Uncategorized

Cathie Wood’s ARKW Holdings is Bullish on Coinbase But Hawkish on Grayscale’s GBTC

Published

2 weeks ago

January 24, 2023

Cathie Wood’s ARKW Next Generation Internet ETF has made a series of purchases on Coinbase Global Inc. shares in the past two months and kept a hold position on Grayscale Bitcoin Trust (GBTC). According to daily updates from cathiesark.com, ARKW Holdings has added more than 112k Coinbase shares since November 9, 2022.

The latest Coinbase share purchase happened on January 5, 2023, amounting to 27.83K shares. However, ARKW Holdings had offloaded over 174k Coinbase shares on July 26, a time when Bitcoin was at its lowest, around $15.5k

On the other hand, ARKW Holdings purchased GBTC shares twice in 2022 in mid-November. Notably, ARKW purchased a total of 450K GBTC shares in November last year, with the previous one on July 20, 2021.

According to Cathie Wood, her investment company is closely monitoring the FTX implosion that has overflowed to DCG through Genesis Trading. Digital Currency Group is the parent company of Grayscale, Genesis Trading, and Coindesk, among others.

Particularly, the United States Securities and Exchange Commission (SEC) filed charges against Genesis Global Capital LLC and Gemini Trust Company LLC for offering and selling unregistered securities to retail investors through Gemini’s Earn product.

“This crisis raises a few vexing questions. Instead of Coinbase’s unlaunched Lend, why didn’t the SEC target Earn, the product that Gemini already had launched, which could have protected 340,000 investors from as much as $900 million in losses? Perhaps more importantly, why didn’t its legal counsel recommend that Gemini unwind Earn in response to Coinbase’s Wells Notice on Lend?,” Ark Invest noted in a recent post.

Notably, Grayscales GBTC is exchanging at 40 per cent below the Bitcoin value according to data provided by ycharts. According to our latest crypto price oracles, Bitcoin is exchanging around $23k on Monday.

Was this writing helpful?

No Yes

Abdulrasheed Bawa

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

Published

3 hours ago

February 9, 2023

Terence Zimwara

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court in Nigeria has blocked the country’s president, Muhammadu Buhari, and the central bank governor, Godwin Emefiele, from further extending the deadline. Opponents of the central bank’s old naira demonetization plan have asked Buhari and Emefiele to extend the deadline again.

CBN Asked to Extend Demonetization Deadline Again

A Nigerian High Court recently issued a restraining order that stops the country’s president Muhammadu Buhari and the Central Bank of Nigeria (CBN) governor Godwin Emefiele from further extending the old naira demonetization deadline, a report has said. In the order, the court’s Eneojo Eneche reportedly said the duo, along with 27 commercial banks, must not extend or interfere “with the currency redesign terminal date of February 10 or issue any directive contrary to the February 10 date.”

According to a report, the restraining order was issued after four Nigerian political parties sought the court’s help in blocking the potential extension of the currency swap deadline by the central bank. As recently reported by Bitcoin.com News, the CBN extended the demonetization deadline from Jan. 31 to Feb. 10 in response to pleas by several pressure groups and politicians.

Still, many people in Nigeria insist that the ten extra days extra are not enough and have lobbied for an even longer extension. Others like the governors of three Nigerian states — Kaduna, Kogi, and Zamfara — have filed an application with the country’s supreme court which seeks to stop the CBN from proceeding with the planned demonetization of the old naira banknotes. However, supporters of the CBN’s so-called currency redesign policy — including the Conference of Nigerian Political Parties (CNPP) — reportedly want the central bank to proceed as planned.

Naira Shortage Crisis

Meanwhile, another publication, Sahara Reporters, said President Buhari had recently discussed the new naira banknotes shortages with Emefiele and Abdulrasheed Bawa, the head of the Economic and Financial Crimes Commission (EFCC). The Nigerian leader also reportedly talked with the heads of Nigeria’s governor unions.

In addition to protests at banks, Nigerians opposed to the CBN’s naira policy have reportedly vandalized automated teller machines. Bank branches in some of the volatile regions in the country have been forced to halt operations.

Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, ariyo olasunkanmi / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

aid

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Published

12 hours ago

February 8, 2023

Lubomir Tassev

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake. While the crypto industry pledged support, the country’s financial authorities allowed the raising of relief funds through cryptocurrency donations for a charity organization.

Leading Exchanges Commit to Supporting the Victims of the Earthquake in Turkey

The global crypto trading sector has quickly reacted to the news of the deadly earthquake that brought destruction to parts of Turkey and the region. Over the past few years, the country became a growing crypto market and digital asset exchanges are now offering to help Turkish traders, their families, and neighbors in need.

Binance, the world’s largest trading platform for cryptocurrencies, announced on Tuesday it will airdrop $100 of BNB tokens to all of its users living in the most affected areas. The company said it will identify the customers that qualify based on proof of address and disperse a total of around $5 million. It also emphasized:

Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.

Furthermore, Binance Charity is now accepting donations in several coins that will be converted to Turkish lira and sent to an NGO. “We hope that our efforts will bring some relief to those affected. We are also calling on our industry peers to once again come together to offer support in these times of crisis,” Binance founder and CEO Changpeng Zhao was quoted as saying.

Competitors like Huobi, Okx, Bybit, and others have promised to support Turkey as well. Okx will provide 1 million Turkish lira (over $53,000) in financial assistance for the victims of the natural disaster, according to a statement by its Chief Marketing Officer Haider Rafique. Bitget is donating the same amount of money.

Huobi CEO Justin Sun unveiled the establishment of a 2 million lira relief fund by the Tron exchange and blockchain in memory of those who lost their lives in the powerful earthquake. The death toll from the 7.8 magnitude tremor, which struck Southeastern Turkey and Western Syria on Monday, continues to rise and is already exceeding 9,000.

Coinex said in a Facebook post it’s ready to help people in both countries while Bitmex tweeted it will donate the proceeds of its trading competition this week to the Turkish Red Crescent. Bitfinex and Tether expressed their condolences and pledged 5 million lira towards immediate humanitarian aid and recovery efforts. They will also “seek ways to provide continued support towards helping Turkiye rebuild for the future.”

Our thoughts are with all the people who have been affected by the tragic Turkey-Syria earthquake today.
BitMEX will be donating the proceeds of this week’s Trading Competition to the @RedCrescent, and we encourage those who can donate to do the same. #GeçmişOlsunTürkiye
Advertisement

— BitMEX (@BitMEX) February 6, 2023

Singapore-based crypto exchange Bybit announced it will send $100,000 to Turkey’s Disaster and Management Authority (AFAD). Meanwhile, the country’s Financial Crimes Investigation Board (MASAK) approved an initiative by a charity called Ahbap to raise donations in cryptocurrency, according to its founder, Turkish singer Haluk Levent. The campaign will continue until Feb. 13

Tags in this story

aid, Binance, Bitmex Bybit, Crypto, Crypto Donations, crypto exchange, crypto exchanges, Cryptocurrencies, Cryptocurrency, disaster, donations, Earthquake, Exchanges, financial support, humanitarian efforts, Huobi, Okx, Relief, support, Turkey, Turkish, Victims

Do you expect other companies from the crypto industry to join these exchanges in helping Turkey to deal with the disaster? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Uncategorized

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

Published

16 hours ago

February 8, 2023

Jamie Redman

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.

3AC Liquidators Frustrated With Lack of Response From Co-Founders

A recent filing submitted to the New York bankruptcy court states that Kyle Davies, co-founder of 3AC, is obstructing or disregarding requests from the 3AC Liquidation team. Additionally, according to representatives from advisory firm Teneo, Davies is accused of soliciting investors “shamelessly” for a new cryptocurrency project. On Jan. 5, 2023, the “3acliquidation” Twitter account served subpoenas to the 3AC founders via Twitter.

Lawyers and two representatives from Teneo explained in a court filing released Tuesday night that the liquidators have yet to receive a response from Davies. While the lawyers note that the 3AC founders are looking to start a new crypto project, the liquidators also mention that Davies has been active on social media. “He has not even attempted to reach out to undersigned counsel to voice an objection or concern with the topics of the subpoena. This is not a question of partial compliance, but of no compliance whatsoever,” the filing details.

The liquidators add:

He is, without question, aware of the Subpoena … having been tagged in 41 replies and 64 retweets … and has, once again, chosen to ignore his duties to Three Arrows. All the while, Mr. Davies has continued to post on his Twitter account, openly ignoring the Court’s directives and enjoying media attention while he continues to thwart efforts by the Foreign Representatives to gain access to documents and information.

Liquidators have expressed frustration about their attempts to reach 3AC co-founders Su Zhu and Davies since the bankruptcy proceedings began. At the time, Zhu maintained that the pair has been communicating with all relevant authorities “from day one.” However, complaints from 3AC liquidators emerged shortly after the defunct cryptocurrency hedge fund filed for bankruptcy protection, using the Chapter 15 process to safeguard the company’s assets in the United States.

According to reports and an interview with Davies in November 2022, Davies is believed to be in Bali. During the interview, CNBC’s Becky Quick asked Davies if he was “in Bali because Indonesia is one of the seven countries that won’t extradite you to the United States.” Zhu’s location is thought to be either Singapore or the United Arab Emirates (UAE), but the exact location of either 3AC co-founder is uncertain as of writing.

Tags in this story

2023, 3AC, 3AC founders, advisory firm, Assets, bali, Bankruptcy Court, Becky Quick, Chapter 15 process, cnbc, co-founder, Communication, Complaints, Court Filing, Cryptocurrency Hedge Fund, defunct, duties, extradition, Indonesia, interview, Jan 5, Kyle Davies, liquidation team, liquidators, Media Attention, new crypto venture, new york, November 2022, Relevant authorities, Representatives, response, shamelessly, Singapore, soliciting investors, Subpoenas, Teneo, Three Arrows, Three Arrows Capital, Tuesday evening, Twitter, UAE, uncertain location, United States

What do you think of the allegations against Kyle Davies and the ongoing legal battle for Three Arrows Capital? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Smart Contract Token Market Soars To $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse

24-hour performance7 days ago

Smart Contract Token Market Soars To $332 Billion; Defi Value Reaches High Not Seen Since FTX Collapse

Bitcoin Records Largest Mined Block To Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters

/r/Bitcoin7 days ago

Bitcoin Records Largest Mined Block To Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters

Meme Coin Economy Swells By $5.8 Billion In Less Than A Month, Suggesting Demand For Meme Tokens Still High

20224 days ago

Meme Coin Economy Swells By $5.8 Billion In Less Than A Month, Suggesting Demand For Meme Tokens Still High

Google Backs AI Firm Anthropic With $300 Million, Following Series B Investment From Controversial FTX Co-Founder

Uncategorized5 days ago

Google Backs AI Firm Anthropic With $300 Million, Following Series B Investment From Controversial FTX Co-Founder

BTC Institutional Investor Forecast For 2023, Musk Makes McDonald’s Promise Again, Kiyosaki Says ‘We Are In Global Recession’ And More — Week In Review

BTC prediction4 days ago

BTC Institutional Investor Forecast For 2023, Musk Makes McDonald’s Promise Again, Kiyosaki Says ‘We Are In Global Recession’ And More — Week In Review

NFT Market Remains Resilient With 1.23% Increase In Sales, Ethereum Dominates With 81% Of Total NFT Settlements

3114 days ago

NFT Market Remains Resilient With 1.23% Increase In Sales, Ethereum Dominates With 81% Of Total NFT Settlements

Experts Predict Future Regulation Of Crypto Exchanges By 2025, With Split Opinion On Similarity To Traditional Finance

bank account6 days ago

Experts Predict Future Regulation Of Crypto Exchanges By 2025, With Split Opinion On Similarity To Traditional Finance

As Bitcoin Continues Its Upward Trajectory, The Last Ever Code To Get 200% Free Tokens For Big Eyes Coin Will Soon Expire!

Bitcoin6 days ago

As Bitcoin Continues Its Upward Trajectory, The Last Ever Code To Get 200% Free Tokens For Big Eyes Coin Will Soon Expire!

Btcminingvolt

Cathie Wood’s ARKW Holdings is Bullish on Coinbase But Hawkish on Grayscale’s GBTC

Was this writing helpful?

No Yes

You may like

Abdulrasheed Bawa

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

CBN Asked to Extend Demonetization Deadline Again

Naira Shortage Crisis

Tags in this story

Terence Zimwara

aid

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Leading Exchanges Commit to Supporting the Victims of the Earthquake in Turkey

Tags in this story

Lubomir Tassev

Uncategorized

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

3AC Liquidators Frustrated With Lack of Response From Co-Founders

Tags in this story

Jamie Redman

Top posts

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted

Monero [XMR]: Can bulls defend $163 support level as bears take over

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Trust Wallet says user’s $4M hack was done via social engineering

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Whale activity on the Bitcoin network makes up 50% of all transactions

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Cardano: Whale activity and booming ecosystem propel ADA

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

SEC targets registered crypto advisors as top priority for 2023

Tangem Review

The 5 Best Cryptos To Buy This Week For 30x Gains!

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

3AC liquidators files against Kyle Davies for ignoring Subpoena order

Top 10 Stablecoins To Buy In 2023

Trending