Author: Max Bauer

crypto asset manager Grayscale is taking the first step towards launching an XRP exchange-traded fund (ETF). The company announced on Thursday the launch of the U.S.’s first XRP trust, a “closed-end” fund offering accredited investors direct exposure to XRP, the native token of the XRP Ledger blockchain. News of the development was first reported by Fox Business and Eleanor Terrett. While a trust and an ETF are distinct investment products, Grayscale’s XRP trust could potentially evolve into an ETF with the necessary regulatory approvals. This path has been previously demonstrated with Grayscale’s bitcoin and ether trusts, which successfully transitioned into…

Robinhood is set to make significant strides in the cryptocurrency space, bolstering its crypto team, launching crypto trading services in the European Union, and acquiring the cryptocurrency exchange Bitstamp for a hefty sum of $200 million. According to a Wednesday report from Bernstein analysts, these strategic moves are expected to propel Robinhood’s operating income to an estimated $900 million in 2024, potentially driving its market value to a range of $19 billion to $23 billion by 2025. Analysts further anticipate that Robinhood’s revenue could reach $3.4 billion by 2025, supported by favorable factors such as demographic trends. Notably, about 60%…

Following the release of the August US CPI report, Nick Timiraos, dubbed the “Federal Reserve mouthpiece,” indicated that the Federal Reserve is likely to commence a gradual interest rate cut at its upcoming meeting next week. The inflation rate dropped to a three-year low of 2.5% in August, marking a fifth consecutive month of decline. While this cooling trend supports the case for an interest rate cut, a slightly higher-than-expected core inflation rate of 3.2% might lead to a more moderate 25 basis point cut instead of a larger 50 basis point cut. The news prompted mixed reactions in the…

Despite Bitcoin being up 30% this year, many investors are finding the market rather uneventful. Known for its rollercoaster-like volatility, Bitcoin’s recent lack of extreme price swings has left traders seeking more excitement. “This has been the most boring cycle of all time,” says TraderKoz, a pseudonymous partner at venture studio Kelsier. Philipp Pieper, co-founder of tokenization platform Swarm, echoed the sentiment, noting that the market lacks the wild volatility seen in previous cycles. In a market that has historically thrived on unpredictability, this newfound calm is unusual. Recent macroeconomic factors, such as Federal Reserve policy and the upcoming U.S.…

The UK government has introduced a new bill in Parliament that would officially classify cryptocurrencies, non-fungible tokens (NFTs), and tokenized real-world assets (RWAs) as personal property. This landmark bill is expected to provide much-needed clarity and legal protection for digital asset owners in the UK. By recognizing crypto assets as personal property, the legislation will offer a clear legal framework for resolving ownership disputes, such as those arising during divorce proceedings. It will also strengthen protections for crypto owners, both individuals and businesses, against fraud and scams. The bill proposes a new category of property, expanding beyond the traditional classifications…

A month after its initial cryptic announcement, Coinbase has further stirred speculation around its upcoming wrapped Bitcoin product, cbBTC, by unveiling a potential logo. The logo, tweeted by the Base Twitter account, has intensified the belief that the launch of cbBTC is imminent. The move comes in the wake of the controversy surrounding wBTC and BitGo, where concerns have been raised regarding Justin Sun’s involvement. It appears Coinbase is strategically capitalizing on this situation, positioning cbBTC as a potentially more transparent and trustworthy alternative. Adding to the growing anticipation, several team members have also tweeted the logo, suggesting a coordinated…

Bitcoin’s mining difficulty has soared to an unprecedented 92.67 trillion, signaling a significant increase in the computational power dedicated to securing the network. This adjustment comes on the heels of a record-breaking seven-day moving average hash rate of 693.84 EH/s, reached on Sunday. The difficulty adjustment, which occurs approximately every two weeks, ensures that the average time to mine a new block remains around 10 minutes, irrespective of the number of miners competing for the reward. This surge in difficulty is a direct response to the increasing number of miners joining the network. The more miners there are, the harder…

The Federal Reserve is likely to start cutting interest rates next week, but the extent of easing may disappoint investors, according to Deutsche Bank. This mismatch in expectations could trigger volatility in the US government bond market. Stefanie Holtze-Jen, Deutsche Bank’s Asia Pacific chief investment officer, predicts six rate cuts through September 2025, less than the nine cuts currently priced in by traders. The anticipation of Fed rate cuts has fueled a rally in US Treasuries, with yields on the benchmark 10-year note falling for four consecutive months, the longest streak of declines in three years. However, Deutsche Bank warns…

Standard Chartered, the prominent emerging markets bank, announced the launch of its digital asset custody services in the United Arab Emirates (UAE) on Tuesday. The first client to utilize the new service is Brevan Howard Digital, the crypto and digital asset division of the renowned British hedge fund, Brevan Howard. The bank’s decision to introduce the service in the UAE stems from the country’s “well-balanced approach to digital asset adoption and financial regulation,” a spokesperson explained. “Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” said Gautam Sharma,…

A recent report from Jinshi Futures highlights the potential market impact of the Federal Reserve’s upcoming interest rate decision in September. Analyst Zhang Weixin of CITIC Construction Investment Futures suggests that the size of the rate cut will be pivotal in determining the market’s reaction, especially for commodities like copper. A 25 BP rate cut is likely to be seen as a precautionary move, boosting copper prices. However, a more aggressive 50 BP cut could trigger a sell-off in riskier assets, impacting the broader market. The absence of a rate cut would also create uncertainty. Disappointed expectations could lead to…