Daily Crypto News 7 October

 

Bank of America has published a 140-page analysis on the digital assets market, which includes NFTs, institutional investments, and growth rates. According to the research, the sector is still "new" and has a lot of room for expansion in the future. According to the study, 14 percent of the US population now owns cryptocurrencies. The proportion equates to 21 million people who utilize cryptocurrencies as financial assets, payment instruments, and other purposes. According to the research, the average crypto holder is a 38-year-old Caucasian guy who earns around $111,000 per year. The age categories represented are 18-24 and 55-65, respectively. Despite the fact that the bitcoin business is deemed "contemporary," the industry's youngest representatives remain in the minority. The bank's document also included market and on-chain statistics, such as the number of big transactions, holder mood, and Ethereum's development rates. Experts have also noted a considerable decrease in unlawful Bitcoin usage. In comparison to 2012, the proportion of Bitcoin transactions associated with illicit sources has decreased from almost 40% to 0-1 percent.

 

Bitcoin's recent breakout above $50,000 appears to be supported by increased institutional purchasing. Front-month bitcoin futures contracts on the Chicago Mercantile Exchange (CME) are trading at a 12.8 percent annualized premium to the spot price. According to statistics from the derivatives research firm Skew, this is the biggest level since mid-April and represents a considerable increase over the 0.36 percent discount witnessed a week earlier. According to Arcane Research's weekly research report issued Tuesday, the spike in premium "suggests that there is significant desire among CME traders to establish long exposure in bitcoin at the present." "The CME's front-month contract is by far the most commonly traded BTC futures product on the exchange, and positive trends appear to be building on the institutional platform right now." Analysts believe CME to be synonymous with institutions. These major corporations prefer to trade futures contracts for any commodity on an established and regulated exchange, such as the Chicago-based derivatives behemoth. Furthermore, CME's regulated standard futures contracts trade in five BTC increments and demand considerable capital expenditure characteristic of institutional investors. Arcane Research analysts believe that if a futures-based ETF is allowed, it will increase purchasing pressure on the front-month CME futures contract and result in a larger premium. A sustained rise in premium may tempt traders, resulting in increased demand in the spot market. 

 

 

Chainalysis, a blockchain analytics business, has bought cybercrime investigation firm Excygent for an unknown sum, implying that the two would continue to collaborate to "dismantle ransomware operations." Chainalysis CEO Michael Gronager stated that the company worked with Excygent on the confiscation of bitcoin linked to the now-defunct darknet market Silk Road. "Following the flow of ransomware payments on the blockchain is critical for law enforcement to comprehend and dismantle ransomware operations," Gronager explained. "As perplexing as it may appear, when criminal actors opt to commit crimes using cryptocurrencies, it might actually benefit detectives." Chainalysis' involvement to the investigation of cybercrimes involving NetWalker, a ransomware operator that reportedly targeted hospitals during the epidemic and earned more than $25 million in ransom payments in 2020, was mentioned by the CEO. Furthermore, the organization investigated Suex OTC, a Russian-based corporation that was recently targeted by the US Treasury Department for allegedly allowing hackers to access bitcoin delivered as payment for ransomware attacks. Chainalysis stated that "tens of millions" of dollars in cryptocurrency payments from Suex's accounts originated from addresses linked to various cybercrimes.

 

According to TMZ, photographer John Shearer is auctioning off Britney Spears and Madonna's 2003 kiss as a non-fungible token (NFT), a startling moment from one of the most iconic and contentious female performances in history. The profits of the auction, which will be held on the NFT auction site Cryptograph, will be donated to the LGBT media advocacy organization GLAAD. Spears and Christina Aguilera, two commercially irreconcilable competitors at the time, graced the same stage in wedding gowns, capturing the attention of viewers tuning in to the Video Music Awards in 2003. The real fun came, though, when the queen of pop herself appeared on stage as the "groom."