Galaxy Leading the Ether ETF Race with Lowest Fees; Purpose Amasses Nearly 11k ETH

Galaxy Leading the Ether ETF Race with Lowest Fees; Purpose Amasses Nearly 11k ETH

All three of the Ethereum exchange-traded funds made their debut on the Toronto Stock exchange on Tuesday.

While the US has yet to approve a single Bitcoin exchange-traded fund, Canada has launched several and has now moved to Ethereum.

Not one but three Ether ETFs made their debut trading on the Toronto Stock exchange on Tuesday.

Purpose Investments, CI Global Asset Management, and Evolve Funds Group are the Canada-based asset managers who received approval from the Ontario Securities Commission last week.

These three firms also launched the Bitcoin ETFs, with the Purpose Bitcoin ETF (BTCC) being the first one in North America, which has amassed 18,525 BTC in just over two months.

The Purpose Ether ETF, the CI Galaxy Ethereum ETF, and the Evolve Ether ETF all three provide exposure to the price of the second-largest crypto ETH without owning the crypto asset itself.

Purpose charges a 1% management fee, and its product ETHH has accumulated 10,902 ETH already, worth CAD 33.33 million ($26.65 million).

“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments said in a statement.

Evolve and CI have waived off their management fees until May 31 and June 15, respectively. The former charges 0.75%, and the latter charges 0.40% of the net asset value, NAV.

Evolve’s ETF (ETHR) has gathered about $2.769 million in assets under management (AUM).

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Author: AnTy

Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be $0.5 Trillion Per Year

Leading decentralized exchange (DEX) Uniswap has hit a new milestone.

The weekly trading volume on Uniswap surpassed $10 billion for the first time ever. Daily volume, meanwhile, is $1.5 billion, which hit its all-time high at $2.2 billion in late October.

The latest milestone represents half a trillion-dollar volume every year.

“Uniswap weekly trading volume just passed $10b for the first time!!! $10b/week is over $0.5 trillion per year,” said Uniswap creator Hayden Adams.

The first time, Uniswap hit $1 billion in weekly volume was in early August in 2020, and ever since then, these numbers have only been going up. Much like volume, liquidity is ever-growing as well, keeping above $8 billion.

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Uniswap currently has more than half of the market share at 51.7% in terms of volume, followed by Cuve at 18.6% and SushiSwap’s nearly 15%. CRV -3.91% Curve DAO Token / USD CRVUSD $ 2.90
-$0.11-3.91%
Volume 233.76 m Change -$0.11 Open $2.90 Circulating 273.68 m Market Cap 794.35 m
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Coinbase Accelerates Altcoin Listing Ahead of Going Public, Bringing Millions of Retail to DeFi 4 w Coinbase CEO Says Exchange is Open to CBDC Listings, Not Intimidated by DEXs
SUSHI -1.22% SushiSwap / USD SUSHIUSD $ 12.51
-$0.15-1.22%
Volume 482.49 m Change -$0.15 Open $12.51 Circulating 127.24 m Market Cap 1.59 b
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 1 w CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements

Overall, $49 billion has been recorded by DEXs in monthly volume in April so far. In Q1, the best month was February, $76.7 billion monthly volume.

The token UNI, meanwhile, is a $17 billion crypto-asset trading above $32.

Earlier this week, eToro, which has 20 million registered users globally, added support for UNI and LINK on its trading network, bringing the total number of crypto assets available to trade on the platform at 18. LINK -6.15% Chainlink / USD LINKUSD $ 36.27
-$2.23-6.15%
Volume 2.05 b Change -$2.23 Open $36.27 Circulating 419.01 m Market Cap 15.2 b
2 h Oracle Service API3 Inks Deal With OBP To Merge Conventional Banking With DeFi 4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

“Now is the right time to be adding new cryptos to eToro. We have seen an explosion in retail investor appetite for the asset class and strong demand to invest across a greater range of tokens.”

Doron Rosenblum VP of Business Solutions at eToro

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Author: AnTy

Rising Treasury Yields are a Danger to Bitcoin & They Are Soaring Right Now

The ongoing yield debacle is not good for risky assets and gold, and the leading digital currency is still struggling to recover from the losses.

Risky assets are back on the incline as Treasury yields ease off after hitting multi-year highs on Thursday. Also, the Federal Reserve Chairman calmed the nerves by committing to keeping the interest rates low and that it will continue to pump money into the economy.

In the early hours of Thursday, 10-Treasury yields jumped to 1.427%, last seen in March 2020, but ended the day lower at 1.3740%. Yields on 30-year Treasury soared to 2.888%, Dec. 2019 high to end lower at 2.226%. Bond prices and yields have an inverse relationship.

Today, they both are back on the rise by about 0.059%.

“Bonds puking, again… Need this to stop going down (i.e., rates going up) to have nice things,” said trader and economist Alex Kruger.

The 30-year German yield has also turned positive, rising to 0.2% from -0.2% in three short months. German 10-year yields are still negative though at -0.3%.

This spooked the central bank, and now “the ECB is closely monitoring the evolution of longer-term nominal bond yields,” said European Central Bank President Christine Lagarde this week.

Fed, however, is not that concerned when asked about the rise in yields; Jerome Powell said, “It’s a statement of confidence on the part of markets that we will have a robust and complete recovery.”

Rates going up is negative for stock valuations, particularly tech, and assets that benefited from negative real yields the most, gold and bitcoin, Kruger said,

“The thesis is the Fed will intervene to bring rates down.”

“If that trend is not stopped hold on to your horses because risk assets, gold and highly likely bitcoin as well are all in for a very rough ride down. You want to watch interest rates like a hawk.”

Risk On or Off?

This fall in yields, meanwhile, has sparked a rally in stocks. S&P 500 is yet again reaching its peak at nearly 3,935 from Feb. 12.

Tech-heavy Nasdaq, which slid 5.6% this week, is back at 13,600, still in need of a pump to hit its 14,095 all-time high from Feb. 12.

“In institutional circles, corporate treasuries are often looked down on as dumb money,” notes Kruger.

While stocks are clearly enjoying this fall in Treasury yields, the same is not the case for the traditional safe-haven asset.

Gold is not having a good week, and today the spot gold went under $1,790 per ounce. The precious metal is on a downtrend ever since it hit a new high in August at about $2,075.

The US dollar is also not enjoying the increase in yields and is back under 90, aiming to go for fresh multi-year lows at 89.2 in early January.

Coming to digital gold, Bitcoin had a brutal week, losing 23% of its value with a drop under $45k. For now, the market struggles to recover completely despite the price of Bitcoin going above $50,000. Trader Cantering Clark said,

“Rates are rising. Risk-on assets don’t really benefit in that situation. All assets would get hurt with a rapid rise. Saylor purchase and Tether news came out, and we don’t have a very obvious response. Would not get overly bullish.”

However, according to him, this is all just short-term as “Bitcoin has already cleared the runway and is now on its way to further appreciation and adoption.”

Alex Kruger is of a similar opinion as he notes that there’s a chance Bitcoin will do its thing as “institutional penetration remains very low.” This means the institutional inflow may continue, and retail will be busy stacking regardless. Also, corporates may join in and “be more focused on inflation or digitalization than rates.”

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Author: AnTy

French Regulator Proposes New Regulations And Pilot Programs For Blockchains & Crypto

French Regulator Proposes New Regulations And Pilot Programs For Blockchains & Crypto

A leading French financial regulator calls for accelerated focus and development of new crypto regulations around emerging technologies (blockchain, crypto, AI, and data) across the EU.

In a speech by Robert Ophèle, Autorité des Marchés Financiers (AMF) Chairman, during the 5th Annual Fintech and Regulation Afore Consulting conference, French regulators need to take a step forward in pilot programs and creating new laws to govern distributed ledger technology (DLT) and blockchain across the EU.

Ophèle further acknowledged the “digital acceleration” in the financial world due to blockchains and DLTs coming up but stated government intervention is needed to guarantee a level playing field. He further designated the European Securities and Markets Authority (ESMA) as the best regulator to take over crypto regulation and supervision due to entry barriers into the new ecosystem.

According to Robert in his speech, ESMA leading the crypto supervision would ensure the regulator is fully competent on crypto while “building all the expertise in one place.”

Additionally, Ophèle also calls for creating rules on digital assets classified as financial instruments and non-financial instruments as well through the Markets in Crypto Assets (MiCA) regulation. However, to promote technological growth in the DLT industry, he suggests creating a pilot regime. The ‘Pilot regime’ allows crypto companies to be “able to try out and test within a proportionate and clear regulatory framework.”

“Work is needed in MICA to ensure that the technological neutrality principle is respected. As already highlighted for security tokens, we need to ensure that all types of DLT can be used, private and public.”

“Nor should we close the door on decentralized business models by prohibiting or overlooking them.”

The regulatory sandbox will offer companies the chance to operate as traditional money financial services (MFS) and broaden the range of issuers able to benefit from listing their securities on DLT-based infrastructures. He also proposed the sandbox to have an ‘open mind’ while accepting companies’ listing to the pilot regime and respecting the “principle of technological neutrality.”

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Author: Lujan Odera

Binance Backs Parachain Candidate, Plasm Network; Making First Investment in Polkadot Ecosystem

  • Plasm Network, a leading parachain candidate on the Polkadot blockchain, has received financial backing from Binance.
  • The Polkadot blockchain is growing rapidly, adding to its standing as a viable Ethereum substitute for DeFi protocol developers.
  • Top cryptocurrency exchange Binance is making a significant splash in the decentralized finance (DeFi) space.
  • The exchange’s venture capital arm Binance Labs has led a funding round for the Plasm Network, a hub for decentralized apps on the Polkadot blockchain.

Binance Goes Further Into DeFi

According to an official announcement, Binance Labs ponied up $2.4 million, nearly 25 percent of its Polkadot support fund, for the investment. Other investors who participated in the funding round were LongHash, PAKA Ventures, HashKey, and the Digital Finance Group.

Plasm would use the funds to develop new projects, such as to build a bridge between Polkadot and Ethereum. The company, which specializes in parachain development and layer-two scaling solutions, explained that it would allocate the raised funds towards research and development, on-chain governance, and building a bridge between the Ethereum and Polkadot blockchains.

In a statement, Wei Zhou, the head of Binance Labs, praised the Plasm Network for some of its previous accomplishments and its growth since launching operations. Zhou added that this investment shows Binance’s commitment to supporting the Polkadot ecosystem.

The Plasm Network is only the second Polkadot-based DeFi platform to successfully raise funds this month. Last week, several investors including Polychain Capital, Defiance Capital, and Alameda Research collaborated to raise $1.1 million for Manta Network, a company looking to build a decentralized exchange on the blockchain.

Manta Network’s exchange will focus primarily on privacy protection. The platform will operate as an automated market maker exchange, featuring private swaps through the use of zk-SNARKs and Groth16 proofs – the same cryptographic technology used in notable privacy coin ZCash.

In a survey conducted by the team, about 75 percent of respondents revealed that they had second thoughts about performing transactions due to their privacy implications. Simultaneously, 84 percent of respondents had problems with linking their real identities with their blockchain identities for privacy reasons.

To wit, the firm hopes to provide a genuinely private exchange, using the concept of shielded tokens to create swaps. Thanks to the use of zk-SNARKs, the exchange will be able to obfuscate token swaps while ensuring that transactions follow certain rules.

Polkadot Means Business

Projects like these provide a significant growth opportunity for Polkadot – a blockchain now considered to be a viable competitor to Ethereum. Over the past year, the growth of the DeFi space has brought several challenges for Ethereum, with many raising concerns over its scalability and rising gas fees. In Polkadot, DeFi protocol developers have found a possible alternative that could work almost as well as Ethereum.

Despite the competition, connections between the two blockchains have also been an interesting recent development. Last week, Acala, a stablecoin development project on the Polkadot blockchain, announced an Ethereum Virtual Machine (EVM) to connect Polkadot with Ethereum provide protocol developers more seamless operations.

The company’s announcement explained that its EVM would provide a full stack of tools to developers using languages like Solidity, Substrate, and Web3. Using these tools, developers will be able to integrate their apps and access DeFi via a single wallet. Developers will also be able to deploy their applications on Acala without additional tooling support, thanks to protocol composability features.

In addition, the EMV provides access to cross-chain and Polkadot-native assets like renBTC, ACA, and DOT. Developers can deploy ERC-20 tokens into EVMV as well, listing them on decentralized exchanges to be used as gas fee tokens.

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Author: Jimmy Aki

Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump

While the endorsement from Tesla CEO and Bridgewater Associates founder is “bullish” for the leading crypto, Ray Dalio says the idea of “a church that one is devoted to determining one’s investment position on Bitcoin” is discomforting.

Bitcoin had a wild Friday as we pumped and dumped beautifully.

What looked like a change of Bitcoin market trajectory turned out to be nothing more than a short-lived pump.

This pump was propelled by the world’s richest person, Tesla CEO Elon Musk, who changed his bio to “bitcoin” that followed up with “In retrospect, it was inevitable.” This tweet was also put in block 668197 mined by yhc5t3.

It turned out to be just like the Xi pump back in October 2019 when Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology sent BTC above $10,500.

Now, the market is expecting Bitcoin to go back to testing the lows. Already Bitcoin is down more than 7% and dropped under $33,000. Trader Benjamin Blunts is calling for the incoming of new lows at “sub 28k.”

Besides this short-lived pump, Musk taking Twitter CEO Jack Dorsey’s route also resulted in others doing the same. These individuals include Reddit founder Alexis Ohanian who is also busy “staking sats,” Anthony Scaramucci of SkyBridge Capital, YouTuber MrBeast, crypto exchange Gemini founder Tyler Winklevoss and other Bitcoin enthusiasts all having simply “Bitcoin” in their Twitter bio.

“Bitcoin is the signal and it’s getting louder,” commented Michael Saylor, CEO of MicroStrategy on this.

Another positive momentum for Bitcoin came from Bridgewater Associates founder Ray Dalio this week, who turned positive on the cryptocurrency. Mike Novogratz called this endorsement from Musk and Dalio “bullish” for Bitcoin, stating:

“BTC is a store of value. All stores of values are belief systems. And we are getting new converts to the church at an accelerating rate. Stay long.”

However, Dalio was quick to chime in to say that he doesn’t call himself “a convert to the church of an accelerating rate,” rather he would be interested in the response to his assessment of Bitcoin and knowing “what am I missing?”

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Exchanges Can’t Handle the Growing Demand

While Musk tweaking his Twitter bio presented the market a pump opportunity, trading platforms couldn’t keep up with the demand they are seeing even since WallStreetBets got on the Dogecoin train and took the road to crypto space after Robinhood paused trading in some of the hot stocks on Thursday such as GME.

Robinhood also temporarily disabled the features that allowed users to buy cryptos instantly. However, the popular retail platform doesn’t offer the ownership of cryptos, rather just buy and sell opportunity through IOUs.

“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said a Robinhood spokeswoman.

As we reported, users then moved on to crypto exchanges but like every other time they couldn’t keep up with this much demand.

Binance said the risk of new users put its system under stress, with its CEO Changpeng Zhao noting that user sign-ups and trades jumped to a record high as well, forcing the exchange to briefly suspend withdrawals.

“We almost ran out of DOGE coin addresses,” Zhao told Bloomberg. “Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.”

US-based Coinbase also reported that “due to a technical issue, we are experiencing degraded service where some trades may not be able to be completed.”

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Author: AnTy

Latin America’s Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise

Latin America’s Leading Exchange, Mercado Bitcoin, to Scale Operations After $38M Raise

Mercado Bitcoin, a leading crypto exchange in Latin America, is set to expand its operations into other jurisdictions following a successful investment round. The contributions were over $37 million (200 million BRL). According to the press release, this exchange, which has been operating almost exclusively in Brazil, will scale to other Latin American countries, including Argentina, Chile, and Mexico.

Started back in 2013 by the Chamati brothers, Mercado Bitcoin is one of the veterans and reputable crypto exchanges in Brazil. The firm has been growing exponentially in recent years; currently, over 2 million users leverage the exchange for crypto operations. It touts close to $3.7 billion in cumulative transactional volume.

Mercado Bitcoin’s latest investment round was led by Latin America industry heavyweights Parallax Ventures and GP Investimentos. Other players who contributed include Gear Ventures, Banco Plural, HS Investimentos FIP, and Evora Fund. With these stakeholders’ financial support, the exchange is now looking to capitalize on the larger Latin American crypto market.

Generally, Brazil has been crypto-friendly jurisdiction compared to other countries yet embraces a legal scope for crypto activity. This Latin American giant has attracted notable crypto ventures, with Mercado Bitcoin leading the pack. It now seems that they are ready to bite more in terms of market share; the firm’s CEO Reinaldo Rabelo highlighted the potential in this move,

“We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States. To do this, we want to be one of the five largest digital exchanges in the world. Today, we are already the largest exchange in Latin America, operating almost exclusively in Brazil. Now, we’re going to look at the other markets, like Chile, Mexico, and Argentina, which have a regulatory culture closer to ours.”

Mercado also said that it would invest in two strategic fronts to consolidate its leadership; the investments will be allocated to Bitrust and Meubank. The former is a qualified crypto custodian to provide a gateway for institutional clients. At the same time, the latter is a digital wallet provider in the process of being approved by Brazil’s Central Bank.

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Author: Edwin Munyui

Swiss Stock Exchange, SIX, Adds A New Bitcoin ETP (BTCE) From Issuer ETC Group

SIX Swiss Exchange, one of the leading marketplaces for crypto products, has welcomed a new Bitcoin exchange-traded product (ETP) provider known as the ETC Group. According to the official announcement, ETC Group will join 5 other ETP providers, scaling the number of listed ETP’s to 34.

The new Bitcoin ETP goes by the ticker ‘BTCE’ and tracking Bitcoin’s price BTC 6.28% Bitcoin / USD BTCUSD $ 38,620.37
$2,425.366.28%
Volume 63.56 b Change $2,425.36 Open $38,620.37 Circulating 18.6 m Market Cap 718.36 b
6 s Swiss Stock Exchange, SIX, Adds A New Bitcoin ETP (BTCE) From Issuer ETC Group 11 min New Zealand’s Financial Markets Authority Warns Crypto Investors to Watch Out for Scams 44 min Howard Marks Warms Up to Bitcoin; His Son Holds A ‘Meaningful Amount’ of BTC For The Family
to inform its performance. Basically, this crypto-oriented product gives exposure to Bitcoin while operating under the regulated SIX exchange marketplace. The ETP is available in GBP, CHF, and USD trading pairs.

Given that the ETP tracks Bitcoin, ETC Group has 100% physically backed the BTCE ETP; in simple terms, the Group owns Bitcoin as the underlying asset to this particular crypto product. Investors can, therefore, participate in the crypto markets by tracking the price of BTC, which is reflective of the ETP performance.

SIX Swiss Exchange head of markets, Christian Reuss, said the milestone would further expose investors to more crypto products,

“We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.”

The exchange also reported that it broke the billion-dollar barrier in crypto products trading turnover to CHF 1 billion in 2020. This figure has increased by over 100% compared to 2017’s turnover, around CHF 525 million; crypto-related trades broke previous records to hit 48,024.

Meanwhile, ETC Group who is the provider of the newly listed Bitcoin ETP, has experience in the innovation of digital asset-backed securities; the firm enjoys backing from heavyweight London-based institutions such as XTX Ventures and ITI Capital.

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Author: Edwin Munyui

Fidelity Increases Its Stake in the First Hong Kong Regulated Crypto Exchange, OSL

Fidelity Investments, a leading global asset manager interested in crypto, has increased its capital allocation to BC Technology Group. This firm runs the first crypto asset exchange to be licensed in Hong Kong, OSL. According to the regulatory filing, Fidelity increased its ownership stake from 5.29% to 6.29% after acquiring an additional 3.3 million shares at HK$52.3 million ($6.7 million).

Before this event, Fidelity’s shares at BC Technology stood at 17,795,500, an investment that the asset manager acquired last year at a rough figure of $14 million. The latest increment is a sign of the bullish outlook in being exposed to Hong Kong crypto markets where regulators seem to have been slowing capital inflows. Notably, BC Technology raised around $90 million in a top-up share placement last week.

Having received the Hong Kong license, OSL crypto exchange might be well onto the path of exponential growth. This much-coveted license is issued by the Hong Kong Securities and Futures Commission, which means that OSL now gives crypto exposure to both retail and institutions. The exchange recently touted its status as the world’s ‘first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.’

Going by such fundaments, Fidelity’s capital scaling in Asia comes as no surprise; in fact, the firm recently invested in a Singapore regulated fund manager dubbed Stack Funds in a move that will enable investors to purchase and store crypto assets. Fidelity also launched a Europe based unit towards the end of last year; this particular entity was launched in the United Kingdom and will focus on extending Fidelity’s services to the larger European market.

Overall, Fidelity has had quite a good run in the crypto space; its CEO, Abigail Johnson, a crypto enthusiast, recently revealed that their custody operations have been ‘incredibly successful.’ Having launched its Bitcoin fund in early 2020, Fidelity targets investors who can invest a minimum of $100,000. Per the company’s latest updates, an estimated 36% of institutional investors have exposure to BTC or other crypto assets.

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Author: Edwin Munyui

Deeper Pullback in Precious Metals Indicates Flows Are Moving Towards Bitcoin

However, if the dollar rally continues on “that would sink a few boats.”

Cryptocurrencies are already leading the market gains in 2021.

On Friday, Bitcoin price nearly hit $42,000 and is currently holding strongly above $40k with over $14 billion in ‘real’ volume.

This week, BTC started with a dip to about $28,500 and since then has seen a 42% increment in its value.

“The surge in Bitcoin is indicative of froth but not only in that market, in many other areas where risk premiums have come down sharply in the past year despite a recession,” said Kevin Caron, portfolio manager for Washington Crossing. “We view Bitcoin as a proxy for risk appetite.”

Besides Bitcoin, altcoins also enjoyed a good week with notable mentions including Nano (256%), Pundi X (146%), YFL (130%), Stellar (128%), Loopring (126%), ROOK (118%), Nexus (107%), Verge (96%), ALPHA (87%), YFI (82%), SOL (78%), MATIC (67%), KIMCHI (62%), KP3R (60%), IOTA (58%), and Ethereum (58%).

These gains led to the total cryptocurrency market capitalization to climb to $1.09 trillion.

Bitcoin awakening

While cryptocurrencies are enjoying just another green week, the same is not the case for metals.

As we reported, precious metals have been taking a beating for three days in a row. Since Wednesday, spot gold has lost 6.6% of its value and is now seeing a slight relief to $1,847 per ounce. The same is the case for silver, which slid a good 12.8% during the same period.

These losses have been the result of the US dollar index rising and keeping above the 90 level. Unlike the traditional safe-haven asset, Bitcoin and the stock market remained unaffected by the greenback’s strength.

According to Charlie Morris of ByteTree, the deep slide in precious metals could be the result of flows moving towards Bitcoin. “If this continues, expect a dollar counter-rally. That would sink a few boats,” he said.

Much like gold, treasuries also sold off as investors focused on further stimulus. The sell-off in 10-year US Treasuries pushed their yields to their highest levels since March. Despite the UK economy losing 140,000 jobs in December, the first time in eight months. Francois Savary, chief investment officer at Swiss wealth manager Prime Partners, said,

“Investors are buying the end of an erratic Trump administration and looking forward to something new, which is a Biden presidency and the prospect of a significant spending program.”

The Biden administration is expected to be good for cryptocurrencies with the expectations for more stimulus and money printing. Frank Spiteri, chief revenue officer at CoinShares, said,

“It seems like we’re in the middle of a simultaneous awakening among institutions to Bitcoin as an uncorrelated store of value assets with the possibility of serving as an inflation hedge in the face of a highly unconventional monetary policy environment.”

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Author: AnTy