes the pivotal role played by Google’s Brotli Compression method in enabling the encoding of progressively larger items.
🗞️ From Vintage to MNTGE: Digital Fashion Brand to Release NFT Patches Linked to IRL Rewards
Digital fashion brand MNTGE is gearing up to release its Patchwork collection, comprised of a series of non-fungible token (NFT) patches paired with a physical counterpart.
MNTGE Patchwork features 13 unique digital patches designed by 11 artists including Jen Stark, Bored Ape Yacht Club artist Seneca and Nyan Cat meme creator Christopher Torres. The entire 7,500-unit collection will open for sale on July 27 on NFT marketplace OpenSea. Each NFT will be priced at 0.07 ETH, or $130, and the artwork will be revealed upon mint.
Each NFT is linked to an identical physical patch. Embedded with a near-field communication (NFC) chip, owners can scan the real-world patch to claim the digital token in their crypto wallet. By holding the patch on the blockchain and IRL, users can trace ownership as well as attend token-gated events and exclusive MNTGE experiences.
Additionally, the patches aren’t just one-off collectibles. In the physical world, they can be sewn onto MNTGE’s “base garments,” including t-shirts, jackets and denim. In the digital realm, the patches can be “owned” by the base garment itself. By implementing an ERC-6551 token standard, the digital wearable becomes a token-bound account that can custody the patches – creating an added layer of digital ownership.
Nick Adler, co-founder of MNTGE, told CoinDesk that the company was rooted in the goal of selling vintage fashion and utilizing the blockchain to revitalize its origins.
🗞️ US investigates Trust Wallet iOS app for vulnerability
An agency of the United States Department of Commerce is analyzing the "Binance Trust Wallet app" for a vulnerability that could allow an attacker to steal funds from crypto wallets.
According to the National Institute of Standards and Technology (NIST) — the agency tasked with promoting U.S. innovation and industrial competitiveness — a specific version of the Trust Wallet app “misuses the trezor-crypto library” to generate mnemonic words that can be verified only at the entropy source.
BNB Chain-Based DEX Level Finance Votes on Transferring $200M to Treasury
The community of Level Finance, the decentralized crypto derivatives exchange, is voting on moving over $200 million of its native LVL tokens to its decentralized autonomous organization (DAOs) in a move that is expected to bolster value for token holders.
The proposal, which began on Thursday and is set to close on Friday, comes ahead of a protocol upgrade meant for mid-April.
“The entirety of the remaining ~$200m LVL [ex-team allocation] will be transferred to the DAO’s administration and fully owned by the Treasury,” the proposal read.
“Rewards, incentives, as well as all emissions will be made directly out of the DAO. Proposals and delegations of votes will be live, and the community (along with our new ecosystem partners), will collectively materialize the full potential of the project alongside our team,” it added.
At writing time, 100% of all voters were in favor of the move. Level’s native LVL tokens were nominally down – but may gain in the weeks ahead as newer incentives are created for token holders from the capital infusion.
Level allows users to trade financial derivatives, such as futures on bitcoin (BTC) and ether (ETH), with low slippage and cheap fees. It also offers high leverage of up to 30 times the initial collateral.
The protocol has seen immense growth despite launching in early January. Over $6 billion worth of tokens has been traded on Level in the past three months, with liquidity providers earning over $7 million in cumulative fees.
Deltec Bank's Funds Seized by U.S. Secret Service in Money Laundering and Fraud Probe
The U.S. Secret Service seized multiple corporate accounts last month controlled by Deltec Bank, a Bahamian bank with ties to crypto-related firms.
New documents unsealed in a federal court on Monday reveal that the secret service seized several U.S bank accounts controlled by Deltec last month. As per the documents, the amount seized by the U.S authorities is above $58 million.
The seizures were made amid an investigation into organized, international criminal money laundering syndicates operating cryptocurrency investment and other wire fraud scams.
The bank accounts that were seized by the secret service were custodial accounts with Mitsubushi Bank UFJ Trust in New York, opened by Deltec on behalf of corporate clients.
U.S authorities linked certain Bahamian bank’s customers to shell firms involved in a cross border scheme. The scheme allegedly involves creating fake crypto websites to dupe victims into depositing their assets or cash.
🗞️ Blockchain Startup Story Protocol Secures $54 Million Funding Led by Andreessen Horowitz
Story Protocol, a startup that uses blockchain tech to track intellectual property (IP), has secured more than $54 million in funding driven by venture capital giant Andreessen Horowitz (a16z) crypto.
The open-source platform was launched Wednesday and aims to “democratize” IP creation through a worldwide extensible IP vault, a company release noted. Put simply, Story Protocol would simplify the process associated with maintaining IP and address creators’ concerns, particularly around the recent rise in generative AI (artificial intelligence).
“In a world of total abundance catalyzed by generative AI, blockchain technology presents the perfect solution for transparent provenance tracking and fair attribution,” Story Protocol Co-Founder Seung Yoon Lee said in a press release.
Lee noted that the company aims to create a “new era of entrepreneurial creators” by helping existing IP holders to engage audiences and advance their IP.
Furthermore, the platform’s framework manages the entire lifecycle of intellectual property development by enabling features including provenance tracking, licensing and revenue sharing.
The company’s vision is to create, govern, and license intellectual property on-chain, forming an ecosystem of story legos that can be remixed and composed. This approach enables creators to build narrative stories with ownership and incentives.
Join Waterfall Protocol for the Testnet launch and prepare to earn rewards on the Mainnet!
Waterfall is the most decentralized BlockDAG protocol currently available 🚀
🔑 Key Features:
📌 This decentralized platform has the potential to attract much more validators than other protocols.
📌 Minimal hardware requirements: Dual-Core CPU, 4GB RAM ( your cellphone has 2-4 times more than that).
📌 High performance and scalability, thanks to parallelism in BlockDAG.
📌 Compatible with EVM and Ethereum API.
They have been rigorously testing technology since 2021.
More than 270 Workers(block producers) on the TestNet are owned by the developers and future users of Waterfall.
On the first day after the new TestNet announcement, 115 Workers connected and more than 450 000 transactions were processed.
On January the 2nd more than 650 000 transactions was successfully processed.
Find out more details in their communities:
/channel/waterfall_network
https://twitter.com/waterfall_dag
https://discord.gg/Nwb8aR2XvR
🗞️ 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.
🗞️ Mint Square NFT Marketplace to Discontinue Trading Services By June’s End
The Mint Square NFT marketplace will shut down on June 3. The team has yet to explain the decision, but it could be due to poor traction.
The Mint Square NFT marketplace will stop trading services from June 30, the team announced over Twitter on June 6. The team explained that buying and selling would continue until that date, after which trading would no longer be possible.
Mint Square NFT Marketplace Shuts Down
Mint Square did not offer an explanation for why it was shutting the marketplace down. It could possibly be because of poor performance. There have been several NFT marketplaces that have shut down in recent times.
In February, WazirX shut down its NFT marketplace because of poor traction. Around the same time, the Solana NFT marketplace Formfunction also shuttered. Then there’s CNN, the broadcaster which abandoned its NFT project late last year.
Mint Square is an NFT marketplace that runs on Ethereum layer-2 ZK-rollups-based networks like StarkNet and zkSync Era.
Being on a layer-2 network, NFTs on Mint Square were cheaper and were confirmed faster. Top collections on Mint Square include Stark Agents, Starkpunks, and StarkRock.
Mondelēz International Partners With Hedera on Distributed Ledger Technology
The Hedera Council announced a new partnership with food giant Mondelēz International, the company behind popular brands such as Toblerone, Cadbury, and Oreo. As the governance body for the Hedera public network, the council will assist Mondelēz in developing distributed ledger technology solutions for internal use.
Currently, the Hedera network is governed by a wide array of industry leaders such as Dell, IBM, Google, Deutsch Telekom, Ubisoft, and plenty more.
Solana hits 100k preorders for second mobile device, five times original production
Solana Mobile said in a Feb. 12 announcement that it has attained 100,000 preorders for its upcoming “Chapter 2” mobile device. The firm said that those 100,000 preorders occurred over less than 30 days, noting that this number means that the early preorder price ($450) will end in 48 hours.
Solana Mobile’s website adds that the product should ship in the first half of 2025 now that this milestone has passed.
Metaverse sexual assaults could be difficult to prosecute
Though the attack took place in virtual reality, Nina Jane Patel was surprised to feel her real heart racing in her chest.
Three male figures surrounded her avatar in Horizon Venues, a virtual live events program created by Meta. They touched her avatar’s breasts and pressed their torsos rhythmically against her, telling her that she wanted it. A fourth took photos of the incident in the app.
Ok x Introduces New Ordinals Marketplace Amid Bitcoin Inscription and BRC20 Buzz
On Tuesday, the crypto firm Okx announced the launch of a new Ordinals marketplace. The platform is accessible via the Okx Wallet and will enable users to mint and trade Ordinal inscriptions and BRC20 tokens. While the Ordinals marketplace is still in its early stages, users can take advantage of the ability to view and transfer Ordinal inscriptions using the multichain wallet.
Okx, the crypto firm, exchange, and Web3 company, has announced the Okx Wallet now provides seamless access to the groundbreaking Ordinal and BRC20 ecosystem.
Okx has always believed in the power of Bitcoin to revolutionize global markets and bring us closer to a truly decentralized system, Jason Lau, the chief innovation officer at Okx, said.
We are embracing Ordinals and BRC-20, despite early criticisms about their impact on transaction costs, because we see the potential of Bitcoin to expand its use cases into areas previously dominated by Ethereum-based applications, Lau added.
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.