Author: Andrei Ionescu

Bitcoin (BTC) experienced a notable decline on Thursday, falling over 4% in the past 24 hours to trade around $58,000. This drop nearly erased all gains from the previous week and was part of a broader trend of losses across major cryptocurrencies. Ether (ETH) also saw a significant decrease, falling 3.8%, while Solana (SOL), Cardano (ADA), BNB Chain (BNB), and Ripple (XRP) saw more modest declines of around 2.5%. The sharp decline in Bitcoin and other major cryptocurrencies followed the release of the July U.S. Consumer Price Index (CPI) data, which showed a 2.9% year-on-year increase, marking the first time…

Morgan Stanley Discloses $187 Million Position in BlackRock’s Spot Bitcoin ETF, Sells Off GBTC Holdings Morgan Stanley, the multinational investment bank, has revealed a substantial $187.79 million position in BlackRock’s iShares Bitcoin Trust (ticker: IBIT), according to its latest Form 13F filing with the U.S. Securities and Exchange Commission. As of June 30, 2024, Morgan Stanley owned more than 5.5 million shares of the spot Bitcoin exchange-traded fund (ETF), positioning itself as one of the top five shareholders in the fund. The investment bank also disclosed ownership of 26,222 shares of the ARK 21Shares Bitcoin ETF (ticker: ARKB), valued at…

Binance has announced an agreement with Brazil’s Securities and Exchange Commission (CVM) to resolve regulatory issues that have been ongoing since 2020. The settlement marks a significant development after the CVM had previously barred the exchange from offering derivatives products in Brazil. The ban, imposed in 2020, was based on the CVM’s determination that derivatives contracts qualify as securities, and Binance lacked the necessary authorization to operate as a securities intermediary within the country. Under the new agreement, Binance has agreed to pay 9.6 million reais, equivalent to approximately $1.75 million USD, as part of the settlement with the CVM.…

MetaMask has announced the pilot launch of its new MetaMask Card, a crypto debit card powered by Mastercard and fintech platform Baanx. This innovative card enables users of the popular crypto wallet to spend their cryptocurrency for everyday purchases. Limited Pilot Phase The MetaMask Card is initially available as a digital-only product, with a limited release targeting a few thousand users across the European Union and the United Kingdom. The card’s availability in this pilot phase is aimed at testing its functionality and user adoption before a broader rollout. On-Chain Crypto Management To use the MetaMask Card, users must hold…

Inflation in the United States for July largely met expectations, setting the stage for the Federal Reserve to potentially lower interest rates at its upcoming mid-September meeting. The Consumer Price Index (CPI) rose by 0.2% in July, according to a government report released Wednesday. This increase follows a 0.1% decline in June and aligns with expectations for a 0.2% rise. On a year-over-year basis, the CPI increased by 2.9%, slightly below the anticipated 3% and down from 3% in June. Core CPI, which excludes food and energy costs, also rose by 0.2% in July, matching expectations and up from 0.1%…

Binance Labs, the venture capital and incubation arm of Binance, has announced a strategic investment in Sahara AI, a pioneering decentralized blockchain platform designed to foster an open and equitable AI ecosystem. This investment highlights Binance Labs’ commitment to supporting groundbreaking technologies that address real-world challenges and drive sustainable business outcomes. Sahara AI aims to create a collaborative AI economy that ensures the security, equity, and accessibility of AI technologies, benefitting individuals and businesses alike. Revolutionizing AI with Decentralization Sahara AI stands out as the first decentralized AI blockchain platform focused on empowering participants through equitable distribution of AI advancements.…

The Norwegian sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin, now holding 2,446 BTC, according to recent disclosures. This represents a notable rise of 938 BTC from December 31, 2023. The increase in holdings appears to be driven by algorithm-based sector weighting and risk diversification strategies, rather than a deliberate move to gain direct Bitcoin exposure. If the fund had aimed to increase its Bitcoin allocation intentionally, a more pronounced direct exposure or direct investment in Bitcoin would likely be evident. This growth highlights Bitcoin’s ongoing evolution as a mainstream asset class,…

Goldman Sachs (GS) has disclosed in a recent 13F filing that it holds over $400 million in bitcoin exchange-traded funds (ETFs), underscoring a significant position in the cryptocurrency space. The investment bank’s quarterly 13F report reveals that it holds positions in seven of the eleven bitcoin ETFs available in the U.S. market. The largest of these holdings is in the iShares Bitcoin Trust (IBIT), valued at $238.6 million. This is followed by Fidelity’s Bitcoin ETF (FBTC) with $79.5 million, Invesco Galaxy’s BTC ETF (BTCO) at $56.1 million, and Grayscale’s GBTC with $35.1 million. Goldman Sachs also holds smaller positions in…

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…