Author: Andrei Ionescu

Hong Kong’s virtual bank, Mox, a subsidiary of Standard Chartered, has launched bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) on its investment platform. Additionally, Mox plans to introduce direct cryptocurrency investments through a partnership with licensed exchanges. Mox Bank announced on Wednesday that it has begun offering BTC and ETH ETFs to its clients. This move comes shortly after the launch of its investment platform in Hong Kong. The bank’s entry into the crypto space reflects growing interest in digital assets, despite relatively low demand for such products in the region. Barbaros Uygun, CEO of Mox, highlighted the bank’s…

In a move that could provide relief for the cryptocurrency market, the Bank of Japan (BOJ) signaled on Wednesday that further interest rate increases in 2024 are unlikely. This announcement has buoyed Bitcoin and other digital assets, which had recently experienced significant declines. The BOJ’s announcement came as a reassuring signal amid recent market volatility. Deputy Governor Shinichi Uchida stated that Japan’s economic conditions do not necessitate an immediate interest rate hike, suggesting that the Japanese economy is not in a position where it risks falling behind if rates are held steady. “Japan’s economy is not in a situation where…

CoinShares, a prominent crypto asset manager, reported a remarkable profit of £404 million ($513.1 million) for the second quarter of 2024, a significant increase from £10 million in the same quarter last year. The firm’s assets under management nearly doubled during the period, reflecting its robust performance and strategic expansion. In its latest earnings report, CoinShares disclosed a substantial rise in profits after tax, marking a substantial improvement from the previous year’s figures. The firm’s total assets under management surged from $2.7 billion to $5.3 billion, underscoring its rapid growth and increased market share. Despite the strong profit figures, CoinShares…

Memecoins on the Solana network have seen a significant surge, rising over 30% in the past 24 hours. This uptick comes as Solana’s native token, SOL, rebounds sharply from earlier losses, leading gains across the crypto market. In a remarkable recovery, memecoins on the Solana blockchain, such as popcat (POPCAT) and dogwifhat (WIF), have surged as much as 25% before slightly retreating. Smaller tokens like MUMU and catdog (CATDOG) have risen by 30%, according to recent data. This strong performance contrasts with major memecoins on other blockchains, such as dogecoin (DOGE) and pepe (PEPE), which have experienced declines of up…

OKX to Delist Several Spot Trading Pairs Cryptocurrency exchange OKX has announced the delisting of several spot trading pairs as part of its ongoing efforts to maintain a high-quality trading environment. The affected pairs will be removed on August 9, 2024. OKX has decided to delist the following trading pairs: MSN/USDT, OMN/USDT, REP/USDT, BTC/EURT, ETH/EURT, EURT/USDT, IGU/USDT, PCI/USDT, and SLN/USDT. This decision comes after a review of the performance and listing qualifications of these pairs, in accordance with user feedback and the OKX Token Delisting/Hiding Guideline. The delisting will be executed between 8:00 am and 8:30 am UTC on August…

Both former President Donald Trump and Wyoming Republican Sen. Cynthia Lummis have proposed plans to have the U.S. government hold bitcoin. As markets slipped on Monday, supporters said the asset could be seen as a buffer to fluctuations, while critics raised concerns over bitcoin’s expanded role. Lummis released a draft bill last week directing the U.S. Treasury to buy one million bitcoin over a period of five years. The government would hold those coins for at least 20 years unless the tokens are sold to decrease the debt, Lummis told The Block. GOP presidential candidate Trump has also said he…

Ethereum (ETH) staking has reached a record high of 27.95% of its total supply, reflecting significant growth in the liquid staking and restaking sectors. This surge comes despite a recent decline in ETH’s price. Ethereum’s staking percentage has hit a new milestone, reaching 27.95% of the total ETH supply. This figure represents a rebound from a brief dip in late July when the staking percentage fell from 27.58% to 26.82% in a single day. Since then, staking has not only recovered but surpassed previous highs, with an increase of 1.9% since the launch of ETH exchange-traded funds (ETFs). Remarkably, this…

Galxe (GAL) has unveiled plans to migrate its token to the Gravity (G) ERC-20 token standard. Coinbase has announced it will support the new Gravity token on the Ethereum network. However, Coinbase will not facilitate the migration of assets for users. Galxe, a leading player in the decentralized technology space, is transitioning its existing GAL token to the Gravity (G) ERC-20 token standard. This move is part of Galxe’s broader strategy to enhance its token’s functionality and integration within the Ethereum ecosystem. In response to this change, Coinbase has confirmed it will add support for the Gravity (G) token on…

In a strategic move during a broad market downturn, Ark Invest, led by Cathie Wood, acquired nearly $18 million worth of Coinbase shares on Monday. The investment firm purchased a total of 93,797 Coinbase shares across three of its exchange-traded funds (ETFs), as the cryptocurrency market and broader financial markets experienced significant turbulence. According to the firm’s latest trade filing, Ark Invest acquired: This purchase marks Ark’s first significant buyback of Coinbase shares since June 2023, when it acquired $21 million worth of the stock. Following that acquisition, Coinbase’s share price surged more than 250%, prompting Ark to sell portions…

Binance, the world’s largest cryptocurrency exchange, has formally challenged a nearly $86 million tax notice issued by India’s Directorate General of Goods and Services Tax Intelligence (DGGI), according to a source familiar with the matter. The DGGI, which operates under the Ministry of Finance, issued the showcause notice to Binance last week. The notice alleges that Binance failed to collect and remit taxes from Indian customers trading on its platform. The period in question spans from July 2017 to March 2024. The DGGI, based in Ahmedabad, is responsible for collecting and analyzing intelligence related to indirect tax evasion. It has…