Solana-based real estate derivatives exchange “Parcl” announces airdrop, TVL exceeds $100 million

https://ourbitcoinnews.com/solana-based-real-estate-derivatives-exchange-parcl-announces-airdrop-tvl-exceeds-100-million/

PRCL airdrop announced

The TVL (total deposit amount) of Parcl, a project based on the crypto asset (virtual currency) Solana (SOL), exceeded $100 million (approximately 15 billion yen) on the 28th.

They announced an airdrop of their own token PRCL and subsequently acquired an additional TVL of over $25 million (approximately 3.8 billion yen).

Parcl is a type of real-world asset (RWA) tokenization project and a decentralized real estate trading platform. It provides a city index that allows you to estimate price fluctuations in real estate markets around the world, and you can trade from as low as $1.

The city index represents the total value of real estate in a city. Instead of trading individual properties, traders trade an index that represents something like the median price per square foot.

According to Parcl, these structures allow traders to gain diversified exposure to the real estate market across a given city.

In 2022, Parcl raised $11.6 million (approximately 1.7 billion yen) from Dragonfly Capital, Coinbase Ventures, Solana Ventures, and others.

What is airdrop?

Free distribution of virtual currency (tokens). In many cases, the purpose is marketing, such as increasing awareness of virtual currencies. Airdrops may also be performed when a blockchain hard forks and a new virtual currency is created.

▶Virtual currency glossary

connection:
Solana smartphone “Chapter 2” pre-orders exceed 100,000, delivery scheduled to start in 2025

Overview of PRCL

The total supply of PRCL is set at 1 billion tokens, with distribution scheduled to begin in April. The initial supply to the community will be 7-8% and can be used for governance, data capabilities (access to high-quality real estate data), points incentive programs, etc.

Parcl launched a points loyalty system in December 2023, which has successfully increased trading activity on the platform. In the future, we plan to use this point system to distribute PRCL tokens.

Although details regarding the airdrop of PRCL tokens have not yet been disclosed, it is said that increasing Parcl points before the airdrop will be advantageous.

Traders can earn points by depositing stablecoin USDC into Parcl’s liquidity pool and trading on the platform. You can also increase your point earning rate by owning Parcl’s Home Owner Association (HOA) NFT (non-fungible token).

Pyth Network also goes to Airdro with dApps

In the Solana-based project, Pyth Network, which provides financial market data oracles, announced on the 8th that it will conduct a second airdrop of PYTH tokens.

Distribution will be targeted at over 160 dApps (decentralized apps) that utilize Pyth Network’s price data.

connection:
Solana-based Pyth Network announces second airdrop, this time distributed to dApps

Solana (SOL) special feature

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Investment bank upgrades MicroStrategy on the assumption that Bitcoin will exceed $120,000

https://ourbitcoinnews.com/investment-bank-upgrades-microstrategy-on-the-assumption-that-bitcoin-will-exceed-120000/

Assuming “BTC to exceed $120,000 by the end of 2025”

On the 27th, investment bank Benchmark announced an upgrade report that set the target price of MicroStrategy, which is known for investing in the crypto asset (virtual currency) Bitcoin (BTC), at $990.

MicroStrategy’s stock price is approximately $872 at the time of writing. It has risen more than 8% since the beginning of this week. Mark Palmer, senior equity research analyst at Benchmark, argues:

Our price target for MicroStrategy is based on the assumption that the price of Bitcoin will reach $125,000 by the end of 2025.

Bitcoin prices rise due to increased demand after the U.S. Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF in January, and the fourth Bitcoin halving scheduled for late April. I will continue to do so.

Palmer went on to say that the slowdown in supply due to the halving could cause Bitcoin prices to rise significantly over the next few years.

What is half-life?

It refers to the timing when the mining reward (= new issuance amount) of virtual currencies such as Bitcoin is reduced by half. Many virtual currencies have an “issuance limit” set in order to prevent inflation, and the amount of new issuance is reduced by half at each halving period that occurs at a certain period. It is also a noteworthy event unique to virtual currencies, as the scarcity value increases significantly as the supply decreases, making it easier for prices to soar.

▶Virtual currency glossary

connection:
“Long-term target for Bitcoin price is $400,000” US SkyBridge founder predicts market price after halving

“Bitcoin is the exit strategy”

MicroStrategy Chairman Michael Saylor said on Bloomberg that he will continue to buy Bitcoin, even at high prices, and that Bitcoin is his exit strategy.

He also said that Bitcoin is technically superior to traditional assets such as gold, the S&P 500, and real estate, and that he believes flows into Bitcoin from these assets will continue.

connection: Experts discuss the possibility that Bitcoin ETF assets will overtake gold ETFs

MicroStrategy just announced on the 26th that it has acquired more Bitcoin. Unrealized gains exceed $4.4 billion (662 billion yen).

This time, we acquired 3,000 BTC for $155 million (approximately 23.3 billion yen). The company’s total Bitcoin holdings increased to 193,000 BTC.

connection:
MicroStrategy increases Bitcoin purchases in February BTC reaches $54,000 level for the first time this year

MicroStrategy’s main business is business intelligence (BI), which provides a platform for analyzing business data, and the stock price has risen in part due to the attention it received for its Bitcoin purchasing strategy.

Chairman Saylor also said that due to the success of the Bitcoin strategy, the company will rebrand as a “Bitcoin development company.” Last year, it also revealed plans to develop a rewards platform that utilizes Bitcoin L2’s “Lightning Network.”

connection:
Chairman of MicroStrategy, which owns a large amount of Bitcoin, talks about outlook and business policy on CNBC

Half-life special feature

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Web3 trading card game “Parallel”, open beta version to start soon PRIME token price soars

https://ourbitcoinnews.com/web3-trading-card-game-parallel-open-beta-version-to-start-soon-prime-token-price-soars/

Open beta in 2 days

The Web3-based NFT trading card game “Parallel” released its latest trailer video on the 28th, revealing the start date of the game’s open beta.

The game is currently in closed beta (over 600,000 plays) and is scheduled to open on February 29th.

Parallel is a free-to-play card game that offers deck-building versatility through 15 leaders (paragons), each with unique powers and characteristics.

Additionally, a newly released trailer video features Paragon’s appearance and snippets of the story.

[embedded content]

Users who want to participate in the game can first complete a tutorial-like quest called “Rookie Mode,” and then can train with the AI ​​and participate in ranked battles.

As for the game’s token-related mechanics, you can play for free, but if you collect NFT cards and win a match, you will receive PRIME tokens as a reward based on your NFT holding rate. In addition to being able to incorporate up to 40 NFT cards, it is also possible to use NFTs that increase rewards called “Keys”.

PRIME prices have continued to rise recently. It has gained +96.5% over the past 30 days.

There is also an AI game called “Colony”

Parallel is not just about NFT trading card games. It is also developing an artificial intelligence avatar-driven game called “Parallel Colony” using OpenAI and UE5 engine technology.

In Colony, an AI agent called “Avatar NFT” is used to semi-automatically develop and trade resources under the control of a limited number of human players, and it is a game in which PRIME tokens can be obtained.

The price of “Avatar NFT” rose following the recent teaser and is currently trading at 1.11 ETH (approximately $3,600).

connection: Closed beta version in progress What is Web3 TCG “Parallel” that even beginners can understand?

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“Ethereum is the most-held virtual currency by institutional investors,” while individual investors still mainly hold cash – Bybit latest report

https://ourbitcoinnews.com/ethereum-is-the-most-held-virtual-currency-by-institutional-investors-while-individual-investors-still-mainly-hold-cash-bybit-latest-report/

Virtual currency investment report

Crypto asset (virtual currency) exchange Bybit announced on the 27th that it has released the latest version of its report on the investment behavior of its users.

This report mainly reports on the investor’s fund allocation status. The research period covered by the report released this time is from July 2013 to January 2024. Bybit reported that as of the 31st of last month, Ethereum (ETH) slightly exceeded Bitcoin (BTC) in terms of institutional investors’ allocation of funds.

Below is a graph of institutional investors’ capital allocation, with Ethereum and Bitcoin alone accounting for about 80% of the total. In a report published by Bybit in December last year, Bitcoin accounted for 35% and Ethereum accounted for 15%, for a total of 50%. The report released in December covers the period of investigation from December 2022 to September 2023.

Source: report

connection: “Investigating the allocation of funds by institutional investors in Bitcoin, Ethereum, and Altcoins” Bybit report

On the other hand, the capital allocation for individual investors as of the end of last month is as follows. Compared to institutional investors, their allocation to Bitcoin and Ethereum is small, with stablecoins being the largest. In this report, only USDT and USDC are considered stablecoins.

Source: report

What is a stablecoin?

A virtual currency whose price is always stable. Various stable coins have been developed whose value is backed by legal currency or virtual currency, and whose prices are stabilized using algorithms.

▶Virtual currency glossary

Bybit said institutional investors started increasing their investment in Ethereum last September, and this trend accelerated last month. This trend is driven by the approach of Ethereum’s next upgrade, “Dencun,” and the expectation that Ethereum spot ETFs (exchange traded funds) will be approved in the United States by the end of 2024. ing.

connection: What are the importance and benefits of Ethereum’s next upgrade “Dencun”?

Recently, the performance of Ethereum and Bitcoin has been increasingly compared. Bloomberg reported last week that “Ethereum has outperformed Bitcoin this year, with speculation that the next wave of U.S. crypto spot ETFs will focus on this second-largest digital asset (by market capitalization).” Posted on X.

connection: Ethereum outperforms Bitcoin’s year-to-date rate of increase Expectations for approval of spot ETF and concerns about concentration risk

About other brands

This report defines altcoins as anything other than Bitcoin, Ethereum, and stablecoins. Bybit reported that both institutional and individual investors reduced their investments in altcoins by January 2024.

Below is a graph of the holding percentage of altcoins. “INS” represents institutional investors, “VIP” represents individual traders with more than $50,000, and “RETAIL” represents other users.

Source: report

He also mentioned Solana (SOL) separately. Both institutional investors and individual investors held a large amount of Solana in the third quarter of 2023 (July to September), but they have taken profits from the subsequent price rise and are currently reducing their holdings. The following is Solana’s share of investment in major layer 1 stocks.

Source: report

Solana (SOL) special feature

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Ethereum “Dencun” mainnet implementation date scheduled for March 13th

https://ourbitcoinnews.com/ethereum-dencun-mainnet-implementation-date-scheduled-for-march-13th/

Mainnet decided

On the 27th, the Ethereum Foundation announced that Dencun, the next major upgrade for the crypto asset (virtual currency) Ethereum (ETH), has been successfully launched on all testnets and will now enter the mainnet implementation stage.

The mainnet implementation time is estimated to be 22:55 on March 13th Japan time, and it is expected to launch at epoch “269568”.

This will enable the introduction of EIP-4844 (Protodunk Sharding).

connection: What are the importance and benefits of Ethereum’s next upgrade “Dencun”?

With the implementation of Protodunk Sharding, it is expected to lead to a reduction in network fees (gas fees) on layer 2 rollup chains. It is estimated that it has the potential to reduce Layer 2 transaction fees by up to 1/10, including Optimism (OP), Arbitrum (ARB), and the recently launched Starknet (STRK).

connection: Ethereum outperforms Bitcoin’s year-to-date rate of increase Expectations for approval of spot ETF and concerns about concentration risk

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Web3 Oshikatsu “Oshi” is newly listed on the crypto asset exchange BITPOINT

https://ourbitcoinnews.com/web3-oshikatsu-oshi-is-newly-listed-on-the-crypto-asset-exchange-bitpoint/

Oshikatsu to Web3

On the 27th, the domestic crypto asset (virtual currency) exchange BITPOINT conducted a new listing of “Oshi Token (OSHI)”, the original virtual currency of the OSHI activity initiative “OSHI3” project. This will be the first exchange listing of this token.

OSHI3 is “While starting from game content that is intended for long-term operation, its utility (purpose of use) and supporting value are not only focused on “game content” but also “game IP” with high sustainability of value. This project is designed to stabilize its value over the long term, and was set up so that users (fans) can enjoy the game over the long term and promote it (using tokens) with peace of mind.

Oshikatsu is a cultural and social phenomenon unique to Japan, and OSHI3 aims to expand Oshikatsu to the entire domestic and international content market.

This project is a web3 project mainly promoted by gumi, and OSHI tokens will be used for the next-generation beautiful girl neglect RPG “Phantom of Kill -Alternative Imitation- (Alternative)”, which is the first of the “OSHI3” related games. ” is available.

Alterna is scheduled to be released on March 5, 2024.

Alterna is a polygon-based game, and the basic play will be free.

connection:Explaining the advantages of staking and accumulation services and the advantages of virtual currency exchange “SBI VC Trade”

connection:How to make money with virtual currency IEO investment: List of success stories, future plans, and how to participate | 2024 edition

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Binance Lab invests in Bitcoin staking “Babylon” Testnet to be released soon

https://ourbitcoinnews.com/binance-lab-invests-in-bitcoin-staking-babylon-testnet-to-be-released-soon/

Testnet starts today

On the 27th, Binance Lab, the VC arm of Binance, a major crypto asset (virtual currency) exchange, announced that it has invested in the Bitcoin (BTC) staking protocol “Babylon.” The amount of investment was not disclosed.

Babylon embodies the concept of native Bitcoin staking, allowing users to stake BTC on another PoS blockchain and earn yield without using third-party custody, bridging solutions, or wrapping services. It’s a platform that makes it possible. Innovative economic security enhancement to the PoS chain while ensuring efficient de-staking to increase liquidity for BTC holders.

Babylon is a blockchain built with the Cosmos SDK that provides Bitcoin timestamping services to other PoS chains and acts as a control network that synchronizes between the Bitcoin network and PoS chains. It will be responsible for facilitating BTC staking, participating in finality rounds, tracking validators’ staking information, and ultimately acting as a channel between the Bitcoin PoW world and any PoS chain.

To put it simply, it can be said to be close to the Bitcoin version of the Ethereum restaking “Eigen layer”, which has been a hot topic recently.

connection: Eigen, Altlayer, and “Restaking” which is gaining attention in the virtual currency area | Explaining its characteristics and future prospects

Babylon is currently in the testnet preparation stage and will begin public participation in the testnet tonight at 9pm Japan time.

Participating users will have 7 days to mint their Bitcoin Staking Pioneer Pass NFT. This NFT may provide access to Babylon’s anticipated airdrop of its own tokens in the future.

connection:What is Bitcoin halving?Outlook for 2024 based on past market price fluctuations

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Binance Japan to list 3 cryptocurrencies, increasing number of stocks to 50

https://ourbitcoinnews.com/binance-japan-to-list-3-cryptocurrencies-increasing-number-of-stocks-to-50/

50 brands handled

Binance Japan, a domestic crypto asset (virtual currency) exchange, announced on the 27th that it plans to handle three new stocks.

Targets include Wrapped Bitcoin, Filecoin, and Sui, which will be available starting March 5th at spot crypto asset trading and sales offices, exchanges, and lending crypto assets. handle.

With the listing of these three stocks, the total number of stocks handled by Binance Japan will be 50. It is currently the exchange with the largest lineup in Japan.

The exchange is a platform for residents of Japan that was launched in August last year, and the initial goal is to handle 100 stocks. The global version of Binance handles over 350 stocks.

connection: Binance Japan lists 13 additional stocks, bringing the total to 47 stocks, the largest lineup in Japan

connection: Growth areas of the virtual currency market that Binance will focus on in 2024, such as the Bitcoin ecosystem and DePIN

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bitFlyer announces listing of Dogecoin (DOGE)

https://ourbitcoinnews.com/bitflyer-announces-listing-of-dogecoin-doge/

Dogecoin listed

bitFlyer, a major domestic crypto asset (virtual currency) exchange, has announced that it will begin handling Dogecoin (DOGE) at its sales offices from Thursday the 29th.

As it is a sales office, it does not support board trading. Dogecoin was first listed on a domestic exchange in April 2022.

What is Dogecoin (DOGE)?

Dogecoin is a crypto asset that features a logo with a Shiba Inu motif from Doge, a well-known internet meme.

Developed in 2013 based on Litecoin technology, it was initially issued without a clear vision or purpose, but the project community gradually expanded and it was used as one of the payment methods for many online shopping, donations, etc. has been done.

Expanding the number of stocks handled

bitFlyer, which is celebrating its 10th anniversary, started handling Avalanche (AVAX), The Graph (GRT), and Render Token (RNDR) on the 26th, and will continue to actively handle new crypto assets. By increasing the number of users, we will strive to increase users’ investment options and opportunities to participate in web3.

bitFlyer is also planning to list ELF Token as the first IEO (Initial Exchange Offering).

ELF Token is a crypto asset used in “THE LAND Elf Forest”, an NFT farming game scheduled to be released by HashPalette Co., Ltd.

connection:How to make money with virtual currency IEO investment: List of success stories, future plans, and how to participate

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U.S. court orders Energy Information Administration to stop mining company’s data collection request

https://ourbitcoinnews.com/u-s-court-orders-energy-information-administration-to-stop-mining-companys-data-collection-request/

Possibility of suffering irreparable damage

On the 23rd, the U.S. District Court for the Western District of Texas temporarily suspended an emergency investigation of the U.S. Energy Information Administration (EIA) in a lawsuit filed by the Texas Blockchain Council (TBC) and crypto mining company Riot Platforms against the U.S. Energy Information Administration (EIA). The court made a decision to grant a temporary restraining order (TRO) to prevent the incident.

A temporary restraining order was granted

(Riot Platform, Pierre Rochard, Head of Research)

At the end of last month, EIA, the U.S. Department of Energy’s statistical and analytical agency, announced that it would begin collecting power consumption data for domestic virtual currency mining companies. The identified mining companies were required to provide detailed responses regarding their electricity use.

EIA’s survey of mining companies was approved by the U.S. Office of Management and Budget (OMB) on January 26 as an emergency data collection request. This included providing highly confidential information such as specifications and performance details and contract details.

connection:U.S. Energy Information Administration requests “urgent data collection” from virtual currency mining companies

TBC and Riot filed a lawsuit against EIA, the U.S. Department of Energy, and OMB on the 22nd, alleging that the EIA’s request constitutes “sloppy procedures and invasive government data collection based on an unnatural and self-inflicted sense of urgency.” . Unless the courts intervene, the plaintiffs and other mining companies will be forced to disclose confidential and confidential information from the EIA, even though it is illegal, and will suffer “immediate and irreparable harm.” Therefore, the government requested that a TRO be issued.

EIA claims and court decisions

EIA pointed out that the sharp rise in the price of Bitcoin (BTC) has led to increased mining activity, raising concerns about its impact on the U.S. power industry as the basis for the urgent investigation request. In addition, as electricity demand increases due to the severe cold wave, there is a possibility that it will cause a peak in demand, and there is an “urgent” need to create reliable data in order to quantitatively assess the “possibility of public harm.” argued that it was necessary.

In contrast, courts have ruled that the government can only make an “urgent request” for information when it is determined that “in a time-sensitive emergency situation, normal procedures are likely to cause public harm.” It is pointed out that there is. It said the EIA’s reasoning was “arbitrary, capricious, or an abuse of discretion” and likely violated the Administrative Procedures Act (APA).

Additionally, the EIA claimed that the estimated time to complete the investigation was 30 minutes, and that the cost of compliance was minimal, but the plaintiff’s verification revealed that the cost was more than 40 hours. After considering the details of the investigation, the court determined that the estimated time to complete the work of 30 minutes was extremely inaccurate, and accepted the plaintiff’s argument.

It added that the plaintiffs have also demonstrated that they are likely to succeed in this case.

This time, the court has issued a temporary restraining order (TRO), which is valid until March 25, when the EIA indicates its intention to enforce it. A hearing on the preliminary injunction pending a final judgment is scheduled to take place on February 28th.

EIA response

In response to the court’s issuance of a TRO, EIA announced the following measures regarding the investigation against mining companies.

The EIA will not require the filing of Form EIA-862 until March 22, 2024, and will not seek or impose fines, penalties, or other penalties based on failure to respond to the survey.
Additionally, EIA will block and make no use of any data received from parties responding to Form EIA-862 until March 22, 2024.

TBC Chairman Lee Bratcher criticized the EIA’s actions, saying, “EIA’s actions set a worrying precedent for government interference in the affairs of private companies without justifiable reason or due process.” He commented that the court’s decision proves that the EIA and the Ministry of Energy are not complying with the law.

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US Circle partners with Coincheck for domestic listing of stablecoin USDC

https://ourbitcoinnews.com/us-circle-partners-with-coincheck-for-domestic-listing-of-stablecoin-usdc/

Toward domestic listing of USDC

In order to promote the spread of the crypto asset (virtual currency) stablecoin USDC in Japan, the issuing company Circle Inc. announced that it will partner with Coincheck, a major domestic virtual currency exchange.

Regarding stable coins, in Japan, the amended Payment Services Act will come into effect in June 2023, and stable coins will be issued using legal currency as collateral, and the coins will be exchanged with legal currency at a certain exchange rate. The issuance and distribution of “stablecoins (SCs)” is permitted if they are operated by qualified administrators.

On the other hand, at present, trust-type stablecoins such as USDC are not listed in Japan, and the partnership between Circle and Coincheck was concluded with a view to listing them in the future.

According to Coincheck, the handling of USDC at Coincheck is “conditional on obtaining registration as an electronic payment means transaction business based on the Payment Services Act,” but “the handling of USDC by Coincheck is subject to change in the future. In order to contribute to the further development of the crypto-related industry, we will move forward with this project with a sense of speed and with a focus on achieving a high standard in all aspects of the product’s UI and UX.”

USDC is traded on various DeFi/centralized exchanges overseas, and is the second-largest stablecoin in terms of market share. (First place is USDT)

connection: Mitsubishi UFJ Trust, Progmat, STANDAGE, and Ginco begin joint study on utilizing domestically produced stablecoins for trade settlement

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Bitcoin prices soar to $56,000 level, accelerating ETF buying by institutional investors

https://ourbitcoinnews.com/bitcoin-prices-soar-to-56000-level-accelerating-etf-buying-by-institutional-investors/

Macroeconomics and financial markets

On the US New York stock market on the 26th, the Dow Jones Industrial Average closed down 390.69 points (0.16%) from the previous day, and the Nasdaq index closed down 20.5 points (0.13%).

In the Tokyo stock market, which hit a new all-time high, the Nikkei Stock Average fell by 59.79 yen (0.15%) from the previous day to 39,173 yen.

With the soaring price of Bitcoin (BTC), US stocks related to crypto assets (virtual currency) have been rising across the board. Coinbase rose 14.4%, MicroStrategy rose 13.8%, and Marathon Digital rose 17.8%.

CoinPost app (heat map function)

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connection:Coinbase +16.8% compared to the previous day, exceeding the Nikkei average bubble | 27th Financial Tankan

Virtual currency market conditions

In the crypto asset (virtual currency) market, Bitcoin (BTC) soared to 1 BTC = $56,357, an increase of 9.78% from the previous day.

BTC/USD weekly

Among altcoins, Ethereum (ETH) rose 4.1% and Solana (SOL) rose 7.2%.

MicroStrategy, which owns a large amount of Bitcoin, announced an additional purchase of 3,000 BTC at an average price of $51,813. As of February 25th, it holds 193,000 BTC at an average acquisition price of $31,544.

connection:MicroStrategy increases Bitcoin purchases in February BTC reaches $54,000 level for the first time this year

The reason behind the soaring price of Bitcoin (BTC) is that institutional investors continue to buy it due to the inflow of funds into Bitcoin spot ETFs (Exchange Traded Funds).

The iShares Bitcoin Trust (IBIT), the Bitcoin ETF from the largest asset management company BlackRock, has recorded a record high daily trading volume of more than $1.3 billion, exceeding the more than $1 billion on its first day of listing.

According to Bloomberg analyst Eric Balchunas, “Bitcoin ETFs are likely to surpass the gold Bitcoin ETF in terms of assets under management within two years.”

Bitcoin ETFs have seen $5 billion in inflows since January 10, while gold ETFs have seen $3.6 billion in outflows.

connection:What is Bitcoin halving?Outlook for 2024 based on past market price fluctuations

connection:How to make money with virtual currency IEO investment. Domestic and international success stories and how to participate.

Fund inflow into virtual currency listed investment products

According to a weekly report from asset management firm CoinShares, exchange-traded investment products (ETPs) saw $598 million in inflows last week.

Overflow for 4 consecutive weeks. By region, most of the inflows came from the United States, where Bitcoin spot ETFs (exchange traded funds) have been approved.

Outflows from Grayscale’s Bitcoin Trust (GBTC) reached $436 million, but the trend that could put pressure on the market is slowing.

By altcoin, the suspension of block generation due to the first large-scale failure in a year affected investor sentiment, resulting in an outflow of $3 million from Solana (SOL), while a large upgrade Dencun was released in March. Ethereum (ETH), which is expected to be approved as an ETF, saw an inflow of $17 million.

connection:Compare the benefits of recommended virtual currency exchanges with illustrated explanations

connection:Explaining the advantages of staking and accumulation services and the advantages of virtual currency exchange “SBI VC Trade”

Click here for a list of past market reports

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Experts discuss the possibility that Bitcoin ETF assets will overtake gold ETFs

https://ourbitcoinnews.com/experts-discuss-the-possibility-that-bitcoin-etf-assets-will-overtake-gold-etfs/

Is there a possibility that Bitcoin ETF will lose money?

Bloomberg analyst Eric Balciunas said on the 26th that there is a “good chance” that the assets under management of Bitcoin (BTC) ETFs will exceed those of gold ETFs within two years. . Blockworks reported.

The 10 Bitcoin spot ETFs that began trading in January have recorded net inflows of approximately $5.5 billion (approximately 830 billion yen) to date.

Meanwhile, approximately $2.7 billion (approximately 406 billion yen) has been outflowed from the largest gold ETF, State Street Global Advisors’ SPDR Gold Share (GLD), since then. There was also an outflow of approximately $350 million (approximately 52.7 billion yen) from BlackRock’s iShares Gold Trust (IAU).

Analysts Balchunas and Andre Yap point out:

It is highly likely that most of the funds that flowed out of gold ETFs did not flow into Bitcoin ETFs. (There was a possibility of inflow into AI stocks)

That said, Bitcoin ETFs are in many ways the most successful launch in history, and their existence, and the excitement surrounding them, makes them a new competitor to gold.

All together, Bitcoin ETFs have managed nearly $38 billion (approximately 5.7 trillion yen) in assets so far. In comparison, each company’s gold ETFs manage more than $90 billion (approximately 14 trillion yen) in assets.

Brian Armor, Morningstar’s director of passive strategies research, however, takes a more modest view.

He opined that if market risks increase and there is a bear market, investors will behave in a risk-averse manner, hindering inflows into Bitcoin. Still, there is little inflow from individual investors, and the environment is supported primarily by institutional investors, who have a high risk tolerance.

He argues that it may be “in the distant future” for Bitcoin ETFs to overtake gold ETFs in terms of assets under management. To that end, he argued that it is necessary for Bitcoin ETFs to consistently demonstrate strong performance. (*Bitcoin continued to rise on the 27th, reaching $57,000 at one point.)

He also opined that the outflow from gold could be due to “either interest rate cut expectations changing or the market moving further into risk-on mode”.

What is Bitcoin ETF?

An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.

▶Virtual currency glossary

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Bitcoin ETF special feature

BlackRock IBIT trading volume hits record high

The trading volume of BlackRock’s iShares Bitcoin Trust (IBIT), which has the largest amount of assets under management among Bitcoin spot ETFs, reached approximately $1.3 billion (approximately 196 billion yen) on the 26th.

This was the highest price, exceeding the approximately $1 billion (approximately 150 billion yen) on the first day of trading. In addition, the total trading volume of the nine Bitcoin spot ETFs (excluding GBTC) exceeded $2.4 billion (approximately 360 billion yen), exceeding the all-time high of $2.2 billion (approximately 330 billion yen) recorded on the first day of trading. There is.

NISA, virtual currency related stocks special feature

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Astar, Oasys, BackPack and others donate 20 million yen to Noto Peninsula earthquake

https://ourbitcoinnews.com/astar-oasys-backpack-and-others-donate-20-million-yen-to-noto-peninsula-earthquake/

Donation project using virtual currency

On the 26th, Gracone Co., Ltd., whose representative is Mai Fujimoto, announced that approximately 20 million yen in donations was collected in a campaign to solicit donations in crypto assets (virtual currency) related to the 2020 Noto Peninsula Earthquake.

It is being implemented in partnership with five blockchain project organizations and companies based in Japan. Specifically, Astar Foundation, AzukiCommunity, Backpack, Fracton Ventures, and Oasys participated.

Source: Gracone

Donations collected through the virtual currencies Aster (ASTR), Ethereum (ETH), Oasis (OAS), and others will be converted into Japanese yen and donated in full, excluding fees.

Support also gathered from overseas. In particular, when the AzukiJapan community held a charity sale of NFT (non-fungible token) art to support disaster-stricken areas, almost all of the buyers were overseas users.

Gracone describes the advantages of donating using blockchain as follows:

Recruiting donations using crypto assets, which has users all over the world, has the great advantage of having overseas remittance fees that are much lower than those of existing financial institutions, and that even users who do not have Japanese yen can easily make donations. .

He also went on to say that blockchain ensures transparency in transactions, making it possible to track whether donations collected are being handled properly.

Gracone operates “KIZUNA HUB,” a hub that connects people and organizations who want to utilize blockchain for SDGs. So far, we have provided support and medical assistance to young people who are struggling to make ends meet due to the coronavirus pandemic. The representative, Mai Fujimoto, is also known by the nickname “Miss Bitcoin.”

connection:
Who is Miss Bitcoin?[CONNECTV]

To provide medical support during the coronavirus pandemic, we collaborated with the Binance Charity Foundation in 2020, collecting approximately 8.55 million yen worth of donations in virtual currency, and providing masks and medical gowns to medical institutions and welfare facilities.

connection:
“Medical masks and protective equipment with virtual currency donations” Binance Charity Foundation and Gracone are planning a donation project

What is NFT?

Abbreviation for “Non-Fungible Token”, a digital token that is non-fungible and has unique value. It is not only used for exchanging “digital items” in blockchain games, but also for proof of ownership of expensive works of art, and is a breakthrough for rights holders (creators) in the “secondary distribution market”, which was difficult to achieve with second-hand sales. It is also attracting attention as a means of giving back.

▶Virtual currency glossary

The case of Alchemy Pay et al.

Donations in virtual currency have been made on various occasions around the world. Examples include the coronavirus pandemic, Russia’s invasion of Ukraine, wildfires in Hawaii, and others.

connection:
Noumei: Wildfire relief organization accepts donations in virtual currency on Maui, Hawaii

In January, the cryptocurrency-related app Alchemy Pay, in collaboration with Oak Grove Ventures, donated 1 million yen to the Ishikawa Prefectural Office in response to the Noto Peninsula earthquake.

connection:
Cryptocurrency app Alchemy Pay donates 1 million yen to support Noto Peninsula earthquake victims

A joint donation campaign was also held using “PaletteChain” developed by HashPalette Co., Ltd.

connection:
Noto Peninsula Earthquake: Emergency relief and donation activities underway through virtual currency projects

The post Astar, Oasys, BackPack and others donate 20 million yen to Noto Peninsula earthquake appeared first on Our Bitcoin News.

Coinbase +16.8% compared to the previous day, exceeding the Nikkei average bubble | 27th Financial Tankan

https://ourbitcoinnews.com/coinbase-16-8-compared-to-the-previous-day-exceeding-the-nikkei-average-bubble-27th-financial-tankan/

Traditional finance *2/27 (Tue)

  • NY Dow: 39,069 -0.16%
  • Nasdaq: 15,976 -0.13%
  • Nikkei average: 39,233 +0.3%
  • USD/JPY: 150.6 +0.2%
  • NVIDIA: $790.9 +0.3%
  • Microsoft: $176 -0.3%

US stock indexes are slightly lower today. Investors are awaiting comments from senior Fed officials this week on the future interest rate environment.

The NASDAQ and S&P 500 were pushed up last week, mainly by the AI ​​sector, in response to the strong financial results announced last Thursday by Nvidia, the world’s No. It’s a casual look.

Shares of semiconductor giant Micron Technology Inc. rose 4%. Yesterday, Nvidia’s announcement that it would begin mass production of its high-performance memory chip “HBM3E” used in semiconductors for AI was well received.

Regarding expectations for rate cuts, analysts at major bank Santander pointed out that the Fed may wait until after the presidential election in November to cut rates. Although the Fed is an independent central bank, monetary policy is important to elected officials, who expect monetary easing to be postponed as the economic environment and inflation persists at higher-than-expected levels. However, he predicted that once the presidential election was decided, the FOMC would have room to begin a new easing cycle in November.

Last week, the minutes of the US FOMC meeting held in January were made public, showing that officials do not want to cut interest rates too soon.

connection: Goldman Sachs selects “Seven Samurai” to represent Japanese stocks

Today’s main market materials are as follows:.

  • Nikkei average updated record high for 2 consecutive business days. The background factors include high prices, monetary easing, a weak yen, improved corporate profit margins, the new NISA, and the opening of TSMC’s Kumamoto factory.
  • Dollar yen: High 150 yen range.
  • Gold prices fall due to rising US bond yields.

Important economic indicators/events from this week onwards

  • 2/27 (Tue) 8:30am Japan January National Consumer Price Index
  • 2/28 (Wed) 22:30 U.S. Q4 real gross domestic product (GDP) revised value
  • 2/29 (Thu) 22:30 U.S. January personal consumption expenditure (PCE deflator)

connection: How to use the stock investment bible “Quarterly Report” that even beginners can understand

Virtual currency-related stocks/Bitcoin, etc. sharply rise

  • Coinbase|$193.9 (+16.8%)
  • MicroStrategy | $796.4 (+15.8%)
  • Marathon Digital Holdings | $29.1 (+21.6%)

Cryptocurrency-related stocks rose significantly as Bitcoin recovered to the $54,000 level.

connection: Coinbase stock price soars to the highest level since March 2022

Virtual currency market

  • Bitcoin (BTC): $54,575 +5.5%
  • Ethereum (ETH): $3,175 +2.4%

Ethereum hit a new high this year, returning to the $3,100 level.

connection: Matrixport aims to reach $63,000 in Bitcoin by March

NISA, virtual currency related stocks special feature

The post Coinbase +16.8% compared to the previous day, exceeding the Nikkei average bubble | 27th Financial Tankan appeared first on Our Bitcoin News.

Fork “Cosmos Hub” Cosmos development company AiB plans to launch governance chain

https://ourbitcoinnews.com/fork-cosmos-hub-cosmos-development-company-aib-plans-to-launch-governance-chain/

Fork Cosmos Hub

All in Bits (AiB), the developer of the crypto asset (virtual currency) Cosmos (ATOM), plans to launch a blockchain specialized for governance use, “GovGen”, at 11:00 pm on the 27th Japan time.

GovGen will build to design a new blockchain called “AtomOne”. AtomOne is a fork of Cosmos’s blockchain “Cosmos Hub.”

What is a fork?

It is often used to mean forking a blockchain, but it can also refer to copying code and starting another project.

▶Virtual currency glossary

connection: What is Cosmos (ATOM) that even beginners can understand? | Explaining important points and future prospects

The reason behind forking Cosmos Hub and launching AtomOne is the difference in direction from the current Cosmos. AiB co-founder Jae Kwon says he has been at odds with the Cosmos community for the past few years.

GovGen issues and distributes the token “GOVGEN” used for governance, but the target of this distribution is the members selected from among those who voted against Cosmos’ proposal “848.” 848 is a proposal to reduce the inflation rate of ATOM tokens to 10%.

The proposal, which was approved by vote last November, passed by a narrow margin with 41.1% in favor and 38.5% against. Those selected from among those who voted against the proposal will become the founding members of AtomOne.

connection: Cosmos community approves ATOM’s proposal to reduce inflation rate to 10%

Please note that GOVGEN is only used for governance and cannot be sent or traded.

Purpose of AtomOne

The purpose of creating AtomOne is to maintain the vision when Cosmos Hub was founded. The company has made it clear that it is not trying to conflict with Cosmos, and has launched a new proof-of-stake (PoS) blockchain, AtomOne, to discuss the design and support the Cosmos ecosystem. There is.

AiB found that the results of the Prop. 848 vote indicate that many in the minority of the Cosmos community believe that Cosmos Hub is vulnerable to disagreements over core topics such as mission, token design, and security. claims.

He also pointed out that the approval of 848’s proposal represents a significant departure from the initial design of “maintaining the security of the ecosystem through ATOM staking.” He also states that ATOM has become stronger as a currency.

AiB hopes to serve as a bridge to maintain the safety of Cosmos Hub and provide technical support to guide future development.

When 848 was approved, there were objections such as, “Due to a reduction in funding due to inflation, the validator community may become less diverse and more concentrated in a few groups.”

Kwon explained to The Block that GovGen’s purpose is to “provide a forum for public discussion to fork the blockchain based on governance.”

AtomOne will be launched once the design is finalized.

connection: Proposal to reduce Cosmos (ATOM) inflation rate to zero is rejected by node operators

The post Fork “Cosmos Hub” Cosmos development company AiB plans to launch governance chain appeared first on Our Bitcoin News.

Coinbase selects AI/DePIN related stocks as candidates for new listing, approx. 15% increase from previous day

https://ourbitcoinnews.com/coinbase-selects-ai-depin-related-stocks-as-candidates-for-new-listing-approx-15-increase-from-previous-day/

Popular AI stocks

On the 27th, the US virtual currency exchange Coinbase announced new AI/DePIN-related stocks that it is considering listing (roadmap).

The target this time is Akash Network (AKT), which gained +14.7% following Coinbase’s announcement.

Akash Network is a distributed GPU rendering and distributed cloud computing network similar to Render Network, and is also a DePIN (Distributed Physical Infrastructure Network) stock.

AKT is a Cosmos-based token. Please note that AKT is not yet listed on Binance or Bybit.

connection: Distributed GPU/AI Render Network frame count and RNDR usage doubled compared to previous year

AI-related stocks have risen significantly this year. Render, Worldcoin, FET, NOS, etc. entered the trend last week due to the rise in the stock price of semiconductor giant Nvidia.

connection: Stock price rises significantly due to Nvidia’s strong financial results, along with virtual currency AI stocks

Special feature for virtual currency beginners

The post Coinbase selects AI/DePIN related stocks as candidates for new listing, approx. 15% increase from previous day appeared first on Our Bitcoin News.

Modular Celestia rival Avail raises $4 billion from Founders Fund and others

https://ourbitcoinnews.com/modular-celestia-rival-avail-raises-4-billion-from-founders-fund-and-others/

Is the token release coming soon?

Avail, a modular blockchain independent from Polygon, has raised a large new seed round. There are expectations that the token release/airdrop is approaching.

With this round, Avail has raised $27 million (equivalent to $4 billion). The leaders were Founders Fund, an American venture capital co-founded by famous investor Peter Thiel, and Dragonfly, a large VC in the crypto asset (virtual currency) industry, as well as SevenX Ventures, Figment Capital, Nomad Capital, and others. Participated.

Furthermore, Figment Capital is a top institutional investor-level staker in the cryptocurrency staking field. It mainly focuses on staking on Ethereum, Solana, and the modular blockchain Celestia.

Avail’s current valuation has not been disclosed, but according to information obtained by cryptocurrency media The Block, the procurement agreement is for a future token release, and Avail’s FDV (fully diluted market capitalization) is estimated to be several It is likely to be worth billions of dollars.

connection: Famous investor Peter Thiel’s fund buys Bitcoin and Ethereum = Reuters

Modular is one of this year’s themes

Avail is a modular blockchain that specializes in DA and layer that allows developers to build customizable and scalable applications, putting it in the position of rivals such as Celestia and Lava, which also develop modular technology.

It aims to scale up the entire Ethereum ecosystem by providing DA (data availability) primarily to layer 2 called rollups.

connection: Growth areas of the virtual currency market that Binance will focus on in 2024, such as the Bitcoin ecosystem and DePIN

Avail has three main products. In addition to DA, Nexus and Fusion Security are also being developed. “Nexus leverages Avail’s DA as a source of trust to enable a permissionless verification hub that unifies rollups,” said co-founder Anurag Arjun. “This enables us to leverage the native assets of the most mature ecosystem, including Amazon, and provide additional security to the Avail ecosystem.” Fusion Security is similar to the currently popular “restaking”.

connection: Eigen, Altlayer, and “Restaking” which is gaining attention in the virtual currency area | Explaining its characteristics and future prospects

Avail is a project originally founded by Arjun, who is also the co-founder of Polygon (MATIC), and was supported by funds from Polygon Lab until March 2023, but after that, it became independent and received external funding for the release of the mainnet. We carried out the procurement.

A specific launch date for the mainnet has not been disclosed, but once it launches, users who have participated in the testnet so far are expected to receive an airdrop.

connection: Optimism Foundation supports modular L2 “Mode” with 2 million OP tokens

connection: Explaining the advantages of staking and accumulation services and the advantages of virtual currency exchange “SBI VC Trade”

The post Modular Celestia rival Avail raises $4 billion from Founders Fund and others appeared first on Our Bitcoin News.

MicroStrategy increases Bitcoin purchases in February BTC reaches $54,000 level for the first time this year

https://ourbitcoinnews.com/microstrategy-increases-bitcoin-purchases-in-february-btc-reaches-54000-level-for-the-first-time-this-year/

Continuous purchase

MicroStrategy announced on the night of the 26th that it had increased its purchases of the crypto asset (virtual currency) Bitcoin. Unrealized gains exceed $4.4 billion (663 billion yen).

This time, he acquired 3,000 BTC of Bitcoin for an amount of $155 million. The average acquisition price was $51,813. With this additional purchase, the company’s Bitcoin holdings increased to 193,000 BTC, pushing the overall average acquisition cost to $31,544 from 31,224 (January) last time.

The company’s Bitcoin portfolio went from unrealized losses to unrealized gains for the first time in about three months when Bitcoin returned to the 30,000 level at the end of October last year, and is currently estimated at more than $4.4 billion (663 billion yen).

connection: MicroStrategy’s Bitcoin holdings exceed 600 billion yen in unrealized gains

Bitcoin rose to 54,000 levels

After the MicroStrategy news, the price of Bitcoin rose significantly, increasing by 4.8% from the previous day. It hit a new high this year and returned to December 2021 levels.

Source: CoinGecko

This is due to an increase in net inflows to Bitcoin ETFs, as well as other factors such as Nvidia’s strong financial results last week, the Nikkei 225 ATH update, and expectations for a Fed interest rate cut. Additionally, Bitcoin will undergo its fourth halving in about two months.

connection: Stock price rises significantly due to Nvidia’s strong financial results, along with virtual currency AI stocks

As Bitcoin rises, the prices of crypto-related stocks such as Marathon (+20.8%) and Coinbase (+15.9%) also rise significantly.

connection: “This Bitcoin halving is different from the last time” Grayscale analysis

Special feature for virtual currency beginners

The post MicroStrategy increases Bitcoin purchases in February BTC reaches $54,000 level for the first time this year appeared first on Our Bitcoin News.

Early Bitcoin developer releases emails from Satoshi Nakamoto during trial

https://ourbitcoinnews.com/early-bitcoin-developer-releases-emails-from-satoshi-nakamoto-during-trial/

Lawsuit over the creator of Bitcoin

260 emails from Satoshi Nakamoto, the creator of the crypto asset (virtual currency) Bitcoin (BTC), were released on the 23rd by Maruti Marmi, an early Bitcoin developer and contributor. .

These emails were sent by the Cryptocurrency Open Patent Alliance (COPA), a nonprofit organization made up of virtual currency companies, to Craig Wright, who claims he owns the copyright to the Bitcoin white paper. It was released as part of a lawsuit filed.

Marmi said he was reluctant to share his personal email communications, but decided to make them public because he was appearing as a witness in the COPA lawsuit in London, England.

In 2021, Wright filed a lawsuit against Bitcoin.org, which is involved in the development and maintenance of Bitcoin, alleging copyright infringement and requesting them to withdraw the publication of the white paper.

In order to challenge this, COPA has filed a lawsuit with the aim of limiting Mr. Wright’s authority.

If Wright were to win, he would have intellectual property rights to Bitcoin, which would allow him to restrict developers from using Bitcoin’s codebase and determine the terms of use of the system. The fate of the trial is attracting a lot of attention.

connection:Cryptocurrency Patent Alliance COPA sues Craig Wright over copyright of Bitcoin “white paper”

Bitcoin design

The email exchanges released by Marumi have revealed new aspects of Satoshi Nakamoto’s thoughts on Bitcoin design.

Regarding the energy consumption of Bitcoin mining, he wrote, “It would be ironic if we had to choose between economic freedom and conservation.”

Nakamoto said that Bitcoin’s consensus mechanism, proof-of-work (PoW), is the basis for coordinating the network and preventing double-spending, and that it “allows P2P electronic cash to be used without a trusted third party. It claims to be the only solution to make it work.

However, even if PoW consumes more energy, it will be less wasteful than traditional banking operations, which consume large amounts of labor and resources in brick buildings and high-rise buildings.

Issuance limit of 21 million BTC

It is also mentioned that the upper limit of Bitcoin supply has been set at 21 million BTC.

Nakamoto said the decision on the number of bitcoins to be issued and the schedule for distribution was based on “educated guesswork.” He wanted to choose something with a price similar to existing currencies, but because he couldn’t predict the future, he ended up choosing something in between.

If the use of Bitcoin were limited to small, specific sectors, the price per BTC would be lower than existing currencies, but if used in some parts of world commerce, there would only be 21 million of them, so He explained that the price per BTC will be much higher.

He acknowledged that even if the price were to be lower, there was still plenty of margin in terms of precision, as the value could be expressed as a 64-bit integer with eight decimal places.

Regarding the value of Bitcoin, it also notes that since it is a 64-bit integer with eight decimal places, 1 coin is internally represented as 100,000,000. This means that Bitcoin is divisible to eight decimal places, and the smallest unit, 1 Satoshi, is the smallest transaction unit of Bitcoin, and 1 Bitcoin is equivalent to 100 million Satoshi.

This design allows Bitcoin to be used not only for large-scale transactions but also for small-scale transactions, making it possible to use it in everyday life and for micropayments even as the value of Bitcoin rises.

About anonymity

Additionally, Nakamoto pointed out in an email at the time that it would be better not to emphasize the anonymity aspect of Bitcoin.

The prevalence of Bitcoin addresses, rather than IPs, does not automatically give the impression of being anonymous. It is possible to use a fake name, but you need to be careful.

Furthermore, he later stated that Bitcoin transaction history would be tracked and it would be difficult to maintain complete anonymity, and seemed to have foreseen the possibility of a crime abusing blockchain. He argues that it’s important to warn people in advance of the need to be careful in the event that information they thought was anonymous is revealed.

connection:Bitcoin gift worth 170 million yen to Satoshi Nakamoto, mysterious money sent to monumental address

The post Early Bitcoin developer releases emails from Satoshi Nakamoto during trial appeared first on Our Bitcoin News.

Securities firm OANDA Group to offer virtual currency trading in the UK

https://ourbitcoinnews.com/securities-firm-oanda-group-to-offer-virtual-currency-trading-in-the-uk/

Obtained UK FCA compliant Coinpass

Online securities group OANDA has officially begun trading in cryptocurrencies in the UK. It plans to offer trading for over 63 crypto asset (virtual currency) pairs, including Bitcoin (BTC) and Ethereum (ETH). CoinDesk reported on the 26th.

Lucien Lauerman, head of digital assets at OANDA, said that although the UK’s regulatory hurdles are a little higher than elsewhere, he appreciates the way cryptocurrencies are aligned with traditional financial markets.

OANDA is a major securities company headquartered in Toronto, Canada, with offices in New York, London, Singapore, Tokyo, Sydney, and other locations. We have provided trading in various asset-related products, including FX trading and CFD trading.

Last August, OANDA acquired a majority stake in Coinpass Limited, a UK-based Financial Conduct Authority (FCA) registered cryptocurrency exchange.

At the time, CEO Gavin Banbury said:

The addition of Coinpass’ regulated crypto trading services to OANDA’s existing multi-asset products will allow it to expand its business and further appeal to the UK’s growing retail investor base.

OANDA also said Coinpass will expand its B2B2C (Business to Business to Consumer) capabilities and help businesses enter the UK crypto market. Furthermore, B2B2C generally refers to intermediating transactions between businesses and consumers.

connection:
Binance launches domain compliant with UK advertising regulations

Cryptocurrency investors increase in UK

The Financial Conduct Authority (FCA) reported last year that the number of UK crypto investors doubled from 2021 to 2022. We conducted an online sample survey of 2,337 UK adults.

In 2021, 2.3 million people invested in virtual currencies, but as of August 2022, it is estimated that 4.97 million people held virtual currencies and related investment products. It can be seen that demand has increased.

In the UK, Rishi Sunak, who supports cryptocurrencies, will become Prime Minister in 2022. Prime Minister Sunak has said: “I want the UK to be the center of Web3 in the world.”

connection:
US a16z opens office in London, UK, welcomed by Prime Minister Sunak

In June 2023, the British monarch approved amendments to the Financial Services and Markets Act, including provisions to clarify that virtual currencies can be regulated as financial products. It would designate all cryptocurrencies as regulated financial activities, allowing for oversight of advertising, business registration, stablecoin regulations for payments, and more.

connection:
UK approves bill establishing virtual currency regulation

What is Web3?

The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.

▶Virtual currency glossary

The post Securities firm OANDA Group to offer virtual currency trading in the UK appeared first on Our Bitcoin News.

Bitcoin struggles at $51,000 level, weekly net outflows from exchanges are largest since June 2023

https://ourbitcoinnews.com/bitcoin-struggles-at-51000-level-weekly-net-outflows-from-exchanges-are-largest-since-june-2023/

Macroeconomics and financial markets

On the US New York stock market on the 23rd of last week, the Dow Jones Industrial Average closed 39,131 points (0.16%) higher than the previous day, while the Nasdaq index closed 44.8 points (0.28%) lower.

In the Tokyo stock market, the Nikkei Stock Average, which hit a record high for the first time in 34 years, continued to rise to 39,340 yen, an increase of 227 yen (0.58%) from the previous day.

Among US stocks related to crypto assets (virtual currency), Coinbase fell 2.99% from the previous day, and MicroStrategy fell 3.6%.

CoinPost app (heat map function)

connection:Why Sumitomo Mitsui Card Platinum Preferred is rapidly gaining popularity as a new NISA savings investment

Virtual currency market conditions

In the crypto asset (virtual currency) market, Bitcoin (BTC) fell 0.37% from the previous day to 1 BTC = $51,484.

BTC/USD weekly

Grayscale Bitcoin Trust (GBTC) outflows slowed to $44.2 million on February 23rd, the lowest since converting to a Bitcoin spot ETF on January 11th. .

With BlackRock’s Bitcoin ETF IBIT raising $6.6 billion and Fidelity’s FBTC raising $4.7 billion, it can be said that excess demand is pushing up the price of Bitcoin.

Grayscale’s holdings have already been halved.

Additionally, $540 million worth of Bitcoin was withdrawn from major cryptocurrency exchanges, the largest weekly net outflow since June 2023. This indicates a major change in investor sentiment as it suggests remittance to cold wallets and long-term holding rather than sale.

connection:What is Bitcoin halving?Outlook for 2024 based on past market price fluctuations

connection:How to make money with virtual currency IEO investment. Domestic and international success stories and how to participate.

altcoin market

UNI has seen a surge following new governance proposal upgrades at Uniswap, the leading decentralized finance (DeFi) protocol.

As of the 26th, UNI price was 43.5% higher than the previous week.

The governance proposals aim to strengthen the protocol’s decision-making process, implement a fee-sharing mechanism, and pro-rata reward incentives to UNI token holders who delegate staking.

Research by data aggregator CoinGecko has shown that airdropped tokens tend to reach all-time highs within a few weeks.

This study investigated large-scale airdrops from January 1, 2020 to February 20, 2024.

As a result, 23 tokens, or 46% of the 50 tokens, reached an all-time high within two weeks after Airdro.

coingecko

The rate of increase and decrease included multiple items that soared between 37% and 425%. Seven of these tokens reached their highest price on the first day of listing and continued to fall. Regarding this point, CoinGecko said, “While token airdrops are proven to be an effective marketing and growth strategy, they tend to peak out in the first round.”

For example, Solana aggregator Jupiter’s airdropped token JUP started trading at $0.66 on its first day of listing, but has since fallen by up to 28% and remains below its initial price.

Although it is largely influenced by market sentiment, examples of revaluations reaching record highs more than 100 days after the airdrop include Uniswap (1,145%), 1inch (216%), and Gitcoin (242%). ).

connection:Compare the benefits of recommended virtual currency exchanges with illustrated explanations

connection:Explaining the advantages of staking and accumulation services and the advantages of virtual currency exchange “SBI VC Trade”

Click here for a list of past market reports

The post Bitcoin struggles at $51,000 level, weekly net outflows from exchanges are largest since June 2023 appeared first on Our Bitcoin News.

Reddit, a major bulletin board aiming to list IPO stocks, reveals holdings of Bitcoin and Ethereum

https://ourbitcoinnews.com/reddit-a-major-bulletin-board-aiming-to-list-ipo-stocks-reveals-holdings-of-bitcoin-and-ethereum/

Invest in BTC and ETH

On the 22nd, Reddit, a major US bulletin board, filed a notification regarding its initial public offering (IPO) with the US Securities and Exchange Commission (SEC). Among them, he stated that he holds Bitcoin (BTC) and Ethereum (ETH) as financial assets.

It looks like they are investing some of their surplus cash in BTC and ETH. He also said he received Polygon (MATIC) and Ethereum as payment for the sale of certain virtual goods.

He continued that there is a possibility that such virtual currency investments and acquisitions will continue in the future.

It did not disclose the number of tokens it held, but explained that the net book value of the virtual currency was “very small.”

Reddit is aiming to list on the New York Stock Exchange (NYSE) in March of this year.

There are still only a few companies that hold virtual currencies as financial assets, but US companies such as MicroStrategy and Tesla are examples. Reddit has become one of those companies.

Furthermore, MicroStrategy, which continues to strategically purchase Bitcoin, has unrealized gains on Bitcoin exceeding $4 billion (approximately 600 billion yen) for the first time this month.

connection:
MicroStrategy’s Bitcoin holdings exceed 600 billion yen in unrealized gains

Also mentions how to select virtual currency

Reddit also explains the risks of holding cryptocurrencies, pointing out, for example:

We believe that cryptocurrencies and blockchain technology have great potential.

On the other hand, the popularity and adoption of cryptocurrencies is a relatively recent trend, and it is uncertain whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term.

Regarding the selection of virtual currencies to invest in, he also said the following.

Our investments in virtual currencies for financial purposes include Bitcoin, Ethereum, and other virtual currencies that the SEC, the U.S. Commodity Futures Trading Commission (CFTC), and others may consider in public statements and guidance that they are not securities. Limited to currency.

However, they reserve the opinion that these decisions are made by Reddit and are not based on any legal standards.

There is uncertainty as to how the SEC views Ethereum. SEC Chairman Gary Gensler said that as of 2022, proof-of-stake (PoS) stocks are likely to be securities. However, he did not mention Ethereum by name.

The lawsuit against Coinbase also states that Solana (SOL), Polygon (MATIC), and more than 10 other stocks “should be classified as unregistered securities,” but it does not mention Ethereum.

connection:
US SEC cites Terraform Labs case law in lawsuit against Coinbase and Binance

connection:
U.S. SEC Chairman Gensler: “PoS cryptocurrencies may qualify as securities”

What is PoS (Proof of Stake)?

A consensus algorithm that gives you the right to approve and generate new blocks depending on the percentage of virtual currency you own (stake). It was created as an alternative to Proof of Work (PoW), a consensus algorithm that requires high-performance computers and consumes large amounts of power to approve transactions. Once approved, you will receive newly issued virtual currency as a reward.

▶Virtual currency glossary

The post Reddit, a major bulletin board aiming to list IPO stocks, reveals holdings of Bitcoin and Ethereum appeared first on Our Bitcoin News.

Weekly Cryptocurrency News (+Asia Special Feature) | Strong interest in the sudden rise in World Coin and the selection of Japanese stocks as “Seven Samurai” by GS

https://ourbitcoinnews.com/weekly-cryptocurrency-news-asia-special-feature-strong-interest-in-the-sudden-rise-in-world-coin-and-the-selection-of-japanese-stocks-as-seven-samurai-by-gs/

This week’s news

We bring you a summary of the most popular crypto asset (virtual currency) news over the past week (2/17-2/23).

This week’s articles include the sharp rise in World Coin (WLD), the selection of Japanese stocks as the “Seven Samurai” by major investment bank Goldman Sachs, and large-scale Bitcoin (BTC) withdrawals from Coinbase. attracted the most interest.


table of contents
  1. This week’s featured news
  2. financial market
  3. Asia special feature

This week’s featured news

World Coin (WLD) soaring, speculation raised by OpenAI’s announcement of video generation AI “Sora” (2/19)

Worldcoin, an AI/virtual currency project launched by OpenAI CEO Sam Altman and others, has soared. Speculation seems to have increased after OpenAI announced an AI that generates videos. (the article ishere)

A total of 140 billion yen worth of Bitcoin was withdrawn from U.S. Coinbase. Is selling pressure decreasing? (2/21)

It has been revealed that a total of 140 billion yen worth of Bitcoin was withdrawn from Coinbase, a major US virtual currency exchange. In terms of Bitcoin quantity, a total of over 18,000 BTC was withdrawn. (the article ishere)

Goldman Sachs selects “Seven Samurai” to represent Japanese stocks (2/21)

As the Nikkei Stock Average reached its highest post-bubble price in 34 years, it was reported that Goldman Sachs had selected the “Seven Samurai” to represent Japan’s stock market. This suggests high expectations for the Japanese stock market. (the article ishere)

financial market

Bitcoin and Ethereum futures markets are struggling at the $50,000 level, and there is a sense of overheating (2/20)

On this day, the Bitcoin price increased by 0.7% from the previous day to 1 BTC = $51,567. Among the major alts, Ethereum (ETH) rose 2.8%, XRP rose 1.4%, and Solana (SOL) rose 3.2%. (the article ishere)

Ethereum continues to grow, reaching the $3,000 level for the first time in two years (2/21)

Ethereum continued to rise by 2.5% from the previous day, exceeding the 1 ETH = $3,000 level for the first time since April 2022. This report analyzes the background to the price rise. (the article ishere)

Nvidia’s strong financial results lead to a significant rise in stock prices, along with virtual currency AI stocks | 22nd Financial Tankan (2/22)

Nvidia announced its financial results for the November-January period (4th quarter) after the market close. The content was well received, and the stock price soared +9.77% after hours. (the article ishere)

Asia special feature

To promote investment by Japanese VCs in Web3 companies, the Cabinet approved a bill regarding the acquisition of virtual currency by LPS (2/17)

The Ministry of Economy, Trade and Industry announced on the 16th that the Cabinet has decided to add virtual currency to the list of assets that investment limited partnerships (LPS) can acquire and hold. If this legal reform comes to fruition, Japanese venture capital firms (VCs) will be able to invest in projects that only issue virtual currencies. (the article ishere)

LINE NEXT partners with “ReadON” to earn by reading and sells collaborative NFTs (2/20)

LINE NEXT, a LINE Yahoo group company that aims to build a Web3 ecosystem, announced on the 19th that it has entered into a strategic partnership with ReadON, which provides a “Read to Earn” service that allows you to earn rewards through reading. did. (the article ishere)

First in Japan to receive interest on digital securities (ST) with Rakuten Cash Daiwa Securities and others to issue publicly offered bonds (2/22)

Domestic companies such as Mitsubishi UFJ Trust and Banking and Rakuten Securities announced on the 21st that they will collaborate to issue publicly offered security token bonds with full interest payments made in electronic money. Utilizing the blockchain-based platform “Progmat,” the public offering is scheduled to target individual investors. (the article ishere)

Oasys partners with Kakao Games subsidiary METABORA SG to strengthen its presence in the Korean game market (2/22)

On the 22nd, game-specific blockchain Oasys (OAS) announced that it has entered into a partnership with METABORA SG, a subsidiary of Kakao Games, a major Korean game company. We will strengthen our presence in the Korean game market. (the article ishere)

“Improving liquidity is the key” Oasys discusses with Liberal Democratic Party Digital Society Promotion Headquarters and domestic Web3 promotion (2/22)

Oasys announced on the 21st that it held discussions with the Liberal Democratic Party’s Digital Society Promotion Headquarters Web3 Project Team about the current state and future potential of the blockchain game market. The company says it will continue to work with the government to strengthen the international competitiveness of Japan’s Web3 market. (the article ishere)

Startail Lab raises 500 million yen from Samsung and Singapore’s major bank UOB (2/22)

On the 22nd, Sota Watanabe, CEO of Startale Labs, which handles Japan’s Web3 product “Aster Network (ASTR),” announced that he has added seeds from Samsung Next, the investment arm of the Samsung Group, and the investment arm of Singapore’s UOB. The company announced that it has raised approximately 500 million yen in a round. (the article ishere)

connection:Why we need a large-scale Web3 conference in Japan | WebX founder interview

Featured Web3 conference dates

Web3 and virtual currency/blockchain related conferences are becoming more active worldwide. In this article, we will also introduce information on major conferences scheduled to be held in the near future, mainly in Asia.

TEAMZ WEB3/AI SUMMIT 2024

“TEAMZ WEB3/AI SUMMIT 2024” is an event with the theme of Web3 and AI, scheduled to be held at Toranomon Hills Forum in Tokyo from April 13th to 14th.

TEAMZ WEB3/AI SUMMIT 2024 follows this year’s TEAMZ WEB3 SUMMIT 2023, and is an event focused on the potential for synergy between the AI ​​and blockchain fields, which are attracting attention due to the rise of OpenAI and ChatGPT.

According to the official page, there will be more than 120 speakers next year, including more than 200 VCs, investors, and exhibiting companies. It is estimated that 5,000 people will attend.

CoinPost official app

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U.S. Treasury bond-backed tokens will be distributed on Aptos, with onboarding possible

https://ourbitcoinnews.com/u-s-treasury-bond-backed-tokens-will-be-distributed-on-aptos-with-onboarding-possible/

Tokenized US Treasuries to Aptos

Ondo Finance, an institutional-class on-chain fund that invests in U.S. bonds, announced on the 23rd a strategic partnership with the Aptos Foundation, which supports the layer 1 blockchain Aptos (APT). As a first step in the collaboration, the USDY token issued by Ondo will be integrated into the Aptos blockchain.

The USDY token is a real asset (RWA) stablecoin backed by short-term U.S. government bonds and bank deposits, and token holders can expect stable yields.

Nathan Allman, CEO and co-founder of Ondo Finance, said of the partnership with Aptos, “Aptos has built strong relationships with institutional investors and has a clear vision for the future of blockchain. By working together, we can further increase the value of the innovative financial products we offer to the market.”

Since announcing its breakthrough product to tokenize U.S. Treasuries on Ethereum in January 2023, Ondo Finance has also expanded into other blockchains. Last December, it expanded to Solana (SOL), and earlier this month it expanded to Sui (SUI), which uses the same programming language Move as Aptos.

connection: U.S. Ondo Finance issues USDY backed by U.S. bonds and bank deposits to compete with stablecoins

What is RWA?

Abbreviation for “Real World Asset.” RWA that is tokenized on the blockchain includes real assets such as real estate, artwork, trading cards, and securities such as stocks and bonds.

▶Virtual currency glossary

connection:Why investors are interested in real asset tokenization and what is Real World Assets (RWA)?

Collaborate on onboarding of tokenized assets

According to RWA.XYZ data, the market value of US Treasury-backed tokens currently stands at $863 million, and Ondo’s total locked-up assets (TVL) is $125 million, ranking third in the industry. occupies the market share.

With this partnership, Thala, the leading DeFi protocol on Aptos, announced that it will incorporate USDY tokens as collateral assets on its Collateral Debt Position (CDP) platform. Additionally, Thala plans to support USDY in its Automated Market Maker (AMM).

Source: DeFillama

According to DeFillama, total assets locked (TVL) on Aptos reached $222 million, of which Thala held the top share with $144 million.

Beyond the USDY integration, Aptos Foundation and Ondo Finance aim to develop “staking and restaking processes to utilize tokenized assets and increase the capital efficiency of the supporting platform” in the future. ing.

connection:Ondo Finance launches on Ethereum to invest in US Treasuries with stablecoin

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Sui blockchain partners with Stardust to promote Web3 game development

https://ourbitcoinnews.com/sui-blockchain-partners-with-stardust-to-promote-web3-game-development/

Integrate WaaS platform

Stardust, which provides Web3 gaming infrastructure and user acquisition services, announced its integration with the Sui blockchain last week. The partnership will see Sui integrated into Stardust’s wallet-as-a-service (WaaS) platform and user acquisition tools.

This collaboration is expected to bring new games and features to the Sui network, improving user experience and enriching Sui’s Web3 gaming ecosystem. Sui’s high transaction processing speed and low gas fees will enable game developers to create games more efficiently and cost-effectively.

Stardust has partnered with many prominent game development companies, including former developers of Call of Duty, Fortnite, and Halo, as well as game studio Midnight Society, led by renowned game streamer Guy Beam, and even the original metaverse platform Habbo. There is.

The decision to integrate with the Sui blockchain was made due to its scalability and ability to process large volumes of transactions at low cost. Recently, Sui passed a significant milestone of $500 million in total assets locked up (TVL) and is also positioned to strengthen its position as the leading blockchain platform for game development, Mysten Labs said. Says.

Canaan Linder, CEO of Stardust, said:

This integration allows game developers to focus on creating beloved games without worrying about technical complexity. This is a big step toward widespread adoption and growth for Web3 games, not just for Stardust developers.

Stardust supports over 150 chains and Solana, including Avalanche, Polygon, zkEVMs, and Ronin, making it usable in a wide range of blockchain environments.

connection:Sui entered the DeFi TVL top 10, what is the background behind the breakthrough?

Expansion of Sui

Layer 1 blockchain Sui saw a sharp acceleration in capital inflows in February, outpacing major competitors such as Cardano (ADA), Near (NEAR), and Aptos (APT). Approximately $545 million (approximately 82 billion yen) of assets are locked in Sui’s decentralized finance (DeFi) protocol, according to data from DeFiLlama.

Fund transfers from Ethereum through cross-chain bridges also increased significantly, with approximately $310 million transferred in the 30 days ending February 16th.

Sui has built a robust network backed by 106 validators operating 413 nodes to maintain high standards of security and integrity of the blockchain infrastructure. On December 22, 2022, Sui Chain recorded a staggering 6,000 transactions per second (TPS), demonstrating its technological capabilities.

Source: OK COIN JAPAN

Sui’s crypto asset (virtual currency) SUI has fallen 68% in the first five months of trading, but is showing signs of recovering in value due to recent increases in activity. It ranks 48th in the market with a market capitalization of 275 billion yen.

connection:SUI | Investment information/real-time price chart

connection:Ondo Finance expands US bond-denominated token USDY to Sui

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Former US President Trump has changed his positive attitude towards Bitcoin?

https://ourbitcoinnews.com/former-us-president-trump-has-changed-his-positive-attitude-towards-bitcoin/

Says “Coexistence with Bitcoin is possible”

Former US President Donald Trump expressed a more positive view of Bitcoin (BTC) at a town hall (a type of debate) held in South Carolina on the 20th.

Moderator Laura Ingraham pointed out that the crypto asset (virtual currency) Bitcoin is decentralized and not controlled by the government, and that younger generations are particularly interested. In response, Mr. Trump said:

I like the dollar, but a lot of people are doing Bitcoin, and frankly Bitcoin has grown into its own context.

Many people are accepting Bitcoin, although there will probably need to be some regulation. Interesting things are happening as more and more people want to pay with Bitcoin. I think it will be possible to come to terms with Bitcoin.

As of June 2021, Mr. Trump was critical of Bitcoin, saying, “It’s like a scam.” By now, it appears that his attitude has softened considerably. On the other hand, some believe that since he is no longer in the position of president, he is now able to express his personal feelings rather than policies.

In the US presidential election to be held in November 2024, policies related to virtual currencies and central bank digital currencies (CBDC) are also becoming an issue of debate.

Currently, incumbent Joe Biden (Democratic Party) and Donald Trump (Republican Party) are expected to be the candidates of their respective parties in the presidential election.

Mr. Trump has taken a stance of strongly criticizing CBDC, citing the risk of public surveillance.

connection:
Virtual currency-related policies will be one of the issues in the US presidential election in November 2024

Regularly releasing original NFTs

Donald Trump has been into NFTs (non-fungible tokens), even though he has remained skeptical of virtual currencies. When he released his first NFT trading card collection in December 2022, it sold out in just a few hours.

He said he didn’t have any particular knowledge about NFTs until then, but he liked the art proposed by a group and had a hunch that it would sell.

connection:
Former US President Trump talks about his NFT trading card that sold out immediately

Since then, NFTs have been released regularly, and the most recent release was the third one in December 2023. This is a “mugshot edition” that uses a photo of himself when he was arrested.

The issuance platform is Polygon’s (MATIC) blockchain, and credit cards and virtual currencies are used as payment methods.

connection:
Former President Trump releases new NFT “Mugshot Edition” containing fragments of his arrest suit

According to financial documents from August 2023, Trump held Ethereum (ETH) worth between 36 million yen and 72 million yen. In December 2023, he transferred Ethereum worth $2.4 million (approximately 340 million yen at the time) to Coinbase, where he appears to have sold it.

connection:
Cryptocurrency portfolio linked to former President Trump may have sold $2.4 million worth of Ethereum – Arkham data

What is NFT?

Abbreviation for “Non-Fungible Token”, a digital token that is non-fungible and has unique value. It is not only used for exchanging “digital items” in blockchain games, but also for proof of ownership of expensive works of art, and is an innovative tool for rights holders (creators) in the “secondary distribution market,” which was difficult to achieve through second-hand sales. It is also attracting attention as a means of giving back.

▶Virtual currency glossary

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Grayscale applies for privacy-themed index ETF Also owns Zcash investment trust

https://ourbitcoinnews.com/grayscale-applies-for-privacy-themed-index-etf-also-owns-zcash-investment-trust/

Aiming to expand ETF products

Grayscale, an American crypto asset (virtual currency) investment company that provides the Bitcoin spot ETF “GBTC,” has filed an application for a new virtual currency-related index ETF.

The new submission is the “Grayscale Privacy ETF” and will be submitted on February 20th.

The Grayscale Privacy ETF is an index-based fund designed to track the performance of companies within five major subthemes of the data privacy sector, including: Data Services Solutions, Cyber ​​Services; – Providers, blockchain-based privacy solutions, network and communications security providers, and privacy protection protocols.

To be included in the index, companies must derive at least 50% of their revenue from these subthemes.

In addition to holding company stocks, Grayscale Privacy ETF also owns Grayscale’s own mutual fund “ZCSH,” which invests in the anonymous stock Zcash. It will account for about 10% of the portfolio.

Following news of the filing, Zcash’s price rose by 15% at one point.

Regarding the handling of anonymous stocks, there is a hurdle due to unclear regulations. Major exchanges such as OKX and Upbit have successively delisted stocks such as Zcash and Monero. Meanwhile, Coinbase still offers the ability to buy and sell Zcash.

connection: Major virtual currency exchange OKX plans to delist almost all anonymous currencies

Special feature for virtual currency beginners

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US-registered investment advisor Carson Group offers clients Bitcoin ETFs such as iShares

https://ourbitcoinnews.com/us-registered-investment-advisor-carson-group-offers-clients-bitcoin-etfs-such-as-ishares/

Expand access to ETFs

More US investors can now buy and sell physical Bitcoin ETFs. US-registered investment advisor Carson Group is now offering Bitcoin ETFs such as BlackRock’s iShares to its clients. This will encourage liquidity and capital inflows.

Carson stocks four stocks: BlackRock’s IBIT, Fidelity’s FBTC, Bitwise’s BITB, and Franklin Templeton’s EZBC.

Aside from Grayscale’s GBTC, BlackRock’s IBIT currently has the highest market capitalization, valued at $6.6 billion. In second place is Fidelity’s FBTC, which has reached $4.8 billion.

Additionally, BlackRock’s Bitcoin holdings at IBIT are 126,950 BTC, second only to GBTC which holds 453,000 BTC.

connection: BlackRock’s Bitcoin spot ETF holds over 100,000 BTC (770 billion yen)

“IBIT and FBTC are the largest physical Bitcoin ETFs in the industry, and it’s important for us to offer them to our customers,” Carson VP Grant Engelbart said in a Bloomberg interview. It is characterized by low costs, has steadily increasing inflows, and has an in-house digital asset team, which is beneficial for our advisory services.”

The Carson Group is a Nebraska-registered investment advisory firm with $30 billion in assets under management. Some companies, like Carson, offer Bitcoin ETFs (Fidelity and Charles Schwab), while others, like Vanguard, have a policy of not offering them.

connection: US asset management giant Vanguard plans not to offer Bitcoin ETF

connection:What is Bitcoin halving?Outlook for 2024 based on past market price fluctuations

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Matrixport aims to reach $63,000 in Bitcoin by March

https://ourbitcoinnews.com/matrixport-aims-to-reach-63000-in-bitcoin-by-march/

“As much as $63,000 is possible depending on multiple factors.”

Crypto asset (virtual currency) service company Matrixport has made a bullish prediction in a new report that there is still a possibility that Bitcoin (BTC) will reach $63,000 (approximately 9.5 million yen) by March 2024. Ta.

Factors cited include the approval of a Bitcoin spot ETF, the Bitcoin halving, expectations for a rate cut after the Federal Reserve’s FOMC meeting, and the US presidential election.

According to CoinShares, inflows into crypto investment products soared in the week ending March 16, driven by Bitcoin’s momentum following the approval of physical ETFs. More than 99% of the inflows were into Bitcoin, totaling the equivalent of $2.4 billion (approximately 360 billion yen).

The amount of assets under management of the target funds has returned to the highest level since December 2021.

connection:
Cryptocurrency investment products record net inflow of approximately 370 billion yen in one week – CoinShares

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Bitcoin ETF special feature

What is Bitcoin ETF?

An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.

▶Virtual currency glossary

Will interest rate cuts and the presidential election have a positive effect?

Matrixport also mentioned the expectation of a rate cut after the Federal Reserve’s Federal Open Market Committee (FOMC).

If interest rates fall, yield-producing U.S. Treasuries will become less attractive, and investors could move into riskier, growth-prone assets like Bitcoin.

Furthermore, economic policy may change depending on the results of this year’s US presidential election. He pointed out that in times of such uncertainty, investors may turn to alternative assets such as Bitcoin.

Former President Donald Trump, the Republican front-runner, has been skeptical of Bitcoin, but he has recently shown signs of changing his mind.

At a town hall (a type of debate) reported by Fox News on the 21st, Trump said of Bitcoin, “There will probably have to be some regulation, but a lot of people accept Bitcoin.” I think it will be possible to coexist with Bitcoin.” It appears that the outlook is more positive than before.

connection:
Virtual currency-related policies will be one of the issues in the US presidential election in November 2024

Regarding the halving period, US virtual currency management company Grayscale released a report on the 9th. He opined that the Bitcoin price is not only affected by the halving, but also by larger economic conditions, but speculated that the selling pressure on miners would ease after the halving as rewards to miners would decrease.

connection:
“This Bitcoin halving is different from the last time” Grayscale analysis

Special feature for virtual currency beginners

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