Positive Momentum for Ethereum Continues with Another $60M in Inflows: CoinShares

Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report

Cardano (ADA) and Litecoin (LTC) are also seeing a great start with inflows of $6.6 million and $3.6 million, respectively. Bitcoin still accounts for the lion’s share of the inflows at $290 million last week.

Crypto asset investment products saw a resurgence of demand last week with inflows of $373 million, as per the data provided by CoinShares.

While continuous outflows were seen in some of both the Bitcoin and Ethereum’s individual products, reflecting profit-taking behavior was only a negligible 0.27% and 0.1% of total assets under management. BTC 1.59% Bitcoin / USD BTCUSD $ 56,714.09
Volume 61.32 b Change $901.75 Open $56,714.09 Circulating 18.71 m Market Cap 1.06 t
7 h Palantir says Bitcoin Is ‘Definitely on the Table’ to be Put on the Balance Sheet 7 h Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll 7 h Legendary Investor Stanley Druckenmiller Is Extremely Bullish on BTC; Unsure of ETH & Bearish on USD

The positive momentum for Ethereum kept on last week as well, with $60 million in inflows bringing the total assets under management to a new record of $16.5 billion.

“Institutional demand for ETH exposure is certainly growing. The open interest is growing rapidly for CME’s ETH futures and is now above $500 million,” noted Arcane Research.

Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far. While 4.71% of the circulating supply is getting out of exchanges, another 8.74% of the circulating supply of Ethereum is currently locked in DeFi Protocols, and more than 4% is locked in ETH 2.0 deposit contract.

Bitcoin, which achieved Ether’s current AUM level in December 2020, still accounts for the lion’s share of the inflows at $290 million last week.

New investment product entrants Cardano (ADA) and Litecoin (LTC) got off to a good start with inflows of $6.6 million and $3.6 million, respectively. This brings total assets under management to $10.8 million for Cardano and $12.5 million for Litecoin. ADA 7.50% Cardano / USD ADAUSD $ 1.77
Volume 5.43 b Change $0.13 Open $1.77 Circulating 31.95 b Market Cap 56.43 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 6 d Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report
LTC 4.84% Litecoin / USD LTCUSD $ 377.44
Volume 8.8 b Change $18.27 Open $377.44 Circulating 66.75 m Market Cap 25.2 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 5 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

Exchange trading volumes for Bitcoin (BTC) averaged $10.5 million last week, with Bitcoin investment products higher than recent weeks with total trading volumes of $6.1 billion.

Grayscale remains the world’s largest digital asset manager with $50.83 billion in AUM, followed by CoinShares, with just over $6 billion in assets.

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Author: AnTy

DeFi Protocol, Rari Capital, to Become a DAO After the $10 Million Exploit

Over the weekend, another DeFi protocol was exploited for about 2600 ETH, worth more than $10 million.

Rari Capital, whose first product is focused on delivering the highest yield, was attacked on Saturday. The funds were extracted from its Ethereum Pool before the attacker was stopped by pausing the contracts — the loss amounting to 60% of all users’ funds in the Pool.

The team shared in its post mortem that its Ethereum Pool deposits the ETH into Alpha Finance’s ibETH token as a yield-generating strategy.

What the attacker did was flashloan ETH from dYdX, deposit that ETH into the Pool, manipulate the value of `ibETH.totalETH()` by pushing it artificially high, and withdraw more ETH from Pool.

According to Alpha Finance, `ibETH.totalETH()` is manipulatable inside the `ibETH.work` function, and a user of `ibETH.work` can call any contract it wants to inside `ibETH.work,` including the Rari Capital Ethereum Pool deposit and withdrawal functions, but Rari Capital contributors were not aware of it.

To avoid any such issues in the future, Rari Capital will list the protocols it integrates to review their integrations. Also, prevent deposits and withdrawals in the same block or timelock by up to one hour to mitigate the speed of potential attacks.

Furthermore, the team will be checking invariants that shouldn’t need to be checked, internally review the protocols they are looking to integrate with for attack vectors, and enlist more top auditing firms other than Quantstamp and Omniscia.

The project already has another audit planned with OpenZeppelin.

Late on Sunday, the team announced that RariCapital would be becoming a decentralized autonomous organization (DAO), and the team’s allocation of $2 million RGT will be going to it.

As such, “There is no more Rari Capital team. There are only contributors to the protocol,” Jai Bhavnani of Rari capital.

“Decentralization was inevitable, the hack just accelerated evolution,” said Tetranode, an investor in the project.

In the next step, the team focuses on the reimbursement proposals that will go through the voting process.

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Author: AnTy

Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio

Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio

Vancouver-based fintech company Mogo has purchased Ether as it continues to allocate its cash reserves into cryptocurrencies.

Mogo Deepens its Belief in Crypto

The company which had previously purchased Bitcoin announced that it had purchased 146 ETH at an average price of $2,780. This brings the purchased cryptocurrency to $405,880 in value at the time of the investment.

Mogo’s earlier investment in Bitcoin totals $1,054,618 at the current exchange rate, bought at an average price of $33,083.

Mogo’s move shows its intention to focus more on crypto assets, especially now that it has liquidated its equity investments in Vena Solutions.

The fintech company sold its Vena solutions holdings for $4.7 million, where it locked in a 116% profit from the book value on December 31, 2020. The company had divested its equity stake in Vena during its $300 million Series C funding.

Speaking on the latest Ether purchase, CEO and founder of Mogo Greg Feller said that the current investment in Ethereum compliments the earlier acquisition of Bitcoin.

“This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform.”

Feller has previously spoken about how much the company believes in cryptocurrency. Mogo’s product development-related investments in crypto date back to 2018, when the company launched MogoCrypto.

MogoCrypto is a platform that enables its members to buy and sell bitcoin at real-time prices instantly through the Mogo app using their mobile device.

In March 2021, the company announced its Bitcoin rewards program that provides members with the opportunity to earn Bitcoin through engagement with Mogo’s products while enabling them to accumulate Bitcoin over time.

Apart from Mogo’s new-found crypto love, the company also recently closed its strategic investment in Coinsquare Ltd. The firm acquired a 19.99% stake in the popular Canadian exchange with an option to increase its stake to 43%.

Institutional Investors Choosing Bitcoin Over Ethereum

Mogo happens to be one of the few companies that have chosen to invest in the second-largest cryptocurrency. For so long, many of the institutions buying cryptocurrencies focused solely on Bitcoin. This was somewhat attributed to the popularity of the premier digital asset. The last couple of weeks has seen many companies make inroads into Ethereum.

According to Coinbase’s annual review for 2020, more institutional clients are snapping up positions in Ether as they now see the crypto as a potential store of value and its growing status as an asset that powers transactions on the Ethereum network.

Last month, Chinese company Meitu, known for its mobile apps, purchased 386 BTC ($21.6M) & 16k ETH ($28.4M) on March 17th and another 175.6 BTC for $10M on April 9th.

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Author: Jimmy Aki

Turkey Drafting Wider Crypto Regulations, Probe Launched into Another Exchange

Turkey Drafting Wider Crypto Regulations, Probe Launched into Another Exchange After it Ceases Activities

After Thodex was abruptly shut down, Vebitcoin abruptly stopped all its activities as well. An investigation has been launched in both the crypto exchanges, and several people have already been detained.

The Finance Minister of Turkey is working on broader regulations regarding cryptocurrencies, said Central Bank Governor Sahap Kavcioglu on Friday.

However, the bank does not intend to ban crypto, he added.

Some details on regulations would be ready as early as in two weeks, Kavcioglu said in an interview with Turkish broadcasters. Recently, the central bank banned the use of cryptos as payments, citing volatility along with “irreparable” damage and transaction risks.

This latest move towards regulating digital assets came after crypto exchange Thodex abruptly shut down, making hundreds of millions of dollars worth of crypto assets irretrievable.

Thodex recorded about $538 million in volume on its last trading day.

The authorities have detained dozens of people in the investigation into the exchange and sought its founder’s arrest in Albania, police said on Friday.

As we reported earlier this week, the Thodex platform said on its website that it would be closed for four to five days due to a sale process. After people were unable to make any withdrawals or access their accounts, they filed criminal complaints saying they had been scammed.

Police launched raids across eight provinces on Friday with warrants to arrest 78 suspects, the Istanbul police said. Sixty-two people have been detained so far, reported the state-owned news agency Anadolu.

A day earlier, the officials searched the company’s Istanbul offices and seized materials.

According to the police, the company’s founder and CEO, Faruk Fatih Ozer, had flown to the Albanian capital Tirana on Tuesday. Interpol then issued a red notice for Ozer.

Amidst all this, a probe has been launched into another cryptocurrency exchange Vebitcoin, a local prosecutor said on Saturday.

Turkish authorities blocked the onshore bank accounts of Vebitcoin and detained four people as part of the investigation. This action was taken after the exchange announced that it had stopped all activities, citing financial issues. The notice on the exchange reads,

“Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected. We would like to state with regret that this situation has led us to a very difficult process in the financial field. We have decided to cease our activities in order to fulfill all regulations and claims.”

The Financial Crimes Investigation Board (MASAK) has blocked the company’s accounts and started an investigation, reported Anadolu.

“Four administrators and personnel of the company were detained on Saturday on allegations of fraud,” Mehmet Nadir Yagci, a prosecutor in the southwestern city of Mugla, said in a statement.

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Author: AnTy

BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Is BNB setting the stage to replace Ether as the second-largest digital asset or acting as another funnel for ETH DeFi?

BNB is enjoying an explosive rally, hitting new highs every day.

Today, BNB went to nearly $640. Binance CEO Changpeng Zhao, meanwhile, is doing all he can to send it even higher as he reminded his 1.4 million followers on Twitter that BNB burn is coming in a few days.

“When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” tweeted CZ.

BNB is now the third-largest cryptocurrency with a market cap of $92 billion, while competitor Ethereum sits at second place with $250 billion.

Some people are now questioning if BNB can replace ETH. ETH -0.28% Ethereum / USD ETHUSD $ 2,144.39
Volume 21.71 b Change -$6.00 Open $2,144.39 Circulating 115.44 m Market Cap 247.56 b
2 h Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2 9 h Topps Launching its Flagship Baseball Card Collection in NFTs in Partnership with MLB 10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Up over 1,440% YTD, BNB started uptrending this year like all the other cryptos; however, the real rally started in late March thanks to the growing usage of the Binance Smart Chain.

BSC, which was first unveiled a year back, is currently recording more than 4 million transactions per day, with the highest number of 4,995,155 transactions on April 8, while the lowest number of 38 transactions was seen on August 30, 2020, as per BSC Scan.

In comparison, the second-largest network is recording just over 1 million transactions per day, with the highest number of 1,406,016 transactions set on September 17, 2020.

As of April 11, there were over 64.4 million on BSC in terms of unique addresses, a huge increase from just 1.26 million exactly two months back. Meanwhile, over the past six years, Ethereum has achieved a total of 147.3 million unique addresses. However, not everyone is impressed with these numbers; as Ryan Watkins of data provider Messari says,

“Price action will cause people to believe anything. I don’t care how high BNB or CAKE go, it won’t change that they’re still copycats. It’s one thing to view these assets as a way to make money, it’s another to view them as innovations that push this industry forward.”

Watkins argues that this growth is the result of centralization, that’s it, and instead of choosing BSC for speed and scalability, he says Solana is the way as it’s more decentralized than BSC. SOL 3.00% Solana / USD SOLUSD $ 28.63
Volume 309.37 m Change $0.86 Open $28.63 Circulating 270.02 m Market Cap 7.73 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 11 h The Reasons for Low Gas Fees on Ethereum Network, Despite Heightened Activity 4 d BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Meanwhile, users only care about how easy and cheap a network really is, as can be seen with BSC TVL getting ready to hit $30 billion.

Like BNB, the projects built on BSC also enjoy immense gains, with CAKE being the most popular one with a $4.16 billion market cap, up 4,520% YTD. PancakeSwap has also surpassed Coinbase Pro in volume today and is doing about 2.5x of the biggest DEX Uniswap. CAKE -0.69% PancakeSwap / USD CAKEUSD $ 26.34
Volume 1.25 b Change -$0.18 Open $26.34 Circulating 149.96 m Market Cap 3.95 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 3 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT 3 w 0x and Matcha Becomes the Latest Protocols to Join Binance Smart Chain (BSC) After Alpha as Part of “Multi-Chain Future”

Despite the success, these tokens aren’t really available for trading on many or any centralized exchanges.

According to Spartan Black of crypto fund The Spartan Group, this is the reason DeFi tokens are underperforming for the last few weeks. He said,

“BSC is having its own DeFi summer….so much alpha to be discovered in BSC (XVS, CAKE). If you are wondering why Ethereum DeFi coins are lackluster, it’s because of the huge valuation gap that still exists between the BSC coins and ETH equivalents.”

And until BSC-based DeFi tokens have their own DeFi summer, “money isn’t rotating back to ETH DeFi coins.”

Despite BSC’s growing usage, it doesn’t mean other chains’ demise; rather, many believe it will only onboard more users to the decentralized finance (DEFi) space.

“BSC adoption is foreshadowing what L2s will do to Ethereum,” said Santiago R Santos, a partner at ParaFi Capital. “My thesis is that BSC is another funnel for ETH DeFi.”

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Author: AnTy

Chinese Company Meitu Buys Another $10M Bitcoin, Now Owns $100 Million in BTC and Ether

Chinese Company Meitu Buys Another $10M Bitcoin, Now Owns $100 Million in BTC and Ether

Publicly-traded Chinese company Meitu announced the purchase of an additional 175.6 Bitcoin at approximately $10 million, as per the filing published on April 8.

With this latest purchase, the company has completed its $100 million worth of crypto, Bitcoin, and Ether combined, accumulating ever since adopting a “cryptocurrency investment plan” in March this year.

The Hong Kong-based app developer now has total holdings of 940 BTC and 31,000 ETH. Both the investments have been roughly the same in USD terms.

Coinbase disclosed last month that its institutional business arm facilitated Meitu’s last crypto purchases. For the latest $10 million BTC addition, Meitu selected OSL Digital securities as of its trade execution and custody partner. The biggest US crypto exchange was also the one that provided its services to Tesla, MicroStrategy, and Ruffer Investments.

Meitu’s crypto accumulation has been part of a broader trend where publicly traded companies are making crypto part of their treasury as a replacement to the debasing fiat currencies. With Ether, Meitu plans to enter into the blockchain industry.

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Author: AnTy

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Instead of waiting another year and a half, the SoftBank Group-owned company offers a liquidity option for creditors now.

Fortress Investment Group LLC is offering the creditor of the now-defunct cryptocurrency exchange Mt. Gox an earlier payout. Since 2017, Fortress has been owned by SoftBank Group.

However, this will be a discounted payout to what the creditors would get under a trustee-backed proposal set for a vote in October. According to Bloomberg, this is the highest value that a private equity and hedge fund firm has ever offered creditors.

The Civil Rehabilitation plan from Mt. Gox’s trustee set for an October vote would refund credits about 90% of their claim value while Fortress is offering about 80%. Fortress is using a calculator constructed by Mt. Gox creditor Kim Nilsson to determine the payout value of a claim.

However, the rehabilitation plan payments are not likely to occur until mid-2022, unlike Fortress, which offers liquidity now.

While there is no certainty that creditors will approve the plan, Fortress figures investors don’t want to wait and may choose to cash out now; as such, they have been now sending out thousands of letters to Mt. Gox creators.

“Rather than waiting another 1 to 1.5 years, we are offering a liquidity option for creditors who want to receive cash or BTC now,” said Michael Hourigan, managing director at Fortress.

Creditors would get the amount owed in either cash, Bitcoin (BTC), or Bitcoin Cash (BCH) based on their deposits, under the Fortress proposal.

For years, Fortress has been buying up Mt. Gox claims, offering as little as $600 per BTC and as much as $1,300 per BTC. Bitcoin price, meanwhile, has risen to a record nearly $62k.

Japan-based Mt. Gox that was launched in 2010, was once the world’s biggest Bitcoin exchange, handling more than 70% of all BTC transactions worldwide in 2013. That is until it lost thousands of customers’ bitcoin in a hack.

Some of the holdings were found, and the trustee is working to reimburse creditors for years now as the process gets delayed by lawsuits.

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Author: AnTy

China’s Publicly-Traded Company Meitu Buys Another 386 BTC ($21.6M) and 16k Ether ($28.4M)

China’s Publicly-Traded Company Meitu Buys Another 386 BTC ($21.6M) and 16k Ether ($28.4M)

As per the company’s filing on Wednesday, a publicly-listed Chinese company, Meitu, has purchased an additional 16,000 Ether for $28.4 million and about 386 BTC for $21.6 million in the open market.

The document shows that this latest purchase has been made through Miracle Vision, the wholly-owned subsidiary of the beauty app. The purchase orders were made and completed on March 17, 2021, it further stated.

This latest purchase came exactly ten days after Meitu bought 15,000 Ether for $22.1 million and about 379 BTC for $17.9 million.

Bitcoin is currently trading around $55,350, down 10.2% from the $61,700 peak on March 13, while just under $1,800 Ether is trading 12.3% off of its ATH of $2,042 from Feb. 20.

Cai Wensheng, Chairman of Meitu, reiterated his bullish crypto thesis of blockchain technology having the potential to disrupt both existing financial and technology industries much like the Internet did, as the reason behind the decision to invest in digital assets.

The company Board believes the blockchain industry is still in its early stage, and cryptocurrencies have ample room for appreciation in value. By allocating part of its treasury in crypto assets, it can also serve as a diversification to holding cash in treasury management.

While Bitcoin, a store of value and effective hedge against depreciation of fiat currencies, is part of the company’s asset allocation strategy, Ether is Meitu’s preparation for its foray into the blockchain industry.

The Group, consisting of Meitu and its subsidiaries, is currently evaluating the feasibility of integrating blockchain technologies to its various overseas businesses, including launching Ethereum-based dApps and identifying suitable overseas blockchain-based projects for potential investments.

Here, Ether would become the gas reserve for their potential dAPP(s) to consume in the future and used for investing in blockchain-based projects that take Ether into consideration.

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Author: AnTy

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

Yet Another Bitcoin ETF, Mike Novogratz’s Galaxy Digital Positioning Itself to Lead This Boom

While the first Bitcoin ETF has made its debut in Canada, the U.S. will be the next — “It’s all part of this accelerating evolution of being a store of value,” says the CEO.

Mike Novogratz’s crypto firm Galaxy Digital is filing for a Bitcoin exchange-traded fund (ETF) through CI Global Asset Management.

The preliminary prospectus dated February 16, 2021, with the securities commissions in each of the provinces and territories of Canada, is still subject to completion or amendment. Galaxy Digital is registered in Canada.

Galaxy Bitcoin ETF (“BTCX” or the “ETF”) will be managed by CI GAM, and Galaxy Digital will act as its Bitcoin sub-advisor and execute trades on behalf of the proposed ETF.

The fund will invest directly in Bitcoin with the holdings of BTC priced using the Bloomberg Galaxy Bitcoin Index, designed to measure the performance of a single Bitcoin traded in US dollars. Novogratz said in an interview,

“Crypto is being institutionalized at an accelerating rate.”

“And now an ETF product is showing up in Canada first; it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

No Bitcoin ETF has been approved in the US yet.

Already, the company’s closed-end fund CI Galaxy Bitcoin Fund (TSX: BTCG) is offered by CI GAM trading on the Toronto Stock Exchange in Dec. 2020.

Galaxy’s trading desk is one of the several that are providing BTC for the Purpose Bitcoin ETF, the first-ever approved, which debuted Thursday.

According to Novogratz, following Tesla and MicroStrategy buying Bitcoin, many more companies and pension funds are seeking to do the same.

“All of these stories — and there’s a story every day — really point to a sustainable bull market in crypto,” the billionaire former hedge fund manager said.

The price of Bitcoin surged to a new record high of about $56,600 late on Friday, pushing the market cap of the leading cryptocurrency past $1 trillion for the first time.

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Author: AnTy

MicroStrategy Wants to Buy More Bitcoin with Another Round of 0 Million Debt

MicroStrategy Wants to Buy More Bitcoin with Another Round of $690 Million Debt

“CEO Michael Saylor is carrying out one of the highest conviction investment thesis we have seen in public markets.” – Bitcoin Bull Anthony ‘Pomp’ Pompliano

The publicly listed company has made yet another bet on Bitcoin by announcing that MicroStrategy intends to offer $600 million worth of convertible senior notes, up to an additional $90 million aggregate principal amount of the notes. The official announcement reads,

“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoins.”

Bitcoin proponent Michael Saylor, the chief executive of MicroStrategy, has already added a total of 71,079 Bitcoin to the company’s balance sheet and is now ready to add even more. MicroStrategy’s $1.145 billion Bitcoin investment has them owning 0.38% of BTC circulating supply.

In December, the company issued convertible senior notes to raise $635 million, whose entire proceeds were used to buy Bitcoin. Veteran investor Bill Miller was one of the buyers of MicroStrategy’s 0.75% convertible bond who called this “unique purchase” a “very little downside and an almost-free call option on Bitcoin.”

Now, yet again, MicroStrategy is ready to take up more debt due 2027, to buy even more Bitcoin, which has been hitting $50,000 for two days in a row.

With the latest jump in prices, the leading cryptocurrency’s market capitalization rose above $940 billion, just a few inches away from the trillion-dollar mark.

The notes will be issued via a private offering to qualified institutional buyers, which will mature on February 15, 2027, unless earlier repurchased, redeemed, or converted and will bear interest payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2021.

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Author: AnTy