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  • Coinbase confirms plans of integrating the Lightning Network

    Coinbase confirms plans of integrating the Lightning Network

    coinbase to integrate lightning network
    • Coinbase says it will add support for the Bitcoin Lightning Network.
    • Cathie Wood praises the crypto exchange for the decision.
    • Coinbase shares are down nearly 30% versus their YTD high.

    Coinbase Global Inc has decided to integrate the Lightning Network that aims at making Bitcoin a viable option for faster and cheaper global payments.

    How long will the integration take?

    The crypto exchange had been exploring adding support for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (formerly Twitter):

    We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.

    He did not reveal how long the integration will likely take, though.

    The announcement arrives more than a month after Coinbase reported its financial results for the second quarter that handily topped Street estimates. At writing, shares of the crypto company are down close to 30% versus their year-to-date high.

    Cathie Wood thumbs up Coinbase for the decision

    Note that Coinbase Global is taking after Cash App – the mobile payment service of the California-based Block Inc. Reacting to its announcement today, Cathie Wood of Ark Invest wrote on X:

    Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!

    Other notable names who have been vocal in their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc.

    The former president of PayPal – David Marcus also reiterated commitment this week to turning Bitcoin into a global payments network (find out more). The price of a BTC is currently about 20% below its year-to-date high.

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  • BitMEX co-founder says BTC price may rise if monetary policies tighten

    BitMEX co-founder says BTC price may rise if monetary policies tighten

    • The Federal Reserve has increased its benchmark rate from 0.25% to 5.25% over the past year.
    • BitMEX co-founder believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.
    • Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Challenging the conventional wisdom regarding the relationship between Bitcoin and interest rates, BitMEX co-founder and a well-known macro-analyst Arthur Hayes recently authored a blog post in which he argues that traditional economic logic would crumble under the immense debt burden of the US government.

    Hayes said that “central banks and governments are grappling with the use of outdated economic theories to address the unique challenges of today.”

    Hayes’ assertions come as the Federal Reserve increased its benchmark rate from 0.25% to 5.25% over the past year in an effort to curb inflation and maintain a 2% target. Although the Fed has succeeded in this endeavour, Hayes voiced concerns that inflation might persistently exceed expectations, given the substantial nominal GDP growth of 9.4% in Q3, contrasted with the 5% yield on 2-year US Treasury bonds.

    GDP growth remains astonishingly high

    In his analysis, Hayes highlighted that according to data from the Atlanta Fed’s GDPNow forecast, nominal GDP growth remained “astonishingly high.” Conventional economic theory would suggest that as the Fed raised rates, a credit-sensitive economy should falter. Indeed, this was evident in financial asset markets, including stocks and Bitcoin, which experienced a downturn in 2022, eroding government capital gains tax receipts.

    However, this decline in tax revenue led to increased government deficits, which needed to be funded by issuing more bonds to repay existing debt. In the context of a high-interest-rate environment, this translated to higher interest payments to wealthy bondholders.

    Hayes succinctly summarized this chain of events: “To summarize: as rates rise, the government pays more interest to the wealthy, the wealthy spend more on services, and GDP continues to grow.”

    As long as the economy outpaces the government’s debt obligations, Hayes believed that bondholders might seek more lucrative “risk assets,” such as Bitcoin.

    Efforts to combat inflation favour high-risk assets like Bitcoin

    Hayes contended that the Federal Reserve’s efforts to combat inflation would ultimately favour “finite supply risk assets” like Bitcoin. In a recent blog post, Hayes argued that the Fed’s strategy was siphoning money from one part of the economy while injecting it into another. As long as the Fed’s approach to taming inflation remained uncertain, assets like Bitcoin were likely to experience long-term growth.

    In a previous essay, Hayes had posited that Bitcoin would thrive in response to a tightening Fed, whose actions might inadvertently increase the money supply. He asserted, “If the Fed believes that it must raise interest rates and reduce its balance sheet to quell inflation, it’s essentially self-sabotaging.”

    Generally, analysts perceive lower interest rates as beneficial for Bitcoin and other risk assets, as they create an environment where investors have room to speculate for potentially higher returns. In June, Coinbase analysts issued a report suggesting that Bitcoin’s four-year cycles might be linked to central banks’ low-rate policies.

    Hayes acknowledged the positive influence of low rates on Bitcoin’s price, characterizing the asset’s relationship with central bank policy as a “positive convex relationship.” He concluded, “At the extremes, things become non-linear and sometimes binary. The US and the global economy are currently operating in such an extreme environment.”

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  • Asset manager Franklin Templeton applies to launch a spot Bitcoin ETF

    Asset manager Franklin Templeton applies to launch a spot Bitcoin ETF

    • Franklin Templeton joins other asset management firms like Grayscale that have applied to offer crypto ETFs.
    • The SEC was mandated by the court to evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF.
    • Franklin Templeton will collaborate with CF Benchmarks to ensure accurate valuation.

    Franklin Templeton, a prominent asset management firm with $1.5 trillion in assets under management, has submitted an application to the United States Securities and Exchange Commission (SEC) seeking approval for the launch of a Bitcoin exchange-traded fund (ETF) that would track the price of Bitcoin in real-time.

    This move by Franklin Templeton follows a series of notable developments in the cryptocurrency ETF space. In late August, the SEC opted to delay its decisions regarding spot ETF applications from several other companies, including WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise, and Invesco. Furthermore, a significant court ruling on August 29th mandated that the SEC must evaluate Grayscale’s application to convert its Bitcoin futures ETF into a spot ETF.

    Franklin Templeton’s ETF application

    In their application, Franklin Templeton outlines the structure of the proposed fund. It would function as a trust, with Coinbase serving as the custodian for Bitcoin holdings. Bank of New York Mellon would take on the roles of cash custodian and administrator. Fund shares are intended to be traded on the Cboe BZX Exchange, a major securities exchange in the United States. The SEC has set its next deadline for making a decision on this application for October 16th.

    In recognition of the regulatory uncertainties surrounding the digital asset market in the United States, Franklin Templeton explicitly acknowledges the risks in its application. They highlight the potential adverse impacts of legislative or regulatory developments, which could significantly affect the value of Bitcoin and the shares of the proposed ETF. Such impacts could include bans, restrictions, or imposing stringent conditions on various aspects of the cryptocurrency ecosystem, including trading, mining, digital wallets, custody services, and the overall operation of the Bitcoin network.

    CF Benchmarks and Franklin Templeton partnership

    To ensure accurate valuations, Franklin Templeton plans to collaborate with CF Benchmarks, a digital asset index provider regulated in the United Kingdom. CF Benchmarks would provide daily valuations based on data from reputable cryptocurrency exchanges, including Coinbase, Bitstamp, iBit, Kraken, Gemini, and LMAX Digital. These valuations would be updated at 5-minute intervals to reflect the real-time nature of the cryptocurrency market.

    At the time of writing, the price of Bitcoin was trading at $25,952.26, underlining the dynamic and ever-changing nature of the digital asset market that Franklin Templeton seeks to tap into with its proposed Bitcoin ETF.

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  • Crypto is “maturing well”, Mohamed El-Erian says

    Crypto is “maturing well”, Mohamed El-Erian says

    • Crypto is getting more and more institutionalised and maturing well, says Mohamed El-Erian.
    • The top economist pointed to the flip in sentiment from major players such as BlackRock as good for crypto.
    • El-Erian also commented on US inflation.

    Mohamed El-Erian, the chief economic advisor at Allianz, says the cryptocurrency industry is getting more institutionalized and maturing well. The economist and president of Queen’s College, Cambridge, shared the outlook during an interview with CNBC’s “Squawk Box” show on Tuesday.

    His comments also came as Bitcoin bounced off lows seen on Monday to trade above $26,000 as the broader market awaits the latest on US inflation. BTC was also up as asset manager Franklin Templeton filed for a spot bitcoin ETF to add to those of BlackRock, Fidelity and others.

    Crypto becoming part of global ecosystem

    According to El-Erian, the growing embrace of crypto by big mainstream players can only be good for the sector even amid the wider scope of Fed’s rates path.

    “Crypto is settling as part of the ecosystem. People have recognized it’s not the new global currency. People have also realized it’s not going to disappear tomorrow. It’s been institutionalized. If I were a crypto person, this maturation process is a good thing,” he told CNBC.

    The investor also noted that headline inflation is likely to “prove much more complicated”, with core inflation less well behaved amid the Fed’s battle to bring it to its desired 2% level. 

    In his opinion, the market may have to absorb the notion that the trajectory is “higher for longer.” He also thinks that the assumption is that the Fed will have to cut rates beginning early 2024, but this may not happen.

    El-Erian, who said he could not predict where the crypto market is headed in terms of price performance, is however optimistic about crypto’s future in relation to the growing adoption by Wall Street giants. It is this perspective that could outline the potential impact to cryptocurrency prices.

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  • Prometheum Prodigy The Next Big Blockchain – Pre-Sale Live sooon ..

    Prometheum Prodigy The Next Big Blockchain – Pre-Sale Live sooon ..

    Prometheum Prodigy The Next Big Blockchain – Pre-Sale Live sooon ..

    twitter https://twitter.com/PrometheumP

    telegram https://t.co/rbUU3hR2jY

    Prometheum.Prodigy is an innovative venture that is dedicated to achieving a remarkable mission: to seamlessly integrate the power of AI and blockchain technology into one cohesive unit. By combining these cutting-edge technologies, Prometheum.Prodigy aims to unlock a new era of possibilities and revolutionize various industries. This fusion holds tremendous potential, as AI’s ability to analyze and make intelligent decisions can be enhanced by the transparency, security, and decentralized nature of blockchain. Together, they can create a powerful force that transforms how we interact with technology, conduct transactions, and solve complex problems. Prometheum.Prodigy’s commitment to bridging these two realms showcases their visionary approach and determination to shape a future where innovation knows no bounds.

    twitter https://twitter.com/PrometheumP

  • David Marcus says Bitcoin could be a ‘global payment network’

    David Marcus says Bitcoin could be a ‘global payment network’

    lightspark david marcus bitcoin global payment network
    • Lightspark CEO says Bitcoin could help transform global payments.
    • David Marcus explained his view today on CNBC’s “Squawk Box”.
    • Bitcoin is currently down about 20% versus its year-to-date high.

    David Marcus – the Chief Executive of Lightspark sees a big future for Bitcoin that’s down 20% versus its year-to-date high at writing.

    Bitcoin could transform global payments

    Marcus has a vision for the world’s largest cryptocurrency that goes well beyond its current stature as a store of value only.

    On CNBC’s “Squawk Box”, he asserted that Bitcoin actually had the potential to play a significant role in making global payments as seamless as texting.

    What we’re trying to do is turn Bitcoin into a real global payment network. We’re still in the fax era of global payments. That’s what we’re attempting to solve.

    Marcus finds the existing fintech apps somewhat inadequate in facilitating cross-border payments. He has previously served as the president of PayPal Holdings Inc.

    Bitcoin is not a currency for everyday use

    Lightspark is committed to addressing the scalability issues surrounding Bitcoin and making Bitcoin transactions both faster and cheaper.

    But the goal is not really to turn Bitcoin into a currency that can be used for everyday transactions, he added in his interview with CNBC today.

    Bitcoin on top of Lightning is like a small data packet only for value. You can exchange at edges of network and send dollars to someone who’ll receive Yen or Euros.

    Marcus admitted the need to work closely with the regulators to unlock the full potential of Bitcoin in revolutionising the global payment ecosystem.

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  • Bitcoin eyes $25k as Chancer’s presale approaches $1.8M

    Bitcoin eyes $25k as Chancer’s presale approaches $1.8M

    Key takeaways

    • Bitcoin continues to trade below the $26k level and could drop lower as investors await new CPI data.

    • Chancer’s stage two presale is fast closing in on the desired $2 million mark. 

    The cryptocurrency market has underperformed over the past seven days. Bitcoin continues to trade below the $26k mark, while the total cryptocurrency market cap now stands at around $1.03 trillion. 

    Despite the bearish trend in the market, Chancer’s stage two presale is set to hit the $1.8 million mark. 

    Bitcoin could drop to $25k as investors await new CPI data

    Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $25,706 per coin.

    The leading cryptocurrency could experience a further decline in prices as investors await this week’s CPI data. The US Core CPI figures for August are set to be released on Wednesday, September 13, 2023.

    Market analysts predict the August core CPI to rise at a 0.4% monthly rate. An increase in inflation levels could see the US Federal Reserve raise interest rates at once one more time this year. If that happens, Bitcoin could drop toward the $25k level in the near term. 

    What is Chancer?

    The broader cryptocurrency has been underperforming since the start of the month, but that hasn’t affected Chancer’s presale. Chancer is a Web3 project designed to decentralise the betting ecosystem. 

    According to its whitepaper, Chancer is a web3 peer-to-peer (P2P) custom betting platform that allows users to place bets on a wide range of events, including custom-made ones. Bets on the platform can be live-streamed to ensure transparency. 

    Furthermore, Chancer will operate as a completely decentralised online gaming platform. The platform seeks to improve the current services offered by traditional sports and casino betting platforms. Chancer users can bet on any event, even ones they make up themselves. 

    The team revealed that the funds generated from the presale rounds would be channelled towards building Chancer’s decentralised P2P betting platform. They would develop the platform to have exciting features, including betting markets in real-time and based on user interests, social media connections, and expertise. 

    Furthermore, users can launch custom P2P betting markets, allowing other users to bet on their events and games. 

    Chancer’s second presale closes in on $1.8 million

    Chancer is currently in its stage two presale and has raised nearly 90% of the required funds. The team is close to hitting the $1.8 million mark in the second presale stage. 

    According to the Chancer team, there would be 12 presale events, with a combined target of $15 million. In this current stage, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the third presale round.

    The token would have numerous utilities on the platform. Token holders can create custom P2P betting events on the Chancer platform and also participate in markets launched by others. 

    CHANCER token also allows users to create, participate in, and profit from their predictive markets. The token can be purchased via the official Chancer website. Simply connect any supported wallets to the presale link. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

    Visit the Chancer website to get more information about the presale. 

    Should you buy CHANCER tokens now?

    One of the best times to invest in Web3 projects is during their presale. During this period, the tokens can only be purchased by a limited number of investors, and their prices are usually low. 

    Chancer is an exciting Web3 project and could become a leader in its niche. If the project succeeds, Chancer could gain massive adoption over the coming months and years.

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  • PODFAST ( $FAST )THE REVOLUTIONARY PRODUCT WHICH COMBINES CRYPTO & PODCASTING

    PODFAST ( $FAST )THE REVOLUTIONARY PRODUCT WHICH COMBINES CRYPTO & PODCASTING

    Introducing @PodFast_ 💥💥
    Is there a book, article, video or podcast you’ve been putting off because you haven’t found the time yet?

    PodFast summarizes ANY Video, Audio, Notes, PDF, or Text file into concise audio and text summaries.
    Get smarter, faster.

    Time is the most valuable asset we all have.
    None of us would trade places with warren buffet at his age.
    PodFast gives people around the world the most valuable currency available -> TIME + knowledge!

    You can upload any file type, of any length to PodFast for instant summary provided in both text and audio.
    Chatgpt only takes text input, only up to a certain amount of characters, and only outputs a limited amount of text only.

    The mobile app is launching WITHIN ONE WEEK!

    Want to see PodFast in action? Check out their Youtube:
    youtube.com/@PodFast_

    $FAST is a deflationary token and 25% of all revenue goes into token buybacks.
    Additionally, $FAST is a reflection token that earns you a proportionate share of 0.75% of every onchain transaction.
    Get paid to hold!

    A $200,000+ marketing push is planned for one months time from now.
    With the mobile app launchings, and marketing coming soon, now is the time!

    PodFast is led by Jeff Kirdeikis ex-CEO and foudner of TrustSwap that went to a 550 Million marketcap, Secured $500 million onchain, and brought their app ‘The Crypto App’ to 4.7 Million downloads. Jeff has also raised over $100 million for over 60 projects through the TrustSwap launchpad.

  • Bitcoin may soon rally based on ‘fundamental grounds’: Bernstein

    Bitcoin may soon rally based on ‘fundamental grounds’: Bernstein

    bitcoin rally on fundamental grounds bernstein
    • Bernstein analyst says Grayscale ruling was a game changer.
    • Gautam Chhugani expects Bitcoin to materially benefit from it.
    • The world’s largest cryptocurrency is still lingering around $26,000.

    The recent ruling in favour of Grayscale and against the Securities & Exchange Commission was a “game changer”, says Gautam Chhugani – a Bernstein analyst.

    Chhugani expects Bitcoin to gain momentum

    Last week, a U.S. Court said the regulator lacked adequate reasoning to block Grayscale from converting its bitcoin trust to an exchange-traded fund.

    The verdict is a big step towards the first U.S. Bitcoin ETF and paves way for a significant institutions-driven rally in the world’s largest cryptocurrency, as per Chhugani.

    Strong showing in courts improved ETF chances and the progressive institutional interest are positioning crypto for an unprecedented institution capital led cycle.

    Earlier this year, Ripple secured a huge win in its long-running lawsuit against the Securities & Exchange Commission as well (find out more).

    How soon could a Bitcoin ETF be approved?

    Despite positive catalysts in recent months, Bitcoin is still lingering around the $26,000 level – well below its year-to-date high of over $31,000. Still, Bernstein’s Chhugani said in his research note today:

    This is a cycle slower to take off, but is being laid on much strong fundamental grounds of regulatory clarity and more strategic long-term players entering the space.

    He expects the first U.S. Bitcoin ETF to become a reality by March of 2024 at the very most. But the analyst does not expect that exchange-traded fund to be the end of it.

    Chhugani is convinced that asset managers will push for a Spot Ethereum ETF afterwards and may even venture eventually into Solana and Polygon.

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  • ‘I think approval is inevitable’

    ‘I think approval is inevitable’

    former sec chair bitcoin etf approval is inevitable
    • SEC delayed its decision this week on applications for a Bitcoin ETF.
    • Former SEC chair Jay Clayton talked Bitcoin ETF with CNBC on Friday.
    • The world’s largest cryptocurrency is down 18% versus its YTD high.

    The U.S. Securities and Exchange Commission delayed its decision on a bunch of applications for a Bitcoin ETF this week.

    Jay Clayton talks Bitcoin ETF with CNBC

    Applicants that its most recent deferral affected include WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock Inc.

    Still, Jay Clayton – the former Chair of the Securities & Exchange Commission is convinced that approval for the said exchange-traded fund is a matter of “when” and not “if”. On CNBC’s “Squawk Box”, he said:

    Bitcoin is not a security. So, I think an approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever. That’s the path we are on.

    At writing, the world’s largest cryptocurrency is down about 18% versus its year-to-date high in mid-July.

    Why is SEC delaying deciding on Bitcoin ETF?

    Clayton sees the hype around a Bitcoin ETF as a tell that retail and institutional investors alike want access to the digital asset.

    Note that a U.S. court ruled in favour of Grayscale this week in its lawsuit against the SEC (find out more). According to the former head of that government agency:

    SEC has been given time by the DC Circuit to reassess and perhaps come up with other reasons. Maybe there will be some but I don’t see those.

    A Spot Bitcoin ETF is a big deal as many experts believe it could boost demand for the cryptocurrency which may eventually translate to significant price appreciation.

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