1. Market Wrap: Bitcoin Hits Record $48.2K as CME Ether Futures at $33M Volume on First Day
Bitcoin and ether surpassed Monday’s price records. In ether’s case, CME’s futures launch has given the asset more credibility than ever before.
Bitcoin (BTC) trading around $47,174 as of 21:15 UTC (4:15 p.m. ET). Gaining 7.1% over the previous 24 hours.
Bitcoin’s 24-hour range: $43,948-$48,226
BTC well above the 10-hour and the 50-hour moving average on the hourly chart, a bullish signal for market technicians.
2. BlockFi’s Bitcoin Trust Takes Aim at GBTC
Crypto lender BlockFi has launched its bitcoin trust with an annual fee that falls 0.25% below what industry-leader Grayscale Bitcoin Trust (GBTC) charges investors.
With a 1.75% management fee, the fund started taking subscriptions last Friday and the fund has nearly $30 million in assets under management, according to its website. Roughly six to 12 months from now, the trust should be available on over-the-counter markets making it tradable through brokerage accounts, BlockFi CEO Zac Prince.
The company joins Bitwise and Osprey Funds in competing with Grayscale’s dominance in the bitcoin trust market.
3. Jim Cramer Thinks ‘Every’ Corporate Treasurer Should Be Thinking Bitcoin
CNBC personality Jim Cramer has turned bullish on bitcoin balance sheets in the wake of Tesla’s $1.5 billion buy.
“I think it’s almost irresponsible not to include” bitcoin on corporate balance sheets, Cramer said on CNBC Tuesday.
“Every treasurer should be going to boards of directors and saying, ‘Should we put a small portion of our cash in bitcoin?’ It seems to be an interesting way to hedge against the rest of the environment,” he said.
“I think it’s an alternative to having cash position where you make absolutely nothing,” Cramer said. The verdict on bitcoin: “Nice hedge against fiat currency.”
Cramer has previously endorsed MicroStrategy’s bitcoin treasury reserve. He called CEO Michael Saylor a “gunner” he wouldn’t bet against during a mid-January episode of “Mad Money.”
Cramer, who said he owns bitcoin, has previously advocated for the cryptocurrency as a hedging instrument.
4. Ether Hits $1,800 for First Time as Market Cap Passes $200B
Ethereum’s ether cryptocurrency rallied to new lifetime highs early on Tuesday amid a continued drying up of sell-side liquidity in the market.
The second-largest cryptocurrency registered a record high of $1,824.59 during European trading hours, surpassing the previous peak price of $1,761.35 hit on Feb. 5.
The cryptocurrency is now trading lower at $1,764, representing a 5.5% gain on a 24-hour basis. Ether has more than doubled in value this year, outperforming bitcoin’s 58% rise.
5. DeFi’s Curve Finance Is Branching Out to Polkadot
Curve Finance’s AMM is making its way to another blockchain — Polkadot.
Money market Equilibrium is building a cross-chain implementation of Curve Finance on its Polkadot parachain. Once finished, the automated market maker (AMM) will exist on both Ethereum and Polkadot.
Curve Finance is one of the largest automated market makers (AMM) on Ethereum. The protocol enables low-slippage swaps of stablecoins such as tether (USDT, +0.06%), dai (+0.01%) and USDC (-0.01%). For example, Curve processed $400 million in volume in one day last month, according to CoinGecko.
“We’re excited to see the demand for stablecoin liquidity driving the technology to other chains,” Curve Finance CEO Michael Egorov said in a statement. “Deep liquidity is vital for adoption of new applications like Equilibrium, as well as for the adoption of new blockchains themselves.”
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February 10, 2021