Bitcoin
Emory University Holds $15.1M in Grayscale Bitcoin Mini Trust
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adminEmory University, a private research institution in Atlanta, has reported $15.1 million worth of holdings in Grayscale Bitcoin Mini Trust.
This unusual move for a higher education institution was revealed in an Oct. 25 filing with the U.S. Securities and Exchange Commission.
According to the SEC filing, Emory University holds nearly 2.7 million shares of the Grayscale Bitcoin Mini Trust.
The tentative value of the holdings came around at approximately $15.1 million. This investment represents a major commitment to cryptocurrency exposure from an academic institution. This move also sets it apart from its peers in higher education.
The Grayscale Bitcoin Mini Trust, approved in July, functions as an offshoot of the larger Grayscale Bitcoin Trust. The mini trust is designed to provide passive exposure to Bitcoin’s price movements at a lower share price.
In addition to its Bitcoin (BTC) trust holdings, Emory reported ownership of 4,312 shares in Coinbase, valued at $768,269. The cryptocurrency exchange’s stock, COIN, was valued at $205.05 at press time.
Emory University stands out
Emory’s investment choices mark a distinctive approach among educational institutions. Previously, pension funds in Wisconsin and Jersey City have reported holdings in crypto-based exchange-traded products.
However, Emory stands out as one of the few institutions of higher education to report owning such assets.
This move by a prestigious university that was founded in 1836 could signal growing institutional acceptance of cryptocurrency-related investments within the academic sector.
The revelation by the university comes at a time when Bitcoin is struggling to sustain its upward momentum. Every time Bitcoin exhibits a bullish sign, various factors affect the overall market.
Bitcoin was down by over 2% at press time. The global crypto market cap is also down by almost 2% and stands at $2.27 trillion.
Colleges and crypto funds
Harvard University, Yale University, and Stanford University are among the high-profile institutions that have reportedly invested in cryptocurrency funds or Bitcoin trusts.
MIT (Massachusetts Institute of Technology) has also been actively involved in the cryptocurrency space, not only through its investments but also by contributing research and fostering blockchain innovation.
And University of Michigan invested in Andreessen Horowitz’s crypto fund in 2018. Andreessen Horowitz has substantial investments in cryptocurrency, including Bitcoin, so it’s likely that Bitcoin exposure was part of that portfolio.
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Bitcoin
Lisa Neigut’s Base58 Gets First-Ever Bitcoin Grant From Donor-Advised Fund
Published
5 hours agoon
October 26, 2024By
adminOffchain Labs, the initial developer of Arbitrum, the biggest Ethereum layer-2 network, announced “Fast Withdrawals” – described as “a new feature allowing select Orbit chains and RaaS providers to achieve withdrawal finality in under 15 minutes, compared to the usual wait time of up to seven days.” According to the team: “Implementing Fast Withdrawals cuts withdrawal times by over 90%, making the process extremely similar to withdrawing funds from a bank account. Although it is not identical, it represents a substantial improvement over the traditional blockchain standard, bringing it much closer to the experience of conventional TradFi funds transfer.” According to a press release, “Orbit chains that plan future support for the new feature include Apechain, Cheese, Nova, Sanko, Xai and others. RaaS providers include Offchain Labs, Alchemy, Altlayer, Ankr, Caldera, Conduit, and Gelato.” Here’s how it works, according to the press release:
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Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election.
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Bitcoin To Face Another Shakeout Soon
This ‘Uptober,’ Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark.
The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin’s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday.
Based on BTC’s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin’s “extremely chippy conditions” are headed in the short term.
Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.” He suggested BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5.
However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC’s near future.
Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to “start moving 5-6x from the current position,” according to the analyst.
Is BTC Set For A Green Weekly Close?
Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as “insanely important support levels.” To the analyst, if BTC’s price holds its support there, it will hit $70,000 soon.
After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000.
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Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line is supporting, which serves as post-breakout confirmation.
Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a “very bullish weekly close” ahead of October’s last week.
At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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Bitcoin
Illegal Bitcoin mining costs Malaysian electricity company over $100m
Published
12 hours agoon
October 26, 2024By
adminMalaysia’s national electricity provider, Tenaga Nasional Berhad, has reported losses exceeding 440 million ringgit (about $101 million) due to electricity theft linked to illegal Bitcoin mining activities.
Local reporting from The Star indicates that since 2020, this theft has significantly impacted TNB’s finances, resulting in a loss of 103 million ringgit in 2023 alone, according to Suhai Rizain, the director of Malaysia’s Criminal Investigation Department.
The losses from crypto mining have increased sharply over the years. In 2020, TNB recorded losses of 5.9 million ringgit. This figure escalated to 140.4 million ringgit in 2021, followed by 124.9 million ringgit in 2022, and 67.1 million ringgit last year.
Bitcoin mining in Malaysia
Earlier this year in July, the TNB reported similar figuresn noting losses exceeding $755 million due to illicit Bitcoin mining activities from 2018 to 2023.
The deputy minister of energy transition and water transformation, Akmal Nasir, acknowledged that while crypto mining accounted for a small portion of total energy consumption, it had a significant financial impact on the country.
Additionally, authorities seized nearly $500,000 worth of electrical items linked to illegal mining operations and launched a crackdown on tax evasion involving digital assets.
The Criminal Investigation Department plans to investigate the factors contributing to these substantial losses, particularly the trends observed in 2022 and 2023.
Illegal Bitcoin (BTC) mining involves using unauthorized electricity to power computers that solve complex mathematical problems, enabling users to earn Bitcoin. This practice can lead to significant electricity consumption, which results in theft when miners do not pay for the power they use.
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