2023-11-17 18:40

Copyrighted Image by: Reuters NEW YORK - BlackRock (NYSE:BLK), the world's largest asset manager, has filed with the U.S. Securities and Exchange Commission (SEC) to create an Ethereum exchange-traded fund (ETF) under its iShares brand. The move comes as Ether, the cryptocurrency of the Ethereum network, saw a price surge to $2,080 today. The filing for an iShares Ethereum Trust ETF aims to provide investors with a regulated product that tracks the value of Ether before expenses. Nasdaq has confirmed its involvement in this spot Ether ETF, marking a significant step forward for cryptocurrency investment vehicles in traditional markets. Coinbase (NASDAQ:COIN) Custody has been appointed as the custodian, while the CME CF Bitcoin Reference Rate from CF Benchmarks—a subsidiary of Kraken—will be used as the benchmark. This new initiative follows BlackRock's previous filing for a Bitcoin spot ETF in June, which is still pending SEC approval. The anticipation around BlackRock's crypto ETFs has been building since August when the ticker IBTC, representing their expected Bitcoin ETF, appeared on the Depository Trust & Clearing Corp's website. Market participants such as Virtu Financial (NASDAQ:VIRT) are reportedly in discussions to provide liquidity for this proposed fund. The application for the iShares Ethereum Trust ETF was registered in Delaware one week prior to its submission to the SEC. Shortly thereafter, Nasdaq corroborated with its own related filing. This development coincides with a bullish trend in cryptocurrency markets; both Bitcoin and Ethereum experienced approximately 4% increases in value immediately after BlackRock applied for their Ethereum-based ETF. Larry Fink, CEO of BlackRock, has previously commented on the accidental boost in Bitcoin prices due to incorrect reports of an SEC-approved spot ETF. He also linked the attractiveness of cryptocurrency investments to their potential as safe-haven assets amid global crises such as wars and terrorism threats. Market watchers recall how the approval of a Spot Gold ETF (NYSE:GLD) by the SEC in 2004 led to a substantial increase in gold prices over time. Cryptocurrency enthusiasts are now speculating about future products such as a potential Spot Solana ETF from BlackRock after their filings for Bitcoin and Ethereum ETFs. However, experts like Bloomberg's Seyffart and CF Benchmarks have pointed out regulatory challenges that could delay such a product without an existing futures contract on exchanges like CME Group (NASDAQ:CME). At present, Ether is trading at $1,977 despite reaching its yearly peak at $2,132 during November's bull run. Earlier this year, in April 2023, ETH hit a high of $2,120. Amidst these developments, BlackRock has dispelled rumors about an XRP-linked ETF that arose from a misinterpreted filing but still managed to briefly push XRP prices up by +10%. As the market awaits the SEC's decision on these groundbreaking ETFs, investors are closely monitoring how regulatory advancements will shape the landscape of cryptocurrency investment products. https://www.investing.com/news/cryptocurrency-news/blackrock-files-for-ethereum-etf-as-ether-prices-surge-93CH-3238061

2023-11-17 18:34

Copyrighted Image by: Reuters NEW YORK - BlackRock (NYSE:BLK), the world's largest asset manager, has applied for a Bitcoin spot Exchange-Traded Fund (ETF) as the cryptocurrency's network strength hits new highs, with its hashrate reaching 450 exahashes per second (EH/s). This move comes as Bitcoin prices soar past $37,000 ahead of the much-anticipated halving event slated for 2024. The increase in Bitcoin's hashrate, a measure of computational power used to mine and process transactions, marks a significant growth from January 2022's 200 EH/s. This growth trajectory mirrors the experiences of gold rush miners: some have struck it rich, achieving financial independence quickly, while others have faced challenges such as regulatory changes and financial hurdles. Notably, the latter was evident in Core Scientific's decision to file for bankruptcy protection during the bear market of 2022. Bitcoin mining requires careful strategic management due to factors like the volatility of Bitcoin prices and potential increases in electricity costs. Miners are drawn to regions that offer policy leniency and lower energy costs, including North America, Northern Europe, the Middle East, Latin America, Kazakhstan, and Russia. Additionally, selecting efficient mining rigs is critical for economic viability. Profitability metrics such as hash price—which reflects miners' revenue—experienced a boost during the hashrate decline in 2021 driven by policy changes. However, profitability has tightened due to continuous hashrate growth despite the bear market conditions of 2022. The introduction of Ordinal inscriptions in 2023 played a role in increasing mining fees, contributing to a recovery in price. ViaBTC Pool (NASDAQ:POOL) has emerged as a consistent income source for miners by offering features such as Auto Withdrawal/Conversion and a Crypto Loans tool that enhances asset liquidity. Recognized among the top-tier Bitcoin mining pools by hashrate, ViaBTC advocates for viewing mining as an investment that requires patience and strategic planning to achieve long-term profitability. https://www.investing.com/news/cryptocurrency-news/blackrock-seeks-bitcoin-spot-etf-as-network-hashrate-climbs-93CH-3238056

2023-11-17 18:22

NEW YORK - The Neon Foundation's Marina Guryeva announced the introduction of multi-token fee payment capabilities on the Neon EVM testnet today, marking a significant step forward in the platform's development. The testnet, which allows for Ethereum Virtual Machine code deployment, has been operational since July and is now advancing towards a more versatile and user-friendly ecosystem. With this new feature, developers and users will soon be able to pay transaction fees with various tokens. This update is expected to solve the "empty tank" problem by allowing decentralized applications (dapps) to subsidize transaction fees. The ability for dapps to cover transaction costs is anticipated to improve scalability within the Neon EVM ecosystem significantly. Looking ahead, the Neon DAO has outlined plans to expand token support beyond the current offerings in the coming weeks. This expansion is poised to provide even greater flexibility and convenience for users interacting with the platform. The multi-token fee payment capability is currently available on the testnet, with a devnet release on the horizon. Mainnet support for this innovative feature is projected for early 2024, setting the stage for broader adoption and enhanced functionality within the blockchain community. Guryeva's announcement underscores Neon EVM's commitment to fostering a more accessible and efficient environment for blockchain development and usage. https://www.investing.com/news/cryptocurrency-news/neon-evm-introduces-multitoken-fee-payment-on-testnet-93CH-3238049

2023-11-17 18:11

NEW YORK - Kaspa (KAS), a cryptocurrency that has seen a remarkable 163% gain over the past month, has made its debut on Binance's perpetual futures market, allowing traders to take positions with up to 50x leverage in USDT pairings. This move comes as Kaspa continues to demonstrate strong performance in the crypto space, despite a slight price dip of 4.49% to $0.122 today. The introduction of Kaspa to Binance's futures market follows its successful crowdfunding campaign which raised $30,000 for liquidity and marketing initiatives. Since its fair launch in June 2022, Kaspa has been listed on other leading centralized exchanges (CEXs) such as Bybit and Coinone. The cryptocurrency is not yet available for spot trading on Binance. Kaspa's innovative proof-of-work directed acyclic graph (PoW-DAG) hybrid consensus mechanism has significantly enhanced GPU mining efficiency and transaction speed. These advancements have propelled Kaspa into the top-30 cryptocurrencies by market capitalization in just 17 months since its launch. The day before its listing on Binance Futures, Kaspa announced the upcoming addition via Twitter at 02:00 UTC on Thursday. Despite today's market fluctuations, Kaspa has experienced an extraordinary year-to-date increase of 2,353%, growing its market cap from January's $82.35 million to a current valuation of $2.53 billion. Looking ahead, a price prediction algorithm suggests that Kaspa may see a modest growth of 2.5% by December 17th amidst a consolidating crypto market, which overall has risen by 26.61% over the past month. This forecast aligns with Binance's significant presence in the spot trading volume, currently holding a dominant share of 43.9% according to CoinGecko's report. https://www.investing.com/news/cryptocurrency-news/kaspa-debuts-on-binance-futures-with-50x-leverage-93CH-3238040

2023-11-17 18:04

Copyrighted Image by: Reuters NEW YORK - In the face of ongoing geopolitical conflicts and market dynamics, West Texas Intermediate (WTI) crude oil prices have experienced a notable decline. Even with the potential disruptions stemming from the persistent tensions in Russia-Ukraine and Israel-Hamas regions, WTI crude has seen a decrease of around ten percent over the past two years. This price movement is attributed to market phenomena such as contango and backwardation, which have influenced the commodity's pricing structure. In other market news, the investment fund ARKK has shown mixed performance in comparison to its peers. Within the year, ARKK has outperformed SPY but still lags behind QQQ. A closer look at ARKK's performance over five years highlights its sensitivity to interest rate hikes, particularly before the Federal Reserve's policy changes in March 2022. Market analysts Christine and Frank Cappelleri have noted ARKK’s bullish stance in this context. Meanwhile, financial columnist Mark Hulbert has suggested that investors consider risk-averse strategies when dealing with tech-focused investments due to inherent volatility. As earnings season unfolds, scrutiny increases over companies' financial disclosures, with a particular focus on their reliance on non-GAAP metrics rather than GAAP standards. In response to this environment, Michael Brush has recommended certain closed-end funds that offer nearly twelve percent dividends at value discounts. Furthermore, Brett Arends has proposed that retirees could consider increasing their annual withdrawal rate from four to six percent, leveraging the current high-interest rates. Beyond financial markets, individuals are preparing for Medicare's December open enrollment deadline. Meena Seshamani has been addressing questions related to the complexities of enrollment. Additionally, Beth Pinsker provides insights into managing taxes for Social Security benefits recipients. Amidst these financial planning activities, cybersecurity remains a pressing issue as "password" endures as a common and risky choice among users. The convergence of these diverse factors—from oil prices influenced by trading patterns to investment fund performances and personal finance strategies—reflects a complex financial landscape as the year draws to a close. https://www.investing.com/news/commodities-news/crude-oil-prices-slide-despite-geopolitical-tensions-93CH-3238037

2023-11-17 17:58

NEW YORK - Cryptocurrency exchange OKX has announced the rollout of its X1 layer 2 network testnet, a move that marks a significant step in the company's strategy to foster mass adoption of web3 technologies. Developed in partnership with Polygon Labs, the testnet utilizes cutting-edge zero-knowledge technology to bolster security and improve cost efficiency. The X1 testnet is designed to enhance interoperability within the web3 ecosystem, offering a platform for developers to create consumer-centric applications. The initiative is part of OKX's broader effort to position itself as a developer-first platform, bridging its user base of over 50 million with Ethereum communities. By integrating transaction fees payable with their native OKB token, OKX is also contributing as a primary member to Polygon Labs' Chain Development Kit (CDK). Jason Lau, Chief Innovation Officer at OKX, emphasized the importance of scalability and cross-network operability in attracting developers to the X1 platform. He pointed out that these features are crucial for building a robust infrastructure capable of supporting the next generation of web3 applications. The launch arrives on the heels of Coinbase (NASDAQ:COIN)'s Optimism-based layer 2 network introduced in August and sets the stage for other centralized exchanges like Kraken to potentially unveil similar developments. This trend underscores a growing interest among exchanges in proprietary layer 2 solutions aimed at broadening their user base beyond crypto enthusiasts and exploring new revenue opportunities through decentralized application (dApp) integration and transactional services. In addition to the testnet debut, OKX has integrated its wallet with the X1 network, employing Polygon's CDK and its native network to push forward interoperability and development. The wallet upgrade includes Multi-Party Computation (MPC) technology for enhanced security and streamlined recovery processes while introducing account abstraction capabilities that allow for multi-blockchain transactions using stablecoins such as USDC or USDT. The X1 testnet supports existing Ethereum Virtual Machine (EVM) contracts and developer tools without requiring any code changes, ensuring full compatibility with Ethereum. Users will benefit from smooth asset transfers between the OKX main network and the X1 layer via OKB, which serves as the native token for gas payments on the new platform. OKX's launch of the X1 layer 2 network testnet is slated for a Q1 2024 mainnet debut, signaling the exchange's commitment to leading innovation in Web3 technology. This strategic move aligns with their global brand campaign that promotes self-managed technology solutions as part of a new paradigm shift within the digital landscape. https://www.investing.com/news/cryptocurrency-news/okx-launches-x1-layer-2-network-testnet-in-collaboration-with-polygon-labs-93CH-3238027