The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

According to a survey from Fidelity Digital Assets, 70% of institutional investors plan to invest in cryptoassets in the near future, and 90% plan on doing so by 2026.

Digital asset manager Grayscale Investments is set to launch a decentralized finance (DeFi) fund and index, according to its CEO Michael Sonneshein, who said the firm has seen interest from its existing investors and prospective ones for DeFi assets.

The President’s Working Group for Financial Markets, a presidential advisory group, is planning on recommending stablecoin regulations within the next few months.

Sponsored: Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

Top stories in the Crypto Roundup today:

Most Institutional Investors Plan to Own Crypto by 2026: Fidelity
Grayscale to Launch Institutional-Grade DeFi Fund and Index
Presidential Advisory Group To Issue Stablecoin Regulation Recommendations
Sponsored: Invictus Capital Q2 2021 Investment Report

Most Institutional Investors Plan to Own Crypto by 2026: Fidelity

According to a survey from Fidelity Digital Assets, 70% of institutional investors plan to invest in cryptoassets in the near future, and 90% plan on doing so by 2026.

The survey comes as a beacon of light for the cryptocurrency industry, which has been enduring a slump ever since the price of bitcoin hit a new all-time high near $64,000. Fidelity Digital Assets president Tom Jessop attributed the findings to “growing sophistication” toward crypto among professional money managers.

Jessop said:

"The pandemic—and fiscal and monetary measures in response to it—has been a catalyst for many institutional investors to define their investment thesis and operationalize it."

The survey sought the views of over 1,110 institutional investors across the U.S., Europe, and Asia. It defined cryptocurrency ownership as owning digital assets directly or investing in companies in the space.

Grayscale to Launch Institutional-Grade DeFi Fund and Index

In response to that interest, the firm developed an institutional-grade index, along with a fund. The fund will allow investors to gain exposure to DeFi protocols including Uniswap (UNI) and Aave (AAVE).

The firm already offers a range of trusts for BTC, ETH, and other top cryptocurrencies along with a digital large cap fund, which gives investors exposure to top cryptocurrencies in a single investment vehicle.

Presidential Advisory Group To Issue Stablecoin Regulation Recommendations

The President’s Working Group for Financial Markets, a presidential advisory group, is planning on recommending stablecoin regulations within the next few months.

According to an announcement published by the U.S. Treasury Department, the advisory group has examined stablecoin growth, use cases, and possible threats in a meeting. The announcement adds:

"The group also heard a presentation from Treasury staff on the preparation of a report on stablecoins, which would discuss their potential benefits and risks, the current U.S. regulatory framework, and the development of recommendations for addressing any regulatory gaps."

The meeting came days after Federal Reserve attorney Jeffrey Zhang, writing in a personal capacity, joined Yale University economist Gary Gorton in a paper saying stablecoins pose a systemic risk to the financial system. It likened stablecoins to the wildcat banks of the 1800s, pointing to a lack of insurance, the risk of bank runs, and the chances of a stablecoin losing its peg.

Join our latest Virtual Event: Rising Tide: Challenges and Opportunities for Regulated Decentralized Finance

Crypto and decentralized finance (DeFi) introduce a plethora of opportunities to transform financial services, making them more accessible, transparent and efficient. At the same time, they also introduce a new world of risks and uncertainties, which regulators, financial institutions and investors worldwide are just beginning to grapple with.

Join us at 12:00 PM EST / 5 PM BST, for the second day of our four-day virtual event: Follow the Digital Brick Road: DeFi Regulation and Institutionalization. Today’s session will dive into the approaches different players are taking to remain competitive in an ever-evolving financial marketplace - featuring an amazing panel of speakers such as Noelle Acheson, Head of Market Insights at Genesis Trading, Dan Doney, CEO at Securrency, Nadine Chakar, Head of Global Markets at State Street Digital and Jonathan Steinberg, CEO of WisdomTree.

The panel session will be followed by a keynote fireside chat with CFTC Commissioner Dan Berkovitz, a leading voice on the regulatory challenges facing the crypto and DeFi markets. In this session, Commissioner Berkovitz will discuss the institutional adoption of digital assets and try to answer the question: Is Regulated DeFi an Oxymoron?

You can learn more about today’s event and register for it here.

Invictus Capital Q2 2021 Investment Report

Another exciting quarter has come and gone and despite the turmoil experienced in crypto markets after mid-May, the Invictus Capital suite of funds has continued to offer investors exceptional returns, with the Hyperion VC (IHF), Margin Lending (IML) and Crypto10 Hedged (C10) Funds all shooting the lights out.

AUM is still ticking up, with an average of $145 million under management over June. Hyperion has continued to astound, and we are incredibly proud of the performance of the underlying portfolio that now firmly places the fund within the top tiers of global venture capital fund performance.

The company's funds offered commendable performance in a quarter marked by heightened volatility and extreme fear in the Bitcoin and broader cryptoasset market. The simple average return across our suite of seven funds was 9.85% for the quarter, which is equivalent to an annualized return of 45.61%.

We invite you to read the full Q2 2021 investment report which includes comprehensive macroeconomic and crypto market analysis, fund-specific commentary and detailed company updates.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.