CME Launching Spot Bitcoin Trading: Report

In an official communication, the Chicago Mercantile Exchange (CME) revealed plans to launch spot Bitcoin trading on its futures exchange. The CME’s latest development demonstrates its commitment to joining other Wall Street makers to gain exposure to crypto assets. 

A source privy to the information confirmed that the CME has been holding intense discussions with traders seeking to invest in crypto assets. 

CME Futures Exchange  Plans to Introduce Spot Bitcoin Trading

According to the Financial Times, three individuals familiar with the situation confirmed that CME intends to offer crypto assets in a regulated market. Even though the CME crypto bid has not materialised, the Chicago Group plans to explore new opportunities in the crypto industry.

Following the approval of Bitcoin exchange-traded funds (ETFs), institutional and retail clients have shown a growing interest in these products. Therefore, the CME expected that the launch of Bitcoin spot trading on its future exchange would allow traders to generate returns from basis trades.

The basis trade approach has become a common trading strategy professional traders use to reap considerable returns. The process involves borrowing money to acquire underlying assets and selling futures to generate profits by exploiting the difference between the two assets.

The CME projects launching spot Bitcoin trading on its futures exchange will allow the derivative marketplace to offer Wall Street players easy access to crypto assets. 

Following the resurfacing of the Bitcoin bulls, vital financial institutions showed interest in crypto assets. If the CME spot Bitcoin trading plans actualize, the Chicago Group will join the authorized 11 spot Bitcoin ETFs in the United States. 

The announcement came when diverse investor have adopted cryptos as a tradeable asset. The growing adoption of Bitcoin ETFs has challenged renowned hedge funds, including Bracebridge Capital and Wisconsin Investment Board, to invest millions in acquired-the-spot crypto ETFs.

Growing Demand for Spot Bitcoin ETFs

In an interview with the DL News, the chief investment officer at Zerocap, Jonathan de Wet, described the CME spot Bitcoin ETF offer as a monumental step for the company. 

The executive stated that spot margining on Chicago Group offers traditional finance (TradFi) a world of opportunity. He projected that CME’s new offering would offer investors great access to spot Bitcoin products that would promote the adoption of crypto assets.

In support of de Wet’s remarks, the chief investment officer at Merkle Tree Capital, Ryan McMillin, argued that hedge funds and other asset managers would prefer to acquire spot Bitcoin ETFs from CME rather than crypto exchanges such as Coinbase. 

With the growing interest in crypto among institutional clients, CME has outpaced the world’s largest crypto exchange, including Binance, in the Bitcoin futures market. The Chicago Group ranks among the world’s largest futures exchanges, while global crypto exchanges dominate the spot crypto market.

CME Seeks to Gain Dominance in Spot Bitcoin Trading

The CME report demonstrates that hedge funds and professional traders are the top users of futures exchange. He admitted that most investment and wealth management companies have established stronger relationships with CME than Coinbase and other crypto exchanges.

The executive anticipates the CME will become a one-stop shop for investors to engage in spot margin trades. The CME’s plans to launch a spot trading market came at a time when its top rival, the CBOE global market, revealed plans to abandon spot market trading due to a lack of a comprehensive regulatory framework for digital assets in the United States. 

The CBOE  Digital Spot Market claimed it has been losing money due to a lack of regulatory clarity in the US. To remain profitable, the CBOE plans to redirect funds to promising ventures and suspend the operation of its  Digital Spot Market by Q3 of 2024.

The spot Bitcoin ETFs rank among the most successful crypto projects, with over $12.15 billion in inflows since the beginning of this year. The Bitcoin ETFs have contributed significantly to the mainstream adoption of digital assets and propelled most crypto assets to gain bullish momentum.

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President Biden Restricts MineOne Operations Cites National Security Concerns

On Monday, May 13, US President Joe Biden issued a desist order to a Chinese-based crypto miner MineOne Cloud Computing Investment company operating near Wyoming’s nuclear missile base. The president claimed that the operation of MineOne posed a threat to US national security. 

The crypto miner expanded to the US in June 2022 and established its presence near Francis E. Warren Air Force Base (F.E. Warren AFB). The F.E. Warren AFB ranks among the top three missile bases in the United States, protecting the country from external attacks.

MineOne Operations Suspended in US 

Serving as a strategic missile base for the US president, Biden ordered MineOne Investment to wind down operations in the region. A review of the company website demonstrated that MineOne offered specialized and advanced tools for surveillance and conducting espionage activities. 

Based on the operation of MineOne, President Biden was convinced that the Chinese-based firm threatened the US national security. He claimed to have gathered credible evidence on the operation of MineOne that contravened the US law. 

In his order, President Biden instructed MineOne to sunset their operations in the next 120 days. The embattled crypto miner was ordered to remove some of MineOne’s mining machinery and developments. 

Upon contacting the MineOne team, the officials did not comment. The plenary power of President Biden in strengthening the US national security mandates the government to ensure that foreign investments safeguard the rights of the citizens. 

In April, President Biden signed a bill to divestiture the operation of the Chinese-based social media platform TikTok. Under the new bill, the TikTok team was instructed to sell off the platform within 12 months. 

Biden Administration Explore Ways to Strengthen National Security 

In response to the new directives, the TikTok team vowed to challenge the new bill since it does not intend to sell the video app.  Earlier this week, the White House unveiled new tariffs on Chinese products. 

According to Reuter, the Biden administration plans to impose new tariffs on Chinese products such as semiconductors, solar equipment, medical supplies, personal protective tools, electric vehicles (EVs) and others. 

While amending Section 31 of tariffs, policymakers targeted industries that exposed local industries to fierce competition. A source privy to the information argued that the Chinese EVs threatened the American personal data.

With the new measure, the Chinese authority is expected to react to President Biden’s directives. The decision to ban the operation of Chinese-based crypto miners was suggested by the Committee on Foreign Investment in the United States (CFIUS) after probing the operation of MineOne.

The committee chaired the investigation to examine whether the operations of MineOne created any national security concerns. The recently completed investigation aligns with the 2018 law that grants the CFIUS legal authority to assess any corporate deal related to critical US facilities such as Francis E Warren Air Force Base.

The law allows the CFIUS  to identify any activity that poses a national security risk. The White House has instructed the CFIUS to conduct extensive investigations into TikTok’s operations. 

US Cracking Down Chinese Companies

In the ongoing operations, the CFIUS confessed that the MineOne team had failed to file the acquisition deal with the relevant authority. The CFIUS admitted that the operations of MineOne remained unknown to the government until the public reported the matter. 

A report from the US Secretary of the Treasury, Janet Yellen, revealed that the regulatory action against MineOne demonstrated the CFIUS commitment to regulate foreign investments. 

The executive outlined the roles of CFIUS in strengthening national security and restricting the operation of foreign investments that pose a threat. The regulatory action in the US  against the Chinese-based companies mirrors a similar move embraced by developing countries.  

In a recent report, the Chinese government enacted legislation restricting the sharing of top government secrets. The restrictive measures in China aim to reduce the risks that threaten national security. 

In an attempt to restore national security and build strong economic relations, the government of China enforced prohibitive measures on the operation of US-based tech companies, including Micron. The Chinese authority claimed that Micron’s network security review threatened national security.

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Jack Dorsey Sees Bitcoin Price to Hit $1 Million in 2030

Following the resurgence of the crypto bulls, key industry players have issued predictions about the price movement of Bitcoin. Even though some of the predictions turn out to be the opposite, the co-founder of Twitter, Jack Dorsey, remains optimistic that Bitcoin price will sustain an upward trajectory.

In an interview with the Pirate Wires, Dorsey forecasted that Bitcoin (BTC) would reach $1 million in the next decade. The interview focused on the future of the world’s largest crypto asset, Bitcoin, by daily trading volume. 

Jack Dorsey Predict Bitcoin Price to Increase

Commenting on the future of Bitcoin, Dorsey projects that by 2030, Bitcoin will reach the $1 million mark. The executive believes Bitcoin will attain the $1 million resistance level in the coming years. 

Dorsey’s predictions mirror Cathies Woods’ bullish outlook on the price of BTC. On March 8, the founder of Ark Invest forecasted that Bitcoin would reach $1.5 million by 2030. 

The executive projected that the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds will propel the crypto bulls.

Reflecting on the recent development in the crypto sector, Dorsey described Bitcoin as “a fascinating ecosystem and movement.” He acknowledged the exemplary work by the critical industry players to improve the Bitcoin ecosystem. 

Dorsey has also been a critical contributor to the Bitcoin sector by developing products that stimulate the growth of BTC. At the moment, Dorsey has launched unique Bitcoin wallets, ASIC mining chips, and other blockchain-oriented payment platforms such as Block. 

Benefits of the Crypto Bull Market

In April, Dorsey-led retail payment platform Square revealed plans to convert a certain percentage of the daily sales to Bitcoin. Apart from contributing to the development of the crypto industry, Dorsey has been actively engaged in leading giant social media platforms such as Twitter.

However, in the last few days, Dorsey announced plans to step down from Bluesky and focus more on developing Nostr. He lamented that Bluesky was still repeating the mistakes made by Twitter by operating more as a company with VCs and a board rather than striving to become more decentralized. 

The executive argued that Nostr operated that as an open protocol that addressed Twitter’s failures. Dorsey confessed that a protocol does not require the board of management to run Nostr successfully. 

He deleted his Bluesky account and vowed to improve the Nostr ecosystem. Commenting on this, the chief executive of Bluesky, Jay Graber, confessed that Dorsey failed to understand the company’s operation. 

The executive added that Bluesky had invested heavily in becoming a decentralized protocol. Graber stated that Bluesky focuses more on becoming a marketplace of algorithms. 

The executive explained that Bluesky had created a protocol that allowed Twitter to operate efficiently without changes. It implies that the Bluesky team placed decentralization under the hood.

Significance of Open Protocols

On X, the Bluesky lead developer Paul Frazee argued that the company needs an actual product and product thinking approach to stimulate growth. The executive noted that Dorsey’s pure protocol approach contradicted Bluesky’s approach. 

Initially, before Elon Musk acquired Twitter, the Bluesky team had created an AT protocol for his social media platform. The executive lamented that Bluesky AT Protocol failed to materialize after Musk acquired Twitter. 

The failure of the Bluesky AT Protocol ignited tides of criticism from the tech community. Dorsey advised the Bluesky team to invest in making the social media platform more open. He urged the Bluesky to make their platform open protocol like Nostr.

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Blockchain Education Programs Gain Traction Amid Crypto Bull Market

Following the resurgence of the crypto bulls, key market players have demonstrated their commitment to advancing their trading skills. In a May 7 update, the participants at  Women in Tech Global Summit 2024 (WITG) revealed plans for a significant development on its Web3 top-level domain (TLD). 

The proposed development will involve the integration of Unstoppable Domain on the TLD to enable the user to access educational materials and other training resources. 

Organizers for Women in Tech Global Summit Launching Blockchain Educational Program

The development will leverage the power of artificial intelligence (AI) and blockchain technology to give users a unique digital identity domain. During the meeting, the team behind the new development confirmed that theTLD upgrade will allow the users to build a “strong sense of community” to give women in tech a new recognition. 

The development will allow women in tech to build strong networks and explore viable opportunities. The collaborative approach on the WITG platform will offer the user mentorship and training sessions necessary to advance their career.

The WITG allows the user to leverage the powerful technology to learn tech. The primary objective of the education program is to offer women a platform where they can access the tools and resources necessary to navigate the digital sector.

The development came at a time when the demand for professionals in blockchain and crypto technologies has increased. In a recent survey by KuCoin, the young adults demonstrated an interest in pursuing courses in the blockchain and Web3 sectors.

The survey targeted young adults seeking to advance their careers. KuCoin noted that 88% of the 1900 respondents were interested in pursuing a career in blockchain technology, while 75% showed some interest in the Web3 sector. 

The survey report indicated that 15% of the respondents had over three years of experience in blockchain technology. The survey assessed whether Gen Z and Millenials were interested in blockchain and crypto technology.

Crypto Exchanges Investing in Education Programs to Build Sustainable Digital Economy

Months before the survey, the KuCoin team launched an education program to equip the learners with relevant skills in digital finance. KuCoin joins a slew of crypto exchanges seeking to prepare employees for future opportunities.

Earlier this week, the Bitget team commemorated its first anniversary of the Blockchain4Youth program. Entrenched to the Bitget principles, the Blockchain4Youth program supports the mainstream adoption of crypto and Web3 technologies among young adults.

At the event, the Bitget team was pleased to state that over 51 universities enrolled on the Blockchain4Youth program. The crypto exchange confirmed that over 2000 certificates would be issued to the participants who completed the Blockchain4Youth program. 

The Bitget team plans to offer more scholarship programs to individuals from less developed countries. The Blockchain4Youth initiative is expected to run till May 2028 to onboard more users to the blockchain and Web3 sectors.

Based on the transformative potential of crypto technology, the Bitget team anticipates offering more online courses and integrating successful stories on crypto projects to motivate young people to pursue careers in this field.

Significance of the Blockchain Education Program

The Bitget team believes that the millennials and GenZ have enormous potential to redefine the future of the crypto sector. The efforts to raise a crypto-savvy generation have challenged key market players, including the former Binance boss Changpeng “CZ” Zhao, to step in and offer an exclusive education program. 

Following his departure from the controversial crypto exchange Binance, Zhao revealed plans to invest in launching a not-for-profit education program, Giggle Academy. The new education program will target individuals from the vulnerable community to equip them with basic education.

The Giggle Academy will focus on equipping the learners with knowledge outside the traditional curricula. The program will utilize blockchain-oriented platforms to offer free formal schooling programs. 

On his X account,  Zhao hyped the new education program will represent Binance’s heritage. The executive told the X community that the Giggle Academy would symbolise growth, fun, and positive energy.  

Zhao’s belief in the revolutionary power of crypto and blockchain technology compelled him to launch an education program to build a sustainable and inclusive digital economy.

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Home-Based Bitcoin Mining in 2024: A Comprehensive Starter Guide

Mining Bitcoin at home has become an increasingly complex endeavor, particularly as the Bitcoin network’s difficulty level has escalated and specialized equipment has become essential. Here’s a detailed guide on how to get started with home-based Bitcoin mining in 2024, considering best practices and the current state of the industry.

1. Understanding Bitcoin Mining

Bitcoin mining involves validating transactions and adding them to the blockchain ledger. It is also the process through which new bitcoins are released into circulation. This is achieved through solving complex mathematical problems which in turn secures the network from fraudulent activities.

2. Is Bitcoin Mining Profitable?

The profitability of Bitcoin mining depends heavily on several factors such as electricity costs, the efficiency of the mining hardware, and the current market price of Bitcoin. To estimate profitability, miners must consider the initial setup costs (including hardware expenses) and ongoing electricity charges.

3. Equipment Needed for Home Mining

a. ASIC Miners

These are specialized devices designed specifically for mining cryptocurrencies. ASIC (Application-Specific Integrated Circuit) miners offer high processing power and energy efficiency compared to general-purpose hardware like CPUs or GPUs.

b. Power Supply

A robust power supply is crucial to handle the intensive power demands of ASIC miners.

c. Cooling Systems

Effective cooling systems are necessary to prevent overheating, which can reduce the lifespan of your mining equipment.

d. Bitcoin Mining Software

Choose reliable mining software that is compatible with your hardware and offers a user-friendly interface. Examples include CGMiner and BFGMiner.

4. Setting Up Your Mining Rig

a. Location

Choose a location with good ventilation and cooling. Basements or separate sheds are often ideal due to their cooler conditions and isolation from living areas (due to noise).

b. Internet Connection

A stable and fast internet connection is crucial since mining rigs need to stay constantly online.

c. Electricity Setup

Ensure your electrical wiring can handle the load. Consider hiring a professional electrician to set up a dedicated circuit for your mining operations.

5. Mining Pools

Given the high competition in Bitcoin mining, joining a mining pool is a more viable option for home miners. Mining pools allow miners to combine their computational resources to increase their chances of solving the mathematical puzzles and earning block rewards, which are shared among pool members.

6. Mining Software and Configuration

Install and configure your mining software to connect to your chosen mining pool. Input your wallet address to ensure that your mining rewards are correctly deposited.

7. Monitoring and Maintenance

Regularly monitor your mining setup to check for any issues such as overheating, hardware failures, or connectivity problems. Maintenance is key to ensuring your mining rig operates efficiently and profitably.

8. Legal and Environmental Considerations

a. Regulatory Compliance

Check local regulations to ensure that home-based Bitcoin mining is legal in your area. Some jurisdictions may have restrictions or specific requirements for mining operations.

b. Environmental Impact

Be aware of the environmental impact of Bitcoin mining. Consider using renewable energy sources to power your mining operations to reduce its carbon footprint.

9. Cost-Benefit Analysis

Periodically perform a cost-benefit analysis to determine if your mining operation is still profitable. This includes tracking electricity costs, hardware efficiency, and Bitcoin market conditions.

10. Stay Updated

The cryptocurrency landscape is constantly evolving. Stay informed about technological advancements, market trends, and regulatory changes that could impact Bitcoin mining.

Conclusion

While mining Bitcoin at home is not as accessible as it once was, it can still be feasible with the right equipment, setup, and access to cheap electricity. It requires a significant upfront investment and ongoing costs, but for those committed to the cryptocurrency space, it provides an opportunity to contribute to the Bitcoin network and potentially earn rewards in return. Always remember that Bitcoin mining, like any investment, carries risks and should be approached with careful planning and consideration.

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Navigating Fear, Uncertainty, and Doubt in the Crypto Market

In the world of cryptocurrencies, understanding market dynamics and jargon is crucial for both new and experienced investors. Today, we dive deep into a term that frequently surfaces in crypto discussions and has a significant impact on market behavior: FUD, which stands for Fear, Uncertainty, and Doubt.

Unpacking FUD in Cryptocurrency

In the cryptocurrency context, FUD is not just a buzzword but a phenomenon that can sway market sentiments, influence trading behaviors, and even impact the overall market stability. It typically refers to the spread of misinformation or the exaggeration of negative news that instills fear, promotes uncertainty, and fosters doubt among the crypto community.

The origins of FUD are not unique to crypto; however, the decentralized and often unregulated nature of the crypto market makes it particularly susceptible to the rapid spread of FUD. This can come from various sources, including media outlets, influential market players, or anonymous entities on social platforms aiming to manipulate market prices for personal gain or to achieve other strategic outcomes.

How FUD Affects Crypto Investments

The impact of FUD can be profound:

• Market Volatility: FUD can lead to sudden and often unwarranted market movements, as investors react to the perceived risk by selling off assets, leading to price drops.
• Investor Behavior: For individual investors, FUD can cause panic selling, delay in investment decisions, or even deter them from entering the market.
• Long-term Market Sentiments: Persistent FUD can damage the reputation of the affected cryptocurrencies or the broader crypto market, leading to a lasting impact on investor confidence and market stability.

Strategies to Combat FUD in Crypto Trading

Navigating FUD requires a proactive and informed approach. Here are some strategies to consider:

• Critical Analysis of Information: Always verify the source and credibility of the information. Rely on trusted news outlets and verify through multiple sources before making investment decisions.
• Education and Research: Understanding the underlying technology and the market dynamics of cryptocurrencies can provide a stronger foundation and immunity against FUD.
• Community Engagement: Participate in community discussions and forums to gain multiple perspectives and stay updated with real-time insights from other traders and experts.
• Risk Management: Implementing sound risk management strategies, such as setting stop-loss orders, can help mitigate the potential adverse effects of sudden market drops caused by FUD.

Examples of FUD in the Crypto Market

Historically, the crypto market has seen its fair share of FUD instances. For example:

• Regulatory News: Announcements or rumors regarding government regulations can create FUD, impacting the market immediately. The uncertainty regarding the legal landscape for cryptocurrencies often leads to significant price volatility.
• High-profile Criticism: Negative statements from influential figures or financial experts can spread FUD, affecting the sentiments around specific cryptocurrencies or the market at large.
• Security Breaches: Reports of hacks or security breaches can trigger FUD, leading to fear about the safety of digital assets.

Concluding Thoughts

FUD is a powerful force in the cryptocurrency market that can cause significant shifts in investor behavior and market dynamics. By fostering a disciplined approach to news consumption, engaging in continuous learning, and applying a measured approach to trading, investors can shield themselves against the adverse effects of FUD. Recognizing the signs of FUD and understanding its impact is essential for navigating the complex landscape of crypto investments effectively.

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What is the Inter-Blockchain Communication (IBC) Protocol?

The Inter-Blockchain Communication (IBC) protocol is a pivotal technological advancement designed to enable secure and efficient data and asset exchanges between independent blockchains. Developed by the Cosmos Network in 2019, IBC facilitates interoperability—a long-sought goal within the blockchain community. This protocol is crucial for creating a scalable and accessible multi-blockchain ecosystem.

Key Features of IBC

Decentralization and Trustlessness

IBC operates on a trustless model, meaning that the blockchains involved do not need to trust each other or the parties facilitating the communication. This is accomplished through cryptographic verification methods that ensure the integrity and authenticity of the data being transferred.

Interoperability

IBC enables different blockchains to communicate and share information and assets seamlessly. This interoperability is achieved through a standardized protocol that handles data transfer between chains, regardless of their individual specifications or consensus mechanisms.

Security

The protocol uses advanced cryptographic techniques to secure data transfers. Each blockchain maintains its own security and governance, and IBC enhances this by ensuring that only verified data can pass between systems. This prevents unauthorized access and manipulation.

How Does the IBC Protocol Work?

The IBC protocol functions through a layered approach, with the primary layers being the Transport, Authentication, and Ordering (TAO) layer, and the Application (APP) layer.

TAO Layer

This foundation layer manages the establishment of connections between blockchains, authenticates data packets sent over these connections, and maintains the order of transactions. It ensures that the connections are secure and that the data packets are not tampered with during transit.

APP Layer

Sitting atop the TAO layer, the APP layer defines how applications can use the underlying IBC infrastructure to transmit data and value across different blockchains. It specifies the format and structure of the data packets so that they can be understood and utilized by applications on different chains.

Practical Applications of IBC

Cross-chain Token Transfers

IBC allows for the secure transfer of tokens between chains, enabling users to leverage different services across multiple platforms without needing to execute complicated and costly bridging transactions.

Data Sharing

It facilitates a new level of data sharing that can be used for various purposes, from enhancing the functionality of decentralized apps (DApps) to providing more comprehensive data services across different sectors.

Decentralized Finance (DeFi)

In the DeFi space, IBC can significantly expand the capabilities of decentralized exchanges (DEXs) and other financial instruments by allowing them to operate across multiple blockchains, thus accessing a broader range of assets and liquidity pools.

Challenges and Considerations

While IBC offers numerous advantages, it also presents several challenges that need to be addressed:

Complexity

The technical complexity of implementing IBC can be a barrier for some blockchain projects, requiring significant expertise and resources.

Standardization

Ensuring that different blockchains can communicate effectively via IBC necessitates a high level of standardization. Without this, the risk of fragmentation and incompatibility increases.

Security Concerns

While IBC enhances security through cryptographic methods, the interconnection of multiple blockchains also potentially increases the attack surface. Ensuring the security of cross-chain communications remains a paramount concern.

Conclusion

As blockchain technology continues to evolve, the IBC protocol stands as a critical enabler of the long-envisioned interoperable blockchain ecosystem. Its ability to connect different blockchains could lead to unprecedented levels of collaboration and innovation in the blockchain space. However, for IBC to realize its full potential, ongoing development, increased adoption, and rigorous security measures are essential. The success of IBC could pave the way for a truly interconnected network of blockchains, fostering a new era of decentralized applications and services.

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