Author: News Room
It came to light yesterday that the U.S. Securities and Exchange Commission (SEC) is likely looking to reclassify Ethereum’s native token, ether (ETH), as a security. Not everyone believes this to be the case, and so far the SEC has deferred answering definitively on whether there is an ongoing probe — just like how the agency has punted the can on saying definitively that ETH is or isn’t a security. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here.…
Crypto exchange Kraken unveiled an institutional custody service underpinned by its Wyoming bank charter license. Kraken Institutional features deposits held in segregated accounts remote from the exchange and on a full-reserve basis. Cryptocurrency exchange Kraken has unveiled a qualified custody service for institutional clients in crypto-friendly Wyoming through the firm’s long-standing state-chartered banking license in the region. Kraken Institutional, announced on Wednesday, operates under the special purpose depository institution (SPDI) charter snagged by the exchange back in 2020. All deposits will be held in segregated accounts remote from the exchange itself and on a full-reserve basis. Wyoming, which is populated…
The next halving event is expected in mid-April. Bitcoin rallied into and after previous block reward halvings. Coinbase said non-crypto influences such as macro factors are also important. Historical precedent suggests that bitcoin’s (BTC) recent strong performance will continue into and after the upcoming halving, as the event reduces the supply of new BTC, but investors should be wary of this view, Coinbase (COIN) said in a research report on Wednesday. The world’s largest cryptocurrency rose an average of 61% in the six months before prior halvings and gained an average of 348% in the six months after, Coinbase noted.…
For decades, instability has forced Argentines to seek safe haven in the US dollar. Yet, a startling shift is underway, as reported by Bloomberg. President Javier Milei’s economic reforms and a flagging exchange rate are apparently pushing Argentines to abandon their ‘greenback’ tradition and seek inflation protection in Bitcoin. Bloomberg highlights that Argentina is one of the world’s top destinations for US dollar shipments, with locals holding approximately $200 billion in US currency. This stems from a long history of financial instability and the need for a safe haven. However, the Bloomberg report suggests this trend is reversing. Bloomberg says…
Recent developments in the financial markets have sparked debate over whether investors are shifting their assets from gold exchange-traded funds (ETFs) to Bitcoin ETFs. Despite the rapid growth of bitcoin ETFs in the US, research from investment banks suggests that the emergence of these digital asset funds has not significantly impacted gold ETF outflows. How Bitcoin ETFs Are Not Causing Outflows in Gold ETFs Bitcoin ETFs globally attracted $11.3 billion by March 21, even as the Grayscale Bitcoin ETF saw substantial outflows. Concurrently, gold ETFs experienced a $7.7 billion reduction, despite gold reaching a record $2,200 per ounce. This led…
The United States Department of Justice (DOJ), joined by 16 state attorney generals, filed an antitrust lawsuit against tech giant Apple, claiming its app store rules create a monopoly that hampers competition and stifles innovation. The lawsuit argues that practices such as forcing developers to use Apple’s payment system and restricting them through various rules […] Read the full article here
A closely followed crypto analyst is expressing bullish sentiment on Dogecoin (DOGE) as he forecasts the potential path forward for Bitcoin (BTC). Starting with Dogecoin, the analyst pseudonymously known as DonAlt tells the 58,200 subscribers of the TechnicalRoundup YouTube channel that it “isn’t too unlikely” for the leading memecoin by market cap to reach a price of $1, a potential gain of roughly 554% from the current level. Dogecoin is trading at $0.153 at time of writing. The pseudonymous analyst says that he is bullish on Dogecoin due to the memecoin’s recent price action against Bitcoin which suggested strong support.…
The spread between next-month and front-month bitcoin futures contracts can offer insights into the level of speculation in the market, one analyst. An above $1,000 spread on the CME has marked previous bull market tops. The spread recently widened beyond $1,000. Speculative frenzy, or periods of intense speculation characterized by irrational exuberance and greed, is an infamous sign of an impending market top. However, tracking signs of speculative frenzy in the bitcoin (BTC) market requires access to and understanding of sophisticated indicators like perpetual funding rates and social trends. But there is another surprisingly more straightforward way: tracking the spread…
InsurAce and Velo Labs have announced a collaboration in a major blockchain move. This marks a turning point in blockchain and decentralized finance (DeFi). This strategic partnership brings together two innovative platforms that want to change digital assets and financial services. 🔒 We’ve partnered with @InsurAce_io to enhance your blockchain utility and security 🔒 🛡️ InsurAce, a decentralized insurance protocol, protects your digital assets from risks like hacking and smart contract bugsBetter safe than sorry!#Velo #DeFi #Blockchain #Insurance pic.twitter.com/jPguGUqNk0 — Velo Official (@veloprotocol) March 20, 2024 InsurAce and Velo Labs Enhance User Experience InsurAce is the best decentralized insurance protocol…
The Cardano blockchain settled a transfer of over $840 million worth of assets with a mere $0.5 fee, a lower figure than most blockchains and traditional systems. The Cardano network recently showcased its ability to settle transactions with low fees by facilitating the transfer of over $840 million in ADA for just five cents, a feat that would have been unimaginable with traditional financial systems. The transaction occurred on March 20, with the user transferring 1.32 billion ADA. The value brought the balance on the receiving address to 1.73 billion ADA ($1.07 billion), which it still holds at the time…