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The world’s largest asset manager with $8.7 trillion in assets under management, BlackRock, has seemingly granted at least two of its funds the ability to invest in bitcoin futures.
U.S. President Joe Biden has frozen the Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin.
The number of USDT transactions on the TRON blockchain has passed those on Ethereum for three consecutive weeks, as fees on the ETH blockchain remain high while fees on TRON are negligible in comparison.
Sponsored: Ideaology is proud to announce that its IDEA token is set to have its Initial Exchange Offering (IEO) on Bitcoin.com Exchange. The IDEA Public Sale starts on January 26, 2021 and ends on February 5, 2021.
Top stories in the Crypto Roundup today:
- BlackRock Gives Two Funds Green Light to Invest in Bitcoin Futures
- FinCEN’s Proposed Crypto Wallet Regulations Frozen by U.S. President Biden
- Tether’s Use on TRON Blockchain Passes Ethereum
- Sponsored: IDEA Token Scheduled for IEO Public Sale on Bitcoin.com Exchange
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BlackRock Gives Two Funds Green Light to Invest in Bitcoin Futures
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The world’s largest asset manager with $8.7 trillion in assets under management, BlackRock, has seemingly granted at least two of its funds the ability to invest in bitcoin futures.
The firm filed updated prospectuses for two of its funds including cash-settled Bitcoin futures among assets they’re now permitted to buy. The filings, for the BlackRock Strategic Income Opportunities and the BlackRock Global Allocation Fund, appeared on the U.S. Securities and Exchange Commission’s website on Wednesday.
The move shows BlackRock is willing to test the waters on BTC. Its Chief Executive Officer Larry Fink said in an interview in 2018 that its clients weren’t interested in owning crypto, but recently corporate and institutional adoption of the currency has started growing.
Rick Rieder, BlackRock’s Chief Investment Officer for global fixed income, said in an interview last year there’s clear demand for bitcoin, and that the cryptocurrency will be a “part of the asset suite for investors for a long time.”
Cash-settled futures, it’s worth noting, do not require delivery of the underlying asset.
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FinCEN’s Proposed Crypto Wallet Regulations Frozen by U.S. President Biden
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U.S. President Joe Biden has frozen the Federal regulatory process, including the controversial self-hosted crypto wallet regulations proposed by former Treasury Secretary Steven Mnuchin.
The move was announced in a White House memorandum for the heads of various federal agencies, including the Financial Crimes Enforcement Network (FinCEN). It does not specify the crypto wallet proposal, but places a general freeze on all rules pending review, effective for 60 days.
The self-hosted wallet proposal, if passed, would require banks and money service businesses to submit reports, keep records, and verify the identity of users who make transactions to and from private cryptocurrency wallets.
The proposal has been widely criticized in the crypto industry. Square CEO Jack Dorsey, for example, said that counterparty name and address collection should not be required for cryptocurrency, as it isn’t required for cash today.
Some also pointed out that it would not be technically possible for some projects to comply because smart contracts do not contain name or address information.
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Tether’s Use on TRON Blockchain Passes Ethereum
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The number of USDT transactions on the TRON blockchain has passed those on Ethereum for three consecutive weeks, as fees on the ETH blockchain remain high while fees on TRON are negligible in comparison.
Total weekly USDT transactions on Ethereum have remained steady at around 1.5 million for the last four weeks, while on TRON, USDT transactions grew from roughly 900,000 in mid-December to nearly 2 million in the second week of January.
The average fee for an Ethereum transaction set a record high above $19 a week ago, and is now sitting around $8, as the network’s utilization is now close to 98% and demand for it keeps growing. Notably, the total value of the USDT moved on Ethereum is still larger than TRON, which signals that primarily smaller transactions are migrating.
Tether’s USDT, it’s worth noting, is also available on other blockchains including Algorand, Solana, SLP, and EOS.
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ICX, HBAR, CRV Are Moving in the Crypto Market
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Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.
ICON Project (ICX) - ICON Foundation is leading the ICON project, one of the largest blockchain networks in the world, launched in 2017 with the vision of ‘Hyperconnect the World’. By using the high-performance blockchain engine, ‘loopchain’, ICON projects to connect various blockchain communities and build an environment where blockchain technology can be applied to real life. ICX is up 12.9% in the last 24 hours.
Hedera Hashgraph (HBAR) - Hedera is a decentralized public network for the users to make its digital world exactly as it should be – theirs. Whether the user is a startup or enterprise, a creator or a consumer, Hedera is designed to go beyond blockchain for developers to create the next era of fast, fair, and secure applications. HBAR is up 11.57% in the last 24 hours.
Enjin (ENJ) - Enjin is a decentralized platform that wants to manage, distribute, and trade virtual goods. Giving gamers and content creators a new model of virtual ownership. ENJ is up 37% in the last 24 hours.
Curve (CRV) - Curve is an exchange liquidity pool on Ethereum (like Uniswap) designed for (1) extremely efficient stablecoin trading (2) low risk, supplemental fee income for liquidity providers, without an opportunity cost. CRV is up 4.65% in the last 24 hours.
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IDEA Token Scheduled for IEO Public Sale on Bitcoin.com Exchange
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Press Release. Dubai, UAE, January 18, 2021 - Ideaology is proud to announce that its IDEA token is set to have its Initial Exchange Offering (IEO) on Bitcoin.com Exchange. The IDEA Public Sale starts on January 26, 2021 and ends on February 5, 2021. IDEA is also slated to be listed on Bitcoin.com Exchange and could be listed on other major crypto exchanges early this year.
What to Know About IDEA?
- Users can use IDEA to invest in the big blockchain startups, NFT projects, and the next big dApps which are all exclusive on Ideaology’s Active IDEA platform.
- Startup founders can use the Active IDEA platform to start a crowdfunding campaign for their businesses. The IDEA token will be used to crowdfund the best and brightest startups in the Ideaology ecosystem.
- Online freelancers will receive benefits and rewards once they sign up on the Active IDEA platform. Aside from that, they will be paid in IDEA tokens which they can trade in several crypto exchanges.
Learn more about the IDEA Public Sale IEO here
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State of the Crypto by Top Tier Exchange Volume
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