Author: Coindesk

“The upside convexity on a Trump win is worth being long, and we are seeing market participants building positions in the lead-up. In the absence of an escalating crisis, we see BTCUSD at 70,000 in the coming weeks, continuing off current downside support, with equities breaking further highs,” crypto liquidity provider Zerocap’s Chief Investment Officer Jonathan de Wet said in an email. Read the full article here

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“The interest in the ecosystem suggests that in two or three years time there will be more people in suits at such events, executives from the likes of BlackRock, Goldman Sachs and JP Morgan, resulting in the institutionalization of the space,” he said. McHugh has previously held roles at Goldman Sachs, Citibank, Fidelity Investments and Citadel. Read the full article here

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While some of Musk’s companies – including Tesla and SpaceX – hold bitcoin on their balance sheets, it is unclear how much the X (formerly Twitter) owner believes in the cryptocurrency himself. In an interview broadcast on YouTube in July, Musk said that he thinks “there’s some merit in bitcoin, and maybe some other crypto,” but that his soft spot was for dogecoin (DOGE). Read the full article here

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“Today, Grayscale filed to uplist Grayscale Digital Large Cap Fund as a diversified multi-crypto asset ETP on NYSE Arca. The fund is currently trading under ticker: GDLC, and continues to meet growing demand by providing diversified exposure to crypto through a portfolio of market-leading digital assets. This filing reflects Grayscale’s steadfast commitment to making the crypto asset class more accessible for all investors,” a spokesperson told CoinDesk. Read the full article here

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MIAMI, U.S. – Ripple named exchange and market maker partners for its upcoming dollar-pegged stablecoin, RLUSD, on Tuesday at the Ripple Swell 2024 conference in Miami, Florida. The firm also added ex-Federal Deposit Insurance Corporation (FDIC) chair, Sheila Bair, and David Puth, the former CEO of Centre, a consortium which set standards for USD Coin (USDC), to the advisory board for its stablecoin. Read the full article here

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Despite the unsettling action this morning, bitcoin remains higher by 8% over the past week, with continued momentum for crypto-friendly Republican presidential candidate Donald Trump possibly behind that rally, said Standard Chartered analyst Geoff Kendrick in a Tuesday note. The former president now has a 56% chance of winning in November, according to Polymarket, said Kendrick (now 56.9%). It’s his highest probability of winning since Joe Biden dropped out as the Democratic candidate. Read the full article here

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Coinbase hired History Associates Inc. to pursue SEC communications under the Freedom of Information Act – a process that initially concluded with the agency denying the request by citing that the documents were connected to an ongoing investigation. Coinbase’s hired gun eventually sued over the denial, and History Associates is preparing to ask the U.S. District Court for the District of Columbia to force the hand of the agency, which has since suggested the reason for its initial denial may no longer be valid. Read the full article here

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