Cryptocurrencies To Watch

Tag: Top Crypto News

  • Crypto Firms Lay Off Staff Amidst Bullish Market Trends

    Crypto Firms Lay Off Staff Amidst Bullish Market Trends

    This week, the crypto industry has witnessed a surge in staff layoffs despite the ongoing market surge. This development surprises investors, as it contradicts the typical narrative of a bull market. Usually, crypto companies expand their workforce during periods of growth and optimism.

    Crypto Firms Lay Off Staff

    Consensys, a blockchain technology company and creator of the popular non-custodial wallet MetaMask has announced a significant restructuring effort. The company will lay off approximately 20% of its workforce. Its co-founder, Joseph Lubin, assured the company would provide comprehensive support to impacted employees.

    The layoffs at Consensys coincided with a similar restructuring move by the decentralized derivatives platform dYdX, which also announced a 35% staff reduction. Notably, this marks another significant development for the firm this year. Earlier, its CEO, Anthonio Juliano, temporarily stepped down from his executive role, returning in October to address the company’s direction.

    The latest operational restructuring comes from Kraken, an American-based crypto exchange that announced the layoff of 15% of its workers and the appointment of a new co-chief executive, Arjun Sethi. Interestingly, the company’s latest move comes after it revealed its plans to launch its layer-2 blockchain in 2025.

    Why Crypto Firms are Reducing Workforce

    Currently, the crypto industry is facing regulatory uncertainty more than ever in its history, leading to increased compliance costs, reduced investor confidence, and delayed product launches. Companies like Consensys claim to mitigate these challenges by resorting to layoffs. Its CEO criticized the U.S. Securities and Exchange Commission for overstepping its authority.

    On the other hand, Kraken claimed that its layoffs are intended to achieve its mission of becoming the largest crypto platform. It acknowledged that its growth to over $1 billion in net revenue led to the creation of unnecessary organizational layers, which resulted in managers prioritizing their success over the company’s. The exchange believes the staff cut makes it “leaner and faster.”

    Surprisingly, this supposed crypto bull market is unlike previous ones due to increased regulation, approved crypto ETFs, and growth in DeFi. Despite the market’s upward trend, layoffs have occurred, reflecting the industry’s transformation. As crypto continues to grow, users may expect more unusual occurrences.

  • Asset Manager Canary Capital Files For Spot Solana ETF

    Asset Manager Canary Capital Files For Spot Solana ETF

    Crypto asset management firm Canary Capital has filed for a spot Solana exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). 

    According to the filing, the proposed Solana ETF will track SOL market value via the Chicago Mercantile Exchange CF Solana index — a live price benchmark tool. 

    Canary to Reduce Risk in Holding SOL 

    The asset manager also noted that the spot Solana ETF offers investors a pathway to engage with the Solana market through a traditional brokerage account, bypassing the risks associated with directly holding the digital asset. 

    Canary Capital has not revealed the custodian for the spot Solana ETF or specified the ticker symbol under which the fund will be listed. 

    Nonetheless, the asset manager believes that Solana has significantly surpassed both Ethereum and Binance Chain in active address market share, even when accounting for layer 2 chains.

    Experts anticipate that Solana will be the next cryptocurrency to gain SEC approval for a spot ETF, following Bitcoin and Ether, which were approved in January and July. 

    Asset Managers Filing for Solana ETF

    Canary Capital is not the only asset manager to have filed for a US spot ETF. On June 27, crypto asset management firm VanEck announced on X that it had filed for a Solana ETF with the US Securities regulator. 

    Similarly, on June 28, 21Shares filed a spot Solana ETF with the US securities regulator. The firm aims to address the growing market demand for crypto-focused investments. 

    Franklin Templeton, one of the first firms to issue a spot Bitcoin ETF in the US, also revealed plans for a potential Solana ETF.

  • Robinhood Crypto Trading Volume Doubles to $14.4 Billion in Q3 2024

    Robinhood Crypto Trading Volume Doubles to $14.4 Billion in Q3 2024

    According to Robinhood’s Q3 2024 financial release, published on Wednesday, the finance firm soared in net deposits, revenues, net income, assets under management (AUM), and crypto trading volume despite the volatile market.

    Robinhood also launched newer features, including the Robinhood Legend, index options, and futures trading services, to its over 11 million active users during this period.

    Crypto Boom Fuels Robinhood Success

    As evident in the release, Robnihood’s crypto trading volume increased by 112% year-over-year, from around $6.79 billion to $14.4 billion in Q3 2024, highlighting growing investor interest in the crypto market.

    Additionally, the firm’s crypto revenue jumped to $61 million year-over-year, a 165% surge in value from the previous year’s revenue of approximately $23.02 million.

    The surge in Robinhood’s crypto revenue contributed significantly to the company’s transaction-based revenue growth, which soared by 72% year-over-year to $319 million. Other contributors were its options and equities revenue, which increased by 63% and 37%, to $202 million and $7 million within the previous year. 

    Moreover, Robinhood’s AUM surged by a whopping 76% year-over-year,  from $86.5 billion to $152.2 billion. Notably, the company has attributed its significant increase to soaring crypto valuations and continuous net deposits from different investors.

    “I’m really proud of our Q3 results and how smoothly our product engine is humming,” said Vlad Tenev, CEO and Co-Founder of Robinhood.

    Following the release of Robinhood’s Q3 reports, the company’s shares dropped by almost 12% despite the significant upsurge it recorded.

    Robinhood and Crypto in Q3

    In recent months, the finance firm has made significant waves in the crypto industry, showing its stand in the industry as it tries to meet customers’ and investors’ demands.

    In September, Robinhood Crypto agreed to settle the Californian authorities with $3,9 million to resolve any allegations of violating the country’s consumer protection laws.

    After that, in October, the company introduced crypto deposits, withdrawals, and transfers to users within the European continent, giving them more flexibility and control over their holdings.

    Meanwhile, with the U.S. presidential election knocking at the door, Robinhood has taken a big step into the event prediction market by launching election trading contracts, allowing eligible users to trade based on who they support to win. 

  • Spot Bitcoin ETFs Record $870M Inflow as BTC Crosses $73K

    Spot Bitcoin ETFs Record $870M Inflow as BTC Crosses $73K

    The United States spot Bitcoin Exchange-Traded Fund (ETF) recorded an inflow of $870 million on October 29th. The record came after BTC surged to as high as $73,500.

    Bitcoin ETFs Welcome $870M

    According to public data from analytics platform SoSoValue, BlackRock’s iShares Bitcoin Trust (IBIT) led the inflow streak with a record of $642.87 million, bringing its total net inflow to $24.94 billion. This latest record cements BlackRock’s leading position among spot Bitcoin ETF issuers.

    Next was Fidelity’s Wise Origin Bitcoin Fund (FBTC), which saw $133.86 million in inflows, followed by the Bitwise Bitcoin ETF (BITB) gaining $52.49 million, Grayscale’s Mini Bitcoin Trust (BTC) $29.20 million and the VanEck Bitcoin Trust (HODL) $16.52 million, while ARK 21Shares Bitcoin ETF (ARKB) with $12.39 million.

    Other ETFs, including the Valkyrie Bitcoin Fund (BRRR), Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), WisdomTree Bitcoin Fund (BTCW), and Hashdex Bitcoin ETF (DEFI), had no inflows for the day. Grayscale’s Bitcoin Trust (GBTC) was the only ETF to see net outflows of $17 million.

    The total trading volume for these 12 spot Bitcoin ETFs in the latest record reached $4.75 billion, with their cumulative net inflow at $23.28 billion. This brings the total net assets held by the ETF issuers to $72.55 billion in assets, which accounts for approximately 5.07% of Bitcoin’s market cap of over $1.4 trillion.

    Interestingly, yesterday’s Bitcoin ETF record marks the largest inflow record the fund has recorded since June 4th, when it welcomed over $887 million.

    BTC Trades At $71.5K

    The spot Bitcoin ETF’s latest record was largely fueled by bitcoin’s price movement over the past 24 hours. Yesterday, the leading crypto asset nearly reached its all-time high (ATH) of $73,700. It soared to as high as $73,500 before a market correction took its price below the $72,000 price mark.

    The price surge is largely fueled by anticipation of the upcoming U.S. election, scheduled for November 5th. As of this writing, Bitcoin is trading at $71,500, representing a 0.67% increase over the past 24 hours.

  • American Broadcaster Max Keiser Says El Salvador is Living America’s Dream Through Bitcoin

    American Broadcaster Max Keiser Says El Salvador is Living America’s Dream Through Bitcoin

    El Salvador claims to have achieved more political success than the United States because it adopts Bitcoin. According to Max Keiser, a famous American broadcaster and Bitcoin advisor, “El Salvador is now achieving the American dream through Bitcoin.” 

    El Salvador became the World’s first country to adopt bitcoin as a reserve asset in October 2021 and has continued to acquire the cryptocurrency. Since March 2024, the government has purchased at least one BTC daily and currently holds 5,918 BTC.

    El Salvador’s Success

    Keiser told Fox Business on Monday that El Salvador’s government and citizens’ successes can all be attributed to the country’s adoption of Bitcoin.

    According to the advisor, more people are migrating to El Salvador because the government’s adoption of Bitcoin has led to a growing economy, helping to pay down the country’s debts and achieving less than a 1% inflation rate.

    Additionally, Keiser noted that El Salvador’s president, Niyab Bukele, is one of the most popular leaders in the world and that, under his bitcoin strategy, the country has become one of the safest in the Western Hemisphere.

    “You have a greater risk of getting mugged in Disneyland than getting attacked in El Salvador,” he said.

    He seized the opportunity to praise Bukele for restoring the $6 billion the country lost to gangs and using it wisely, stating that every country around El Salvador wishes to have Bukele as its president.

    Further, he iterated that El Salvador is a Bitcoin country and enjoys a “first mover advantage.” He also revealed that the government is building capital markets based on Bitcoin. 

    American Bitcoin Stance

    During the interview, Keiser was asked how he sees the future of Bitcoin in the United States as American investors predict an upward trajectory for the crypto if former U.S. president Trump wins.

    He replied, “America is doing a good job imitating El Salvador,”

    Notably, America has adopted a cautious stance on Bitcoin. The Securities and Exchange Commission (SEC) has approved spot Bitcoin ETFs and enacted some laws governing crypto adoption and acceptance within the United States, considering investors’ safety. 

    Meanwhile, investors within the region long for extra freedom to trade cryptocurrencies; thus, they support Trump, who has promised to sack the current SEC chairman, Gary Gensler, and make America the World’s Bitcoin capital.

  • El Salvador Marks Three Years of Bitcoin Acquisition, Holds Nearly 6,000 BTC

    El Salvador Marks Three Years of Bitcoin Acquisition, Holds Nearly 6,000 BTC

    According to recent data, a glimpse into El Salvador’s government wallet confirms that the nation’s Bitcoin stash has reached an all-time high, now boasting almost 6,000 BTC.

    El Salvador’s total Bitcoin holdings, comprising both mined and purchased units, have exceeded $400 million in value, with a current balance of 5,917 BTC, supplemented by geothermal energy-powered mining operations at the Tecapa volcano

    Three Years of Making History

    Three years ago, El Salvador made history by becoming the first country to add Bitcoin to its national treasury.

    A few months after President Nayib Bukele proposed the bill to adopt the Bitcoin Law and the Legislative Assembly of El Salvador voted, the country made a pioneering purchase of more than 400 BTC worth about $20.9 million at the time of purchase.

    El Salvador’s decision received mixed reactions. Although some Salvadorans applauded the move as a breakthrough for mainstream cryptocurrency acceptance, the majority voiced concerns and skepticism.

    The International Monetary Fund (IMF) was among the critics, warning the country against accepting Bitcoin as legal tender due to the asset’s volatility and potential risks to the economy.

    Despite facing criticism and concerns, El Salvador, under President Nayib Bukele’s leadership, remains committed to its pioneering Bitcoin strategy.

    The country has continued to bolster its Bitcoin reserves, steadfastly purchasing one BTC daily since March 16, in fulfillment of President Bukele’s pledge to acquire one Bitcoin per day, continuing until the cryptocurrency’s value surpasses fiat currency affordability.

    El Salvador Boosts Bitcoin Adoption

    Inspired by El Salvador’s pioneering approach, Argentina is likely to follow suit and eventually incorporate Bitcoin into its treasury reserves.

    In May, Argentina’s National Securities Commission (CNV) president, Roberto Silva, and vice president, Patricia Boedo, met with Juan Carlos Reyes, president of El Salvador’s National Digital Assets Commission (CNAD), to discuss El Salvador’s groundbreaking experience with Bitcoin adoption.

    President Bukele’s commitment to Bitcoin adoption remains strong, as evidenced by the National Bitcoin Office’s plans to train and provide Bitcoin certificates to 80,000 public servants in El Salvador.

    In a recent report, the country’s President donated bitcoin (BTC) worth approximately $133,000 to support the construction of 1,000 schools across Honduras.

  • Metaplanet Now Holds Over 1000 BTC Following Latest Purchase

    Metaplanet Now Holds Over 1000 BTC Following Latest Purchase

    Japanese investment company Metaplanet has just reached a significant milestone of holding 1,018.17 bitcoins. This comes after the firm revealed its latest acquisition of 156.78 BTC for approximately $10.4 million.

    MetaPlanet Acquires 156.78 BTC

    Metaplanet recently completed its 11th series of stock acquisition rights, which allowed management to purchase company shares at a predetermined price. The rights issue was fully subscribed, with 13,774 shareholders exercising their rights. As a result, Metaplanet generated $65.59 million in proceeds, part of which was used to execute its latest BTC purchase.

    In its public “Notice of Additional Purchase of Bitcoin,“ the company reminded the community of its commitment to accumulating BTC as a treasury reserve asset. The firm noted that the mission is being accomplished by utilizing funds from capital market activities and operational income, including the 11th series of stock acquisition rights.

    The Japanese MicroStrategy uses BTC yield, a key performance indicator (KPI), to measure the success of its Bitcoin acquisition strategy. This metric calculates the percentage change in its total Bitcoin holdings per fully diluted shares outstanding over a specific period. According to the company’s latest report, its BTC yield for Q3 2024 is 41.7%.

    Metaplanet Explores Different Strategies to Boost BTC Holdings

    Beyond stock acquisition rights, Metaplanet is actively exploring other options to acquire Bitcoin. By diversifying its acquisition strategies, the company aims to increase its Bitcoin holdings and accrue profits for shareholders.

    In August, the Japanese company took a $6.8 million loan from its major shareholder, MMXX Ventures, to purchase bitcoins. Interestingly, the loan requires no collateral, a 0.1% annual interest rate, and a six-month term. Metaplanet hopes to repay the loan in a lump sum at maturity.

    Earlier this month, Metaplanet acquired 23.9 BTC worth $1.4 million through an options sale with QCP Capital, a Singapore-based digital asset trading firm. The company sold put options for 233 Bitcoins at a $62,000 strike price, expiring December 27, 2024. In exchange, QCP Capital paid Metaplanet 23.97 BTC as an insurance fee.

    Meanwhile, Metaplanet’s Bitcoin acquisition strategy has caught the attention of influential figures in the crypto industry. Michael Saylor, executive chairman of MicroStrategy, publicly praised Metaplanet’s approach, encouraging other institutions to adopt Bitcoin as a treasury reserve asset.

  • Here is How XRP May Trade After This Critical Breakout

    Here is How XRP May Trade After This Critical Breakout

    XRP has registered massive declines since the start of the week. A closer look at the one-day chart shows it started with notable declines on Monday, following a failed attempt to continue the bullish trend it had on Sunday.

    Although the decline was insignificant, it set the precedent for the rest of the session, as the downtrend continued the next day. It lost the $0.54 support and dropped to a low of $0.52. Following a slight recovery, it lost over 2%. XRP sank lower on Wednesday, breaking below the Bollinger bands but rebounding at $0.51. It lost almost 2% amidst the buybacks.

    Nonetheless, it had one of its most significant single-day declines during the previous intraday session. It opened trading at $0.53 but retraced as the asset saw a substantial rise in selling pressure. The altcoin lost the $0.50 support, hitting a low of $0.48 before rebounding. However, the hike was short-lived, as it ended with losses of almost 6%. ‘

    Several factors contributed to the massive decline. One such is a shift in investors following recent actions by the Ripple CEO. A few weeks ago, he donated over $1 million to Kamala Harris’ campaign, now sparking controversy amongst top players in the crypto space. Many blame him for supporting the candidate against the crypto-favorite Donald Trump.

    Tensions in the Middle East also contributed to the massive declines. The impact of the recent escalation rang through the crypto market as its total valuation dropped by over 3%. It was also responsible for XRP’s massive decline during the previous intraday session.

    However, the dip has set the altcoin up for a possible change in price trajectory.

    Breaking Below the Bollinger Band

    The seventh-largest cryptocurrency recently slipped out of the Bollinger bands. The breakout happened during the previous intraday session, as it lost the $0.50 support and hit a low of $0.48. This is not the first time the asset has dropped below the lower band this week; the first took place on Wednesday.

    The latest event may mean the end of the downtrend. On several occasions, an asset dropping below the lower SMA signifies an impending uptrend, which may play out with XRP.

    Other metrics, like the average directional index and relative strength, support this claim. The ADX is rising as traders are gradually building momentum. A closer look shows that the ongoing trend is occurring amidst the coin’s bearish performance this week.

    RSI was at 33 on Friday but is at 38 now, indicating ongoing buyback attempts by the buyers. Data from the Cryptocurrenciestowatch price tracker shows that the asset slightly increased in trading volume over the last 24 hours.

    However, the moving average convergence divergence still prints sell signals. It is yet to recover from its previous bearish divergence as the 12-day EMA continues downwards and shows no hints of halting its downhill movement.

    When Will XRP Recover?

    The recovery is underway, as the top asset is on its second consecutive green. Although not massive, the small gains see it gradually resume trading inside the Bollinger band. It will look to continue the trend after gaining over 2% during the previous intraday session.

    Although starting off slow, further increases in trading volume may send the price above the first pivot support at $0.52. The Fibonacci retracement level supports this claim as XRP previously bounced off the 78% retracement level and continues upwards until it flips the 61%.

    Previous price movement shows that the key to retesting $0.56 is regaining control above the S1. The altcoin traded between the mark and the $0.54 barrier before breaking out.

    Other crypto assets may also resume their uptrend following Friday’s decline. However, unlike two weeks ago, there will be no significant push this month.

  • American Travel Agent Skylux Now Accepts Crypto Payments For Exclusive Flights

    American Travel Agent Skylux Now Accepts Crypto Payments For Exclusive Flights

    In the last 14 years of cryptocurrency innovation, digital payment options have gradually replaced traditional payment in nearly every industry. Earlier today, Skylux Travel announced that it has launched a new digital payment platform backed by Triple-A, a leading cryptocurrency payment company licensed in the United States.

    Demand For Crypto Payment Options

    Skylux Travel is a full-service company based in the U.S. that focuses on providing customers with a luxury and business travel experience globally.

    The latest launch followed an increasing demand for varying payment options, allowing customers to book an online flight ticket using cryptocurrency while certifying a seamless and secure reservation experience for tech-focused customers.

    Varying Options-Happy Customers

    In addition, the recent payment option will allow customers to use well-sought-after cryptocurrencies like BTC, ETH, USDC, and other digital currencies for their travel bookings. Crypto payment solutions within the travel sector will allow customers to enjoy innovative and flexible payment options.

    Moreover, the travel agent requires customers who want to leverage the new payment options to choose a preferred digital currency. Once payment is confirmed on the blockchain, customers will receive an email containing details about their flight tickets and reservations.

    Triple-A will oversee the transaction process, from the Know Your Customer (KYC) essentials to the crypto-fiat conversation and compliance check to protect Skylux customers from volatility.

    Seeing this as a significant move, the CEO at Triple-A, Eric Barber, stated:

    “Digital currency adoption within the travel sector is growing, as customers seek flexibility and innovation in the payment options they are offered. Our partnership with Skylux Travel allows us to cater to the demands while setting a new standard for convenience and security in luxury travel.”

    Like Skylux, other platforms have bridged traditional firms with crypto payment procedures. An example is the Asian rider app TADA, which launched a new Telegram-based mini-application that will allow seamless cryptocurrency transactions between riders and customers on the TON (The Open Network) blockchain.

  • Ethereum’s ‘Verge’ Upgrade to Enable Node Operation on Phones and Smartwatches

    Ethereum’s ‘Verge’ Upgrade to Enable Node Operation on Phones and Smartwatches

    Ethereum co-founder Vitalik Buterin recently explained that the network’s upcoming upgrade, known as “The Verge,” will enhance security and accessibility, enabling its nodes to operate on devices like smartphones and smartwatches.  

    The upgrade aims to enhance the feasibility and accessibility of solo staking by allowing node functionality on smaller devices.

    The Verge also aims to lower hardware requirements through stateless verification, enabling nodes to validate blockchain blocks without the need to store large amounts of data.

    The Verge Introduces Stateless Verification

    According to Buterin’s post, the introduction of stateless verification will make verifying the blockchain so lightweight that every mobile wallet, browser extension, and even smartwatch will handle it automatically.

    The move to stateless verification will eliminate the need for Ethereum nodes to store the entire blockchain, lowering the technical hurdles for users, including solo stakers.  

    Buterin noted that The Verge was originally centered on introducing Verkle trees, a cryptographic method aimed at minimizing proof sizes and facilitating stateless validation.

    He addressed worries regarding the vulnerability of Verkle trees to quantum computing, saying:

    “Verkle trees are vulnerable to quantum computers, and so if we replace the current KECCAK Merkle Patricia tree with Verkle trees, we will later have to replace the trees again.” 

    While the upgrade initially focused on implementing Verkle trees, developers are exploring the use of binary hash trees built on Scalable Transparent Arguments of Knowledge (STARKs), which offer better long-term prospects for security and scalability in the face of quantum computing risks.

    Modifying Ethereum’s Gas Fee

    The Verge also outlines proposed modifications to the network’s gas fee structure through Ethereum Improvement Proposal (EIP)-4762, which would pave the way for stateless verification.

    The proposed change would recalibrate gas fees for resource-intensive cryptographic operations to maintain both network scalability and security, introducing multidimensional gas, according to Buterin.

    This innovative approach distinguishes gas fees for call data, computation, and state accesses to enhance the management of Ethereum’s resources, aligning with the upgrade’s emphasis on reducing hardware requirements.