VanEck’s Launches Physically-Backed Bitcoin ETN on Deutsche Böerse Xetra

Asset manager VanEck has listed a Bitcoin ETN on the regulated segment of Deutsche Börse Xetra, as per the announcement on Wednesday.

This product will allow investors to participate directly in the performance of bitcoin but without buying the digital currency themselves, making it as “uncomplicated” as trading in shares or ETFs.

“Bitcoin’s low correlation to other asset classes makes it an excellent way to contribute to the diversification of a portfolio,” says Martijn Rozemuller, Head of Europe at VanEck.

For cold storage, VanEck is working with Liechtenstein-based regulated crypto custodian Bank Frick.

The most important feature of this Bitcoin ETPs is that it is physically backed by the real BTC meaning the

“money invested in the ETN is actually used to buy bitcoin.”

Negligible premium/discount to NAV, transparent holdings, transparent prices, and investor protections are its other features, shared Gabor Gurbacs, VanEck’s director of digital asset strategy.

“VanEck is committed to support Bitcoin-focused financial innovation. Bringing to market a physical, fully-backed major exchange-listed Bitcoin ETP was a top priority of our firm. We succeeded! We hope to serve many clients and partners in Europe, Asia and across the world using our innovative, investment-friendly and regulatory-conscious access vehicles,” Gurbacs said.

VanEck had also filed for a Bitcoin ETF in the US in collaboration with SolidX but like all the other proposals, it was rejected by the regulators. Before the final deadline, it actually withdrew its own proposal but said it will continue to pursue an exchange-traded fund.

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Author: AnTy

Bitcoin Has Only Traded Above the 2020 High for Just Over 30 Hours, In Its Entire History

Bitcoin is aiming for a new all-time high this weekend.

On Friday, the digital asset went as high as $18,980, making a new 2020 high. Now, we are less than 7.5% away from $20k as we currently trade around $18,680.

Interestingly, there have been only 31 hours that BTC traded above $18,900 in its entire history, at the peak of the 2017 bull run, of course, and at $19k for a mere 24 hours. Also, at that time, BTC has been above $19,800 for less than an hour.

“There is little to suggest this rally has run out of steam, and all signs point to a run at the all-time high in the near future,” said Denis Vinokourov, head of research at Bequant in London.

For Su Zhu, the CEO of 3 Arrows Capital, “the next key price to watch will be $36k,” because “this is the strike with the largest BTC Open Interest on Debit Exchange, the dominant market leader in Bitcoin and Ether-settled options trading.”

For now, it would be interesting to see if breaking the much-coveted $20,000 will trigger a pullback for the prices of the Bitcoin, for which the crypto community has been waiting for a long time. A break above ATH is also expected to capture more of the mainstream attention.

Already it has been pacing in 2020, what with the likes of BlackRock, JPMorgan, Ray Dalio, Maisie Williams, Rapper Logic, who went YOLO, and so many more.

Wider institutional acceptance has been particularly seen after PayPal announced its decision to allow its customers to access cryptos.

“When we think about who we see getting involved in the space and seeing how many more access points are being opened, that can further expand the base of investors participating in this asset class,” said Michael Sonnenshein, managing director at Grayscale Investments. “We’re very, very encouraged by the prospects for this space overall.”

Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform, also said that today the flagship cryptocurrency had reached a place where institutional investors, banks, and family offices are “legitimately pondering involvement as a defense against currency devaluation.”

With these latest gains, 17% in just last week and over 150% YTD, Bitcoin has become the 15th largest digital asset by the market capitalization of $347 billion.

Beating Mastercard and Walt Disney, the leading digital asset, is ready to take over JPMorgan at $349 billion, just one step above, which it already did, albeit briefly.

As BTC continues to climb the rank up among the biggest assets by market cap, it has Visa at 12th spot with $397 billion market cap, Tesla at 10th spot with $464 billion, and Warren Buffet’s Berkshire Hathaway at 8th spot with $532 billion market cap in its vicinity to take over.

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Author: AnTy

Ethereum Has “Little Resistance Ahead,” Over 100,000 ETH Now Staked

Bitcoin is not the only protagonist of the ongoing bullish crypto market.

While the leading digital asset popped above $18,000, ready for a new all-time high, the price of Ether also surged to nearly $500, last seen in June 2018.

Both Bitcoin (BTC) and Ethereum (ETH) are enjoying a hot streak this week. While BTC’s realized cap topped at $130 billion on Nov. 17, ETH’s realized cap grew 3.9% week-over-week and is at its highest level since Sept. 2018 at over $36 billion.

According to In/Out of the Money Around Price (IOMAP) indicator of IntoTheBlock, “there is little resistance ahead until $581, with strong support around the $460 mark.”

At $460, 80% of the addresses currently holding ETH are experiencing profit.

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Another encouraging pattern is the percentage of ETH supply on cryptocurrency exchanges, which continues to decrease steadily. About 3 million ETH has moved off centralized exchanges since September, which according to quant trader Qiao Wang could be “a result of “productive” activities like Uniswap yield farming.”

Wang further believes “ETH could outperform BTC in the next bull run. Perhaps not on a risk-adjusted return basis, but likely on an absolute return basis.”

Another reason for this movement could be ETH holders depositing their ETH for staking for the first stage of ETH 2.0 – the “Beacon Chain.”

The progress of Eth 2.0 staking is behind schedule, with another 13,424 staking validators are required in the next 2 weeks to trigger the launch of ETH 2.0.

With about 80% of the required validators still missing, the current rate is not enough, but it is expected to ramp up towards the end of the deadline.

Still, when Phase 0 launches, it doesn’t change anything about Ethereum as the Beacon Chain doesn’t have accounts, and it can’t handle smart contracts either. It is simply the first stage in the transition of the second-largest network from a proof-of-work to a proof-of-stake consensus model.

The Beacon Chain will undergo testing in a live environment, and in the future, when Ethereum shard chains (Phase 1) are launched, the two blockchains will eventually be merged, at which PoS mining will be enabled, bringing faster processing times and cheaper transactions.

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Author: AnTy

SGS Audit Places Crypto.com into NIST’s Highest Privacy & Cybersecurity Framework Tier

Crypto.com, the digital asset exchange and alternative traditional finance platform, has received the highest security and privacy ratings as per the National Institute of Standards and Technology (NIST) framework. The Hong Kong domiciled firm announced a recent audit by SGS placed them at Tier 4 ‘Adaptive tier’; this is the highest maturity level on the NIST privacy and security framework.

“Audit conducted by internationally recognized audit services firm SGS, which attested that Crypto.com is operating at “Adaptive (Tier 4)“, the highest tier on the scale for both NIST frameworks.” Reads the announcement.

NIST, a non-regulatory agency of the U.S Department of Commerce, released its cybersecurity framework as early as 2014. This has been instrumental in guiding the private sector players on handling cybersecurity threats, especially now that they are rampant within the tech space. This framework provides some of the guidelines that include cyber threat identification, assessment, response, and recovery.

The NIST privacy framework only came into play earlier this year to strengthen data privacy via enterprise risk management (ERM). According to Crypto.com, both the security and privacy frameworks are integral in building market trust and playing by the books regarding compliance issues. Also, lean communication amongst stakeholders in matters of privacy and security.

To receive a Tier 4 (Adaptive rating), Crypto.com was audited based on core functionalities, which include Identify, detect, protect, respond, recover, communicate, control, and govern. Notably, the four tiers of maturity in privacy and security as per the NIST framework are; Partial (Tier 1), Risk-Informed (Tier 2), Repeatable (Tier 3), and Adaptive (Tier 4).

Crypto.com Co-founder and CEO Kris Marszalek, commented on this milestone, adding that the firm’s clientele is now past the 5 million marks,

“Achieving the highest maturity level based on the NIST Frameworks speaks volumes to our commitment to security and privacy, which have been cornerstones of our business since day one.

Having recently surpassed 5 million users, we will continue investing aggressively in technology and process that maintains the highest standards of security and privacy in the industry.”

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Author: Edwin Munyui

P2P Marketplace Paxful Launches Visa Crypto Debit Card with BlockCard in the US

Paxful, the Peer-to-peer digital asset marketplace, has partnered with the Ternio-powered crypto Fintech platform, BlockCard, to roll out a Visa debit card the U.S. This move comes amid the increasing demand for more crypto utility, apart from the prevalent speculative narrative where most coin hodlers depend on a price surge to realize value from their digital assets.

The Visa card rolled out by Paxful and BlockCard will enable U.S clients to convert their crypto assets to dollars for instant purchases. Other functions will include a checking account and the ability to withdraw one’s crypto funds from any ATM across the world. Notably, Paxful users who leverage this card will make purchases from over 45 million outlets.

According to the launch announcement by Paxful, the Visa debit cards will initially be available in the U.S. However, plans are underway to further scale outreach into more jurisdictions where the firm operates. With the minimum balance set at $10, the Visa card initiative by Paxful aims to bank the unbanked and increase alternatives for the underbanked.

Paxful’s CEO, Ray Youseff, emphasized the importance of onboarding more people into financial ecosystems as well as exposure to the underlying products,

“Access to reliable and affordable financial products is indispensable … Whether looking to invest in education, start a business, or simply manage the financial demands of everyday life; there should be a viable option for everyone across the globe.”

Ternio, on the other hand, is assured of its commitment to linking traditional finance and crypto through the firm’s CEO Daniel Gouldman. He noted that the firm is “committed to providing interoperability between cryptocurrencies and the traditional banking system.”

Recent News: Paxful, Exits Venezuela; Due to Regulatory Risks From US Sanctions

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Author: Edwin Munyui

Bitcoin Sees a Correction After Ending October with the Highest Monthly Close Ever

Bitcoin started November around $13,760, and although in the red currently, the price of the digital asset remains hovering around $13,400 on the back of $1.79 billion volume.

The month began on a red note, but it has just started, and more exciting has been the monster monthly candle we got in October.

Interestingly and bullishly, Bitcoin had its second-highest monthly close in history in October.

While, on Bitstamp, the longest-standing bitcoin exchange, Bitcoin had its second-highest monthly close, losing to the first by just an inch, on other exchanges, the flagship cryptocurrency actually made history.

On Bitfinex, Binance, and HitBTC, Bitcoin had the highest monthly close ever.

Additionally, it was the highest quarterly close for BTC price in history as well.

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As for why does it matter, “month-end asset valuation is how institutional participants appraise their holdings & investments,” stated one trader.

Now, after recording more than 27% gains in October and up 91% YTD, Bitcoin is down -2.18% in November, experiencing a correction.

However, it is not much different from last week when BTC’s price dipping under $13,000. It’s to be seen how low we will go this time.

“Another strong weekly close on high time frame. With that said, let the “dips” come. It shouldn’t surprise anyone who’s been in this market when it happens. Bitcoin had 9+ pullbacks of at least 30% last bull market. But in the long run, we know where this is going (up),” noted trader Josh Rager.

Pullback after the October rally is to be expected, and during the last bull cycle of 2017, Bitcoin had several such corrections, which were as much as 30% to 40%. Moreover, with the US Presidential elections tomorrow, a bit of volatility is expected across the markets.

Stock markets have been experiencing a downturn since mid-October. Meanwhile, today, gold is making its way up above $1,880, the same as the US Dollar index is doing above 94.

“I don’t have much a bearish thesis etc. Just seems like a nice spot for de-risking. High time frame resistance, elections coming up, not seeing evidence of fuel for a short squeeze,” said trader CryptoGainz. “Low time frame technicals are bullish, just sorta hoping for a bull trap tbh.”

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Author: AnTy

Risk Aversion in Effect: Losses Recorded Across Bitcoin, DeFi, Stock, & Gold Market

Bitcoin’s red hot rally came to stop on Wednesday when the price of the digital asset dropped just under $13,000. Today, the top digital currency is rebounding, currently at $13,450.

The sell-off, however, wasn’t confined to the crypto market alone and was seen in other markets as well. As a matter of fact, stock markets have been having a rough week as they continue to extend the losses.

Fueled by concerns over tougher coronavirus-related lockdowns and the upcoming US presidential election, stock markets had its worst decline in months. Since Monday, S&P 500 has fallen 5.6% and Dow Jones Industrial Average slid 6.4% with the tech-heavy Nasdaq only suffering 4.6% losses. Edward Moya, a senior market analyst at Oanda Corp said,

“This broad, risk-aversion-trading session is triggering widespread panic selling, which is seeing every risky asset, like gold and Bitcoin, really start to plummet.”

Profit Taking to be Expected

Bitcoin was inches away from hitting the 2019 high of $13,900 when the losses came but interestingly BTC is right where it was the day before the fall.

According to Bloomberg, Bitcoin’s 14-day strength index reading jumped above 70, signifying it to be overbought.

“I think that $14,000 is a very key threshold,” said Moya. “Once that level is taken out, there is going to be a lot more upside here.”

But the crypto community is not concerned about the decline, it is natural after the more than 21% rally. Also, with $14k being the big resistance before hitting an all-time high, people are seeing it as an opportunity to just buy the dips before we moon. As Mike McGlone, a strategist at Bloomberg Intelligence has been saying,

“Something unexpected has to reverse increasing adoption of Bitcoin as digital store-of-value such as gold, or the price has few options but to rise.”

In Capitulation, Still More Pain Ahead

Besides Bitcoin and the stock market, gold also went down to the $1,870 level while the US Dollar took this opportunity to strengthen above 93.5.

However, according to one trader, USD remains “macro bearish” which “in the big scheme of things this is good for BTC however we will have dips along the way.”

Altcoins also went down hard, following the leading digital currency and according to analyst DonAlt is in “capitulation.” He said,

“If this move down on all altcoins keeps going for a couple weeks and starts getting ridiculous I think we might be able to finally find some sort of medium-term bottom.”

As for DeFi, they have been experiencing correction since last month and continued their descent. Even the popular ones, YFI and Aave that looked to capitulate are making new lows. Now SNX has also joined the falling tokens where UNI continues to bleed due to its supply issuance. Quant trader Qiao Wang said,

“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.”

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Author: AnTy

Unlike The Price of Bitcoin, These Fundamentals Already Hit New All-Time Highs

Bitcoin is having its moment, as the price of the digital asset rallies above $13,000. Yesterday, BTC price almost broke the 2019 high; on Bitfinex, it actually made a new 34 month high.

We are still 36% away from hitting a new all-time high, but we are only six months into Bitcoin third halving, while historically, it has been within 1.5 years of each previous halving that the price hit a local peak.

But while the crypto-asset price is yet to hit a new high, many bitcoin fundamentals are already there, signaling “BTC is poised for takeoff.”

The number of addresses with at least $100 worth of Bitcoin hit a new all-time high of 9.74 million last week. Similarly, addresses with $10 worth of BTC have hit a new ATH of 17.6 million, and a new high of 3.6 million addresses also have $1000 worth of BTC. While a single person or entity can control multiple addresses,

“the trend suggests that the amount of BTC holders is increasing, which is a positive signal for BTC’s long-term adoption.”

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Also, the number of addresses with a holding period of fewer than 30 days reached a new record, indicating “new money is flowing into Bitcoin.” IntoTheBlock noted,

“The “traders” in October sums 3.38 million addresses that in aggregate hold 1.94 million BTC.”

Never has the percentage of BTC supply held for at least one year higher than the current 62.5%. This is bullish for the digital asset, especially because it peaked historically when the price was at local lows.

Meanwhile, BTC’s velocity, which measures the number of times an average unit of supply has been transferred in the last year, is at its lowest since 2011. Coin Metrics stated,

“A decreasing velocity suggests BTC is trending towards being used as a store of value as opposed to a medium of exchange.”

Amidst this, bitcoin supply is increasingly moving off of centralized exchanges, which could signal more and more investors want to custody their own BTC.

Other factors making records involve Tether recording its largest on-chain volume ever as a total of $15.1 billion USDT moved on Monday in 235.34k transactions.

Bitcoin subreddit that started 2020 with 1.1 million members has now also reached 1.7 million.

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Author: AnTy

Institutional Asset Manager, Stone Ridge, Buys 10,000 Bitcoin as its Treasury Reserve Asset

The $10 billion institutional asset manager has bought 10k BTC worth $115 million as its “primary treasury reserve asset.”

Publicly-traded MicroStrategy first started the narrative (twice), then last week, Jack Dorsey’s Square bought $50 million Bitcoin, representing 1% of company assets.

Already 15 public companies have bitcoin in their Treasuries, and several small businesses like Tahini and Snappa have converted their US dollars in the balance sheet with the leading digital asset.

Now, Stone Ridge Holdings Group has jumped on the BTC as a reserve asset train. The investment was based on the thesis that “the long term growth of an open-source monetary system—in assets like bitcoin,” co-founder Robert Gutmann told Forbes.

Its crypto subsidiary NYDIG also announced on Tuesday that it had raised $50 million in funding led by VC fund FinTech Collective along with Bessemer Ventures and Ribbit capital.

NYDIG, which offers prime brokerage and custody services to institutional customers, is among the handful of companies that have obtained New York state’s BitLicense.

Gutmann, who has taken over as co-founder and CEO of NYDIG, also shared that they are seeing “pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year.”

The unprecedented fiscal and monetary stimulus post-COVID-19 pandemic, according to him, will drive more and more people to hedge their investment portfolio with digital assets.

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Author: AnTy

World’s Largest Custodian Pursues DeFi Project to Change its Brand Name

BNY Mellon, the world’s largest custodian and asset services company with nearly $2 trillion in assets under management (AUM), asks the decentralized assets management project Melon Protocol to change its brand name.

“BNY Mellon has deployed a team of lawyers to pursue taking the Melon name away from our community,” shared the project on Twitter.

As such, they are now hunting for a new name, adding, “our community & values extends beyond a name, so we’ll focus efforts on taking their outdated business model & democratizing it so that ANYONE can be a fund manager.”

This isn’t the first time BNY Mellon has targeted the project. Two years back, they sent a cease and desist letter to Melonport, the Zug-based startup that built the Melon Protocol, allowing asset managers to create their own tokenized investment vehicles.

Started as a private company, in February 2019, it delivered v1.0 of the protocol and handed the control over to Melon Council DAO.

The investment company at that time also declared concerns regarding trademark applications by Melonport and announced that they would file an opposition against MELON CHAIN, MELON PROTOCOL, MELON FUND, and MELON MAIL trademark registrations.

Built on Ethereum, its DeFi protocol has $1.8 million of total funds locked (TVL), down from a peak of $2.5 million last month.

It’s token MLN, trading at $24.44, has a market cap of just over $13 million.

On Friday, Coinbase Custody announced deposit and withdrawal support for the token, yet another addition to the San Francisco-based crypto exchange’s DeFi steak that has them listing many other DeFi tokens in the past couple of months.

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Author: AnTy