Author: NBTC
Coinbase (COIN) research report revealed that the cryptocurrency market is currently focused on spot Bitcoin (BTC) exchange-traded funds (ETFs) flows rather than fundamental factors. Crypto Market Tracks Spot Bitcoin ETF Flows Amid Net Outflows The report, released Friday, highlighted the first week of net outflows for newly approved ETF products in two months. Between March 18 and March 21, net outflows totaled $836 million, according to Coinbase. The acceleration of outflows coincided with Bitcoin falling below the $61,000 level last week, but it has since recovered and is currently trading at around $70,600. Analysts were surprised when outflows from Grayscale…
The decentralized finance (DeFi) sector is witnessing a transformative trend, with liquid restaking tokens (LRTs) reaching a staggering total value locked (TVL) of nearly $8.5 billion. This surge highlights a broader narrative within the DeFi ecosystem, suggesting a shift in investment dynamics. Which Liquid Restaking Protocols Are Contributing to TVL Growth? Leading this charge is EtherFi, which alone commands a TVL exceeding $3.3 billion. Consequently, protocols like Renzo, Kelp, and Puffer are also experiencing unprecedented growth. Etherfi’s dominance, followed closely by Renzo with $2.2 billion and Puffer at $1.3 billion, signifies a robust market appetite for liquid restaking. Moreover, Kelp…
Families with a net worth of up to $100 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity Harder with Algorithmic Crypto Assets According to a study conducted by Owner One, ultra-rich families with a net worth of up to $100 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%). This preference persists despite the challenges often encountered while…
Elon Musk, the CEO of Tesla and SpaceX, has once again captured the attention of the cryptocurrency community, this time with a statement that has become iconic within the realm of digital assets. Musk, known for his penchant for memes and playful engagement, recently invoked the statement “The most entertaining outcome is often the most likely,” which has sparked excitement among enthusiasts of XRP and Dogecoin alike. Tesla CEO’s recent tweet, “The most entertaining outcome — as if we’re in a soap opera — is the most likely,” which contains an expression he has previously used about Dogecoin, has resonated…
Sam Bankman-Fried, also known as SBF in the digital asset space, was sentenced to 25 years behind bars, and his defense attorney, Marc Mukasey, told the court that the disgraced crypto entrepreneur is “misunderstood” and wasn’t driven by predation or malice. According to the speech posted by Inner City Press on social media platform X (formerly known as Twitter), Mukasey said that Bankman-Fried did not want to “inflict pain on anyone in any way” and made “decisions with math in his head, not malice in his heart,” while adding: “He’s an awkward math nerd. He’s into veganism. He has an…
An astonishing and historic transfer of wealth among the world’s super rich is accelerating, according to a new report. More than 1,000 billionaires are moving an estimated $5.2 trillion to their brethren at an increasing pace, says Swiss banking giant UBS in its latest “Billionaire Ambitions” report. The transfer, which is expected to last for the next 20 to 30 years, already has the heirs of billionaires gaining stature, with new billionaires acquiring more wealth through inheritance than entrepreneurship for the first time on record. “Why does this matter? Because this coming generation has fresh views about business, investment and…
Cardano, a Layer-1 smart contract network that aims to provide security, scalability and sustainability to decentralized applications, has achieved a historic milestone with the launch of Mehen’s USDM, a fiat-backed stablecoin. The Mehen token (USDM) is a digital store of value token issued by Mehen Finance that is 1:1 convertible to U.S. dollars. USDM, as a Cardano-native token, can be transferred on the Cardano blockchain without the need for additional smart contracts. In a tweet announcing the arrival of the USDM stablecoin on Cardano, Mehen stated that institutional customers will immediately begin the onboarding process, which might take one-two days.…
The Monetary Authority of Singapore (MAS) has unveiled COSMIC, a centralized digital platform aimed at enhancing collaboration among financial institutions (FIs) to tackle money laundering, terrorism financing, and proliferation financing on a global scale. The launch of COSMIC marks a significant milestone in Singapore’s commitment to combat financial crimes effectively. The platform, developed in collaboration with six major commercial banks in Singapore – DBS, OCBC, UOB, Citibank, HSBC, and Standard Chartered Bank, aims to facilitate the seamless sharing of customer information among FIs. COSMIC operates under the framework provided by the Financial Services and Markets Act 2023 and accompanying subsidiary…
Goldman Sachs predicts that pension funds could sell an estimated $32 billion in stocks by the end of the quarter to rebalance their portfolios. This comes as stocks are poised to complete another strong quarter. Jinze, a former analyst at Binance Research, weighed in on the situation, highlighting its potential impact on the Bitcoin Spot ETF market. “The impact of quarter-end rebalancing by large funds became evident as stocks that had previously made big gains faced selling pressure,” Jinze said. According to Jinze, the quarter-end rebalancing could create significant demand for the Bitcoin ETF, which only launched in January. Jinze…
Etherfi’s liquid restaking platform recently faced backlash regarding its airdrop distribution after reports emerged that Justin Sun would get a substantial part of the tokens. On March 16, EtherFi revealed that the first phase of its airdrop will release 6% of the total token supply. ETHFI will have a total supply of 1 billion tokens, with an initial circulating supply of 115.2 million. Criticism Trails EtherFi Airdrop Distribution Ether.Fi outlined several criteria to determine eligibility for their airdrop, including holding eETH, referring friends to the protocol, or participating in the Early Adopter Program. Upon closer examination, community members swiftly discerned…