Table of Contents
At its September meeting, the US Federal Reserve is widely expected to start cutting interest rates. The billion-dollar question remains: How big will they go? Fed chair Jerome Powell will probably signal that strict monetary policy is unnecessary.
However, investors do not anticipate Powell to reveal the magnitude of the initial drop at the central bank's annual meeting currently taking place in Jackson Hole, Wyoming, especially because central bankers have a jobs report to review on September 6th before making their next policy decision on September 18th.
How about Bitcoin?
Once labeled "Rat Poison," Bitcoin is now being embraced by traditional finance (TradFi) as seen by their Bitcoin ETF positions – In a recent round of filings, TradFi institutions have revealed their Bitcoin ETF holdings for all the world to see. Almost all leading investment banks now hold Bitcoin, either directly or indirectly through ETFs. According to Bitwise's Matt Hougan, total Bitcoin ETF holdings by institutions are up 30% this quarter, with 44% increasing their holdings. 21% decreased their position and 13% completely exited.
But Franklin Templeton CEO Jenny Johnson said traditional finance is still underestimating Bitcoin's potential. "What's crazy to me is that in traditional finance, they have no idea about the amount of money and the volume [of bitcoin]," she said at the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, noting its "parallel, massive ecosystem."
Over in the markets, both Bitcoin and Ethereum performed well over the week, with Bitcoin outperforming Ethereum. Bitcoin saw an increase of 4.08% while Ethereum saw a rise of 1.99%.
Risk appetites on the Fear & Greed Index place current sentiment in the "Fear" zone at 34, which represents a less pessimistic reading of 27 from last week. The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
According to BRN analyst Valentin Fournier, bull pressure remains high despite bear resistance, as Bitcoin has displayed a positive trend since the major dip on August 5th.
"Bear pressure is increasing but the positive trend we predicted is not over," he said, adding, "We believe that Bitcoin is going toward the top of the range ($50-$69K). We recommend maintaining strong exposure to both BTC and Ethereum but favor BTC as we expect Ethereum to continue lagging."
TradFi Giants Reveal Their Bitcoin ETF Positions
With a cumulative inflow of more than $17 billion, Bitcoin ETFs have proven to be an attractive and lucrative proposition. But who's buying and who's not?
In a recent round of filings, TradFi institutions have revealed their Bitcoin ETF holdings for all the world to see.
Blockhead
Crypto Criminals Are Now Targeting Centralized Exchanges
It is a good year for cybercriminals so far, having stolen more than $1.58 billion from the start of the year until July. This represents an 84.4% increase in value stolen over the same period in 2023 according to a report by Chainalysis.
Crypto thieves seem to be going back to their origins by increasingly targeting Centralized Exchanges (CEXs) instead of focusing on DeFi protocols, which are less commonly used for trading Bitcoin.
Perion Lim
Bitcoin ETF Options Applications Withdrawn By New York Stock Exchanges
Both NASDAQ and the New York Stock Exchange (NYSE) have withdrawn their applications to list Bitcoin ETF options.
According to a filing on 14 August with the US Securities and Exchange Commission (SEC), the NYSE has pulled its application that would see a rule change to allow it to list and trade options on the Bitwise Bitcoin ETF (BITB) and the Grayscale Bitcoin Trust (GBTC).
Blockhead
Franklin Templeton Files For Crypto Index ETF to Hold BTC, ETH
Franklin Templeton has proposed an ETF that would hold both Bitcoin and Ethereum.
In a filing with the US Securities and Exchange Commission (SEC) on Friday, the asset management giant introduced the Franklin Crypto Index ETF (EZPZ) which would hold an unspecified amount of Bitcoin and Ether, weighted by the assets' market capitalizations.
Blockhead
Solana's ETF Hits Major Roadblock as SEC Raises Concerns About Whether Solana is a Security
The potential for Solana ETFs to hit the market has come to a halt as the US Securities and Exchange Commission (SEC) expresses concerns about whether the cryptocurrency is a security.
According to reports, the SEC held discussions with prospective Solana ETF issuers regarding Solana's (SOL) potential status as a security before the Chicago Board Options Exchange (CBOE) removed related 19b-4 filings.
Perion Lim
Hong Kong Lawmaker Wants Government to Consider DAO Regulation to Attract Web3 Talent
Hong Kong lawmaker Johnny Ng has proposed that the government establish a legal framework to regulate decentralized autonomous organizations (DAOs) in order to grow its Web3 industry.
Ng's comments come after the Hong Kong High Court recently ruled on the Mantra DAO, asking six defendants in the project to reveal financial details of the DAO.
Blockhead
Mt. Gox's Shadow Looms Over Bitcoin Market as Repayments Continue
The beleaguered exchange, once the dominant force in Bitcoin trading, has been gradually liquidating its remaining assets as part of a lengthy repayment plan to creditors. The latest move, involving the transfer of 13,265 BTC, with a value of $784 million to a new address, comes on the heels of a similar $2 billion transfer last week.
Arkham data shows that 12,000 BTC were sent to a new address (“1PuQB…nWhTb” ) on Tuesday and the remainder was directed to a known Mt. Gox cold wallet.
Blockhead
Tether Expands Global Footprint With UAE Dirham-Pegged Stablecoin
Tether, the world's largest stablecoin issuer, announced today its plans to launch a UAE Dirham (AED)-pegged stablecoin in collaboration with Phoenix Group, Tether said in a statement on Wednesday.
According to the company, the Dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, ensuring its stability and security. It aims to provide users with a seamless and cost-effective way to transact in the AED, both domestically and internationally. The token is expected to play a crucial role in streamlining trade, remittances, and reducing transaction fees within the UAE and beyond.
Blockhead
DBS Bank Pioneers Programmable Government Grants on Blockchain
Singapore's DBS Bank has successfully piloted a groundbreaking solution that leverages blockchain technology to streamline government grant disbursements, the bank said in a statement on Thursday.
In collaboration with Enterprise Singapore and the Singapore Fintech Association, DBS said its pilot demonstrated how programmable grants can enhance governance, improve efficiency, and provide businesses with faster access to government funds.
Blockhead
Franklin Templeton CEO Highlights Underestimation of Bitcoin's Scale
Jenny Johnson, CEO of Franklin Templeton, has sounded the alarm on traditional finance's underestimation of Bitcoin's scale. In a conversation at the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, Johnson noted that Bitcoin processed a staggering $36.6 trillion in transactions last year, dwarfing the combined volume of payment giants Mastercard and Visa.
This stark comparison underscores the growing importance of Bitcoin as a global financial network. Despite its reputation as a speculative asset, Bitcoin's underlying technology, blockchain, offers a secure and efficient way to transfer value.
Blockhead
Binance's New Era: A Focus on Compliance, Global Expansion
Binance, the world's largest cryptocurrency exchange, is undergoing a significant transformation under the leadership of its new CEO, Richard Teng.
In a recent interview with Coindesk, Teng revealed that Binance has been profitable since its fifth month of operation and is committed to cautious spending. The company's strong financial position and focus on sustainable growth make an IPO unnecessary at this time, Teng said.
Blockhead
Events
Daemon Day (Singapore, 17 September 2024)
Join Blockdaemon on 17th September 2024 at Pan Pacific, Singapore for a day of groundbreaking discussions and networking opportunities with key players in the space. Event partners include AWS and Zodia Custody, while the event supporters include Liquid Collective, M2, MU Digital, Titanium Ventures, and Xangle.
For more info, click here.
Token2049 (Singapore, 18-19 September 2024)
Don't miss out on early bird ticket prices, until July 31! Use Blockhead's exclusive discount code BLOCKHEAD10 for a further 10% off.
All That Matters (Singapore, 16-18 September 2024)
The 19th All That Matters is the gateway to the APAC Music, Sports, Gaming, Marketing, Web3, Arts and Entertainment industries.
Conference by day and live music festival by night, ATM is Asia’s premiere ‘Business 2 Business 2 Fan’ event experience bringing together world class speakers with more than 2,000 senior executives.
Get your tickets now with Blockhead's 15% off code: ATM24BLOCKHEAD15
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