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Bitcoin battles for $20K as Mt.Gox BTC dump cloud fades

  • Bitcoin fell below $20,000 over the weekend amid selling pressure across equities and crypto.
  • BTC price is back above the key level, with bulls currently battling bears around $20,245.
  • The Bitcoin market is unfazed by the reported release of 140,000 Mt.Gox bitcoin to creditors.

Bitcoin climbed back above $20,000 0n Monday following Friday’s sell-off and ultimate breakdown to near $19,600 over the weekend.

Sell-off in stocks

The picture on Wall Street, with US stocks also struggling with sell-off pressure since Powell’s hawkish comments on Friday, does add to the overall bleakness.

After falling more than 3.3% on Friday, the S&P 500 opened lower on Monday and is currently 0.6% down. The Dow Jones Industrial Average and Nasdaq are also in the red as the enchmark 10-year US Treasury yield climbs above 3%’

Mt.Gox dump ‘not happening’

As well as the broader dump across risk-on markets on the back of US Federal Reserve Jerome Powell’s Jackson Hole blow, the Bitcoin market saw some negativity amid fear and uncertainty related to Mt.Gox news.

With anticipation of payouts for creditors of the defunct Bitcoin exchange rising as August draws to a close, fear of what a nearly 140,000 BTC dump would do to price gripped the crypto retail market. But the Rehabilitation Plan, announced last month, will not come as a lump sum. Rather, it’s going to be spread over several months.

Crypto analyst Michael van de Poppe commented that the payout should not scare traders, noting in a tweet:

At the time of writing, BTC was trading at around $20,245. It’s about 1.2% up in the past 24 hours. 

But while bulls are battling to keep the psychological support area, weakness across risky assets could still push the cryptocurrency towards intraday lows and possibly a retest of the $19,000 zone.

The post Bitcoin battles for $20K as Mt.Gox BTC dump cloud fades appeared first on CoinJournal.

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CME Group’s Bitcoin Euro and Ether Euro futures are now live

  • CME says there’s growing demand for non-USD denominated crypto derivatives products. 
  • The company also plans to launch options on Ethereum futures on 12 September. 

Derivatives marketplace CME Group has announced its Euro-denominated Bitcoin (BTC) and Ether (ETH) futures contracts are now live.

On Monday, August 29, 2022, the company officially unveiled two euro-denominated crypto futures contracts, noting that the products “will be listed on and subject to the rules of CME.”

Bitcoin Euro and Ether Euro futures contracts

As announced earlier this month, Bitcoin Euro will be sized at 5 BTC and the Ether Euro contract at 50 ether. The contracts are cash settled, and will be based on the CME CF Bitcoin-Euro Reference Rate as well as the CME CF Ether-Euro Reference Rate, the company noted in the announcement.

“Our new Bitcoin Euro and Ether Euro futures will provide institutional clients, both within and outside the US, with more precise and regulated tools to trade and hedge exposure to the two largest cryptocurrencies by market cap” said Tim McCourt, the Global Head of Equity and FX Products at CME Group.

He noted that the two contracts’ offering comes after a strong showing, both in terms of overall growth and liquidity, for the derivatives giant’s US dollar-denominated bitcoin and ether contracts.

CME Group is unveiling these futures products as the crypto market navigates a crypto winter that has decimated crypto prices. However, demand for properly regulated non-USD crypto derivatives remains high.

The provider also plans to launch an options contract on Ether (ETH) futures. The contract, sized at 50 ether, will be rolled out on 12 September, with this being subject to regulatory review.

The post CME Group’s Bitcoin Euro and Ether Euro futures are now live appeared first on CoinJournal.

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EMURGO Ventures invests in DoraHacks to help scale Cardano

The investment round also included Binance Labs, Crypto.com, FTX Ventures and Circle Ventures among other institutional investors.

EMURGO’s venture arm has invested in Web3 hackathon leader DoraHacks as it eyes further development of the Cardano (ADA) ecosystem.

The funding round also attracted leading institutional investors within the crypto market, including FTX Ventures, Binance Labs, Crypto.com Capital, Gemini Frontier Fund, Circle Ventures and Sky9 Capital.

Eyeing Cardano’s Web3 ecosystem

An EMURGO press release on Monday noted that the investment into the hacker movement is part of the company’s mission of promoting global hackathons exclusive to the Cardano blockchain. 

DoraHacks is the most active hackathon developer community,  counting more than 300,000 devs and experts.

The two firms are thus looking to bring top Web3 dApps to Cardano via DoraHacks’ open source DAO-as-a-service platform DoraFactory. According to the announcement, the platforms also eye collaborative efforts on bounties, grant programs, and curation of top projects within the Cardano universe. 

“We expect this investment to drive and scale Cardano’s Web3 developer community through co-hosting hackathons, bring more funding and technological resources to Cardano’s decentralized funding programs for Cardano devs, and ultimately accelerate Cardano’s Web3 in the years to come,” said Kaimin Hu, a venture partner at EMURGO Ventures.

EMURGO Ventures’ plan to scale Cardano comes as its community awaits the launch of Vasil, an upgrade meant to boost the proof-of-stake blockchain platform’s scaling capabilities.

Though delayed since June, Cardano founder Charles Hoskinson recently noted that the highly anticipated update will now happen in September.

The post EMURGO Ventures invests in DoraHacks to help scale Cardano appeared first on CoinJournal.