Bitcoin miner Argo repays $35M Galaxy bailout loan

August 12, 2024 Coin Telegraph

Bitcoin miner Argo repays M Galaxy bailout loan

The loan saved Argo from bankruptcy during the crypto winter of 2022.

Bitcoin miner Argo Blockchain finished repaying $35 million it borrowed from asset manager Galaxy Digital in 2022 to stave off bankruptcy amid that year’s crypto bear market, according to an Aug. 12 company filing.

The repayment marks “a significant milestone for Argo” and was accomplished “without any meaningful impact to Argo’s hashrate,” Argo CEO Thomas Chippas said in a statement. Hashrate measures the computational power of a cryptocurrency mining operation and directly relates to how much Bitcoin (BTC) a miner can earn in a given period.

In December 2022, Argo narrowly avoided bankruptcy by agreeing to a multi-part deal with Galaxy that included selling its Helios Bitcoin mining facility in Dickens County, Texas, for $65 million and refinancing its debt with a $35 million loan.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Regulators postpone listing decision for Hashdex Nasdaq Crypto Index ETF

August 9, 2024 Coin Telegraph

Banks

If approved, the ETF would be the first US fund to hold a diversified portfolio of spot cryptocurrencies.

United States regulators said they would need more time to decide if an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can list on Nasdaq’s electronic securities exchange, according to an Aug. 9 regulatory filing.

The filing was a response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Nasdaq asks to list options on spot Ethereum ETFs — Filing

August 6, 2024 Coin Telegraph

Bitcoin Price

Exchanges are still waiting on permission to list options on spot Bitcoin ETFs, too.

Nasdaq’s options exchange asked United States regulators to permit options trading on spot Ethereum exchange-traded funds (ETFs), according to an Aug. 6 regulatory filing.

Nasdaq’s proposed rule change would apply exclusively to Blackrock’s iShares Ethereum Trust (ETHA), which is the only Ether (ETH) ETF listed on Nasdaq’s electronic exchange. The others are listed on the New York Stock Exchange’s (NYSE) Arca or Cboe.

The filing marks an important step towards widespread adoption of ETH ETFs, which listed in July and and proceeded to attract approximately $1.5 billion in net inflows, according to Morningstar.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

US private investors predict surge in crypto investments in 2024 — Report

August 6, 2024 Coin Telegraph

Coin Telegraph

A survey by law firm Barnes & Thornburg found that 59% of US private investors are more likely to invest in crypto funds over the next 12 months.

United States private investors are foreseeing a surge in crypto investment in the coming months, with more than half of them likely to include digital assets in their portfolios.

A recent survey from law firm Barnes & Thornburg revealed that 84% of participants believe private investment in cryptocurrency will rise over the next 12 months, and more than half (59%) said they are more likely to invest in crypto funds than a year ago.

The survey interviewed 138 limited partners, general partners, and service providers at private equity, venture capital, hedge fund, and investment banking firms active across different industries in the United States.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

‘The Black Swan’ author says Bitcoin a poor hedge against market meltdown

August 6, 2024 Coin Telegraph

Bitcoin Price

Nassim Nicholas Taleb says gold still stands apart as a store of value.

Nassim Taleb, author of The Black Swan and adviser for Universa Investments, said during CNBC’s Squawk Box on Aug. 6 that the cryptocurrency market’s abrupt downturn on Aug. 5 shows Bitcoin (BTC) is a poor hedge against a systemic meltdown.

“Bitcoin is proving once again that it’s not a hedge against your assets melting,” according to Taleb, whose book The Black Swan explores the science of randomness and extreme outliers.

On Aug. 5, the entire crypto market saw a $510-billion drop in total market capitalization amid a marketwide downturn. Following the sell-off, over 60% of the top 50 cryptocurrencies lost all the gains made during 2024, according to CryptoQuant.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Bitcoin trading volume recorded post-halving ATH as crypto market bled

August 6, 2024 Coin Telegraph

Bitcoin Trader

Bitcoin trading volumes reached unprecedented levels amid the market turmoil, while crypto hackers capitalized on discounted Ether.

Bitcoin transactions on crypto exchanges skyrocketed amid turbulent market conditions, marking a new all-time high in trading volume in the fourth cycle of Bitcoin halving.

On Aug. 5, numerous crypto traders suffered huge losses after having their positions liquidated due to falling prices of prominent cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL). As a result of the commotion, some crypto investors sold their Bitcoin holdings to minimize losses, while others chose to purchase the heavily discounted BTC at the $50,000 range.

According to Blockchain.com data, the total United States dollar value of trading volume on major Bitcoin exchanges exceeded $1.14 billion on Aug. 6, as shown below.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing

August 5, 2024 Coin Telegraph

Europe’s fourth largest hedge fund put nearly 0M in Bitcoin ETFs — Filing

Banks

Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.

According to public disclosures filed on Aug. 5, Capula Management, Europe’s fourth-largest hedge fund, invested nearly $500 million in Bitcoin (BTC) exchange-traded funds.

The hedge fund, which is based in the United Kingdom and manages upward of $30 billion in investor assets, holds shares in Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

According to the filing, Capula owns shares worth more than $464 million in total, reflecting its portfolio as of June 30. The filings do not indicate that Capula owns any other crypto assets.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy

August 5, 2024 Coin Telegraph

Bitcoin ETF trading volume tops B amid crypto crash — Galaxy

Bitcoin Price

Galaxy’s head of research expects the funds to see inflows as investors buy the dip.

Trading volumes for Bitcoin (BTC) exchange-traded funds (ETFs) surged past $1 billion at the start of trading on Aug. 5, as crashing markets triggered “extremely elevated” trading activity across crypto, Alex Thorn, head of research at asset manager Galaxy Digital, said in a post on the X platform.

After only 20 minutes of trading, Bitcoin ETFs have clocked more than $1.3 billion in trading volume, with iShares Bitcoin Trust seeing the highest churn at upward of $875 million, according to the post.

Thorn expects BTC ETFs to see net inflows from “dip buying” as investors clamor to take advantage of a roughly 8% drawdown in spot BTC prices since Aug. 4. The downturn was led by Ether (ETH), which dropped upwards of 21% after funds including Jump Trading and Paradigm VC sold hundreds of millions of dollars worth of Ether, according to an Aug. 5 report by QCP Group.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

Crypto products shed $528M amid recession fears — CoinShares

August 5, 2024 Coin Telegraph

Crypto products shed 8M amid recession fears — CoinShares

10x Research

As Bitcoin dropped below $50,000, analysts expect more outflows that would potentially drive prices down to $42,000.

Cryptocurrency assets started seeing significant outflows last week amid growing fears of a recession in the United States and geopolitical concerns, according to a new report by the crypto investment firm CoinShares.

The week of July 28 to Aug. 3 saw digital asset investment products posting outflows for the first time in four weeks totalling $528 million, CoinShares reported in its latest digital asset fund flows report published on Aug. 5.

CoinShares noted that the latest crypto sell-off is believed to be a reaction to fears of a recession in the US, geopolitical uncertainty and consequent broader market liquidations across the majority of assets.

FCA Prepares to Regulate Crypto as Awareness Climbs to 93%

4 crypto price analysis platforms that can improve your trades

August 2, 2024 Coin Telegraph

Bitcoin Price

Crypto analytics platforms can vary widely depending on various factors, including price, investment focus and tracking abilities.

Traders and crypto enthusiasts need access to up-to-date information and topical analysis to make informed investment decisions.

However, with the glut of analysis services available, deciding which platform is right can be difficult.

Some platforms offer in-depth data on futures, while others focus on wallet analysis and decentralized finance (DeFi).

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