Larry Fink, the CEO of BlackRock, the world’s largest asset management firm, recently vocalized his support for cryptocurrencies during an interview on Fox Business.
This comes as BlackRock applies to list a Bitcoin exchange-traded fund (ETF) in the U.S, a move that could revolutionize finance by providing an accessible investment tool linked directly to Bitcoin.
In the interview, Fink characterized cryptocurrency’s role as essentially “digitizing gold”, implying that it could serve as an alternative investment asset that isn’t tied to any specific currency.
He suggested that Bitcoin could provide investors with a way to protect against inflation and currency devaluation, signaling an international asset appeal.
Fink’s commentary on the crypto landscape has been consistent. He has weighed in on various important occurrences within the sector, such as the FTX downfall in 2022 and the growing intrigue surrounding Bitcoin.
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Given BlackRock’s influence, with over $9 trillion in assets under management as of April, Fink’s pro-crypto statements could trigger substantial impacts both within and outside the cryptocurrency domain.
Crypto enthusiasts online have reacted favorably to Fink’s pro-Bitcoin commentary, with some predicting a potential surge in certain asset prices, referred to as the “Fink Pump”.
At the time of the interview, Bitcoin’s price stood at $30,473, a slight 1% decline from the previous 24 hours.
It’s worth noting that under Fink’s leadership, BlackRock has pursued the launch of a Bitcoin ETF, with crypto giant Coinbase as a surveillance partner.
However, the outcome remains uncertain as the U.S Securities and Exchange Commission has previously rejected all spot Bitcoin ETF applications.
Fink’s positive stance on crypto could potentially tip the scales in favor of such advancements, marking a milestone for cryptocurrency integration into traditional finance.
Bitcoin miners experienced a significant boost in earnings during the second quarter of 2023, as transaction fees reached a staggering $184 million.
This figure surpasses the total transaction fee earnings for the entire year of 2022, showcasing the remarkable growth in profitability.
The latest data from cryptocurrency analytics platform Coin Metrics reveals that this represents a remarkable increase of over 270% from the first quarter of 2023.
Moreover, it marks the first time since the second quarter of 2021 that quarterly transaction fees have exceeded $100 million.
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This surge in fees can be attributed to two key factors. Firstly, Bitcoin’s price surge played a crucial role in bolstering top-line revenues.
Additionally, the introduction of BRC-20, a new token standard on the Bitcoin network, has expanded the possibilities for various use cases and accelerated the scalability of the network through the Lightning Network.
It is important to note that transaction fees accounted for only 7.7% of the total $2.4 billion earned by miners throughout the quarter.
The majority of their earnings still came from Bitcoin block rewards, which currently stand at 6.25 BTC per solved block.
However, this reward is set to decrease to 3.125 BTC following the network’s anticipated halving in May 2024.
Beyond their substantial earnings, Bitcoin miners had additional reasons to celebrate in Q2.
The blocking of the proposed Digital Asset Mining Energy tax by the Biden administration was a notable win for the mining industry.
Additionally, U.S.-based miners benefited from favorable macroeconomic conditions, leading to lower electricity prices due to receding inflation pressures.
Despite these positive developments, the mining fee market has become increasingly competitive as Bitcoin’s hash rate continues to reach new all-time highs.
Coin Metrics reports that the network’s efficiency has improved with the adoption of advanced ASICs like the S19 XP.
The fierce competition underscores the evolving landscape of Bitcoin mining and highlights the need for miners to stay ahead in this rapidly changing environment.
In conclusion, Bitcoin miners enjoyed a highly profitable second quarter of 2023, with transaction fees soaring to $184 million.
This milestone reflects the substantial growth in Bitcoin’s value and the emergence of new token standards.
However, miners must remain vigilant as competition intensifies, and they face the challenges of future halvings and a dynamic mining industry.
A trader’s substantial gamble against Ethereum has resulted in a significant loss of a large portion of his $2 million margin. This development is particularly concerning considering the steady and consistent increase in ETH prices observed in recent weeks.
Screenshots shared on Reddit on July 3 shed light on a trader’s aggressive “shorting” of Ethereum using high leverage on the GMX platform.
GMX is a popular decentralized finance (DeFi) protocol that enables users to trade perpetual futures contracts, including those tied to ETH, with leverage of up to 50x.
Despite enduring substantial losses due to forced liquidation of their short positions, the trader remains undeterred and continues to persistently engage in high-leverage shorting without apparent concern.
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Since mid-June 2023, Ethereum prices have experienced a notable rise, surging by 20% based on current rates. The coin is presently trading at around $1,945, floating above previous liquidation thresholds that were approximately $1,900.
While spot rates have not witnessed further upward momentum from buyers, the bulls still maintain control.
The immediate resistance level remains at the psychological price point of $2,000, in addition to the April 2023 highs at $2,100.
Ethereum’s upward trajectory has been fueled by fundamental activities and growing confidence within the broader cryptocurrency community.
The price correlation between Bitcoin and Ethereum, both denominated in USD, has likely benefited Ethereum bulls during this rally.
The United States Securities and Exchange Commission (SEC) recently made statements alleging that certain native currencies associated with Ethereum’s competitors, including Algorand, Cardano, and Solana, may be unregistered securities.
This development has potentially acted as a tailwind for Ethereum, solidifying its position as a leading smart contracts platform.
The SEC, led by Chair Gary Gensler, has refrained from definitively classifying the status of ETH.
Depending on the agency’s eventual classification, any clarification could either bolster prices or trigger a sell-off.
Despite Ethereum’s consistent rise over the past two weeks, records indicate that the trader began shorting ETH when it was priced around $1,700, persisting until current spot rates.
Notably, the trader intensified their aggressive short positions starting from June 26.
The trader opened two positions in total: one with a leverage of 19x for $12 million and another with a leverage of 7x for $1 million.
As prices continued to climb, the $12 million collateral for the 19x leverage position was closed. However, this did not deter the trader from opening yet another short position, this time with a stop set at $1,999 and leverage of 30x.
The future trajectory of ETH prices remains uncertain. However, it is evident that the coin’s price has remained firm, defying the sellers who were active from mid-April to the first half of June.
Moving forward, the critical price points of $2,000 and $2,100 will likely play a significant role in shaping ETH’s trajectory in the latter half of 2023.
Bankrupt crypto lender Celsius and its former CEO, Alex Mashinsky, have been found to have violated multiple United States regulations by investigators from the Commodity Futures Trading Commission (CFTC).
This revelation comes in the wake of the company’s collapse in 2022.
According to Bloomberg’s report on July 5, citing individuals familiar with the matter, the CFTC’s enforcement division attorneys discovered that Celsius engaged in misleading practices towards investors and failed to register with the regulatory body.
Additionally, Alex Mashinsky was found to have broken several regulations.
Should the majority of the CFTC commissioners concur with the investigators’ findings, the agency may initiate legal action against the defunct crypto lender in U.S. federal court as early as this month, as per insider sources.
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The CFTC investigators’ conclusions contribute to the growing list of regulatory actions taken against the now-defunct crypto lending platform.
On January 5, the New York Attorney General sued Mashinsky, accusing him of deceiving investors and causing substantial financial losses.
On June 16, 2022, securities regulators from five U.S. states launched an investigation into Celsius just three days after the sudden suspension of user withdrawals on June 13.
Court filings indicate that the Securities and Exchange Commission (SEC) and federal prosecutors from Manhattan have also commenced inquiries into the company.
However, Bloomberg highlights that both the SEC and the U.S. Attorney’s Office for the Southern District of New York have refrained from commenting on the investigations’ progress.
Cointelegraph reached out to both the CFTC and Alex Mashinsky for a response but did not receive any communication at the time of writing.
According to Blockstream CEO Adam Back, the Bitcoin ecosystem has been hindered by the prevalence of initial coin offerings (ICOs) and the subsequent focus of venture capitalists (VCs) on non-Bitcoin investments.
In a conversation with Cointelegraph’s Joseph Hall at the Lugano Plan B Summer School in Switzerland, Back highlighted the disparity between the lack of VC investment in Bitcoin and its dominant position in the overall cryptocurrency market.
Back referred to a market research report by Trammell Venture Partners, which revealed that VC flows into the ICO frenzy surged after the launch of Ethereum and smart contracts.
However, this trend has declined in recent years as investors sought early liquidity by purchasing discounted tokens and selling them to retail investors before the products were even available.
Back argued that although ICOs generated profits for investors, they often failed to deliver usable products due to misaligned incentives.
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The Trammell Ventures report indicated that 97% of VC investments in recent years went into “crypto” rather than Bitcoin.
Back emphasized that ICOs, altcoins, and discounted tokens attracted significant investor attention, which was surprising considering the actual real-world utility and adoption of Bitcoin.
He noted that exchange volume primarily consisted of Bitcoin, while the majority of VC spending went to “crypto” ICOs, highlighting the misallocation of resources.
Back pointed out that the underfunding of the Bitcoin space by these types of investors hindered innovation and the creation of valuable products.
However, he also mentioned a positive trend: investment in Bitcoin-related startups, especially at the early stage, had doubled in the last year, indicating renewed interest.
In addition to the discussion on VC funding, it was revealed that Twitter co-founder Jack Dorsey donated $5 million to Brink, a nonprofit organization that supports Bitcoin developers.
Back’s company, Blockstream, and Lightning Labs were recognized as significant contributors to the ongoing development of the Bitcoin protocol, with each employing eight developers dedicated to maintaining the leading cryptocurrency.
Overall, the impact of ICOs on the Bitcoin ecosystem has been significant, with VCs showing a preference for non-Bitcoin investments.
However, recent trends suggest a shift in funding behavior, with renewed interest in Bitcoin-related startups and increased support for Bitcoin developers.
This development bodes well for the continued innovation and advancement of the Bitcoin ecosystem.
In a recent social media post on July 4, Dmitry Gusakov, the community staking lead for Lido, accused their competitor, Rocket Pool, of excessive centralization.
Lido and Rocket Pool are both liquid staking protocols that enable users to delegate their cryptocurrency to validators and receive derivative tokens in return.
Gusakov’s post highlighted that the Rocket Pool contracts are under the control of the Rocket Pool team, allowing them to modify any parameters and execute any methods.
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This means that Rocket Pool developers possess the ability to increase the inflation rate to an arbitrarily high percentage or raise fees up to 100%.
Gusakov emphasized that such vulnerabilities do not exist in Lido’s contracts since these actions are “fully controlled by [decentralized autonomous organization] LidoDAO.”
He claimed that the Rocket Pool contracts, on the other hand, grant significant control to the team.
In response to these allegations, Rocket Pool management committee member Waq acknowledged the existence of the vulnerability and assured that it would be addressed in the future.
Waq accused the Lido team of attempting to take credit for identifying an issue that was already known to Rocket Pool.
According to Gusakov’s post, the RocketStorage contract at Ethereum address 0x1d8f8f00cfa6758d7bE78336684788Fb0ee0Fa46 contains a parameter called “guardian.”
Various functions within the Rocket Pool contracts are labeled as “onlyGuardian,” indicating that they can only be called by the account specified in this parameter, which is currently set to the RocketPool deployer account at 0x0cCF14983364A7735d369879603930Afe10df21e.
Gusakov explained that actions that can be performed by the “guardian” include altering the “RPL InflationIntervalRate” and the “ETH DepositFee.”
This implies that the Rocket Pool team has the power to increase the inflation rate of the Rocket Pool governance token (RPL) or potentially manipulate users’ deposits by setting the fee to 100%.
The allegations made by Gusakov were shared by content creator Chris Blec, who argued that they demonstrate that “pDAO is not a DAO” and that RPL tokenholders do not genuinely control Rocket Pool’s governance.
In response, Rocket Pool community advocate Jasper.lens acknowledged the centralization issue and stated that it would be resolved in the upcoming Saturn upgrade.
Jasper explained that during the initial testing phase of Rocket Pool’s DAO voting systems, on-chain voting was not permitted.
However, after completing the testing phase, the upcoming Saturn upgrade is intended to address the centralization concerns.
Supporting Jasper.lens’ statement, Waq commented that the Rocket Pool community has been actively working on fixing the centralization issue for over a year.
Waq also predicted that the Lido team would hastily claim credit for the resolution once it is implemented.
Liquid staking protocols have gained significant popularity in recent months.
DefiLlama, a blockchain analytics platform, reported on May 1 that these protocols had surpassed decentralized exchanges as the leading decentralized finance category in terms of total value locked.
Additionally, Tenet’s partnership with LayerZero on May 30 aims to expand liquid staking implementation to more blockchains in the future.
Lacoste, the renowned Parisian fashion brand, is at the forefront of the digital revolution, revolutionizing the way fans interact with their favorite brands.
Through their latest innovation, a captivating gaming experience called “The Mission,” Lacoste breathes new life into its iconic digital crocodile emblem, propelling its digital revolution to new heights and captivating audiences worldwide.
“The Mission” is divided into multiple chapters, running from June 29 to December 2023, each containing specific missions for players to complete.
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By successfully accomplishing missions, users earn points and climb the leaderboards, increasing the rarity of their UNDW3 cards in the process.
The higher the rarity, the greater the rewards, utility, and asset value for players.
Exceptional performers will be rewarded with digital vouchers, while the highest-ranking player at the end of the season will enjoy an all-expenses-paid Lacoste VIP experience in Paris.
Lacoste embarked on its journey into Web3, the next evolution of the internet, when it introduced the UNDW3 collection in June 2022.
UNDW3 comprises 11,212 Genesis Pass NFTs (nonfungible tokens), acting as digital “golden tickets” that provide loyal fans with enhanced access to the iconic brand within the Web3 community.
Building on the success of the UNDW3 collection, Lacoste aims to lead the fashion industry in dynamic NFTs by transforming genesis pass NFTs into UNDW3 Cards and introducing a unique Web3 gaming experience.
Starting on June 29, the UNDW3 community can immerse themselves in an interactive adventure through “The Mission,” where they undertake quests to unlock exclusive perks.
UNDW3 cardholders gain access to The Mission website, Lacoste’s gateway to the Web3 universe.
There, users can choose quests and engage with the community through UNDW3 social channels.
Lacoste has implemented a ranking system to track the Web3 activities of each player, fostering competition and engagement.
Lacoste believes that the future of brand loyalty goes beyond mere transactions.
The UNDW3 card celebrates a broader spectrum of brand engagement, encompassing creativity, conversation, and gaming.
By pioneering the concept of dynamic NFTs within the fashion industry, Lacoste solidifies its vision and takes a leading role in shaping the brand experience and loyalty programs of the future.
The introduction of NFTs has brought about a wave of innovation in the fashion industry.
Brands now have the opportunity to transform customers into active community members by providing real-world benefits through digital assets.
With UNDW3 cards, Lacoste is spearheading this paradigm shift, rewarding community members who actively participate in co-creation initiatives, gaming experiences, and conversations surrounding the brand.
To join “The Mission,” users can visit the official UNDW3 website and Discord, where they can engage in the exciting world of Lacoste’s digital revolution.
Lawmakers in the upper house of the U.K. Parliament are pushing ahead with legislation that aims to enhance authorities’ ability to target cryptocurrencies involved in illicit activities.
During a meeting held on July 4, members of the U.K. Parliament’s House of Lords conducted a third reading of the Economic Crime and Corporate Transparency Bill.
This bill, introduced in September 2022, seeks to empower law enforcement agencies in their efforts to combat financial crimes associated with cryptocurrencies.
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Notably, no significant proposals relating to crypto enforcement were put forward during the recent reading, with suggested amendments being described as minor adjustments.
A version of the bill dated June 27 contained provisions that amended existing frameworks to grant authorities more flexibility in seizing and recovering crypto assets.
Furthermore, the legislation clarified the government’s jurisdiction over digital assets intended for terrorism or other related purposes. Before the bill can be enacted through royal assent, U.K. lawmakers will carefully consider all proposed amendments.
In March, the U.K. government announced its plans to implement robust regulations for cryptocurrencies as part of its economic crime plan spanning 2023 to 2026.
Lawmakers expressed their intention to pass the Economic Crime and Corporate Transparency Bill by the fourth quarter of 2023 and collaborate with various agencies to enforce the Financial Action Task Force’s Travel Rule.
Furthermore, on June 19, the House of Lords conducted a third reading of the Financial Services and Markets Bill, which was signed into law on June 29.
The primary objective of this legislation is to facilitate the adoption of crypto assets within the country, demonstrating the U.K.’s commitment to fostering an environment conducive to the growth and integration of digital currencies.
Overall, the U.K. Parliament’s efforts to enact legislation for the regulation of cryptocurrencies and combat financial crimes associated with them demonstrate a proactive approach to ensuring the integrity and security of the financial system.
By streamlining enforcement authorities’ powers and providing clearer guidelines, the U.K. is taking significant steps toward safeguarding against illicit use of cryptocurrencies while encouraging the responsible adoption of digital assets.
Dubai, UAE, July 6th, 2023, Chainwire
OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced the upcoming launch of Signal Trading, a marketplace where users can access automated trading strategies based on technical analysis, or ‘signals,’ which indicate whether to buy or sell crypto.
The marketplace, set to launch in August-September 2023, will allow users to choose from a range of signal providers, including institutions and pro traders. Interested users and signal providers can sign up to the waitlist to be the first to receive updates and access.
Signal Trading will be integrated with TradingView, enabling signal providers and traders to create signals directly on the charting platform, as well as specify the desired action, instrument and other parameters associated with that particular trading signal. With Signal Trading, users can access, follow and copy signals without manual execution, saving time and effort.
Advantages for signal providers include:
- Expansion opportunities by listing signals on OKX’s Signal Trading, giving them access to a marketplace of over 50 million traders
- Integrated with TradingView, a leading platform for generating signals
- In many cases, a significant reduction in latency and costs typically associated with listing signals on third-party platforms
Advantages for signal traders include:
- Avoidance of subscription fees associated with third-party platforms
- In many cases, a significant reduction in latency issues that are prevalent on third-party platforms
- Trust and reliability of using one of the world’s leading crypto exchanges
- A wide variety of signal providers to choose from and compare
OKX Global Chief Commercial Officer Lennix Lai said: “OKX Signal Trading will further improve users’ trading experience on OKX by providing access to a diverse range of high-quality signals from top providers, reducing manual entry errors and unlocking a world of trading opportunities for traders. With advanced algorithms, real-time market data and a diverse range of signal providers available, Signal Trading will be the ultimate solution for those seeking to elevate their trading game and connect with a global community of traders.”
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Contact
Press
[email protected]
London, United Kingdom, July 6th, 2023, Chainwire
Following the announcement of Veloce Media Group’s evolution to Web3, with the launch of its new blockchain utility and governance token, VEXT, it was today announced that GEM Digital Ltd will invest up to $50 million, through a structured token subscription agreement, into the organisation.
Veloce, comprising of industry-leading gaming and racing platform Veloce Esports, and race-winning Extreme E outfit Veloce Racing, has attracted over 35 million subscribers, nearly one billion monthly views, across multiple digital platforms including YouTube and Twitch, and millions of social media followers to become the world’s largest racing gaming media network.
The London-based organisation also operates esports and gaming teams and brands for some of the industry’s most influential names, including Mercedes AMG, Ferrari, McLaren, Yas Heat, whilst also establishing a successful joint venture sub-brand with Lando Norris – Quadrant – and continually competing and winning with Veloce Elites.
The introduction of VEXT in the coming weeks will position Veloce as a leading decentralised gaming and sports media organisations; providing token holders with real utility through a variety of games integrating VEXT and tangible influence, benefits and rewards across all of the Veloce Media Group assets.
The partnership with GEM Digital has all the signs of being a perfect ‘meeting of minds’, as the investment firm moves to increase its stake in this fast-moving world of sourcing, structuring, and investing in utility tokens in relevant and growing industries.
“This is a very exciting transaction ,” said Daniel Bailey, Chief Commercial Officer Veloce and CEO Veloce Racing, “It comes very soon after the announcement of VEXT and our plans to evolve our media and sports group into this truly innovative space; validating Veloce’s position as a pioneer in the industry.
“The GEM commitment will allow us to focus on growth and expansion, through acquisition of more gaming and real-life racing properties, ultimately giving our vast community further VEXT utility and influence.”
For GEM Digital, the investment has found a natural home that reflects its ambitions to work with a diverse set of organisations whilst promoting businesses in the emerging markets, supporting sustainable and inclusive ambitions through business. The investment promises to herald mutual long-term opportunities.
Website | Telegram | Twitter | Discord | Instagram | YouTube | Linkedin | TikTok
About Veloce Media Group
Founded in 2018, Veloce is a multi-pillared gaming and sports media group operating across some of the most innovative, fast-growing, and future-focused sectors in the UK.
Headquartered in London, the Veloce brand comprises of the industry-leading gaming and racing platform, Veloce Esports, and race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship.
As the world’s largest digital racing media network, Veloce has so far attracted over 35 million subscribers and nearly one billion monthly views with a focus on esports, gaming, purpose-driven motorsport, and Web3.
Veloce is partnered with a number of high-profile teams from across the globe, running multiple gaming and esports team operations, including Mercedes AMG, Ferrari, and Yas Heat. Well established JV sub-brands, including Lando Norris’ gaming and lifestyle brand Quadrant, make up another key aspect of Veloce’s vast global network.
To learn more, please visit: https://www.velocemediagroup.com/
About GEM Digital Limited
GEM Digital Limited is a digital asset investment firm. Based in The Bahamas, the firm actively sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally.
Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with offices in Paris, New York, and Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 530 transactions in 72 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments.
Contacts
CEO
Rupert Svendsen-Cook
Veloce Media Group
[email protected]
Head Of Digital Marketing
Louis Broomfield
Veloce Media Group
[email protected]