“Bitcoin (BTC) prices surged Friday as the market appeared largely unfazed by the expiration of more than $4 billion of options earlier in the day. Historical price patterns suggest the largest cryptocurrency may be due for further gains over the coming weeks.
Since October the settlement of the monthly options contracts has proven to be a catalyst for bullish short-term moves. In the 10 days following the past six monthly expiries, the cryptocurrency has charted gains ranging from 7% to 35%.“
“We’re maintaining our overweight ethereum vs. bitcoin recommendation from April 2020.
Ethereum’s market cap has risen to ~30% of bitcoin’s over recent weeks. During the last market cycle, ethereum broke this level and [had] as high as 80% of bitcoin’s value. The crypto narrative is shifting from bitcoin to ethereum and other segments like DeFi (decentralized finance) and Web 3.0 apps.
These applications are generating ~3x fees for the Ethereum network vs. Bitcoin, which trades at ~3x the market cap. In crypto accounting terms, this is the same as a company using revenue, less operating costs and earning profit that is used to buy back stock. This means the network would become profitable like a company once ETH supply reduction from burned fees outpaces inflation.
FundStrat also expects bitcoin to reach $100,000 this year and the total cryptocurrency market cap to reach $5 trillion.”
“Fidelity Investments, which has $10 trillion assets under management, unveiled a digital assets data and analytics solution to assist institutional investors and fund managers.
The platform, dubbed Sherlock, will be similar to Bloomberg’s Terminal and will collate data on fundamental and technical analysis, blockchain data, market data, social sentiment analysis and industry news into one portal. It will include research on crypto assets from some of the leading institutional data providers in addition to unique analytics to help investors evaluate the market.
It’s been exciting to see the tremendous growth in the digital assets data space over the past few years, and while the market is maturing rapidly, we’ve heard from institutional investors that there’s still a need for a comprehensive and accessible data solution.”
“The Silicon Valley VC giant is going big for its third crypto venture fund. A16z is looking to pull in between $800 million and $1 billion for the new fund.
With crypto prices trading at near all-time highs, a16z is looking to corral investors interested in finding the next Coinbase.”
“It turns out the 100-million euro digital bond issued by the European Investment Bank earlier this week was actually a trial of a European central bank digital currency.
From a technological standpoint, the experiment required the development and deployment of smart contracts under secured conditions, so that the Banque de France could issue and control the circulation of CBDC tokens.
The bank also revealed plans for further experiments in the future, noting that its efforts are part of a push to provide evidence of use cases for a European CBDC. The [original] announcement ‘triggered a bullish institutional use case for Ethereum.’“
“Valkyrie Digital Assets has launched a Polkadot fund with a novel twist. The investment vehicle will give clients access to the appreciation of the underlying DOT tokens but also the 8% yield from Valkyrie staking the asset through Coinbase Custody.
Valkyrie follows Osprey Funds, which launched the first DOT fund earlier this week, but without the staking perks. Valkyrie is charging a 2% management fee on the fund, coming just under Osprey’s 2.5%. Both firms have decided to waive fees for the first two years.”
“Binance launched a “stock token” trading service on April 12. Red flags have already been raised by regulators in different countries and regions, over the possibility Binance’s new push might run afoul of securities rules.
The process works like this: Once a Binance user opens a trade in stock tokens, a Swiss company called Digital Assets AG (DAAG), on behalf of a German firm called CM-Equity AG, purchases the corresponding amount of the company’s shares. A token is then minted on a private blockchain by Digital Assets.
How can you actually trust that token is what it says it is? You are not going to have all of the rights of ownership if you own one of these tokens. What you basically have is a side bet on the company. And the real question is, who’s on the other side? And is it collateralized to the point where you trust the process?
Digital Assets AG said it is not taking any short positions against the underlying stocks, unlike some CFD (contract for differences) providers in traditional finance.
For traders, there’s also the existential question of whether Binance might end the new service abruptly – for any reason.
Binance.com reserves the right to suspend or terminate Binance stock tokens trading service without notice.”
“An Australian senate committee has published a report calling for a blockchain-based national land registry, better clarity over laws relating to smart contracts, and continued efforts to establish international standards for distributed ledger technology.
The committee was particularly impressed with the potential for blockchain to drive efficiencies in the area of land registries, and is recommending that this issue be further explored.”