“A quick recap of bitcoin’s most tumultuous weekly performance since almost a year ago shows that this week’s high volatility was not caused by one simple factor. The correction earlier this week was largely triggered by an overheated derivatives market as traders rushed to exit leveraged bets. A drop below $45,000 on Thursday coincided with a sell-off in the broader stock market due to rising concerns over surging bond yields, which might dim the allure of riskier assets like cryptocurrencies.
Bitcoin’s spot market looked quiet on Friday, with the daily trading volume on eight crypto exchanges tracked by CoinDesk largely flat compared with levels on Thursday. The market’s relatively quiet tone Friday appeared to reflect low anxiety over a key month-end expiration date on options contracts.
Now, with those options contracts out of the way, the market appears, in the short term, to be free to pick a direction.”
“Purpose Investments now holds over 10,000 Bitcoin in just a week after the launch of its Bitcoin exchange-traded fund product. Data suggests such demand for spot Bitcoin among investors is high. As per Glassnode, the fund has taken in over 1,000 Bitcoin ($46 million) in the past four days, with over 417 Bitcoin in the past day alone.
One of the benefits for investors to purchase the Purpose Bitcoin ETF is that it holds “spot” (or actual) Bitcoin whenever an investor purchases its shares. This is different from most Bitcoin futures products, which allow investors to bet on rising/falling prices but tend to be settled in fiat money.”
“Bitcoin represents a new asset class and may serve as a reserve currency in the future, said the founder and CEO of ARK Invest Cathie Wood on Thursday, during an online conference hosted by Bloomberg. She also drew attention to the investors’ traditional 60/40 equity-bond portfolio, suggesting that this once magic formula is about to come to an end.
Look what’s happening to bonds right now. If we are ending a 40-year secular decline in interest rates, that asset class has done its thing. What’s next? We think crypto could be the solution.
In its annual research report published last month, ARK Invest said that, if institutional investors allocate around 6.5% of their funds in cryptocurrency, the price of Bitcoin could go as high as $500,000.”
“EulerBeats are brief audio tracks paired with artworks. They were named after legendary mathematician Leonhard Euler (pronounced “oiler”). Their tracks and artworks were both generated using Euler’s phi function. Billionaire investor Mark Cuban called them “the most genius idea ever.”
EulerBeats also have a built-in revenue stream. The holders of the 27 original EulerBeats receive 8% in royalties when each print is minted and sold for the first time. According to Dune Analytics’ data, around $1.15 million in cryptocurrency has been paid out to the holders of the original EulerBeats in just the week since they launched.”
“Targeted toward investment advisors, broker-dealers, exchanges and transfer agents, this Risk Alert provided a broad list of specific procedural, bookkeeping and advisory steps the division will be expecting from securities companies in future examinations.
Investment advisors should be aware of risks associated with forks and airdrops, and the Division will be reviewing advisors’ “fulfillment of their fiduciary duty with respect to investment advice.” Investment custodians, meanwhile, should have “continuity plans” in situations where key executives have access to private keys, and the division will be examining private key management going forward.”
“Scientists at the U.S. Department of Energy (DOE) are asking the private sector for help in commercializing a super-powerful cryptojacking detection algorithm that government officials believe can help datacenters overcome crypto-mining malware.
This type of software watchdog will soon be crucial to prevent cryptocurrency miners from hacking into high-performance computing facilities and stealing precious computing resources.
In August, scientists at DOE’s Los Alamos National Laboratory unveiled a neural network they said could detect cryptojackers faster and more reliably than non-AI methods.”
“The city state’s Government Technology Agency (GovTech) and Ministry of Health (MOH) have developed a set of digital standards used to issue COVID-19 test results, known as HealthCerts. HealthCerts uses blockchain technology to issue trustworthy documents that can be verified independently in an open-source framework.
Only the individuals’ hash – or digital finger print – will be published to the blockchain upon issuance to keep data private.”