Crypto News Source

2023-11-09 22:39:46 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community

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2023-11-09 15:13:03 Ether is now slightly outperforming bitcoin, whose dominance is declining

Ether has made a small advancement over the last week in terms of its performance relative to bitcoin, according to data from CoinShares. "Over the last week, ether has outperformed bitcoin by about 4.55%," CoinShares Research Associate Luke Nolan told The Block. However, Nolan added that a closer look at the ETH/BTC trading pair shows ether's recent gains are more of a technical bounce than an indication of a pickup of interest in Ethereum itself.

Nolan shared ETH/BTC ratio data with The Block that showed that ether had recently dipped into technical lows against bitcoin that were last seen in June 2022. However, the data revealed ether has bounced back above these lows over the past few days. zkLink Co-Founder Vince Yang put forward some possible reasons for the recent ether uptick. "The upcoming Cancun upgrade has resulted in increasing interest and demand. We believe the driving factor of ETH is the development of the technology and ecosystem. The demand and the price of ETH will continue to rise, at some point, likely to overturn bitcoin which has no real business use case other than value storage and transaction," Yang told The Block.

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2023-11-09 11:24:26 Unlock a world of crypto insights at Charts | Signals & Trading with over 133,000 members. Discover technical analysis, swing, and scalp trades to elevate your trading journey. Don't miss out, join the channel now and become a part of this thriving community

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2023-11-08 10:10:25 Ava Labs lays off 12% of staff to ‘reallocate resources,’ CEO says

Ava Labs, the main developer of the Avalanche blockchain, laid off 12% of its workforce, its chief said today. Emin Gün Sirer, founder and CEO of Ava Labs, said in a post on X that the staff cuts allow the firm. “This reduction in force affected 12% of Ava Labs…Bear markets are difficult to navigate,” Sirer wrote. “Ava Labs is fortunate to have significant runway and resources at our disposal, and we will be focusing those resources on advancing the Avalanche ecosystem for years to come.”

Sirer did not specify which company divisions had to reduce their headcounts, but Garrison Yang, Ava Labs’ VP of Growth and Strategy said today in a LinkedIn post that the company has laid off employees in the marketing team. “Today was the last day at Ava Labs for many people on our world class marketing team,” Yang said in the post. “These are the people who [brought] Avalanche's gaming brand from zero to top of the pack in less than a year… These people have helped Avalanche navigate multiple industry blow ups, a bear market, and countless other challenges.”. The layoff comes after the company said last month that it had hired two Polygon and OKX employees.

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2023-11-06 16:44:02 Aave pauses V2 on Ethereum, freezes certain assets on V3 due to reported issue

DeFi lending protocol Aave has paused some operations as a temporary protection measure following reports of an issue, the protocol announced in a post on X. No funds are at risk, the protocol added. The protocol has paused Aave V2 operations on Ethereum, along with freezing certain assets on Aave V3 on Polygon, Arbitrum, and Optimism. The protocol announced service will be restarted following the approval of a forthcoming proposal to restart the paused operations.

The protocol clarified that V3 remains live on Ethereum, Base, and Metis, and V2 operations on Polygon and Avalanche are unaffected. Aave did not respond immediately to a request from comment from The Block. The protocol has paused Aave V2 operations on Ethereum, along with freezing certain assets on Aave V3 on Polygon, Arbitrum, and Optimism. The protocol announced service will be restarted following the approval of a forthcoming proposal to restart the paused operations, and that a postmortem explaining the issue will be released "once the issue is fully resolved." No user funds are currently at risk, the protocol added.

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2023-11-05 19:05:06 Coinbase 'Ready to Hit the Ground Running' on Bitcoin ETF Approval, Says COO

Cryptocurrency exchange Coinbase is prepared to move quickly if a spot Bitcoin ETF is approved soon, Coinbase COO Emilie Choi said during an earnings call Thursday with investors and analysts. “We are ready to hit the ground running,” Choi said. “They should add credibility to the market, and we should see increased liquidity and market stability, as we've seen with other asset classes, such as a gold ETF.” The Securities and Exchange Commission (SEC) has hesitated to approve one thus far.

Crypto moguls, such as the Winklevoss twins, have pursued ETF-like products that let investors gain Bitcoin exposure in a brokerage account for more than a decade. The Securities and Exchange Commission (SEC) has hesitated to approve one thus far. However, the hype has hit new levels this year, in light of Grayscale’s courtroom victory and several financial giants, such as BlackRock and Fidelity, that have thrown their weight into the mix of ETF hopefuls. JP Morgan analysts think it’s “most likely” that a spot Bitcoin ETF is approved within the next three months. As a spot Bitcoin ETF makes it easier for institutional investors to trade Bitcoin—without needing to worry about self-custody.

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2023-11-03 17:41:02 Tether extends debt financing to Northern Data capped at $610 million

Northern Data Group, a German data center operator, has secured a debt financing facility of up to €575 million ($610 million) from Tether Group, the stablecoin issuer, to expand its Bitcoin mining, AI, and data center operations. “Northern Data Group entered into a loan agreement with a company of the Tether Group, under which it secured a €575 million debt financing facility,” Northern Data wrote in a statement. “The facility is unsecured, at standard market conditions and has a term until Jan. 1, 2030.”

Northern Data Group to continue capitalizing on the market opportunities within each sector of our three subsidiaries, Taiga Cloud, Ardent Data Centers and Peak Mining," Northern Data CEO Aroosh Thillainathan added. "We’re excited for the further innovation we will achieve through this raise as we drive further progress in the AI, ML and Generative AI industries.”. Peak Mining is the group’s mining business, with the financing being used to scale its Bitcoin mining operations via purpose-built MicroBT liquid-cooling mining technology. Liquid-cooled mining offers more efficient heat management and potentially higher hardware performance compared to traditional air-cooled mining. However, it typically involves higher setup costs and more complex maintenance.

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2023-11-02 18:31:02 Circle Mint Account Closure for Individual Customers, Institutions Only Now Supported

Circle, a well-known company in the cryptocurrency world, particularly for issuing stablecoins, has announced that it is currently in the process of discontinuing support for consumer Circle Mint accounts. This strategic decision, which has been communicated directly to individual consumers, is designed to streamline operations solely for consumer accounts. Importantly, this change will not affect business or institutional accounts, which will continue to operate as usual.

Circle Mint Account Closure for users with zero balances in their accounts because support will soon end. The closure of these consumer accounts is currently scheduled for the end of November. This means that users who wish to mint Circle stablecoins, such as the widely-used USDC and the Euro-based EURC, will need to look for alternative platforms on which to conduct these activities. In addition, Allaire highlighted the strong partnerships that Circle has built with various global retail entities. This includes their strategic partnership with Coinbase, a leading cryptocurrency exchange. These partnerships have allowed for comprehensive retail access to USDC at no additional fees while also maintaining a 1:1 exchange rate.

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2023-10-31 12:46:02 UK confirms plans to regulate crypto industry with formal legislation

The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024. The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry. In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms.

The government’s proposals include stricter rules for exchanges, custodians that store crypto on behalf of clients, and crypto lending companies. The U.K. also proposes stricter regimes for market abuse and cryptoasset issuance and disclosures. The government aims to introduce laws for the crypto industry before Parliament by 2024, according to the paper. The EU set out a clear framework for digital assets with its MiCA (Markets in Crypto-Assets) regulation, including a licensing process for crypto firms. The U.K. is further ahead in the process than other tech leading nations. Numerous bills are going through Congress, but the U.S. is far behind others when it comes to bringing about formal federal laws for the crypto industry.

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2023-10-30 14:21:02 Solana-Based Products Lead with 74% AUM Increase in October: CCData

October witnessed significant advancements in the industry owing to the launch of six ETH Futures ETFs, offering investors a chance to delve into Ether futures. Bitcoin responded positively to the developments. Further gains were fueled by speculations about BlackRock’s application approval of a spot BTC ETF in the United States. As a result, the total assets under management (AUM) for digital asset products surged by 6.74%, reaching $31.7 billion in October. This represented the first upturn since July 2023.

Despite affiliation to FTX and its disgraced founder, Sam Bankman-Fried, as well as its own share of outages, Solana has managed to recover this year. This is evident by the continued inflow streak over the past several weeks. Meanwhile, the assets under management (AUM) for Bitcoin-based products also surged by 11.1%, reaching $23.2 billion and commanding a 73.3% market share. This signifies a rise from 70.5% in September. Ethereum-based products, however, witnessed a decrease despite the introduction of new ETFs. These products collectively experienced a 5,45% decline, lowering their AUM to $6,35 billion, and their market share dropped to 20.1%. This marks a down from 22.6% in September. Basket-based products, on the other hand, saw a 2,10% increase, reaching $1,19 billion and capturing 3,75% of the market.

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