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💰 Incoming Vanguard CEO Won't Reverse Decision Not to Launch Bitcoin ETF
Salim Ramji, set to take the reins at Vanguard from outgoing CEO Tim Buckley on July 8, quickly poured cold water on the idea that he has intentions for the asset management giant to offer its own spot bitcoin ETF. "I think it’s important for firms to have consistency in terms of what they stand for and the products and services they offer," Salim Ramji told Barron's.
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🏦 Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute
Coinbase's chief legal officer Paul Grewal criticized the U.S. Securities and Exchange Commission for deviating from its own Wells notice process, according to his X post on Tuesday. “In a brief to avoid dismissal of its case against Debt Box with prejudice, [the SEC] includes a remarkable admission that it did not follow its own typical Wells process when it refused to tell us what assets would be charged as securities,” wrote Grewal.
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🇺🇸 US spot bitcoin ETFs return to net inflows following four weeks of outflows
Spot bitcoin exchange-traded funds in the United States returned to net inflows of $116.8 million last week after enduring four consecutive weeks of outflows totaling more than $1 billion. Grayscale’s converted Bitcoin Trust was the only spot bitcoin ETF to register net outflows last week, with $171.1 million leaving the higher-fee fund. That came despite GBTC breaking its 78-day outflow streak with $63 million worth of net inflows on May 3 and a further $3.9 million last Monday.
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🇺🇸 SEC Rebuts 🏦 Coinbase's Attempt to Get Appeals Court to Answer Key Crypto Question
U.S. regulators said an appeals court shouldn't heed Coinbase's request to review how – or if – conventional securities rules apply to cryptocurrencies. Coinbase, the largest U.S. crypto exchange, filed for permission to ask the Second Circuit Court of Appeals if the Howey Test, a longstanding Supreme Court assessment for securities, should apply to digital assets. Coinbase hopes it doesn't. Coinbase hasn't successfully argued this is needed, the U.S. Securities and Exchange Commission said Friday.
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💰 Bitcoin Advocate Says ASIC Devices’ Inflexibility Makes AI Involvement Unlikely for Bitcoin Miners
According to Joe Downie, the chief marketing officer at Nicehash, bitcoin miners struggling to stay afloat after the halving are unlikely to support or become involved with artificial intelligence (AI). This is because their application-specific integrated circuit (ASIC) miners now “only allow for mining on one algorithm.” Furthermore, Downie argued that bitcoin mining devices are not “designed for flexibility,” and hence, they cannot be used to support AI infrastructure.
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💰 Genesis Digital Assets to Launch Flare Gas Powered Bitcoin Mining Site in Argentina
Bitcoin mining companies are increasingly searching for more environment-friendly energy sources to power their operations. Genesis Digital Assets, a bitcoin mining company, has announced that it has partnered with YPF Luz, a power provider, to build a bitcoin mining site run completely using electricity generated from flare gas in Argentina. The Bajo del Toro plant, a recently built thermoelectric facility, will provide energy to Genesis Digital Assets’ bitcoin mining data center, hosting 1,200 miners in a site inside the plant.
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🇭🇰 Wintermute announces liquidity support for Hong Kong spot bitcoin, ether ETFs
Crypto market maker Wintermute announced today that it will provide liquidity to OSL and HashKey for Hong Kong’s spot bitcoin and ether exchange-traded funds, in an attempt to “foster Wintermute’s presence in the Asia crypto markets.” In a Wednesday statement, Wintermute said that it plans to work closely with OSL and HashKey — both sub-custodians for the spot crypto ETFs in Hong Kong — on buying, selling and delivery of underlying bitcoin and ether for the spot ETFs.
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🇬🇧 Revolut launches standalone crypto trading platform for UK retail customers
Global fintech company Revolut rolled out Revolut X on Tuesday — a standalone crypto trading platform available to its UK retail customers. The firm launched in the UK offering money transfers in 2015 and began allowing users to buy, hold and exchange cryptocurrencies in 2017. Since then, it has become the UK’s largest fintech company and has reached more than 40 million customers worldwide.
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🏦 Coinbase benefitting from 'hostile regulatory environment': Bitwise
In the wake of the Securities and Exchange Commission issuing Robinhood Crypto a Wells Notice, Bitwise CIO Matt Hougan took to X to argue that a "hostile regulatory environment" is benefitting Coinbase, the top cryptocurrency exchange in the U.S. "The hostile regulatory environment is creating an artificial 'moat' for Coinbase's business, helping sustain extremely high margins and allowing them to over-earn in the short-term," Hougan said in a post.
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🆘 Cryptocurrency investor loses $70 million in six hours: Address poisoning attack
A cryptocurrency investor has fallen victim to an address poisoning attack, resulting in a staggering loss of $70 million worth of Wrapped Bitcoin (WBTC). The incident, which unfolded over the course of around six hours, has sent shockwaves through the cryptocurrency community. According to a post by Lookonchain on the X, the unfortunate investor created a new address, “0xd9..,” and transferred a small amount of Ethereum (ETH), approximately 0.05 ETH, to this newly generated destination.
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💰 BitMEX co-founder Arthur Hayes believes Bitcoin may rally back toward $70,000 amid 'stealth money printing'
Arthur Hayes, the co-founder and former CEO of BitMEX who now manages a family office named Maelstrom, said he expects bitcoin to rally back to $60,000, then range between $60,000 and $70,000 until August. In a blog post early Friday, Hayes said the slow addition of billions of dollars of liquidity each month would dampen negative price movements going forward, reversing the common sentiment on the seasonality of markets by suggesting “buy in May, go away.”
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💰 Bitcoin's average daily transaction fees fall back to 🪙 Ethereum levels after Runes hype subsides
Average daily Bitcoin transaction fees have fallen back to the same level as Ethereum after the frenzy of activity surrounding the launch of the Runes protocol died down after the halving. The seven-day moving average of daily Bitcoin transaction fees surged to an all-time high of $25.8 million on April 24, more than five times the daily transaction fees Ethereum was generating at the time. However, it subsequently fell to $4.1 million on Wednesday — the same daily transaction fee average as Ethereum.
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📉Crypto scams hit historic low in April, plummeting 68%
Crypto-related exploits and scams plummeted 68% in April compared to the previous month, reaching a historic low of $25.7 million, according to blockchain security firm CertiK. A breakdown of the incidents showed that the bulk of the losses, totaling $21 million, stemmed from exploits targeting blockchain protocols. Additionally, users suffered losses of $4.3 million due to exit scams and rug pulls orchestrated by malicious founders, with flash loans contributing a nominal $129,000 to the overall figure.
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💰 Ripple teams up with HashKey DX on blockchain-based supply chain finance in 🇯🇵 Japan
Crypto firm Ripple is expanding its XRP Ledger (XRPL) enterprise solutions to Japan through a strategic collaboration with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, according to an April 30 statement. In this partnership, HashKey DX will work alongside Ripple and SBI Ripple Asia—a collaboration between SBI Holdings and Ripple—to develop and implement supply chain finance solutions tailored for the Japanese market.
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💰 VanEck lead charge as Australia prepares for Bitcoin ETF launch
Earlier today, Bloomberg reported that the Australian Securities Exchange (ASX) could approve its inaugural batch of spot Bitcoin ETF before the end of the year after receiving applications from notable players like VanEck, BetaShares, and DigitalX. Meanwhile, this upcoming launch would mark Australia’s second wave of such products. In 2022, the country witnessed the introduction of various crypto ETFs from entities like Cosmos Asset Management and Global X 21Shares.
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💰 Babylon partners with pSTAKE to launch Bitcoin liquid staking
pSTAKE Finance, backed by Binance Labs and a prominent figure in the liquid staking sector, is set to introduce a novel liquid staking solution for Bitcoin, constructed on Babylon’s framework. This development marks a significant extension of pSTAKE’s offerings beyond its initial focus area within the Cosmos network, where it first introduced liquid staking in 2021.
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💰 VanEck's spot bitcoin ETF HODL reports $109 million net increase in Q1, $620 million in BTC: filing
A new filing with the Securities and Exchange Commission illuminates key figures for the spot bitcoin exchange-traded fund (ETF) HODL, issued by the digital asset arm of the investment manager VanEck. For the first fiscal quarter ending March 31, 2024, HODL's bitcoin investment amounted to 8,711 BTC, for a value of $619,067,103, and the fund had a $109 million increase in net assets, according to the Monday filing.
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🪙 Ark Invest Removes Staking Option From Latest Ethereum ETF Proposal
Ark Invest and 21shares have revised their proposal for a spot ethereum exchange-traded fund (ETF), removing previously included options for staking. This change marks a significant pivot from their earlier filings, which had contemplated engaging trusted staking providers to manage part of the trust’s assets.
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🟠 DOJ taps FRA over Sullivan & Cromwell for Binance's 3-year monitorship: report
The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter. FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations.
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⚪️ Robinhood crypto trading volume up 224% YoY to $36 billion in Q1
Robinhood reported $36 billion in crypto notional trading volume during the first quarter of 2024, a 224% increase year over year. The firm also reported record net revenues of $618 million, up 40% year over year. The total revenues included $329 million derived from transaction revenues, which included revenue generated from its crypto business — making up $126 million of the total, a 232% increase year over year.
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🇺🇸 SEC argues $2 billion penalty against Ripple is needed, slams $10 million counterproposal
The Securities and Exchange Commission is pushing back against Ripple's claim that it should pay fewer fines, according to a recent court filing. The SEC has said Ripple should pay close to $2 billion in fines for selling to institutional investors. In its opposition motion filed last month, Ripple argued that the figure should be closer to $10 million. The SEC noted its proposed penalty was large but said Ripple's proposed penalty would be a "slap on the wrist" in a filing posted on Tuesday.
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🪙 Proposal for Grayscale's Ethereum Futures Trust ETF has been withdrawn
A proposal to list and trade shares of Grayscale's ether futures exchange-traded fund has been withdrawn, according to a new document filed on Tuesday. The application for the Grayscale Ethereum Futures Trust ETF, which was filed by NYSE Arca, Inc., in September last year, was withdrawn on May 3, according to a Securities and Exchange Commission filing.
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🔵 Arbitrum surpasses $150 billion in total transaction volume on Uniswap
Ethereum Layer 2 protocol Arbitrum surpassed $150 billion in transaction volume on the decentralized exchange Uniswap. Arbitrum is the first Layer 2 to pass the threshold on the DEX, Uniswap Labs wrote in a social media post on Monday. Blockchain data tracker DeFiLlama shows Arbitrum's total value locked (TVL) as $2.64 billion, making it the largest Layer 2 by TVL and the fifth largest protocol by TVL behind the Layer 1s Solana, BSC, Tron and Ethereum.
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💰 Bitcoin will ‘propel the next leg up’ if key trading pattern confirms — Traders
Bitcoin’s price could see a bullish trend reversal and “propel the next leg up” if the popular trading indicator known as the inverse head-and-shoulders pattern is confirmed, according to a crypto trader. “If we don’t break straight through $67.5k then something like this forming over the next month would make sense for a bottom pattern reversal,” crypto trader Matthew Hyland explained in a May 4 post on X.
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⚪️ Paypal Partnership Allows US-Based Moonpay Users to Buy Crypto With Their Paypal Accounts
The digital asset trading platform, Moonpay, announced on May 2 that it had formed a partnership with Paypal. This partnership will allow U.S. users to purchase cryptocurrency using their Paypal accounts. Users of Moonpay can benefit from the security offered by Paypal, a payment provider known for sharing comprehensive financial information about transactions.
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💰 Hybrid L2 Build on Bitcoin Launches Mainnet; US Users Face Geo-Blocking
The layer-two initiative known as BOB, short for ‘Build on Bitcoin,’ has declared its mainnet operational with over 40 apps launching in the initial phase. Notably, the BOB application that facilitates bridging and access to the ecosystem is geo-blocked in the United States. The X account further announced that an additional cohort of over 40 apps will integrate into the BOB ecosystem within the next two to three weeks.
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🔵 Coinbase Adds Support for 🥇 Bitcoin Lightning Network
The largest American cryptocurrency exchange, Coinbase, has added support for the Lightning Network on its platform to enable faster and cheaper payments. According to a blog post, the Lightning Network integration on Coinbase will reduce the cost of sending bitcoin (BTC) globally by 20x compared to the 2% charged on United States credit card transactions and the $30 paid for wire transfers.
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🇷🇺 Russia to Enact a Ban on Domestic Operations Of Cryptocurrency Exchanges
Russia is preparing to enact a ban on the organization of cryptocurrency exchanges in the country via the approval of a bill that regulates mining activities. According to statements made by Russian Duma Financial Market Chairman Anatoly Aksakov, digital financial assets like the digital ruble will be allowed to circulate.
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🪙 Consensys vs. SEC litigation over whether ether is a security 'will take years': TD Cowen
Ethereum developer Consensys brought the U.S. Securities and Exchange Commission to court, seeking a declaration that ether is not a security. This legal battle will be a prolonged affair, according to investment bank TD Cowen. As a result, the bank reiterated that spot Ethereum exchange-traded funds are unlikely to gain approval before 2025. SEC Chairman Gary Gensler is "okay" with the court deciding whether ETH is a security or commodity, according to TD Cowen.
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🪙 Transaction Fees Plunge to 35% of Bitcoin Miner Revenue Post-Halving: CryptoQuant
Transaction fees have fallen from $80 million on the halving day to $6 million as of April 26. The portion of Bitcoin miner revenue coming from transaction fees has fallen significantly after surging on the day of the last halving event. A CryptoQuant report revealed that transaction fees now represent 35% of total miner revenue, a significant decline from the 75% recorded on April 19.
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