Cryptocurrency

The article delves into the logic behind companies acquiring Bitcoin and the reasons why some firms have historically tended to decapitalize themselves. In the article, Alden also talked about the dominance of the Bitcoin network, liquidity and institutional interest.Commenting on Alden’s article, Saylor stated, “Bitcoin will fix your corporate balance sheet.” Saylor’s statement generated discussion in the online community, with many agreeing with what he said. “The best collateral layer you can hope for. It will transform treasury management,” says X user @McDonaghMatthew.Meanwhile, Saylor’s comment comes only days after a recent Bitcoin purchase by MicroStrategy. According to reports, MicroStrategy remains the largest corporate holder of Bitcoin with 226,500 BTC valued at approximately $12.9 billion at the current market price. Renowned Bitcoin mining company Marathon Digital (NASDAQ:MARA) comes in a very distant second place with $1.29 billion worth of Bitcoin.In an earlier report, Saylor says Bitcoin helps his company outperform competitors. To back his statement, Saylor released a diagram that illustrates the advantages of Bitcoin over other assets. The diagram also highlighted MicroStrategy’s performance over other leading global technology companies like Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN).This article was originally published on U.Today More

In a groundbreaking move that bridges the gap between traditional finance and digital innovation, The INX Digital Company, Inc. (Cboe CA: INXD, OTCQB: INXDF, INXATS: INX) (“INX”), through its broker-dealer subsidiary, INX Securities, LLC, Member: FINRA & SIPC, a leader in regulated Real World Asset trading, has announced a strategic association with Muriel Siebert & Co., LLC, Member: FINRA & SIPC, (“Siebert”), a prominent name in traditional financial services, and a wholly owned subsidiary of Siebert Financial Corp. (NASDAQ: SIEB). This collaboration marks a significant milestone in expanding On-Chain Real World Asset (RWA) investment opportunities to Siebert’s long-established relationships. This association will enable Siebert’s extensive network of clients and/or potential issuers to connect with INX’s cutting-edge marketplace for the primary issuance and secondary trading of Real World Assets (RWAs). Siebert’s introductions to INX will enable those relationships to leverage INX’s innovative RWA tokenization capabilities and offer a new realm of investment possibilities, including high-profile sectors such as entertainment, sports, and global sports franchises.The Siebert-INX association is poised to help redefine the investment landscape by merging traditional financial service relationships with modern digital asset opportunities. This referral relationship will facilitate a bridge from conventional financial services to the dynamic world of blockchain technology, offering an introduction of secure and regulated pathways for capitalizing on digital securities and tokenized asset opportunities.Shy Datika, CEO of INX, stated, “Our association with Siebert represents a significant step towards merging the traditional and digital financial worlds. By opening access to Siebert’s extensive client base and relationships, INX is broadening the scope of investment opportunities and providing access to previously untapped sectors. This collaboration underscores our commitment to financial inclusion and innovation, paving the way for a new era in RWA tokenization.”John J. Gebbia, CEO of Siebert Financial Corp. (NASDAQ: SIEB), added, “Entering into this referral agreement with INX aligns perfectly with Siebert’s vision of advancing financial innovation while maintaining the highest standards of compliance and security. This association allows Siebert to introduce our clients and financial sector relationships to a regulated and reliable platform for investing in RWA tokenized assets, enhancing their investment experience, and expanding their opportunities within the digital economy.”This collaboration not only expands Siebert’s reach into the emerging field of blockchain technology but also reinforces INX’s position as a pioneer in digital asset trading, setting new standards for the integration of traditional and digital investment avenues.About INX:INX provides regulated trading platforms for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and a disciplined regulatory approach.About The INX Digital Company, Inc.: INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies. The INX Group’s vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group’s overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which we raised US$84 million. The INX Group is shaping the blockchain asset industry through its willingness to work in a regulated environment with oversight from regulators like the SEC and FINRA. For more information, please visit the INX Group website here.About Siebert Financial Corp.: Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT,LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.ContactAlan Silbertinvestorrelations@inx.coThis article was originally published on Chainwire More

The chart that HTL-NL first released suggests that Bitcoin may have already peaked. This conclusion is reached by combining the relative strength index (RSI) with multiple technical indicators. The chart shows that the RSI continuously falls at every new high, indicating that the buying momentum has been declining over time.The potential for Bitcoin’s short-term growth may be limited as a result of this price action’s declining elasticity. It is further supported by the chart, which shows the occurrence of a larger cycle top that the price of Bitcoin may face significant resistance in the future.According to this pattern, the cryptocurrency’s bullish momentum has mostly run out, leaving it more vulnerable to downside pressure. Brandt has shared the chart to highlight the importance of “binary price possibilities.”Anyone trying to grasp the possible binary outcomes for the price of Bitcoin, in his opinion, needs to understand these patterns. Basically, the chart suggests that Bitcoin has topped-out and the current cycle is exhausted. It dramatically raises the possibility of a reversal or a prolonged correction.This outlook is also reflected in the state of the Bitcoin market right now. The price of BTC continues to fluctuate significantly in both directions as the market has not settled yet. A number of macroeconomic variables and regulatory changes are having a major impact on the market. Institutional investors remain key players nowadays and, luckily, we are seeing a recovery of institutional inflows in the market, suggesting a potential continuation of an uptrend.This article was originally published on U.Today More

Blockchain.com, one of the world’s most trusted and earliest crypto platforms, today announced a significant update to Blockchain.com Pay: the integration of Prove Identity Inc., the global leader in digital identity. This integration aims to streamline the Know Your Customer (KYC) process for U.S. customers, enabling instant and secure user verification.With the integration of Prove solutions, Blockchain.com Pay users can now complete their KYC verification in under 10 seconds initially only providing the last four digits of their Social Security Number and mobile phone number. This eliminates the need for traditional cumbersome methods such as scanning driving licenses, verification selfies, and proof of address documentation.Companies looking to improve their onramp experiences and join a list of partners that includes the likes of Exodus and MetaMask, can get in touch with the Blockchain.com Pay team here: blockchain.com/pay.About Blockchain.com: Blockchain.com is a global leader in cryptocurrency financial services, offering a wide range of solutions including investments, an exchange, a wallet, and institutional markets. Known for trusted and easy-to-use products, Blockchain.com continues to empower users around the world to control their money.About Prove Identity:Prove solutions allow businesses and consumers to transact confidently and without barriers. We enable businesses to confidently distinguish between their legitimate users, as well as bots and deep fakes acting as humans. More than 1,000 businesses, including 9 of the top 10 U.S. banks, rely on Prove to prevent fraud, improve customer experience, and boost revenue. Learn more at www.prove.com or on LinkedIn.ContactAnnie ParkerGreenbrier (NYSE:GBX)annie@greenbrier.partnersblockchain@greenbrier.partnersThis article was originally published on Chainwire More

This trend was also reflected in broader crypto prices, continuing its gains from the prior session as the factors behind Monday’s rout- concerns over a U.S. recession, Japanese interest rate hikes and tensions in the Middle East- continued to weigh on sentiment. Bitcoin rose 4.3% to $57,190.9 by 09:13 ET (13:13 GMT). The token had slumped as low as $49,000 on Monday before rebounding from those levels. Gains in the world’s biggest cryptocurrency continued after it rebounded nearly 4% on Tuesday.The token still traded below levels seen before Monday’s rout, as crypto markets also struggled with the prospect of a mass sale by the U.S. government, as well as waning interest in the crypto derivatives market. Risk-off sentiment saw crypto derivatives, mainly exchange-traded funds- log steep outflows in the past week.Optimism over an improved regulatory environment in the U.S. also waned as the 2024 presidential race heated up. Democratic nominee Kamala Harris was seen catching up with Republican nominee and pro-crypto candidate Donald Trump, a Bloomberg poll showed last week.The International Monetary Fund said on Tuesday that it had made progress in talks with El Salvador over a funding program for the Central American country, but its adoption of Bitcoin still remained a point of contention, a Reuters report showed.The IMF and El Salvador appeared to have reach “preliminary understandings” on improving the country’s economy, and had discussed policies that could be supported by the IMF.But the fund noted that while several risks projected from the country’s adoption of Bitcoin had not yet materialized, negotiations with El Salvador will be aimed at mitigating said risks. El Salvador adopted Bitcoin as legal tender in 2021, and had outlined sweeping plans to build infrastructure themed around the cryptocurrency. But these plans did not come to pass, as the country saw little improvement in its fiscal woes, and also found few takers for its planned “Bitcoin bonds” to fund the projects.Broader crypto prices were a mixed bag on Wednesday, as a broader recovery in the sector lost momentum. World no.2 token Ether climbed 0.5% to $2,457.49, while XRP added 2.9%. ADA and SOL rose 3.8% and 10.5%, respectively. Among meme tokens, DOGE added 5.4%, while SHIB rose 3.4%. Ark Invest bought an additional 19,892 shares of Coinbase, valued at $3.9 million, across three of its ETFs on Tuesday. This move comes as the firm, led by Cathie Wood, rebalances its portfolios following Monday’s market downturn.Specifically, Ark Invest purchased 13,833 shares ($2.7 million) for its Innovation ETF (ARKK), 2,743 shares ($533,000) for its Next Generation Internet ETF (ARKW), and 3,316 shares ($644,000) for its Fintech Innovation ETF (ARKF), based on the latest trade filings.These purchases follow a significant buy of $17.8 million in Coinbase stock on Monday, marking the first purchase since June 2023 when Ark bought $21 million worth of COIN. According to Ark’s disclosures, COIN now constitutes the third-largest holding in its ARKK ETF, with an 8.7% weighting valued at $445.3 million as of August 6. In the ARKW fund, COIN is the fourth-largest holding at 6.8%, worth $84.4 million, and it is the largest holding in the ARKF fund at 9.8%, valued at $75.1 million.On Tuesday, Coinbase shares rose 2.48% to close at $194.17. The gain is part of a recovery from a 15% drop on Monday morning, fueled by market volatility linked to U.S. recession fears and increased geopolitical tensions.Coinbase shares rose an additional 1.3% in Wednesday’s premarket.  More

According to a report from J.P. Morgan, the total cryptocurrency market capitalization ended July at around $2.28 trillion, up 1% month-over-month and 42% year-to-date. This figure is nearly double its value from a year ago.While volumes improved, market cap trends varied across different tokens and crypto products. Bitcoin’s market cap grew to $1.28 trillion, reflecting a 3% MoM increase. In contrast, Ethereum’s market cap contracted by 6% MoM to $388 billion, largely due to net outflows from newly launched spot ETH ETFs in the U.S. Other major altcoins like Dogecoin and Cardano also saw price declines in July.”The total crypto market cap ended around $2.28 trillion, up 1% MoM, 42% YTD and nearly double its value of a year ago,” J.P. Morgan wrote. The report further states that trading volumes saw a modest rebound, with average daily volumes (ADV) increasing by 9% MoM. Bitcoin and Ethereum both saw double-digit volume jumps, with Bitcoin’s average daily volume up 18% and Ethereum’s up 23%. However, DeFi and NFT volumes kept dropping despite these gains.”TradingView estimates July average daily volume (ADV) associated with the total crypto market increased +9% MoM,” J.P. Morgan stated. “This sequential improvement represents the first rebound in volumes since 1Q24.”One of the key events in July was the launch of spot ETH ETFs in the U.S., which, despite initial enthusiasm, saw net redemptions totaling $484 million during the first seven trading days. The SEC’s approval of these ETFs and their subsequent performance highlighted the difficulties in attracting sustained inflows.J.P. Morgan explains, “We estimate the group of the nine U.S. spot Ether ETFs approved saw -$484 million of total net redemptions in July, which included seven trading days.”The report also pointed out that traditional finance (TradFi) asset managers are increasingly engaging in blockchain technology and tokenization projects. Hamilton Lane, for example, launched a fund on the Solana blockchain, and Goldman Sachs plans to launch three tokenization products by year-end.”More examples of tokenization projects only further supports the use case and utility of the technology,” J.P. Morgan noted.Bitcoin mining saw increased competition with the monthly average network hashrate rising 5% in July. However, profitability dipped to all-time lows, with miners earning an average of $46,000 per exahash (EH/s) in daily block reward revenue, the lowest on record.”The monthly average network hashrate increased 30 EH/s (5%) in July to 615 EH/s, marking the first month-over-month increase in mining competition/difficulty since the halving,” the report stated. More

However, unlike Bitcoin, much of Ethereum’s recent price action since the ETFs launched has been more influenced by equity market movements rather than ETF flows.Citi analysts pointed out that the recent market correction in risky assets shows once again that crypto currently provides limited diversification benefits. They added, “Crypto fundamentals are holding up overall, as stablecoins have avoided sharp outflows and hash rate has risen despite weaker price action.”Moreover, Citi argues that Bitcoin hasn’t yet lived up to its reputation as “digital gold,” stating, “Despite both gold and Bitcoin being limited supply, zero-coupon instruments, the original cryptocurrency does not exhibit gold’s ‘store of value’ properties.” They concluded that during the recent market correction, Bitcoin did not act as a safe haven, which confirms its current status as a risk asset.Through August 5, spot Bitcoin ETF net inflows have totaled $19.1 billion. These flows have explained over 40% of the variance in weekly Bitcoin price action since the ETFs launched in January. In contrast, ETH ETFs have seen $460 million in net outflows in their first two weeks of trading. “The variance in price action between Bitcoin and Ethereum highlights differing investor behaviors and market reactions to these two leading cryptocurrencies. The initial ETH ETF flows have been negative, but the Bitcoin ETF launch also had a post-launch decline between days 4 and 12,” Citi pointed out.Despite the crypto selloff, certain fundamentals have held up well. Search interest in cryptocurrencies has risen, and stablecoins have not seen decent outflows. While Ethereum network activity slowed, Bitcoin activity remained relatively stable, though at low levels. “Hash rate remains volatile though has moved higher as of late,” Citi noted. Additionally, decentralized exchange volumes continue to rise compared to centralized volumes. More

Australian gemstone company NYBlue Pty Ltd has emerged as a key player working to redefine the global gemstone market. The company’s strategic venture involves a plan to secure control over the world’s blue zircon supply, a move that holds the potential to reshape the value dynamics of the global gemstone market. Previously this month, the company released its whitepaper, detailing its current pre-sale and subsequent public float of its ‘real world asset’ cryptocurrency, following its announcement of holdings of more than one million carats of the rare gemstone.NYBlue’s primary strategy lies in systematically increasing its current holdings, to continue acquiring all available Cambodian blue zircons, establishing control over the supply chain and potentially influencing the future value of these precious stones.Earlier today company representatives were interviewed on CryptoBanters’ Town Hall podcast, to announce the launch of their RWA token pre-sale which has garnered considerable interest from the crypto community since being announced earlier this year.A video released by NYBlue questions rhetorically “What would be a more appropriate display of affection, for your significant other; a piece of compressed, common, carbon, or instead something more ancient than Earth, exceedingly rare, and twice as brilliant as diamond? The Australian company NYBlue; is financed by Australian AgTech founder & former political advisor; Mitch Brownlie, who has recently discussed the project on various podcasts; often comparing the NYBlue project with a previous gemstone rally; when the African gemstone ‘tanzanite’ surged from obscurity, to reach parity with Diamond. Tanzanite Spot Price – An inspiration for NYBlue.NYBlue draws inspiration from the historical trajectory of the tanzanite market, where prices experienced a tenfold increase over three years. The company anticipates a similar trajectory for zircons, aligning its strategy with past successes to project a potential surge in value. NYBlue, has previously announced its plan to launch its gemstone-backed cryptocurrency codenamed ZIRC where each token is fully backed by and redeemable for a 1-carat blue zircon gemstone. This approach allows consumers to benefit from the rise of blue zircon without the risks of volatility associated with traditional cryptocurrencies. Owners of Zirc tokens will have the option to redeem their cryptocurrency for gemstones at any time, ensuring a stable, arbitrage-enforced peg between the two assets. NYBlue aims to acquire the majority of globally available gem-quality blue zircons, effectively positioning itself as a dominant force in the market. This approach is designed to exert influence over the supply chain, creating a ripple effect on the market value of blue zircons across the industry.NYBlue’s strategic initiative is not a short-term play; it is an ambitious endgame to secure a controlling stake in the multi-billion-dollar gemstone market. With a collection of gemstones valued at around $300m, NYBlue aspires to redefine the gemstone narrative on a global scale. This venture positions the company as a significant player, with the potential to impact the industry’s landscape for years to come.In their quest for dominance in the gemstone market, NYBlue has announced a new and highly disruptive initiative; the launch of a blockchain-backed cryptocurrency named ZIRC, with each unit of the blockchain being fully backed by; and redeemable for a 1 carat blue zircon gemstone. This innovative approach allows individuals to participate in the potential rally of blue zircon values, by offering exposure to the underlying commodity without the inherent risks associated with traditional highly volatile cryptocurrencies.Buyers have the option to redeem their ZIRC tokens for actual gemstones at any time, effectively eliminating the possibility of the token’s value dropping below the market price of the gemstone itself, providing consumers with a tangible and secure asset. This strategic integration of blockchain technology not only enhances transparency and security but also democratises access to the exclusive world of the international gemstone trade.NYBlue’s PreSale is now live on Zir.co.nzAbout Zirc Zirc offers a cryptocurrency fully backed by blue zircon gemstones. Each ZIRC token is redeemable for a 1-carat blue zircon, providing a stable and tangible asset. The platform aims to integrate blockchain technology to enhance transparency and security, making it accessible for individuals to participate in the gemstone market without the risks associated with traditional cryptocurrencies. Zirc’s approach democratizes access to blue zircons and offers a unique investment opportunity backed by real-world assets.ContactDirectorMitch BrownlieNYBlue Pty Ltdredeem@nyblue.comThis article was originally published on Chainwire More