Sygnum, a leading global digital asset bank, has expanded its presence in Europe by registering its subsidiary with Liechtenstein’s Financial Market Authority (FMA). This move allows Sygnum to provide its regulated crypto services, such as brokerage, custody, and B2B banking, within the European Economic Area (EEA), taking advantage of Liechtenstein’s progressive and crypto-friendly regulations.

By establishing itself in Liechtenstein, Sygnum gains access to the entire EU market ahead of the upcoming Markets in Crypto-Assets Regulation (MiCA) in 2025. The company’s Chief Clients Officer, Martin Burgherr, highlighted this step as pivotal in expanding Sygnum’s regulated footprint across the EU, the world’s largest trading bloc.

Sygnum’s journey to becoming a key player in the European crypto market continues, having already made a mark in Asia and Luxembourg. The bank recently achieved profitability and further cemented its status as a trailblazer by issuing the first Bitcoin-backed syndicated loan through a regulated bank.

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Since its inception in 2009, Bitcoin has undergone several forks, or splits, that have given rise to new cryptocurrencies and variations of the original protocol. As of May 2024, there are over 100 Bitcoin forks in existence, with varying degrees of adoption and success.

These forks have sparked intense debates within the cryptocurrency community. Some view them as catalysts for innovation and progress, while others perceive them as disruptive forces that undermine the network’s stability and core values.

And this dichotomy is precisely what we’ll zero in on today. We’ll look at why these forks happened, what they have achieved, and what they mean for Bitcoin’s future.

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Despite regulatory shifts and economic fluctuations, China maintains a commanding lead in the global Bitcoin mining industry, controlling 55% of the network’s hashrate, as indicated by recent data from CryptoQuant. This persistent dominance reflects China’s established infrastructure and expertise in cryptocurrency mining, underscoring the country’s pivotal role in the blockchain technology sector.

Meanwhile, the United States has emerged as a significant player, capturing 40% of Bitcoin’s mining hashrate. This surge is attributed to increased investments in cryptocurrency infrastructure and favorable regulatory environments in specific states, attracting numerous crypto enterprises. The landscape of Bitcoin mining continues to evolve, with other countries gradually expanding their contributions, yet the balance of power remains markedly skewed towards the leading nations, influencing the decentralization and security dynamics of Bitcoin.

As of September 23, 2024, U.S. Bitcoin ETFs experienced a positive net inflow of 1,226 BTC, bringing the total Bitcoin holdings to 909,024 BTC. BlackRock’s IBIT ETF maintained its holdings at 357,550 BTC with no inflows or outflows. Fidelity’s FBTC ETF saw a significant increase, adding 416 BTC to reach a total of 177,067 BTC.

ARK Invest’s ARKB ETF also experienced an inflow, gaining 350 BTC to total 46,605 BTC. Bitwise’s BITB ETF added 239 BTC, reaching 38,313 BTC, while Grayscale’s BTC ETF grew by 150 BTC, bringing its total holdings to 33,319 BTC. Valkyrie’s BRRR ETF increased by 81 BTC, bringing its total to 8,862 BTC.

Grayscale’s GBTC ETF saw a small outflow, losing 10 BTC, reducing its holdings to 221,640 BTC. Overall, the total net inflow of 1,226 BTC, valued at $77.5 million, signals continued growth and investor interest across a range of Bitcoin ETFs, showing resilience in institutional adoption.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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BlackRock has made significant updates to its iShares Bitcoin Trust ETF by amending its custody agreement with Coinbase. According to a recent SEC filing, the changes aim to streamline withdrawal processes and improve asset management during unsettled trades. These updates reduce Coinbase Custody’s withdrawal processing time to just 12 hours, ensuring faster access for institutional investors.

The amendment permits the Trust to withdraw bitcoin from either the Vault or Trading Balance, enhancing liquidity and flexibility. This move demonstrates BlackRock’s commitment to providing efficient and secure asset management, addressing concerns about timely access to digital assets.

Amid rumors that Coinbase was manipulating Bitcoin’s price, both BlackRock and Coinbase have dismissed such claims, emphasizing transparency and regulatory compliance. This update not only strengthens trust but also showcases BlackRock’s dedication to offering a robust and reliable Bitcoin ETF solution, catering to the growing demands of institutional crypto investors.

SEC

Digital asset investment products recorded a second straight week of inflows, reaching an impressive US$321 million, spurred by the recent Federal Open Market Committee (FOMC) decision to cut interest rates by 50 basis points. The more dovish stance boosted investor confidence, resulting in a significant 9% increase in total assets under management (AuM) to US$9.5 billion.

Bitcoin led the way, drawing US$284 million in inflows, reaffirming its dominance in the crypto market. Notably, short-bitcoin investment products also saw an uptick, with inflows of US$5.1 million as investors positioned themselves amid recent price movements. However, Ethereum remained an outlier, experiencing its fifth consecutive week of outflows totaling US$29 million, likely due to ongoing exits from the Grayscale Trust and limited interest in newly launched ETFs.

Regionally, the US took the lead with US$277 million in inflows, while Switzerland followed with US$63 million. Meanwhile, Solana continued to attract attention, recording consistent inflows of US$3.2 million last week.

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