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Bloomberg analyst Eric Balchunas speculated the SEC may have applied pressure on Valkyrie to halt purchases of ETH futures contracts until the ETF was officially approved. Asset management firm Valkyrie has said it will hold out for the United States Securities and Exchange Commission (SEC) to approve an exchange-traded fund, or ETF, with exposure to Ether (ETH) futures rather than making purchases in advance. In a Sept. 29 filing with the SEC, Valkyrie said it will not make certain purchases “until the effectiveness of an amendment” reflecting ETH futures contracts as the ETF’s principal investment strategy. The firm told Cointelegraph on Sept. 28 that it planned to allow investors exposure to Ether and Bitcoin (BTC) under a combined Bitcoin and Ether Strategy ETF, with purchases planned ahead of a launch the first week of October. ‘[T]he Fund will unwind any existing positions in ether futures contracts,” said the SEC filing. The plot thickens, Valkyrie just put out 497 that they...

Grayscale debuted its first two Ethereum futures contracts in 2021, and is now planning to launch the new Grayscale Ethereum Futures Trust ETF. Digital currency investment company Grayscale is the latest firm to file for a new Ethereum futures’ exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC). Grayscale on Sept. 19 officially proposed to list and trade shares of the Grayscale Ethereum Futures Trust (ETH) ETF under the New York Stock Exchange (NYSE) Arca Rule 8.200-E. The proposal is pursuant to the provisions of the Securities Exchange Act of 1934 and rule change submitted by NYSE to the SEC. The ETF is managed by Grayscale Advisors, also referred to as the “sponsor” in the filing. “The Sponsor is in the process of becoming registered as a commodity pool operator with the Commodity Futures Trading Commission and is in the process of becoming a member of the National Futures Association,” the document reads. It also states that Grayscale Advisors has engaged...

Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, has resigned from his duties, the billionaire shared today. His resignation is the final step of fully succeeding the company to a new generation of investors. JUST IN: Ray Dalio, Founder of Bridgewater, the world's largest hedge fund, has resigned. — Watcher.Guru (@WatcherGuru) October 4, 2022 “This was the natural progression of events; as soon as we were ready, we went ahead,” says Dalio, 73, in a statement to Bloomberg. He will keep his seat on the board with a new title: founder and CIO mentor. “I didn’t want to hold on until I died.” On Sept. 30, he transferred all of his voting rights to the board of directors and stepped down as one of Bridgewater’s three co-chief investment officers. Now that he has found successors for his role, Dalio is relinquishing all say in the company. “Ray no longer has the final word,” co-Chi...

Genesis Global Trading, an affiliate of Digital Currency Group (DCG), plans to cease its crypto spot trading operations this month due to undisclosed “business reasons.” This voluntary decision stems from a series of business considerations and follows the January bankruptcy filing of another DCG affiliate, Genesis Global Holdco, specializing in crypto currency lending services.  Per the Bloomberg report, Genesis Global Trading will cease the spot trading service on Sept. 18. The firm claims to collaborate with the authorities to ensure an orderly closure of the spot trading business.  You might also like: Gemini filed an opposition to Genesis’s bankruptcy plan Despite this cessation, the company affirmed that its spot and derivatives trading services will continue without disruption. Genesis Global operates these services through GGC International, a trading firm registered in the British Virgin Islands. Notably, Genesis Global Trading holds a New York State ...

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the potential collapse of the Grayscale Bitcoin Trust and its implications on the market. On this week’s The Market Report show, Cointelegraph’s resident experts discuss what the ramifications would be if Grayscale Bitcoin Trust were to collapse . We start off this week’s show with the latest news in the markets: GBTC next BTC price black swan? — 5 things to know in Bitcoin this week Bitcoin (BTC), the largest cryptocurrency, just like the rest of the crypto industry, remains highly susceptible to downside risk as it continues to deal with the fallout from the implosion of exchange FTX. Contagion is the word on everyone’s lips as November grinds on — just like the Terra collapse earlier this year — and fears are that new victims of FTX’s giant liquidity vortex will continue to surface. Grayscale Bitcoin Trust (GBTC) seems to be on everyone’s radar this week for all the wrong reasons. Will it be the n...

Friend.tech warned users who choose to jump ship to “forks and copies” will see their existing points forfeited. Crypto’s newest decentralized social media (DeSo) app friend.tech has been met with intense criticism over a decision to punish users who opt in to forks or copycat versions of its tokenized social media platform.  “To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points,” wrote the official friend.tech X account in an Aug. 28 tweet. We expect @friendtech clones and other types of copies will emerge. To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points. They will be able to use the app normally pic.twitter.com/C1rTEQQr17 — friend.tech (@friendtech) August 28, 2023 While Friend.tech did not make mention to any specific competitors, and number of X ...

The venture capital firm will allocate up to $200,000 to blockchain projects that it deems promising. On May 24, Singaporean venture capital firm Foresight Ventures announced that it would pledge an additional $10 million to its Foresight X Accelerator, bringing its total to $20 million. The move comes as the firm opens the second phase of accelerator applications, which will focus on Web3 projects building in the artificial intelligence (AI), zero-knowledge (ZK), machine learning, Bitcoin (BTC), liquid staking derivatives, and nonfungible token ecosystems. Previously, Foresight earmarked $10 million for its accelerator , which launched last November. In its first phase, Foresight focused on 30 companies from its Web3 project pool, providing an investment of $50,000 to $200,000. As the accelerator moves into its second phase, Foresight will allocate $200,000 to each selected project and assign up to three mentors and one fund partner from the VC firm to provide practical guidance...

The U.S. must capitalize on the “high demand” for digitally native U.S. dollars, particularly from those in emerging economies with weak local banking systems, the Circle CEO said. The United States must implement Stablecoin legislation and digitize the U.S. dollar (USD) to mitigate the “very active de-dollarization taking place” around the world right now, says Jeremy Allaire, the chief executive of Stablecoin issuer Circle. Allaire’s comments at the Consensus 2023 conference on Wednesday, April 25, were made in light of the recent U.S. banking crisis. The Circle — the stablecoin issuer behind USD Coin (USDC) — CEO called on Congress and the Federal Reserve to take action otherwise alternative currencies and payment systems will continue to eat into the dollar’s dominance: “We have a very active de-dollarization taking place. You're having very significant reactions to the U.S. risks in the U.S. banking system, risks with the US government itself, a geopolitical imposition on ...

Cointelegraph team was on the ground in New York to bring exclusive insights from the NFT event. The Play-to-Earn (P2E) business model may not be dead, but game publishers and developers are exploring alternatives to replace it, according to a panel at the NFT.NYC 2023. Cointelegraph team was on the ground in New York to bring exclusive insights from the NFT event.  According to the CEO of gaming platform OP Games, Chase Freo, companies that branded themselves as P2E are shifting their strategy amid the crypto prices downturn. "It's a model that is not sustainable at all," he noted, citing Axie Infinity's shift in some of its flagship titles as an example. From left: Chase Freo, Minoru Yanai, Paul Flanagan, and Paul-David Oosthuizen at the NFT.NYC 2023. Source: Cointelegraph Minoru Yanai from Minto, a Japanese manga and anime design company, said that game companies are now "looking at play and fun, and sometimes earn or swap," adding that players can stil...

DWF Labs invests over $60 million in a partnership with the EOS Network Foundation, providing a $45 million EOS token purchase agreement and a $15 million pledge for EOS-based projects to expedite growth and adoption. In its most substantial investment to date, DWF Labs, a digital asset market maker and investment firm, has announced an alliance with the EOS Network Foundation (ENF), entailing an investment deal worth over $60 million. EOS is a Layer-1 network for developers looking to build blockchain-based games (GameFi) and deploy decentralized applications (dApps). DWF is bolstering the EOS Network by means of a $45 million EOS token purchase agreement and a $15 million pledge to invest in businesses and projects based on EOS. This pledge is aimed at expediting the expansion and acceptance of the EOS Network. The ENF plays a pivotal role in the EOS network’s development by coordinating support, creating feedback loops for innovation, promoting community involvement, allocating...

BitKeep Wallet will now be known as Bitget Wallet following a $30 million investment from the namesake crypto derivatives exchange last week. On March 29, multichain wallet BitKeep announced that it had fully compensated users affected by the 7.2.9. Android Package Kit (APK) exploit that took place on Dec. 26, 2022. On the day of the incident, the 7.2.9. APK update for BitKeep was maliciously swapped by hackers, resulting in an estimated $8 million loss of funds from users who downloaded the malware. According to BitKeep, 11,090 wallets affected by the incident have been fully reimbursed as of March 29. In addition, BitKeep says its customer service channels remain open to processing several “irregular” claims and appeals. At the same time, BitKeep will re brand to Bitget Wallet following a $30 million investment last week at a $300 million valuation from the namesake cryptocurrency derivatives exchange. As part of the integration, BitKeep will have access to Bitget’s $300 million B...

On this week’s episode of The Market Report, Cointelegraph’s resident expert explains why Bitcoin is rising and why banks are collapsing. This week on The Market Report, our beloved host, Joe Hall, and insightful expert, Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to discuss why he thinks Bitcoin’s (BTC) price is rising amid collapsing banks . We kick things off with this week’s first article: UBS Group agrees to $3.25B “emergency rescue” of Credit Suisse UBS Group agreed to buy its ailing competitor Credit Suisse for $3.25 billion on March 19 as part of an “emergency ordinance” to prevent financial market instability. To close the deal, Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and announce the deal over the weekend ahead of the market opening. Was this move actually legal? After this move, will Switzerland still have a reputation for being the securest financial market? Pechman has muc...

Unciphered posted a video showing a "Massive critical vulnerability" in the OneKey Mini. The creators noted it's been patched and is now working on further securing the wallet. Crypto hardware wallet provider OneKey says it has already addressed a vulnerability in its firmware that allowed one of its hardware wallets to be hacked in one second flat. On Feb. 10, a video on YouTube posted by cybersecurity startup Unciphered showed they had figured out a way to exploit a "Massive critical vulnerability" in order o "crack open" a OneKey Mini. According to Eric Michaud, a partner at Unciphered, by disassembling the device and inserting coding, it was possible to return the OneKey Mini to “factory mode” and bypass the security pin, allowing a potential attacker to remove the mnemonic phrase used to recover a wallet .  "You have the CPU and the secure element. The secure element is where you keep your crypto keys. Now, normally, the communications are e...

Crypto execs suggested that the "extremely challenging" times forced them to cut jobs in order to “weather this extended" crypto winter. Several crypto firms have made job cuts this week amid the ongoing crypto winter, retaining “impactful” employees as they prepare for a “longer downturn.” At least 216 jobs were slashed between three crypto firms – open-source software laboratory Protocol Labs, blockchain data firm Chainalysis and U.S. cryptocurrency exchange Bittrex, with reductions of 89, 83 and 44 employees respectively. Juan Benet, CEO of Protocol Labs, the parent company of Filecoin, announced the job cuts in a blog post on Feb. 3 stating that the company has had to focus its headcount “against the most impactful and business critical efforts.” He stated that the company's decision to cut “89 roles,” approximately 21% of its workforce, was to ensure it is well positioned to “weather this extended winter.” Benet suggested that the company must “prepare for a lo...

The seventh edition of JPMorgan's e-Trading Edit asked 835 institutional traders about their plans for trading digital assets in 2023, among other topics. A whopping 72% of institutional e-traders have signaled “no plans to trade crypto/digital coins” in 2023, according to a new survey conducted by JPMorgan. The seventh edition of JPMorgan’s e-Trading Edit surveyed 835 traders from 60 different “global locations” about the technical developments and macroeconomic factors that will influence trading performance in 2023. The survey was conducted between Jan. 3 to Jan. 23, 2023. The survey revealed hesitation among traders around digital assets. Only 14% of respondents said they will either continue to trade in the digital asset market or begin trading this year.  The remaining 14% of respondents, said they didn't plan on investing this year but may do so within the next five years. 92% of the institutional traders surveyed by JPMorgan did not — at the time of the survey — have...

Nexo platform has reportedly experienced massive outflows amid the news on office raids and an ongoing investigation against the firm. Troubled cryptocurrency firm Nexo is planning to sue the Bulgarian Government in the aftermath of massive raids at the company’s office s in Sofia. Nexo has complained about the actions of the law enforcement authorities in response to the investigation against the firm, the Bulgarian News Agency reported on Jan. 13. The company is reportedly preparing to file a lawsuit against the authorities to seek compensation for damages caused by the abrupt police interruption. One report suggested that investigators did not provide a search warrant for hours, while inspectors had never identified themselves. Nexo believes that the raids conducted in its office s yesterday were against the law and demonstrated “total incompetence of those conducting this shameful action.” Nexo also described the actions against the firm as the “local Bulgarian arbitrariness” wh...