Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln

Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder

As demand for UST rises with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” said co-founder Do Kwon.

More than 160 projects will be launched on the South Korean blockchain project Terra by early next year, said co-founder Do Kwon in an interview with Asia Markets.

Terra is an algorithmically governed stablecoin platform with $8.86 billion worth of assets locked in it. According to DeFi Llama, currently, eight primary projects are running on it.

The money market project Anchor currently accounts for 39.3% of Terra’s all TVL at $3.5 billion, followed by Lido ($2.52 bln), Mirror ($1.28 bln), and TerraSwap ($1.14 bln).

But soon, the number of projects on Terra will increase significantly due to a “smooth” upgrade of the Terra network to ‘Columbus-5’ last month, he said.

“Now that Columbus-5 is live, more than 60 projects are preparing to launch in the next six to eight weeks, and more than 100 have recently announced plans (for) the end of the year or early 2022,” Kwon told the publication last week.

The launch of more projects on the platform will “amplify the demand for UST,” he added. TerraUSD (UST) is a stablecoin that attempts to maintain a value of $1 but isn’t backed by US dollars in a bank account; rather, to mint 1 UST, $1 worth of LUNA, the reserve asset of TerraUSD, is burned.

As demand for UST will rise with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” Kwon said.

The native token of the protocol LUNA is currently a $14.38 billion market cap cryptocurrency which is up 5,364% YTD but still down 48% from an all-time high of $50 two weeks back.

Ambitious Targets

Columbus-5 has been the most significant upgrade ever since the launch of the Terra protocol, which has been in the works through this year and required numerous upgrades to the Terra core.

This upgrade is expected to help enhance the protocol’s scalability and interoperability. As Kwon said, Columbus-5 also updated “some of the economic mechanics of the protocol so that 100% of seigniorage generated by the expansion of the UST supply is burned, augmenting the per-unit value capture of LUNA as the demand for UST grows.”

Earlier this year, Kwon predicted UST’s market cap to exceed $10 billion by the end of this year, but currently, it stands at only $2.74 billion. Still, according to Kwon, his target is achievable.

Not only dozens of projects have been “anxiously” awaiting Columbus-5’s launch to release their mainnets, he said, adding: regulatory action against the most popular centralized stablecoins like USDC and Tether (USDT) has “reinvigorated the emphasis for a decentralized stablecoin in crypto like UST.”

The founder further pointed out that custodial stablecoin models do not scale well and “serve as hubs of risk in a decentralized financial stack,” as such, he expects the adoption of decentralized stablecoins to only increase from here on.

Additionally, the launch of IBC will enable UST to be exported to any IBC-enabled chain, particularly Cosmos chains and ThorChain, and flow freely outside of Terra. Wormhole support — a cross-chain bridge to Solana, Ethereum, and BSC — meanwhile will allow UST to be ported to the largest chains by TVL. ATOM -1.85% Cosmos / USD ATOMUSD $ 31.86
-$0.59-1.85%
Volume 313.52 m Change -$0.59 Open $31.86 Circulating 223.13 m Market Cap 7.11 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development 3 w South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation
RUNE -1.39% THORChain / USD RUNEUSD $ 7.66
-$0.11-1.39%
Volume 34.42 m Change -$0.11 Open $7.66 Circulating 224.41 m Market Cap 1.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 mon DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700
SOL -2.02% Solana / USD SOLUSD $ 157.26
-$3.18-2.02%
Volume 1.68 b Change -$3.18 Open $157.26 Circulating 300.54 m Market Cap 47.26 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development
ETH -2.74% Ethereum / USD ETHUSD $ 3,752.44
-$102.82-2.74%
Volume 17.24 b Change -$102.82 Open $3,752.44 Circulating 117.98 m Market Cap 442.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 2 d Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
BNB 2.94% Binance Coin / USD BNBUSD $ 484.82
$14.252.94%
Volume 2 b Change $14.25 Open $484.82 Circulating 166.8 m Market Cap 80.87 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero 6 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

“We fully expect the demand for UST in cross-chain environments to accelerate the expansion of the UST supply further, potentially reaching the $10 billion market cap mark by year’s end.”

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Author: AnTy

Japanese Art Commission Platform With Over 1.5M Users is ‘Very Interested’ in Accepting Crypto

Japanese Art Commission Platform With Over 1.5 Million Users Is ‘Very Interested’ in Accepting Crypto as Payment

Japanese artwork commissioning service Skeb took to Twitter to share that it won’t be joining the non-fungible token (NFT) mania.

Last week, Skeb said that it has “no plans to issue NFTs,” and if it does, these digital artworks will belong to the creators. If they issue NFTs to clients, this will be the proof of “I requested it,” but the company noted NFTs can shift ownerships and that “will be meaningless.”

Non-fungible tokens are unique assets stored on a digital ledger that uses blockchain technology to establish a verified and public proof of ownership, and this year they have exploded into popularity and usage, recording more than $10 billion in sales.

“NFTs are now heating up as targets for investment, and creators may be issuing them without fully understanding how they work. It is also important to note that the ownership of NFTs is not in sync with the ownership of arts associated with them,” wrote the company on Twitter.

Skeb further said that NFTs are like museum memorabilia, and they should not be associated with copyrights or real properties. “NFTs should not be used as proofs of ownership of them,” it added.

As of Sept. 25, the company’s total number of registered users exceeded 1.5 million.

While not interested in NFTs, Skeb is “very interested” in using cryptocurrency as a payment method. This payment method will allow them to “keep the freedom of expression without any influence of credit card companies.”

This makes sense given that the platform accepts Visa and MasterCard but can’t accept PayPal as the payment giant doesn’t provide support to them. PayPal actually started offering crypto buying, selling, and storing last year, while Visa and MasterCard have also become crypto-friendly. This year, Visa also joined the NFT trend by buying a CryptoPunk and recently announced an NFT program to help creators.

“It isn’t that Skeb does not accept PayPal. It is that PayPal denied Skeb,” wrote the company on Twitter earlier this year.

As such, the company is actually currently having internal discussions regarding how it can be involved with cryptocurrency.

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Author: AnTy

Brazil’s Central Bank Governor Expects Crypto Investment in Country to Surpass $9 Billion

Brazil’s Central Bank Governor Expects Crypto Investment in Country to Surpass $9 Billion

Brazilians have already bought more than $4 billion in crypto this year up to August, as per the central bank report.

The total value of cryptocurrencies purchased by Brazilians this year has exceeded $4 billion, according to the data released by the Central Bank of Brazil in a report last week.

A total of nearly R$ 23.3 billion, $4.270 billion has been traded from January to August-end. In August, the purchase value was $496 million.

In August, Roberto Campos Neto, the president of Brazil’s central bank, also said that they need to pay attention to cryptocurrencies as they are here to stay. “We need to reshape the world of regulation,” he added.

The value of crypto assets bought by Brazilians reached its peak in May at $756 million. That month, the Brazilian market broke a record by trading R$ 826 million ($150 million) in Bitcoin in a single day.

But since then, they saw a drop in June and July at $695 million and $583 million, respectively. Still, these numbers have been much higher than the figures reported earlier this year in February at $386 million and $357 million in March.

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Last week, Deputy Governor for Monetary Policy at the central bank, Bruno Serra, said the Brazilians investment in crypto assets abroad is potentially three times greater than in American shares. He further said that there is a potential for this investment in crypto to reach R$ 50 billion (more than $9 billion in USD).

Serra also believes that people’s interest in cryptocurrencies is unlikely to fade anytime soon.

Earlier this month, as we reported, a bill advanced through Brazil’s House of Representatives, which has been in development since 2015, to regulate cryptocurrency in the country.

The bill calls for creating clearer definitions of crypto, will require virtual asset service providers to register, and further aims to crack down on crypto crimes by imposing higher fines and harsher prison sentences.

After being approved by a special committee of the Chamber of Deputies, the bill is currently in the hands of the Chamber’s Plenary, and once green-lit by them, it will advance to the Senate to be discussed before finally going to the president for a final nod.

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Author: AnTy

ProShares Bitcoin Futures ETF Coming on Tuesday, Grayscale Confirms Filing to Convert GBTC into ETF

In anticipation of the first Bitcoin ETF, which will finally be coming to the US this week, Bitcoin hit $63,000.

ProShares will be launching its exchange-traded fund (ETF) linked to CME-based Bitcoin futures on the New York Stock Exchange (NYSE) under the ticker ‘BITO’ on Tuesday, the firm and the exchange have reported.

“2021 will be remembered for this milestone,” Michael Sapir, the CEO of ProShares, told DealBook.

Investors who want exposure to the leading cryptocurrency but don’t want to hold it directly and are hesitant to engage with unregulated crypto exchanges will now have “convenient access to Bitcoin in a wrapper that has market integrity,” he said.

In a statement on Monday, Sapir further said, “a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF,” and finally BITO will provide access to Bitcoin to this large segment of investors who have a brokerage account and are familiar and comfortable with buying stocks and ETFs but don’t want to go through the hassle for establishing another account with a crypto provider and be subject to security risks.

“This will be a floodgate of new capital and new people into the space,” said Ian Balina, CEO of the data and analytics firm Token Metrics.

Approval for the ProShares ETF, which is based on Bitcoin futures trading on the CME, won’t be announced by the US Securities and Exchange Commission (SEC), but the firm’s formal prospectus has met with no opposition ahead of its effective deadline, which means it is good to go. NYSE is also readying its launch for tomorrow.

“This is an exciting step but not the last,” said Douglas Yones, the NYSE’s head of exchange-traded products. He foresees a range of crypto-linked ETFs getting approval, eventually.

Currently, nine other ETF applications for Bitcoin Futures are awaiting approval, while many more for physically-backed ETFs.

Future ETFs will come with its own costs, though, as it adds 5% to 10% of annualized roll yield on top of the underlying asset’s price. Not to mention, they are “also more confusing,” said Matt Hougan, chief investment officer at Bitwise Asset Management, which has also filed for a Bitcoin futures ETF with the SEC.

“They have challenges like position limit and official dilution, and they can’t get 100% exposure to the futures market.”

Interestingly, Grayscale also announced that it is filing to have its $38 billion Grayscale Bitcoin Trust converted into an ETF on Monday. GBTC is still trading at over a 15% discount.

“It is official,” confirmed Barry Silbert, founder, and CEO of Digital Currency Group, the parent company of the largest digital asset manager Grayscale Investments.

While calling Bitcoin Futures ETF launch a “historic and important moment” for Bitcoin and the entire crypto ecosystem, Jennifer Rosenthal, Communication Director at Grayscale, said,

“I’m happy to confirm that Grayscale *WILL* file for GBTC to be converted into an ETF as soon as there’s a clear, formal indication from the SEC.”

The official and verifiable evidence of SEC’s comfort with the underlying Bitcoin market could likely be in the form of a Bitcoin Futures ETF being deemed effective, and once that happens, “the NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,” she added.

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Author: AnTy

Automated Market Maker Glide Finance Exploited, Post-Mortem Reveals It Was The Teams Own Fault

Automated Market Maker Glide Finance Exploited, Post-Mortem Reveals It Was The Teams Own Fault

A little-known DEX, Glide Finance, was exploited for $300,000 late on Sunday, and funds were drained from their pair contracts.

The audit protocol said while diagnosing the root cause of the exploit, they found that it wasn’t the smart contract auditor Paladin Blockchain Security’s fault, rather their own. The team said,

“We made a fee parameter change post-audit and failed to update a number from 1000 to 10000 on the contract.”

“We are ashamed and disappointed in ourselves to have made such a mistake, as it could have easily been avoided with better due-process.”

The project is now contacting cryptocurrency exchanges to block transfers and has asked its users to withdraw any funds still deposited in Glide liquidity pools.

The Glide Finance team has also delayed the launch of farming on Tuesday, which would have allowed users to earn GLIDE tokens for liquidity mining and staking.

Glide Finance is the first automated market maker (AMM), yield farming, and staking platform on Elastos Smart Chain (ESC), a sidechain to the Elastos mainchain that supports Solidity smart contracts. The project runs on a DPoS consensus mechanism to deliver a high-performance, scalable solution for the Elastos ecosystem.

80% of all swap fees on the platform are converted to ELA tokens and shared with platform users. According to the website, there are currently less than $650 worth of assets locked on the platform and one circulating GLIDE.

The team has released a request form for the victims to fill out their addresses if their balances are incorrect or their address has appeared on a list of affected addresses.

“We have not yet determined how reimbursement and/or resolution will occur but we are working on it.”

“We hope we can recover from this and move forward, but we realize our reputation may be irreparably damaged.”

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Author: AnTy

Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month

Bitcoin price is ready to pounce at its almost $65,000 all-time high after seeing a mild case of volatility in the past 24 hours.

Late on Sunday, the Bitcoin price dropped just under $59k only to climb back above $62,700 on Monday. Currently hovering around $61k, the leading cryptocurrency is awaiting approval on a US exchange-traded fund (ETF).

Ethereum and much of the cryptocurrency market behaved the same way, with the total market cap at $2.55 trillion, down from a high of $2.62 trillion earlier in the day, according to CoinGecko.

While whales continue to accumulate BTC with Bitcoin “Supply Per Whale” basically never dropping since 2017, retail is also just as interested in BTC along with Ethereum, Cardano, and Solana. ETH -2.74% Ethereum / USD ETHUSD $ 3,752.44
-$102.82-2.74%
Volume 17.24 b Change -$102.82 Open $3,752.44 Circulating 117.98 m Market Cap 442.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 2 d Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
ADA -1.42% Cardano / USD ADAUSD $ 2.13
-$0.03-1.42%
Volume 2.59 b Change -$0.03 Open $2.13 Circulating 32.9 b Market Cap 70.08 b
11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 4 d Polkadot Sets Launch Date for Initial Parachain Auctions, DOT Soars 17% Ahead of Crypto Market 6 d Institutions Are Back to Pouring Money into Bitcoin as a “Perfect Storm” Brews for the King
SOL -2.02% Solana / USD SOLUSD $ 157.26
-$3.18-2.02%
Volume 1.68 b Change -$3.18 Open $157.26 Circulating 300.54 m Market Cap 47.26 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development

According to a Bloomberg report, the Indian crypto exchange CoinSwitch Kuber, which launched just a year and a half ago, has 11 million users whose average age is 25. Interestingly, the majority (55%) of this user base is from outside large metropolises like New Delhi or Mumbai and from a generation with no experience with stocks and bonds.

All eyes are currently on the first futures ETF to make its debut which is expected to come on Tuesday. It could easily see us hitting a new all-time high.

While some feel this could result in some profit-taking as traders sell the news, others are pretty clear that it won’t be the case.

Crypto trader Light, who shorted CME launch in December 2017 and then shorted Coinbase listing in April 2021 that marked the top for Bitcoin, says, “it’s not a sell the news event when a large part of the market is worried it may be a sell the news event.”

But no matter the bulls or bears, volatility is expected going into this week, which we already saw last week.

“Overall the volatility on Bitcoin is going to be high irrespective of how the decision plays out,” said Pankaj Balani, chief executive officer of crypto-derivatives exchange Delta Exchange, in a note.

So far this month, Bitcoin has increased more than 43% in value. The technical setups for the cryptocurrency, however, is a concern for Risk Bensignor, the president of Bensignor Investment Strategies and a former strategist at Morgan Stanley, to whom the price action might “make me think twice about buying Bitcoin now, especially as it’s against all-time highs,” he said in a note Monday.

Bensignor further said that open interest (OI) rose dramatically during this rally which means that “there are lots of new shorts on this up move that are badly under water — that still may need to get fully squeezed out before the buying might dry up.”

As we reported, OI has risen significantly since Sept. 29 low of $13.11 bln. On Monday, it went to hit $23.11 bln, as per Bybt.

Binance is leading this race with OI at a new high of $5.5 bln, followed by CME and FTX sitting at second place with new highs at $3.97 bln in notional OI. At the beginning of this month, CME’s OI was sitting at $1.7 bln and just two days before that at $1.4 bln, while today, it is ready to surpass $4 bln.

With the Bitcoin Futures ETF involving the contracts from CME, traders on the regulated exchange are making a lot of purchases as CME Bitcoin futures’ market share rose to nearly 20% from just 13% a week back.

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Author: AnTy

Ripple Joins The Digital Pound Foundation to Help In The Development of A CBDC In the UK

Ripple Joins The Digital Pound Foundation to Help In The Development of A CBDC In the United Kingdom

This week, Ripple has joined the Digital Pound Foundation, which is a non-profit foundation to develop and implement a digital pound in the United Kingdom. Susan Friedman, the Head of Policy, represents Ripple as a Foundation on the board. Ripple will help the foundation by engaging central banks at a global level on the technicalities and policy issues related to central bank digital currencies (CBDCs).

Ripple’s firm conviction that the United Kingdom has been in the vanguard when it comes to inspiring responsible innovation and growth in the crypto-asset space and developing a digital pound is the result of the effort put in. Friedman was keen to note Ripple’s excitement to support the design and implementation of a digital pound in their partnership with Digital Pound Foundation. She also brought out that The Foundation will be of great assistance in advancing the United Kingdom’s goal of building a more inclusive and sustainable financial system.

The Future Of Money Redefined

The evolution of digital money has been brought to the limelight for potentially faster, cheaper, sustainable, and more efficient payments with greater functionality. With over 80% of central banks actively exploring either one or another form of sovereign-backed cryptocurrency today, with the inclusion of CBDCs, The Bank of England is working round the clock to maneuver around the practical and technological barriers of designing and implementing, and operating a digital pound.

These digital pounds are set to play a vital role in extending access to central bank money by households and households.

Embracing Central Bank Digital Currencies (CBDCs)

Ripple is currently leading the global race to sensitize the use of CBDCs. In implementing this, Ripple announced their partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), to implement digital Ngultrum using its CBDC solution. In the same light, with Bhutan being the only carbon-negative country worldwide, Ripple is meeting their goal by introducing a carbon-neutral solution to its country. As such, they are spearheading the embracing of the CBDCs.

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Author: Lujan Odera

Tether Puts the Past Behind Them by Paying $41M to CFTC for Not Having All of Its Reserves in Cash

Tether Puts the Past Behind Them by Paying $41M to CFTC for Not Having All of Its Reserves in Cash

The US Commodity Futures Trading Commission (CFTC) announced that it has settled charges against Tether for “making untrue or misleading statements and omissions of material fact in connection with the U.S. dollar tether token (USDT) stablecoin.”

Tether will pay a $41 million penalty for what the company says is “putting the past behind us so we can move forward and focus on the future.”

CFTC said, while Tether claimed USDT is fully backed by fiat assets, it found that the company failed to disclose that the reserves backing also included unsecured receivables and non-fiat assets in its reserves between June 1, 2016, to February 25, 2019.

“There is no finding that tether tokens were not fully backed at all times — simply that the reserves were not all in cash and all in a bank account titled in Tether’s name, at all times,” said Tether in a statement, noting that not only it always maintained adequate reserves but it also has never failed to satisfy a redemption request.

The agency also settled charges against the cryptocurrency exchange Bitfinex for being engaged in illegal retail commodity transactions in crypto assets with US persons and operating as a futures commission merchant (FCM) without registering as required.

Bitfinex will be paying $1.5 million in penalty and is required by the agency to implement and maintain additional systems reasonably designed to prevent unlawful retail commodity transactions.

Tether said the CFTC’s Order makes no finding of a violation after December 2018.

Acting Director of Enforcement Vincent McGonagle said in a statement that the CFTC will continue to use its anti-fraud enforcement authority over digital assets, when necessary. Additionally, it will act to ensure that margined and leveraged digital asset trading offered to retail US customers must occur on properly registered and regulated exchanges, he added.

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Author: AnTy

Fortnite Developer Epic Games ‘Welcomes’ Crypto and NFT Games After Steam’s Ban

Fortnite Developer Epic Games ‘Welcomes’ Crypto and NFT Games After Steam’s Ban

Last month, CEO Tim Sweeney said they “aren’t touching NFTs as the whole field is currently tangled up with scams.”

Steam, a video game digital distribution service, is no longer allowing blockchain-based games that involve non-fungible tokens (NFT) and cryptocurrency.

“Applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs,” are specified under the category “what you shouldn’t publish on Steam” on Steamworks’ onboarding page. The rule has been added this month.

SpacePirate Games, the studio behind a sci-fi action-adventure title called Age of Rust, spoke up about the rule on Twitter, saying Steam’s parent company Valve was kicking blockchain games off the platform “because NFTs have value.”

“We chose to be upfront about blockchain gaming & NFTs. As a result, we finally lost the battle with Steam,” it said, adding: Steam is not allowing those items on its platform that can have real-world value.

While this could be true, Valve allows people to exchange virtual goods for Steam Wallet funds through the community market.

Searching for “NFT” and “crypto” on Steam currently brings up 12 and 62 results, respectively.

A U-Turn

While Steam is severing any ties with crypto, competitor Epic Games has announced that it is “open to games that support cryptocurrency or blockchain-based assets.”

While there will be some limitations when it comes to allowing games featuring NFTs, the company told The Verge that they are willing to work with “early developers” in the “new field.”

The Fortnite developer further said that the games would have to comply with financial laws and make it clear how the blockchain is actually used and need to have appropriate age ratings as well. Developers won’t be able to use Epic’s payment service to accept crypto either, and they would have to use their own payment systems.

Epic co-founder and CEO Tim Sweeney also took to Twitter to clarify that they welcome any blockchain-related games as the technology underpinning crypto “has utility whether or not a particular use of it succeeds or fails.”

“Epic Games Store will welcome games that make use of blockchain tech provided they follow the relevant laws, disclose their terms, and are age-rated by an appropriate group. Though Epic’s not using crypto in our games, we welcome innovation in the areas of technology and finance,” he wrote on Twitter.

Interestingly, just late last month, Sweeney had said that they “aren’t touching NFTs as the whole field is currently tangled up with an intractable mix of scams.” While there are “interesting decentralized tech foundations,” it is also rife with scams, he had said.

But now, he has made a U-turn to compete with Valve by announcing support for something that the company baned.

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Author: AnTy

Euphoria is Back Ahead of ETF Listings: BTC Hits $63k, ETH Nearly $4k as NYSE Certifies “Approval for Listing”

Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”

OI on Bitcoin futures has hit a new ATH on both Binance and CME, while annualized daily basis on Binance is closing on 13%.

Bitcoin is just inches away from hitting its all-time high of $65,000.

On Friday, the leading cryptocurrency went to hit nearly $63,000 on Coinbase while going as far as $63,100 on Deribit. As of writing, BTC/USD is trading at $60,840, up 41.5% this month.

Much like Bitcoin, Ether is rallying and back to surpassing $4,000. Climbing to $3,970, Ether is less than 10% away from its mid-May ATH of $4,380. The price of ETH had briefly reached $4k in early September. ETH -0.96% Ethereum / USD ETHUSD $ 3,829.41
-$36.76-0.96%
Volume 16.5 b Change -$36.76 Open $3,829.41 Circulating 117.96 m Market Cap 451.7 b
10 h Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing” 1 d Bitcoin Breaks Through $61,000 as Euphoria & ‘Greed’ Brings the Money Back In 1 d Indexed Finance’s NDX Is Down 92% from ATH After $16 Million Hack Sends it Crashing

While Bitcoin is in the lead, and Ether following, altcoins are lagging behind but still managing to see greens. This has the total crypto market cap making a new all-time high at $2.62 trillion earlier today.

Thanks to positive price active driving greed, the funding rate is also trending up ever since late September when it was negative. BTC’s annualized daily basis on Binance is closing 13%, but there’s still a lot of room to grow as, during the April peak, it went to 41.4%.

Open interest on Bitcoin futures is fast approaching mid-April ATH $27.38 bln, currently sitting at $22.85 billion. On Binance and CME, OI is already at a new high of $5.38 billion and $3.61 billion, respectively, and leading the futures market.

Ether’s OI is rising even at a much faster pace, sitting at $11.04 billion, not far from $11.55 bln high from early May. On CME again, OI on Ether futures is already at a new ATH of $1.01 bln.

Approval for Listing

All of this excitement is due to the Bitcoin Futures ETF finally starting trading next week. The market is extremely confident that the US will finally see a Bitcoin exchange-traded fund listing.

While there is no confirmation, ProShares is ready to roll out its fund, having filed paperwork. The fund will go by the ticker BITO with a 0.95% expense ratio and would only hold Bitcoin futures contracts, having removed the language for investing in Canadian ETFs.

“If anyone needs more evidence that this is happening on Tuesday. Proshares’ 8A just hit which registers the ETF’s shares with the SEC for trading on an exchange,” commented James Seyffart, ETF analyst at Bloomberg Intelligence.

The amended filing from ProShares indicated that the ETF would begin trading next week, which suggests the SEC is unlikely to block the listing at this point. NYSE Arca also certified “its approval for listing,” meaning the exchange will allow investors to trade the funds as allowed under federal law without the interruption of the regulatory agency.

Ten such applications for a Bitcoin futures ETF have been filed ever since SEC chief Gary Gensler first hinted at his support for such a product in August. In the weeks ahead, Valkyrie and Investor could also follow ProShares into the market.

Late on Friday also came the reports that the largest digital asset manager Grayscale Investments plans to file an application to convert its bitcoin fund into a spot ETF next week. GBTC is currently trading at a 15.12% discount.

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Author: AnTy