Crypto Exchange ByBit’s BitDAO Raises $360 Million in Just 2 Hours on Sushi MISO

On Monday, BitDAO raised a whopping $360 million in a matter of two hours in a dutch auction on DeFi bluechip SushiSwap’s standardized, one-click launchpad MISO.

The BIT-ETH auction concluded with over 112,000 ETH raised from over 9200 participants; the BitDAO team shared on Twitter.

With this, BIT is now tradable on SushiSwap DEX.

“BitDAO is excited to collaborate with Sushi for the next phase of building decentralized organizations and coordinating on various community events,” said the team.

The BIT-SUSHI auction also airdropped bonuses to those who participated in the SUSHI-BIT auction.

“Sushi got 2.6%, they sell 1.8% for ETH + 0.2% for SUSHI. There is also an average bonus of 20%, which leaves them with 0.2% to add as liquidity. So they add 20M BIT + ~12.5k ETH, which leaves them with ~91k free ETH,” noted Yearn developer Banteg.

This puts BIT’s fully diluted value (FDV) at $19.1 billion, almost on par with the 10th largest cryptocurrency Solana (SOL), which has a market cap of $20.4 bln and is more valuable than the popular DEX Uniswap (UNI), which is a $15.6 billion coin.

As of writing, BIT is trading at $1.88, down over 18% from its all-time high of $2 on the day of auction but up from the $1.44 low that came to a couple of hours after the launch, according to CoinGecko.

BitDAO was able to raise capital this fast in the currently recovering public market, where private markets are still hot as ever, with sky-high valuations still coming in every other day.

Also, BitDAO was reportedly using influences to appeal to the Japanese investors, with their YouTube videos having thousands of views.

Just at the end of last month, Bybit had announced that it is an early supporter of the new decentralized autonomous organization BitDAO which has support from the likes of PayPal co-founder Peter Thiel, Founders Fund, Alan Howard, Amber, Pantera, Dragonfly, Spartan, SushiSwap, Synthetix founder Kain Warwick, mgnr, Fenbushi Capital, and more.

It also said that Bybit has pledged to contribute 2.5bps (0.025%) of futures trading volume to BitDAO’s treasury, equivalent to more than $1B per year.

BitDAO aims to allocate resources to support DeFi’s growth in the form of research and development, liquidity bootstrapping, and funding.

“This is really impressive. Bybit Official is launching its own DeFi initiative. Whereas CEXs like Binance or Huobi just build their own blockchains, Bybit chose to support and expand existing DeFi ecosystem,” said Fiskantes, a VC partner with Zee Prime Capital.

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Author: AnTy

Bitcoin Stays Above Critical 200-Day Moving Average as DeFi and Meme Coins Pump

The total market value of the cryptocurrency has risen above $2.11 trillion on Monday, down just 19% from its May 12 all-time high of $2.61 trillion.

This spike in the overall crypto market cap came as Bitcoin went above $48,000 only to slide back just under $46k. Reaching the highest level since May 16 is showing its staying power above its 200-day moving average.

To start the week, a US Securities and Exchange Commission (SEC) filing by the Northern Investment Advisors disclosed that the Denver-based wealth management firm increased its Grayscale Bitcoin Trust (GBTC) holdings to 8,955 as of June 30, from 4,811 shares at the March-end.

The second-largest crypto Ether went past $3,345 and is currently trading just over $3,200, last recorded during the May 19 sell-off. ETH/BTC is also maintaining its support at around 0.07.

“Bitcoin continues above its critical 200-day moving average,” wrote Fundstrat strategists in a note Friday. “Also on our radar is Cardano (ADA), which after signaling smart contracts are soon to hit the platform earlier this week is up” significantly.

The biggest gains over the past week have been seen by Ravencoin (65.5%), XRP (64.7%), Axie Infinity (63.2%), Solana (62.7%), Terra (60%), Cardano (52.8%), Waves (51%), Holo (46%), Dogecoin (46%), Arweave (45.2%), and Polygon (42.1%).

And in the past 24 hours, AR, SOL, LUNA, DOGE, and SHIB really started going up.

Trader DonAlt, however, isn’t confident in the bullish market setup given that retail favorites DOGE and SHIB are pumping.

“I’ll give it 10-30 days and will cut every position I’ve got no matter how much I like the setup as we approach that window,” said the trader.

“Hope there is some retail blood left to squeeze otherwise we’ll be the bagholders this time.”

Much like the revival of meme coins, the DeFi ecosystem is also back on track, with the DeFi market cap surpassing $122 billion, the highest level since May 19th and nearing the May 12th peak of $150 billion.

Meanwhile, the latest gains came despite the fact that the amendment in the crypto provision of the trillion-dollar infrastructure bill failed to win as the original bill passed the Senate and is now in the House.

“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note on Saturday. “We interpreted this price action as extremely bullish,” and, “we think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay.”

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Author: AnTy

JPMorgan Piloting Blockchain-based Payment Solution in Asia

American investment bank and financial services provider JPMorgan, on Monday, April 12, launched ‘Confirm,’ a blockchain solution to reduce the number of rejected or returned payments.

‘Confirm’ Validates Transactions In ‘Near Real-time’

Following the launch, the US bank is now test-running the blockchain solution with 12 banks in Taiwan. The financial institutions include CTBC Bank, Taiwan Cooperative Bank, and First Commercial Bank.

As part of the test run, the banks were required to transfer money to Indonesia, using JPMorgan’s clearing solution – ‘PayDirect.’

Disclosing this development to the investing public, the banks which were used as case studies, according to JPMorgan, were able to request and receive confirmation of beneficiaries’ account information in ‘near-real-time.’

According to the US banking giant, there are numerous risks attached to transaction failures in the blockchain market, some of which are -a heightened risk of fraud, increment in cost from payment returns, and poor customer experience because of delays in processing payments.

Why this solution is timely for digital asset holders

In the blockchain industry, transactions are mostly seamless as cryptocurrency transactions are often done without problems. But there are instances where unsuccessful and failed transactions are recorded. In situations where failed transactions occur, one of the most common reasons is ‘fees.’

It is pertinent to note that the fees asset holders input in their transactions is collected by miners, who are shouldered with the responsibility of confirming transactions on the network.

These fees are used to determine the priority of each transaction as far as blockchain is concerned. Meaning that the higher the fee, the higher the level of importance placed on a transaction, and vice-versa. So, if the price an asset holder includes is too low, there are chances that miners will not consider such a transaction worthwhile to validate. And the most common consequence of this is rejection.

While no data is accessible at press time to confirm the rate at which traders experience failure in their transactions, there are indications most of the transactions that suffered rejection were because of the injected fee. More so, when a low price is used during the period that a network is experiencing congestion, there is a likelihood that it will not be successful. Due to how the blockchain is designed, miners are the only ones that determine every transaction’s status.

However, with ‘Confirm,’ JPMorgan brings a solution aiming to reduce failed transactions and increase successful ones.

Through a secure peer-to-peer network in the blockchain industry, trading entities can request an account’s validation before payment initiation. They can also respond to requests for account owner and status or participate as both a requestor and a responder.

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Author: Jimmy Aki

Bancor Now Burns BNT with Every Swap With The Vortex Burner (vBNT) Launch

The Bancor Vortex vBNT burner is now live, announced by the team on Monday as the Bancor Vortex Burner gets deployed on the Ethereum mainnet.

Under this new feature, the burner will collect 5% of swap fee revenue and uses it to buy and burn vBNT. The team will be making the burn rate a critical part of BancorDAO’s flexible monetary policy and may even push it to 15%. The team says,

“vBNT will now be burned with every swap — locking BNT in the protocol forever and putting deflationary pressure on the circulating supply of BNT.”

This obviously means good things for the prices for the $1.30 billion market cap BNT, which is currently trading at $7.50, up 476% YTD.

The decentralized exchange (DEX) currently manages about half a million dollars worth of volume in a week and accounts for 3.5% of the market share, as per Dune Analytics.

Through continued buyback and burning, vBNT burning increases locked liquidity, reduces the circulating supply of BNT, and increases lending capacity. The team states,

“The full powers of the Bancor Vortex can now be accessed to perform key actions on the network that drive increased value to traders, LPs and the protocol’s owners, BNT holders.”

These actions include swapping, staking, and borrowing. Using the liquidating pools means generating fees, and in turn, the amount of vBNT bought and burned which means, as the volume rises, the burning of vBNT accelerates.

As for borrowing against staked BNT, it will allow one to earn additional yield by providing more liquidity.

“When you sell your vBNT, you’re effectively betting that if/when you eventually buy back the vBNT needed to retrieve your full BNT stake, the revenue you’ve earned with your borrowed tokens is of greater value than the amount of vBNT you originally sold.”

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Author: AnTy

Bitcoin Following the Stock Market “Tick for Tick,” $1.9T Stimulus Bill Passed & Yields Go Up Again

The cryptocurrency market is continuing the upwards momentum on Monday that started over the weekend.

Bitcoin has made its way above $50,000 while Ether trades over $1,700. The greens in the broad cryptocurrency market have a total market cap surpassing $1.55 trillion.

While the price of Bitcoin has slowed down some in the near term after hitting a new all-time high above $58,300 in February followed by a pullback of 26%, the coins continue to be moved off the cryptocurrency exchanges in the expectation of higher future prices.

While the on-chain movement shows bullish momentum, institutional investors on CME closed their positions, but both longs and shorts.

For the week ending March 6, total open interest for CME Bitcoin plummeted to its lowest levels this year as it shed more than 2500 contracts, as per Market Science’s latest report.

Last week, leveraged funds experienced the most dramatic change as these traders closed both long and short positions; their positioning is now as net-short as it has ever been. Interestingly, asset managers are also net short, which wasn’t seen through most of the recent bull run.

Non-Reportable traders remain less bullish than their average historically while Other Reportable traders have virtually no short exposure, remaining close to record net-long levels as they own over 25% of all long contracts outstanding. “These conditions have exhibited a bullish statistical edge historically,” noted Market Science.

The Macro

In the macro-environment, the bullish news came in the form of the $1.9 trillion Covid-19 relief bill which passed the Senate 50-49 on Saturday. Democrats aim to have the bill signed into law early this week.

“As tough as this moment is, there are brighter days ahead — there really are,” President Joe Biden said at the White House after the bill was passed. “It’s never been a good bet to bet against America.”

The bill will send $1,400 payments to millions of Americans, individuals earning up to $75,000 and couples earning up to $150k based on either 2019 or 2020 tax returns. It would also deliver $300 a week in extra unemployment assistance through Sept. 6.

This has the stock market recovering with S&P 500 up 2.9% and Nasdaq 4% after incurring losses ever since hitting new highs in the second week of February.

Bitcoin has actually been following the stock market ever since February, “almost tick for tick,” notes trader and economist Alex Kruger. Hence, the gains and if the traditional market sees red today, it is likely crypto assets will slide too.

Gold, however, is not having a good Monday as the spot prices fell under $1,690 per ounce while the US dollar Index strengthened above 92.2 thanks to yet another bout of a surge in Treasury yields. The 10-year U.S. Treasury yield hit 1.6% on Monday morning, while on the 30-year Treasury bond, it rose to 2.311%. Yields move inversely to prices.

This, however, isn’t good for BTC prices as we have seen for the past couple of weeks.

“Rates impact not only BTC but virtually every asset in the world. As one of the (if not the) most liquid asset class, higher rates mean bonds become more attractive than other assets – money flow from everywhere else into bonds,” said Qiao Wange of DeFi Alliance. “At extreme levels this will crush all risk assets.”

Bitcoin has managed to rally because of its adoption narrative in addition to being the best performing asset.

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Author: AnTy

The US Dollar Lost 99.9% of its Value to Bitcoin in Just Last 8 Years

Whistleblower Edward Snowden, a Bitcoin advocate, tweeted on Monday, “Today I learned the dollar had lost 99.93% of its value since 2013 (relative to Bitcoin).”

Recently, Crypto Twitter also called on President Donald Trump to grant clemency to Snowden, activist Julian Assange, and Silk Road founder Ross Ulbricht.

In 2013, Bitcoin was worth a mere $100, and this month, the price of Bitcoin climbed to a new all-time high at about $19,950.

image1

Not only USD, but Bitcoin has also actually wiped the floor with other fiat currencies like Venezuelan Bolivar and Argentine Peso.

1 US dollar is currently worth 5,212 sats
Source: USDSat.com

In 2020, while the leading digital asset has been enjoying a rally attracting the attention of institutions, the US Dollar Index went from almost 103 to under 90.

“Institutional investors are keen on portfolio construction in the wake of Covid, and the ways they need to reposition themselves given how governments have injected stimulus into the system,” said Michael Sonnenshein, managing director of Grayscale Investments.

Interestingly, while the price of Bitcoin has all the space to rocket too; the limited supply of the leading digital currency only has 2.5 million left to be mined.

Institutional FOMO

Since hitting a new high on several cryptocurrency exchanges, Bitcoin has gotten stuck in a range, trying to make up its mind if it wants to make a run for $20,000 or $17,000. Currently trading around $19,160, less than $1.79 billion has been recorded in volume.

However, the digital asset did make an all-time high weekly close over the weekend, keeping its gains over 167% run-up YTD.

Unlike the previous bull run of 2017 which was retail-driven, this time the financial industry is the one playing a bigger role in this market.

“The multitude of regulated crypto exchanges and custodians has eliminated the ‘career risk’ for institutional investors,” PwC’s Hong Kong-based Global Crypto Leader Henri Arslanian said in an interview with Bloomberg. “In 2017, there was retail FOMO. The question is whether we will see institutional FOMO in 2021.”

Having already run to just inches away from $20k, the market has been predicting some wild targets for this cycle that goes as high as $100k to $300k.

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Author: AnTy

Tesla, Amazon, Netflix, & Pfizer Now Tradeable on Bittrex Against USD, USDT, & BTC

Cryptocurrency exchange Bittrex announced on Monday that it will now allow its users to trade popular stocks.

After derivatives platform FTX, Bittrex is the latest one to list the tokenized stocks on its exchange. This is made possible through its partnership with Digital Assets.AG.

Digital Assets.AG is a Swiss-based company that facilitates the tokenization of traditional financial assets. This will allow investors and traders to directly access the listed companies without an external broker or additional fees.

The popular stocks available to purchase and trade on Bittrex include Tesla (TSLA), Alibaba (BABA), SPDR S&P 500 ETF (SPY), Beyond Meat Inc (BYND), Pfizer (PFE), Apple (AAPL), BioNTech (BNTX), Google (GOOGL), Facebook (FB), Amazon (AMZN), Netflix (NFLX), and Bilibili (BILI).

These stocks will be tradeable against US dollars (USD), Tether (USDT), and Bitcoin (BTC).

“The traditional stock exchanges of the world’s financial capitals have for centuries set the terms for engagement and trading,” said Tom Albright, the chief executive of Bittrex Global adding that the decade-old inefficient, complex, and expensive infrastructure is “totally unnecessary.” He said,

“Blockchain technology has the potential to radically broaden access to financial services, and Bittrex Global is very proud to provide people with a portal to build their capital and private wealth in a way that was unimaginable a decade ago.”

Unlike the traditional stock market, Bittrex will allow people to trade twenty-four hours a day, seven days a week. Additionally, users can purchase a fraction of stock instead of entire shares. Even the countries where access to US stocks though traditional finance is not possible will now be able to trade them.

This is just the beginning as the exchange plans to “quickly increase their offerings by giving its customers exposure to ETFs, indices, and additional asset classes.”

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Author: AnTy

Cybersecurity Firm, CipherTrace, Files Second Patent for Tracking Privacy Coin Monero (XMR)

  • A cybersecurity firm, CipherTrace announced on Monday their second patent on tracing and tracking privacy-enabled cryptocurrency, Monero (XMR)

A press release shared to the BEG news desk confirms CipherTrace, a blockchain analysis, and cybersecurity firm, has filed its second “Monero tracing” patent – “Techniques and Probabilistic Methods for Tracing Monero.” The patent follows the firm’s registration of the “Systems and Methods for Investigating Monero” patent earlier in the month in a bid to trace and track the privacy-enabled cryptocurrency.

Over the past few years, regulators and governments worldwide, including the United States and Russia, have been working on solutions to tracking XMR. According to the statement, over 45% of the darknet transactions are completed using privacy coins – with Monero leading the line, only second to Bitcoin (BTC).

Monero gives the user total anonymity through a privacy-by-default blockchain, unlike other privacy-based blockchains, ensuring no user can be deliberately or accidentally be traceable.

In September, the crypto intelligence firm announced a partnership with the U.S. Department of Homeland Security to develop a forensic tool to track and trace Monero. At the time, CipherTrace CEO Dave Jevans confirmed the product has been in the works for a year stating,

“Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. There is much work still to be done, but CipherTrace is proud to announce the world’s first Monero tracing capability.”

The latest patent will allow CipherTrace to build unique solutions and a toolkit to help regulators and law enforcement officials easily trace private cryptocurrency. The patent covers many features, including forensic tools to explore the XMR transactions, statistical and probabilistic methods to clustering likely owners, transaction visualization tools and methodologies for gaining intelligence about XMR transactions and node operators, etc.

This will exacerbate money laundering across the virtual asset service providers (VASPs) such as crypto exchanges and custodial services. Monero’s privacy makes it difficult for these VASPs to take on the compliance risk due to the high possibility and risk of money laundering. Over the past year, several exchanges have delisted XMR due to these challenges, including OKEx, Upbit, and recently Switzerland-based ShapeShift.

While CipherTrace works to remove the anonymity that cryptocurrency assets offer, the privacy of the crypto users’ identities will not be disclosed, the statement reads.

“We do, however, identify the Virtual Asset Service Providers (VASPs) that are commercial companies operating cryptocurrency businesses.”

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Author: Lujan Odera

Legendary Investor Becomes A Bitcoiner, From ‘Why We Need This Thing’ To Betting Big On BTC

Billionaire investor Stanley Druckenmiller said on CNBC on Monday that he owns Bitcoin, becoming the latest high-profile to get in on the leading digital currency. The legendary investor said,

“I’m a bit of a dinosaur, but I have warmed up to the fact that Bitcoin could be an asset class that has a lot of attraction as a store of value.”

Although compared to bitcoin, his gold position is “many, many more times” larger, the hedge fund manager predicted his allocation in BTC would outperform.

“Frankly, if the gold bet works the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it,” said Druckenmiller adding Bitcoin “has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they have a lot of it.”

Correlation between Bitcoin and gold started trending upwards again in recent weeks, however, it is still far from the high seen in August.

Last year, Druckenmiller called bitcoin “a solution in search of a problem” adding he doesn’t “understand why we need this thing.” Now, he says that having a 13-year history, it picks up more and more brand value each passing day.

“The smartest macro investors now own BTC and they will trigger a procession of macro investors to do the same,” said a partner of Crypto hedge fund The Spartan Group.

With this, Druckenmiller has joined the likes of Michael Saylor, Bill Miller, Jack Dorsey, and Paul Tudor Jones among others to allocate a portion of his vast wealth in Bitcoin. Raoul Pal, co-founder of Real Vision said,

“The significance of the world’s greatest and most respected money manager – Stan Druckenmiller – saying just now that he is long bitcoin can not be overstated.

That has removed every obstacle for any hedge fund or endowment to invest.”

Bitcoin naysayers have begun to change their tune, from JPMorgan, PayPal, to Nouriel Roubini although the latter one took to Twitter again to blast the digital currency which is beating the traditional assets by a wide margin, up 115% YTD.

Last week, Druckenmiller said that he is shorting the US Dollar and this time added that he is anticipating a 3-to-4 year decline in it.

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Author: AnTy

The UK to Lead in New Tech “Stablecoins & CBDCs” Following EU Departure: Chancellor

Chancellor Rishi Sunak said on Monday that to maintain certainty and stability for firms in the UK following its departure from the European Union, they will be

“leading the global conversation on new technologies like stablecoins and Central Bank Digital Currencies.”

For this, the UK will extend its leadership in financial technology, which means remaining at the forefront of technical innovation. Here, Sunak mentions new technologies such as stablecoins, the privately-issued digital currencies which

“could transform the way people store and exchange their money, making payments cheaper and faster.”

However, to harness these benefits, the government will propose a regulatory approach that ensures these stablecoin initiatives meet the same minimum standards as other payment methods.

On the topic of central bank digital currencies, the UK wants to take a “leading role in the global conversation.”

The Chancellor also welcomed the research done by HM Treasury and the Bank of England on whether or how to issue their own digital currencies, which will be “complement to cash.” Sunak said,

“Our plans will ensure the UK moves forward as an open, attractive, and well-regulated market, and continues to lead the world in pioneering new technologies and shifting finance towards a net-zero future.”

In this future of UK financial services, the Chancellor of the Exchequer further emphasized green finance, reforms to the UK listings regime to “attract the most innovative and successful firms,” and to launch a Call for Evidence on its overseas regime.

Additionally, to have the UK’s first Long-Term Asset Fund launch within a year to encourage investment in long-term illiquid assets, such as infrastructure and venture capital.

The idea is to position the UK as a global financial hub by ensuring regulation enhances the UK’s attractiveness to businesses.

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Author: AnTy