The cryptocurrency market has been showing signs of recovery in the past few weeks, as investors have been pouring more money into various digital assets. According to a recent report by CoinShares, a leading provider of digital asset investment products, crypto funds recorded net inflows for the third consecutive week led by Bitcoin.
The report, which tracks the weekly flows and holdings of crypto funds across the globe, revealed that crypto funds saw inflows of $108 million in the week ending October 13, 2023. This marks the third week in a row that crypto funds have attracted more capital than they have lost, reversing the trend of net outflows that dominated the market from May to August.
The majority of the inflows went to Bitcoin, which accounted for $85 million or 79% of the total. Bitcoin has been outperforming other major cryptocurrencies in recent weeks, as it has regained some of its market dominance and reached new highs for the year. The report noted that Bitcoin’s strong performance was driven by several factors, including the launch of the first Bitcoin futures exchange-traded fund (ETF) in the US, the adoption of Bitcoin as legal tender in El Salvador, and the growing institutional and retail demand for the leading cryptocurrency.
Other crypto assets also saw positive inflows, albeit at a smaller scale. Ethereum, the second-largest cryptocurrency by market capitalization, attracted $15 million or 14% of the total inflows. Ethereum has been benefiting from the ongoing development of its network upgrade, known as Ethereum 2.0, which aims to improve its scalability, security, and efficiency. The report also highlighted that Ethereum’s popularity among decentralized applications (DApps) and decentralized finance (DeFi) platforms has been increasing, as evidenced by its high transaction volume and fees.
The remaining inflows were distributed among other crypto assets, such as Solana, Cardano, Polkadot, and Ripple. These altcoins have been gaining traction among investors who are looking for more innovation and diversity in the crypto space. The report stated that these altcoins have been offering different value propositions and use cases than Bitcoin and Ethereum, such as faster transaction speed, lower fees, interoperability, and smart contract functionality.
The report concluded that the crypto market is showing signs of maturity and resilience, as it has weathered several challenges and uncertainties in 2023. The report also suggested that the crypto market is likely to see more growth and innovation in the future, as more investors and institutions embrace digital assets as a new asset class.
Cathie Wood says it’s Gensler who’s ‘standing in the way’ of spot bitcoin ETFs.
Cathie Wood, the founder and CEO of Ark Invest, has recently expressed her frustration with the U.S. Securities and Exchange Commission (SEC) for delaying the approval of spot bitcoin exchange-traded funds (ETFs). In an interview with CNBC, Wood said that she believes the SEC chair Gary Gensler is “standing in the way” of innovation and investor choice by imposing strict regulations on crypto products.
Wood argued that spot bitcoin ETFs, which would track the price of the underlying asset directly, are more transparent and efficient than futures-based ETFs, which rely on contracts that expire and roll over periodically. She said that futures-based ETFs introduce additional costs and risks for investors, such as contango, backwardation, and margin calls. She also pointed out that spot bitcoin ETFs are already available in other countries, such as Canada and Brazil, and that the U.S. is lagging behind in this space.
Wood said that she is hopeful that the SEC will eventually approve spot bitcoin ETFs, but that it may take a long time and a lot of pressure from the industry and the public. She said that she is confident that bitcoin is here to stay and that it will continue to grow in adoption and value. She said that her firm is bullish on bitcoin and other cryptocurrencies, and that they have allocated a significant portion of their portfolio to this sector.
Wood also commented on the recent volatility in the crypto market, which saw bitcoin drop below $40,000 after reaching an all-time high of over $69,000 in November. She said that she is not worried about the short-term fluctuations, and that she views them as buying opportunities. She said that she expects bitcoin to reach $500,000 in the next five years, and that she is optimistic about the future of decentralized finance (DeFi), non-fungible tokens (NFTs), and Web 3.0.
opBNB AI platform MyShell raises funds at $57M Valuation
MyShell, an AI platform that leverages opBNB technology to provide personalized travel recommendations, has announced that it has raised $57 million in a Series A funding round led by Sequoia Capital. The round also saw participation from existing investors Y Combinator, Andreessen Horowitz, and Benchmark.
The startup, which was founded in 2021 by former Google engineers, claims to have over 10 million users across 50 countries. MyShell uses opBNB, a decentralized protocol that enables peer-to-peer data sharing and collaboration, to access and analyze millions of travel reviews, ratings, and preferences. Based on this data, MyShell generates customized suggestions for travelers, such as the best hotels, restaurants, attractions, and activities in their destination.
MyShell’s CEO and co-founder, said that the new funding will help the company expand its global presence and improve its product offerings. “We are thrilled to partner with Sequoia Capital, who share our vision of creating a more personalized and seamless travel experience for everyone. With their support, we will be able to scale our platform, grow our team, and launch new features that will make travel planning easier and more enjoyable.”
Sequoia Capital’s partner said that he was impressed by MyShell’s innovative use of opBNB technology and its strong growth potential. “MyShell is a pioneer in the AI travel space, leveraging opBNB’s unique capabilities to deliver tailored recommendations that match each traveler’s preferences and needs. We believe that MyShell has the potential to become a leading player in the travel industry, and we are excited to help them achieve their goals.”
Kraken steers clear of FOMO with largest ad campaign to date.
Kraken, one of the leading cryptocurrency exchanges in the world, has launched its biggest advertising campaign ever, aiming to educate and inspire potential investors about the benefits of digital assets. The campaign, titled “Kraken: The Future is Yours”, features a series of billboards, bus wraps, digital ads, podcasts, and social media posts that showcase the diverse and innovative ways that people can use cryptocurrencies to achieve their financial goals.
The campaign is designed to appeal to both newcomers and experienced traders, highlighting the features and advantages of Kraken’s platform, such as low fees, high security, 24/7 customer support, and a wide range of products and services. The campaign also emphasizes the vision and values of Kraken, which is to empower individuals and communities to take control of their financial future and to create a more inclusive and sustainable economy.
Kraken’s Chief Marketing Officer, Jeremy Welch, said that the campaign was motivated by the growing interest and demand for cryptocurrencies, especially among younger generations. “We are witnessing a generational shift in the way that people think about money and value.
More and more people are realizing that cryptocurrencies are not only a viable alternative to traditional fiat currencies, but also a powerful tool for social change and innovation. We want to inspire and educate these people about the possibilities and opportunities that Kraken can offer them,” he said.
Welch added that the campaign was not driven by fear of missing out (FOMO), but rather by a genuine desire to share the benefits of cryptocurrencies with the world. “We are not trying to capitalize on the hype or the volatility of the market. We are not trying to persuade people to buy or sell any specific coin or token. We are simply trying to show them that there is a better way to manage their money and to participate in the global economy. We are trying to show them that the future is theirs,” he said.
The campaign will run until the end of the year in several major cities across the US, Canada, Europe, and Australia. Kraken hopes that the campaign will not only attract new customers to its platform, but also spark a wider conversation about the role and potential of cryptocurrencies in society.
