By Shikha Singh
Bitwise Proposes Crypto-Treasuries ETF After XRP Filing.
Bitwise Asset Management wants to convert three crypto futures ETFs into $BITC to safeguard investors by shifting money into U.S. Treasuries amid market turbulence.
The ETFs’ new approach will be reflected in their “Trendwise” names. This technique will use exponential moving averages (EMA) to switch between cryptocurrency and Treasuries dependent on market circumstances.
Bitwise has also applied to start a new XRP ETP, although Ripple’s legal difficulties may postpone its approval.
CleanSpark Reports 187% Hashrate Growth.
The hashrate of CleanSpark rose 187% in a year to 27.6 EH/s by September 2024. This expansion was driven by strategic data center purchases in Georgia, Mississippi, and Tennessee.
In the fiscal year, the business mined 7,098 Bitcoin and aspires for 30 EH/s by October and 50 EH/s next year.
CleanSpark shares gained 145% year-over-year despite weather interruptions and a 12% market decrease.
Bitfarms, Marathon Digital, and Hive Digital are also growing.
UAE Exempts Cryptocurrency Transfers, Conversions From Value-Added Tax.
The UAE is attracting crypto enterprises with VAT exemptions for crypto transactions and conversions starting November 15.
Cabinet Decision No. (100) of 2024 intends to promote virtual assets in Dubai and Abu Dhabi.
As the UAE markets itself as a global crypto center, the exemptions apply retrospectively from January 1, 2018, and are likely to attract more enterprises than China and India’s cautious measures.
UAE is the third-largest crypto economy in MENA, receiving over $30 billion in crypto between July 2023 and June 2024, according to a new research.
Crypto-Friendly Gaming Giant Tencent Considering Ubisoft Buyout.
After Ubisoft cut its revenue estimates for Assassin’s Creed: Shadows, Tencent and the Guillemot family are allegedly in discussions to acquire and privatize the firm.
Ubisoft, a public business, would no longer have to report results and answer to shareholders if the purchase goes through. If Tencent funds the takeover, Ubisoft might stay under its present management.
After a year-long slide, Ubisoft shares rose 30% due to the suspected transaction.
Hong Kong Makes HKVAX Third Licensed Retail Crypto Exchange.
HKVAX is the third retail cryptocurrency exchange regulated by Hong Kong’s Securities and Futures Commission (SFC). Type 1 and Type 7 licenses allowed it to trade securities and provide automated trading. A trading platform, insured custody, over-the-counter trading, and security token offerings (STO) and real-world asset (RWA) tokenization are offered by HKVAX.
HKVAX is the first licensed under the new system, joining OSL and HashKey from an earlier scheme.
Bitcoin ETFs Could Boost Bitcoin Price in Q4.
CryptoQuant predicts a Bitcoin price increase due to increased demand for exchange-traded products. With daily purchases of 9,000 BTC, Bitcoin ETFs drove prices to a record high of almost $73,000 in March. With Bitcoin near $62,000, recent ETF outflows of $52 million have lowered prices.
After a good U.S. employment report boosted Bitcoin by 2%, the cryptocurrency is suffering in October. Some analysts expect a short-term recovery, whereas PolyMarket bettors expect Bitcoin to reach a new high in 2024.
‘Ancient’Bitcoin Whale Moves More BTC Mined From 2009: Arkham.
An early Bitcoin whale, who mined Bitcoin in 2009, sent 10 BTC worth $610,000 to Kraken on Oct. 3, the latest of multiple $3.58 million payments since Sept. 24. Although idle for over a decade, the wallet includes 1,169 BTC worth $72.4 million.
Satoshi Nakamoto, Bitcoin’s founder, is back in the spotlight. The HBO documentary Money Electric: The Bitcoin Mystery will investigate Nakamoto’s identity, with late American cypherpunk Len Sassaman a possible possibility. But Sassaman’s wife denied he was Nakamoto.
Grayscale launches Aave fund amid DeFi surge.
Grayscale Investments launched its Aave investment fund, giving qualifying investors access to AAVE, the platform’s governance token.
The Grayscale Aave Trust will provide investors AAVE exposure, according to an Oct. 3 press release.
Solv Protocol Overtakes Solana & Uniswap with $1.48 mn Fees.
Solv Protocol’s protocol fee of $1.48 million surpassed Solana’s $1.24 million and Uniswap’s $1.15 million in 24 hours, making it the sixth biggest Bitcoin staking platform. Revenue rose to $295,637 from $12.29k in October.
In April, the protocol’s total value locked (TVL) was $109.52 million; in August, it reached $1.555 billion.
At $617,634, Solana earns more than Solv despite lower fees. Fees at Uniswap have dropped dramatically to $1.1 million.
US Election Takes Polymarket to All-Time High, Token Launch Rumored.
In September, Polymarket, a blockchain betting platform, reached a record $533.31 million in trade volume and 41% more active users than 90,000, spurred by US election betting nearing $1 billion. The platform recovered after an early-month decline.
Analysts worry about post-election activities. Polymarket is apparently seeking $50 million in fresh funding after raising $70 million earlier this year, presumably to issue a new coin to handle future dips. This cryptocurrency might maintain attention after the election and improve platform functioning. A token launch may be vital to Polymarket’s long-term significance, while specifics are unknown.
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