Author: NBTC

The State of Wyoming passed a landmark crypto bill to bring DAOs under the purview of existing laws and address pain points synonymous with decentralized organizations. Wyoming governor Mark Gordon approved a March 7 state bill acknowledging decentralized autonomous organizations (DAOs) as legal entities under the Decentralized Unincorporated Nonprofit Association Act (DUNA). The law will come into effect on July 1. Unlike traditional corporate operations, DAOs are community-operated and provide decision-making privileges through crypto governance tokens collectively held by members. The concept ultimately fostered a legal problem for participants and regulators alike. Tokens created by entities were likened to company…

Investor assets that have exited Grayscale Investments’ spot bitcoin ETF surpassed $10 billion on Thursday while demand for several competing offerings remains strong. The Grayscale Bitcoin Trust ETF (GBTC) bled $375 million on Thursday, according to BitMEX Research data — bringing its total net outflows to more than $10.2 billion since converting to an ETF on Jan. 11. GBTC has been an outlier within the 10-fund US spot bitcoin ETF segment given its 1.5% fee that is significantly higher than competitors. Read more: Why the planned fee for Grayscale’s bitcoin ETF is much higher than others BlackRock’s fast-growing iShares Bitcoin…

The decentralized finance (DeFi) ecosystem is full of opportunities and risks that could reward savvy cryptocurrency investors. For example, lending stablecoins can yield up to 20% in liquidity mining protocols. In particular, leading DeFi protocols running on Ethereum (ETH), like Aave (AAVE) and Compound (COMP), highly reward stablecoins’ suppliers. On Aave, investors can lend USDC and USDT with a 19.18% and 20.44% annual percentage yield (APY). Meanwhile, Compound v3 offers 15.19% for Ethereum-based USDC. Lending the stablecoin on other chains like Polygon (MATIC), Arbitrum (ARB), or Base could reach even higher APYs. Finbold retrieved this data from each platform on…

Blockchain markets are set to brace for the impact from one of its biggest future customers. Morgan Stanley (MS) on Thursday lowered Tesla’s price target. The fall in potential price target comes at a time when demand in EV markets is dwindling, with big EV giants trying to maintain a stable cash flow position. Morgan Stanley Lowers Tesla’s Price Target According to a Yahoo Finance report, MS has lowered its price target for Tesla from $345 to $320 citing worries about the market’s persistent EV demand lag despite price reductions, fleet companies like Hertz disposing of EVs, and “strong hybrid…

The Tron Network is celebrating a major milestone after registering a total account exceeding 216 million. Attributing the feat to its efforts toward decentralizing the web, the network welcomed the 216,200,837 accounts over a steady evolutionary course since its inception in 2017. Tron plays a key role in the digital currency ecosystem, recognized as one of the layer-1 protocols that facilitate cheap and fast transactions. Tron is also one of the most popular protocols housing the Tether (USDT) stablecoin. Tron Network Statistics Beyond the total number of accounts registered on the platform, crypto analytics platform IntoTheBlock (ITB) shared deeper insights…

A federal appeals court has reinstated its lawsuit against cryptocurrency exchange Binance. Reuters reported on March 8 that the lawsuit, in which investors accused Binance of violating U.S. securities laws by selling unregistered tokens, was renewed. According to the document, investors claim that the exchange sold tokens that lost most of their value. The appeals court also said investors could bring claims related to purchases made in the year before the lawsuit was filed. Seven tokens — aelf (ELF), EOS (EOS), FUNToken (FUN), Icon (ICX), OMG Network (OMG), Quantstamp (QSP), and Tron (TRX) — that investors bought through Binance starting…

Quick Take Data from BitMEX shows that the Bitcoin exchange-traded funds (ETFs) observed an inflow of approximately $473 million, equivalent to about 7,000 BTC on March 7. Fidelity’s FBTC topped the charts with a record-breaking inflow of $473 million, marking its largest single-day inflow. This surge increased its total net inflows to over $6 billion and expanded its Bitcoin holdings to roughly 120,000 BTC. BlackRock’s IBIT has consistently registered robust inflows, with a recent $244 million, elevating their total net inflow to $9.7 billion and Bitcoin holdings to roughly 191,000. Bitwise’s BITB and Ark’s ARKB, the mid-tier ETFs, also experienced…

Binance Labs Invests in Seven Early-Stage Projects Building Across DeFi, Infrastructure & AI-Powered DApps Binance Labs, the venture capital and incubation arm of Binance, has invested in seven top-performing projects from the sixth season of its Incubation program. The 2-month incubator which commenced in December 2023, is designed to empower early-stage founders offering 1:1 mentorship from the Binance Labs Investment team, in addition to access to resources and experts across the Binance ecosystem. Hundreds of projects applied for participation in season 6, with 3% being admitted to the program. Yi He, Co-Founder of Binance and Head of Binance Labs, said:…

A new opportunity has been given to a group of investors who are trying to sue Binance and its former CEO Changpeng Zhao and other executives. The decision came after an appeals court overturned a lower court decision that had previously dismissed the case. The Second Circuit Court of Appeals ruled today that the proposed class action lawsuit against Binance should not have been dismissed by a federal judge in the Southern District of New York. The lawsuit was first filed in April 2020 by a group of cryptocurrency investors who claimed to have purchased securities from Binance, including ERC-20…

The cryptocurrency market is witnessing a significant development as the inventory of on exchanges dwindles, signaling a potential uptick in market bullishness. Renowned cryptocurrency analyst Willy Woo has brought this phenomenon to light, providing a detailed analysis that correlates the declining Bitcoin inventory with an anticipated rise in market prices. Willy Woo’s observations, highlighted in his recent tweet, draw attention to a crucial chart showcasing the relationship between Bitcoin’s inventory on exchanges and its market price. According to Woo, the key indicator to watch is the ‘pink squiggly line’ representing the inventory levels of Bitcoin on exchanges. He notes that…