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Leveraged Funds on CME Trim Bets Against Bitcoin

Leveraged funds trading bitcoin futures on the Chicago Mercantile Exchange (CME) continue to trim their short positions initiated earlier this year, mostly as a hedge against risks associated with the “Grayscale carry trade.”　　The Commodity Futures Trading Commission (CFTC) released data on Friday that showed leveraged funds held a net short position of 10,000 contracts in the week ended June 29. That is down from about 30,000 in December and represents the lowest tally of net shorts since September, according to data source Skew.　　(Skew)　　“This probably has more to do with leveraged funds hedging their long positions in the Grayscale Bitcoin Trust (GBTC) shares using the CME futures,” said Matt Blom, global head of sales and trading at Eqonex.　　“As they unwind GBTC positions during the unlock windows, and do not add further trades due to the Grayscale premium trading at a negative, we have seen the need to use these derivatives decline,” Blom said.　　The Grayscale Bitcoin Trust, the worlds largest digital-assets fund manager, allows institutional investors to gain exposure to bitcoin through shares in the trust, which currently holds 654,600 BTC. (Grayscale is a unit of Digital Currency Group, which also owns CoinDesk.)　　Investors can buy GBTC shares directly at the net asset

2021-07-07Deep Dive

CleanSpark Using Microgrids to Improve Bitcoin Mining Sustainability

The Utah-based CleanSpark is attempting to boost the efficiency of Bitcoin mining as environmentalists continue to fight against crypto mining.　　CleanSpark, a cryptocurrency mining firm deep in the woods of Utah has announced the development of a more sustainable alternative mining solution using microgrids. Basically, the idea of Microgrids is that it will combine the currency system of powering a mine with solar, wind, fuel cell, hydro, and other green technologies.　　This is done to balance out the negative impact of sustainable energy utilization. CleanSpark claims that even the most hardcore environmentalists will be on board with the measures they are taking to protect the earth.　　The method in which CleanSpark is hoping to solve these issues is by utilizing what is called microgrid technology. It will allow the company to get the majority of its power from one single plant instead of chaining multiple sources together. What makes this process special for CleanSpark is the source of their power will be supplied from solar, wind, and hydroelectricity.　　The company claims that the new method for mining will not only boost the hash rate but also cut down on electrical usage at the same time. A study from Navigant Research in Boulder, CO, stated

2021-07-07Deep Dive

Why Hedge Fund Marshall Wace Seeks to Invest in Crypto, Blockchain, And Digital Assets

After a period of absence, institutions seem to be showing new interest in the crypto industry. Per a report by the Financial Times (FT), hedge fund Marshall Wace is currently “plotting” investments in this industry for multiple sectors.　　With $55 billion assets under management (AUM), Marshall Wace could be one of the biggest entities to enter the crypto industry, along with BlackRock, Soros Fund Management, and others. The report claims that the hedge fund will target specific areas for its investment.　　Thus, the group will build a portfolio around blockchain technology, payment systems based on cryptocurrencies, digital finance companies, and other digital assets, such as stablecoins. The hedge fund will focus on projects at a late stage in their development, the FT claimed.　　Marshall Wace could potentially invest in crypto companies before flotation, the report adds, and hold on to them after they debut in the stock market. The hedge fund has already tested this strategy in the healthcare sector in 2021.　　 Marshall Wace Wants A Piece Of The Stablecoin Business　　The hedge fund has a particular interest in stablecoins and in the infrastructure built around these digital assets. The new portfolio will focus on this sector and will be headed by Amit Rajpal,

2021-07-07Deep Dive

Striking a chord: DeFi’s domino effect on NFTs and Web 3.0 adoption

Decentralized finance (DeFi) has shined a spotlight on a fairer internet since early 2020, and were on the brink of something world-changing. DeFi technology would not be possible without the web infrastructure that is widely used today, demonstrating the tremendous strides we have made with next-level innovation. The third era of the internet has already dawned, with a new economy, new careers and new enterprise opportunities.　　Many experts believe DeFis rise has helped nonfungible tokens (NFTs) become more liquid, allowing users to view them as a more realistic investment opportunity. The rise of NFTs is further proof as to how this area of finance leads to a more promising and fulfilling development to total Web 3.0 adoption. NFTs are empowering the democratization of the new web — one of many benefits of blockchain technology — while DeFi aims to deliver the promise of financial democratization.　　DeFi has been the catalyst behind the NFT avalanche we have seen in recent months, supported by the ideas and infrastructure represented by Web 3.0. Billionaire investor Mark Cuban is just one of the many believers in DeFis power and potential, comparing its growth to the beginning of the internet and relishing in all of its untapped

2021-07-07Deep Dive

Ukraine’s Largest Mobile-Payment Platform Monobank To Launch BTC Trading

As Ukraine continues to actively legislate cryptocurrencies, Monobank, its biggest mobile-banking platform is preparing to launch a debit card with enabled BTC trading in July, according to the banks co-founder, Oleg Gorokhovsky.　　Gorokhovsky said in an official announcement that Monobank has already finalized a pilot integration with a certain cryptocurrency exchange that will allow Monobank clients to use a debit card to buy or sell BTC. The new bridging feature, according to Gorokhovsky, will go live as soon as Monobank receives authorization from the National Bank of Ukraine (NBU).　　The news came barely a week after the supreme council of Ukraine (Rada) which acts as the countrys parliament officially adopted a new law on payment services that also gave the NBU the right to issue digital currency.　　Gorokhovsky: People Should Invest In BTC　　Monobank is the first Ukrainian digital bank that uses a mobile application to provide payment services, micro-lending, and deposits for its customers. It is considered to be one of Ukraines top causes of a budding fintech scene and the establishment of Ukraine as an upcoming technological hub in Eastern Europe.　　Four years after its launch in 2017, Monobank has amassed over 2.3 million customers, representing around 0.1% of the country‘s 45 million

2021-07-07Deep Dive

Binance suspends euro bank transfers amid regulatory heat

Effective 8:00 am UTC on Wednesday, Binance users will no longer be able to make euro deposits through their bank. However, they can still fund their accounts with credit cards and debit cards.　　Regulatory constraints facing Binance have forced the popular cryptocurrency exchange to temporarily halt bank transfers denominated in euros, according to an email sent to its customers on Tuesday.　　Specifically, euro deposits via the Single Europe Payments Area, or SEPA, have been put on hold indefinitely due to circumstances beyond the exchanges control, Binance said in the email:　　“Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA Bank Transfers from 8 am UTC on July 7, 2021.”　　Although Binance didnt specify the reason for temporarily halting SEPA transfers, the decision likely stems from the onslaught of regulatory action taken against the firm.　　The most recent decision came a day after British financial giant Barclays announced it would no longer facilitate customer payments to Binance after financial regulators warned users that the exchange was operating in the United Kingdom without proper licensing. In a follow-up with Cointelegraph, a Binance spokesperson said the exchange was disappointed by Barclays “unilateral action” to block customer payments, namely:　　“We are disappointed that Barclays appears

2021-07-07Deep Dive

PM Of Vietnam Orders Central Bank To Conduct Cryptocurrency Pilot Implementation

Phạm Minh Chính, the prime minister of Vietnam, has mandated the countrys Central Bank to study and pilot cryptocurrency implementation.　　This puts Vietnams State Bank as the first bank of a country to explore the practicability and functions of central Bank Digital currencies (CBDCs).　　The countrys State Bank is about to test a cryptocurrency created on blockchain technology and not a centralized project.　　On July 3, 2021, a report from the English-language daily Viet Nam News reveals that Phạm Minh Chính, the Prime Minister made the announcement. The PM categorized the initiative as part of his broad developmental strategy in e-governance.　　The report also reveals that the State Bank will develop and implement the pilot from 2021 to 2023. This will help to promote cashless payments and a more formidable digital government.　　 PM Plans To Develop A Digital Government Through Cryptocurrency Adoption　　Vietnam wants to develop and master blockchain-based cryptocurrency in its core technologies. Other technologies that the government wants to utilize include artificial intelligence (AI), Virtual reality (VR), augmented reality (AR), and big data.　　All these are expected to facilitate significant breakthroughs and the right conditions to achieve a digital government.　　Several politicians in the country accepted blockchain technologies in their functionalities. However, theyve been hostile

2021-07-07Deep Dive

Bitcoin Miners Must Stop Production Altogether, Says Iranian VP

Eshaq Jahangiri, Irans first vice president, said on Wednesday that all Bitcoin mining operations must stop production “altogether” to make sure that there are no power outages in essential areas.　　He claims that the ongoing electricity crisis should be over by the end of August.　　Earlier today, Iranian President Hassan Rouhani apologized for recent blackouts after people staged protests in multiple cities on July 5:　　“I apologize to all the people who have suffered from this [electricity shortage] over the past days, and I ask for your cooperation in helping us in facing this problem.”　　In May, Iran banned Bitcoin mining until Sept. 22 due to its excessive electricity consumption, but this didnt stop some unscrupulous miners from operating illegally.　　The country accounts for roughly 4.5 percent of Bitcoins global hashrate.　　As reported by U.Today, the Iranian parliament recently drafted a bill, whose provisions include offering loans and tax exemptions for miners in order for boosting state income.

2021-07-07Deep Dive

Sygnum becomes first bank in the world to offer Eth2 staking

Crypto-focussed Swiss bank, Sygnum Bank, has announced it has become the first bank in the world to allow its clients to stake Ether.　　According to the July 6 blog post, the firm‘s clients can now stake ETH through Sygnum’s institutional banking platform to earn yields of up to seven percent annually.　　Sygnum describes itself as the “worlds first digital asset bank,” having secured a banking licence in Switzerland and a capital markets services license in Singapore during August 2019 and October 2019 respectively.　　The firm asserts that “the vast majority of decentralized products and services run on Ethereum,” noting the DeFi sectors Total Value Locked (TVL) has grown by more than three times since the start of 2021:　　“With Ethereum powering the exponential growth of decentralized finance (DeFi) applications, staking is a compelling choice for long-term Ethereum investors also seeking attractive yields.”　　Thomas Eichenberger, Sygnums head of business units, described Ethereum staking as “a core element for digital asset portfolios.”　　Sygnum launched a staking service for Tezos (XTZ) in November 2020, and has offered a fixed term deposit product for its Digital Swiss Franc stablecoin, DCHF, since March.　　The bank faces competition from many crypto-native staking providers and centralized exchanges, including leading U.S. firms Coinbase and Kraken.　　The

2021-07-07Deep Dive

What Happens to ETH If It Becomes PoS?

The first stage of the transition to Ethereum 2.0, the Beacon Chain, has already begun.　　 ETH 2.0 will increase accessibility, performance, decentralization, and scalability.　　 Regular users wont be affected as existing ETH will carry over.　　 Despite uncertainty over the 2.0 roadmap, its likely to inspire a large ETH rally.　　Ethereum‘s move from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus system has raised questions about its effect on ETH prices since its first formal proposal in 2018. The initial release of this system in December last year, the ’Beacon Chain, only increased speculation, financial or otherwise.　　Rather than expending resources (i.e. ASICs and electricity) to mine blocks, Proof of Stake users “validate block transactions according to how many coins they hold,” by definition. Project lead Vitalik Buterin has been pushing for PoS since Ethereums early days as it “offers more security for the same cost,” among other improvements.　　As the shift will only affect the internal workings of Ethereum, the platform states that the existing ETH of HODLers, dApp creators, and regular traders “will not need changing or upgrading.” Any changes to the coins price will rest solely on the new features 2.0 brings.　　PoS Is Attractive to New

2021-07-06Deep Dive
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