Digital assets are about more than just Bitcoin. The global adoption of blockchain, expansion of cross-border payments, new investment vehicles tied to intellectual property, and more, could one day establish a global market of digitized assets worth $50 trillion. This channel provides access to the latest developments, opportunities, risks, and thought leaders in the growing Digital Assets space.
Iris Energy (NASDAQ: IREN), the Australia-based bitcoin mining firm, said in a filing that it had taken down a large chunk of its mining capacity that had been used as collateral for a loan of $107.8 million. Iris defaulted on the said loan because the operation did not produce cash flow enough to service the loan obligations. The development is symptomatic of the financial stress prevalent in the digital assets market after a severe bear market led to the insolvencies of many key players including FTX, Voyager Digital, and Celsius.
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More Stories on Digital Assets
Federal Reserve Chair Jerome Powell spooked the markets when he came out Wednesday with a highly pessimistic outlook on the pandemic-struck U.S. economy. He said that additional stimulus would be perhaps needed because of “significant downside risks.” The Fed chief’s view, if implemented, could prove bullish for an anti-fiat, non-correlated asset such as bitcoin.
PwC and Elwood Asset Management Services used data from the largest global crypto hedge funds to compile the report.
Assets under management (AUM) at cryptocurrency hedge funds doubled from $1 billion in 2018 to $2 billion in 2019, while average assets under management expanded from $21.9 million to $44 million, said the report. Median AuM increased from US$4.3 million to US$8.2 million.
The Bitcoin blockchain completed its third halving on May 11, 2020, at about 3:21 pm EST.
Bitcoin miners will now get 6.25 BTC per block, down from 12.50 BTC per block before halving. The halving happened earlier than expected, with most expectations for it to take place on May 12, 2020.
Post-halving, Bitcoin has fluctuated between $8,450 and $8,950 and is currently trading at $8,913.
Alex Mashinsky is best known as the inventor of VoIP, which over a billion people worldwide use to make free calls over the Internet. He is also the chief executive of Celsius Network, a community-based Proof-of-Stake blockchain protocol that allows members to borrow dollars against crypto-assets and to earn interest when they deposit and lend their crypto out. He spoke to COIN TELEGRAPH about the recent introduction of Tether Gold (XAUT) on the Celsius platform.
Paul Tudor Jones, the founder, and chief executive at Tudor Investment Corp. told CNBC that Wall Street could be having a grandstand seat at the historic “birthing of a store of value” in bitcoin. The storied investor trashed fiat currencies for the destruction in their purchasing power due to incessant money printing by central banks.
On Thursday, Bitcoin briefly flirted with the $10,000 mark. That’s a very fast rebound from the massive sell-off Bitcoin suffered in March due to the impact of the coronavirus. At the time, it touched a low of $4,017, in what appears in hindsight to be a mouth-watering price. It is now trading at $9,850, showing an appreciation of 145%. According to Coindesk, high volume buying on spot exchanges such as Coinbase triggered the crypto’s lunge at $10,000.
Franklin Resources, Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton, has acquired AdvisorEngine Inc. AdvisorEngine is a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms. These firms manage over $600 billion in assets.
The Bloomberg Crypto Outlook, May 2020 edition, issued by Bloomberg Senior Commodity Strategist Mike Mcglone, is unreservedly bullish on the prospects of Bitcoin. The “firstborn cryptocurrency” seems to be firing on all cylinders, being supported by favorable supply, demand, and macroeconomics.
With halving now just a week away, is BTC repeating the script from its previous two halvings? On both the two previous occasions, bitcoin enjoyed sharp rallies post the halving event, though, in 2016, there was a dip before the rally commenced.
Cache Private Limited is licensed under Singapore’s Ministry of Law under the Precious Stones and Precious Metals Dealers (Prevention of Money Laundering and Terrorism Financing) Act (PSPM Act) of 2019. The provider of fully-redeemable digital assets backed by gold has tied up for a custody solution with digital assets custody service provider Onchain Custodian Private Limited.
Andreessen Horowitz, the hallowed venture capital firm from Silicon Valley, has pulled off a coup by raising $515 million for its second crypto-facing fund. The fund will invest in late-stage networks, payment blockchains as well as decentralized finance (deFi) initiatives.
US exchange operator Nasdaq, which embraced the blockchain as early as 2010, has tied up with R3 for building full lifecycle solutions for digital assets market places. Nasdaq will utilize R3’s enterprise blockchain software Corda, and its professional services and support for the purpose.
Founded in 2019, Arrano Capital is the blockchain arm of Venture Smart Asia Limited. On April 20, Venture Smart Asia got the approval from the Hong Kong Securities and Futures Commission to launch the territory’s first regulated virtual-assets fund. The approval let Arrano Capital set up its bitcoin tracking fund, one that could invest 100% in virtual assets.
Whereas the value of stocks and bonds has declined due to the coronavirus pandemic, digital assets have not fundamentally lost value, says Jeff Dorman, chief investment officer at Arca. Further, investors are beginning to think more about the “return of capital” than “return on capital,” writes Dorman in an article titled “Digital Assets Are More Recession-Proof Than You Might Think.”
As the coronavirus pandemic rolls across the globe it has created a severe shortage of supplies such as masks, gowns, sanitizers, test kits, gloves, ventilators, thermal scanners, consumables, and medicines. The huge unmet demand has attracted many new suppliers who have shifted from their usual line of business to make and/or supply these products for COVID-19. IBM (NYSE: IBM) has established a blockchain-based platform to bring these new suppliers and COVID-19 buyers together.
Coronavirus-related market volatility lent a huge boost to the lending activity of crypto lender dYdX. About 70% of the total amount of $ 1.14 billion which it lent over the past 12 months was borrowed during the virus-stricken months of February and March.
Crypto.com users can withdraw USD from their App by selling crypto to their USD fiat wallet and transferring USD funds from this wallet to their U.S. bank account(s) on the Automated Clearing House (ACH) network. This is a frequently requested feature that further strengthens the utility of the Crypto.com platform,” the cryptocurrency company wrote in a blog.
The Winklevoss Brothers’ Gemini Custody and Exchange announced that it successfully completed the AICPA’s SOC 1 Type 1 examination, which covers the financial operations and customer reporting controls of the exchange and Gemini Custody.™
In a post in Medium, Jan Kowalski, a self-proclaimed hater of scammers, warns the unwary of the old chestnut: “if it sounds too good to be true, it probably is.” Kowalski writes about a very cool website called StakedWallet which promises returns of 1.5% daily on investments. Unfortunately, it bears an unholy resemblance to a previous Ponzi scheme and scam.
Investors are putting a premium on digital assets that are focused on privacy according to the latest crypto report from eToro and The Tie. The report named digital tokens Zcash (ZEC) and Monero (XMR) that outperformed bitcoin during 2019, and continue to do so in Q1 of 2020.
Changpeng Zhao (CZ), chief executive and founder of leading cryptocurrency exchange Binance, spoke on the prospects of bitcoin (BTC) amidst the coronavirus. He was speaking at the Virtual Blockchain Conference BlockDown 2020 being held in response to the pandemic between April 16 – 17.
The Agriculture Bank of China is making available a new mobile app to a select group of users. It appears to be downloadable from a website link (currently down) provided by the Bank. According to a report, the bank is perhaps launching a test run for the country’s virtual currency. It is also known as a central bank digital currency (CBDC), or in China, as DCEP.
Online brokerage TradeStation’s subsidiary, TradeStation Crypto, will integrate with crypto exchange ErisX’s order book in a tie-up announced Wednesday. The partnership will encourage TradeStation customers to try their hand at crypto trading. More seasoned traders will appreciate the deeper liquidity and tighter spreads.
The Huobi Group’s Star Atlas is a proprietary on-chain analytics tool to monitor on-chain cryptocurrency transactions for illicit activities. One of its main purposes is to detect and deter illicit activities and criminals. Huobi also wants to address regulators’ worries that cryptocurrencies are a hotbed of criminal activity.