Author: Max Bauer

Cryptocurrency journalist Summers has brought attention to the disappearance of key documents related to proposed Solana ETFs from the CBOE website. The filings, identified as SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, appear to have been removed, sparking speculation about Solana ETFs. The applications, submitted on July 8th by VanEck and 21Shares, aimed to launch Solana ETFs, marking a potential third wave of spot cryptocurrency ETFs following the SEC’s approval of Bitcoin ETFs earlier this year. The SEC’s approval is crucial for these products to commence trading, but the agency’s rules do not impose a strict deadline for reviewing investor disclosure filings. Summers noted…

South Korean online gaming giant NCSoft has reported a staggering return on investment in SUI tokens, earning over 250 times the initial investment in the first half of the year, according to a report by Korean news website Bloter. NCSoft’s semi-annual report revealed that the company sold a total of 16,908,112 SUI coins in the first half of 2024, at a price of 1,490 won per coin. This resulted in a total sales amount of 25.2 billion won (approximately $19 million USD). The company had originally purchased 49,992,806 SUI coins for around 300 million won last year, at a price…

In a recent statement, outspoken Bitcoin critic Peter Schiff argued that Bitcoin’s latest performance further validates why it’s unsuitable as a reserve asset. “When everything is falling, Bitcoin falls the most. How can you use a reserve asset that falls more than the asset you are hedging against?” he questioned. Schiff also voiced his opinion on the Federal Reserve’s current course of action. He believes the Fed should raise interest rates further and let the market correct itself, even if it leads to a market collapse and a recession. “Of course, the stock market will collapse, the real estate market…

Republican presidential candidate Donald Trump has announced that Howard Lutnick, the CEO of Cantor Fitzgerald, will help lead his transition team if he is re-elected president. Lutnick is set to serve as co-chair alongside Linda McMahon, the former head of the U.S. Small Business Administration. Additionally, Trump’s vice presidential candidate JD Vance, along with Trump’s sons Donald Trump Jr. and Eric Trump, will serve as honorary chairmen in the potential administration. The appointment of Lutnick, a figure known for his crypto-friendly stance, has been noted as a strategic choice by many in the financial sector. Tether CEO Paolo Ardoino previously…

Recent 13F filings reveal that hedge funds significantly boosted their holdings in spot Bitcoin ETFs during the second quarter, reaching a total value of $4.7 billion. Several notable hedge funds contributed to this trend. Jane Street, previously reported to have increased its IBIT holdings to $221 million in Q2, also reduced its GBTC holdings by 86%. European asset manager Capula now holds close to $500 million in spot Bitcoin ETFs. Ken Griffin’s Citadel also made significant moves, tripling its holdings in ProShares Bitcoin Strategy ETFs to 860,727 shares, currently valued at $19 million. Additionally, Citadel holds $67 million in call…

Atlanta Federal Reserve President Raphael Bostic indicated his openness to an interest rate cut as early as September, citing cooling inflation and a softening labor market. In an interview with the Financial Times, Bostic stressed the need to act promptly, emphasizing the risks of waiting too long to adjust monetary policy. While acknowledging the labor market’s “weakening but not weak” state, Bostic highlighted the rising unemployment rate and the need to balance the Fed’s dual mandate of price stability and maximum employment. He noted that businesses in the southern US are increasingly pausing hiring, adding to the uncertainty surrounding the…

Binance Labs, the venture capital arm of Binance, has announced its investment in MyShell through the Binance Labs Incubation Season 6 program. MyShell claims it’s creating a decentralized AI ecosystem, aiming to empower everyone to build, own, and share AI applications. According to official blog, by harnessing the power of decentralized talent and open-source models, along with the inherent composability of AI and blockchain, MyShell envisions a future where cryptocurrency and AI work hand in hand. “Binance Labs recognizes the tremendous potential of AI technology and is committed to supporting and backing AI-powered consumer applications,” said Yi He, Co-Founder of…

According to Coinmarketcap data, the cryptocurrency market experienced a mixed bag of results today, with some tokens posting significant gains while others faced slight declines. Top Gainers Leading the charge among the top 100 tokens was Aave (AAVE), which surged by an impressive 10.84% to reach $105.27. Toncoin (TON) followed closely with a 10.50% increase, now valued at $6.97. Other notable gainers included Notcoin (NOT) up 8.82%, Flare (FLR) up 8.63%, and THORChain (RUNE) with an 8.28% rise. Top Losers On the downside, Sui (SUI) saw a 3.62% drop, bringing its price to $0.9076. ORDI (ORDI) followed with a 3.05%…

Gold prices took a hit on Wednesday, falling 1%, after the release of the U.S. July Consumer Price Index (CPI). The data, which showed inflation cooling less than anticipated, tempered expectations of a 50 basis point interest rate cut by the Federal Reserve in September. “A rate cut in September is a done deal,” said Tai Wong, an independent metal trader in New York. “But current data shows that the Fed will start raising rates by 25 basis points, which will disappoint the market that likes to raise rates beyond expectations.” This shift in market sentiment has implications for gold,…

Inflation figures released today are in line with expectations, strengthening the case for a Federal Reserve rate cut in September, according to Tom Graff, Chief Investment Officer of Facet. While overall CPI growth was as predicted, the details suggest a more nuanced picture. The majority of this month’s increase came from housing costs. Because housing carries a slightly lower weighting in the Fed’s preferred inflation metric, the core PCE, this could mean a slightly lower reading for that measure. This development, Graff argues, solidifies the Fed’s path towards a rate cut next month. However, he cautions against expectations of an…