Institutional selling of crypto reaches longest streak since Feb 2018

Institutional managers continued to take profits on their cryptocurrency holdings, with funds dedicated to Bitcoin (BTC) registering their sixth consecutive weekly outflows, according to CoinShares.  Outflows from digital asset investment products totaled $79 million last week, marking the third consecutive weekly decline and the longest stretch of drawdowns since February 2018. Outflows from Bitcon funds totaled $89 million, whereas Ethereum (ETH) products endured a $1.9 million decline. Year-to-date, Bitcoin investment products have generated over $4.1 billion in net inflows. Ether products, meanwhile, have accumulated $992 million since the start of…

Sotheby’s will allow people to trade their crypto for an ‘intrinsically worthless’ rock

Luxury auction house Sotheby’s will accept bids in crypto for a massive diamond scheduled to be auctioned in Hong Kong next month. According to a Monday Reuters report, Sotheby’s will offer a 101.38-carat pear-shaped diamond for bids in crypto and fiat starting on July 9. Buyers are expected to bid up $118 million HKD — roughly $15 million — for the stone. This amounts to more than 454 Bitcoin (BTC) at the time of publication at a price of $32,974. Sotheby’s has also accepted Ether (ETH) in previous auctions. The…

Zebpay will join organization proposing regulatory framework for crypto in India

Cryptocurrency exchange Zebpay and others doing business in India will reportedly be joining IndiaTech, an association aimed at providing regulatory clarity for crypto in the country. According to a Monday report from The Economic Times, executives from some of India’s crypto exchanges said their businesses are considering joining IndiaTech in an effort to pressure the government to regulate crypto, with Zebpay confirming it would be doing so. The report comes one month after the organization published a white paper which included policy recommendations for a regulatory framework for crypto assets…

Polywhale Team Abandon $100 Million Project Amid Scam Allegations

Key Takeaways Polywhale Finance, the first yield farm on Polygon, has abandoned the project and withdrawn over $1 million in tokens. The team said they were quitting due to bad tokenomics and poor market conditions, a claim dismissed by others. Community members describe the incident as a “soft rug,” a fraudulent exit scam in which project founders sell own tokens on the market. Share this article Polywhale Finance, the first-ever yield farm on Polygon has been abandoned by its founding team amid rug pull allegations. Polywhale: Another Yield Farming Exit…

Malta Chamber of Commerce business unit responds to allegations of lax crypto oversight

A business unit within Malta’s Chamber of Commerce has struck down allegations that the country failed to uphold proper regulatory oversight of cryptocurrency businesses in its early embrace of the industry in 2017 and 2018.  The Virtual Financial Assets Agents Business Unit of the Malta Chamber of Commerce responded to a Sunday report from the Times of Malta alleging that global financial regulators are concerned about money laundering and lax regulatory oversight of crypto businesses within the country. Specifically, sources close to a recent Financial Action Task Force meeting in…

If the peer review system is broken, what the hell is the point of Cardano’s reliance on it?

In a recent interview with Lex Fridman, Charles Hoskinson, the founder of Cardano and co-founder of Ethereum offered his views on Bitcoin. The 33-year-old was less than complimentary, calling it “slow” and in desperate need of an upgrade. Hoskinson also took issue with the recent Bitcoin conference in Miami, comparing the whole thing to a ridiculous religious movement. “I can’t for the life of me understand, what the hell is the point of Bitcoin?” asked Hoskinson. But while Bitcoin has proven itself an adaptable blockchain with a decade of history,…

Bulls Lose Hope as Bitcoin, Ethereum Continue to Fall

Key Takeaways More than $1 billion was liquidated on major exchanges on Monday as Bitcoin continued its bad weekly performance and Ethereum revisited sub-$2,000 levels. Bad news from China sent ripples through the already-weakened markets as only one cryptocurrency out of the top 100 has had a positive 24 hours. The crypto market just saw its worst monthly performance since 2011. Share this article More bad news from China confirms the current bearish tendency of the market. While Bitcoin falls more than 15% in the last seven days, Ethereum comes…

Coinbase-backed Securitize secures $48M in Series B funding

Morgan Stanley has made its first capital investment foray into the blockchain space, co-leading a $48 million funding for Securitize. According to a release issued on Monday, the Coinbase-backed asset tokenization outfit has completed a Series B funding round that drew participation from Morgan Stanley Tactical Value-managed investment funds and Blockchain Capital. Other participants in the funding round included Sumitomo Mitsui Trust Bank (SMTB), Emin Gün Sirer’s Ava Labs, and venture capital fund IDC Ventures, among others. The oversubscribed Series B round also saw participation from previous Securitize backers like…

Nvidia GPU prices in China fall amid crypto mining crackdown

Amid the ongoing crackdown on cryptocurrency mining in China, prices of graphic cards from major GPU providers like Nvidia and Asus are becoming more affordable.  According to a Monday report by South China Morning Post (SCMP), prices of some graphic cards have tumbled as much as two-thirds on Chinese e-commerce platforms after Sichuan province terminated mining operations. Asus’ flagship RTX 3060 card was reportedly down to 4,699 Chinese yuan ($730) on Monday from its peak price of 13,499 yuan ($2,100) in May on JD.com-operated online retail site Tmall. Nvidia’s Quadro…