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MIT Group Funding Shows Growing Crypto Trading Interest

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Floating Point Group, or FPG, a startup delivering institutional crypto traders automation technologies, garnered $2 million of capital from several entities.

“It’s becoming clear that sophisticated quantitative traders and platform developers are viewing the cryptocurrency markets as an exciting new opportunity,” FPG CEO John Peurifoy explained in a May 28 statement. 

The funding goes toward expansion 

Algorand CEO Steve Kokinos, Seabury Global Markets, AngelList founder Naval Ravikant, and multiple others invested the money into FPG, receiving company stake in return, the statement said. 

An outfit operating under U.S. governing bodies, FPG plans on putting the funding toward regulation approvals, as well as the hiring of engineers. 

FPG caters to tech-based traders  

Originally stemming from the Massachusetts Institute of Technology, or MIT, FPG offers traders a one-stop shop hub for automating their trades, giving them the technology aspects they desire, in line with U.S. laws. FPG works with APIs, letting traders connect to different exchanges and platforms for trading and liquidity, the statement noted. 

Peurifoy added:

“As this market matures, we’ll continue to add critical pieces of the prime brokerage stack through innovations and strategic partnerships with other high quality groups to deliver a holistic experience that meets the technical requirements of algorithmic traders or other groups building trading applications.”

The startup has already facilitated over $100 million in trade volume since its inception, the statement added. 

Peurifoy’s comment is only the latest indicator of growing crypto trading and investing interest. Data analytics company Digital Assets Data CEO Mike Alfred recently told Cointelegraph of 20 formerly uninvolved people contacting him with interest in the industry. 

Cointelegraph is in the midst of correspondence with FPG on further details. Additions or follow-ups will come as necessary, pending responses.   

Source: https://cointelegraph.com/news/mit-group-funding-shows-growing-crypto-trading-interest

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Crypto Fund Gives Ethereum Tokens Instead of Shares to Investors, And It’s Approved by the U.S. SEC

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A 2018-founder crypto firm just got the green light from the U.S. SEC to function as an Ethereum-issuing investment fund on Monday, in a first such structure.

Own a Hedge Fund’s Tokens

Based in Los Angeles, Arca is an asset management firm that creates and manages institutional-grade products using crypto and blockchain technology, as its LinkedIn page shows.

With the SEC ruling, Arca becomes the first SEC-registered investment product to offer digital tokens instead of traditional shares under the Investment Company Act of 1940. On offer for investors is the apt-titled ArCoin, an Ethereum token. 

On the development, Arca CEO Rayne Steinberg said it was “truly exciting to be pioneering new digital investment products.”

ArCoins, which do not trade on any exchange (if you spot one, it’s likely a scam), are an ERC-1404 token, an Ethereum standard designed to be compliant with regulators. This is unlike the usual ERC-20 standard; ERC-1404s can have their transactions rejected, accounts frozen, and approved to be transacted only with pre-determined addresses.

With the SEC approval, Arca investors can hold the fund’s tokens equivalent to a share/paper contract. All other fund activities are similar to traditional counterparts, in terms of daily shareholder updates, protections against bankruptcy, and audited financial statements. 

Assets are held in a trust, guarded by an “independent board of trustees” and the minimum fund buy-in is $1,000, notes Decrypt.

Small Fees for Big Gains

Eighty percent of ArCoins will be invested into “interest-bearing, short-duration, U.S. Treasury securities.” Investors will be paid out returns each quarter. 

For its services, Arca takes in 3.22 percent in fees; unlike the industry standard of 2 percent fees and 20 percent of profits. Each token represents one share in the business, the prospectus reveals.

Jerald David, the president of Arca Capital Management, revealed:

“Interest in crypto funds has peaked amid the coronavirus pandemic, a boost to the shift in our world from physical to digital during the last several years.”

While Arca is the world’s first SEC-registered digital token doling fund, it’s not the first to be compliant.

Grayscale, which handles over $3 billion over Bitcoin, Ethereum, and XRP products, has been an SEC-registered entity since 2018. The firm’s institutional buyers show a great affinity for cryptocurrencies, with analysts suggesting they paid up to a  750 percent premium for ETH exposure.

Arca’s been contesting for a Bitcoin ETF since 2017, as BTCManager earlier reported. It’s ETF efforts remain unfruitful.

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Source: https://btcmanager.com/crypto-fund-ethereum-tokens-investors-us-sec/

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Dogecoin Gains 20% Amidst TikTok Pumping Challenge

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Crypto asset Dogecoin (DOGE) has leapt 18% in 24 hours and almost 20% over the past week. The price action is happening against the backdrop of a viral TikTok challenge that encourages users to pump the coin. 

The most popular video under the hashtag #DogecoinTiktokChallange has amassed nearly half a million views so far. It was posted five days by a user jamezg97, and effectively described what seems to be a pump scheme:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”

In another video, a user named kindashortidiot says, with a DOGE chart in the background: 

“Everybody, just please listen to me. This is Dogecoin. If you know nothing about investing, it doesn’t really matter. Go put $25 into this and that will be 10,000, okay? And if this reaches $1, you will have made ten grand. Please, just try it out. Go pump it!”

Another popular entry under the hashtag #Dogecoin is addressed to “some smart asses buying Dogecoin on Robinhood” and essentially warns them against investing in DOGE, “literally a monopoly money.” 

Cointelegraph reached out to TikTok to ask if this kind of content complies with its guidelines, but received no reply as of press time.

Currently, the asset trades at $0.002758, up almost 18% in 24 hours. It is ranked number 33 by market capitalization at Coinmarketcap.

Elon Musk’s seal of approval 

Dogecoin is a Litecoin (LTC)-based cryptocurrency that was created by a United States-based programmer Billy Markus and directly inspired by the “doge” meme. Despite being introduced as a “joke” cryptocurrency back in 2013, it has since managed to build a sustainable community on Reddit and Twitter.

Its most famous supporter is tech mogul Elon Musk. In April 2019, Musk tweeted that DOGE “might be” his favorite cryptocurrency, and that he finds it to be “pretty cool.” In a joke poll that took place on Twitter around the same time, the crypto community voted Musk as the best CEO candidate for the asset.

Source: https://cointelegraph.com/news/dogecoin-gains-20-amidst-tiktok-pumping-challenge

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Bitcoin Hash Rate Hits Record Average High Defying BTC Price Bears

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An essential Bitcoin (BTC) metric has hit a new all-time high as miners pledge ever more computing power to securing the network.

Data from various resources including Blockchain confirms that on July 6, Bitcoin’s seven-day average hash rate reached a new peak.

Bitcoin hash rate 7-day average beats March top

The achievement follows several weeks of hash rate growth, with the seven-day average at 123.4 EH/s as of Monday.

The previous record came in early March, just a week before the Coronavirus-induced crash severely disrupted both network and price activity.

Bitcoin 7-day average hash rate 1-year chart

Bitcoin 7-day average hash rate 1-year chart. Source: Blockchain

Hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin transactions. A higher average suggests that miners have more faith in profitability, and their activity in turn strengthens the network.

Cointelegraph regularly reports on hash rate changes, along with Bitcoin mining difficulty, which is also on the rise after around a month of stagnation.

“I expect it to keep going up from here, maybe slightly less than the dark blue post 2016 line, at ~2-3X/yr,” quant analyst PlanB commented on Monday.

BTC price sits at weak 50DMA 

Rising fundamentals currently contrast with the relative lack of support for Bitcoin price bulls. As Cointelegraph reported, only a boost for stock markets saved BTC/USD from a third retest of $9,000 support in as many days.

Highs of $9,370 were short-lived, with the pair settling nearer $9,250 at press time on Tuesday.

Summarizing the situation, Cointelegraph Markets analyst filbfilb highlighted that those levels represent Bitcoin’s 50-day moving average (DMA).

“Bitcoin Failed to reclaim that 9300 level last night.  The 50 DMA is again the test for Bitcoin,  sat at ‘support’ on the 9250 level but the previous 2x times this failed in the exact same situation,” he told subscribers of his Telegram trading channel. 

“S&P 500 futures were down those times too as they are today, so given that I’ve hedged my longs for now.”

Bitcoin has shown strong correlation to the S&P 500, with PlanB this week forecasting BTC hitting $190,000 if the index passes 4,000 points.

Meanwhile, realized volatility is at lows not seen since November 2018 — just before a huge sell-off sent Bitcoin to lows of $3,100.

Source: https://cointelegraph.com/news/bitcoin-hash-rate-hits-record-average-high-defying-btc-price-bears

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