Cryptocurrency

In an interview with Investing.com, Bit Digital Inc (NASDAQ:BTBT) CEO Sam Tabar shared his insights about the positive reception of the 10 recently approved spot Bitcoin ETFs. He also discussed the upcoming U.S. election, Bitcoin price forecast, and much more.The chief of sustainability-focused bitcoin mining firm (BTBT) said he was “generally pleased” that these ETFs have enabled a new subset of individuals and entities to gain exposure to the underlying assets. “They’ve been some of the most successful ETF launches in history and have accounted for the majority of new ETF flows in 2024,” said Tabar. “It shows that there was a huge appetite for digital asset exposure for entities that were previously constrained for whatever reason.”Strong inflows are occurring as Bitcoin came under heavy selling pressure from multiple sources, including repayments related to the defunct crypto exchange Mt. Gox and the German government transferred hundreds of millions worth of BTC to exchanges. Some investors might see this dip as a buying opportunity.Leading the inflows was BlackRock (NYSE:BLK) IBIT, which saw $121 million added, bringing its total net inflows to over $18 billion. Fidelity FBTC followed with $91 million in inflows, increasing its total to $9.5 billion. ARK’s ARKB received $43.3 million, raising its total net inflows to $2.5 billion. However, Grayscale GBTC had an outflow of $37.5 million, and Bitwise saw an outflow of $4.7 million. Overall, the total inflows into Bitcoin ETFs now stand at $15.3 billion.On the topic of the Biden vs. Trump presidential race and its implications for cryptocurrency regulations, Tabar mentioned that Trump is generally perceived as the pro-crypto candidate, which could be more favorable for the industry.Tabar pointed out the differing stances of the two candidates. “I think the general consensus is that Trump is the pro-crypto candidate and would ultimately be the more favorable policymaker towards crypto,” he explained. “In politics, it’s often difficult to predict what campaign issues will ultimately come to fruition if a particular candidate is elected. It’s worth noting that crypto wasn’t even addressed during the first debate.”Tabar also highlighted the contrasting approaches of the current administration and Trump. “The Biden administration has previously proposed a potential tax on bitcoin mining, which could devastate the domestic industry, while Trump has said he wants all future Bitcoin to be mined in the U.S.”The presumptive Republican presidential nominee promised to loosen cryptocurrency regulations if elected in November and to “get out of the way of innovation”.Trump has shifted from being a crypto skeptic to a crypto supporter, capitalizing on the frustration within the crypto community. This change appears to be gaining him support among the small but vocal crypto advocates.However, in a 90-minute debate, neither Biden nor Trump mentioned cryptocurrencies, despite massive fundraising by crypto lobbyists for this election cycle.Despite three crypto-backed super political action committees (PACs) raising $202.8 million from industry backers and spending $93.6 million to influence the 2024 elections, the crypto sector received no attention in the CNN debate.Interestingly, crypto billionaire Michael Novogratz joined a coalition of top business leaders in a campaign urging President Joe Biden to reconsider his re-election bid.Experts vigorously debate Bitcoin’s long-term prospects, considering three drivers: its role as a store of value, a currency, or a technology. Discussing the realistic Bitcoin price target by the end of the decade, Tabar explained that he believes “the long-term trend is higher. We expect cyclical gyrations in the short term but see long-term structural upside given the generational normalization of the asset.”Interestingly, Tabar expects that investors will soon prefer trading digital gold over the real thing. “I believe Bitcoin will eventually surpass the gold market in value,” he said.He mentioned that while he wouldn’t be surprised to see Bitcoin reach $1 million, predicting the exact timeline and trajectory is challenging. To mitigate the volatility risk, Bit Digital has installed an HPC business that is uncorrelated to the price of Bitcoin. “Now we have a steady cash flow-producing business that allows us to enjoy the structural upside of Bitcoin long-term without waking up in a cold sweat every night when the Bitcoin price dips to a certain level,” Tabar concluded. More

Network with Top Developers and Investors at Brussels’ Premier Event VenueThe flagship event of the Polkadot ecosystem, Polkadot Decoded, returns and will take place in one of Brussels’ most renowned event venues, The Sheds at Tour & Taxis on July 11th and 12th, 2024. Polkadot Decoded brings together developers, investors, enthusiasts, and industry leaders to explore the latest innovations in blockchain technology.Polkadot is the secure and powerful core of Web3, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. It enables Web3 innovators to bring their ideas to market quickly with low start-up costs and a highly flexible development environment. Polkadot prioritizes decentralization and as the first modular, resilient, and interoperable blockchain governed by its users, Polkadot also operates as the world’s largest DAO.Attending Polkadot Decoded provides a platform to connect with industry leaders, developers, investors, and enthusiasts from around the world, fostering collaboration and partnership opportunities. Decoded also offers an opportunity to explore the latest developments, trends, and use cases within the Polkadot and Kusama ecosystems through engaging talks, panels, and workshops. Attendees can learn how NFTs support Marine Research and Conservation through projects like DOTphin, experience the most cutting-edge Web3 games coming to the ecosystem via Mythical Games, discover exciting new partnerships with industry leaders such as Ledger, and even get a peek at how blockchain will change the future of content creation, monetization, and media with Kinera.Decoded will also feature a keynote speech by Polkadot creator Gavin Wood, who will detail the future of Polkadot as he discusses the forthcoming Join-Accumulate Machine (JAM) – which moves Polkadot toward a world of synchronous composability, helping to reduce fragmentation and consolidate activity. JAM will build on the momentum of “Polkadot 2.0,” a community-dubbed collection of network advancements such as Agile Coretime, Elastic (NYSE:ESTC) Scaling, and Asynchronous Backing, designed to enhance the scalability, flexibility and efficiency of the Polkadot network. Attendees and virtual viewers can catch Wood’s speech on Thursday, July 11th at 11:40 AM local time (Brussels) / 5:40 AM ET.Decoded Highlights include:Whether a seasoned blockchain professional or entirely new to decentralized technologies, Polkadot Decoded offers valuable insights and networking opportunities for all. Join us in Brussels for an immersive experience, or participate virtually from anywhere in the world. Secure a spot for Polkadot Decoded 2024 today – More

Zero Hash, the leading crypto and stablecoin infrastructure platform, today announced that its platform customers can now enable the SUI token from Sui, the Layer 1 blockchain in permitted jurisdictions.Sui was designed with the objective of providing unparalleled speed, security, and scalability. It achieves near instant transaction finality and supports up to 297,000 transactions per second. Utilizing the innovative Move programming language, Sui enables developers to build advanced, secure smart contracts. The Sui blockchain has already processed over four billion transactions, showcasing its capability to support large-scale applications and services. Zero Hash’s full stack technical and global regulatory infrastructure facilitates the compliant movement of value of fiat, crypto, and stablecoins. Zero Hash’s APIs and SDKs enable businesses to seamlessly embed blockchain technology, including Sui, with minimal friction. With access to over 65 digital assets and 22 blockchains, now including Sui, Zero Hash powers businesses to build highly connected and interoperable crypto and stablecoin products, for the new era of money movement and value transfer.Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, users can visit https://sui.io. About Zero HashZero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products. Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin-powered products.Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services (NASDAQ:LQDT) LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).Users can connect with Zero Hash on LinkedIn, or visit www.zerohash.com for more information.*DisclosuresZero Hash services and product offerings may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.ContactSui Foundationmedia@sui.ioThis article was originally published on Chainwire More

Saakuru Labs, an innovator in the Web3 gaming and infrastructure, has hit 5 million daily transactions, solidifying its position as a major player in Web3 gaming alongside other established platforms.In addition to surpassing 5 million daily transactions, Saakuru ranks among the top 5 blockchain networks by daily transactions, according to dApp Radar. It also ranks in the top 5 based on daily active user wallets (UAW), further highlighting its rising popularity in the industry and among Web3 gamers.According to the latest rankings, Saakuru Labs hosts four dApps within the top ten, including notable and rapidly growing titles such as Playbits by Playground, Copycat Killer, Panic, and Parkour Battle.Looking ahead, Saakuru Labs plans to expand its offerings with the launch of 4 new games and dApps in July: Samurai Saga, Khuga Rumble Arena, Soccer Sage, and Tix3. Each promises unique gameplay experiences and utilizes blockchain technology to enhance user interaction and ownership.About Saakuru LabsSaakuru is a consumer-centric L2 Protocol with Zero Transaction Fees enhanced with Saakuru Developer Suite that enables embedding complex digital products to Web3 in one day. The powerful and developer-friendly product suite centered around the Saakuru blockchain allows cost-efficient and seamless connectivity from Web2 to Web3.Saakuru’s ultra-fast block time allows developers to seamlessly run on-chain applications, like MMORPG games, delivering an authentic multiplayer experience. Furthermore, it enhances the user experience by entirely removing gas fees, making it especially user-friendly for those new to Web3.Learn more about Saakuru Labs here.Website | X | Telegram | Medium | LinkedIn | YouTubeContactCo-Founder and CEOJack Vinijtrongjitjack@saakuru.comThis article was originally published on Chainwire More

The world’s biggest cryptocurrency was nursing a 15% slump over the past month, and remained on the cusp of a bear market as fears of increased token supplies battered markets.Bitcoin added just 0.1% in the past 24 hours to $58,549.6 by 08:09 ET (12:09 GMT). The token saw limited relief from some bargain buying this week.Defunct crypto exchange Mt Gox remained a key point of contention for Bitcoin, after the trustees of the exchange  said they had begun returning tokens to clients affected by a 2014 hack.It was immediately unclear just how much this distribution will entail. But wallets linked to the exchange were seen mobilizing about $9 billion worth of tokens earlier this year. Additionally, the German government was also seen offloading Bitcoin confiscated from a piracy website, and could potentially hold at least $2 billion worth of tokens. Sharp declines in Bitcoin’s price brewed concerns that major Bitcoin miners could begin selling some of their holdings to break even, especially after Bitcoin’s halving reduced miner rewards earlier this year. Bitcoin still remained above four-month lows hit earlier in July, as recent price declines attracted a slew of bargain buying into the token.Capital inflows into Bitcoin investment products, particularly exchange-traded funds, grew over the past week, helping inspire some confidence in the currency. This also kept Bitcoin’s price off recent lows. Sentiment towards crypto ETFs is likely to improve in the coming weeks, especially as the Securities and Exchange Commission prepares to make a key decision on spot ETFs for world no. 2 token Ether. Among broader cryptocurrency prices, major altcoins were trading largely in the green.Ether climbed 1.3% to $3,149.32, while XRP added 2%. ADA rose 3%, while SOL added 0.5%. Among meme tokens, DOGE and Investing.com Shiba Inu Index remained largely flat. Improving optimism over U.S. interest rate cuts dented the dollar, but still provided little support to crypto prices. Fed Chair Jerome Powell flagged more progress in bringing down inflation, but warned that the central bank still needed more confidence to cut interest rates.Focus was now squarely on key consumer price index data, due later on Thursday, for more cues on rates. The speculative fervor in the crypto markets that ensued during the first quarter has dissipated, suggesting a potential resurgence in Bitcoin prices.According to Capriole Investment’s crypto speculation index, which tracks the percentage of altcoins with 90-day returns greater than Bitcoin, has dropped below 10%, significantly lower than its January peak of nearly 60%. Bitcoin reached new record highs above $70,000 in the first quarter but has since cooled to $58,000.Speculative washouts act as corrective mechanisms, realigning asset prices with fundamentals and reducing excessive speculation, leading to a healthier long-term market environment.Historically, a below-10% speculation index has marked the start of significant Bitcoin rallies, as seen in the first half of 2019, late 2020, and the second half of 2023. More

Based on the chart that displays the quarterly price movement of Bitcoin since 2010, it is evident that significant price fluctuations usually occur after periods of consolidation. Following some relative stability, Bitcoin saw a huge increase in value at the beginning of 2013 — it went from about $16 to $739 in a matter of quarters.In 2015 and 2017 occurred a similar pattern of consolidation around $230, followed by a spike to almost $20,000 by the end of 2017. Prior to soaring to over $60,000 in early 2021, Bitcoin more recently stabilized around the $10,000 mark in late 2020. As we observe Bitcoin currently trading at $58,000, following yet another phase of consolidation, past patterns point to the possibility of another spike. With an emphasis on the previous few months, the second chart offers a closer look at Bitcoin’s daily price fluctuations. The exponential moving averages (EMAs) 50, 100 and 200 are displayed on this chart. Recently, the price of Bitcoin found support at the 200 EMA, suggesting that a bottom may be forming.Given that Bitcoin is now trading above the 100 EMA, the recent rebound from this level suggests a bullish outlook. The daily chart also shows that the volume decreased during the downtrend and increased as the price started to rise. This volume pattern frequently shows the start of a fresh upward trend and the conclusion of a bearish phase. Based on the two charts’ past quarterly fluctuations and current daily activity, it appears that Bitcoin is ready for yet another big move.This article was originally published on U.Today More

On Wednesday, Rostin Behnam, Chairman of the US Commodities Futures Trading Commission (CFTC), confirmed that a court in Illinois has officially recognized the status of Bitcoin and Ethereum as digital commodities under the Commodity Exchange Act.This decision could revolutionize the crypto world or plunge it into regulatory chaos. This classification directly contradicts the statements of SEC Chairman Gary Gensler, who has so far only wanted to recognize Bitcoin as a commodity and classify the rest of the tokens as securities.Gensler’s stance led to a massive crackdown on leading crypto companies like Binance, Coinbase (NASDAQ:COIN), Ripple, and Uniswap Labs last year. The SEC claimed that many of the tokens offered for trading were securities according to the Howey Test and thus needed stricter regulation.The CFTC, supported by the recent court ruling, sees Bitcoin and Ethereum as commodities and claims oversight of these digital assets. This power struggle between the authorities could lead to even more confusion and uncertainty in the crypto market.While regulatory power struggles and the immense volatility in the crypto market create a lot of uncertainty, the question arises: Are there more stable and equally lucrative alternatives? Indeed, there are. With InvestingPro, discover other ways to earn decent returns. InvestingPro’s 6 ProPicks strategies have already achieved up to 1900% returns, while the S&P 500 yielded only 280% in the same period.And the best part: During the Summer Sale you can now get InvestingPro for up to 60% off with the discount code “ProTrader”. Take advantage of this opportunity to benefit from proven strategies and diversify your portfolio. An opportunity not to be missed!Senator Roger Marshall called for transferring full responsibility for digital assets to the CFTC. Behnam, who had previously expressed his pro-crypto stance, agreed. This could simplify the industry’s regulation, but the power struggle between the SEC and CFTC is likely to continue causing uncertainty. The need for clear regulatory frameworks was emphasized by Behnam at the Milken Institute Conference. Without clear guidelines, retail investors and the market as a whole could suffer.The classification of Bitcoin and Ethereum as commodities could be a double-edged sword for the crypto community. On the one hand, it creates clarity and could pave the way for greater acceptance. On the other hand, the power struggle between the SEC and CFTC leads to massive uncertainty, which harms the market in the long run. Is this a victory for cryptocurrencies or just another nail in the coffin? The future will tell.Note: Big Summer Sale at InvestingPro! Are you ready to revolutionize your stock selection? Leave tedious research and uncertain decisions behind you! With ProPicks – our AI tool – you get over 100 top stocks every month. Our picks have outperformed the S&P by an incredible 1,300% since 2013. Join the exclusive ProPicks community and beat the market. Take advantage of our exclusive discount now: Enter the code ” PROTRADER ” when ordering and get up to 60% off. But hurry – only for a short time! Click here and don’t forget the discount code! More

The initial $12 billion estimate as of June 12 was based on a combination of inflows into cryptocurrency funds, the flow implied by CME futures, fundraising by crypto venture capital funds, and an adjustment for the shift from digital wallets to new spot Bitcoin ETFs.The revised $8 billion figure reflects a $14 billion net inflow into crypto funds by July 9, a flow impulse from CME futures of $5 billion, and year-to-date fundraising by crypto venture capital funds amounting to $5.7 billion. This is offset by a $17 billion adjustment due to the rotation from digital wallets on exchanges to spot Bitcoin ETFs, which offer advantages like cost-effectiveness and regulatory protection. The shift away from exchange wallets is evidenced by a decrease in Bitcoin reserves across exchanges, estimated at 0.29 million bitcoins or $17 billion by CryptoQuant as of July 9.Goldman Sachs had been skeptical that the original $12 billion estimate would persist throughout the remainder of the year, given the high Bitcoin prices relative to production costs and its value compared to gold. The firm expressed surprise at the rapid decline in the estimated net flow. The reduction is largely attributed to the decrease in Bitcoin reserves on exchanges over the past month, which likely reflects liquidations by creditors of Gemini, Mt. Gox, or the German government, which has been selling Bitcoin seized in criminal activities.Despite the downward revision, Goldman Sachs anticipates that these liquidations will diminish after July. The firm maintains a positive outlook for the cryptocurrency market, expecting a rebound from August onwards.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More