One of the leaders in the augmented reality industry, Magic Leap, announced on May 30 that it had partnered with Google to enhance the potential of augmented reality technologies. This new collaboration aims to release unique product offerings while further expanding the longstanding relationship between the two companies. Magic Leap’s Optics Expertise Combined With Google’s […]
Bitcoin News
Jack Dorsey-Backed Initiative Donates $21M to Bitcoin Nonprofit Opensats to Bolster Development
According to the 501(c)(3) public charity Opensats, a nonprofit focused on supporting Bitcoin-related initiatives and efforts that contribute to Bitcoin’s success, Jack Dorsey’s philanthropic endeavor #startsmall has contributed million to the organization. Bitcoin Development Nonprofit Opensats Receives M From Dorsey’s #Startsmall On May 3, Opensats disclosed receiving a million contribution from Jack Dorsey’s […]
Bitcoin News
BNB Chain Launches Rollup-as-a-Service to Bolster L2 Blockchain Development
On Thursday, the team behind BNB Chain introduced a novel Rollup-as-a-Service (RaaS) offering for the development of layer two blockchains (L2s) atop the BNB Chain. The team detailed that the service equips sizable decentralized applications (dapps), enterprises, and the BNB Chain with the essential technological framework required for launching specific L2s on BNB Smart Chain […]
Bitcoin News
Aptos Foundation and Blockchain Phone Maker Jambo Partner to Bolster Global Web3 Access
The Aptos Foundation has revealed its collaboration with Jambo, a creator of blockchain-enabled smartphones, to bolster emerging markets through Web3 innovation. The pair state that their alliance seeks to improve Web3 access and knowledge in areas that would benefit greatly, by utilizing the layer one (L1) blockchain technology of Aptos in tandem with Jambo’s dedication […]
Bitcoin News
Umoja Launches Beta Hedging Service to Bolster Crypto Investment Safety
On Tuesday, the crypto platform Umoja unveiled its beta version of hedging-as-a-service, designed to shield users from crypto losses. Umoja’s mission is to enhance the safety and accessibility of crypto investments, opening up hedging opportunities in a market valued at 0 trillion. Umoja Debuts Beta Hedging Platform The crypto platform Umoja has announced the beta […]
Bitcoin News
Grayscale Reduces Bitcoin Holdings as Competing ETFs Continue to Bolster Reserves
After the trading activity on Monday, which saw 2 million in transaction volume, Grayscale’s Bitcoin Trust sold off approximately 3,426.99 bitcoin, valued at around 7 million. Following Tuesday’s trading activity, GBTC offloaded an additional 2,565.39 bitcoin, valued at 0 million. Concurrently, Blackrock’s IBIT has acquired an additional 3,235.87 bitcoin, while Fidelity’s FBTC has secured 2,732.75 more bitcoin.
ETF Shift: Grayscale Cuts Bitcoin Position as Rivals Accumulate
Grayscale’s Bitcoin Trust (GBTC) has been actively decreasing its holdings, with 3,426.99 BTC being deducted from its exchange-traded fund’s (ETF) assets after Monday and 2,565.39 BTC on Tuesday.
The trust’s current balance stands at 472,345.05 BTC, with its worth estimated at .34 billion. Since Jan. 12, 2024, GBTC has seen a reduction in its holdings by 144,734.94 BTC, translating to an approximate value of .23 billion. Bitmex research shows since Jan. 11, 2024, the day prior, GBTC has shed 147,792 BTC worth .37 billion.
Meanwhile, Blackrock’s IBIT has been climbing the ranks, amassing an extra 3,235.87 BTC after Monday, pushing its total to 75,702.51 BTC, valued at about .23 billion. On Tuesday, Feb. 6, 2024, Fidelity’s FBTC boasted a reserve of 62,787.62 BTC, with a market value of .66 billion.
Ark Invest’s 21shares ETF increased its holdings from 15,890 BTC to 16,415 BTC. Bitwise’s BITB also experienced growth, with its reserves climbing from 15,053.66 BTC to 15,320.82 BTC as of Tuesday. The Invesco Galaxy fund, BTCO, maintained its count at 7,081 BTC, identical to two days prior. Vaneck’s HODL ETF witnessed a bump in its holdings, moving from 2,998.48 BTC to 3,054.99 BTC after Tuesday’s transactions.
Valkyrie‘s BRRR maintained its holdings at 2,649.46 BTC, with no adjustments observed. The Franklin Templeton-managed EZBC fund stands firm at 1,479 BTC, showing no changes in the last day. Wisdom Tree’s reserves saw an uplift from 276 BTC to 313 BTC. Collectively, excluding GBTC, the nine ETFs hold a combined total of 184,803.4 BTC, valued at .96 billion.
On Tuesday, Bloomberg ETF analyst James Seyffart spoke about the GBTC reductions tapering off. “Outflows from GBTC continue shrinking. But so are the inflows to the other products,” Seyffart remarked on the social media channel X. Observers tracking the developments have also noted a decline in Grayscale’s outflows.
What do you think about the number of bitcoins spot ETFs collected? Share your thoughts and opinions about this subject in the comments section below.
Grayscale Sees Over $477 Million Bitcoin Exodus as Blackrock and Fidelity ETFs Bolster Holdings
Recent data reveals that since the update on Grayscale’s website three days prior, the firm’s most recent figures indicate a significant reduction in its holdings, with over 11,189 bitcoin, valued at approximately 7 million, being withdrawn from GBTC’s reserves. Concurrently, the introduction of spot bitcoin exchange-traded funds (ETFs) by Blackrock, Fidelity, and other companies has led to an increase in their bitcoin assets.
GBTC Cache Slides as Blackrock, Fidelity Bitcoin ETFs Expand Holdings
As of Wednesday, Jan. 17, 2024, data from Grayscale’s GBTC web portal shows that the fund’s bitcoin holdings have decreased to 605,890.87 BTC, valued at .84 billion. This represents a decrease of 11,189 BTC since the previous update on Jan. 13, when the holdings were reported at 617,079 BTC. The withdrawal of 7 million from GBTC’s coffers follows similar outflows that occurred in the initial two trading days of Jan. 11-12, 2024.
In contrast, Blackrock’s Ishares Bitcoin Trust, according to its web portal, currently possesses 16,361 BTC, estimated to be worth 7.42 million. Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) maintains a holding of 12,112 BTC, approximately valued at 6 million. Both IBIT and FBTC have experienced growth in their bitcoin holdings since their last reporting. Bitwise’s BTCB fund remains at its previous level of 5,550 BTC as of the Jan. 13, 2024 update.
ARK 21shares Bitcoin ETF (ARKB) reported an increase in holdings from 1,625 BTC to 2,535 BTC, based on the latest data from January 16, 2024. Vaneck’s HODL fund also saw an uptick, from 1,640.92 BTC to 1,867 BTC. The Galaxy Invesco ETF, known as BTCO, now holds 1,131 BTC, valued at around million. Franklin Templeton’s reported holdings remain unchanged since January 13, at 1,131 BTC.
The Valkyrie BRRR fund continues to hold 1,103 BTC, and Wisdomtree’s BTCW has 74 BTC, worth approximately .1 million. Collectively, these ETFs hold an estimated 40,751 BTC, which accounts for 6.725% of Grayscale’s GBTC holdings. Bloomberg’s senior ETF analyst Eric Balchunas commented on social media platform X, remarking on the notable outflow from GBTC.
“There’s no denying the GBTC Gouge is big and ugly (def gonna need stitches),” Balchunas said. “Bottom chart gonna be red for a while but good news is that the % discount is shrinking, the closer the two lines at top get to each the less pressure inside the ETF of ppl wanting to get out,” the analyst added.
What do you think about the assets held by the newly introduced spot bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below.
US Lawmaker Urges Congress to Focus on Attracting Crypto Opportunities to Bolster National Security
A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space.
Rep. Emmer Calls for Focus on Domestic Crypto Growth
House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ).
“Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He emphasized:
Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
Rep. Emmer has been pushing for Congress to pass laws that benefit the crypto sector. Earlier this month, the House of Representatives adopted an amendment he attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry.
In September, the House Financial Services Committee passed his CBDC Anti-Surveillance State Act, which halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.”
Emmer and several other lawmakers have pushed to oust SEC Chairman Gary Gensler. In June, Emmer joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator.
What do you think about Rep. Tom Emmer urging Congress to focus its efforts on bringing more crypto activity and opportunities to the U.S. in order to bolster national security? Let us know in the comments section below.
Cboe Digital to Launch Bitcoin and Ether Margin Futures in 2024; Aims to Bolster Liquidity
Cboe Digital has announced plans to offer margin futures trading for bitcoin (BTC) and ethereum (ETH) starting January 11, 2024. The initiative, which features a platform integrating spot and futures trading, has garnered backing from a slew of fintech and crypto firms. Cboe says the service introduction aims to enhance capital efficiency in the digital asset space.
Cboe Digital Sets January 2024 Date for Bitcoin and Ether Margin Trading Futures
Cboe Digital, a subsidiary of the Chicago Board Options Exchange (Cboe), is planning to launch margin futures products associated with BTC and ETH. The announcement on Monday details that the contracts will allow traders to post less collateral upfront compared to traditional futures, aiming to improve liquidity and market participation.
Scheduled to commence operations next January, the platform is prepared to deliver these services under the compliance umbrella of U.S. financial regulations. Cboe Digital’s upcoming service will feature the support of crypto firms such as B2C2, Blockfills, and Cumberland DRW, who view derivatives as essential for market stability and risk management.
“Cboe Digital’s offer in providing secure access to regulated futures markets is key to maturing this nascent asset class and enabling broader institutional participation,” Chris Zuehlke, the Global Head of Cumberland DRW stated on Monday.
The consensus among Cboe Digital’s partners is that regulated margin futures for bitcoin and ether could incentivize broader institutional engagement by offering a familiar trading mechanism. The service expansion to include bitcoin and ether margin futures aims to complement Cboe Digital’s existing suite of crypto asset products, which currently spans BTC, BCH, ETH, LTC, and USDC.
In anticipation of the launch, Cboe Digital plans to publish daily margin requirements and provide standardized risk parameter files for transparency. The news follows increased institutional demand in recent times and CME Group outpacing Binance in terms of bitcoin futures open interest last week.
“Futures have long served as valuable hedging instruments in the traditional financial markets, and we couldn’t be more excited to extend access to this tool further into the digital assets markets and offer margined trading for our customers,” Cboe Digital’s President John Palmer said in a statement.
What do you think about Cboe’s announcement about its upcoming bitcoin and ether margin futures products? Share your thoughts and opinions about this subject in the comments section below.
Bolivia’s President Calls on South American Countries to Ditch US Dollar, Bolster Alliances With China and BRICS
Bolivia’s President Luis Alberto Arce Catacora (Lucho Arce) has urged members and associated states of the Mercosur trade bloc to de-dollarize and establish stronger strategic alliances with international organizations, including the BRICS group. “We are experiencing a crucial moment of transition towards a multipolar world that guarantees a balance of powers and respects the principle of non-interference,” he emphasized.
Bolivia Calls for De-Dollarization at Mercosur Summit
Bolivia’s President Luis Alberto Arce Catacora (Lucho Arce) called for de-dollarization and increased strategic alliances with international organizations, including the BRICS economic bloc at the 62nd Summit of Heads of State of Mercosur and Associated States in Puerto Iguazú, Argentina.
The Southern Common Market, also known as Mercosur, is a South American trade bloc whose full members are Argentina, Brazil, Paraguay, and Uruguay. Venezuela joined as a full member in 2012 but was suspended indefinitely in late 2016. Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Suriname are associate members of Mercosur, with Bolivia currently in the process of becoming a full member.
The summit was attended by Argentina’s President Alberto Fernández, Brazil’s President Luiz Inácio Lula da Silva, Uruguay’s President Luis Lacalle Pou, and Paraguay’s President Mario Abdo Benítez. Bolivia’s president and the president-elect of Paraguay, Santiago Peña, also attended.
The Bolivian president tweeted Tuesday at the conclusion of the meeting (translated by Google):
Our region is seriously affected by the restrictions imposed by the northern financial system, which limits financing options, making it necessary to reduce dependence on the U.S. dollar and diversify our economic relations.
“We must seek strategic alliances with other international actors, such as China, in a Eurasian and Asian bloc that, organized within the BRICS and other integration mechanisms, are projected as spaces for the construction of a new world economic order,” he added. The BRICS nations comprise Brazil, Russia, India, China, and South Africa.
Regarding Bolivia becoming a full member of Mercosur, President Arce stated: “We believe that Bolivia’s accession to Mercosur represents a unique opportunity to strengthen integration, expand trade and regional cooperation.” He emphasized:
We are experiencing a crucial moment of transition towards a multipolar world that guarantees a balance of powers and respects the principle of non-interference.
Commenting on Brazil taking over the rotational presidency of Mercosur on Tuesday, the Bolivian leader said: “We also convey our best wishes to the incoming Brazilian presidency. We are sure that under the leadership of President Lula, guided by his integrating vision, Mercosur will continue to advance to respond to the enormous challenges that our times present.”
Lula has expressed strong support for abandoning the U.S. dollar and adopting national currencies in trade settlements. He also supports the creation of a common BRICS currency. Last month, he announced his intention to discuss de-dollarization at the upcoming BRICS meeting.
What do you think about Bolivia’s president urging South American countries to ditch the U.S. dollar and strengthen alliances with China and other BRICS nations? Let us know in the comments section below.