HIVE HIVE Digital Technologies Ltd

Miners face Bitcoin halving challenges

The upcoming Bitcoin halving (COIN:BTCUSD), scheduled for April 2024, may pose more challenges for cryptocurrency miners compared to previous halvings. Mining experts say that around half of miners will struggle due to high electricity costs and accumulated debt. Previous halvings have been followed by big Bitcoin price rallies, but the upcoming halving could be problematic for certain miners. Many miners are trying to prepare in advance, looking to reduce energy costs, secure prices with suppliers and implement financial protection strategies. Riot Platforms (NASDAQ:RIOT), for example, plans to expand its mining capacity before the halving by acquiring new miners.

HIVE Blockchain produced 259 Bitcoins in June

HIVE Blockchain Technologies (NASDAQ:HIVE) announced that it produced 259 bitcoins in June, with an average of 76.6 bitcoins per Exahash. The average hashrate was 3.38 EH/s, and the company produced an average of 8.6 bitcoins per day. The company’s current balance is approximately 1,957 bitcoins. HIVE’s mining capacity ended the month at 3.3 EH/s. Bitcoin mining difficulty ended the month about 1% lower than the start of the month, taking a toll on the company’s gross profit margins.

BTC price prediction elevated by Standard Chartered

Standard Chartered predicts that Bitcoin will hit the $50,000 mark later this year and reach new highs in 2024, according to a report released by the bank. They highlight the BTC price recovery and the shift in the narrative around the cryptocurrency. The report predicts that BTC/USD will reach $50,000 in 2023 and $120,000 by the end of 2024. It is believed that supply and demand dynamics will favor bulls as miners sell less BTC, creating an imbalance of supply and demand. Standard Chartered is also involved in the cryptocurrency industry through its crypto custody platform Zodia. The bank’s bullish prediction is seen as a sign of growing institutional interest in Bitcoin.

Vitalik Buterin highlights scalable solutions for the Bitcoin network

Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), expressed the opinion that the Bitcoin network needs scalable solutions such as zero-knowledge rollups (ZK-rollups) to become more than just a payment network. During an event on Twitter, Buterin highlighted the importance of these solutions to increase the scalability of Bitcoin. He mentioned Optimism and Arbitrum, which are successful examples of rollups used on Ethereum, as case studies that could be applied to Bitcoin. Buterin also praised Bitcoin’s Lightning Network as an important Layer 2 solution for scalability.

Seamless inflow into digital asset investment products

For the third consecutive week, there were strong inflows into digital asset investment products, with a total of $136 million entering the market. In the last three weeks, total inflows into institutional cryptocurrency investment products reached $470 million, offsetting the previous nine weeks of outflows and resulting in a positive net inflow of $231 million for the year. Bitcoin remains the top choice for investors, while some altcoins have also attracted inflows. Blockchain stocks also saw a huge influx of $15 million.

Cega Finance expands structured investment product to Arbitrum

DeFi derivatives platform Cega Finance has expanded its structured investment product to the Layer 2 Arbitrum network, allowing users to stake on the stablecoin USDC (COIN:USDCUSD). Cega claims its “L2” vault can generate an estimated APY of up to 63% and loss protection of 50%. Cega’s structured investments are less complex than traditional finance and offer advanced trading strategies, higher yields and protection against market downturns. The company chose Arbitrum due to its affordability, low fees and familiarity with Ethereum. Cega plans to expand to other chains in the future.

Justin Sun’s massive withdrawals of Ether tokens raise concerns

The recent withdrawals of 30,000 stETH tokens (COIN:STETHUSD) made by Chinese businessman Justin Sun, founder of Tron, have raised concerns among users of the ETH platform Lido. The value of these withdrawals was around $55.8 million and took place in two different wallets belonging to Justin Sun. The reason behind these massive withdrawals is still unknown and the businessman has not publicly commented on the matter. Despite these sales, Justin Sun is still the biggest holder of stETH, with around 260,000 tokens left, worth $484 million. The withdrawals do not appear to have significantly impacted the market price of stETH.

Grayscale adds Lido token to its DeFi fund

Digital asset management firm Grayscale has added the Lido staking protocol governance token to its DeFi fund. The company adjusted the fund’s portfolio by selling certain amounts of the existing assets and using the resources to buy the Lido token (COIN:LDOUSD). Now, Lido occupies the second position in the Grayscale DeFi fund, with a 19.04% stake. Lido has gained popularity as a proof-of-stake net staking solution for cryptocurrencies, with over 10 million ETH staked through its pool. Grayscale also acquired voting power on Lido governance proposals.

Mantle Network proposes $200 million ecosystem fund

Mantle Network has proposed the creation of a $200 million ecosystem fund to support the development of decentralized applications on its Ethereum Layer 2 network over the next three years. The proposal seeks community approval to allocate $100 million from Mantle’s treasury and seek an additional $100 million from strategic partners. With current favorable votes, approval appears imminent. BitDAO, now renamed Mantle, is a decentralized autonomous organization that owns one of the largest community treasures in cryptocurrencies, including Mantle tokens, ether and stablecoins.

Worldcoin expands project in Spain with World ID

Spain has become Europe’s largest operating market for Sam Altman’s Worldcoin as the project expands into the country. Worldcoin decided that Spain would be the next market to gain access to World ID, a privacy-preserving Proof of Personality protocol. The Tools For Humanity (TFH) team joined tech associations Tech Barcelona and Adigital. The project noted that there were also numerous World ID entries in Portugal.

Hiring in Hong Kong’s cryptocurrency sector is still down

While cryptocurrency companies are eager to enter Hong Kong, hiring in the industry is still down, according to recruiting executives. Demand for technical talent has dropped significantly since the cryptocurrency market crash. Although the rules have changed, risky activity is still low but is expected to increase in the future. Companies that establish themselves in Hong Kong will face a war for talent, as the local talent pool is scarce. The stability of TradFi is no longer as attractive as it used to be, and many people are willing to try opportunities in the crypto space and Web3.

Ripple recognized by Bank of America for its impact on cross-border payments

Bank of America (NYSE:BAC) has recognized Ripple as a company making a significant impact with blockchain in cross-border payments. While blockchain has limited impact on cross-border payments, Ripple is an exception. BofA highlights the emergence of SWIFT GPI as the preferred solution in the Asia-Pacific region. APAC is leading the adoption of financial technologies and moving towards eliminating physical cash, introducing digital options such as QR codes, real-time settlements and central bank digital currencies.

24 Central Banks plan to launch digital currencies by the end of the decade

According to a survey by the Bank for International Settlements (BIS), around 24 central banks in emerging and advanced economies plan to launch digital currencies by the end of the decade. The majority of these central bank digital currencies (CBDCs) will be aimed at retail, with eleven central banks joining others that already have digital currencies in circulation. Additionally, nine central banks are considering launching CBDCs for use in the wholesale sector. BIS also warned of the possible threat to financial stability if crypto assets, including stablecoins, are widely used for payments.

US presidential candidate Robert F. Kennedy Jr. owns Bitcoin

Democratic US presidential candidate Robert F. Kennedy Jr. previously denied being an investor in Bitcoin, but recent financial documents reveal that he has between $100,001 and $250,000 worth of Bitcoin. This revelation contradicts his previous statements of not being involved with Bitcoin. There have been concerns raised about a possible conflict of interest, but the Kennedy campaign has stated that there is no conflict. Kennedy continues to voice his support for Bitcoin, deeming it a bulwark against manipulation of the money supply and a path to greater government transparency.

Matrixport appoints Mo Zhou as Head of US operations

Matrixport, a Singapore-based cryptocurrency trading and lending platform, has announced the appointment of Mo Zhou as the new head of its US operations. Mo Zhou will lead the company’s institutional business lines in the country, assuming the position previously occupied by Anthony DeMartino, who will act as a consultant. Matrixport continues to maintain its international growth plans in the US, despite regulatory issues in the country. Zhou is a Harvard-educated attorney with experience in derivatives and mergers and acquisitions.

Arkham Project launches on Binance Launchpad

Binance has announced that the Arkham project (ARKM) will launch as the 32nd project on its launch pad, Binance Launchpad. The Arkham Token Sale will be capped at $2.5 million and users will be capped at $15,000 to purchase ARKM tokens. The monitoring period for users’ BNB balances will begin on July 11th, and the final allocation of tokens will be determined on July 18th. Arkham is a blockchain analytics platform that provides data on entities and individuals in the crypto market.

Savl launches Community feature for cryptocurrency users

Cryptocurrency wallet app Savl has launched the Community feature, which aims to create a supportive and vibrant ecosystem for cryptocurrency users. Users can create custom profiles, interact with creators and brands, participate in discussions and collaborate on projects. The Community aims to increase engagement, provide networking and collaboration opportunities, and connect businesses and cryptocurrency users. Savl seeks to create a welcoming community and promote blockchain socialization.

French startup Narval raises $4 million

French startup Narval raised $4 million in an initial funding round led by BlockTower VC. The company is developing a platform for web3 wallets, which will allow organizations to manage and use a variety of digital assets, including cryptocurrencies and NFTs. Narval offers a granular policy engine that allows organizations to precisely control access permissions to digital assets. With the new funds, the startup plans to expand its team and continue platform development, as well as boost its marketing efforts. Narval’s solution aims to provide a governance layer to facilitate the secure use of digital assets.

Wimbledon NFTs launched in collaboration with Andy Murray and Refik Anadol

British tennis player Andy Murray, Wimbledon Tennis Tournament and digital artist Refik Anadol have collaborated to launch an official Wimbledon non-fungible token (NFT) on the Ethereum blockchain. The project, called ‘The Exhibition’, is a data-driven work of art representing all of Murray’s Wimbledon matches throughout his career. The data was processed by scientists and developers to create a visually stunning piece. NFT holders will have the opportunity to purchase a physical printed edition of the artwork. The Open Edition was released on July 7th – exactly 10 years after Murray’s first Wimbledon win. Price is $147, with 161 pieces minted. The sale will end on July 16th.