Cantor Fitzgerald is looking to launch a Bitcoin financing business with an initial capital of $2 billion.
The financing services giant’s CEO announced the plans at Bitcoin 2024.
Cantor Fitzgerald will partner with top Bitcoin custody pltforms to offer leverage to investors that hold BTC.
Cantor Fitzgerald, a New York-based global financial services company, will invest an initial $2 billion in a new Bitcoin financing business, the firm’s CEO Howard Lutnick announced at Bitcoin 2024.
The company confirmed the plans via a press release.
Cantor Fitzgerald eyes BTC financing business
According to the Cantor Fitzgerald CEO and per details in the news release, the new business venture will offer leverage to investors holding Bitcoin. The firm will invest more into the financing platform after the initial $2 billion splash.
“We are excited to help unlock Bitcoin’s full potential and continue bridging the gap between traditional finance and digital assets,” Lutnick said in a statement.
In his comments at Bitcoin 2024, Cantor Fitzgerald exec said his firm was bringing the flagship digital asset to the global financial markets. The company is ready to work with leading custodians in the market, he added.
Lutnick also revealed that Cantor Fitzgerald owns Bitcoin and that he personally also holds the benchmark crypto asset.
“My view is Bitcoin, like gold, should be free to trade everywhere in the world and as the largest wholesaler in the world we are going to do everything in our power to make it so,” he said at Bitcoin 2024.
Cantor Fitzgerald launched in 1945 and has grown into one of the world’s leading financial services providers.
The company offers access to services such as investment banking, equity research, capital markets, asset management and prime brokerage among others.
Bitstamp plans to distribute Mt. Gox Bitcoin and Bitcoin Cash as from Thursday, July 25.
The exchange will have a separate distribution plan for customers in the UK.
Bitstamp announced on Wednesday that the crypto exchange had received Bitcoin (BTC) from Mt. Gox and that it would begin distribution to creditors on Thursday.
The exchange also has Bitcoin Cash from the Mt. Gox trustee, with this coming a decade since the Bitcoin exchange collapsed following a major hacking incident. After a ten-year wait, customers of the defunct crypto exchange can now have their digital assets back.
Bitstamp receives Mt. Gox BTC
Bitstamp said in an announcement that it would begin the distribution process on July 25, 2024. However, it also urged customers to be patient as the process of verification continues.
“We’re pleased to announce that we’ve received the Mt. Gox assets. We’re working diligently to distribute them to our Bitstamp customers who are Mt. Gox creditors. Please allow up to one week for security checks. We’ll inform you when the transfer is finalized,” the exchange notified users via X.
Bitstamp has also told its users in the UK that distribution for this group will be undertaken through a separate plan.
“Rest assured, we’ll keep you updated on the process and ensure you receive your assets as soon as possible,” its post on X reads.
Bitcoin price holds above $66k
Mt. Gox repayments began this month and continues to provide notable downward pressure for BTC price. A significant number of users however have not sold amid the distribution. For instance, CryptoQuant analysts pointed to the increase in BTC outflows from Kraken as the exchange distributed Mt. Gox bitcoin to its customers.
According to analysts, this scenario could bolster Bitcoin’s potential price rebound.
The flagship cryptocurrency currently hovers above $66k, with bulls showing strength since recovering from the recent dump to under $64k.
Bitcoin price still hovers above $66k despite Mt. Gox repayments.
Analysts say on-chain data shows most BTC holders receiving the repayments are choosing to hodl.
BTC price may benefit from this, with a potential to rebound to recent highs.
Bitcoin traded to above $66,500 on Wednesday morning as the market looked to bounce following fresh downside pressure.
The dip to lows of $65,444 on crypto exchange Coinbase happened as traders reacted to news that the US government had sent BTC to exchanges.
Bitcoin holds above $66k
Movement from the Mt. Gox wallets amid repayments also spooked some to introduce selling pressure. The return of outflows for spot Bitcoin exchange-traded funds on Tuesday supported this outlook, with over $78 million in outflows breaking a 12-day streak.
So while prices have dipped since trading to highs of $68,495 earlier in the week, analysts are bullish on the flagship cryptocurrency’s recovery in the short term.
Price holding above $66k points to this and analysts at CryptoQuant says positive sentiment could increase given Mt. Gox BTC recipients are largely choosing to hodl rather than sell. Bitcoin outflows from Kraken have continued to rise and analysts see it as a likely positive signal.
“Significant increase in BTC withdrawals from Kraken after affected Mt.Gox users start receiving their $BTC. This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets,” CryptoQuant posted on X.
Nonetheless, Bitcoin price is currently at a level that 1-3 month BTC holders may look to sell. CryptoQuant analyst Yonsei said a breakdown from the $66.5k area could see BTC seek support around $63.6k.
Swan Bitcoin delays IPO plans due to shutdown of its mining operations.
CEO cites reduced revenue from mining as reason for halting IPO efforts.
Mining sector faces challenges, with firms like Bitfarms and Northern Data adapting.
Swan Bitcoin, a financial services firm specializing in Bitcoin investments, has announced a significant strategic shift. Cory Klippsten, the company’s CEO, revealed that Swan Bitcoin will be scrapping its initial public offering (IPO) plans and shutting down its mining operations.
The announcement, made on July 22 via X (formerly known as Twitter), comes as the company grapples with the financial fallout from recent developments in the cryptocurrency mining sector.
Halting IPO plans pegged on cessation of Bitcoin mining activities
According to Klippsten, the cessation of Swan Bitcoin’s mining activities is a pivotal factor behind the decision to delay the IPO indefinitely. He stated, “Without revenue from our mining arm, we expect to halt our plans for a public offering.”
This move reflects broader challenges within the cryptocurrency mining industry, which has been adversely affected by recent Bitcoin halving events.
In January 2024, Swan Bitcoin launched its mining venture with ambitious plans to become a publicly traded entity in the U.S. within a year. At that time, the company reported generating $125 million in revenue and had expanded its workforce significantly.
However, the halving of Bitcoin’s block reward from 6.25 BTC to 3.125 BTC in April has diminished mining earnings for many firms, including Swan Bitcoin.
The halving event, which occurs approximately every four years, effectively reduces the rewards miners receive for validating transactions on the Bitcoin network. This reduction has led to a decline in profitability for several major mining companies.
Bitfarms, a Canadian mining firm, is among those affected, facing increased pressure following a hostile takeover bid from Riot Platforms.
Swan Bitcoin scaling back on spending with staff reductions
In response to the financial strain, Swan Bitcoin is scaling back its accelerated spending plans and implementing staff reductions.
Klippsten noted that this shift would impact various functions within the company, indicating a significant restructuring effort.
Despite these challenges, the broader cryptocurrency mining sector is witnessing varied responses. German mining firm Northern Data has announced plans to pursue an IPO in the US within the first half of 2025, while Genesis Digital Assets is also considering a public offering.
Swan Bitcoin’s strategic retreat underscores the volatile nature of the cryptocurrency market and the challenges companies face in navigating financial pressures and regulatory landscapes.
As the company recalibrates its business model, the future of its IPO plans remains uncertain.
Inflationary pressure and geopolitical uncertainty could see Bitcoin become a global reserve currency, states Cuban
The billionaire believes Trump’s lower tax rates and tariffs could push up Bitcoin’s price
Elon Musk plans to commit $45m a month to back Trump’s presidential run
US billionaire Mark Cuban believes that through a combination of inflationary pressure and geopolitical uncertainty, Bitcoin could become a global reserve currency.
Taking to X, the billionaire indicated that Silicon Valley’s support for former President Donald Trump was a “bitcoin play” to boost its price. Cuban, who has backed Joe Biden for re-election, stated that lower tax rates and tariffs under Trump could push up Bitcoin’s price.
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban wrote.
He added that this will make it easier to “operate a crypto business because of the inevitable, and required, changes at the” US Securities and Exchange Commission (SEC).
How High?
Questioning how high Bitcoin can go, Cuban didn’t give a figure, but wrote “way higher than you think,” adding that this is due to its global status, its 21 million Bitcoin limit, and the fact that the currency has unlimited fractionalisation.
In Cuban’s view, Bitcoin could become a safe haven as countries turn to it as they seek to protect their savings if geopolitical uncertainty continues and the dollar declines as a reserve currency.
While he only indicated that this was a possibility and isn’t saying it will happen, he added that it’s already happened in countries facing hyperinflation.
Following Trump’s injury during an assassination attempt at a campaign rally in Pennsylvania, Musk officially endorsed the former GOP President by saying he plans to commit $45m a month to a new super political action committee backing Trump’s presidential run.
In March, billionaire Elon Musk indicated he wasn’t voting for the Democratic Party in November. The tech mogul who owns Tesla and SpaceX, in addition to X, wrote “I voted 100% Dem until a few years ago. Now, I think we need a red wave or America is toast.”
StarkWare has verified the first zero-knowledge (ZK) proof on the Bitcoin.
It’s part of the core Starknet developer’s plans to scale Bitcoin for mass adoption.
StarkWare has achieved a historic feat by completing the first zero-knowledge proof verification on the Bitcoin network, according to the details posted on X on Wednesday.
The blockchain developer revealed that after months of exploring, its developers have managed to verify the first ZK proof using a new STARK verifier, Stwo Verifier on OP_CAT-enabled Bitcoin Signet. It’s the first of many steps in the quest to scale Bitcoin.
Scale Bitcoin for mass use
StarkWare announced in June that the company was looking to scale Bitcoin for mass adoption using ZK proofs. With the new scaling solution, dApps can decide to settle on Bitcoin or Ethereum.
“Starknet will become the first network to settle simultaneously on Bitcoin and Ethereum and scale Bitcoin to many thousands of transactions per second. This will happen within six months after the potential Bitcoin upgrade, OP_CAT,” StarkWare CEO Eli Ben-Sasson wrote.
StarkWare offered a $1 million application grant targeted at research efforts around an OP_CAT in June.
“My dream is to see Bitcoin attain the scale it needs to serve everyone, constantly. This involves opening it up to participation for all, without financial barriers to entry. I believe it must happen with steadfast adherence to Satoshi’s insistence on decentralization and security,” Ben-Sasson added.
Online gambling is a huge part of the casino world, but there is a small percentage of players who worry about its security — welcome, cryptocurrency casinos. It’s 2024, and although crypto casinos are nothing new, there is a wide range of some of the huge household names now utilizing this form of payment to stay ahead. It used to be that security processes were a major block for many players online, as when you gamble online you are putting your data, funds, and personal information in the hands of the online casino. Luckily, we’re in a new era of technology and the security methods that these brands now use are second to none.
If we were to look at the history of online casinos, we would see that traditional platforms struggled to build robust security methods, which left players susceptible to fraud and hackers. However, that fear is one of the past, as all online casinos that are worth playing on have to be regulated and in turn, adopt a fortress-like level of security. It not only puts you as the player in safe hands but offers up a new way of using decentralized funds, that are transparent and completely controlled by you. We’re going to be taking a look at how one of the safest forms of online gambling is evolving, and what measures shape where it’s got to today. Ever worried about online casinos before? Well, you won’t now!
Blockchain — what is it?
If you were looking for one advancement to thank in this evolving secure digital landscape, then it would most definitely be blockchain. Although to many it sounds unmeasurably confusing, it’s a piece of technology that works wonders in online gambling. Blockchain is a decentralized digital piece of technology that acts as a record sheet for transactions. It is a secure, transparent piece of tech that, in summary, is a digital ledger/database. It stores the transactions in things called blocks, which are then linked by a chain… sounds obvious, right?
Each and every block that is formed on this digital ledger then contains an individual yet unique cryptographic node that cannot be modified as the chain goes on. Therefore, in summary, as the chain progresses, it becomes inevitably stronger and unable to be hacked or tampered with. It’s also getting more valuable all the time.
It is the undisputed heavyweight in all security processes and stands as the backbone of anything cryptocurrency-related.
But how does it keep your information safe in gambling?
Immutability — This means that it is unable to be changed, ever. When a piece of data has been recorded on the ledger (blockchain), it is then unable to be altered. This creates a transparent record in a casino, showing that all bets have been safely placed and will never be tampered with.
Decentralization — Like everything with crypto, when using crypto in a casino, it becomes completely decentralized. This cuts out any third parties such as banks, and therefore reduces potential threats. Although you may think your funds are safe with the central banks, they are far more susceptible to hackers than if they were placed in a virtual crypto wallet — hence why they’re the future of online gambling.
Fairer — Above all else, when you’re gambling online, one of the most important requests is fairness. Blockchain makes sure that all the algorithms in a casino’s interface are fully leveled out, meaning that crypto pokies are guaranteed to be treated equally with all their pay-ins, pay-outs, and hand/slot automation.
The future of privacy and transparency
Online gambling is only growing exponentially because both crypto and blockchain are putting support in place for its players. Crypto gives the player a whole new level of anonymity, while blockchain dishes up transparent records for safeguarding their data. This opposes the older methods of online casinos, as pre-crypto users would use traditional payment methods that resulted in your data being shared, and potentially hacked. Before crypto was utilized by online casinos, players would have to input a lot more personal data — which would put them at risk of identity fraud. Now, the online player uses a virtual wallet that is decentralized and secure from all threats.
The role of cryptocurrency is growing and the future of it is only getting more resilient against security worries. As of early 2024, there are 13,217 cryptocurrencies in existence, with new ones appearing all the time — and this is expected to grow by the end of the year. We’re in an era where technological changes are inevitable, and to stay ahead as a business, you need to adopt change. This makes customers in online gambling feel safe, and encourages them to utilize the platforms that prioritize their safety above all else.
With every bet you place being recorded on the blockchain and every payout you receive being fully untraceable — secure gambling is not just the future, it’s the now.
Mt.Gox has moved over 44,500 BTC worth over $2.8 billion to an internal wallet.
The price of BTC fell slightly after the transfer, retreating to around $62,835.
On-chain data shows a wallet linked to Mt. Gox has just moved more than $2.8 billion worth of Bitcoin.
The huge transfer comes as Bitcoin price looks to hold gains seen since last weekend’s attempted assassination of Donald Trump.
Mt.Gox transfers over $2.8 billion in BTC
On Tuesday, Lookonchain shared details of a large BTC transfer.
Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer originated from the wallet of defunct crypto exchange Mt. Gox.
The said Mt. Gox wallet moved over 44,500 BTC worth over $2.84 billion, with this going to an internal wallet. Market anticipation is that the exchange’s trustee could be preparing for a repayment round following an announcement in late May.
Mt. Gox moved 47,000 bitcoins last month ahead of the expected repayments commencement date this July. As then, Tuesday’s transfer saw the price of BTC slip slightly from above $63,000.
Analysts at Bitfinex said in a report on Monday that while positive news will continue to dictate BTC movement, the threat of fresh sell-off pressure remains. Mt. Gox, which currently holds 138,985 BTC worth over $8.8 billion, is likely to be one source of this anticipated downside pressure.
“Crypto asset prices in general in the current period have been determined by the news agenda, rather than fundamentals. Selling pressure concerns have not completely disappeared as Mt. Gox creditors are also scheduled to receive their BTC payouts over the next couple of weeks. We expect these headlines to continue to have some impact on price before a complete pricing in of the situation,” Bitfinex analysts wrote in the weekly report.
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