Autor Cointelegraph By Stephen Katte

Crypto platform Freeway halts services citing 'unprecedented volatility'

Crypto platform Freeway halts services citing 'unprecedented volatility'

Uverejnil používateľ | okt 24, 2022 |

Crypto platform Freeway has halted some of its services, citing “unprecedented volatility” in the foreign exchange and cryptocurrency markets in “recent times.”In an Oct. 23 post, the platform announced they are halting buys, deposits and will “not be buying Supercharger simulations until our new strategies are implemented.” According to the Freeway website, their “Superchargers” product can offer up to 43% annual yield rewards. Users can deposit fiat currencies and crypto, which are placed in regulated brokerage accounts which are leveraged for returns.A centralized platform, Freeway advertises itself as combining the best of traditional finance with the best of decentralized finance (DeFi). As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. pic.twitter.com/9aHsWbm1So— Freeway (@FreewayFi) October 23, 2022Freeway has not provided any specific details about what its new strategies might involve, but said in the announcement there are plans to “diversify its asset base” and “manage exposure to future market fluctuations and volatility.”What exactly this could mean for the platform and its users is unclear, but the post closes by promising to provide updates soon.”We will notify you when we are ready to recommence partial Supercharger simulation purchases (buy-backs) and then again as we can recommence full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys.”Cointelegraph contacted Freeway for comment on the status of its withdrawals and for further clarification about the halt of services but was not given any new information. The news about halting some services has seen their token Freeway (FWT) drop more than 75% in the last 24 hours, according to Coingecko.In the wake of other high-profile issues with crypto firms and exchanges, users have been expressing their concerns on social media and in the Freeway Telegram group.Whether withdrawals will be honored and if Freeway will follow other high-profile crypto platforms in permanent closure are the two most prominent. Related: Maple Finance CEO: Separating risk from lending saved DeFi from market crashSo far a lone Freeway moderator/admin has been advising users to fill out a support ticket and reported they can’t “really say anything more until the next official communications are forthcoming.””The whole team are working very hard with the intention to recommence partial Supercharger simulation purchases (buy-backs) and then to again be able to recommence full Supercharger simulation purchases,” the moderator added.

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$4.5T asset manager Fidelity offers ETH custody and trading to clients

$4.5T asset manager Fidelity offers ETH custody and trading to clients

Uverejnil používateľ | okt 20, 2022 |

Fidelity Digital Assets, the crypto wing of $4.5 trillion asset manager Fidelity Investments, is set to offer Ether (ETH) custody and trading services to its institutional clients later this month. According to an email to Fidelity’s customers shared on Twitter, the crypto arm announced new “Institutional Ethereum capabilities” for institutional investors starting on Oct. 28, 2022. Fidelity Digital Assets just sent an email to customers announcing that Ethereum will be available for purchase this month. pic.twitter.com/3V0GCrOt5z— Bruce Fenton (@brucefenton) October 19, 2022The post states that investors will be able to buy, sell, and transfer ETH, “using the same model provided for bitcoin investments today.”“With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens,” said Fidelity, likely referring to Ethereum’s shift to the environmentally-friendly proof-of-stake (PoS) model.Fidelity has been a long supporter of cryptocurrencies such as Bitcoin (BTC), outlining in a past paper their belief that it’s a superior form of money, rather than just tech. This latest announcement comes in the wake of a new Ethereum Index Fund, which has raised over $5 million since the first sale on Sept. 26 through a sole investor, according to an Oct. 4 filingRelated: Fidelity will ‘shift’ retail customers into crypto soon — Galaxy CEOIn April, Fidelity announced plans to allow 401(k) retirement saving account holders to directly invest in Bitcoin. While last year, the company announced that 90% of its biggest clients were interested in accessing Bitcoin and other cryptocurrencies.While on Sept. 13, Galaxy Digital CEO Mike Novogratz said that Fidelity was reportedly working toward offering Bitcoin to its 34.4 million retail investor base. Cointelegraph reached out to Fidelity regarding the new service but has not received an immediate response at the time of publication.

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Bitcoin's discount to hash rate highest since early 2020 — Mike McGlone

Bitcoin's discount to hash rate highest since early 2020 — Mike McGlone

Uverejnil používateľ | okt 20, 2022 |

Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s (BTC’s) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to “its propensity to outperform most assets.”In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin’s ever increasing hash rate — a measure of the processing power and security of a blockchain — relative to its price points “to risk/reward leaning favorably.”Many believe that in theory Bitcoin’s hash rate should go up relative to its price. McGlone pointed to a graph noting that the 10-day average of Bitcoin’s hash rate in October is “roughly equivalent” to the level it should be at around $70,000. However, the price is instead currently at $19,500 as of Oct. 18.McGlone noted that such a large gulf between the price and the hash rate was last seen during the “1Q 2020 swoon” — a dip that preceded a meteoric climb that lasted through 2020 and 2021. McGlone tipped that it was possible we are now seeing a “similar price foundation forming now.”Graph of Bitcoin hash rate and price. Source: Bloomberg IntelligenceThe Bloomberg analyst, known to be a perma bull, said that the high rash rates, along with rising demand, adoption and regulation means Bitcoin could be entering an “inexorable phase of its migration into the mainstream and at a relatively discounted price.”In a separate post on Linkedin, McGlone said it “may be a matter of time” before Bitcoin returns to its propensity to outperform most major assets, commenting: “Returning to its propensity to outperform most assets may be a matter of time, as mainstream adoption progresses and adaptive changes in US accounting standards give it a lift.”McGlone also said Bitcoin’s price “should continue to rise over time” given the laws of supply and demand, adding that the cryptocurrency is showing signs of “bottoming” in 4Q 2022. Related: Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst“It’s little surprise that a relatively new asset that had skyrocketed has declined due to the rapid pace of Federal Reserve tightening in 2022, but Bitcoin is showing signs of bottoming and divergent strength in 4Q,” he explained.Previously the Bloomberg analyst has suggested that BTC is a “wild card” which is “ripe” to outperform once traditional stocks finally bottom out, and predicted that BTC had the potential to reach $100K in 2022 as the digital currency completes its transition from a risk-on to a risk-off asset.

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3AC liquidators seek ‘alternative means’ to subpoena missing founders

3AC liquidators seek ‘alternative means’ to subpoena missing founders

Uverejnil používateľ | okt 18, 2022 |

Liquidators for Three Arrows capital (3AC) have asked a U.S. court to grant them permission to subpoena the embattled crypto hedge fund’s founders through “alternative means.”To this date, the whereabouts of Three Arrow Capital founders Su Zhu and Kyle Davies remains unknown, with some accusing the duo of being on the run. In a court motion filed to the United States Bankruptcy Court Southern District of New York on Oct. 14, advisory firm Teneo claimed that standard methods to contact the duo have failed as the “Founders’ whereabouts remain unknown.”It also said that the request for Advocatus Law LLP, the “Singapore counsel purporting to represent the Founders” has declined to accept the subpoenas on behalf of the pair, adding that the founders have also “yet to offer any forthright cooperation” having “only made themselves directly available for two brief discussions” since proceedings began.As a result, the liquidators had asked the court to use “alternative means” to serve subpoenas, which is understood to include reaching out to the duo on their Twitter accounts and email addresses.With the filing of this new motion, liquidators say they seek the “authority to serve subpoenas for the production of documents and testimony on the Founders, the Investment Managers, and third parties.” Meanwhile, an Oct.18 report from Bloomberg claims U.S. regulators are launching a probe into possible legal violations by the Singapore-based hedge fund.Bloomberg alleges the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) are now investigating whether 3AC misled investors and failed to register with the appropriate agencies. Both Zhu and Davies have been keeping a low profile in the wake of 3AC’s insolvency since June. 3AC filed for a Chapter 15 bankruptcy on Jul. 1 in a New York court; however, Zhu and Davies’ current location has never been disclosed.Zhu resurfaced briefly on Twitter in July when he accused liquidators of ‘baiting’ them for information to use in court, with Davies retweeting the post, but the duo has gone radio silent again since then. 3AC managed billions in assets at one point but became another crypto firm to go bankrupt in the bear market after the broad sell-off in digital assets spurred in part by the collapse of the Terra blockchain and alleged poor management decisions on their part.

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Crypto Twitter split as another NFT platform moves to opt-in royalties

Crypto Twitter split as another NFT platform moves to opt-in royalties

Uverejnil používateľ | okt 17, 2022 |

Solana-based Magic Eden has become the latest NFT marketplace to shift to an optional royalties model, following in the footsteps of X2Y2 in August, albeit reluctantly. Under the optional royalties model, buyers are given the power to set the royalties they want to contribute to an NFT project, meaning there is a chance that some creators may not receive royalties when their artworks are sold.In an Oct. 14 post, the NFT marketplace noted that the decision came after “difficult reflection and discussions with many creators” and came as the “market has been shifting towards optional creator royalties for awhile.” The NFT marketplace shared a graph showing that the number of cumulative wallets using optional royalty marketplaces to buy or sell NFTs skyrocketed in late September. 4/ The market has been shifting towards optional creator royalties for awhile. These charts shows the cumulative wallets that have used optional royalty marketplaces to buy or sell NFTs. pic.twitter.com/wxiU800l2P— Magic Eden (@MagicEden) October 15, 2022However, the move has been met with split opinions from Twitter’s NFT community, with some seeing the move as positive for the long-term health of the industry, while others have labeled skipping royalties as akin to “theft.” Well-known NFT artist Mike “Beeple” Winkleman pointed out to his 700,000 followers on Oct. 15 that while he doesn’t love what Magic Eden and others are doing, the switch from a seller’s fee to a buyer’s premium could be better for the industry long term.while I am obviously pro-royalties and don’t love what @MagicEden and others are doing, I do think there is one key change that they hit on… switching from a sellers FEE, to a buyer’s PREMIUM. i think this is actually much more sustainable long term… — beeple (@beeple) October 15, 2022

Another Twitter user named CaptainFuego, behind Fuego Labs told their nearly 10,000 followers that “Royalties are stupid and shouldn’t exist. Glad to see platforms taking this approach.” Others were more critical of the change. Brocolli DAO argued that “royalties are needed in an immature ecosystem,” noting that as per their calculations, they’ve already lost as much as $27,000 in royalties due to 0% purchases on other marketplaces. ROYALTIES:After Magic Eden’s announcement that they will be making royalties optional, we have taken proactive measures to protect the integrity of our project.We’ve run analytics and determined how much we’ve lost in royalties to 0% purchases on other marketplaces: /1— Broccoli DAO (@Broccoli_DAO) October 15, 2022

“In future we will be blocking anyone who hasn’t paid royalties from accessing our Discord channels. Not paying royalties is theft. We will treat it as such,” they said. Cozy the Caller, a self-proclaimed analyst, made a grim prediction to their 108,000 followers, stating “I can see a scenario in which Magic Eden goes 0% and loses their market share to a marketplace enforcing royalties in an innovative way.”honestly unreal I don’t know who is advising magic eden but imagine fumbling a billion dollar company manI can see a scenario in which magic eden goes 0% and loses their market share to a marketplace enforcing royalties in an innovative waysuch a fumble man unreal— Cozy ⓣhe Caller (@cozypront) October 15, 2022

Magic Eden said the change was not taken lightly, and they “have actively been trying to avoid this outcome and spent the last few weeks exploring different alternatives.”Last month, the NFT marketplace attempted to bring forth a royalty enforcement tool called Meta Shield, aimed at deterring NFT buyers trying to skirt creator royalties by giving creators a tool that could flag and blur NFTs that sold bypassing royalties. Magic Eden noted in its latest post that: “Unfortunately, royalties are not enforceable on a protocol level, so we have had to adapt to shifting market dynamics.”In August, NFT marketplace X2Y2 announced they were introducing a similar option that allows buyers to set the royalty fee when buying an NFT. The move doesn’t appear to have affected the platform’s usage; according to data on NFTGo, in the last three months, X2Y2’s trading volume is ranked first, surpassing OpenSea. NFT marketplace trading volume data. Source: NFTGOCointelegraph has reached out to Magic Eden for further comment but has not received an immediate response at the time of publication. 

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