Author: Andrei Ionescu

Coinbase has teased the imminent launch of a new tokenized bitcoin product under the ticker cbBTC, according to a recent post on X (formerly Twitter). This upcoming product appears to be in the same vein as Coinbase’s existing Ethereum staking derivative, cbETH. While details remain sparse, Coinbase’s cryptic announcement suggests that cbBTC will be launched soon. The tokenized bitcoin product is expected to be backed one-to-one with actual bitcoin, allowing users to hold bitcoin on Ethereum and Layer 2 chains, thus providing liquidity within the Coinbase ecosystem and its blockchain incubated project, Base. Jesse Pollak, the lead at Base, expressed…

Coinbase has announced the launch of its cryptocurrency services in Hawaii, marking a return to the state after a years-long absence. Residents of Hawaii can now buy, sell, and manage their cryptocurrencies through Coinbase, as well as stake assets and transfer funds internationally. The expansion follows recent regulatory adjustments made by the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions, which have clarified the operating framework for cryptocurrency firms in the state. Coinbase highlighted these regulatory changes as a key factor in its decision to re-enter the Hawaiian market. Previously, Coinbase exited Hawaii in 2017 due to…

A recent research report from Wall Street broker Bernstein has suggested that a potential victory for Donald Trump in the upcoming U.S. elections could be bullish for cryptocurrency markets, while a win for Kamala Harris might have the opposite effect. According to Bernstein’s analysis, market sentiment indicates that Trump’s election could positively impact cryptocurrencies, particularly Bitcoin. The report highlights that Bitcoin has weakened following shifts in Polymarket odds and polls favoring Harris. Bernstein anticipates that Bitcoin may remain “rangebound” until a clearer election outcome emerges. Polymarket, a prediction market platform, allows users to speculate on the results of future events.…

Japanese investment firm Metaplanet Inc. has announced a significant increase in its bitcoin holdings, purchasing an additional 57.1 BTC, valued at approximately $3.3 million. This move elevates the company’s total bitcoin holdings to 303.095 BTC. The Tokyo-listed firm revealed that the recent acquisition was funded by a 500 million yen ($3.3 million) investment secured through a $6.8 million loan obtained last week. Metaplanet plans to allocate a substantial portion of this loan to further bitcoin purchases. Metaplanet’s stock closed down 5.8% at 1,121 yen on Tuesday, following a remarkable 600% surge earlier this year. The stock peaked at 3,000 yen…

PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has surpassed its Ethereum network supply, achieving significant growth on the Solana blockchain, according to recent data. Since its launch in May 2024, the supply of PYUSD on Solana has exceeded 377 million tokens. In comparison, Ethereum-based PYUSD tokens currently stand at 356 million, as reported by Etherscan. PYUSD initially launched on Ethereum in August 2023 through a partnership with custodial firm Paxos. By the end of 2023, the supply of PYUSD on Ethereum had reached 230 million tokens. Since then, the total supply has more than tripled, surpassing 733 million tokens, equivalent to $733…

U.S. spot Ethereum exchange-traded funds (ETFs) experienced a notable resurgence on Monday, with $4.9 million flowing into these products. This marks the first positive net inflow day following three consecutive days of negative flows. According to data from SoSoValue, the nine ether ETFs saw a reversal in their recent trend. Grayscale’s Ethereum Trust (ETHE), which had been experiencing a 14-day streak of outflows, reported zero flows for the first time since its conversion into an ETF. VanEck’s ETHV was the only spot ether ETF to record negative flows on Monday, with $2.92 million in outflows. This was the first instance…

Uniswap Labs, the developer behind the popular Uniswap protocol, has announced that its cumulative front-end revenue has exceeded $50 million. Since implementing a 0.15% fee on transactions via its web interface and wallet app in October, Uniswap Labs has seen substantial growth in its revenue stream. The company’s decision to increase this fee to 0.25% in mid-April has further boosted its earnings. The fees collected are directed solely to Uniswap Labs, marking a significant revenue milestone for the firm. Year-to-date, the cumulative front-end fees have surged over thirteenfold, climbing from $3.7 million at the start of January to more than…

DeFi dominance, a key metric reflecting the DeFi market capitalization as a percentage of the total cryptocurrency market, has hit its lowest point in three years. The DeFi index fell from 3.82% at the start of the week to a low of 2.84% by Friday, marking the lowest DeFi dominance since early January 2021, just before the significant rally leading to the “DeFi summer” of 2021. The decline comes in the wake of a market-wide sell-off followed by a brief relief bounce. Since September 2022, DeFi dominance has been on a downward trend from approximately 4.8%, with some minor recoveries.…

Tieshun Roquerre, known in the crypto world as Pacman and the founder of Blast, has shared insights into why the current cryptocurrency cycle diverges from previous ones. Speaking during a virtual Q&A session at the Foresight 2024 event in Hong Kong, Pacman noted that the current cycle lacks the fundamental innovation that has historically driven the sector forward. A Cycle Driven by ETFs Rather Than Innovation Pacman pointed out that unlike past cycles, which were marked by groundbreaking developments such as initial coin offerings (ICOs), the launch of Uniswap, and the advent of non-fungible tokens (NFTs), the current cycle has…

The Ethereum network’s daily ETH burn rate has plummeted to its lowest level this year, with base gas fees currently hovering between 1 and 2 gwei. On Saturday, only 210 ETH were burned, a significant drop from the 5,000 ETH burned on August 5 when gas fees spiked to approximately 100 gwei. This decline in base gas fees, some of the lowest recorded in recent years, has impacted ETH issuance. Data from The Block indicates that while 210 ETH were burned, over 2,000 ETH were net emitted, contributing to an increased inflation rate for the cryptocurrency. Martin Köppelmann, founder of…