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GBTC ETF records lowest outflow since launch: $17.5 Million

by CoinNews
written by CoinNews

Quick Take

Farside data indicates that Bitcoin (BTC) Exchange-Traded Funds (ETFs) experienced a significant inflow of $123.7 million on Apr. 10, following a period of consecutive outflows. Notably, the Grayscale GBTC ETF saw its lowest outflow at just $17.5 million since launch. However, its total outflows reached $15,981.0 billion.

Bitcoin ETF Flow Table: (Source: Farside)
Bitcoin ETF Flow Table: (Source: Farside)

Farside data highlights that among the BTC ETFs, including BlackRock IBIT, Fidelity FBTC, ARK’s ARKB, and Bitwise BITB, which have seen the most significant inflows, only these four registered positive inflows on Apr. 10. Leading the group was FBTC, with an inflow of $76.3 million, its largest since Apr. 5, pushing its total inflows to $8,043.2 billion. The total net inflows to Bitcoin ETFs now stand at $12,494.5 billion.

According to Heyappollo data, the eleven US spot BTC ETFs collectively hold 840,505 BTC.

BTC ETF Data: (Source: Heyapollo.com)
BTC ETF Data: (Source: Heyapollo.com)

The post GBTC ETF records lowest outflow since launch: $17.5 Million appeared first on CryptoSlate.

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CoinNews

Bitcoin Below $70k But Hong Kong Readies April-End ETF Launch

by CoinNews
written by CoinNews

The Bitcoin price has seen a notable fluctuation, briefly surpassing $72,500 on Monday before dipping below the $70,000 threshold on Tuesday. This movement can be attributed to a risk-off sentiment among investors, largely in anticipation of the latest US Consumer Price Index (CPI) figures today. Following a low of $68,200 on Tuesday, Bitcoin managed a slight recovery, stabilizing above $69,400 at the time of reporting.

Concurrently, the Hong Kong Securities and Futures Commission (SFC) has updated its registry of virtual asset management funds early on April 10. Notably, the SFC is poised to announce the inaugural list of four Bitcoin spot Exchange Traded Funds (ETFs) on April 15, as reported by Tencent News. This announcement marks a significant milestone, setting the stage for the ETFs’ launch on the Hong Kong Stock Exchange by the end of April. Despite the magnitude of this news, the immediate market reaction has been muted.

Hong Kong To Launch Spot Bitcoin ETFs By End Of April

According to a Tencent News report, Harvest International Asset Management and Huaxia Funds (Hong Kong) Limited have been officially approved to manage virtual assets, signaling their entry into the cryptocurrency sector in Hong Kong. This development is significant as it introduces mainland China’s leading public fund companies into Hong Kong’s virtual assets industry. Currently, there are 18 funds in Hong Kong authorized to manage cryptocurrency assets, with Harvest International and Huaxia Fund being among the first public funds to venture into this space.

Harvest International emerged as the pioneer in submitting a proposal for a spot Bitcoin ETF in Hong Kong as of January 26. Following this initial submission, both companies have now secured the necessary qualifications to issue cryptocurrency-related fund products, including Bitcoin spot ETFs. This move enables retail investors to access these products through the Hong Kong Stock Exchange.

The urgency to update the virtual asset management funds list stems from the SFC’s plan to unveil the first batch of Bitcoin spot ETFs by April 15. The initial batch was anticipated to include Huaxia Fund, Bosera Fund, and Value Partners Financial, alongside Harvest International. However, Bosera and Value Partners were notably absent from the updated list due to their lack of an independent responsible officer (RO) qualified in cryptocurrency asset management. These funds are reportedly collaborating with Hashkey Capital and VSFG, both qualified crypto asset management organizations.

In preparation for the ETF launch, some applicants, including Huaxia Fund, have been rapidly assembling dedicated teams and submitting their applications by early March. Huaxia’s swift approval by the SFC, achieved in just two weeks, underscores the rapid pace of development in this area. The application process for a Bitcoin spot ETF in Hong Kong involves extensive collaboration with over 20 institutions, including custodian banks and market makers.

Following the SFC’s approval, the Hong Kong Stock Exchange is expected to spend approximately two weeks preparing for the ETF launch. Notably, this move opens up the crypto sector to Chinese retail investors, coming three months after the US SEC’s approval of the first batch of Bitcoin spot ETFs on January 11.

At press time, BTC traded at $69,484.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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CoinNews

UK regulators launch sandbox to integrate DLT with financial system

by CoinNews
written by CoinNews

The Bank of England (BoE) and the UK Financial Conduct Authority (FCA) have announced the launch of the Digital Securities Sandbox (DSS) on April 3.

The new framework aims to facilitate the use of emerging technologies, such as distributed ledger technology (DLT), in issuing, trading, and settling financial securities. It will allow participating firms to explore innovative technological applications within a structured regulatory environment.

The initiative represents an effort by UK financial regulators to integrate cutting-edge technologies into the financial market infrastructure, aiming for a more efficient and resilient financial system.

Digital finance

Designed as a five-year program, the DSS is intended to let firms undertake roles traditionally associated with central securities depositories, including the issuance, maintenance, and settlement of securities.

Furthermore, the framework enables the integration of these roles with trading venue functionalities, potentially leading to the creation of new business models in the financial sector.

The DSS has been established with three key objectives: to encourage innovation in the financial system, to maintain financial stability, and to uphold market integrity.

It encompasses a variety of financial instruments, such as equities, bonds, money market instruments, and units in collective investment undertakings — excluding the trading and settlement of derivative contracts and unbacked digital assets like Bitcoin.

The initiative aims to seamlessly integrate new technological solutions into the financial markets, allowing for regular interaction between DSS participants and other market players. Securities issued within the DSS are intended to be used in conventional financial transactions, including as collateral and in derivative contracts, subject to existing regulatory standards.

Mitigating risks

To mitigate risks to financial stability, the Bank of England plans to set limits on the value of securities that can be issued within the DSS. This approach reflects the experimental nature of these technologies in significant financial contexts.

The DSS will introduce a phased structure of permitted activities, with each phase designed to gradually increase the scope of allowed operations for participating firms.

The sandbox is anticipated to offer considerable benefits to the financial system, particularly in enhancing the efficiency of post-trade processes. This could lead to significant cost reductions for various market participants, including pension funds, investment firms, and banks.

The Bank and FCA have initiated a consultation period to gather input on the DSS’s proposed operation and regulatory framework. The consultation is directed at potential infrastructure providers and stakeholders interested in the DSS, including firms, law firms, and industry bodies.

Following the consultation, the central bank and FCA will issue a response and finalize the guidelines and regulations for the DSS, with plans to accept applications starting summer this year.

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CoinNews

Venom Blockchain Launch Triggers Huge Surge In User Adoption, Surpassing 1 Million In A Single Day

by CoinNews
written by CoinNews

With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain. 

Venom Blockchain Market Cap Soars

Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture. 

The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just $0.0002. 

As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over $5.2 billion and a trading volume of over $200 million, highlighting Abu Dhabi’s interest in the technology.

Over One Million Users In The First Year

The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products.

In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure.

Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology. 

Venom Blockchain
The 1-minute chart shows VENOM’s price trending upwards. Source: VENOMUSD on TradingView.com

On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at $0.6580, reflecting a recent increase of 3.8% in the past trading hour.

In the past 24 hours, the trading volume of the VENOM token has reached $62,515,705, marking a notable increase of 193.60%, according to CoinGecko data.  

Featured image from Shutterstock, chart from TradingView.com 

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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CoinNews

A Closer Look at peaq’s Mainnet Launch

by CoinNews
written by CoinNews

Leonard Dorlochter, the co-founder of peaq, revealed that the layer-1 blockchain focused on decentralized physical infrastructure networks (DePINs) and Machine RWAs is gearing up for its mainnet launch and token offering in an exclusive statement to CryptoSlate.

“The mainnet launch will be a historic milestone for the project, the culmination of years’ worth of research and development, of collaborations with industry giants like Bosch.

Equally exciting is the fact that soon, we will begin to open peaq to the community through the upcoming token offering[…] these exciting events will take place over the next few weeks, they are closing in by the day.”

The announcement comes on the heels of peaq’s successful $15 million pre-launch funding round, led by Generative Ventures and Borderless Capital, with participation from a host of prominent Web3 investors. The substantial investment in peaq highlights the growing interest in the DePIN space, which Messari estimates could reach a market potential of $3.5 trillion by 2028.

While details about the token offering remain under wraps due to ongoing processes, Dorlochter confirmed that these events are set to unfold over the next few weeks. He also shared plans for a major campaign to support DePINs building on peaq, stating, “We are planning a major campaign to support the DePINs building on peaq and foster their adoption through a wide variety of gamified challenges with rewards to earn.”

peaq’s layer-1 blockchain is specifically designed to cater to the unique requirements of DePINs, offering crucial backend functions, a machine-centric economic model, and a supportive ecosystem. These features differentiate peaq from other networks, with the aim of positioning it as a leading player in the DePIN space.

The funding round follows a year of significant growth for peaq, which saw the onboarding of over 20 DePINs spanning various use cases, such as Silencio, ELOOP, and Wingbits. In 2023, peaq showcased its real-world applications through collaborations with industry leaders like Bosch and Fetch.ai, demonstrating the potential for DePINs to bridge the gap between Web3 and the physical world.

As the DePIN sector continues to gain traction, peaq’s upcoming mainnet launch and token offering hope to play a crucial role in driving the adoption and growth of decentralized physical infrastructure networks. The project’s focus on providing a robust, scalable, and interoperable platform for DePINs, coupled with its growing ecosystem and industry partnerships, positions it in the middle of a key narrative for this cycle.

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CoinNews

Avalanche to Launch Web3 Voucher Program on Alipay

by CoinNews
written by CoinNews

The smart contracts platform Avalanche recently said it is collaborating with the Chinese payments giant Alipay to launch a Web3-enabled voucher program. The second phase will see the proof of concept being expanded to more than 100 million users from Southeast Asian countries. Web3-Enabled Vouchers Avalanche, a smart contracts platform, has said it is working […]

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CoinNews

Next Generation Crypto Casino ‘Bombastic’ Set to Launch

by CoinNews
written by CoinNews

PRESS RELEASE. The team from Betmax Entertain is thrilled to announce the launch of a new crypto casino – Bombastic, a next-generation online crypto casino that brings together the dynamic world of cryptocurrencies with thousands of games including Slots, Blackjack, Poker, Roulette, and more. With Bitcoin’s recent price volatility in sharp focus, the release of […]

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Finance

Qatar Airways to launch First Class, as airline courts Airbus and Boeing for new planes

by CoinNews
written by CoinNews

Qatar Airways CEO says he’s 110% confident Boeing makes safe planes

Qatar Airways is developing a First Class concept and pursuing aircraft orders from aviation giants Boeing and Airbus, as part of a broader strategic overhaul under new group CEO Badr Mohammed Al Meer.

“This is a new era,” Al Meer told CNBC on Thursday, unveiling changes at the airline that follow a multi-month “war room” review. Formerly the chief operating officer of Qatar’s Hamad International Airport, Al Meer took over from long-time predecessor Akbar Al Baker as Qatar Airways CEO in November and seeks to refresh the airline’s strategy and reset supplier relationships.

Al Meer confirmed to CNBC that Qatar Airways is now developing a high-yielding First Class concept for its cabins.

“We wanted to combine the experience of flying commercial and flying on a private jet and develop something new,” he said. “We are 70% to 80% ready. We are only finalizing colors and small touches, but hopefully we will be able to announce it very soon.”

First Class seating typically offers a more spacious, premium quality and higher cost experience aboard an aircraft. Some airlines have abandoned, reduced or rebranded First Class seats in a bid to maximize aircraft space and offer more economic seating for budget-conscious travelers.

Along with preparing its First Class proposal, Qatar Airways is redesigning its premium “Q-Suite” class of seats, and the latest offering is set to debut at the Farnborough International Airshow in July.

New orders

The Gulf carrier has also submitted a Request for Proposal to Boeing and Airbus for a “big” new aircraft order, Al Meer said.

“We released an RFP to create some competition between both suppliers,” he noted, without disclosing specifics. “We will go through the process, and, with an order this big, we need to take our time.”

Al Meer wants to enhance the service offering and capitalize on momentum following the Qatar World Cup, which helped the airline deliver a record net profit of $1.21 billion in the fiscal year 2022-23, as well as the highest yields and load factors in its history.

“The markets that we want to grow in are China, India, Australia, Japan, Korea, and a few others,” Al Meer said.

He separately flagged that regional demand for flying is high, and passenger numbers had picked up by more than 30% in the last four months, while forecasting growth is likely to “be more settled below 10%-15%,” for the rest of the year.

A Qatar Airways Boeing 777 In New York.

Leslie Josephs | CNBC

The new aircraft order proposal follows a major legal dispute between Qatar Airways and Airbus over safety concerns caused by paint degradation. It also comes amid an ongoing crisis of confidence at Boeing after the Max 9 door blowout in January raised concerns over safety, quality controls and production and delivery delays.

“We are affected when our aircrafts are not being delivered on time,” Al Meer said. “I know Airbus and Boeing have certain problems. We have full trust in both organizations and they’re strong enough to overcome those problems.”

Al Meer noted he expects to receive Qatar’s latest Boeing 777X order by the end of next year, adding he’s “110% confident” Boeing makes safe planes.

Al Meer also said Qatar Airways would halt Al Baker’s plans for a fast “phase-out” of the flagship Airbus A380. Rival Emirates also signaled it would hold onto the airliner, despite Airbus ending its production in 2021.

Next steps

Al Meer has taken steps to address criticism about the airline’s workplace practices, including relaxing a controversial night curfew rule for cabin crew and reversing a long-standing ban on Qatar Airways staff sharing workplace pictures on social media.

“It was very clear that we needed to do some changes there,” Al Meer said. “We want our staff, and we want the airline to be the people’s choice when it comes to working with us.”

The strategy update comes as Qatar Airways faces renewed pressure from rival Gulf carriers, such as Emirates and Etihad, as well as upstarts like Saudi Arabia’s Riyadh Air, which is also buying planes to compete on key routes in the coming years.

“Competition will help us raise the benchmark,” Al Meer said. “The way I see it, the pressure is Riyadh Air… they will have to compete with the best of the best.”

Al Baker played a key role in shaping Qatar Airways into a profitable global airline. He led the carrier through major events including the September 11 attacks, the global financial crisis, the Gulf diplomatic dispute, and the Covid-19 pandemic.

Now, his successor wants to bring the airline into a new era — dubbed “Qatar Airways 2.0” — during which he did not rule out the possibility of an initial public offering.

“We might consider it in the near future,” he said when asked if Qatar Airways could consider going public. He nevertheless stressed the decision would lie with Qatar Airways stakeholders and the Qatari Government.

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Finance

Nio plans to launch its mass market EV brand in May

by CoinNews
written by CoinNews

Nio holds a product event in Shanghai on Sept. 21, 2023.

Evelyn Cheng | CNBC

BEIJING — Chinese premium electric car company Nio said Thursday it plans to reveal its mass market brand in May.

Executives confirmed the new brand will be named “Le Dao” in Chinese, and said the name is meant to reflect families — the target consumer segment — having a happy time together.

Nio, founded in late 2014, has so far focused on the higher end of the market with SUVs and sedans that can cost more than Tesla’s Model S or Model Y, but come with a suite of services such as access to user clubhouses known as Nio Houses.

Monthly car deliveries, however, have remained modest versus the rapid growth of some competitors.

Earlier this month Nio said its mass market brand would debut in the second quarter, with the first product launch in the third quarter and large-scale deliveries the following quarter.

Another Chinese electric car startup called Xpeng said last summer it plans to develop a new mass market brand that will target the 150,000 yuan ($20,580) price range. The company said it would develop the brand through a strategic partnership with Didi.

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CoinNews

ceτi AI Announces Successful Launch of Revolutionary Decentralized AI Infrastructure Token

by CoinNews
written by CoinNews

ceτi AI, a pioneering decentralized artificial intelligence infrastructure provider, is thrilled to announce the successful launch of its CETI token. Founded by a team of visionaries led by Dennis Jarvis (formerly of Bitcoin.com and Apple), ceτi AI is on a mission to democratize access to AI by building a globally distributed, high-performance, intelligent, and scalable […]

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