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Crypto Exchange Regulation Check

Why ARK’s Cathie Wood Isn’t Buying Into the Bitcoin Futures ETF

In brief　　The first U.S. Bitcoin futures ETF, from ProShares, launched on Tuesday.　　ARK Invest has made many crypto-related investments, but isnt ready to buy into the first futures ETF.　　ARK Invest CEO and Chief Investment Officer Cathie Wood is big on cryptocurrency, investing in Bitcoin as well as crypto-related stocks like Coinbase and the Grayscale Bitcoin Trust. But ARK isnt buying into the newly-launched U.S. Bitcoin futures ETF—not yet, at least.　　The United States first Bitcoin futures ETF—the ProShare Bitcoin Strategy ETF—began trading Tuesday and racked up nearly $1 billion in activity by the end of the first business day, including $280 million worth within the first half an hour of trading.　　A Bitcoin ETF, or exchange-traded fund, lets institutional and retail investors gain exposure to the leading cryptocurrency without actually buying and holding Bitcoin itself. In this case, however, its an ETF for Bitcoin futures rather than the actual coin, which means investors are buying shares that represent contracts betting on the future price of Bitcoin.　　Asked if ARK invested in the ProShares Bitcoin futures ETF at yesterdays Milken Institute Global Conference, Wood replied, “No, we did not. One of the reasons is, were looking at this very carefully.” She added that there are

2021-10-21Deep Dive

Diem Answers Senate by Distancing Itself From Facebook

Diem published a press release today in response to lawmakers attempts to shut down the launch of its Novi wallet.　　“Diem Is Not Facebook”　　Yesterday, members of the U.S. Senate attempted to stop the limited launch of the Novi wallet that occurred yesterday. That letter was addressed to Facebook, and it criticized the companys plans to launch its cryptocurrency and its payments network.　　In response, Diem said that the lawmakers letter “misunderstands the relationship between Diem and Facebook.”　　The project further distanced itself from those entities by saying that “Diem is not Facebook,” but rather an association with 24 members including Facebook and Novi.　　It also asserted that Novis pilot program, which uses the Paxos stablecoin, is unrelated to the Diem token.　　Is It a Facebook Project？　　Those statements are technically true in the sense that the pilot program is isolated from Facebook and its Diem stablecoin.　　On the other hand, Diem has made it abundantly clear that it is connected to Facebook in a broader sense. The project is headed by Facebook Financial head David Marcus, and it originated internally at Facebook circa 2018. While lawmakers incorrectly accused Facebook of trying to launch its Diem digital currency yesterday, Novi is undeniably one part of that project.　　Those ties

2021-10-21Deep Dive

Why Governments Are Slow to Innovate and Adopt New Tech – Such as Blockchain?

Why aren‘t governments better at innovating and adapting new technologies？ We won’t keep you in suspense – they simply arent built to pivot and be nimble. Government bureaucracies are designed to “stay the course” and are more akin to super oil tankers rather than speed boats.　　Regardless if the technology is genomics, artificial intelligence, quantum computing, or blockchain they dont have innovation encoded within their organizational DNA. Instead, their institutional inertia seems purpose-built to squelch adoption of technology such as blockchain, and here are a few reasons why.　　Self preservation　　Blockchain is an immutable, transparent, distributed, open ledger that was designed to work without the need of large financial institutions such as banks and lenders. Government agencies are the penultimate arbitrators. If widely adopted by bureaucracies, blockchain technology would put complete agencies out of business by eliminating the intermediaries and go-betweens in Washington, D.C.　　Politicians dont want to solve problems – they want to stay in power　　If jobs get created, if wars cease, if people are healthy and living longer, if there‘s no civil unrest, if the economy thrives, if people don’t need social services…etc. there‘s no justification for politicians to stay in office. There’s no justification for continuous tax hikes, runaway spending, or

2021-10-20Deep Dive

Crypto King -Bitcoin Back above 60K: As SEC moves to approve first US Bitcoin Futures ETF.

The Crypto market has witnessed great volatility last week with Bitcoin attempting to reclaim the previous All time high (ATH) since March at $64k but stopped short at $62,888 after the news of the possible approval of a Bitcoin ETF this new week with Proshare Trust topping the list of the applied exchange for such approval. The possibility of approving the Bitcoin ETF comes after a decade of rejection for all applied ETFs. The SEC Chairman - Gary Gensler has hinted last month that he would be open to the submitted applications which is due for final approval this new week. Bitcoin could hit 100k within a short while if finally approved this week.　　The Crypto market has surged with great excitement last week with the news that the first Bitcoin ETF would begin trading next week after approximately a decade application for a Bitcoin ETF. The Securities and Exchange Commission (SEC) greenlighted bitcoin futures ETFs for the first time in the industry last weeks Friday, after the regulators five commissioners met on the issue. ProShares, which filed for its Bitcoin Strategy ETF this past summer, would most likely be the first to launch a Bitcoin ETF next week. The company

2021-10-20Deep Dive

Blockchain-Based Game Boost Shares Of Korean Game Maker, Founder Becomes Billionaire

Since the global release of a blockchain-based game in late August, shares of Korea-listed game developer WeMade have nearly quadrupled, making its founder, Park Kwan-ho, a billionaire.　　The game, called Mir 4, was released domestically in November last year and made available globally—across 170 countries in 12 languages—on August 26. Since then, it has been downloaded more than 1 million times on Googles Play Store and shares of WeMade soared about 290%. Park, who turns 49 next month, is the chairman of WeMade and its largest shareholder, with a nearly 45% stake in his own name. Forbes estimates his net worth at $1.2 billion.　　Mir 4 is a blockchain-based game that allows players to earn cryptocurrency and trade non-fungible tokens. Such games have been growing increasingly popular as cryptocurrencies gain mainstream acceptance. For example, Axie Infinity, developed by Vietnamese game maker Sky Mavis, boasts more than 2 million daily active players. Sky Mavis raised $152 million in a funding round earlier this month led by Silicon Valley venture capital firm Andreessen Horowitz.　　“Our games are evolving into metaverses and the value of the virtual assets are being recognized,” WeMade CEO Henry Chang said on an analyst call in August. “WeMade has since then

2021-10-20Deep Dive

ARE LONG-TERM HOLDERS SELLING THE BITCOIN PRICE TOP?

One of the most common patterns in bitcoin‘s on-chain history is that of the long-term holders stacking sats during bear markets and then selling some of their positions for profit-taking near the tops of bull markets. Right now, long-term holder supply is hitting new all-time highs as we brace for bitcoin’s next bull move up.　　As new demand enters the market in the later stage of the bull cycle, long-term holders sell bitcoin to new market entrants, i.e., short-term holders, until the market selling and buying is exhausted. This typically signals the local market price top as new demand is eager to buy at any price. Price then cools off and long-term holders start accumulating again.　　Over the summer, as the bitcoin price fell over 50%, bitcoin entered a mini-bear-market-type environment where long-term holders took the opportunity to stack supply at a rate that we havent seen happen before during a bull cycle.　　This behavior propelled the long-term holder supply to new all-time highs as long-term holders now anticipate higher prices expecting new retail, institution and futures ETF demand to come into the market. Now, were still seeing long-term holders add to their holdings, but at a slightly decelerating rate compared to earlier

2021-10-20Deep Dive

Facebook is planning to rebrand the company with a new name

Facebook is planning to change its company name next week to reflect its focus on building the metaverse, according to a source with direct knowledge of the matter.　　The coming name change, which CEO Mark Zuckerberg plans to talk about at the company‘s annual Connect conference on October 28th, but could unveil sooner, is meant to signal the tech giant’s ambition to be known for more than social media and all the ills that entail. The rebrand would likely position the blue Facebook app as one of many products under a parent company overseeing groups like Instagram, WhatsApp, Oculus, and more. A spokesperson for Facebook declined to comment for this story.　　 FACEBOOK INTENDS TO TRANSITION TO “BEING A METAVERSE COMPANY”　　Facebook already has more than 10,000 employees building consumer hardware like AR glasses that Zuckerberg believes will eventually be as ubiquitous as smartphones. In July, he told The Verge that, over the next several years, “we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company.”　　A rebrand could also serve to further separate the futuristic work Zuckerberg is focused on from the intense scrutiny Facebook is currently under for the way its social

2021-10-20Deep Dive

Security precautions in cryptocurrency

BALTIMORE — The first, and likely most well known, cryptocurrency, Bitcoin, was created back in 2008, just as the global economy plunged into a great recession.　　The idea was to remove the middleman, according to University of Maryland Assistant Professor Ian Miers.　　“It was created in 2008 as a means of building a more robust and decentralized financial system,” he tells WMAR-2 News. “The main point that people who are into cryptocurrencies get out [of it] is that you shouldnt have to trust some other person to run your financial system. The idea is that this should be out there and run by everybody and therefore reliable.”　　Satoshi Nakamoto, the founder of Bitcoin, wrote in their paper introducing the crypto, “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”　　Nakamoto is an alias for the still unknown person or persons behind Bitcoin, but they clearly wanted to create a system that would eliminate the need for a trusted third party, like a bank or the government.　　“You want things to be decentralized enough that theres some resiliency, you dont want

2021-10-20Deep Dive

Brazilians bought over $4 billion worth of crypto in 2021

Brazils Central Bank has released data showing that its citizens have spent a total of $4.27 billion on cryptocurrency alone since the beginning of the year.Brazilians bought Bitcoin at its peak　　Per the data, investors in Brazil traded more Bitcoin than any other crypto when the flagship digital asset touched its ATH of $65,000 in May. It was revealed that during this month, around $756 million was spent on the purchase of cryptocurrencies.　　Speaking of other months, crypto investors in Brazil spent around $400 million on crypto investments in January, $357 million in March while spending an almost identical amount in the remaining months.　　While the bank did not state why the countrys citizens were investing heavily in crypto, one of the reasons could be tied to the effects of the coronavirus pandemic on the economy of the country which led to the debasement of the national currency.　　Apart from that, crypto provides a viable access to financial services for the unbanked, thereby promoting financial inclusion. It is also a known fact that the youth across many countries in the world have been driving crypto adoption within their region, and Brazil is no different.Brazil wants to regulate crypto　　Recently, the legislative arm of the Brazilian

2021-10-20Deep Dive

Elizabeth Warren Urges Zuckerberg to Halt Facebook's Crypto Wallet Novi

In brief　　Senator Warren and four of her colleagues lashed out at Mark Zuckerberg for launching a wallet.　　The wallet launch did not include Diem, Facebooks long-delayed cryptocurrency.　　Hours after Facebook went live this morning with its digital wallet Novi, Sen. Elizabeth Warren (D-MA) and four other Senators from her party sent a warning shot at the companys CEO Mark Zuckerberg, demanding that he “immediately discontinue” the program.　　Novi launched a pilot this morning in the U.S. and Guatemala, allowing users there to buy and trade Paxos Dollars (USDP) instantly and with no fees. Coinbase is providing Novi with crypto custody services, and will hold all funds involved with the program.　　Notably, Novi does not incorporate Facebooks own long-anticipated cryptocurrency Diem. This does not appear to have mollified the group of senators, who also include Brian Schatz (D-HI), Sherrod Brown (D-OH), Richard Blumenthal (D-CT) and Tina Smith (D-MN).　　“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient,” they stated in the letter.　　Facebooks journey to launching a wallet and stablecoin has been fraught. A series of blistering 2019 congressional hearings all but halted the project, which was originally

2021-10-20Deep Dive
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