Brazil’s Hashdex Launches World’s First Crypto ETF in Partnership with Nasdaq

Brazilian manager Hashdex has obtained the approval to launch the world’s first cryptocurrency Exchange Traded Funds (ETF), in partnership with Nasdaq.

Named Hashdex Nasdaq Crypto Index ETF, the product will be listed on the Bermuda Stock Exchange, as per local media reports.

It is expected to be available by the end of the year, which will replicate the Crypto Nasdaq Index, a joint effort of Nasdaq and Hashdex, which aims to attract institutional investment in cryptos.

Hashdex already has three crypto funds available for investment, with the most accessible one being Discovery that has a minimum investment of $500 and a management fee of 1% per year.

While in the US, several attempts at Bitcoin ETF have been rejected by the Securities and Exchange Commission (SEC). Hashdex has chosen the island specifically because of Bermuda’s crypto-friendly regulations.

According to Marcelo Sampaio, CEO of Hashdex, Nasdaq’s formal entry into the digital assets market is yet another confirmation that investments in crypto are being viewed with greater interest and confidence. He said,

“This process should also speed up the entry of institutional investors in this segment. It is a trend that increasingly becomes concrete.”

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Author: AnTy

Lithuania’s LBCOIN, The World’s First Collectible Digital Coin, is Sent to the ECB Council

The world’s first collectible digital coin called LBCOIN was sent to the email inbox of European Central Bank policy makers on Monday from one of their colleagues.

The coin came to Governing Council members as a link to an e-wallet with six digital tokens. These tokens feature a portrait of one of the 20 signatories of Liithunai’s 1918 declaration of independence.

“I’m curious how popular this is going to be among Governing Council members,” said Vitas Vasiliauskas, Lithuania’s central bank governor. “I’ve asked for feedback,” he added.

Just last week, ECB President Christine Lagarde said that they would soon discuss whether or not the eurozone should create its very own digital currency.

Currently, finance chiefs of the euro region are working on devising a regime to regulate fiat-backed stablecoins.

Call for a Digital Euro

Before being sent to the colleagues, the LBCOIN was demonstrated at last week’s Governing Council meeting about how it works.

Based on blockchain technology, the project took three years to complete, Vasiliauskas said.

“We’re the first to issue” such a coin, he said. “The whole experience gave us ample possibilities to comprehend the technology.”

The users of the tokens can also trade them among themselves after activating the tokens. The specific set of them can also be exchanged for a credit card-sized physical coin that has a nominal value of 19.18 euros.

The central bank governor believes the LBCOIN experience will help ECB in reaching the decision on a digital euro. According to him, it was the social media giant Facebook’s stablecoin Libra that helped euro-area central banks in recognizing that digitization can revolutionize the financial system.

“We absolutely need to move forward, we see the Chinese are already testing it in practice, launching the CBDC in certain regions,” he said. “Europe shouldn’t sleep through this again.”

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Author: AnTy

Binance Rolls Out $100M Fund to Bring DeFi Developers to its Smart Chain (BSC) Platform

  • The world’s largest cryptocurrency exchange, Binance, is entering the raging decentralized finance (DeFi) ecosystem aiming to take over the market.
  • The centralized exchange will control the listings and governance of the platform – a case of CeFi taking on DeFi.

Binance announced a $100 million development grant in a bid to entice DeFi developers to build on its newly-launched smart contract platform, Binance Smart Chain (BSC). CEO Changpeng ‘CZ’ Zhao made the announcement during the company’s World DeFi Summit this Thursday, stating the platform will provide ‘a bridge’ between the centralized and decentralized worlds of crypto.

The platform will provide a direct link between Binance.com exchange and the Binance Smart Chain allowing users to access DeFi products without leaving the exchange directly. Binance Coin (BNB) holders will also be able to participate and have more rights in the governance of BSC by staking on the chain.

The Binance community members will be in charge of distributing the funds with a maximum of $100,000 offered to each team.

The team will use their IEO criteria used on platforms such as Binance Launchpad and Binance X to select promising projects. The centralization aspect of the new platform has irked parts of the crypto community but has also received its fair share of praise – majorly due to Ethereum’s high gas fees.

A New Centralized DeFi platform

According to CZ’s explanation posted in a short thread on Twitter, the new-look centralized DeFi will offer users a couple of advantages over sticking to DeFi.

First, the exchange will vet the tokens that will trade and transact on the BSC, managing the risks involved in scams. However, he maintains the vetting may not prove sufficient “and sometimes may even be negative (depending on the CEX), he stated. “But a reputable CEX is financially incentivized to maintain it.”

Finally, users who stake BNB on Binance will be able to earn different yields on multiple projects simultaneously. This is different from DeFi whereby you need to stake on different protocols to earn their yields.

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Author: Lujan Odera

Bitmain Pushing for New Mining Machines But Customers aren’t Eager to Indulge

The latest in the Bitmain drama is Zhan Ketuan (Micree Zhan), now selling the world’s first 5nm mining machine to Chinese miners, according to local media channel WuBlockchain.

These new machines will be reportedly shipped in January next year, but bitcoin miners aren’t really keen on buying them. Not only do they require advance payment, but Micree is also suspected of selling problematic chips. Samson Mow, CSO at Blockstream said,

“Bitmain is now pushing 5nm chips despite ongoing quality issues for S17s. The TSMC 5nm process node is still too new, and chances of low yields are way too high. I wouldn’t touch these with a ten-foot pole – especially with the ongoing power struggle within the company.”

Filled with Issues

Not only, Bitmain’s past development doesn’t put much confidence in the new product; the supply of the chips is also under the control of Wu Jihan, who is managing the Hong Kong operations. Bitmain also has little production capacity, which means large buyers would be given the priority. Colin Wu of Wu Blockchain noted,

“Micree cannot obtain 7nm and 16nm production capacity, so he chooses to sell problematic 5nm chips. Although the energy efficiency ratio can reach 25-30J/T, serious problems may occur, and production capacity cannot be guaranteed.”

Micree is expected to hold a press conference on Sept. 17, and although the agenda of the meeting is not clear yet, the latest product is likely to be the drawing point. Meanwhile, the other co-founder Jihan Wu is accusing him of fraudulent acts.

And More Issues

Jihan’s public account released a statement where he reiterates that Micree has been removed from all the positions in the company and its affiliates and any agreements signed by him are subject to legal validity and major disputes. The statement further reads,

“Based on the BM1360 development experience, the first-generation official commercial 5nm chip BM1362 is still under verification. The test chip has not been obtained, and the tapeout has not been completed. It is even more nonsense to promise to deliver mining machine products based on the BM1362 chip in the near future.”

Even Foundry may not be of any help

Here, even their partner Foundry may not be able to help them as Mow said,

“Think of the foundry as a store with ovens, you’re just using their oven. If you suck at baking, you have to sell the shitty bread or eat it yourself.”

“Bitmain probably doesn’t know how to use (Foundry) yet.”

“The major players work with the foundry to fine-tune the process node for years and have experience. So Apple, HiSilicon etc are good. Bitmain, not so much.”

Bitmain officially announced its partnership with Foundry today, the wholly-owned subsidiary of Digital Currency Group, which first reported on this partnership last month.

For crypto miners, obtaining financing is difficult, and this partnership will help them “ship a significant number of machines into North America this year,” said Su Ke, the global sales and marketing director of Antminer at Bitmain.

No Winnings

Management issues at Bitmain cost the company not only its customers but a position in the market as well. Their problems are also not coming to an end anytime soon; as a matter of fact, they continue to lose.

Recently, a court in China denied its appeal seeking $30 million in damages from the three founders of bitcoin mining pool Poolin.

While the mining giant claims Poolin’s executive broke non-compete agreements in starting their very own bitcoin mining operations that lead to a loss of millions to Bitmain, the court found the company failed to provide sufficient evidence for the same.

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Author: AnTy

Bitcoin Rallying for Four Straight Weeks; Sovereign Wealth Funds Will Deploy this Bull Cycle

Bitcoin continues to play with $12,000.

The world’s leading digital asset had another day like the last weekend when BTC breached $12k only to dump back to $10,500.

However, this time, we didn’t even fall to $11,500 and are back to approaching $12,000. At the time of writing, BTC/USD was trading under $11,900, up about 3% while managing a ‘real’ trading volume of $2.45 billion.

Bitcoin has been rallying for four straight weeks ever since it broke out from its post-halving range in July.

What’s even more interesting is, bitcoin futures contracts on CME are back to trading above $12,000, yet another attempt after last week.

Bitcoin’s contract on the regulated exchange went as high as $12,220 and is currently trading at a premium of 1.2%.

Today’s price movement on the exchange got the CME gap between $11,650 and $11,720 filled. “This is about to get sent. All the check marks for a really bullish market. Good luck bears,” shared one analyst about this development.

A legit macro asset bucket

According to trader Scott Melker, bitcoin is in a bullish “period,” and any dip that comes in its way is just to buy, and “any chance to grab a higher low is welcome.”

On-chain analyst Willy Woo is of similar opinion who says this bull market actually started in April 2019. At that time, BTC was trading around $5,000 that went to 2019 high of $13,900 at the end of June.

Now, what we are going through is “the early main bull phase,” he said.

According to him, the market is looking like Q4 of 2016 all over again but with different dynamics and themes at play. These themes include “the legitimisation of BTC for large institutional funds and also the easy accessibility to buy crypto for the masses with the likes of Square Cash, PayPal.”

As we reported, Square reported $875 million in bitcoin sales on total net revenue of $1.92 billion and gross profit of $597 million in Q2 2020. Bitcoin revenue for this quarter was up 600% YoY, while profit rose more than 700% YoY.

Source: TradeBlock

In 2020, so far, bitcoin has increased by over 62%. Much of this growth is the result of the unprecedented monetary policy by the central banks across the world. The trillion-dollar monetary stimulus by the Fed and the interest rates going negative has investors looking for an alternative asset class.

Bitcoin is also starting to look more like digital gold as its one-month correlation with the yellow metal hit new highs moving in the opposite direction to bitcoin’s correlation with the S&P 500.

“I think this cycle BTC gets to prove itself as a legit macro asset bucket for traditional investors, while the cycle after this it overtakes gold to be the significant digital SoV for a digital age,” said Woo. “Expecting sovereign wealth funds to deploy this cycle and next.”

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Author: AnTy

Binance Data Corroborates that “It’s Very Much an Altcoin Season” as Bitcoin Remains Stable

  • Bitcoin hasn’t moved for nearly a month now.
  • The world’s leading cryptocurrency is continuing its sideways trend, oscillating in a narrow range as its one-month realized volatility reached a 15-month low.

Meanwhile, implied volatility that measures the market’s expectation of future volatility has picked up a bit in the last couple of days, indicating market participants are expecting the volatility to return sooner.

The world’s leading cryptocurrency is currently trading at $9,165, with merely a $650 million recorded in ‘real’ trading volume, as per Messari.

Just like bitcoin, the volatility of US stocks also began to decrease last week, which marked the start of the earnings season. And this could be a reason why bitcoin’s volatility isn’t seeing an improvement as market participants wait and see how companies have been doing financially amidst the coronavirus pandemic. OKEx states in its market report,

“Historically, the stock market chooses the direction of the subsequent run two to three weeks after the start of the fiscal season.”

Bitcoin is being ignored in favor of altcoins

While the bitcoin market has no clear direction, open interest in the derivatives market is back at the mid-March level. OI for Bitcoin futures, reflecting the enthusiasm of market participants, has topped the $4 billion mark.

Meanwhile, the Bitcoin NVT Divergence Model is showing a “concerning lack of token circulation. Prices tend to move upward when unique token movement of an asset rises.”

The model draws a correlation between the BTC price and asset’s NVT, network value to transaction ratio.

And this is because bitcoin is being ignored in favor of altcoins.

For the past few weeks now, altcoins have been enjoying a bull ride. In the past month, Elrond Network jumped about 300%, Swipe 277%, Synthetix 261%, Aave 255%, TOMO 124%, Rune 96%, Chainlink 92%, Bancor and Compound 92%, VeChain 83%, Algorand 58%, Atom 53%, and Cardano 51%.

Changpeng Zhao, the co-founder and CEO of leading spot exchange Binance also noted that during Q2, from March 31st to June 31st, of the 200 coins listed on the platform, only three coins went down. CZ said in his interview with “Bloomberg Daybreak: Asia.”,

“Our data also shows that it is a very much an alt season right now, on Binance Futures more than 60 of the volume come from altcoins which is actually much higher than before.”

As for what’s fueling it is “anybody’s guess,” there’s several different factors even Tesla CEO Elon Musk tweeting about Dogecoin could be part of it, he said.

With so much fiat floating around, bitcoin’s time will come

While altcoins are currently ruling, bitcoin is stuck just above $9k after several failed attempts at $10,000. CZ said,

“With all the macroeconomic things that are happening with the amount of quantitative easing and the amount of fiat flowing into the economy, I think sooner or later it’s going to break out but right now for the last little while bitcoin has been really stable.”

As we saw in 2020, Bitcoin has rather become increasingly correlated with SPX, which many argue puts its safe-haven status in question. But according to CZ, when a market so much bigger than crypto goes down and people lose their money,

“many of those people who have crypto investments will want to convert those investments into cash. So that it has a drag down effect when a large asset type is going down.”

“If you look at the longer time horizon with so much quantitative easing, with so much fiat floating around, I think the safe having properties of bitcoin will come through over time.”

Moreover, China’s cryptocurrency ambitions will provide exposure to bitcoin and cryptos, which is “great for our industry,” because “regardless of how good the digital currency is issued by them, you don’t get too many chances of educating 1.4 billion people,” said CZ.

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Author: AnTy

Mastercard Approves Wirex to Directly Issue Crypto Payment Cards To Its Customers

  • One of the world’s major payments processors, Mastercard, has announced it has approved Wirex to become its maiden crypto firm to provide payment cards to its clients directly.
  • In efforts to expand its crypto program, Mastercard is now encouraging the crypto companies to apply to become its partners.

On Monday, July 20, Mastercard announced that it was seeking to make it easy for crypto card issuers to become its partners through the firm’s Accelerate program. Now, it will take just a few weeks before applicants can be approved as partners, the firm stated.

The Accelerate programs offer partners the requisite support for their market entry, continued development as well as international expansion. The approved partners will be helped to integrate into Mastercard’s technology easily and will be allowed to benefit from the firm’s market research and cybersecurity expertise.

Although the firm is focusing on making it easier for partners to access the Accelerate program, firms wishing to be onboarded must adhere to the company’s “core principles.”

The core principles comprise of ensuring the security and privacy of the users, adherence to the requisite laws and regulations like AML rules as well as coming up with a level playing field for all the stakeholders involved like merchants, financial institutions as well as mobile network operators.

The company’s head of digital assets and blockchain, Raj Dhamodharan, explained that the crypto market is fast maturing and the firm wants to be part of this journey. He said:

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.”

Wirex cardholders will have a chance to instantly convert their crypto assets into different fiat currencies that can be used at a point of sale which accepts Mastercard.

Pavel Matveev, Wirex CEO, praised the partnership, saying that it shows that cryptocurrency is slowly gaining recognition and acceptance by several global bodies as well as regulators. He added that the partnership would allow the firm to reach all corners of the world as Mastercard is a global institution.

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Author: Joseph Kibe

Bitcoin to Follow the Equities Market; One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement.

The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just $624 million.

Meanwhile, altcoins, especially the low cap ones, are enjoying a good uptrend. Among the top altcoins, Cardano is leading the rally with about 6% gains.

Among the top 100 cryptocurrencies, some of the top gainers include REN (17.19%), Loopring (16.95%), Nexo (11.18%), Augur (10.93), ZRX (10.76), Status (9.3%), VeChain (8.42%), Enjin Coin (7.89%), OMG Network (6.92%), and Maker (5.88%).

The market in Anemic State

With a downside move on Thursday, the price of bitcoin bounced from June 27 low, and the hourly chart with a long wick candlestick indicates “the short-selling is not sustainable.”

According to the In/Out of the Money Around Price (IOMAP) indicators by IntoTheBlock, more than 2.1 million addresses previously purchased 1.38 million BTC in the range of $9,095 and $9,365, which is “a critical resistance level as several of these addresses will attempt to break-even on their positions.”

When it comes to the support levels, over 1 million addresses previously purchased 705,000 BTC between $8,805 and $9,076. Holders in this range will “attempt to remain profitable on their positions and push prices above this level.”

As such, buyers are expected to create support near the $8,900 range and sellers to provide resistance around $9,200.

Meanwhile, for trader DonAlt, a close above $9,500, bitcoin could be expected to move over $10,500; otherwise, he’s looking for $8,500 first and then lower to $7,700.

However, the market remains “boring” and “could stay that way for a while,” he said.

Follow the Equities Market?

Due to the Independence Day holiday on July 4, the US stock market was closed today before the S&P 500 rose for the fourth straight day and closed at a 4% weekly gain. The improving job market has the hopes for economic recovery rising that has the equities market up about 7% of the record set in February after about a 34% drop.

“We’re starting to see the real economic data say, ‘Yes, the recovery is here, and it’s real,’” said Brad McMillan, chief investment officer for Commonwealth Financial Network.

The biggest risk to the markets currently is the return of panic we saw in March.

“Legacy markets, however, are rejected at breakout point resistance and “breakdown from these levels would be most logical,” said trader Crypto Yoda.

Now that the trendline is broken and retested on lower time frames, the trader is also expecting bitcoin to follow.

Bitcoin’s 1-month correlation with the S&P 500 provides support to this. The correlation hit a new high of 65.8% this month, as per Skew, which began tracking the data in April 2018. The one-year correlation has also jumped to an ATH above 37%, but reading between 30% to 50% implies a weak correlation.

This means bitcoin continues to be treated like a risk-on asset, but in the current scenario of money printing, this could be a blessing in disguise.

HODLers gonna HODL

HODLers meanwhile are busy holding the digital asset. The number of addresses that are storing bitcoin for at least a year has risen to a peak of 20.3 million in June.

Bitcoin investors believe the flagship cryptocurrency should have a higher value.

Interestingly, bitcoin miners‘ balance is also rising. 1.8 million BTC, about 10% of bitcoin supply is currently held in miner wallets.

But out of this 1.73 million BTC belong to very early miners, and are likely to be lost, as such only 70k BTC is with current mining pools, noted Glassnode.

Miners’ cumulative revenue has also reached $17.5 billion on July 2nd, as per Thermocap, a metric used as a lower bound for the capital inflow into an asset.

Since 2018, while Bitcoin’s Thermocap has been $12.6 billion, Ethereum recorded $4.9 billion, Litecoin $932 million, and Bitcoin Cash $810 million.

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Author: AnTy

Bitcoin Will Hit $150,000 & 5 Altcoins Will Rally in Next Bull Run: Predicts BlockFyre Founder

The world’s leading digital currency is currently trading around $9,700, still down 51% from its all-time high of $20,000.

But according to Simon Dedic, co-founder of Blockfyre, a crypto market research firm, bitcoin will rally 1,445% in the next bull run.

Dedic predicts $150,000 as bitcoin’s top, which isn’t the most outrageous one in the market. There have been popular calls of $100k by the end of 2021, $250k/$288k/$400k in the coming three to five years, and even a million in the future.

Interestingly, bitcoin had its third halving last month and historically, it has led the rallies. Amidst this, institutional adoption is strong with big names like Paul Tudor Jones also jumping in.

Bitcoin will rule the market, no doubt, but there are some altcoins as well that the venture capitalist is looking forward to in the next bull run.

Which altcoins will pump?

According to him, this bull rally won’t be like 2017 when one could have bought any altcoin and it would have been a good investment.

“This won’t happen again,” he said. But he still believes the bull rally will be here for altcoins and a few solid altcoins will see the pump.

Among the high market capitalization cryptocurrencies, Dedic has some really high price forecasts for Ethereum.

The second-largest cryptocurrency is already enjoying a rally for the past few weeks, with staking coming soon. It is also the base of the popular Decentralized finance (DeFi) ecosystem. Many are expecting Ether to outperform bitcoin.

Currently trading at $240, he expects it to hit $9,000, an uptrend of 3,650% much higher than Bitcoin just like in the 2017 bull rally.

Two of his altcoins are the hottest coins of the market, Tezos (XTZ) and Chainlink (LINK).

While Tezos is already up 120% YTD, LINK recorded 134% gains. Dedic sees both Tezos and LINK skyrocketing to $200 but while it is an increase of a whopping 6,723% for XTZ, it’s 4,455% for Chainlink.

BNB, the native coin of leading spot crypto exchange Binance, is also part of his altcoin to rally list which according to him can spike 2,840% to $500.

The most surprising addition to this list is VeChainThor, which he sees making the biggest percent of increase – more than 13,000%. VET is currently trading at $0.0075 and still down 73% from its ATH which according to Dedic could make its way to $1.

And the reason for the same is, “They continue to kill it and at some point, they will be rewarded.”

However, he did say that there needs to be “an improvement of the dual token system” because “VTHO isn’t optimal” and “it would be more beneficial for VET holders if VTHO wouldn’t be infinite and thus more precious.”

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Author: AnTy

2018 Pentagon War Game Distributes Bitcoin to ‘Worthy Recipients’ In Mid-2020’s Protest

A Pentagon war game from 2018 for Generation Z used the world’s leading digital currency Bitcoin to distribute funds to “worthy recipients,” reported The Intercept.

The Pentagon war game called the 2018 Join Land, Air, and Sea Strategic Special Program (JLASS) involves discontent Generation Z, those born after 1996, launch a “Zbellion” in America in the mid-2020s.

Zbellion plot, however, was just one of the parts of the war game. JLASS 2018 also featured Islamist militants in Africa, anti-capitalist extremists, and ISIS successors.

Conducted by students and faculty from the US military war colleges, the war game covers the future through early 2028. It intends “to reflect a plausible depiction of major trends and influences in the world regions,” reads over 200 pages long documents.

The Plot

According to the scenario, the 9/11 terrorist attacks and the Great Recession have influenced the attitudes of Gen Z. Having lived through these events as part of their childhood, they are least likely to believe in the “American Dream” and feel the “system is rigged” against them. Gen Z actually prefers person-to-person contact to online interaction.

In early 2025, the dissatisfied Zoomers launch a protest movement. A group known as Zbellion begins a “global cyber campaign to expose injustice and corruption and to support causes it deem[s] beneficial.”

Starting with Seattle, the movement first spread in the US; New York City, Washington, Los Angeles, and Austin; then all over the world — Europe, cities throughout Africa, Asia, and the Middle East.

Zbellion’s would-be members are ordered to siphon funds from corporations, financial institutions, and nonprofits that support “the establishment” through sophisticated malware accessed on the dark web.

The gains are then converted to bitcoin and distributed to “worthy recipients” including the members who claim financial need. This wealth distribution is assured by the Zbellion leadership to be untraceable by law enforcement. It is also “ultimately justifiable,” because targets are selected based on the “secure polling” of “network delegates.”

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Author: AnTy