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Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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The number of cryptocurrency-focused exchange-traded funds (ETFs) applications in the U.S. has been growing as several asset management companies have shown interest in offering their clients exposure to cryptocurrencies via regulated exchanges.

In an SEC filing on September 14, SkyBridge Capital became the latest to apply for a crypto-focused ETF – the First Trust SkyBridge Crypto Industry and Digital Economy ETF. According to the filing, if approved, the ETF will invest about 80% of its assets in companies representing the crypto-industry. This also means that the ETF will not have direct exposure to cryptocurrencies.

More recently, Anthony Scaramucci, the founder of the firm and former Whitehouse Communications Director, revealed that the investment firm now had over $700 million in crypto investments and intends to increase its positions in the market even further.

He stated this during an interview with CNBC Television yesterday in the aftermath of the ongoing SALT Conference New York 2021. During the interview, Scaramucci revealed that the firm was starting an Algorand fund that will be capped at $250 million and had already raised over $100 million.

Remarkably, the firm first added Bitcoin to its portfolio last and in July revealed that Bitcoin was the largest contributor to gains this year at the firm according to a Financial Times report. The firm has previously filed applications for both Bitcoin and Ethereum ETFs.

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Another notable cryptocurrency ETF development was the report that Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.

According to a Business Insider report, in the meeting, the firm cited an in-house survey that showed that bitcoin exchange-traded products held massive appeal to US institutions. They also argued that institutions had a strong interest in digital assets, and a significant number of institutional investors already hold cryptocurrencies. 

This argument has been made by other companies but has so far not swayed the SEC. The crypto-industry has been applying for cryptocurrency-focused ETFs for around eight years with the first being from Bitcoin billionaires, the Winklevoss brothers. Since then the SEC has been denying the application.

In 2021, there are more than 20 companies that have filed for crypto-focused ETFs with the SEC. Some include Galaxy Digital, VanEck, and Valkyrie Investments, all notable investment managers.

The SEC is yet to approve any of the applications. Gary Gensler, the SEC chair has stated that the commission is being cautious with the industry so as to be able to protect consumers maximally. However, there are speculations that approval may arrive before the end of this year. Just last month, Eric Balchunas and James Seyffart – Bloomberg’s in-house ETF analysts – on Tuesday published an investor note that speculated that a Bitcoin ETF approval may likely arrive in October.

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Source: https://zycrypto.com/scaramuccis-skybridge-capital-secures-100m-for-algorand-fund-files-for-crypto-etf/

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Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?

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Data shows Bitcoin funding rates right now are at the same level as they were in early September. This means the coin may see another flush out similar to how it happened back then.

Bitcoin Funding Rates Float Around Similar Levels To Early September

As per this week’s on-chain report from Glassnode, the BTC futures perpetual funding rate of all exchanges is currently at the level similar to what it was back in early September before the crash.

The “funding rates” is an indicator that shows the premium that traders have to pay each other while holding on to their positions in the perpetual swap futures markets.

When the metric has negative values, it means that short traders are paying longs, and that many traders are bearish on Bitcoin right now.

Opposite to that, positive funding rates imply that the overall market sentiment is leaning towards bullish and longs are currently paying shorts to keep their positions.

Related Reading | BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

Now, here is a chart that highlights the trend in the value of the indicator over the last six months:

Bitcoin Futures Funding Rates

Looks like the metric is currently showing highly positive values | Source: Glassnode's The Week On-Chain, Week 43

As the above graph shows, when Bitcoin made its new all-time high (ATH) some days ago, the indicator reached positive local highs.

This means traders started opening many leveraged long positions so that they don’t miss out on the wave of BTC making new ATHs.

Related Reading | On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

However, the price had a correction, which has often been the case during periods of high leverage, and a lot of the excess leverage was flushed out.

Nonetheless, the funding rates are still at similarly high levels right now as in early September. What followed then was the El Salvador crash that took the rates to negative values.

It’s possible another correction can take place now in order to flush out more of the currently high leverage in the market. Though it’s not a certainty that it will be how it plays out.

BTC Price

At the time of writing, Bitcoin’s price floats around $62.5k, down 0.4% in the last seven days. Over the past month, the crypto has gained 44% in value.

The below chart shows the trend in the price of the crypto over the last five days.

Bitcoin Price Chart

BTC's price seems to be recovering somewhat from the dip | Source: BTCUSD on TradingView

Over the last few days, Bitcoin has shown some effort to bounce back from the correction, but in the last couple of days, the crypto has only moved rather sideways. If the futures funding rates are anything to go by, the market may be heading towards another correction soon that will wipe out the excess leverage.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-funding-rates-sept-correction/

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deBridge: A Cross-Chain Infrastructure Platform, Enables Projects to Expand Seamlessly to Other Blockchain Networks

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Interoperability between blockchains became a hot topic a few years ago. The concept was hailed by many as a necessary pre-condition for mass adoption. Crypto projects could not exist in their only little islands, they needed to be connected to have increased utility and value in the real world.

Nowadays, we have several cross-chain projects like Polkadot, Avalanche, and Cosmos building bridges within dApps and the decentralized finance (DeFi) space. However, and despite their best efforts, the currency level of interoperability is still insufficient.

Communication channels between blockchains are still scarce, and liquidity remains fragmented. However, a new solution is poised to change the current landscape, solving these issues and making the whole crypto space increasingly connected.

Enter deBridge

deBridge is a promising cross-chain infrastructure platform that allows developers to connect components of their protocols into different blockchains. In doing so, developers can ensure that any protocol being developed can leverage higher scalability, bridge its token so it co-exists in different blockchains, and build new types of cross-chain applications.

The deBridge protocol offers much more than just cross-chain interoperability and liquidity transfers. deBridge offers the infrastructure necessary for projects to be built on top of, while also allowing for other innovative functionalities such as passing arbitrary data between blockchains, interconnecting smart contracts in different chains, and performing cross-chain invocation of smart contracts.

How does it work?

Cross-chain communication between different blockchains is achieved through a network of elected validators, who independently run oracle nodes to perform various validations and data relays between networks. All oracle services used by deBridge are provided by industry leader Chainlink, the most trustworthy and time-tested decentralized oracle network in the crypto sphere.

The whole deBridge network is governed by its community through a DAO (Decentralized Autonomous Organization), allowing token holders to vote on proposals regarding protocol parameters, management of the treasury, and the overall future trajectory of deBridge.

Finally, a mechanism for delegated staking and slashing was also put into place. Validators are required to stake assets as collateral, which may then be used for slashing and compensation if validators’ choices incur financial losses for users. This ensures validators act in the users’ best interests, as their capital is at risk if they fail to do so.

Overall, the delegated staking and slashing mechanism serve as a backbone for the deBridge protocol security, preventing network validators from exploiting any collusions or loopholes in its economic model.

Closing thoughts

With only six months of existence, deBridge is already showing tremendous potential. After winning the Chainlink Global Hackathon in 2021, among a list of more than 140 rival teams, deBridge has recently closed a $5.5 million funding round and also received a generous grant from the Polygon foundation.

The deBridge decentralized infrastructure will soon go live on the mainnet. Once it’s available, blockchain developers will have an exclusive opportunity to leverage the groundbreaking cross-chain solutions offered by deBridge, thus building the most efficient and fast dApps and protocols possible.

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Source: https://blockonomi.com/debridge-guide/

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Seven-Time Super Bowl Champion Tom Brady Gives a Bitcoin to a Buccaneers Fan

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Seven-time Super Bowl champion Tom Brady announced on ESPN that he was giving a Tampa Bay Buccaneers fan a bitcoin for returning the star quarterback’s 600th touchdown pass ball. However, experts have said that if the fan kept the ball it possibly could have sold for $500K.

Tom Brady Announces Intention to Give Fan a Bitcoin in Exchange for His 600th Touchdown Pass Ball

On Monday, legendary NFL quarterback Tom Brady explained on ESPN that he was giving a Bucs fan, Byron Kennedy, a single bitcoin for returning his 600th touchdown pass. Brady discussed the idea on his Monday Night Football appearance. According to reports, the Tampa Bay Buccaneers fan was standing near the end zone after Brady and wide receiver Mike Evans completed the touchdown pass.

Evans, however, didn’t realize how important the ball was and tossed it to Byron Kennedy after the touchdown. Experts are saying that if Kennedy kept Brady’s 600th touchdown pass football he could have gotten a lot of money for the keepsake. According to one local report, Kennedy could have sold the ball for upwards of $500K if he waited.

Tom Brady and the Tampa Bay Buccaneers decided to negotiate with the Bucs fan and convinced him to return the ball for a reward. The Bucs gave him two signed Tom Brady jerseys, a Brady helmet, a Mike Evans jersey, and cleats. Kennedy also got two season passes to the Bucs 2021 and 2022 seasons and another game ball. The bitcoin gift from Tom Brady was mentioned after the aforementioned rewards were accepted.

Bitcoin Gift $438,000 Less Than What Experts Estimate Brady’s 600th Touchdown Ball Is Worth

Brady has been into cryptocurrencies for a decent portion of 2021 and crafted his own non-fungible token (NFT) marketplace called Autograph. In May, Bitcoin.com News reported on Brady adding laser eyes to his social media profile pic in support of BTC reaching $100K per unit. At the end of June, Brady and his supermodel wife Gisele Bündchen teamed up with the crypto exchange FTX. In September, the two starred in a $20 million ad campaign for FTX.

When Brady appeared on Monday Night Football on ESPN and discussed his crypto gift to Kennedy, he said he would make sure that the Bucs fan got his bitcoin. While a single BTC is swapping for just above the $62K region it’s still $438,000 less than what experts think the touchdown ball could sell for on the open market.

What do you think about Tom Brady giving a Tampa Bay Buccaneers fan a bitcoin in exchange for the touchdown ball? Would you have given the ball back to Brady and the team? Let us know what you think about this subject in the comments section below.

Tags in this story
600th Touchdown Ball, Buccaneers, Byron Kennedy, laser eyes, Mike Evans, NFL, nfl quarterback, Quarterback, Tampa Bay, Tom Brady, tom brady bitcoin, tom brady btc, tom brady crypto, tom brady cryptocurrency, tom brady laser eyes, tom brady nfl, Wide Receiver

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/seven-time-super-bowl-champion-tom-brady-gives-a-bitcoin-to-buccaneers-fan/

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