Kategorie: Crypto News

• Spot Bitcoin ETFs recorded a staggering $7.69 billion in trading volumes on February 28.
• Top ETF volumes were with BlackRock’s IBIT, Grayscale’s GBTC and Fidelity’s FBTC.
• Bitcoin price also rose sharply on Monday, hitting highs of $64k before paring gains amid Coinbase network issues.

Relentless demand for the recently approved spot Bitcoin ETFs has pushed the trading volumes to a new record.

On Wednesday, the US spot Bitcoin ETFs saw an incredible $7.69 billion in volume. According to market data tracking the performance of these products, Wednesday’s huge trading volumes shattered the previous day’s nearly 2x.

Leading the charge as has happened in recent weeks is BlackRock’s iShares Bitcoin Trust (IBIT), with over $3.3 billion to account for nearly 44% of the total volume. IBIT did more than $1.3 billion on Monday.

Grayscale’s Bitcoin Trust (GBTC) and Fidelity’s Bitcoin Fund (FBTC) also hit past the billion milestone, recording $1.86 billion and $1.44 billion respectively.

RIDIC: the New Nine doubled their volume record (set Monday) with just about $6b traded.. $IBIT led w $3.3b of it, Fidelity did $1.4b (both double their prev records). The total number of trades was double too, over half a million individual trades bt them. $IBIT alone > $QQQ. pic.twitter.com/ZzB5PWXA4f

— Eric Balchunas (@EricBalchunas) February 28, 2024

Commenting on the massive traction, ETF analyst Eric Balchunas noted that the upsurge seems to be organic and not catalysed by algorithmic or arbitrage trading. He noted on X:

“I asked around to some mkt makers and most say this volume is largely function of natural demand vs algo/arb type volume. Word is wirehouse platforms are seriously looking at adding them soon. I’m sure pressure is mounting for them. They like to see track record and get paid off but w grassroots demand like this they gonna have to expedite.”

The frenzy is also showing in the Bitcoin futures ETFs market, Balchunas noted. With BITO, BITX and BITI all up on volume, the total for the Bitcoin ETFs approached the $10 billion mark.

Bitcoin price hits $64k

Bitcoin price has rallied since the SEC approved the spot Bitcoin ETFs in January, with the latest explosion sending the flagship cryptocurrency’s value past the $64,000 level. As Bitcoin’s halving approaches, analysts say BTC price could soar to a new all-time high above $100k in 2024.

BTC traded around $62,570 on Thursday morning, up 5.3% in the past 24 hours and 22% in the past week.

The post Spot Bitcoin ETFs shatter trading record with $7.69 billion appeared first on CoinJournal.

• New proposal seeks to burn 190 billion FLOKI tokens.
• Over $11 million worth of FLOKI tokens to be permanently removed if vote passes.
• Will FLOKI price explode?

A new Floki DAO proposal seeks to reduce the cryptocurrency project’s total supply by a staggering 190 billion tokens.

The FLOKI developer team  says the massive burn will account for 2% of the circulating supply.

“We would like to put forward a proposal for another massive $FLOKI token burn, similar to the one we had in January 2023. This time around, we’re proposing a burn of 190,918,585,431.84 $FLOKI tokens. That’s around 2% of the token’s current circulating supply, which is currently worth around $11 million,” the proposal reads.

According to details of the new DAO proposal, the token burn will help with the long-term security and stability of the Floki network. By burning these tokens, it ensures they are permanently removed.

The tokens in question are held in a multisig wallet since Floki “narrowly” escaped the implosion that hit the cross-chain bridge Multchain after a $130 million exploit. The team says burning these $190 billion FLOKI tokens is the “only trustless way to guarantee that they NEVER enter into circulation.”

A community vote on the proposal runs from February 29, 2024 to March 2, 2024. A snapshot of the vote shows 84% of votes are so far in favour of the burn.

“If the Floki DAO votes in favor of burning these tokens, they will be burned within a week of the DAO vote passing. If the Floki DAO votes against burning these tokens, they will be kept in the Floki treasury for future use,” the developer team said.

FLOKI price

In January 2023, Floki burned more than $124 million worth of its native tokens. The price of the meme coin jumped more than 70% following the historic burn. In recent weeks, the FLOKI price has also jumped as meme coins rally amid Bitcoin’s uptick to a multi-year high of $64k.

Also notable was reports that digital asset firm DWF Labs was to market-purchase $10 million of FLOKI over the next two years. FLOKI price soared after the news before paring some of the gains.

Prices are however 67% up in the past week at the time of writing.

The post Floki DAO outlines proposal to burn 190 billion tokens appeared first on CoinJournal.

• Crypto.com partners with BTG Pactual to list BTG Dol stablecoin in Latam.
• The collaboration aims to bridge traditional banking with the crypto market.
• BTG Dol is to be traded against BTC and ETH on the Crypto.com platform.

According to a recent announcement, Singapore-based Crypto Exchange, Crypto.com, has joined forces with BTG Pactual, Latam’s leading investment bank, to expand cryptocurrency accessibility in the region.

The collaboration focuses on listing BTG Dol, BTG Pactual’s dollar-pegged stablecoin, on Crypto.com’s platform, facilitating seamless trading against major cryptocurrencies like Bitcoin and Ethereum.

Expanding Latam’s crypto reach

The Crypto.com and BTG Pactual strategic alliance aims to bridge the gap between traditional banking and the burgeoning crypto market.

By listing BTG Dol, BTG Pactual’s stablecoin, on Crypto.com’s platform, both institutions seek to facilitate easier access to digital assets for customers in the region.

BTG Dol trading pairs on Crypto.com

The collaboration also entails the establishment of trading pairs between BTG Dol and significant cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). This move is geared towards promoting BTG Dol as a viable medium for transactions between traditional finance and the crypto sphere.

Andre Portilho, Partner and Head of the Digital Assets Unit at BTG Pactual highlighted the importance of providing customers with unparalleled access to the evolving digital asset landscape, emphasizing the significance of this initiative in expanding crypto adoption in Latin America.

Since its foray into the cryptocurrency sector in 2022, BTG Pactual has been actively exploring avenues to integrate digital assets into its offerings. The issuance of BTG Dol in 2023 marked a significant milestone, positioning BTG Pactual as one of the first institutions to introduce a bank-issued stablecoin in the region.

With this latest partnership with Crypto.com, BTG Pactual continues to spearhead innovation in the finance industry, catering to the evolving needs of its clientele.

The post Crypto.com teams up with BTG Pactual for BTG Dol stablecoin listing appeared first on CoinJournal.

• SEC legal battle with Terraform Labs over TerraUSD collapse continues to unfold.
• Funds allegedly diverted from investors and creditors to an “opaque slush fund” for lawyers.
• Terraform Labs faces intensified scrutiny as the SEC challenges the allocation of resources.

The U.S. Securities and Exchange Commission (SEC) has raised objections to Terraform Labs’ allocation of a $166 million retainer to the law firm Dentons.

This development comes amidst an ongoing legal tussle between Terraform Labs and the SEC, stemming from the collapse of TerraUSD and the subsequent bankruptcy filing by Terraform Labs in January 2024.

Alleged fund diversion

The SEC contends that the substantial retainer payment to Dentons represents a diversion of funds that should rightfully be allocated to investors and creditors involved in Terraform’s bankruptcy proceedings. The commission has characterized this allocation as an attempt by Terraform Labs to establish an “opaque slush fund for its lawyers,” rather than addressing the financial obligations owed to stakeholders.

The SEC’s objections extend beyond the retainer payment, as it also disapproves of Terraform’s intention to engage Dentons for legal representation and cover litigation expenses for its employees. According to the SEC, this move by Terraform Labs may be construed as an effort to circumvent potential future judgments in the SEC’s lawsuit.

Legal battle and bankruptcy

Terraform Labs and its founder, Do Kwon, are currently embroiled in a legal battle with the SEC following the collapse of TerraUSD and the LUNA token in May 2022. The fallout from these events resulted in significant losses for investors, prompting Terraform Labs to file for Chapter 11 bankruptcy protection in Delaware.

The SEC’s stance underscores the contentious nature of the legal proceedings, with the commission asserting that diverted funds could have been utilized to provide restitution to investors and creditors affected by Terraform’s bankruptcy. Despite requests for comment from CoinDesk, neither Terraform Labs nor Dentons have immediately responded to the SEC’s objections.

As the legal dispute between Terraform Labs and the SEC unfolds, the allocation of significant financial resources to legal representation remains a point of contention. The SEC’s objections to Terraform’s $166 million retainer payment to Dentons highlight the complexities involved in navigating the aftermath of TerraUSD’s collapse and subsequent bankruptcy filing.

Moving forward, stakeholders will be closely monitoring developments in the legal proceedings, as the outcome could have far-reaching implications for Terraform Labs, its investors, and the broader cryptocurrency ecosystem. With the SEC’s scrutiny intensifying, Terraform Labs faces heightened pressure to address the allegations surrounding the allocation of funds and navigate the legal challenges ahead.

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