Author: NBTC
Coinbase is the asset holder of eight out of nine ETH ETFs and ten out of eleven spot Bitcoin ETFs. Though Gabor Gurbacs, the strategic advisor for Tether, raises serious concerns about the risk management and judgment of fund issuers, the Coinbases security team is unquestionably top-notch. Boards and risk management committees that find it appropriate to place so many of the assets of ETFs in the hands of one company raises concerns about their judgment. The inherent risk of giving one custodian control over practically all assets on the ETF market is the basis of Gurbacs’ criticism. Given that…
Lumx launched a $250,000 fund to boost blockchain development on the Polygon network. The fund supports blockchain operations like smart contract development and NFT generation. Web3 startup Lumx has introduced a $250,000 fund to drive on-chain development on the Polygon network in Latin America. The LATAM Acceleration Fund helps advance the use of blockchain technology and provides grants to companies that are developing applications with Lumx’s APIs on any Polygon network. The fund will support different blockchain operations such as user interactions with smart accounts, smart contract development, and NFT generation. Furthermore, it offers free access to Web3 products to…
Ethereum scaling solution Polygon (MATIC) has recently seen a substantial increase in large transaction volume, which is indicative of whale activity. According to IntoTheBlock, Polygon (MATIC) is reporting $152.75 million in large transaction volume in the last 24 hours, representing a 745.3% surge. This large transaction volume surge coincides with the excitement surrounding the launch of Ethereum ETFs in the United States, a key milestone for the cryptocurrency community. Ethereum exchange-traded funds began trading in the United States on Tuesday, putting the world’s second-largest cryptocurrency in a vehicle popular with many professional investors and advisors. U.S. exchange-traded funds that invested…
The Federal Trade Commission (FTC) has initiated an inquiry into the surveillance pricing methods utilized by financial giants such as Mastercard and Chase. This examination aims to uncover the extent to which these practices might exploit consumer data for unfair pricing strategies. As the FTC delves into these practices, several critical questions arise about the balance between technological innovation and consumer rights. How Do Companies Use Surveillance Pricing? Surveillance pricing involves collecting and analyzing vast amounts of consumer data to set prices dynamically. Companies like Mastercard and Chase are reportedly using sophisticated algorithms and data analytics tools to determine pricing…
Following Bitcoin’s April halving, which cut miners’ rewards, many mining models saw “significant drawdowns” in pricing, according to Hashrate Index. The ASIC market is undergoing significant changes as mining rigs are trying to adapt to a post-halving environment, with Bitcoin’s (BTC) hashprice hitting record lows. The latest generation of Bitcoin miners, such as the S21 and T21, performed significantly better than older models in Q2, analysts at Hashrate Index say, adding that crypto miners prioritized efficiency to navigate the current challenging market environment. ASIC prices | Source: Hashrate Index Despite its industry-leading efficiency at launch, the S21 saw a price…
In response to the recent launch of Ethereum exchange-traded funds (ETFs), Brian Armstrong, CEO of Coinbase, lauded the development as a major step toward regulatory clarity. He emphasized that by approving the ETF, the U.S. SEC has officially confirmed that Ethereum (ETH) is not classified as a security. The Coinbase head noted the exchange’s role as the primary custodian for eight of the nine newly approved Ethereum ETFs. However, this announcement sparked a contentious debate among some crypto community members. Some argued that ETH, following its network Merge upgrade, should be considered a security due to its staking model and…
BlockFi, the defunct crypto lender, has achieved a major milestone in its bankruptcy proceedings by selling its FTX claims at a substantial premium. This sale paves the way for a full recovery of eligible customer and general unsecured creditor claims. Mohsin Y. Meghji, BlockFi’s Plan Administrator and Managing Partner of M3 Partners, detailed the development in a report to the United States Bankruptcy Court for the District of New Jersey. The transaction, which closed on July 10, was executed at a premium to the face value of the FTX claims. This sale is expected to facilitate a near-term final distribution…
Two more promoters of the Forcount crypto ponzi scheme – a Brazil-based scam that bilked Spanish-speaking investors out of $8.4 million between 2017 and 2021 – have pleaded guilty to their roles in the scheme. On July 22, Nestor Nunez, 66, and Antonia Perez Hernandez, 49, separately pleaded guilty to one count of conspiracy to commit wire fraud, which has a maximum sentence of 20 years in federal prison. Prosecutors say Nunez, a Spanish citizen, was paid to present himself as the CEO of the Forcount scheme, using the alias “Salvador Molina.” The real ringleader of the scheme was allegedly…
Riot’s acquisition of rival bitcoin miner Block Mining makes sense, the report said. JPMorgan noted that Riot will have the second-largest capacity of the U.S.-listed bitcoin miners. The bank has an overweight rating on Riot stock with a $12 price target. Riot Platform’s (RIOT) acquisition of rival bitcoin {{BTC}} miner Block Mining makes sense because it diversifies the company’s power supply and increases its capacity to over 2 gigawatts (GW), JPMorgan (JPM) said in a research report on Wednesday. Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal also “serves as the…
The price of Ethereum (ETH) remained largely unchanged on Wednesday morning European trading hours, hovering around $3,445 despite a solid first day for spot Ethereum exchange-traded funds (ETFs). The lukewarm price action comes even as the new investment vehicles in the U.S. attracted over $1 billion in trading volume on Tuesday. According to data from CoinGecko, Ethereum is trading at $3,445, down 0.5% over the last 24 hours and has seen $23.7 billion worth of trading volume. The 24-hour price range has seen ETH fluctuate between $3,403.72 and $3,534.98. Cryptocurrency market data provider Kaiko reported that despite spot Ethereum ETFs…