Cryptocurrency

The listing of Fidelity’s FBTC ETF aligns with the broader anticipation among investors and industry players regarding the SEC’s potential approval of various spot Bitcoin ETFs. Currently, Bitcoin’s price stands at $43,513, reflecting the market’s optimism. Notably, Fidelity’s macro strategists have recommended minimal portfolio allocations to Bitcoin due to its strong performance compared to traditional benchmarks like the S&P 500. They also expressed expectations of forthcoming regulatory endorsements for cryptocurrency products.Looking ahead, the SEC may collectively approve several spot Bitcoin ETFs between January 6-10, 2024. This strategic timing is intended to prevent any single entity from gaining an unfair advantage in the market. Among the industry giants awaiting decisions are Fidelity and Blackrock (NYSE:BLK). The SEC has also extended the public comment period on a related Ethereum ETF proposal submitted by Fidelity, indicating a thorough evaluation process.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The protocol’s TVL reached $21.32 billion, marking a substantial monthly increase of about one-fourth. This expansion in TVL is partly due to Lido processing net new deposits totaling over seventy-six thousand ETH last week, which accounts for half of the market’s staking activity. In stark contrast, Coinbase (NASDAQ:COIN), another major player in the cryptocurrency space, only managed to capture seventeen percent of this market share.Binance, recognized as a leading cryptocurrency exchange, has been at the forefront of ETH withdrawal volumes with thirty-two thousand unstaked ETH. Additionally, the Annual Percentage Rates (APRs) for staked Ethereum have been on an upward trend since early December.Layer-2 platforms have experienced varying degrees of activity with staked ETH (stETH). While Arbitrum saw a marginal increase in bridged stETH by one-hundredth percent and Polygon saw a rise of one percent, Base experienced a notable surge of thirty-six percent. However, Optimism witnessed a slight decline of less than half a percent.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The partnership comes at a time when Brazil is witnessing a remarkable increase in stablecoin usage, with data from the Brazilian Federal Revenue Secretariat revealing that Tether accounted for nearly 80% of all crypto transactions in the country last year.As part of their alliance, Circle will provide exclusive educational content on the benefits and applications of USDC via Nubank’s platform. This initiative is expected to drive further awareness and utilization of USDC among Nubank’s customer base.Circle CEO Jeremy Allaire has recognized Latin America’s burgeoning demand for digital dollar access, which is driving the integration of digital currencies like USDC in the region. The collaboration is set to build on previous efforts by fintech company Tribal, which focused on promoting USDC to small and medium-sized enterprises in Brazil throughout 2022.Thomaz Fortes from Nubank expressed optimism about the partnership’s potential to open up new financial opportunities and service integrations for customers through Nubank Cripto.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Ramaswamy’s stance on cryptocurrency was further detailed before an unspecified date at the Texas Blockchain Council, where he outlined a plan to protect self-hosted wallets from overregulation, emphasizing the importance of innovation in the sector. His criticism extended to SEC Chair Gary Gensler for providing unclear guidance on whether cryptocurrencies should be classified as securities, particularly taking aim at Gensler’s evasive responses during an exchange with House Financial Services Committee Chair Patrick McHenry.In a similar vein, Florida Governor Ron DeSantis has voiced his opposition to Central Bank Digital Currencies (CBDCs), citing privacy concerns. DeSantis has pledged to prevent CBDCs from gaining a foothold in the United States if elected president, reinforcing actions taken earlier in May when he banned CBDCs in Florida to avoid government overreach into private transactions.While Ramaswamy advocates for cryptocurrency freedom, JPMorgan CEO Jamie Dimon stands on the opposite side of the debate. Dimon suggested that he would eliminate cryptocurrencies entirely if he had the authority, citing a need to protect public wellbeing.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The latest release is part of a series of planned unlocks that Ripple has been executing to maintain supply and liquidity in the market. The allocation for December involved distributing portions of the unlocked XRP to different wallets. For instance, Ripple (11) received escrowed funds that are due in April and May 2027, while Ripple (10) re-escrowed a significant amount for May 2027.Investors and market watchers pay close attention to these monthly releases as they provide insights into potential trading volume changes and market behavior. The unlocks are seen as having a substantial impact on supply inflation and could influence market price actions.Ripple has outlined future plans for similar unlocks from wallets such as Ripple (22) and Ripple (23), which will see an additional 3 billion XRP released into the market by March 2024. These continued releases are anticipated to contribute significantly to the ongoing supply inflation.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The funding round, which culminated today, was spearheaded by Polychain Capital and Hack VC. Alex Pack from Hack VC expressed confidence in the project’s potential to revolutionize Bitcoin staking. The financial injection will help Babylon Chain develop a decentralized network that facilitates trustless conversions for the Proof-of-Stake economy.This development follows the release of Babylon’s minimum viable product (MVP) in October, which demonstrated the initial capabilities of their system. The MVP aims to bridge the gap between different blockchain technologies and leverage underutilized Bitcoin resources. Glassnode reports have previously highlighted these dormant Bitcoin supplies as a vast untapped asset within the blockchain sector.The recent capital inflow is supported by a consortium of investors with a keen interest in blockchain innovation. Framework Ventures, Polygon Ventures, Castle Island Ventures, Finality Capital, and Symbolic Capital are among the contributors who see potential in Babylon’s approach to fostering new services like data availability services for blockchain.Babylon’s initiative is set to unlock new functionalities within the blockchain ecosystem by enabling existing Bitcoin supplies to participate more actively in a variety of blockchain-based applications and services. This funding marks a significant endorsement of Babylon Chain’s vision and technological approach within an increasingly diverse and evolving cryptocurrency landscape.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Key takeaways from the initial phase include:The successful completion of Phase 1 marks a significant step forward for Ripple and Palau in exploring digital currencies. The next stages of development will focus on expanding the ecosystem to include financial institutions, regulatory bodies, legal frameworks, businesses, and users. This comprehensive approach aims to establish a robust stablecoin ecosystem within the country.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The transaction comes on the heels of Phoenix Group’s initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) earlier this week, where the company raised $370 million and saw its market cap surge to over $4 billion. This swift follow-up deal underscores Phoenix Group’s aggressive expansion strategy in the cryptocurrency domain.At the core of this strategic move is the integration of hydrocooling technology within their HPC data centers. Co-founders Bijan Alizadehfard and Munaf Ali have highlighted this development as a testament to their commitment to environmental stewardship in crypto-mining operations. The innovative cooling technique is expected to bolster Phoenix Group’s sustainable approach to digital finance.Ali stressed the significance of balancing environmental concerns with technological advancements, indicating that eco-conscious operations are integral to the company’s ethos. Alizadehfard echoed this sentiment, pointing out that strategic partnerships like the one with Whatsminer have been made possible by their successful market debut on ADX.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More