Author: Coindesk

Earlier in the session, crypto prices had been on the rise, with bitcoin (BTC) nearing the $69,000 level and perhaps readying for a late-day or weekend challenge of topping $70,000 for the first time in three months. In the minutes following the news on Tether, bitcoin had tumbled to as low $66,500, down nearly 2% over the past 24 hours, before modestly bouncing back to $66,800. The broader market gauge CoinDesk 20 Index was lower by 2.3% over the same time frame. Read the full article here

The tokenized funds will be set up and issued under Kazakhstan’s financial services law, under regulatory oversight of Astana Financial Services Authority (AFSA), where SkyBridge and Bitfinex are licensed to operate. Bitfinex Securities is responsible for the tokenization process, while SkyBridge will act as broker and manager of the tokenized fund. The products will be available to retail users, but with certain geographic limitations, and available to be purchased with Tether’s stablecoin (USDT). Read the full article here

The report also said the amount of “idle cash” within stablecoins is hard to calculate, but it is unlikely to “represent the majority of the stablecoin universe.” For this reason, tokenized treasuries, such as Blackrock’s BUIDL, will likely only replace a small part of the stablecoin market, JPMorgan noted. Read the full article here

With a year-to-date gain of over 240%, MSTR has outperformed NVDA’s 192% surge by a big margin. Since MSTR adopted bitcoin as a treasury asset in August 2020, the gap has grown even bigger, with MSTR up 1,800% versus NVDA’s 1,150%, that’s probably the best evidence of MicroStrategy and its CEO Michael Saylor’s success. Read the full article here

“Now, that’s very different from, let’s say there’s somebody who comes and builds an order book DEX on Polygon PoS,” he said. “If they were doing $20,000 of fees over multiple months, it would be a massive failure, because you would expect massive numbers of orders placed and canceled and filled, then that would drive huge numbers of transactions. So the key here is like, different applications have different intended purposes.” Read the full article here

Bitcoin traded between $67,500-$67,900 during the European morning following a retreat from above $68,000. BTC remains over 1.2% higher in the last 24 hours, outperforming other major tokens, which have posted more modest gains. ETH and SOL have risen around 0.75%, while DOGE is up nearly 1%. The broader digital asset market, as measured by the CoinDesk 20 Index, has risen just under 0.8%. Bitcoin looks on course to close the week over 1% lower, according to CoinDesk Indices data, having failed to sustain any of its ascents north of $68,000. Read the full article here

The bigger picture concerns the growth of the crypto sector in Canada more broadly. The amount of crypto collectively held in Canada’s ETFs might not seem like a big deal right now, Bordianu says, but given the growth of things like tokenized real world assets and the proliferation of stablecoins, Canada needs to focus on building its own infrastructure to handle these assets. Read the full article here

Options-implied probabilities are calculated by using the Block-Scholes model or other pricing models that take into account factors like current spot market price, strike price, time to expiration, volatility, and the risk-free rate. Options-based probabilities are positively correlated with implied volatility: The greater the volatility, the higher the odds of bitcoin hitting certain levels. Read the full article here

The “GCorttell93” account purchased over 4.5 million Trump contracts in the “Presidential Election Winner 2024” market spending over $3 million in a short period. However, due to how the orderbook works, a tranche of $275,000 was filled at 99% odds – a leap from the actual 63% offered odds at the time. Read the full article here

“Over the last 10 years, no one has managed to build a high-performance blockchain. I think the incentives in the space have really skewed people towards short term wins, pumping tokens [and] not actually solving real problems,” he said, adding that average transaction volumes on some chains are in the single digits. Read the full article here