Autor Cointelegraph By Sam Bourgi

Amid miner capitulation, Hut 8 maintained BTC ‘HODL strategy’ in July

Amid miner capitulation, Hut 8 maintained BTC ‘HODL strategy’ in July

Uverejnil používateľ | aug 6, 2022 |

Canadian Bitcoin (BTC) miner Hut 8 Mining Corp. added to its massive BTC reserves in July, as the firm maintained its long-term “HODL strategy” in the face of market volatility.The Alberta-based company generated 330 Bitcoin in July at an average production rate of 10.61 BTC per day, bringing its total reserves to 7,736 BTC. Its monthly production rate was equivalent to 113.01 BTC per exahash, the company disclosed Friday.Hut 8, which trades on the Nasdaq and Toronto stock exchanges, is one of the largest public holders of Bitcoin, according to industry data. As part of its ongoing HODL strategy, Hut 8 deposited all of its self-mined Bitcoin into custody, bucking the growing industry trend of miners selling portions of their reserves during the bear market. As Cointelegraph reported, Texas miner Core Scientific sold 7,202 BTC in June at an average price of $23,000 to pay for servers and settle debts. The company recouped 1,221 BTC the following month after increasing its mining output by 10%.Meanwhile, mining outfit Argo Blockchain reduced its holdings by 887 BTC in July to settle a loan agreement with Galaxy Digital and to fund its business. Separately, Riot Blockchain trimmed its Bitcoin holdings for a third consecutive month in June to raise capital for its operations. Related: Antminer S19 XP dropped in a bid to swing crypto miners back into profitBitcoin mining was a highly lucrative business in 2021, as the average revenue per BTC mined was more than four times higher than the prior year’s average. With Bitcoin prices plunging in 2022, underwater miners have been forced to sell into a declining market environment. Hut 8 (HUT) stock has mirrored the performance of Bitcoin over the past year. Source: TradingView. Shares of HUT 8 rallied 3.5% on Friday to settle at $2.38. The stock is down nearly 70% year-to-date and 80% from its peak on Nov. 8, 2021, when Bitcoin was trading near $70,000.

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VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millions

VC Roundup: Lightning Network payment rail, DeFi trading platform and blockchain security firm raise millions

Uverejnil používateľ | aug 6, 2022 |

Even with the onset of crypto winter, 2022 has been a watershed year for venture capital funding. Crypto and blockchain companies collectively raised $30.3 billion in venture capital in the first half of 2022, exceeding all of last year’s totals. While the number of deals has declined in recent months, startups at the intersection of blockchain payments, decentralized finance (DeFi) and cybersecurity are still attracting sizable interest from the VC community. The latest edition of VC Roundup highlights some of the most intriguing funding deals of the past month. Related: The risks and benefits of VCs for crypto communitiesZEBEDEE closes $35M Series BZEBEDEE, a Bitcoin (BTC)-powered payment processor for the gaming industry, has raised $35 million from several investors including Kingsway Capital, The Raine Group and Square Enix. ZEBEDEE is essentially a platform that allows game developers to incorporate programmable money, including BTC, into their games. The payment platform is powered by Lightning Network, making ZEBEDEE a “Bitcoin enabler of choice” for its partners, according to Kingsway Capital managing partner Afonso Campos.So, we all know that the Lightning Network transfers value instantly and is ever growing with more than 4K Bitcoin stored on its public channels. But how does it make money?You asked our Development Team and here’s their response pic.twitter.com/f3ZMpEFjhW— ZEBEDEE (@zebedeeio) July 21, 2022Blockchain security company raises $90M Series ABlockchain security firm Halborn closed a $90 million funding round in July that was led by Summit Partners with additional participation from Castle Island Ventures, Digital Currency Group and Brevan Howard, among others. Halborn was founded in 2019 by ethical hackers offering blockchain security services. The company recently warned MetaMask users to be weary of a phishing campaign targeting their browser wallets. DeFi platform Hashflow raises $25M in Series A fundingHashflow, a decentralized finance trading platform headquartered in San Francisco, has closed a $25 million funding round backed by some of crypto’s most prominent venture funds. The investment round, which had participation from Jump Crypto, Electric Capital, Dragonfly Capital Partners and GSR, will aid Hashflow in expanding its product offerings for market markers and institutional traders. See the biggest deals and more VC data from Q1, courtesy of @CointelegraphCS.https://t.co/MPIp7dgMOW pic.twitter.com/KTGDkM4qBf— Cointelegraph (@Cointelegraph) June 3, 2022

Socios acquires 24.5% stake in Barca StudiosFan engagement token platform Socios announced in early August that it would invest $100 million in Barca Studios, the digital content arm of the FC Barcelona football club. Socios, which is owned by blockchain technology provider Chiliz, will help FC Barcelona accelerate its Web3 and nonfungible token (NFT) engagement strategy. Specifically, Barca Studios is pursuing NFT and metaverse projects that will help the football club engage with its vast global fanbase, and will rely on Socios’ blockchain to deliver on the strategy. Related: Crypto Biz: Gucci ‘apes’ into cryptoEtherMail secures seed funding for wallet-to-wallet communications Web3 email solution EtherMail has raised $3 million ahead of the planned launch of its encrypted wallet-to-wallet communication service. Scheduled for release in the third quarter, EtherMail enables Web3 companies to send “rich, relevant content directly to their asset holders,” thereby reducing the risk of communication fraud. The service also streamlines community newsletter distribution by enabling autonomous, self-updating mailing lists. The seed round was led by Fabric Ventures and Greenfield One.

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Crypto Biz: Gucci ‘apes’ into crypto

Crypto Biz: Gucci ‘apes’ into crypto

Uverejnil používateľ | aug 5, 2022 |

What comes to mind when you think of Gucci? Designer handbags, fashion jewelry, elegant Swiss watches? What about payment integration with an ERC-20 governance and utility token that wants to power Web3? Rolls off the tongue, doesn’t it? The iconic Italian fashion brand announced this week it would expand its payment options to include the Bored Ape Yacht Club-affiliated ApeCoin (APE) — but only through BitPay. In other words, Gucci will let you liquidate your APE for United States dollars and spend the proceeds at its stores. If you’re surprised by the news, you should read on to learn more about Gucci’s broadening crypto ambitions. While you’re at it, stick around for this week’s Crypto Biz, where we dissect the latest news surrounding Michael Saylor and Robinhood. We leave you with a sobering analysis of the Terra-induced crypto market collapse from a top Kraken executive. Gucci becomes first major brand to accept ApeCoin paymentsIf you missed it, Gucci officially became the first major brand to accept APE payments via Bitpay. The move came months after Gucci announced that it would accept 12 crypto assets as payment across more than 100 North American stores. Holders of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other crypto are now able to convert their digital assets into a $5,000 GUCCI Tote Bag. Beyond crypto payments, Gucci launched a pair of nonfungible token (NFT) collections this year, including the SUPERGUCCI NFT lineup in February. Michael Saylor will step down as MicroStrategy CEO but remain as executive chairBitcoin’s chief evangelist Michael Saylor is clearing his calendar to focus almost entirely on promoting the digital asset. This week, Saylor announced he was stepping down as CEO of MicroStrategy in favor of a new executive chair position. Effective Aug. 8, Saylor’s new role will focus on MicroStrategy’s “Bitcoin acquisition strategy and related Bitcoin advocacy initiatives.” A day after the announcement, MicroStrategy’s stock price surged to three-month highs. It looks like investors are pleased with Saylor’s position. We’ll see how they feel if crypto winter lasts another year.In my next job, I intend to focus more on #Bitcoin.— Michael Saylor⚡️ (@saylor) August 3, 2022‘This is on me’ — Robinhood CEO to lay off 23% of staff after Q2 lossRobinhood’s foray into crypto looked great over a year ago when we were riding the bull market. Now, with crypto, stocks and the economy in the dumps, the discount brokerage has been forced to lay off nearly a quarter of its staff. Vlad Tenev, Robinhood’s CEO, delivered the bad news shortly after the company reported dismal second-quarter earnings results, which included a 44% decline in year-over-year net revenues. Crypto-focused companies have seen sweeping layoffs this year as asset prices plunged and trade volumes dried up.”Departing Robinhoodies will be offered the opportunity to remain employed with Robinhood through October 1, 2022 and receive their regular pay and benefits. They will also be offered job search assistance (including an opt in Robinhood Alumni Talent Directory).”— zerohedge (@zerohedge) August 2, 2022

Contagion only hit firms with ‘poor balance sheet management’ — Kraken Aus bossThe epic collapse of Terra Luna sparked industry-wide contagion in crypto, eventually leading to several bankruptcies and trillions of dollars in lost market cap. But, the only companies and protocols that went under were those with “poor balance sheet management” and a complete lack of understanding of how blockchain works. That sober analysis was provided by Kraken Australia managing director Jonathon Miller. He also explained why Ethereum proved resilient in the face of chaos and why his parent company, Kraken, is poised to continue growing.Don’t miss it! What’s next for Bitcoin and Ether?Bitcoin’s performance over the past week has taken both the bulls and the bears by surprise. Meanwhile, Ether has bounced strongly off its lows as the hype surrounding its upcoming Merge intensifies. But, the outlook on both assets is as clear as mud. In this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to debate an important topic: Have BTC and ETH bottomed yet? You can catch a full replay of the show below.[embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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Crypto Biz: Elon Musk: The ultimate crypto tourist

Crypto Biz: Elon Musk: The ultimate crypto tourist

Uverejnil používateľ | júl 29, 2022 |

Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to hear about Musk and Bitcoin, the better. In this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s fight against fake news and Cathie Wood’s sale of Coinbase stock.Tesla reports $64M profit from Bitcoin saleTesla’s decision to sell most of its Bitcoin wasn’t as boneheaded as it appeared at first. The company scored a $64 million profit in the exchange. Aside from selling emission credits, the electric vehicle maker has routinely struggled to turn a profit over the years. In a form 10-K filing with the United States Securities and Exchange Commission (SEC), Tesla disclosed that it may “increase or decrease” its holdings of digital assets over time. Cynical prediction: ESG FUD will probably be the reason Tesla gets rid of its remaining holdings over time. KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’Crypto exchange KuCoin has been at the receiving end of a nasty smear campaign from a self-styled whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company was facing a liquidity crisis, but he has also launched an “Anti-FUD Fund” to track down and take legal action against so-called “FUDers.” The Twitter account responsible for the misinformation appears to have been deleted.(1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund.Currently, the fund will mainly focus on…thread pic.twitter.com/dWA93nEmHz— Johnny_KuCoin (@lyu_johnny) July 26, 2022Cathie Wood sells Coinbase shares amid insider trading allegationsCathie Wood’s ARK Investment Management appears to be distancing itself from Coinbase amid allegations that the cryptocurrency exchange was involved in insider trading. After holding nearly $9 million in COIN stock as of late June, ARK offloaded more than 1.4 million shares over the next month. According to Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product manager’s insider trading scheme. Separately, and on an unrelated note, Coinbase is also being probed for allegedly selling unregistered securities. In the meantime, you won’t believe how badly COIN stock is down.3AC: A $10B hedge fund gone bust with founders on the runWe’ve spent the past few months talking about the Three Arrows Capital debacle. The firm that also went by 3AC was revered for its investments, trading prowess and insights. The cult of personality surrounding its founders created an image of a company that could do no wrong. Then, it all came crashing down. As we wait for documentarians to make a movie about 3AC’s downfall, Cointelegraph has put together a lengthy expose about the whole ordeal. I’m talking timelines, analysis and information on who owes what to whom. I’ve just seen the list of creditors to #3AC and noticed that @zhusu has filed a claim for $5 million. While being on the run, he has somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own Fund. https://t.co/YFfWmYZOoM— Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs) July 18, 2022

Don’t miss it! Why does the FOMC meeting matter for crypto?Have you been wondering why investors keep talking about the “FOMC?” Why are crypto people suddenly so enamored with this four-letter acronym? In this week’s Market Report, I break down exactly what the FOMC is and why investors need to monitor it. Consider it a crash course on the most powerful organization in the world (yes, really). You can watch the full replay below. [embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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CME crypto futures see record activity during bear market

CME crypto futures see record activity during bear market

Uverejnil používateľ | júl 28, 2022 |

Bitcoin (BTC) and Ether (ETH) derivatives contracts offered by CME Group saw record activity in the second quarter, offering tangible evidence that professional traders were still accessing digital assets during the bear market. The average daily open interest (OI) across CME’s crypto futures products reached 106,200 contracts in the second quarter, the highest on record, the company disclosed Thursday. In futures markets, OI reflects the total number of derivatives contracts that have not been settled. In terms of average daily volume, Bitcoin futures saw 10,700 contracts traded in the second quarter; Ether’s daily volume was 6,100 contracts.During the week of June 21, large open interest holders (LOIH) accessing CME Group’s crypto products reached a high of 404, signaling “growing interest from institutional and large sophisticated investors,” the company said.Recession or no recession? Bitcoin traders diverge from the Fed as BTC gains. https://t.co/AeLWgl5zbj— Cointelegraph (@Cointelegraph) July 28, 2022Despite extreme market volatility for Bitcoin and Ether, CME Group’s crypto futures products have been “a haven of consistent liquidity with continued volume and open interest growth for investors,” Tim McCourt, CME’s global head of equity and FX products, said, adding: “The variety of products, including the smaller sized micro bitcoin and micro ether futures and options, offers enhanced flexibility and trading precision for a range of market participants, including large institutions as well as sophisticated, active traders.”In 2017, CME Group became the second derivatives marketplace to offer Bitcoin futures contracts, trailing its cross-town rival CBOE Global Markets by one week. By the end of 2020, CME’s cumulative Bitcoin futures volume reached $100 billion.Related: ‘Bullish rate hike’ — Why crypto spiked today in the face of bad newsThe derivatives exchange has since gone on to launch several crypto derivatives products, including micro-sized Bitcoin and Ether options. These contracts are 10% the size of their respective crypto assets, giving traders more opportunities to hedge their exposure.On Thursday, CME revealed that its Micro BTC product saw an average daily volume of 17,400 contracts in the second quarter. Daily volume for its ETH-equivalent micro contract was 21,300.

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