Cryptocurrency

According to Scaramucci, a combination of expected Federal Reserve rate cuts and a clearer regulatory framework in the U.S. might serve as key catalysts for a significant Bitcoin price surge.Scaramucci believes that the Fed might likely reduce borrowing costs by a half point on Wednesday, as part of at least 150 basis points of reduction over the following 18 months.This move is “going to be really good for asset prices in the US and globally,” Scaramucci stated, adding that Bitcoin may reach $100,000 by the end of the year.Bitcoin hit an all-time high of $73,798 in mid-March, boosted by demand for U.S. exchange-traded funds. The surge then slowed as inflows into ETFs declined.Investors are looking for signals about what Fed interest rate policy will look like for the rest of the year and whether further cuts are on the way.Fed Chairman Jerome Powell is scheduled to hold a post-meeting press conference, which may reveal new insights into the central bank’s thinking.The largest cryptocurrency by market capitalization rose to a high of $61,373 in Tuesday’s trading session, its highest price in three weeks at $61,330, before losing some of its gains. It just traded slightly below $60,000, but still up 1.18% in the last 24 hours.According to crypto analyst Ali Martinez, Bitcoin may experience a minor pullback after the TD Sequential indicator has produced a sell signal on the BTC one-hour chart.Meanwhile, on the upside, on-chain resistance levels are relatively evenly spread; according to IntoTheblock, a key level to observe is $64,000, where 1.57 million addresses are now holding at a loss.This article was originally published on U.Today More

The collaboration sets a new standard in decentralized finance (DeFi) by shifting blockchain transaction risk away from end users for the first time.OpenCover, a leading platform for blockchain insurance and insurance alternatives backed by Coinbase (NASDAQ:COIN) Venture’s Base Ecosystem Fund, NFX, Jump, Alliance, Village Global and Orange DAO is announcing a strategic partnership with Request Finance and Nexus Mutual. This collaboration marks a historic milestone in decentralized finance (DeFi), offering unparalleled protection for blockchain users across multiple blockchain ecosystems including Ethereum, Arbitrum, Polygon, BNB, Optimism and Avalanche.For the first time, eligible transactions on Request Finance are covered up to $100,000. This protects end-users from the main technical, economic, and security risks inherent to blockchain transactions, making onchain finance safer and matching transaction guarantees on traditional financial infrastructure.Traditionally, the “your keys, your coins” mantra placed the full burden of blockchain risk — such as oracle price feed errors, smart contract bugs and stablecoins losing their peg — directly on the end-user.OpenCover’s new Transaction Cover, underwritten by Nexus Mutual, transfers the risk of failure or unforeseen blockchain transaction outcomes away from the end-user. Users now benefit from the same transaction guarantees typically seen in traditional finance but with the advantages of faster settlement times, full transparency, and significantly lower fees attained by using blockchain rails.About OpenCover (https://opencover.com)Founded by Y Combinator alumni Jeremiah Smith and Yury Oparin, OpenCover works with top-tier underwriters to provide individuals and institutions protection against onchain risks, including transaction and protocol risk.About Request Finance (https://request.finance)Request Finance is a comprehensive invoicing, payment, and accounting platform for Web2 and Web3 businesses. By simplifying payments in both crypto and fiat currencies, Request Finance is helping businesses embrace decentralized finance while ensuring transparency and efficiency. Request has processed over $800 million in transactions since 2020.About Nexus Mutual (https://nexusmutual.io/)Nexus Mutual is the leading crypto insurance alternative for protocol and other blockchain risks. The mutual has underwritten close to $5 billion in risk since being established in 2019.ContactCo-founder and CEOJeremiah SmithOpenCovermedia@opencover.comThis article was originally published on Chainwire More

MANTRA, a purpose-built layer 1 blockchain for tokenized real-world assets (RWAs) has announced it will launch its highly anticipated Mainnet in October 2024. This milestone event marks a significant step in bringing traditional finance onchain and provides a new home for MANTRA’s native token, $OM.MANTRA Chain will provide a comprehensive and customizable suite of tools allowing developers to tailor solutions based on their specific needs. This suite not only simplifies the process of bringing real-world assets onchain, but also ensures the solutions remain compliant with regulatory requirements. As part of MANTRA’s vision to become the preferred ledger of record for real-world assets, the MANTRA Chain Mainnet will include key features such as:For more information about MANTRA, the mainnet launch and the company’s ambitions for the RWA ecosystem, visit mantrachain.io.###About MANTRA:MANTRA is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability.Website | Twitter | LinkedIn | Discord ContactMarketing LeadChristoph Lidmanpress@mantrachain.ioThis article was originally published on Chainwire More

Cypher Capital, a multi-strategy crypto investment firm, today announced its role in a $15 million seed funding round for Hemi Labs, a modular blockchain network unifying Bitcoin and Ethereum. Hemi Labs will use the funds to develop and launch the Hemi Network, utilizing funds from Cypher Capital to advance blockchain technology and enhance interoperability by developing a unified supernetwork.The round comes after Hemi’s recent incentivized testnet launch, and a mainnet launch targeted for Q4 2024. Participation from numerous investors includes Binance, Breyer Capital, Big Brain Holdings, Crypto.com, HyperChain Capital, Alchemy, SALT Fund, Kelly Capital, Sunflower Capital, DNA Fund, Web3 Ventures, Quantstamp, TRGC, UTXO, Artichoke Capital, SNZ Holding, Capital6, IBG Capital, Protein Capital, MON Ventures, SV5, Impossible Finance, Jihan Wu (Bitdeer), and George Burke (Portal), among others.“Hemi Labs is at the forefront of blockchain interoperability,” said Vineet Budki, CEO of Cypher Capital. “Their approach to integrating Bitcoin and Ethereum into a cohesive supernetwork addresses key scalability and security challenges, and our investment aligns with their mission to transform blockchain infrastructure and unlock new possibilities for decentralized applications.”Unlike traditional efforts to integrate Bitcoin and Ethereum within their own ecosystems, Hemi Labs is developing a unified supernetwork. Hemi Network will include the Hemi Virtual Machine (hVM), integrating a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to create cross-chain smart contracts with familiar tools while ensuring compatibility with existing EVM dApps and wallets. The Hemi Bitcoin Kit (hBK) facilitates direct smart contract access to granular Bitcoin state for advanced Bitcoin-native applications such as staking and lending markets.The network also boasts Superfinality through Hemi’s Proof-of-Proof (PoP) consensus mechanism, ensuring Bitcoin-level security in a decentralized, permissionless manner and provides Bitcoin-security-as-a-Service to other blockchain networks. Hemi’s Tunnels will offer trustless cross-chain portability, improving upon traditional bridge methods. Additionally, Hemi will feature on-chain routing, time-lock, password protection, and gasless transfers for seamless asset movement without relying on native chain currencies.Cypher Capital is a leading early-strategy venture firm focused on investing in Web3 infrastructure and applications that will drive the new digital economy. Guided by environmental, social, and governance for every investment decision, Cypher is shaping the future of digital currency, public markets, and Web3. Website | Blog | LinkedIn | Telegram | Instagram | Facebook (NASDAQ:META) | Youtube | X About HemiThe Hemi Network (“Hemi”) is a modular blockchain powered by Bitcoin and Ethereum that provides superior scaling, security, and interoperability. Hemi views Bitcoin and Ethereum as components of a broader supernetwork, unlocking new levels of programmability, portability, and potential. Hemi Labs is a leading developer of Web3 infrastructure and tooling, founded by renowned Bitcoin developer Jeff Garzik, and blockchain security pioneer Max Sanchez. Learn more at https://hemi.xyz/. ContactMedia ManagerShameem Shashameem@cyphercapital.comThis article was originally published on Chainwire More

MatrixPort, a leading digital asset financial services platform and exSat, a breakthrough Bitcoin scalability solution, have entered into a comprehensive strategic partnership. By leveraging their respective strengths, they aim to accelerate the growth and application of the Bitcoin ecosystem, marking the start of a new era in Bitcoin development.MatrixPort, a global one-stop digital asset financial services platform, brings extensive industry experience, robust technology, and a large user base to offer secure, convenient, and efficient digital asset trading and wealth management services. exSat Network focuses on developing unique scalability solutions for Bitcoin. Through the unique On-Chain UTXO data index, 1 second instant transaction confirmation, and secure asset custody solutions, it provides the Bitcoin network with more powerful scalability, functionality and interoperability, enabling new Bitcoin application scenarios.This powerful collaboration plays to the advantages of both parties and brings multiple benefits to the Bitcoin ecosystem. MatrixPort’s expertise and user base will support the rapid development of exSat, while exSat’s innovative technology will offer MatrixPort users more investment options and a superior experience. Together, they are committed to driving Bitcoin adoption and utility, revitalizing the Bitcoin ecosystem, and creating more value for users worldwide.This strategic partnership will focus on the following key areas:Unlocking Bitcoin Liquidity: Ushering in a New Era of BTCFiMatrixport will provide nBTC on the exSat platform, a new Wrapped BTC version of the product that is 1:1 anchored with Bitcoin. They plan to provide 5,000-10,000 nBTC on the exSat mainnet to boost liquidity and support exSat’s PoW+PoS consensus mechanism.The issuance of nBTC will become a bridge connecting Bitcoin and the exSat ecosystem, achieving seamless interoperability. Users can convert native BTC to nBTC via MatrixPort and utilize it on exSat for various BTCFi applications such as staking, lending, and trading.The issuance of nBTC holds significant implications in a context where 94% of Bitcoin has already been mined:Key areas of focus include:Building a Secure Bitcoin Ecosystem to Protect User AssetsMatrixPort and exSat recognize that security is the cornerstone of Bitcoin ecosystem development. They will collaborate strategically to build an unbreakable on-chain security defence, safeguarding user assets.The partnership will integrate MatrixPort’s extensive security experience and exSat’s leading blockchain technology to enhance security in multiple areas:ContactCMOTristan DickinsonexSattristan.dickinson@exsat.orgThis article was originally published on Chainwire More

Bitcoin rose 0.6% to $59,964.0 by 09:13 ET (13:13 GMT), after flitting in a trading range of $50,000 to $60,000 for most of September.Broader cryptocurrency prices also rose as markets positioned for lower U.S. interest rates, which are expected to benefit risk-driven, speculative assets.Data this week showed BlackRock’s iShares Bitcoin Trust saw its first day of inflows in two weeks on Monday, breaking a sustained run of outflows seen since mid-August.The inflows marked some turnaround in sentiment after uncertainty over the U.S. presidential election, interest rates and a potential recession weighed heavily on crypto prices across the board.But trading volumes in U.S. Bitcoin ETFs still remained well below highs seen earlier this year, as enthusiasm over the ETFs petered out, especially amid retail traders.Software firm MicroStrategy Incorporated (NASDAQ:MSTR) bought about $1.1 billion worth of Bitcoin between August 6 and September 12, the company disclosed last week, furthering its spot as the biggest corporate holder of the token. The company holds about $9.5 billion worth of Bitcoin.The company said this week it will raise about $700 million through a private issuance of convertible bonds due 2028, which will be deployed towards redeeming earlier debt obligations and buying more Bitcoin.Broader cryptocurrency prices drifted higher in anticipation of a widely expected interest rate cut by the Federal Reserve later on Wednesday.World no.2 crypto Ether fell 0.4% to $2,319.94, while altcoins XRP, Solana, (AS:MATIC) and Cardano moved in a flat-to-low range.Among meme tokens, Dogecoin added 0.25%.The Fed is widely expected to cut interest rates at the conclusion of a meeting later on Wednesday. While markets were initially split between bets for a 25 or 50 basis point cut, CME Fedwatch showed traders growing more biased towards a bigger cut in recent sessions.Lower rates free up liquidity that can then be deployed into risk-driven, speculative assets such as crypto.In other developments, Australia’s central bank plans to shift its focus from developing a consumer-facing retail Central Bank Digital Currency (CBDC) to a wholesale CBDC, Financial System Assistant Governor Brad Jones revealed at a fintech conference in Melbourne.Unlike a retail CBDC, which the general public could use for everyday transactions such as buying groceries, a wholesale CBDC is intended for transactions between banks and financial institutions, including cross-border payments. Jones emphasized that the bank sees “the benefits to the economy as more promising, and the challenges less problematic, for a wholesale CBDC compared to a retail version.”“This recognizes that unlike a retail CBDC that would be issued for use among the public, a wholesale CBDC would represent more an evolution than revolution in our monetary arrangements,” he added.In addition, the Reserve Bank of Australia has committed to a three-year research initiative called Project Acacia, which will explore the future of digital money in the country. This will include a project focusing on wholesale central bank digital assets and tokenized commercial bank deposits, with the aim of understanding how concepts like “programmability” and “atomic settlement” in tokenized markets could benefit the Australian economy.Ambar Warrick contributed to this report.  More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and the Blockchain for Good Alliance (BGA) is set to host a special livestream event titled “WSOT 2024: Web3 Titans Tackle Global Issues.” Viewers will discover how blockchain technology can address critical global challenges, with participation from leaders at Ethereum Foundation, 3Commas, Fizen.io, and more.Streaming live on September 19 at 12PM UTC, the event will be led by Racheal Koh, Global Content Marketing at Bybit, alongside co-host TY, Partner of Blockchain for Good Alliance. The discussion will focus on blockchain technology solving real-world issues, such as improving global connectivity, empowering communities, and driving social impact.Bybit will also discuss its World Series of Trading 2024 sponsorship, which includes a contribution of 75 ETH to the Ethereum Foundation to help host the Immunefi Attackathon, a global hackathon aimed at enhancing the Ethereum ecosystem. The sponsorship is part of Bybit’s leading role in supporting blockchain innovation and security.About BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, readers can please visit Bybit Press. For media inquiries, readers can please contact: media@bybit.comFor more information, readers can please visit: https://www.bybit.comFor updates, readers can please follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

Developers and parachains can now test the functionality, which allows NFTs to move between networks, starting with Asset Hub and Unique Network.Polkadot is advancing towards its Agile Coretime framework by enabling permissionless channel openings between system chains like Asset Hub, skipping the need for approval via Polkadot’s OpenGov.Polkadot’s HRMP (Horizontal Relay-routed Message Passing) channels, which currently serve as the primary message transport protocol by passing all messages through the Relay Chain, are soon to be phased out in favor of the more efficient XCMP (Cross-Chain Message Passing) system. The concept of NFT XCM is to simplify the transfer of NFTs between different parachains, giving developers and creators more flexibility. The focus now is on simplifying the fragmented NFT ecosystem, helping to streamline NFT usage across Polkadot’s many networks.“As we advance NFT XCM technical capabilities, it’s critical to address the complexity and fragmentation within the ecosystem. We are now working on organizational bridges and aligning leadership across all NFT blockchains in Polkadot,” said Charu Sethi, chief marketing officer at Unique Network.CEO Alexander Mitrovich added: “This milestone represents not just technical progress but the unification of an ecosystem. NFTs are no longer confined to one parachain; we’re building a future where they can flow freely across multiple chains.”Unique Network is inviting developers and parachains interested in testing this feature to join the environment. There’s also an opportunity for EVM (Ethereum Virtual Machine) teams to explore how this could work in their own projects.This follows Unique Network’s earlier announcement of its Cross-Chain NFTs Think Tank, introduced at the Polkadot Sub0 conference. The Think Tank seeks to find out new ways to use Cross-Chain NFTs, with major projects like Acala and Zeitgeist are already exploring integrations. More