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3iQ Bitcoin Fund Reports C$1 Billion in BTC Under Management

The bitcoin holdings of the Canadian digital asset manager 3iQ have surpassed CAD$1 billion for the first time. The news comes on the heels of increasing demand for similar cryptocurrency products. Grayscale Investments, for example, also ramped up bitcoin buying, citing increasing institutional interest towards the end of last year. Canadian Digital Asset Manager Now … Continued

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Interest in bitcoin (BTC) investment funds continues to grow into the new year.

The bitcoin holdings of the Canadian digital asset manager 3iQ have surpassed CAD$1 billion for the first time.

The news comes on the heels of increasing demand for similar cryptocurrency products. Grayscale Investments, for example, also ramped up bitcoin buying, citing increasing institutional interest towards the end of last year.

Canadian Digital Asset Manager Now Holds C$1 Bn in Bitcoin

The bitcoin fund of the Canada-based 3iQ Corp just surpassed a major milestone. The firm reported it now holds more than C$1 billion worth of BTC on Friday. In USD, the company’s bitcoin under management is worth more than $785 million.

3iQ is the largest digital asset manager serving the Canadian market at present. It has more than doubled since mid-December, when it reported C$500 million in total AUM.

With both its BTC fund and ETH fund traded on the Toronto Stock Market, 3iQ offers institutional investors exposure to digital assets in a fully-regulated manner. In this respect, the company provides a similar service to Grayscale Investments.

The news immediately follows 3iQ’s The Ether Fund starting to trade on the Toronto Stock Exchange. According to a press release published Thursday, the ETH investment product went live on Jan. 15.

A younger product than 3iQ’s The Bitcoin Fund, The Ether Fund is currently worth around US$150 million.

Interest in Bitcoin Investment Funds Growing

On Friday, BeInCrypto reported on massive bitcoin buying from Grayscale Investments. The US company added more than 4,700 BTC to its holdings in just 48 hours.

Grayscale’s bitcoin purchases have taken considerably more BTC off the market than miners created over the same period. The 2,612 bitcoin it bought on Jan. 14 represents around 2.9x the average of 900 BTC awarded to miners each day.

In Grayscale’s Digital Asset Investment Report for Q4 2020, the company highlighted surging demand from institutions. It stated that around 93% of capital inflows during the final quarter came from institutional investors.

The firm’s most popular product, the Grayscale Bitcoin Trust (GBTC), performed particularly well over 2020. It saw an average of $90 million a week invested during the year.

Coinciding with BTC price increases, interest in GBTC increased towards the end of the year. The company reported investments of an average of $271.1 million per week into GBTC during Q4.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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Source: https://beincrypto.com/3iq-bitcoin-fund-reports-c1-billion-in-btc-under-management/

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NFT Google Search Volume Exceeds DeFi and Ethereum (ETH) As Celebrities Join the Craze

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Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto markets. The craze around NFTs is so high that the Google search for NFTs has skyrocketed in recent times thereby exceeding decentralized finance (DeFi) and coming closer to the interest of Ethereum (ETH). As crypto-journalist Wu Blockchain reports:

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“According to the google index, the Google search volume of NFT has suddenly skyrocketed since February 7, and it has far exceeded DeFi and is close to ETH. The reason may be related to celebrity NFT, Logan Paul’s NFT has a huge search volume, and opensea is most searched platform”.

Courtesy: Google

A non-fungible token (NFT) s a special type of cryptographic token representing something that is unique. Thus, no two NFTs are mutually interchangeable. These tokens are basically created to represent digital scarcity, and give digital ownership.

Recently, celebrities and billionaire investors interested in high-ticket items have also joined the NFT craze. Billionaire Marc Cuban has already joined the NFT mania and much recently he shared a digital collectible commemorating Luka Doncic and Dirk Nowitzki.

Ethereum blockchain has been one of the popular destinations for NFTs. It hosts some of the popular NFT games like CryptoKitties that caught massive craze in late 2017. However, other NFT marketplaces like Rarible and OpenSea are catching up with popularity at a quick speed.

Top NFT News Over the Last Week

Over the last week, the crypto market has been flooded with NFT news with NFTs and digital collectible worth millions of dollars have been sold in the open market. Popular personalities from different frontiers like music, digital artwork, sports and others are warming up to NFTs.

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  • American Rockbank Kings of Leons is planning to launch its new album “When You See Yourself,” in the form of NFT. The album will be available on NFT Marketplace YellowHeart later today and the sale process will continue for a period of two weeks. The rock band will also offer several other exclusive items in the form of a series called “NFT Yourself”.
  • Recently, the original artwork of Banksy dubbed Morons, worth a massive $100,000, was destroyed only after converting it to a non-fungible token (NFT). The destruction of the physical artwork took place earlier this week in Brooklyn, New York and live-streamed. The auction for the Banksy NFT is taking place on the OpenSea NFT marketplace and will continue up to March 9. The winning bidder gets the unique digital code of the artwork.
  • 250-year-old auction house Christie’s recently conducted a sale of digital artwork by Mike “Beeple” Winkelmann using NFTs on the digital marketplace MakersPlace.
  • Legendary digital artist Ben Mauro, recently conducted the sale of his 21 NFTs which were all sold in a flash sale of just under 7 minutes raising a whopping $2 million. The sale took place on the VIV3 Marketplace leveraging the Flow Blockchain.
  • National Basketball Association (NBA) has joined hands with Dapper Labs to launch its own digital collectible NFTs. dubbed as NBA Top Shot, it is a marketplace for NFTs. NBA Top Shot Marketplace is built using Dapper Labs’ Flow blockchain platform. As per a CNBC report, it has already generated $230 million worth of sales in the form of NFTs.

Going ahead at this rate, NFTs could soon be a multi-billion dollar market and probably might also see explosive growth like the DeFi market. To support NFT investors, Hex Trust has launched the first-ever NFT custodial service.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/nft-google-search-volume-exceeds-defi-and-ethereum-eth-as-celebrities-join-the-craze/

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Reuters: SEC’s Lawsuit Didn’t Impact Ripple’s Business in Asia-Pacific Region

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Brad Garlinghouse, the CEO of Ripple in a recent interview with Reuters had said that the ongoing SEC lawsuit against him and his company didn’t impact their business in the Asia-Pacific region, their key remittance corridor. Ripple has flourished as a remittance solution provider with the help of the XRP ledger and has partnered with hundreds of private and central banks across the world to facilitate instant cross-border transactions.

“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in the Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets.”

Despite the current issues with its operations in the US, the firm has continued its progress in the Asia-Pacific region, especially Japan.

The SEC lawsuit had quite a domino effect on crypto platforms and exchanges in the US who decided to delist XRP from their platforms until the lawsuit settles.

Ripple’s Key remittance partners in the US such as MoneyGram had also claimed that they have stopped using Ripple services for the time being. However, the fact that the majority of its business is located outside the US has helped the company to grow despite regulatory woes in the US. The CEO explained,

Ripple has signed more than 15 new contracts with banks globally since the SEC brought its lawsuit, and the lack of clarity in the United States has been a “hindrance” to innovation.

New Developments Give Ripple an Upperhand in its Court Battle

The SEC filed the class-action lawsuit against Ripple and two of its executives back in December last year that led to a delisting spree among US-based crypto exchanges fearing legal liabilities. However, some recent developments in the case that came before as well as during the first virtual hearing seem to have given Ripple an upper hand in the case. The first major development came in the form of an amended complaint where the SEC removed market manipulation claims from the lawsuit.

The second breakthrough came from the legal counsel of Ripple during the first court hearing where it was revealed that SEC ignored queries about XRP’s security status back in 2018-19 from major exchanges, which can put SEC in a spot. Also, the fact that major crypto-compliant nations such as Japan have cleared XRP trading could play in Ripple’s favor.

Garlinghouse has even filed a motion to dismiss the recent amended complaint against him claiming SEC lacks clarity over regulations.

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Source: https://coingape.com/reuters-secs-lawsuit-didnt-impact-ripples-business-in-asia-pacific-region/

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Cardano (ADA) price signals weakness after 10% dump

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ADA/USD rebounds to $1.14 but still vulnerable after declining 10% over 24 hours

Cardano dropped nearly 10% on Thursday to see lows of $1.07 and then continued to feel the bearish pressure in early trades today as prices touched support at $1.03.

The drop signalled some weakness in Cardano’s remarkable rally over the past few weeks, with the likely bearish turn starting to appear after bulls reached an all-time high of $1.48 last week.

At the time of writing, ADA/USD is trading around $1.12, with bulls displaying conviction in the past two hours.

If the upside signal strengthens, buyers could push for a break above $1.20 as they target higher levels. On the contrary, ADA could also drop to $1.00 or lower.

ADA/USD price short term outlook

ADA/USD broke below the support line of an ascending parallel channel and retested the 20-day exponential moving average at $1.08. While it completed a five-day downward streak, the decline to lows of $1.03 signalled further weakness.

Cardano’s price could thus see more losses if bulls fail to react and retake control above the lower boundary of the old channel.

The Relative Strength Indicator (RSI) hints at added downward pressure with bearish divergence, while MACD has the histogram printing below the signal line to suggest an influx of selling pressure if the indicator validates a bearish crossover.

ADA/USD daily chart. Source: TradingView

If ADA price turns negative from current levels, bulls will rely on a few key support levels to prevent further losses. The initial support lies at $1.08, which is where we have the 0.382 Fibonacci retracement level of the upswing from $0.43 to $1.48.

There’s also an ascending trend line (blue, dotted) near the Fib level and if bears break lower, the primary support is at the 20-day EMA ($1.06) and then the psychological $1.00 level.

Further rot for ADA/USD could see bulls battle to keep prices above the 0.5 Fib retracement level ($0.965) and the 0.618 Fib retracement level ($0.83).

On a positive note, ADA/USD remains in an uptrend and could very well make another all-time high in the short term if bulls hold above $1.00. This will call for buyers to break above immediate resistance at $1.14, with a run to $1.20 bringing into focus the 0.236 Fib level ($1.23).

A break into and continuation inside the rising channel could see prices rally to the apex resistance line, which extends past the all-time high of $1.48. From here, buyers can attempt to set another record. In this case, short-term targets are likely to be $1.60 and $2.00.

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Source: https://coinjournal.net/news/cardano-ada-price-signals-weakness-after-10-dump/

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