Crypto

A high-profile blockchain lobby group is urging United States lawmakers to adopt a “technology-neutral” approach when it comes to stablecoin regulation, arguing that dollar-pegged cryptocurrencies do not pose a system risk to the financial system. In a 17-page letter addressed to the President’s Working Group on Financial Markets, which includes regulators from the Department of Treasury and Federal Reserve, the Chamber of Digital Commerce outlined a six-point plan for future regulatory action involving stablecoins. According to the group, stablecoin laws should be technology-neutral, regulate in a manner that is proportionate to risk, ensure that the U.S. maintains a competitive advantage in blockchain, recognize stablecoins as digital payment systems as opposed to investments, ensure com...

Bitcoin (BTC) hit $63,000 on Oct. 19 as the debut of the first regulated Bitcoin exchange-traded fund (ETF) saw solid uptake. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView ETF launch sparks six-month BTC highs Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its highest levels since April 16 as the ProShares Bitcoin Strategy ETF began trading under the ticker BITO on the New York Stock Exchange. BITO opened at just under $40, swiftly hitting local highs of $42.09 in price discovery before consolidating. The strength of the launch served to allay fears that the market would conversely fall into the United States open in what would constitute a classic “buy the rumor, sell the news” event. Volatility was still rampant at the time of wr...

The first Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, opening at a price of $40 per share. According to the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF, the first exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication. The addition of the crypto fund to a major stock exchange follows years of deferred decisions from the Securities and Exchange Commission, or SEC, the regulator responsible for greenlighting the asset. The NYSE welcomes @ProSharesETF in celebration of the first U.S. Bitcoin-Linked ETF $BITO https://t.co/0qh0NDS2d4 — NYSE (@NYSE) October 19, 2021...

The market for nonfungible token, or NFT, digital artwork is taking on the traditional art industry. Within the first six months of 2021, analytics firm DappRadar recorded $2.5 billion in NFT sales, showing a major increase from the $13.7 million in sales during the same time period in 2020. Christie’s auction house reported $93.2 million in NFT sales during the first half of 2021. In addition to impressive sales, the NFT marketplace OpenSea, which reportedly hosts 98% of the entire market’s transactions, registered $4 billion in NFT trading volume during August this year.  While the rise of blockchain-based digital artwork is notable, many of the artists responsible for creating today’s most sought after NFTs are men. For instance, digital artist Mike Winkelmann — better k...

Social media giant Facebook has tapped Coinbase and Paxos for its forthcoming Novi digital wallet project, which kicked off its pilot testing phase in the United States and Guatemala on Tuesday.  Beginning Oct. 19, a small cohort of users in both countries will be able to download the Novi digital wallet app on iPhone or Android devices and add money to their accounts with a debit card. From there, they will be able to send and receive money using Pax Dollar (USDP), a dollar-backed stablecoin issued by blockchain trust company Paxos.  Facebook selected USDP in its pilot program because of its proven track record and “important regulatory and consumer protection attributes.” Because USDP reserves are fully backed by cash, Novi users will have the ability to withdraw their money in...

Cryptocurrencies are increasingly becoming available on more trading platforms as the market continues to grow Interactive Brokers has become the latest traditional brokerage platform to enter the cryptocurrency space. The firm announced the launch of its cryptocurrency trading services yesterday, following months of planning. In a press release yesterday, Interactive Brokers said Registered Investment Advisors (RIAs) could trade and custody a few cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). The RIAs can carry out these functions via Paxos Trust Company on behalf of their clients. According to the firm, the RIAs will get to manage their clients’ positions in cryptocurrencies alongside other financial assets like stocks, futures, op...

Polkadot (DOT) founder Gavin Wood has unveiled a $777 million development fund ahead of the network’s parachain lease auctions. Wood tweeted on Oct. 17 that Polkadot’s treasury has allocated more than 18.9 million DOT (worth roughly $777 million at the time of writing) to a development fund that will be disbursed through community governance. Wood gave broad suggestions as to how the funds might be spent, stating the capital will be mobilized to realize the community’s vision for “building, improving, educating” Polkadot’s ecosystem, in addition to “anything else that the Polkadot governance believes valuable. According to Polkadot’s Wiki, the treasury funds can be spent if approved by the council, which votes on proposals put forward to them. The Polkadot council currently consists of 13 ...

Bakkt ($BKKT), an institutional and retail-facing digital asset platform founded by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a volatile first day of trading as a publicly listed company. After launching on the New York Stock Exchange (NYSE) at $9.45 on the morning of Oct. 18, BKKT rose by roughly 3.3% up to $9.77 during its first 30 minutes of trading. However, traders quickly moved to take profits, causing prices to slump by -9.5% down to $8.84 followed by lunchtime. According to Bloomberg, BKKT was trading at $8.76 by the day’s close after having shed almost -7% from its opening. Bakkt went public via a merger deal with a special purpose acquisition company (SPAC), VPC Impact Acquisition Holdings on Oct. 15. Bakkt initially launched in 2018 as a cryptocur...

A “favorite” Bitcoin (BTC) price signal could be about to turn bullish — and upside has always resulted, data shows. As noted by podcast host Preston Pysh on Oct. 18, the Long-Term & Short-Term Holder Realized Price Ratio (LTHSTH-RPR) looks primed to print a bull flag. Chart hints at return of the bulls It may sound wordy, but LTHSTH-RPR is one of the most accurate Bitcoin price indicators. Its creator, Bitcoin 2021 conference organizer Dylan LeClair, confirmed his own bullishness based on its readings in late September. “TLDR: The lower the Short-Term:Long-Term Realized Price Ratio goes the more bullish I will become,” he wrote in an explanatory Twitter thread. “In the end, all bears will die.” Bitcoin LTHSTH-RPR chart. Source: Preston Pysh/ Twitter Now, with the indicator...