Category: Cryptocurrency News

HashKey, along with OSL, received a major license upgrade on Aug.3 clearing their way to offer crypto trading services to retail customers.

The US Securities and Exchange Commission (SEC) had on August 11 moved to delay its decision on the ARK 21Shares Spot Bitcoin ETF application. Following this, Cathie Wood’s ARK Invest and 21 Shares has moved to apply for a separate Ethereum futures ETF in what many may consider a double-barreled approach for these firms.  ARK Invest Joins Ethereum Futures ETF Race According to a filing with the SEC on August 24, ARK Invest and 21 Shares will act as sub-adviser and sub-sub-adviser respectively, on two separate funds that seek to invest in Ethereum futures contracts. These include the ARK 21Shares Active Ethereum Futures ETF on the one hand and Bitcoin and Ethereum futures contracts ARK 21Shares Active Bitcoin Ethereum Strategy ETF on the other hand. Related Reading: Here’s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF This won’t be the first time ARK Invest and 21 Shares are partnering together to offer an ETF, as they had on different occasions jointly applied to offer a Spot Bitcoin ETF, with the most recent application delayed by the SEC. If approved, the ARK 21Shares Active Ethereum Futures ETF (with ticker ARKZ) will invest in a “portfolio of ether futures contracts.” This will include futures contracts traded on regulated commodity exchanges like the Chicago Mercantile Exchange (CME).  The fund is focused on futures contracts and would not directly invest in Ether or have any direct exposure to the “spot” Ether. Futures ETFs are known only to track the underlying asset’s performance, while Spot ETFs involve direct investment in the asset. Furthermore, the document noted that the fund’s remaining assets would be put into short-term cash instruments like US Treasury securities, money market instruments, and repurchase agreements. These investments will serve as a way to shore up the fund’s liquidity and hedge against its investments in Ether futures. Meanwhile, ARK Invest and 21 Shares are also looking to offer the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (with ticker ARKY). This fund will invest in both Bitcoin and Ethereum futures contracts. Interestingly, this is similar to what Valkyrie was trying to do when it applied to the SEC to include ETH futures contracts as part of its Valkyrie Bitcoin Strategy ETF (BTF). According to the filing, there will be an “Active Bitcoin Futures ETF” and “Active Ethereum Futures ETF” known together as the “Underlying ETFs” under the fund. That will suggest that this fund is a two-in-one approach whereby there will be a standalone investment in Bitcoin futures and another for Ethereum futures.  The remaining net assets of the fund will be allocated to cash or cash equivalents with a primary focus on US government securities. ETH price recovers amid high interest from institutional investors | Source: ETHUSD on Tradingview.com Bullish Or Something Else? Several traditional finance institutions have filed to offer a crypto ETF (both futures and spot). Some of these firms, including ARK Invest and Grayscale, have filed to offer both futures and spot ETFs. As such, it raises questions about whether these firms are truly bullish on the crypto space or whether other factors are involved. Related Reading: The $20 Billion Delay: Appeal Court Pushes Back Decision On Grayscale Spot Bitcoin ETF Nate Geraci, the President of ETF Store, pointed out that the total BTC futures ETF market is valued at less than $1.5 billion in Assets Under Management (AuM). So, it might not be profitable, especially for those looking to enter the market.  However, if the market doesn’t provide many profits for these firms, why are they looking to gain crypto exposure at all costs?  Former BitMEX CEO Arthur Hayes, for one, stated that these firms are simply looking to become the “gatekeepers” of crypto in a bid to balance their deposit base. He doesn’t believe that these firms are bullish on the fundamentals of the crypto industry and are simply to make maximum profits when cryptocurrencies disrupt the economy. Featured image from iStock, chart from Tradingview.com

A new project aims to build a peer-to-peer marketplace to facilitate censorship-resistant, permissionless trading among Bitcoin users.

A captain from Brussels took his passion for sailing and Bitcoin and set sail on his Sato Boat painting with a giant orange “B” to promote the cryptocurrency across the seas.

Roman Storm’s lawyer Brian Klein said the developer was released on bail on Aug. 24, the day after the U.S. DOJ announced the charges related to money-laundering and other alleged violations.

From dystopian futures to emotionally charged connections, AI-themed movies have a unique way of tapping into our fascination with artificial intelligence.

I'm working on a project for online interactions using Web3 technology. The problem I'm dealing with is that users have many options like making posts, commenting, upvoting, checking views, and more. But these actions can end up creating a lot of records on the blockchain, which also means higher transaction fees. So, I'm thinking, what…
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Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week’s dip of $0.07000 and regaining losses it incurred this month.  As of the latest data from CoinGecko, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours. This resurgence follows a decent seven-day rally that has seen TRX gain 5.4%.  Delving into the technical analysis on a weekly timeframe, it becomes evident that TRON has been tracing an ascending support line since November 2022. This trajectory has been consistently validated through multiple instances, underscoring its significance. TRX price action today. Source: Coingecko Resistance Targets On Tron Radar Market analysts and enthusiasts are now setting their sights on potential price trajectories for TRX. Based on a comprehensive price analysis, bullish sentiment is prevailing as TRX bulls seem poised to take on the next resistance level at $0.080.  TRX market cap currently at $6.8 billion. Chart: TradingView.com Meanwhile, a noteworthy development has emerged within the derivatives market, adding a new dimension to TRX’s ongoing journey. This development revolves around the concept of Open Interest rates, a critical metric that measures the cumulative value of outstanding derivative contracts. Over a recent period, from August 18 to the present moment, Open Interest rates have experienced a remarkable surge, escalating from approximately $45 million to a robust figure exceeding $51 million. Tron Open Interest. Source: Coinalyze This surge in Open Interest rates carries profound implications, casting a spotlight on the prevailing sentiment among traders. The notable increase is indicative of a prevailing bullish outlook held by a substantial portion of traders and market participants. This surge essentially signifies that there is a widespread belief in the potential for further upward movement in TRX’s price. The significance of this rise in Open Interest rates transcends mere optimism. It’s also a concrete indicator of the broader market’s growing interest in TRX derivatives. This trend underscores a heightened willingness among traders to engage in derivative contracts linked to TRX, thereby enriching the trading landscape around the token. Balancing Act: Consideration Of Fluctuating Funding Rates Despite these encouraging signs, market participants are cognizant of potential headwinds. Fluctuating funding rates, which denote the cost of holding positions in futures contracts, could introduce volatility and potentially impede a solid and sustained upward momentum in the short term. As TRX ventures toward key resistance levels, it faces the challenge of maintaining its upward trajectory while navigating potential dips. The derivatives market provides a favorable backdrop, but market players remain watchful of funding rate fluctuations. The coming days will shed light on whether TRX can maintain its ascent and solidify its position. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Zipmex