Archiwa tagu: biggest

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped […]

Ethereum investment products see largest weekly outflows on record — CoinShares

Despite recording high weekly outflows, Ether funds have generated $994 million in inflows this year. The total assets held in ETH funds are nearly $11.1 billion.

Institutional investment managers continued to sell cryptocurrencies like Bitcoin (BTC) and Ether (ETH) last week, though the magnitude of the outflows have declined substantially from previous weeks, offering early signs that the worst of the market sell-off has subsided. 

CoinShares’ weekly fund flows report showed a $21.4 million drawdown over the previous seven days, compared with a $94 million outflow the previous week. Ether products registered their biggest weekly drawdown at $12.7 million. Funds dedicated to ETH had been outperforming Bitcoin in recent months, reflecting pent-up demand for the second-largest cryptocurrency.

All said, institutional investors have been net sellers of digital assets in four of the past five weeks. The period ending May 24 saw the biggest weekly outflow at $97 million, according to CoinShares data.

Related: Record $141M outflow from Bitcoin products signals institutions are bearish on BTC: CoinShares

“While sentiment has weakened over the last month investors on the whole remain committed given the magnitude of inflows seen this year,” the report says, alluding to the fact that crypto investment funds have raised $5.8 billion this year alone. That’s within 13% of the $6.7 billion inflows registered in all of 2020.

As Cointelegraph reported, crypto holdings among institutional managers reached record levels during the height of the bull market earlier this year. Naturally, many investors have been taking profits following the most recent bout of market volatility.

Nevertheless, the weekly fund flows report suggests market sentiment is gradually improving. Case in point: The Bitcoin Fear & Greed Index has rebounded from extreme lows despite remaining on the bearish side. Meanwhile, Bitcoin’s price pierced above $41,000 on Monday, marking a 12% gain as markets eyed recovery above key technical levels. The price of Ether also recovered 9% to hit $2,566.

How 2CrazyNFT Is Reshaping the Gaming and E-Sports Experience for Users?

Over the years we have witnessed an apparent gap between the traditional internet economy and decentralized internet usage. This is not just with respect to the financial industry but also the art, gaming and entertainment industry. The applicability of blockchain technology in various dimensions of life has driven greater value to the users. The team […]

China-based Rangers Protocol raises $63M via private equity round

Rocket Protocol has been rebranded to Rangers Protocol after completing a major investment round. Pantera, Huobi Ventures Blockchain Fund and Alameda Research are among the backers.

The newly rebranded Rangers Protocol has raised $63 million via private equity to expand its high-performance blockchain protocol, potentially signaling that Chinese blockchain enterprise is on the rise despite a blanket ban on cryptocurrency trading in the country

The Shanghai-based Rangers Protocol describes itself as a provider of “virtual worlds blockchain infrastructure,” which allows entrepreneurs and creators to build on top of the platform in a permissionless environment. Rangers Protocol includes a cross-chain protocol, nonfungible token platform and Ethereum Virtual Machine system.

An impressive list of venture funds participated in the investment round, including Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, Alameda Research, AU21 Capital, Hashkey Capital, SevenX Ventures, SNZ, Spark Digital Capital, Incuba Alpha Holdings and Consensus Lab, among others. These venture firms are behind some of the biggest raises in crypto.

The protocol upgrade that accompanied the rebranding also included a new NFT platform. The team behind Rangers Protocol believes the “NFT market will explode soon.” MixMarvel, an incubator established by Rangers Protocol, believes the NFT market will eventually scale to include “large-scale human collaboration.” As Cointelegraph reported, the NFT market is projected to double by October as demand for digital collectibles continues to grow.

The company is planning to establish several community organizations in the near future, including the Ecosystem Governance Foundation, Developer Community and Pioneer Investment Alliance. These communities will support a “fair and open environment for pioneer developers,” the company said.

JP Morgan Analysts Think Weak Bitcoin (BTC) Futures Can Result In A Bear Market

The analysis of the market of cryptocurrency, which was performed by JPMorgan, undoubtedly highlighted the distinction between the spot prices of Bitcoin (BTC) and the futures prices of BTC. Analysts of JPMorgan stated that the market of Bitcoin has reverted to backwardation…

The post JP Morgan Analysts Think Weak Bitcoin (BTC) Futures Can Result In A Bear Market appeared first on CryptocyNews.com.

Bitcoin sell pressure may hit zero in July thanks to Grayscale’s giant 16K BTC unlocking

The biggest single unlocking day will flush sellers from the market in July, opening up both volatility and bullish potential.

Institutional Bitcoin (BTC) investors are in the spotlight as an upcoming major cashout date sparks talk of fresh price volatility.

As noted by popular Twitter commentator Loomdart and others this week, attention is focusing on buyers and sellers of the Grayscale Bitcoin Trust (GBTC) as Bitcoin hovers near $40,000.

July means BTC price volatility

A giant in the institutional Bitcoin space, GBTC has over $24 billion in assets under management.

It is not available constantly — as Cointelegraph reported, the trust operates with periodic closures, which this year have coincided with its buy-in price trading at a discount to spot price.

This negative “GBTC premium” has formed a major talking point in its own right, as invested funds are locked up for a set period and then released, allowing investors to cash out at certain times depending on when they bought in.

GBTC premium vs. BTC/USD. Source: CryptoQuant/Twitter

A combination of negative premium relative to spot and a large unlocking of funds means that July will be particularly interesting for BTC price action. Previously, such an alignment has meant increased volatility.

July 19 will see the biggest single unlocking day, with 16,000 BTC ($627 million) released.

Grayscale Bitcoin Trust Unlock dates. Source: Bybt.com

Bucking a declining trend

For popular pseudonymous trader Loomdart, this nonetheless provides a chance for selling pressure to stabilize afterward, paving the way for BTC bulls to crush longstanding resistance lines.

This would form a refreshing counterpoint to the broadly bearish picture on institutional markets, with open interest in Bitcoin futures way down versus prior to the May price dip to $30,000.

On-chain analytics resource CryptoQuant noted the decline in interest last week, something which, in turn, came in tandem with a dramatic decline in overall BTC transaction numbers.

Coinbase is reportedly looking to set up office in New York

After announcing shutdown of San Francisco headquarters last month, Coinbase is reportedly quietly setting up its first office in New York.

The United States’ largest cryptocurrency exchange, Coinbase, is reportedly setting up its first office in New York. The Nasdaq-listed cryptocurrency exchange has allegedly subleased 30,000 square feet from Steven Cohen’s investment firm Point72 at Related Companies’ 55 Hudson Yards in New York, the New York Post reports Sunday.

Citing sources from a real estate firm, the report notes that Coinbase’s upcoming NY office makes up a small chunk of Point72’s total 339,000 square feet at the tower. The report also notes that Hudson Yards area is mostly known for corporate, media, and law tenants but not technology companies.

“It’s a new brand of user not only for Related’s Hudson Yards but also for the entire far West Side area,” one market observer reportedly said.

The biggest crypto exchange in the United States, Coinbase became even more discussed this year after going public on Nasdaq in April. The firm is known for its no-headquarter stance officially announced by CEO and co-founder Brian Armstrong in February 2021. Last month, Coinbase was planning to shut down its office in San Francisco in 2022 as part of the company’s commitment to “being remote first.”

Related: Coinbase recruits former White House adviser to new policy role

Armstrong stressed that the closure of Coinbase’s headquarters in the Golden Gate City will be an important step in ensuring that no office becomes an unofficial headquarters. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to,” he said.

As previously reported by Cointelegraph, Coinbase’s position on being remote-first echoes a similar no-headquarters stance by competitor Binance, the world’s largest cryptocurrency exchange. Binance CEO Changpeng Zhao said back in 2019 that office and headquarters are “old concepts like SMS and MMS.”