Crypto Plain

2024-06-29 18:10:25 State Street Partners With Galaxy Asset Management to Create New Crypto ETFs

State Street Global Advisors, the asset management division of State Street Corporation (NYSE: STT), has joined forces with Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY), a prominent player in the digital assets and blockchain investment scene.

The collaboration aims to go beyond cryptocurrencies and bitcoin, introducing innovative strategies that provide exposure to companies in the broader digital asset space. With a focus on manager-directed strategies, investors will gain access to the vast $2.4 trillion digital asset ecosystem.

Anna Paglia, Chief Business Officer at State Street Global Advisors, emphasizes the importance of understanding the correlation between the digital assets landscape and traditional financial markets, stating that crypto native companies are best equipped for this task.

The interest in digital assets has soared since the introduction of U.S. spot bitcoin exchange-traded funds (ETFs) earlier this year. Investors are now seeking broader opportunities within this emerging asset class.

The Securities and Exchange Commission (SEC) is currently reviewing filings for eight spot ethereum ETFs, with expectations of their launch next week. This progress fuels optimism for future cryptocurrency ETFs, including those based on XRP and solana (SOL).

Steve Kurz, Global Head of Asset Management at Galaxy, highlights the potential impact of this partnership in making digital assets more accessible to a wider range of investors through new ETF offerings.

State Street Bank and Trust will provide administrative and accounting services for these upcoming digital assets ETFs. With its established presence in the digital asset space, State Street continues to demonstrate its commitment to providing seamless digital solutions to clients. Open / Comment

2024-06-22 23:39:18 Standard Chartered Takes the Plunge: Spot Crypto Trading for Bitcoin and Ethereum!

Standard Chartered, the renowned British bank, is diving headfirst into the world of cryptocurrencies. Sources reveal that they are gearing up to launch a spot cryptocurrency trading desk within their foreign exchange division, catering to the growing demand for bitcoin (BTC) and ethereum (ETH) transactions.

In a statement to Bloomberg, Standard Chartered expressed their commitment to supporting institutional clients in the digital asset realm. They said, "We're working closely with regulators to meet our clients' needs, from access and custody to tokenization and interoperability."

It's not just a passing interest either. Standard Chartered's analysts have been keeping a close eye on the crypto market, with some bold predictions. They foresee bitcoin hitting six figures this year, potentially soaring to $150,000 if Trump secures another term in office. Their track record is impressive too, having accurately predicted the SEC's green light for spot ethereum ETFs.

As the financial world continues its embrace of digital assets, Standard Chartered is making sure it stays ahead of the curve. With their new spot crypto trading desk, they're not just dipping their toes – they're taking a confident leap into the exciting world of bitcoin and ethereum. Open / Comment

2024-06-17 21:09:17 TON Soars Amid Crypto Slump: A Beacon of Hope in a Bearish Market

While the crypto market faces a downturn, TON shines bright, hitting an all-time high of $8.25 per coin on June 15. This impressive surge comes as Bitcoin and other digital assets struggle against the mighty US dollar.

TON's growth is nothing short of remarkable, with a 27.8% increase in just two weeks and a staggering 485% surge over the past year. With a market cap of $19.76 billion, TON now proudly claims the ninth spot among cryptocurrencies.

The popularity of TON-based games like Tapswap, Pixelverse, and Notcoin has propelled the demand for this native token. Toncoin, formerly known as gram, plays a vital role in transactions, staking, fees, and powering various functionalities within the vibrant TON ecosystem.

TON's secret sauce lies in its unique multi-blockchain architecture, featuring a masterchain overseeing everything and multiple workchains handling specific tasks. This innovative sharding mechanism promises scalability to process millions of transactions per second.

Powered by a robust proof-of-stake consensus algorithm, TON relies on validators staking their coins to validate transactions and create new blocks. Smart contracts and dapps are also part of the package, making it an enticing playground for developers.

With over 3.6 million unique addresses holding TON and the top ten wallets controlling 61% of the supply, there's clear interest from both retail and institutional players in this rising star.

While the future remains uncertain, many credit TON's success to its roots in the Telegram messaging app. Originally conceived by the Durov brothers, regulatory hurdles led to a community-driven approach managed by the TON Foundation.

In a sea of red, TON's ascent is a glimmer of hope, showcasing the resilience and potential of the crypto world. Open / Comment

2024-06-14 11:14:05 Crypto Crime Wave: $19B Lost and Counting! Are Your Assets Safe?

The numbers are in, and they're staggering! According to the latest Crystal Intelligence report, the crypto world has lost a jaw-dropping $19 billion to criminal activities over the past 13 years. It's a stark reminder that even in this digital age, where fortunes are made with a click, security remains a top concern.

When it comes to breaches, hackers have had a field day, pocketing a whopping $6 billion by exploiting vulnerabilities in security systems. But it's not just centralized platforms taking the hit; decentralized finance (defi) has seen nearly $5 billion vanish into thin air due to clever hacks.

One scam that stands out like a neon sign is the infamous Plus Token swindle of 2019. These crafty fraudsters managed to pilfer an eye-watering $2.9 billion worth of BTC and ETH, making it the granddaddy of all crypto heists.

Fast forward to 2023, and things aren't looking any better. Crystal's research reveals that we hit an all-time high with 286 reported thefts, totaling over $2.3 billion. It's clear that cybercriminals are getting bolder and more sophisticated by the day.

In 2024 alone, we've witnessed some audacious attacks. South Korea's Playdapp breach saw criminals make off with a cool $290 million in ether, while across the pond in the UK, Eulor Finance got hit for a hefty sum of $197 million.

And who's feeling the brunt of these digital raids? The good ol' US of A takes the crown, with 20 incidents resulting in a staggering $287 million in losses. It's a stark reminder that no one is immune to this global threat.

As the crypto landscape continues to morph and mature, it's clear that we need to up our game when it comes to security. Both protocol creators and everyday users must prioritize fortifying their defenses against these digital marauders. The future of finance may be decentralized, but it must also be fortified like never before. Stay vigilant, folks! Open / Comment

2024-06-10 22:33:32 Mexican Billionaire Ricardo Salinas Urges Bitcoin Purchase as Nigerian Naira Struggles

With a fortune exceeding $14 billion, Ricardo Salinas Pliego, the influential Mexican entrepreneur and owner of Salinas Group, is advising his followers to buy Bitcoin. He sees the potential for significant gains in the cryptocurrency's value.

The Nigerian naira has been hit hard, becoming the weakest currency against the US dollar in May. Despite government crackdowns on crypto, the currency continues its downward spiral.

When asked about investment options, Salinas Pliego's answer was clear: Bitcoin. His confidence in the digital asset is unwavering.

Meanwhile, in Argentina's Entre Ríos province, a groundbreaking partnership has been formed between the state and the Cardano Foundation. This collaboration signals a major stride forward for blockchain technology in the region.

On another note, Argentina is taking steps to regulate its digital asset market with the launch of the VASP Registry. The country aims to ensure that only registered entities can legally offer digital asset services.

As cryptocurrency adoption and regulation continue to make headlines, it's clear that Latin America is at the forefront of these exciting developments. Open / Comment

2024-06-08 07:49:22 Investor Confidence Soars With $488M Inflows Into US Bitcoin ETFs

U.S. spot bitcoin ETFs are on fire, with a staggering $488.1 million pouring in on Wednesday, marking an impressive 17-day winning streak. Just the day before, a record-breaking $886.6 million flowed into these funds, fueling the excitement.

Fidelity takes the lead with a whopping $221 million, while their FBTC fund proudly holds a hefty stash of 173,715.33 BTC, valued at around $12.37 billion as of June 6, 2024.

Not far behind, Blackrock's IBIT is inching closer to the 300,000 BTC milestone with a solid influx of about $155 million, bringing their total holdings to 297,643.72 BTC, worth an impressive $21.20 billion.

Other notable contributors to this crypto party include ARKB, BITB, GBTC, HODL, and BTCO, while BRRR, EZBC, and BTCW play it cool with neutral flows.

ARKB from Ark Invest and 21Shares has already crossed the 50,000 BTC mark and is now sitting comfortably at around 50,303 BTC, which translates to a jaw-dropping value of approximately $358 billion.

Bitwise's BITB fund joins the club with a respectable holding of 38,106.02 BTC, worth a cool $2.71 billion, while GBTC adds another $15 million to its growing portfolio of approximately 285,458.14 BTC, valued at an eye-popping $20.36 billion.

With a combined trading volume of over $2.08 billion during Wednesday's sessions, these ETFs are making waves and attracting attention, hinting at a bright future for bitcoin in the eyes of investors.

The sustained interest and strong inflows into U.S. spot bitcoin ETFs speak volumes about the growing confidence in this digital asset class. It seems like we're witnessing a potential turning point, as more investors, including retail players, embrace the world of bitcoin and its transformative potential. Open / Comment

2024-06-06 00:47:37 Bitcoin Mining Pools: The Powerhouses Behind the Blocks!

In the fast-paced world of Bitcoin mining, a few giants reign supreme. Foundry, with its impressive 168.05 EH/s, commands a staggering 28.9% of the total hashrate. Antpool follows closely, flexing its muscles with 159.92 EH/s and a 27.1% share. Viabtc may be in third place, but its 79.96 EH/s is nothing to scoff at, claiming 13.3%.

Over just 72 hours, these three powerhouses have discovered a whopping 301 blocks, with Foundry leading the charge at 124 blocks, Antpool close behind with 118, and Viabtc not far off with 59. Together, they control an imposing 69% of the hashrate.

Zooming out to the past 90 days, Foundry's dominance remains unshaken at 28.59%, unearthing an impressive 3,742 blocks. Antpool secures second place with a solid 23.98%, while Viabtc holds steady at 13.09%.

The annual rankings bring some surprises, as F2pool snatches the bronze medal with a notable 12.42% share of the hashrate over the past year. Foundry still leads the pack at 29.24%, while Antpool maintains its position with a respectable 24.57%.

Block by block, Foundry continues to impress over the year, discovering an astonishing 15,651 blocks, followed by Antpool's 13,154 and F2pool's 6,648.

In this digital gold rush, these mining pools are the titans shaping the future of Bitcoin, their hashrate might influencing the very fabric of this decentralized currency. Open / Comment

2024-06-01 23:25:02 Elon Musk: Crypto Empowers the People, No Crypto Chats with Trump

Despite reports suggesting Elon Musk's involvement in advising Donald Trump on cryptocurrency matters, the Tesla and SpaceX CEO swiftly dismissed the claims. Taking to X, Musk clarified that he has never discussed crypto with the former president. However, he did express his support for technologies that shift power from government to the people, acknowledging that crypto has this potential.

Trump's stance on crypto seems to have undergone a transformation. Previously skeptical, he now sees it as a way to win over voters. At a recent Libertarian National Convention, Trump vowed to protect the future of crypto and bitcoin, stressing his opposition to a central bank digital currency. He even pledged support for self-custody and expressed his desire to see Ross Ulbricht freed.

Notably, Trump's campaign has started accepting cryptocurrency donations, signaling a shift towards embracing digital assets. With former CFTC Chairman Christopher Giancarlo dubbing him America's first "crypto president," it's clear that Trump is keen on making his mark in this space.

On the other hand, Musk's affinity for crypto is well-known. As the "Dogefather," he continues to advocate for the meme-inspired dogecoin, while also holding bitcoin and ether. His companies, Tesla and SpaceX, have also made significant investments in bitcoin. However, Musk has made it clear that he doesn't dwell too much on cryptocurrencies and has no plans to create his own token.

In this clash of titans – Musk and Trump – the world of crypto finds itself at an intriguing crossroads where technology meets politics. As both figures navigate these uncharted waters, one thing is certain: the conversation around digital assets is far from over. Open / Comment

2024-05-29 17:33:44 Solana's Bold Move: 100% Priority Fees for Validators!

Solana's latest improvement proposal, SIMD-0096, has just passed with an impressive 77% majority. The game-changing tweak? All priority fees will now go directly to validators, bidding farewell to the previous 50/50 split with the burn mechanism.

This move aims to foster a fairer ecosystem by curbing any hint of favoritism between transaction submitters and validators. But it's not without controversy!

Validator Bandito Stake isn't sold on the idea, raising concerns about the potential impact on Solana's inflation. With a yearly 1.5% baked in, they fear this change might tip the scales.

Laine, a thoughtful validator, sheds light on the numbers. The proposal could see a 4.6% increase in issuance, bringing inflation back to pre-priority fee levels. It's all part of a grand plan to reward network security more equitably.

Hold your horses, though! Laine cautions that both current and upcoming software versions need an upgrade before these changes can take flight. We'll have to wait a bit longer for this revolution in distribution.

Solana is boldly blazing its own trail, reimagining rewards and aiming for a more inclusive network – one where validators reign supreme! Open / Comment

2024-05-27 22:26:00 Venezuelan Crackdown on Bitcoin Miners Intensifies: 6,000 Seized in New Operations; Total Confiscations Surpass 17,000

In a bold move against bitcoin mining, Venezuelan authorities are ramping up their efforts. Armed with the support of local police, intelligence officials, Corpoelec (the state-owned power company), and the National Power Ministry, two separate operations were recently carried out, resulting in the seizure of over 6,000 miners.

The first operation unfolded in Portuguesa state, where a staggering 5,995 miners were disconnected from the grid and promptly confiscated. Another 293 miners met a similar fate in Cojedes state, accompanied by the confiscation of energy connection equipment.

These actions align with the National Power Ministry's strategy to alleviate the strain on Venezuela's power system caused by these energy-intensive machines. With the country grappling with an ongoing energy crisis and frequent blackouts, it remains unclear whether this ban is temporary or here to stay.

Earlier this year, Carabobo state witnessed the disconnection and seizure of over 11,000 miners, further highlighting the government's changing stance on cryptocurrency regulation. Once considered a pioneer in this field, Venezuela now faces scrutiny following allegations of a massive $20 billion embezzlement and money laundering scheme involving unregistered oil sales for crypto.

As investigations continue and the crackdown persists, the future of bitcoin mining in Venezuela hangs in the balance. Open / Comment