Cryptocurrency

One such Ethereum investor has been grabbing attention for all the wrong reasons. This individual seems to have a knack for making poor choices when it comes to perpetual contracts, and their recent moves have left many in the crypto world utterly baffled.Source: While Ethereum’s market has been holding steady, this investor’s puzzling actions have not gone unnoticed. Market watchers and crypto pundits are scratching their heads, trying to make sense of it all. Is this a case of overconfidence, or perhaps a lack of understanding of the inherent ?Ignoring basic principles can lead to catastrophic financial setbacks. Whether this investor is an eternal optimist or just lacks trading acumen, their actions serve as a lesson to us all: have a well-thought-out strategy and prepare for every possible scenario.This article was originally published on U.Today More

On Aug. 31, Jeremy McLaughlin, a partner at the global law firm, noted that multiple U.S. court cases have stomped on arguments from Securities and Exchange Commission Chair Gary Gensler, who has said that almost all digital assets are securities.Continue Reading on Coin Telegraph More

On Aug. 29, the quantity of Bitcoin (BTC) held within exchanges saw a decline, reaching its lowest point since January 2018. While various factors might underlie this movement, experts analyzing blockchain data often interpret the shift as a positive indicator. Traders are now questioning what might have been causing Bitcoin’s inability to break above $31,000 since this price action doesn’t align with their view that fewer coins on exchanges is bullish for the BTC price. Continue Reading on Coin Telegraph More

All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires, which took the lives of more than 100 people and destroyed homes and businesses. Government officials have reported that the cost to rebuild may be more than $5.5 billion.Continue Reading on Coin Telegraph More

As data shows, Robinhood, primarily recognized for its equities trading services, is not just a significant player in the Bitcoin(BTC) arena, but also owns a massive amount of Ethereum (ETH).According to Arkham, Robinhood’s wallet ranks as the fifth largest in the world, holding an estimated $2.54 billion in ETH. This revelation adds another layer to the platform’s substantial crypto footprint. The firm was previously identified as the third-largest holder of BTC, with approximately 122,076 BTC valued at $3.3 billion.In an attempt to provide clarity, Arkham further indicated that the assets in Robinhood’s crypto wallets are custodial in nature, meaning they are essentially held on behalf of the users. Beyond ETH and BTC, Robinhood’s wallet is also packed with a diverse range of other coins.For example, they’re holding 34.1 trillion Shiba Inu(SHIB), which are currently worth around $277.8 million. Additionally, the wallet contains about 4.9 million Chainlink (LINK) tokens valued at nearly $29.7 million and 2.6 million Avalanche (AVAX), which are worth close to $29.6 million.This is just as Robinhood is grappling with dwindling activity in its crypto trading. They recently revealed that their revenue from crypto trading fell from $38 million in Q1 2023 to $31 million in Q2 2023.This contraction isn’t just a Robinhood issue; it reflects a wider trend in the broader crypto market. Given this backdrop, some may wonder whether Robinhood’s venture into cryptocurrencies is as solid as it initially seemed.However, Robinhood appears to be proactive in responding to market demand. On Wednesday, Aug. 30, the company announced an expansion of its wallet services to include “custody, send, and receive support” for BTC and Dogecoin(DOGE), along with ETH swaps. This feature rollout is designed to meet customer demands for more functionality and asset support within the Robinhood platform.Initially launched in March, Robinhood’s self-custody wallet provided support for the ETH and Polygon(MATIC) networks and included a variety of tokens such as COMP, MATIC, SHIB, SOL, UNI, and the USDC stablecoin. The company’s efforts to broaden its crypto services reflect a strategic move to stay relevant in the digital asset landscape, even as its crypto trading volume faces challenges.This article was originally published on Crypto.news More

The crypto and wider crypto-related stock markets are relatively firm hours after Grayscale’s win against the Securities and Exchange Commission (SEC) at the District Court of Colombia.On Aug. 29, a trio of federal judges in Washington, effectively overturned the SEC’s decision to block Grayscale’s sport Bitcoin ETF rollout. With this landmark victory, the crypto community senses that the first-ever Bitcoin ETF in the US is imminent, and it has triggered cascading impacts on market sentiment and dynamics.Shortly after the announcement, Bitcoin trading volume skyrocketed by 44%. More than 37,680 BTC was taken off exchanges on Aug. 29, suggesting that some investors are cashing-in on short-term profits.BTC price also spiked by 5% within an hour of the ruling. There was also a notable change in the Bitcoin Fear & Greed index.For much of August, the Index had been firmly entrenched in ‘fear’ territory, reflecting heightened investor anxiety. After the court’s ruling, the index switched to “neutral,” signifying improving market sentiment.Grayscale’s Bitcoin Trust (GBTC) also benefited.The trust had been trading at a significant discount to its net asset value (NAV), printing a 25% discount just a day before the ruling. Following the judge’s decision, the discount fell to 18% and then to 17% in the New York session. This is a significant change from a 45% discount recorded early this year.This decrease indicates growing investor confidence in Grayscale’s financial instruments. COIN, the share of Coinbase (NASDAQ:COIN), a custodial partner in several other ETF applications, also rose 15%. Given its role in the crypto ETF landscape, this uptick indicates the market’s bullish stance on the exchange’s prospects.Though the ruling is a setback to the SEC, it doesn’t automatically greenlight the launch of a spot Bitcoin ETF. The regulatory body announced that it’s reviewing the court’s decision, while Grayscale is closely examining the opinion’s details.Michael Sonnenshein, Grayscale’s CEO, expressed optimism but noted that the company has not received any communication from the SEC.This legal development serves as a potential inflection point, challenging the SEC’s longstanding reticence toward approving cryptocurrency-based financial products.However, despite the upward market movements and the optimistic tones from industry leaders, it’s essential to remember that regulatory attitudes can still pose challenges.Based on Sonnenshein’s views, it appears that people in the industry feel the SEC might struggle to justify rejecting Bitcoin ETFs.This pivotal moment in crypto regulation could well serve as a precedent, opening the gates for other similar financial instruments to gain regulatory acceptance.The SEC is yet to rule on five other pending ETF applications, with all of them having a deadline before the upcoming Labor-day Weekend.This article was originally published on Crypto.news More

Still, the victory may prove to be bullish for Grayscale. Glassnode analysts said in an X (formerly Twitter) post on Aug. 30 that the Grayscale Bitcoin Trust (GBTC) could return to a premium next year. It is important to note that GBTC has been trading at a discount to the spot Bitcoin price for the past two and a half years.Continue Reading on Coin Telegraph More

According to an Aug. 30 thread on X (formerly Twitter) from Inner City Press, Judge Lewis Kaplan said the deadline for requesting a jury based on Bankman-Fried’s trial start date was Sept. 7. SBF’s lawyers reportedly said they “chose an aggressive date” in which the former FTX CEO would have the opportunity to clear his name but did not entirely rule out requesting more time to prepare as a result of alleged issues with access to discovery materials.Continue Reading on Coin Telegraph More