Digital Asset Headlines This Week

Hong Kong Spot Bitcoin ETFs: Hong Kong approved its first spot Bitcoin and Ethereum ETFs in April, a significant step towards mainstream adoption of cryptocurrencies. This move is expected to attract more institutional investors to the crypto market, potentially leading to increased liquidity and price stability for Bitcoin.

EY's Blockchain Tool: EY has launched an Ethereum-based blockchain tool aimed at simplifying business agreements, highlighting the growing acceptance of blockchain technology in traditional industries. This tool has the potential to revolutionize contract management processes, reducing costs and increasing efficiency for businesses.

Digital Asset Headlines This Week

• Bitcoin Rebounds to $70K, Shrugging Off Hot U.S. Inflation Print. Major U.S. equity indices closed the day lower after disappointing CPI numbers, while BTC was up 1%.

• Silk Road Bitcoin Worth $2B Moved by U.S. Government: On-Chain Data. The last confirmed government sale was just more than a year ago.

• Hong Kong is set to approve its first spot bitcoin ETFs in April, sources say - Reuters

• Bitcoin long-term holders begin to ease off profit-taking: Glassnode - The Block

• Ripple, developer behind XRP Ledger, enters stablecoin fray versus Tether, USDC - Coindesk

Major Crypto Highlights

• Bakkt Faces NYSE Delisting - Crypto custody and trading platform Bakkt receives a warning from the NYSE for failing to maintain its share price above $1 for 30 days.

• Dogecoin Soars on Musk’s Nod - Following billionaire Elon Musk’s endorsement, Dogecoin experiences significant gains, suggesting it may become a future Tesla payment method.

• Coinbase Plans $1B Bond Offering - Coinbase, a leading cryptocurrency exchange, announces its intention to raise $1 billion through a convertible bond offering, targeting qualified institutional buyers. The funds raised will be allocated towards various corporate purposes.

BetterX Recap: Updates this weeks Crypto News – 06 Mar 2024

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The BetterX Trading Desk is pleased to share this week's crypto market update.

Major Crypto Highlights

• Bitcoin price briefly tops AUD $105,024 (USD $69,200) for new all-time high and shrugging off high interest rates.

• Bitcoin ETF, record volumes lead to second-best weekly inflows. $1.7 billion of net inflows last week — second only to the week spanning Feb. 12 to Feb. 16, during which that number eclipsed $2.2 billion.

• The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.

• 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency.

BetterX Recap: Updates this weeks Crypto News – 20 Feb 2024

The BetterX Trading Desk is pleased to share this week's crypto market update.

Major Crypto Highlights

• Franklin Templeton Investments Files for Spot Ethereum ETF. Franklin Templeton’s decision to enter the Ethereum ETF race puts it in competition with seven other providers vying to introduce similar products to the market. Notably, both BlackRock and Fidelity, key players in the space, have seen substantial asset growth in their spot Bitcoin ETFs, with assets totaling $4.18 billion and $3.49 billion, respectively.

• Peter Thiel's Founders Fund invested $200 million in Bitcoin and Ether in the previous year, as reported by Reuters.

• BTC's open interest in USD terms has exceeded $11 billion for the first time since December 2021.

BetterX Recap: Updates this weeks Crypto News – 13 Feb 2024

The BetterX Trading Desk is pleased to share this week's crypto market update.

Major Crypto Highlights

• German Banking Group Initiates Pilot Phase for Crypto Trading One of Germany's leading banking groups, comprising over 700 local banks, is set to kick off its crypto trading services, entering the initial phase of the project shortly.

• BlackRock's Bitcoin ETF Surpasses Grayscale in Trading Volume BlackRock's Bitcoin ETF has outpaced Grayscale in terms of trading volume, signaling a noteworthy shift in the competitive landscape among US Bitcoin funds.

• Biden Administration Enforces Reporting Rules for Crypto Miners The Biden Administration introduces new reporting obligations for U.S. cryptocurrency miners, mandating the disclosure of electricity consumption data to address environmental concerns.

• Bitfinex Introduces Securities Trading Platform in El Salvador Bitfinex debuts a registered and licensed securities trading platform in El Salvador, becoming the country's inaugural recognised digital assets service provider.

Exciting Plans for 2024:

As we step into 2024, BetterX is poised for unprecedented growth and innovation. The company's newly appointed Co-Founder & CEO, Tony Yammine, expressed enthusiasm about the year ahead, stating, "The advancements across digital assets as a sector have laid a solid foundation for BetterX to accelerate its mission of revolutionising digital asset management. We are excited to bring forth ground-breaking solutions that will shape the future of digital assets, web3, and blockchain landscape.

To kick off the year, BetterX is capitalising on key market movements which support its business model and growth plans for 2024.

USD Coin (USDC) is an ever-evolving stablecoin designed to offer both convenience and stability. When you're new to the crypto space, understanding how USD Coin works can be crucial to navigating its volatility. We'll explore USD Coin's purpose, creation, and mechanisms that make it a reliable option for crypto enthusiasts.

Since Bitcoin's inception in 2009, it's taken the financial world by storm, becoming a digital gold despite its low value. Created by Satoshi Nakamoto, Bitcoin is a decentralised digital currency that operates on blockchain. Over the years, it has gained significant traction and emerged as a viable investment option for individuals and institutions.

Ethereum (ETH) stands out as a pioneering force in the realm of cryptocurrencies, offering more than just a digital currency. In this article, we'll delve into the core concepts of Ethereum, exploring its decentralized nature, smart contracts, and its ambition to revolutionize the way we interact with digital assets.

In the ever-evolving world of finance, technology continues to shape and redefine the landscape. The tokenisation of private loans appears to be one of the most promising innovations on the horizon.

In an increasingly digital world, traditional financial systems are undergoing a revolution. This economic transformation is driven by securitisation and real world asset tokenisation, which offer innovative solutions for asset management, investment, and liquidity.

Bitcoin remains the pioneer and most widely recognised digital asset in the ever-evolving cryptocurrency world. Bitcoin halving is one of the key elements that sets it apart, an event that might seem complex at first glance.

As Polygon (MATIC) network inches closer to the release of Polygon zkEVM and the possible rebranding of its main token to POL, its team adds more and more use cases to its portfolio of "real-world" applications of blockchain technology.

The major tokens are currently sitting roughly where they were 7 days ago, albeit with some volatility during that period. BTC at around USD 28,500 and ETH at around USD 1,880 put the prices roughly 10% down from their peaks in mid-April following the successful “Shapella” upgrade of the Ethereum network.

After a relatively dull 7 days in price volatility, we have seen modest gains across the top tokens. Bitcoin saw its price stabilise at around USD 29,000 over the Easter weekend, whilst ETH floated around the upper USD 1800’s before flirting with the USD 1,900 level.

The price action this week seems to have focussed on the Layer 1 tokens, with XRP, Cardano, Stellar, and Hedera all up double digits over the past 7 days.

Regulation appears to have been the main focus in the last week, which has created a little (but not a lot) of volatility in token prices.

The main news had been that the SEC had issued a Wells notice to Coinbase, potentially for the Coinbase Earn program.

Another week, another bank in trouble – this time, over in Europe with the 167-year-old AAA institution of Credit Suisse. Over the weekend, the regulator swiftly stepped in and brokered a deal, with UBS buying the bank for almost $3bn, mostly wiping out the shareholders but entirely wiping out the “AT1” bondholders.

What a tumultuous week! Last week there was clearly strain at Silvergate bank, this week it announced a voluntary liquidation. Not to be outdone, Silicon Valley Bank (SVB) on Friday collapsed in the biggest US bank failure since 2008.