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Blackrock Forays Into Cryptocurrency Market, Collaborates With Coinbase

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Blackrock Forays Into Cryptocurrency Market, Collaborates With Coinbase

With a partnership arrangement with Coinbase, BlackRock is the most recent company to express interest in Bitcoin (BTC). The asset class has attracted the attention of institutional clients of the largest asset managers in the world, which is a significant step. 

Clients of BlackRock will now have access to Coinbase’s cryptocurrency services in what might be historic cooperation. Despite worries about regulatory obstacles, the crypto community has universally embraced the Blackrock Coinbase alliance.

The largest asset manager in the world, according to assets under management (AUM), is BlackRock, with an astounding total of $10 trillion in AUM. Governments, central banks, and other institutions, among others, are among its numerous institutional clientele in different nations.

According to a statement, the collaboration will give institutional Aladdin customers of BlackRock access to Coinbase Prime’s capabilities. Clients of BlackRock will have access to a variety of Coinbase Prime services, including custody, cryptocurrency trading, and prime brokerage. The services are presently only available for Bitcoin (BTC), and their expansion to support additional digital assets will depend on how well they are adopted.

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Why did Blackrock collaborate with Coinbase?

Blackrock aims to assist its clients in managing their assets more effectively, which is why it has partnered with Coinbase. Clients will be able to manage their Bitcoin holdings directly through Coinbase Prime thanks to the relationship. Blackrock stated that managing the operational lifecycle of crypto assets effectively would be its main priority.

Following the announcement, the crypto community reacted with great confidence. Blackrock’s foray into the cryptocurrency market is “a significant step forward for the industry in the long run,” according to Nick Mancini, host of a crypto markets show. He described the development as significant given the size of the assets Blackrock overseas on a worldwide scale.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Elon Musk To Finally Acquire Twitter! Will Dogecoin Be The Official Currency for Twitter Now?

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Elon Musk To Finally Acquire Twitter! Will Dogecoin Be The Official Currency for Twitter Now?

News of Elon Musk’s Twitter acquisitions have resurfaced online and there is speculation that Dogecoin (DOGE) could replace the US dollar as Twitter’s official native currency. Recent reports from Bloomberg claim that Musk has offered to purchase Twitter for the first bid price of $54.20 per share.

Some members of the DOGE Army on Twitter are speculating about the possibility of Dogecoin being the official native currency of Twitter.

if elon musk buys twitter, does $DOGE become the currency of twitter?

— tunez.eth 🥶 (@cryptunez) October 4, 2022

Since agreeing to buy Twitter for $25 billion in April, Musk has been unhappy with the company. After a short while, he claimed that Twitter had misled him over the number of its user base and the prevalence of automated accounts known as bots. 

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BREAKING: Elon Musk offers to proceed with the Twitter acquisition deal for the original price of $44 billion, Bloomberg reports.

— Watcher.Guru (@WatcherGuru) October 4, 2022

The price of Doge increased by as much as 6.20% in the previous hour. As of this writing, the price of Doge is $0.063, up 8% over the previous day. The fact that the price is very near to the monthly high of $0.067 for Memecoin says all about the influence of Elon Musk.

Dogecoin price action

Following a significant retracement at the end of September, Dogecoin’s price has been able to hold steady. Support was initially located around $0.059, and an attempt to move higher failed at the end of the previous week.

The previous low at $0.059 was then challenged again, and a somewhat higher low suggests that a subsequent move upward will occur shortly. Due to this, Doge began to steadily trade higher and eventually returned over the $0.06 price level.

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Upward movement continued early today until it forked at the $0.061 level. After breaking higher, Dogecoin price movement soon increased purchasing pressure, moving in the direction of the $0.065 barrier where bullish momentum again paused.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Max Keiser Urges SEC To Stand Against Unregistered Securities Referring To XRP

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Max Keiser Urges SEC To Stand Against Unregistered Securities Referring To XRP

While the Ripple community is hoping to see an end for Ripple vs SEC lawsuit as soon as possible, a well known Bitcoiner, Max Keiser, stands against XRP.

In a latest Tweet, Bitcoiner Max Keiser claimed is seen quoting SEC to stand against all the unlawful inducement made by unregistered securities which he says while referring to XRP. This was made in reference to the video which was posted by an XRP user where the video is based on the reason for holding XRP.

As he referred to the video, Max Keiser pointed out XRP as centralized and urged SEC chair Gary Gensler to take the necessary action.

The @SECGov can argue, and they should, this XRP video is an unlawful inducement to sell unregistered securities. 15 seconds into it, XRP admits it’s centralized, for one thing. The list of actionable violations is long. #LockThemUpGary https://t.co/ftOS4f2bc2

— 🇸🇻’s Bitcoin Ambassador #Nayib2024 (@maxkeiser) October 3, 2022

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The Ripple vs SEC case has been running since December 2020 where the Securities and Exchange Commission charged Ripple and two of its executives for raising more than $1.3 billion through unregistered digital asset securities offering.

Meanwhile, the XRP holder’s lawyer, John Deaton, slashed Keiser’s statement as he claimed that the Bitcoiner would know XRP if he ever had the currency on his mind.

Earlier, Ethereum founder, Vitalik Buterin spoke against the XRP community where he said Ripple’s XRP has lost its trust and protection. Vitalok’s comment comes after the community compared XRP with Bitcoin and Ethereum and claimed that XRP cannot be considered as security.

Even then after Vikalik’s statement, John Deaton was seen calling his tweet as immature and referred to it as a hateful comment.

At the time of writing, XRP is selling at $0.471 with a surge of 5.76% over the last 24hrs.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Tether Strives To Regain Community Trust, Slashes Commercial Paper Holdings

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Tether Strives To Regain Community Trust, Slashes Commercial Paper Holdings

In an effort to increase transparency, Tether has recruited a new accounting company to undertake routine audits and attestation reports to guarantee that its stablecoin is appropriately backed by US dollars. As of September 30, 2022, Tether, the company that issues stablecoins, had less than $50 million’s worth of commercial paper units in its portfolio.

Unsecured, short-term debt instruments known as “commercial paper” are issued by corporations. It is frequently employed to finance short-term commitments like payroll, accounts payable, and inventories. While treasury bills are touted as more reliable than commercial papers, they offer “zero default risk” because investors are assured of recouping the purchase price.

Tether’s chief technology officer Paolo Ardoino made the statement in a tweet on October 3 and added that the percentage of US Treasury bills in Tether’s overall portfolio grew to 58.1%, up 25.1% from the 43.5% it held as of June 30.

To increase the stability of its ecosystem and the USDT stablecoin, Tether stated in June that it planned to roll USDT’s commercial paper backing into short-maturity U.S. Treasury bills, eventually reducing it to “zero.”

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To increase transparency and frequently provide audit and attestation reports, it recruited BDO Italia, a European accounting firm, as a new auditor to independently assess its stablecoin reserves in July.

The United States District Court in New York ordered Tether to prove that the USDT stablecoin was backed 1:1 by US dollars on September 19.

Tether is well along the way to selling off all of its holdings of commercial paper by the end of 2022, having reduced its reserves from 20 billion units in Q1 2022 to 8.4 billion units in Q2 2022.

As of the writing of this article, USDT is trading at $1, with a market value of $70,163,891,644, and a 24-hour trading volume of $41,421,937,703. There is a market supply of 67.95 billion USDT. All the indicators are displaying a bullish momentum at the moment.

Source: Trading view

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