Press Releases TheBitTimes.com

ProShares’s new Short Ether Strategy ETF is set to start trading on the NYSE Arca under the ticker symbol SETH. ProShares, a major issuer of exchange-traded funds (ETF), has officially announced the launch of the short Ether- linked ETF. Incepted on Nov. 2, ProShares’s new Short Ether Strategy ETF is set to start trading on the New York Stock Exchange’s (NYSE) Arca under the ticker symbol SETH. The new crypto ETF is designed to provide investors with an opportunity to profit from the volatility of the Ether price. Similarly to other ProShares crypto- linked ETFs, SETH seeks to obtain exposure through Ether futures contracts, the announcement notes. According to ProShares CEO Michael Sapir, SETH aims to address the challenge of acquiring short exposure to ETH, “which can be onerous and expensive.” “With today’s launch of SETH, ProShares now offers investors opportunities to profit both on days when Ether increases and when it drops — all through the convenience of a traditional bro...

Elon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners. While publicly mocking non-fungible token (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs. “The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released interview on The Joe Rogan Experience. Musk said NFT projects should at least encode the JPEG on-chain: “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.” On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021. Cryptocurrency analyst Will Clemente was among thos...

Chinese police may have busted Multichain in a money laundering investigation, but many questions remain, including its CEO’s alleged fake ID. On July 14, developers of the $1.5-billion Chinese cross-chain protocol Multichain confirmed users’ worst fears. The protocol’s CEO, identified only as “Zhaojun He,” was arrested by Chinese authorities in Kunming on May 21 after months of repeated denials on official communication channels. Also allegedly arrested was Multichain’s core team, which was operating in Shanghai.  It was never disclosed why Zhaojun had been arrested or what the charges were. However, evidence suggests that Multichain funds may have been seized as part of an anti-money laundering operation in the context of a greater crackdown on crypto by Chinese authorities. In addition, an alleged fake ID used by the CEO to register Multichain’s operations only draws more questions.  Multichain co-founder Alfred Xu assured that the development team was doing “just fine” on May 24...

The SEC is reportedly close to approving the first Ether futures - based ETFs, signaling a potential shift in stance on cryptocurrency regulations. The U.S. Securities and Exchange Commission (SEC) is nearing approval of the first exchange-traded funds (ETFs) based on Ether futures, as sources told Bloomberg. Numerous firms, including Volatility Shares, Bitwise, Roundhill, and ProShares, have submitted the required documentation, signaling readiness for ETF trading. You might also like: Valkyrie submits application for Ether futures ETF  Though the details of approved investments are still unknown, insiders hint at potential approvals coming as early as October. Ether, Ethereum’s native token and the world’s second-largest digital asset after Bitcoin, is central to these discussions. Tension with Bitcoin ETF The SEC’s hesitancy towards Bitcoin-linked ETFs persists. A notable case includes Grayscale Investments’ attempt to convert its Bitcoin ...

The Curve emergency DAO removed CRV rewards for alETH, msETH, pETH, crvCRVETH, Arbitrum Tricrypto and multiBTC pools. The Curve Finance lending protocol has terminated governance token rewards for select liquidity pools affected by the July 30 Curve exploit and July 6 Multichain exploit, according to an Aug. 2 social media post from a member of the protocol’s governing body.  The ending of rewards was carried out by the Curve emergency decentralized autonomous organization (Curve E-DAO), a committee made up of select members of the Curve DAO governing body. It affected pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto and multibtc3CRV, according to the announcement. The decision can be overridden in the future by a full vote of the Curve DAO. The change was announced by Curve E-DAO member Gabriel Shapiro. ATTENTION, FROM A CURVE E-DAO SIGNER: The @CurveFinance emergency multisig has terminated CRV rewards (gauges) to the liquidity pools affected by recent expl...

advertisement XRP Comes Out As Winner Ethereum’s utility numbers by the end of July were reminiscent of those in May when its price dominance against Bitcoin was more significant. This could be an indicator of Ethereum’s robust network utility playing a part in its market resilience. Santiment report also revealed that in contrast, Ripple’s XRP emerged as one of the biggest winners of the month, posting a 42% return. The positive performance was largely attributed to the landmark ruling in the SEC lawsuit, which established that XRP is not a security. This unexpected verdict sparked significant buying activity, elevating XRP even as other crypto assets witnessed declining market caps. Other digital assets that saw gains in July included Stellar, Maker, and XinFin. On the negative side, Santiment’s statistics showed a worrisomely low amount of whale transactions, implying that important stakeholders are not interested in purchasing the...

Crypto Funds Record Outflows Amid Profit Booking in Bitcoin Crypto asset funds saw a total of $742 million of inflow in the last four weeks. The inflows brought year-to-date flows to a net positive despite nine weeks of outflows. Bitcoin recorded huge inflows amid spot Bitcoin ETF filings by BlackRock, Fidelity Investments, and other financial giants. advertisement However, $6.5 million in crypto asset outflows last week raised speculation of correction in the crypto market. Investors sold Bitcoin worth $13 million and switched to Ethereum, which saw $6.6 million inflows. Also, short Bitcoin investment products recorded the 13th consecutive week of outflows totaling $5.5 million. After Ethereum, XRP recorded the most inflows of $2.6 due to Ripple’s partial win against the US SEC. Other altcoins Solana, Uniswap, and Polygon (MATIC) saw inflows totaling $1.1 million, $0.7 million, and $0.7 million, respectively. Trading volumes decreased significa...

The $29 million TVL lending platform is shutting down because its oracles are misreporting Multichain token values after the exploit. Lending protocol Geist Finance is shutting down permanently due to losses from the Multichain exploit, according to a July 14 social media post from the app’s development team. Geist contracts were been paused on July 6, then resumed in “withdraw and repay only” mode on July 9. The latest post confirms the team does not plan to reopen lending and borrowing on Geist. 1/2 After confirmation from Multichain that the funds will not be recovered, we are announcing that Geist will not reopen. Because Chainlink oracles are tracking the value of real USDC, USDT, WBTC or ETH, they are not aware of the real value of Multichain assets. — Geist Finance (@GeistFinance) July 14, 2023 Geist is a lending protocol running on the Fantom network. It had over $29 million worth of crypto assets locked in its contracts before the Multichain hack. Before the hack, Gei...

Crypto Market Outlook in 2023 US GDP grew 2% in Q1, well above the 1.3% estimate. US Federal Reserve Chair Jerome Powell, the European Central Bank, and the Bank of England cleared at the annual ECB Forum event that central banks will continue raising interest rates in 2023 H2. Powell on Thursday reiterated two more hikes this year. advertisement The market expects the US Core PCE inflation data, Federal Reserve’s preferred gauge to measure inflation, to come in at 4.7%. It will cause the US Fed to continue hiking rates in H2, as CME FedWatch indicates an 87% probability of a 25 bps in July. The US Treasury General Account rebuilding and the US dollar will also impact crypto prices in the second half, with the US dollar index (DXY) rising again above 103 after two weeks. Crypto analysts and Bloomberg analysts are bullish on Bitcoin price hitting $40,000 in July or early August as traditional finance firms including BlackRock, Fidelity, and Invesco fil...

Ethereum Profitability Outlook Despite its short term performance, the digital currency has remained one of the most attractive digital currencies for longer term success in the industry. With a market capitalization of $209.26 billion, Ethereum has maintained a relative profitability with its value jumping by 43.96% in the year to date (YTD) period. advertisement Despite the turmoil the market has experienced over the past few weeks, more Ethereum addresses are still in profit. Per data from IntoTheBlock (ITB), a total of 57.5 million addresses are in profit, accounting for a total of 59.66% of all total active addresses. In the same vein, addresses in loss totals 36.84 million or 38.22% of the total wallets holding Ether. Ethereum Profitability Chart. Source: IntoTheBlock This data is reflective of the resilience of the digital currency amid the regulatory turmoil that is threatening exchanges and other tokens including Cardano (ADA) and Solana (SOL) amongst...