An introducing broker is an NFA member that “solicits or accepts orders to buy or sell futures contracts, commodity options, retail off-exchange forex contracts, or swaps” but does not receive money from customers for doing it. Architect is a software provider.Continue Reading on Coin Telegraph More
Bitwise’s General Counsel Katherine Dowling informed the U.S. Securities and Exchange Commission (SEC) that the trust had decided against pursuing the amendment strategy, as stated in a letter dated September 22. However, the letter did not provide further details beyond its initial submission on August 10.Seyffart noted that this development might not be significant yet. However, if Valkyrie, another crypto fund manager, also decides to withdraw its application for a similar amendment, it could indicate a larger trend or issue within the industry.Simultaneously, the SEC has postponed its decision on several spot Bitcoin ETF applications as of August 31. The regulator stated it needed more time to review submissions from WisdomTree, VanEck, Invesco Galaxy, Wise Origin Bitcoin Trust (by Fidelity), and BlackRock (NYSE:BLK).Seyffart suggested that Bitwise may see limited benefits in having a dual Bitcoin and Ethereum ETF given potential delays in market entry compared to competitors. Also, Bitwise may have investors who prefer exposure solely to Bitcoin. Previously, Bitwise had surprised the market by requesting to withdraw its application for the Bitcoin and ETH Market Cap Weight Strategy ETF, which it had filed with the SEC on August 3. This ETF was designed to invest in Bitcoin or Ethereum futures based on market capitalization. Concurrently, Bitwise is collaborating with ProShares for another ETF launch.The next deadline for SEC decisions regarding these applications is slated for mid-October. However, further delays could push the decision to early next year, possibly around March, April, or May. Bitwise’s decision to focus exclusively on Bitcoin underscores the ongoing regulatory uncertainty surrounding cryptocurrencies in the United States.The crypto community is keeping a close eye on news about crypto ETFs as the next deadline approaches. This attention was heightened when Gary Gensler, the chairman of the SEC, avoided directly addressing spot ETF approvals for cryptocurrencies during a U.S. Senate Banking Committee hearing on September 12.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
In a Sept. 21 blog post, Tether said the strategic investment into Northern Data through Tether group company Damoon was intended to demonstrate “its determination to support emerging technology,” hinting at collaborations involving AI, peer-to-peer communications and data storage solutions. The company denied a report from Forbes regarding a $420-million investment but did not specify the exact amount when reached for comment. Cointelegraph also reached out to Northern Data but did not receive a response at the time of publication. Continue Reading on Coin Telegraph More
Despite recovering some of its losses, Bitcoin was unable to reach its pre-Federal Reserve decision level of $27,000. However, analysts have noted that Bitcoin has managed to maintain a closing value above $26,500 since Thursday. This figure served as a significant resistance point last week. Analysts anticipate that if volatility in broader financial markets decreases as expected, Bitcoin may see a slight rebound in the coming days.Nevertheless, potential triggers for a more substantial rally appear scarce as federal lawmakers continue to grapple with creating comprehensive legislation for cryptocurrencies.The decline was not confined to Bitcoin; other cryptocurrencies also saw drops in their values. Ether, the second-largest cryptocurrency by market capitalization, fell by 1% to $1,595. Similarly, smaller cryptocurrencies or “altcoins” also experienced reductions in their values. Cardano fell by 1.3%, Solana decreased by 0.2%, and Dogecoin, a popular meme cryptocurrency, declined by 1.5%.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The ‘max pain point’, the price level at which the most open contracts exist and where the highest losses will occur upon expiration, for this batch of Bitcoin contracts is $26,500. The current spot prices closely mirror this figure, hovering around $26,660. The put/call ratio for these contracts stands at 1, indicating an equal balance between long and short positions.Market observers have noted an increase in put positions this week due to worsening market liquidity conditions. However, it is speculated that the expiration of today’s Bitcoin options might not significantly influence market trends. Bitcoin’s price has seen a slight dip since its Monday high of $27,400 and is currently down by 2.6% to $26,664. The price is just above the support level at $26,500; however, further declines could risk falling below the $26,000 price level.In comparison to Bitcoin’s noticeable price movement over the past week, Ethereum’s price has remained relatively stable. The expiring Ethereum contracts have a max pain point of $1,600 with a put/call ratio of 0.94 suggesting a nearly even distribution between long and short contract sellers.The implied volatility (IV), an indicator of expected future volatility derived from expiring derivatives contracts, is higher for Bitcoin than Ethereum. This suggests that traders anticipate more pronounced price swings for Bitcoin in the near future.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
The deal comprises cash and equity for acquiring 27,000 Bitcoin mining servers. Bitmain will supply Core Scientific with these servers. Core Scientific will pay $23.1 million in cash and issue $53.9 million worth of its common stock to Bitmain in exchange.Core Scientific, which filed for Chapter 11 bankruptcy in December 2022, anticipates a court to establish its share price during its financial restructuring. The company anticipates approval of the plan in the last quarter of the year.Bitmain has also inked a new hosting agreement with Core Scientific. Bitmain’s CEO, Max Hua, commended Core Scientific for their professionalism, integrity, and dedication to the success of their hosting customers and the growth of the Bitcoin Network.Core Scientific plans to deploy the 27,000 new mining units in the fourth quarter, adding an estimated 4.1 exahashes of computing power to its self-mining hash rate.The latest development comes on the heels of a tentative $45 million agreement between Core Scientific and Celsius last week, which involves a $14 million cash payment and adjusted claims for the Cedarvale mining site.Core Scientific is optimizing its operations, relocating machines within its facilities to boost post-halving profitability, according to company spokesperson Sullivan.As of the end of August, Core Scientific managed 206,000 Bitcoin mining machines in its U.S. locations, achieving a hash rate of 22 exahashes per second.In August, the company mined 965 BTC, bringing its total to 9,755 BTC for the first eight months of 2023, establishing itself as a prominent bitcoin miner in North America.This article was originally published on Crypto.news More
The deal between the two mining companies will see Bitmain supply 27,000 Bitcoin (BTC) mining rigs for $23 million in cash, along with $53.9 million worth of common stock of the bankrupt firm. Apart from the mining hardware purchase deal, Bitmain and Core Scientific have signed a new hosting arrangement to assist Bitmain’s mining operations. Continue Reading on Coin Telegraph More
Earlier this month, Cowen expressed concerns about ADA and the broader cryptocurrency market. He hinted at a possible market downturn, identifying decreased liquidity as a primary contributing factor. He labeled this potential dip as a “depression phase,” projected to begin once ADA’s price falls below $0.24. At present, ADA’s trading value stands at $0.2448.According to Cowen, this bearish trend may persist until there is a shift from quantitative tightening to easing, in sync with potential changes in the U.S. Federal Reserve’s policy. However, he cautions that this shift might not occur until approximately the latter half of 2024.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
