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Strong Institutional BTC ETF Adoption, CME Group Ventures into Bitcoin Spot Trading, and More Crypto News

Fernanda T
Latest News
May 16 2024 3:45PM

Bitcoin reacts to interest rate cut expectations

In the last 24 hours, Bitcoin (COIN:BTCUSD) is trading at $65,850, after reaching a high of $66,772 during the day. The cryptocurrency appreciated following new US inflation data that increased the chances of interest rate cuts by the Fed in the coming months. This expectation also affects other risk assets, which tend to gain value when a reduction in borrowing costs is anticipated. Similar policy changes are expected by the Bank of England and the European Central Bank in June.anges are expected by the Bank of England and European Central Bank in June.

Strong institutional adoption of Bitcoin ETFs revealed in SEC filings

In the last week, more than 600 corporate entities registered substantial investments in Bitcoin ETFs with the US Securities and Exchange Commission (SEC), totaling about $3.5 billion. Major investors include renowned firms such as Morgan Stanley (NYSE:MS), JPMorgan (NYSE:JPM), and Wells Fargo (NYSE:WFC), as well as large hedge funds like Millennium Management and Schonfeld Strategic Advisors. Notably, Millennium invested $1.9 billion in various Bitcoin ETFs, being the largest individual investor.

CME Group considers introducing spot Bitcoin trading

The Chicago Mercantile Exchange (NASDAQ:CME), known for its futures exchange, is exploring the possibility of adding spot bitcoin trading, according to the Financial Times. This addition would complement its existing bitcoin futures products and allow traders to engage in basis trading, which explores the differences between future prices and spot prices. Still in the planning phase, the initiative aims to provide Wall Street participants with broader access to digital assets, enhancing the already robust acceptance of bitcoin-traded funds.

Sustained decline in Ether to Bitcoin ratio indicates preference for Bitcoin

The value of Ether (COIN:ETHUSD) in relation to Bitcoin (COIN:BTCUSD) continues to decline, highlighting a drop of nearly 16% this year, as indicated by the “death cross” that occurred a month ago. The ETH/BTC pair (BINA:ETHBTC) reached its lowest value since April 2021 on the Binance platform. The decrease in demand for Ether-traded products (ETPs) is one of the reasons for this drop, while Bitcoin ETPs have seen significant inflows. Factors such as competition from other cryptocurrencies and regulatory uncertainties in the US also contribute to Ether’s weakening against Bitcoin.

Coinbase plans new service for self-managed pension funds in Australia

Coinbase Global (NASDAQ:COIN) is developing a service dedicated to the self-managed pension fund sector in Australia, according to Bloomberg. This segment is not new to cryptocurrency relations, with a significant increase in investments since March 2019. Recent data shows that nearly 1 billion Australian dollars are invested in crypto assets. The new service will allow for simplified and long-term allocation for investors.

ShibaSwap announces activation on Shibarium, impact on reducing SHIB supply, and sponsorship at Blockchain Futurist Conference

ShibaSwap, the decentralized exchange linked to the Shiba Inu cryptocurrency (COIN:SHIBUSD), confirmed its activation on Shibarium, a layer 2 of Ethereum. Developers anticipate that increasing use of Shibarium for transactions will boost the burning of the SHIB token, potentially decreasing its supply. The platform also enables the creation of new liquidity pools, contributing to higher exchange volumes and reduced fees for users. Additionally, Shiba Inu will be the main sponsor of the upcoming Blockchain Futurist Conference, Canada’s largest blockchain event. The event, which will include ETHToronto and ETHWomen, will take place from August 13 to 14, 2024, in Toronto. Shiba Inu’s lead developer, known as Shytoshi Kusama, will participate virtually, highlighting the event’s significance in the industry.

Notcoin launches cryptocurrency with airdrop of 80 billion tokens on Ton blockchain

Notcoin, a popular Web3 clicker game, is issuing its cryptocurrency on the TON blockchain on Thursday, marking the event with a massive airdrop of 80 billion NOT tokens. Originated as a Telegram Mini App, the expansion to TON will significantly increase its presence in the cryptographic ecosystem. With plans for listing on major exchanges like Binance and OKX, Notcoin aims to enhance the liquidity and accessibility of the token. The initiative is supported by educational and engagement campaigns, consolidating Notcoin as one of the largest engaged communities in Web3.

Ripple and Evmos join forces to develop EVM-based XRPL sidechain

Ripple (COIN:XRPUSD) has announced a partnership with the Evmos Protocol (COIN:EVMOSUSD), based on the Ethereum Virtual Machine (EVM) of Cosmos, to develop an EVM-compatible sidechain for the XRP Ledger (XRPL). This collaboration includes the cryptocurrency software company Peersyst and aims to prioritize Web3 corporate applications and their compatibility with EVM. The sidechain, built on the evmOS solution, will facilitate corporate access to extensive resources of the Cosmos SDK and inter-blockchain protocols, expanding the XRPL ecosystem in the interchain environment.

Tether expands usability with integration of Oobit on The Open Network

Tether (COIN:USDTUSD) is facilitating transactions in USDT and XAUt on The Open Network (COIN:TONUSD) through integration with the mobile payment app Oobit, offering users greater convenience. The USDT and Tether Gold, the latter linked to gold, were launched on TON, with over $200 million in USDT already issued. The partnership will enable more accessible payments, even in fiat, through Oobit’s Tap & Pay technology, benefiting especially the unbanked and promoting wider global adoption of cryptocurrencies.

MakerDAO innovates with dual stablecoin solution to overcome the “Stablecoin Trilemma”

Rune Christensen, founder of MakerDAO (COIN:DAOUSD), presented an innovative approach to address the “Stablecoin Trilemma,” which challenges the compatibility between value stability, decentralization, and scalability. He proposed splitting the stablecoin DAI into two new variants: NewStable and PureDAI. NewStable will focus on growth and mass adoption while maintaining decentralization, whereas PureDAI will be fully decentralized, using only decentralized collateral such as ETH. The implementation of this dual structure aims to enhance both the utility and scalability of the coins, while maintaining a commitment to decentralization.

Hut 8 boosts projects with Bitcoin reserve valued at 75% of its market cap

The brokerage Craig-Hallum upgraded the stock rating of Hut 8 (NASDAQ:HUT) to “buy,” highlighting that the miner’s reserve of 9,100 bitcoins represents about 75% of its market value, serving as protection for investors and a resource for company expansion. With the resolution of previous challenges and a focus on strategic partnerships and new markets such as artificial intelligence, Hut 8 shows significant growth potential, according to analysts led by George Sutton.

Tornado Cash developer appeals money laundering conviction

Alexey Pertsev, developer of Tornado Cash, has appealed his conviction for money laundering at the Court of Appeals in s-Hertogenbosch after being sentenced to 64 months in prison. The first hearing of the appeal may take months to occur, and it is not yet known if the request has been accepted. Pertsev began serving his sentence immediately after the verdict.

MIT alumni detained for stealing $25 million in cryptocurrencies

Two alumni of the Massachusetts Institute of Technology (MIT), Anton and James Peraire-Bueno, have been accused of stealing $25 million in cryptocurrencies, using their skills in computer science and mathematics to exploit the Ethereum blockchain in just 12 seconds. The brothers, who have not yet commented on the charges, face serious penalties, including charges of electronic fraud and money laundering.

Discovery of a clandestine $1.9 billion Tether network in China

Authorities in Chengdu, China, have uncovered a secret banking network involving the stablecoin Tether (COIN:USDTUSD), in operation since January 2021. Valued at $1.9 billion, the network was used to exchange foreign currencies and smuggle goods such as medicines and cosmetics. A total of 193 suspects have been arrested across 26 provinces, and two operations were dismantled in Fujian and Hunan.

Mastercard integrates five startups into blockchain and digital assets program

Mastercard (NYSE:MA) has selected five global startups for its Start Path Blockchain and Digital Assets program, aimed at fostering collaboration in developing innovative solutions in blockchain and digital assets. The program seeks to integrate payment expertise and build a global payment network, offering the involved startups personalized training and access to a vast customer network. Among the new participants are Kulipa, Parfin, peaq, Triangle, and Venly. Since its inception in 2014, the program has supported over 400 startups from 54 countries.

Projections indicate robust expansion of the blockchain-as-a-service market by 2031

SkyQuest predicts that the global Blockchain as a Service (BaaS) market will reach an impressive value of $94.43 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 57.10% from 2024 to 2031. BaaS enables companies to use third-party infrastructure to develop and manage blockchain networks, an emerging practice that is gaining popularity for secure transactions beyond applications in bitcoin. Additionally, the escalation of post-pandemic cyber threats is driving global adoption of BaaS.

London event highlights challenges and opportunities for women in crypto

The ‘Women in Cryptography for Boards’ event, held in London, brought together female executives from the digital asset sector to discuss female underrepresentation in Web3. Event founder Tim Connolly emphasized the importance of diversity for profitability and corporate governance. Panelists such as Elizabeth Rosiello from AZA Finance debated the obstacles and the need for more board seats. The conference also explored strategies to increase female visibility, suggesting quotas and leveraging social media to inspire future generations and promote gender equality in the emerging field of cryptography.

Param Labs raises $7 million for Web3 gaming infrastructure

Param Labs has raised $7 million to develop infrastructure for Web3 gaming, led by Animoca Brands and with participation from various investment firms. The funding round will finance the expansion of modular gaming platforms essential for the new generation of games. Recently, Param Gaming surpassed 300,000 daily users, demonstrating growth and innovation in the sector.

NFT market collapses with declining sales and valuation

The NFT market, which has already moved millions with digital art and collectibles, is now facing a steep decline. A recent report from Invezz highlighted a drastic 97% reduction in sales volume since 2021, with 53.6% of NFT sales being below $200. The global market capitalization of NFTs exceeded $193.84 billion in 2024, and despite a significant drop in sales, there is a forecasted increase in the number of users to 16.35 million by 2028. Among other interesting data, Japan stands out as the only country where women hold more NFTs than men. India leads in terms of NFT adoption, and the NFT gaming market value is projected to reach $471.90 billion by the end of the year.