Author: Max Bauer
Circle has announced it will stop supporting USDC on the Flow (Cadence) blockchain, citing an upcoming network upgrade as the reason. The cessation will take effect at 3 a.m. EST on September 3, 2024. According to official news, Circle will halt the minting of USDC on Flow by noon ET on August 27, 2024. The company strongly recommends that Circle Mint customers, retail USDC holders, and non-Circle customers holding USDC on Flow (Cadence) migrate their USDC to other blockchains before the September 3 deadline. On the deadline, Circle plans to freeze all remaining USDC on Flow and take a snapshot…
According to swak_12, an X account that provides leaks from various apps, the “X Payments” feature, which will be the payment system on X, could be available soon. swak_12 supported this in his post with the “Payments” he image of the “Payments” section in the menu. However, there is no official information yet on when this feature will be launched on X.
Capula Management, the fourth largest hedge fund in Europe, has announced a significant boost to its cryptocurrency portfolio with $500 million invested in Bitcoin Exchange-Traded Funds (ETFs). The firm’s Bitcoin ETF holdings are comprised of two major positions: ISHARES BITCOIN, with an investment of $224 million, and FIDELITY WISE ORIGIN BITCOIN, which accounts for $212 million. Founded in 2005 and headquartered in London, Capula Management is renowned for its expertise in macroeconomic and fixed-income investment strategies. The hedge fund has built a reputation for managing complex financial products and employing sophisticated quantitative techniques to drive alpha generation. With a focus…
the U.S. Government transferred 300 ETH from an address marked as “U.S. Government: Noman Seleem Seized Funds (0x6f9).” Initially, 0.04 ETH was moved to the new address 0x38cEd5767F1c16DeeA54c5175e0f23a5DAb1aD46, followed by the remaining 299.956 ETH. This move is believed to be a test transfer. As of now, the government-held addresses contain substantial amounts of cryptocurrency, including 203,239 BTC, 121.734 million USDT, and 50,524 ETH. The transfer of these funds follows a court ruling on May 7, 2024, in which a U.S. court ordered the confiscation of Noman Seleem’s private wallet, which held 300 ETH. This ruling was part of a civil…
Bitcoin exchange-traded funds (ETFs) witnessed nearly $3 billion in trading volume within the first hour of trading. This activity was more than ten times the volume of Ethereum ETFs. The selloff comes as Bitcoin and Ether ETFs faced substantial outflows amid a broader global equity selloff. Investors offloaded shares of these ETFs in large numbers, causing Bitcoin and Ether to plunge to their lowest price levels in months. According to CoinShares data, Bitcoin investment products saw outflows of $400 million, while Ether ETFs experienced outflows of $146 million in the week ending August 3. The selloff resulted in Bitcoin ETFs…
Jump Crypto, one of the largest cryptocurrency firms, is unwinding its crypto operations allegedly following a probe by the Commodity Futures Trading Commission (CFTC) and a case by the Securities and Exchange Commission (SEC). Kanav Kariya, the President of Jump Crypto, has been at the helm during this tumultuous period. The company, known for holding vast amounts of Ethereum (ETH) and Solana (SOL), has been transferring dozens of millions of dollars worth of cryptocurrencies to exchanges on an illiquid weekend. This relentless movement of coins has been ongoing for at least 22 hours straight, causing significant market volatility. It is…
In a recent appearance on “Bloomberg Surveillance,” BlackRock Portfolio Manager Jeffrey Rosenberg expressed his disappointment with the July payrolls report, describing the data as “disappointingly weak.” Rosenberg emphasized that the Federal Reserve is likely to resist market pressure for a significant rate cut in September, despite expectations for a 50 basis point reduction. Rosenberg’s analysis highlighted the broader market reaction to the report, noting that the bond market has priced in a 50 basis point cut. He underscored the importance of the upcoming Jackson Hole symposium, where the Fed will need to address market expectations and its monetary policy strategy.…
Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, officially designated as S.4912. This groundbreaking legislation aims to establish a Strategic Bitcoin Reserve to ensure the transparent management of Bitcoin holdings by the Federal Government. The bill outlines several programs to manage these holdings effectively, aiming to offset costs using certain resources from the Federal Reserve System. Upon its introduction, the bill was read twice and referred to the Committee on Banking, Housing, and Urban Affairs for further deliberation. In a recent statement, Senator Cynthia Lummis expressed her belief that a Donald Trump presidency would be transformative for both Bitcoin…
The dYdX community has voted to distribute $5 million worth of DYDX tokens to traders in the fifth season of the incentive program. This decision, made by the dYdX governance, marks a significant step in rewarding active participants and fostering continued engagement on the platform. The vote saw a substantial participation rate, with 44 out of 60 Active Set validators and 867 accounts casting their ballots. The results were overwhelmingly in favor of the distribution:
Grayscale’s Ethereum Trust (ETHE) experienced a significant reduction in outflows this week, with a drop of nearly 80%, according to recent data. On Monday, 108,800 ETH, valued at approximately $367.6 million, were transferred to Coinbase. By Friday, this figure had fallen to 24,900 ETH, worth about $78.4 million. Data indicates that the total net outflows from spot Ethereum ETFs surpassed $54 million on August 2. A substantial portion of these outflows originated from ETHE, which reported a single-day net outflow of over $61 million. Outflows from Grayscale Ethereum Trust (ETHE) reached $2.1 billion.