Cryptocurrency

Speaking to Cointelegraph at the Collision conference in Toronto on June 29, Draper said despite crypto companies like Binance, dYdX and Bybit announcing their departure from Canada in 2023, the country was “one of the few jurisdictions where there’s actually a regulatory regime in place that you can follow.” She cited cases in the United States, where Binance and Coinbase (NASDAQ:COIN) both face lawsuits from the country’s Securities and Exchange Commission.Continue Reading on Coin Telegraph More

In a new filing submitted through Nasdaq, the asset management firm revealed plans to address one of the main objections raised by the Securities and Exchange Commission (SEC) by finalizing a surveillance agreement with Coinbase (NASDAQ:COIN), the leading US-based crypto exchange.The amended filing states that BlackRock’s proposed exchange-traded fund (ETF) will heavily rely on Coinbase, serving as the custodian and providing spot market data for pricing.The asset manager aims to establish a bilateral surveillance-sharing agreement called the Spot BTC SSA between Nasdaq and Coinbase to enhance market surveillance. This agreement is designed to complement the exchange’s existing market surveillance program.News of BlackRock’s application for a bitcoin spot ETF caused a notable price surge. Since the initial report on June 15, the cryptocurrency has experienced a 20% increase in value. This positive market sentiment persisted despite a June 30 report indicating that the SEC found BlackRock’s initial application inadequate.The SEC has historically expressed concerns about potential fraud or manipulation in the spot market, making registering a bitcoin spot ETF challenging.Notably, no application for such an ETF has been approved thus far. However, the SEC has approved four bitcoin ETFs related to futures trading, highlighting the distinction between the two types of ETFs.ETFs enable investors to gain exposure to various assets without direct ownership, including commodities, currencies, stocks, or bonds. In the case of a bitcoin ETF, investors can participate in the price movement of Bitcoin without possessing the cryptocurrency itself. Instead, they can purchase shares that track the digital asset’s value.Following BlackRock’s revised application, other companies swiftly entered the race by filing their own ETF applications. Fidelity, which has partnered with Coinbase for similar services, saw its exchange operator, Cboe, modify its application for a Bitcoin spot ETF on the same day as the Wall Street Journal report.This article was originally published on Crypto.news More

The Fear and Greed Index is designed to assess the emotions and sentiment driving the market by analyzing factors like volatility, market momentum, social media trends and the dominance of . The index scales from 0 to 100, where a reading of 0 represents “Extreme Fear,” while 100 signals “Extreme Greed.”Source: When investors are getting too greedy, the market could be in for a correction. Conversely, when fear takes over, it may present a buying opportunity as prices may be undervalued. The recent reading toward “Greed” suggests investors are getting confident, which often leads to an optimistic market outlook.However, sentiment indicators like the Fear and Greed Index are not infallible. They serve as one of many tools in an investor’s arsenal and should not be the sole determinant in making investment decisions. Emotions can drive the market in the short term, but fundamentals and broader market trends often dictate long-term movements.It is crucial to understand that periods of “Greed” can sometimes precede significant market corrections. Historically, when the crypto market becomes overly optimistic, it has often resulted in sharp reversals due to profit-taking or manipulations.As the Fear and Greed Index tilts toward “Greed,” it is a signal for investors to remain vigilant. While it could potentially indicate a bullish phase, it also serves as a warning of possible over-enthusiasm on the market. Thus, a balanced investment approach, coupled with diligent research and risk management, is advised during such periods.This article was originally published on U.Today More

On July 3, the Chinese Ministry of Commerce issued a joint statement with the General Administration of Customs, saying the controls are aimed at protecting national security interests, and the export of specific gallium and germanium products will require a government-issued license.Continue Reading on Coin Telegraph More

In a July 3 court filing, the law firm billed the legal fees to the “Official Committee of Unsecured Creditors.” The court documents revealed that the law firm charged an hourly rate of $1,026.76 for its services during the period.Continue Reading on Coin Telegraph More

A swathe of hostile regulatory actions leveled at crypto firms in the United States in recent months has led many top crypto executives to turn their gaze elsewhere.Continue Reading on Coin Telegraph More

The city has made a series of moves over the past year to foster the development of the Web3 space and enable retail investment into cryptocurrencies. The latest example of this is the formation of its Task Force on Promoting Web3 Development.Continue Reading on Coin Telegraph More

What has been driving them is the Shanghai hard fork implemented by the Ethereum team, which took place on April 12 this year.The tweet shows that daily deposit activity hit a new high on June 2, by which time around 14,000 new ETH deposits were made. They contained nearly 410,000 ETH. In the meantime, Glassnode added, if you look at ETH deposit transfers to crypto exchanges, those now remain as they were before – roughly 30,000 ETH compared to inflows to the staking contract.Overall, per the report shared by Glassnode, average daily deposits in June constituted 2,627.According to the Glassnode report, stETH has become a preferred collateral asset with DeFi users by now.After Shanghai, a lot of Ethereum was withdrawn from the ETH 2.0 staking contract, but then investors decided to stake their Ethers again – into DeFi platforms this time. After the aforementioned upgrade in April, the amount of ETH deposits rose from 460 to 8,108 per day.This article was originally published on U.Today More