Cryptocurrency

MANTRA ($OM), the Layer 1 blockchain for Real World Assets (RWA), has announced the completion of a new funding round. Top venture and technology investor in the MENA region, Shorooq Partners, led the $11M investment round. Additionally, a diverse range of strategic investors such as Three Point Capital, Forte Securities, Virtuzone, Hex Trust, GameFi Ventures, Caladan, Token Bay Capital, BlackPine, Mapleblock, Fuse Capital, 280 Capital and others, joined the funding.The fresh capital injection will enhance MANTRA’s goal of enabling RWA tokenization that can operate at scale. Funds will be used to achieve three critical objectives: building regulatory-compliant infrastructure that adheres to global standards, empowering developers with the tools needed to create RWA-focused protocols on MANTRA Chain, and expanding the tokenization of real-world assets while spotlighting market opportunities between the Middle East and North Africa (MENA) as well as Asia.MANTRA ($OM) aims to make investing more accessible in the Middle East and Asia by boosting market liquidity and fostering growth. This will stimulate economic activity and development in these regions, which have previously faced barriers to entering financial markets. Simplifying the process of buying and selling assets will create new investment avenues, promote entrepreneurship, and attract global investors. This aligns with the goals of both regions to lead in financial innovation, driving economic growth and prosperity in the region.MANTRA ($OM) is on a mission to accelerate the adoption of tokenized RWAs by enabling billions of dollars in institutional capital to move onchain. MANTRA Chain provides a compliant framework for the creation and trading of RWAs, empowering TradFi companies to tap into the many benefits afforded by blockchain technology. By offering a tangible, secure, and stable application of blockchain technology, MANTRA is well-positioned to capitalize on the growing interest in digital assets and blockchain solutions.The $11M funding round coincides with the release of Hongbai, MANTRA Chain’s incentivized testnet. Its name a portmanteau of Hong Kong and Dubai, Hongbai signals MANTRA’s intent to focus its onboarding efforts in these two financial hotspots. The launch of the MANTRA Chain testnet will aspire to build bridges, both literal and metaphorical, between the Middle East and Asia. In doing so, it will set a new benchmark for RWA tokenization and encourage cross-border economic collaboration. This will facilitate the exchange of ideas, resources, and investment opportunities, enhancing the economic landscape of both regions.Learn more: https://www.mantrachain.io/####About MANTRA MANTRA is the first RWA L1 blockchain capable of adherence and enforcement of real world regulatory requirements. By accelerating the adoption of tokenized RWAs, MANTRA has the potential to unlock the $16 trillion RWA economy with a regulatory-ready blockchain. Through MANTRA Chain’s compliant framework, TradFi companies can easily switch to and leverage asset tokenization and blockchain solutions, boosting global RWA growth.MANTRA addresses key industry challenges, including liquidity fragmentation and cross-chain interoperability, setting the foundation for a secure, scalable infrastructure. MANTRA will also offer a DEX that provides users with a diversified product suite built around easy access to tokenized real world assets. About Shorooq Partners Founded in 2017, Shorooq Partners is the leading tech investor across MENA and Asia. The firm has backed market-leading disruptors, including Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo.Shorooq Partners has invested in 60+ companies alongside global top-tier funds supporting the creation of regional powerhouses. Shorooq Partners is headquartered in Abu Dhabi, UAE and has offices across the UAE, KSA, Egypt, and Korea.Shorooq Partners refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA Registration No 190004) is a member. ContactMarketing LeadChristoph [email protected] article was originally published on Chainwire More

The SEC had previously charged Genesis and Gemini Trust Company, LLC on January 12, 2023, for their roles in the Gemini Earn program. The program allowed customers to loan their cryptocurrency assets to Genesis in return for interest payments. However, in November 2022, Genesis was unable to fulfill withdrawal requests due to insufficient liquidity amid market volatility, leaving around 340,000 investors without access to approximately $900 million in crypto assets.As part of the settlement, Genesis has not admitted or denied the SEC’s allegations but has consented to the final judgment that enjoins the firm from future violations of Section 5 of the Securities Act of 1933. The SEC emphasized that the collapse of the Gemini Earn program highlighted the risks to investors when market participants circumvent federal securities laws.SEC Chair Gary Gensler remarked on the importance of compliance with securities laws for crypto lending platforms and other intermediaries, stating it is crucial for investor protection and market trust. Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, added that no amount of promotion can replace the necessary investor-protection disclosures mandated by law.Genesis, alongside two affiliates, had filed for Chapter 11 bankruptcy on January 19, 2023. The SEC’s settlement stipulates that the penalty will be paid after all other allowed claims are settled by the bankruptcy court, including those of retail investors from the Gemini Earn program.The SEC’s investigation and subsequent litigation in bankruptcy court were conducted by a team of officials, and the ongoing district court litigation against Gemini is being led by another team within the SEC. The settlement with Genesis marks a continued effort by the SEC to enforce securities laws within the evolving landscape of cryptocurrency markets, based on a press release statement.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The cryptocurrency’s price fell to $62,966 before slightly recovering to $63,650. Similarly, Ethereum’s ether saw a 6.8% decline, as well as other altcoins.Crypto-related stocks tracked Bitcoin’s downswing, with Coinbase (NASDAQ:COIN) dropping 6% and Riot Platforms (NASDAQ:RIOT) losing 4.7% in premarket trading. Similarly MicroStrategy (MSTR) and Marathon Digital (NASDAQ:MARA) plunged 10% and 6.6%, respectively. Despite the day’s losses, Bitcoin has still accumulated a 52% gain so far this year, buoyed by the enthusiasm around U.S. exchange-traded funds (ETFs) based on the cryptocurrency. Last Thursday, the leading crypto asset reached an all-time high of nearly $74,000, but recent profit-taking actions and new U.S. economic data have tempered expectations for Federal Reserve interest rate cuts this year, contributing to the decline.Over the past week, BTC’s value has decreased by nearly 9%, its most significant weekly loss since last September. More

On Monday, Grayscale’s converted GBTC spot bitcoin ETF saw outflows of $642.5 million, surpassing the previous record of $640.5 million set on January 22. Additionally, Fidelity’s Bitcoin ETF, the second-largest fund, saw its inflows drop to a mere $5.9 million, the lowest since its inception, according to Farside Investors data.The leading digital currency fell up to 7.1% on Tuesday, with its value hovering around $62,500 in London’s morning trading session. Other major cryptocurrencies, including Ethereum, Solana, and Dogecoin, also saw declines.The overall market for spot Bitcoin ETFs reported a net outflow of $154.3 million. Despite $451.5 million inflows into BlackRock’s dominant IBIT ETF, the sector couldn’t offset GBTC’s massive outflows, leading to a net negative flow for the first time since March 1.Spot Bitcoin ETF trading has seen a bit of a slowdown lately, with the daily trading volume for U.S. funds decreasing to $4.2 billion on Monday. This volume is substantially lower compared to the previous week’s range of $5.5 billion to $7.7 billion and is less than half of the record daily trading volume of $9.9 billion set on March 5.BlackRock (NYSE:BLK)’s IBIT ETF maintained its lead in trading volume, reaching $2 billion yesterday, while Grayscale’s GBTC and Fidelity’s FBTC followed with $1 billion and $630 million, respectively. The cumulative trading volume for all spot bitcoin ETFs now stands at $145.8 billion, with BlackRock’s IBIT capturing a 48.7% market share by trading volume.Meanwhile, Grayscale is planning to cut the fees for its flagship product, according to CEO Michael Sonnenshein. The announcement comes as the manager of the $26-billion Bitcoin Trust has experienced outflows totaling more than $12 billion since its conversion into an ETF in early January.Sonnenshein revealed these plans during an interview with CNBC, suggesting that the reductions would occur as the crypto ETF market continues to mature.Historically, GBTC has been criticized for its higher-than-average fees, especially in comparison to traditional ETF providers like BlackRock and Fidelity. Currently, Grayscale charges a 1.5% management fee for GBTC holders.Sonnenshein defended the fee structure, citing the early-stage development and unique challenges of the crypto ETF market. However, he acknowledged that fees are expected to decrease over time with market maturity and fund growth. More

The projection highlights the firm’s bullish outlook on Bitcoin and the wider cryptocurrency market’s future, even as a few are currently pulling back from their recent highs. Bitcoin price is down more than 6% Tuesday, trading above the $63,000 mark after hitting new highs of more than $73,000 last week. The slide took hold over the weekend. However, the selling was not limited to Bitcoin as other cryptocurrencies have experienced a decline while US equity futures are down. Ethereum has fallen more than 7%.The more than 6% fall in BTC has put it on track for its largest one-day fall in two weeks.Even so, the premier cryptocurrency is up around 50% so far in 2024 and more than 125% in the last 12 months. With Bitcoin surging to new highs last week, profit-taking has occurred, while talk regarding the US Federal Reserve potentially not cutting rates this year has also impacted the price. Despite the more recent fall, analysts at Bernstein believe the current phase of Bitcoin consolidation is temporary and offers a dip buying opportunity prior to Bitcoin halving.“We continue to see a cross-cycle 18-month opportunity with Bitcoin and the entire crypto ecosystem,” declared Bernstein.”Overall, Bitcoin is seeing correction ahead of the halving (down ~10% last 7 days). ETF flows are reflexive – higher on the way up and slower with weaker price action.” “Yesterday, Bitcoin ETFs clocked a net outflow of $154mn, the first outflow day since March 1,” they added. “Historically, Bitcoin price action has consolidated ahead of the halving, and considering Bitcoin rallied hard prior to ETFs and post the ETFs launch with record inflows, the correction seems healthy and does not affect our cross-cycle view, i.e that Bitcoin is headed to $150K as the cycle high by 2025.” Bernstein sees the market consolidating prior to halving (April 20, 20224) and then expects the overall bull markets to continue.Looking further ahead, they see the 2025 crypto market cap opportunity at $7.5 trillion, with Bitcoin’s market cap leading the charge, rising to $3 trillion. The firm explained it expects the growth of Bitcoin with ETFs continuing to drive adoption within asset portfolios across RIAs, private banks, and wirehouses, while it also sees the Bitcoin ETF industry assets under management (AUM) growing from $60 billion today to $300 billion by the end of the cycle in 2025. “We expect Bitcoin halving and weak circulating float on exchanges to keep Bitcoin supply constrained relative to the strong demand by ETFs,” added Bernstein. Meanwhile, it sees the Ethereum ecosystem hitting a $1.8 trillion market cap. The Ethereum ecosystem consists of the Ethereum network, ETH staking infrastructure, Ethereum layer 2 chains, and Ethereum-based DeFi infrastructure. “We expect SEC to approve the ETH ETF over the next 12 months,” stated Bernstein. “We stack the chances of ETH ETF approval by April/August 2024 at 50%. Ethereum is the only other digital asset likely to get an approved ETF this cycle >Finally, other leading Blockchain ecosystems, such as Solana, BNB chain, Avalanche, Aptos, and SUI, are expected to reach $1.4 trillion. “We expect Solana to lead the charge of fast throughput blockchains, which offer a more optimum design and user experience for more consumer-driven applications i.e., stablecoin payments and consumer gaming,” concluded the firm. More

As of March 18, 2024, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 214,246 bitcoins, which were acquired at an aggregate purchase price of approximately $7.53 billion and an average purchase price of approximately $35,160 per bitcoin, inclusive of fees and expenses. More

LONDON/SINGAPORE (Reuters) -Bitcoin fell by as much as 5.7% on Tuesday, on track for its largest one-day drop in two weeks, as a wave of selling hit cryptocurrencies and other risk assets, such as stocks.The price was last down 4.2% at $64,550, having dropped to a two-week low of $63,555, while ether fell 4.4% to $3,355.Bitcoin is still showing a 52% gain for the year so far, as investors have piled into U.S. exchange-traded funds backed by spot bitcoin.The price hit a record high of nearly $74,000 on Thursday last week, which has triggered some profit-taking, along with a series of U.S. data releases that suggested the Federal Reserve may not cut interest rates this year as much as previously thought.In the last week, bitcoin has fallen by nearly 9%, set for its largest week-on-week decline since last September, while ether has lost 13% following an upgrade to the underlying ethereum network.But performance has not been as weak across the broader crypto complex.Smaller tokens, known also as “altcoins”, have drawn in flows of their own. The solana network’s sol token has gained 19% in the latest week, while avalanche’s avax coin has risen by 17%, according to Coingecko.”In light of bitcoin’s recent all-time high and subsequent correction, we anticipate a period of market recalibration as investors seek equilibrium amidst unprecedented inflows into spot bitcoin ETFs,” analysts at exchange Bitfinex said in a note.Flows of capital into the 10 largest bitcoin ETFs have slowed over the past few days.According to LSEG data, $178 billion flowed into the major ETFs on Monday, compared with well over $400 billion on a number of days last week. More

(Reuters) – The artificial intelligence boom has hit the crypto market with a bang.Coins linked to AI-focused crypto projects have jumped alongside tech stocks like Nvidia (NASDAQ:NVDA), driven by insatiable investor appetite for applications like machine-learning. The rise of many AI crypto tokens has outpaced even that of bitcoin over the past year as the world’s biggest cryptocurrency has surged to record levels. Their combined market value has ballooned to $26.4 billion, from just $2.7 billion last April, according to CoinGecko data. Tokens linked to these projects are up between 145% and 297% in the past 30 days.If the more optimistic industry predictions come to pass, there could be more room to run, as some market watchers say crypto and blockchain technology could help solve some of the AI industry’s teething problems such as privacy and a need for computing power. “As both AI systems and blockchain networks continue to grow, we will see more and more use cases fusing together the two industries,” said Markus Levin, co-founder of blockchain data storage firm XYO Network. The CoinDesk Indices Computing Index, which includes AI-linked tokens, has leapt over 165% over the past 12 months, outpacing even bitcoin’s 151% rise to record levels. Trading volumes in AI tokens have also risen sharply this year, Kaiko Research data showed, hitting an all-time high of $3.8 billion in late February. “There is a significant chance that … AI applications will be crypto’s raison d’être,” fund manager VanEck’s Matthew Sigel and Patrick Bush said in a note. Some of the top blockchain projects at the moment include the Render Network, a blockchain platform for peer-to-peer sharing of AI-generated graphics, Fetch.AI, a platform to build AI apps and SingularityNET, an AI services marketplace. “Investors are starting to realize that if you want real value, you need products that are uncorrelated to the crypto market,” said Ahmad Shadid, founder of AI-focused blockchain startup io.net. WINNERS AND LOSERSAI-linked blockchain products include a wide variety of services including payments, trading models, machine-generated non-fungible tokens and blockchain-based marketplaces for AI applications where users pay developers in cryptocurrency. Investment manager VanEck has predicted that revenue from AI crypto projects could reach $10.2 billion by 2030 in their base case, and over $51 billion in their bullish scenario. VanEck pointed to the use of crypto tokens as rewards, developing physical computation infrastructure, data verification, and transparency in proving digital ownership as primary areas where blockchain technology lends real-world value to AI development. Offering crypto tokens as incentives allows quick scalability, said io’s Shadid. His company plans to launch a token later this year. “The reason we can scale fast is because of the token we have coming out,” he added. “The token incentivizes owners of physical infrastructure to bring their computers on to our network,” Shadid added. Yet, just as with the AI boom itself, picking winners and losers could be fraught with peril. “We’re still in the very early stages of AI networks integrating with blockchain-based networks, and the utility of a lot of tokens is still very much uncertain,” cautioned Levin. More