Welcome to The Daily Forkast, October 25th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:36 Proshares files for exemption from Chicago Mercantile Exchange trading limits.
02:51 Greenidge more than doubles Bitmain mining rig order.
04:41 Shiba Inu hits all-time high.
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First up, while ProShares ETF launch was seen as a landmark in Bitcoin history, it was not without its critics. And now it's looking to secure an exemption from trading limits at the CME, where it purchases futures contracts. That exemption would allow the firm to maintain exposure to Bitcoin if the fund continues to grow. In other words, they just want to be able to buy more just to keep up with the demand for their Bitcoin Futures ETF. But could this filing ruffle even more feathers?
According to an article in Barron's, ProShares CEO Michael Sapir said the firm filed for an exemption from its CME positions limits and to be able to use swaps if need be. Proshares is already at 75% of its limit, holding 2133 contracts for November and 1679 for October. Sapir also told Barron's the firm will request permission to invest in other kinds of derivatives contracts.
Launched last Tuesday, Proshares ETF reached almost US$1 billion in trading volume in its first day, with more than 20 million shares traded. It became only the second fund to have reached such a massive first day of trading after BlackRock's Carbon Transition Readiness Sustainable ETF. Valkyrie, whose Bitcoin Strategy ETF also launched last week told Forkast.News the Bitcoin ETFs offer a great opportunity for more people to get involved in the ecosystem. One expert told Forkast.News that while the protection offered by futures being regulated may have proved attractive, initially, the additional expense of rolling monthly futures contracts fees, in addition to fund and management fees, may eventually work against ProShares Shares ETF. An expert says it will be difficult for the fund to outperform and will lag behind Bitcoin's performance by at least a percentage of those fees.
Meanwhile, Chinese mining rig maker Bitmain is seeing the benefit of the United States emerging as a cryptocurrency mining hotspot. Nasdaq listed Greenidge says it plans to ramp up its operations across the U.S. by more than doubling its previous order with Bitmain. Greenidge has upside its order of Bitmain as 19G Pro miners from 10,000 to 22,500, with the company saying it expects delivery in a second and third quarters of next year. To feel its growth, Greenidge has signed agreements for at least six potential data centers in Texas, a popular destination for crypto miners. It's also agreed to purchase a facility in South Carolina to mine crypto. Between them, the potential sites offer over 3000 megawatts of electrical capacity. 500 megawatts of which it anticipates having by 2023. Greenidge currently has 45 megawatts of mining capacity at its existing site in Dresden, New York and says it expects to continue to operate that facility.
The expansion comes as the U.S. has emerged as a new hub for mining activities. In the wake of the stepped-up ban in China, many players are looking to more regulation friendly shores, with the U.S. benefiting from the Exodus. That Exodus has seen that U.S. overtake China's leading position in crypto mining. With the latest data from the Cambridge Center for Alternative Finance showing the U.S. accounted for 35.4% of the global hashrate share at the end of August.
And finally, ShibaInu jumped almost 60% in less than 24 hours on Sunday to reach an all time high, as DOGE also surged over the weekend. Now, according to data from CoinMarketCap, it's now the 13th largest token by market cap. Just before the surge, the stock and crypto trading platform Robinhood, which, by the way, was at the center of the GameStop saga that led to the rise of meme coins, added ShibuInu as an option to a client survey kind of signaling maybe they could be listing it soon. Well, it wasn't the only dog based token to be thrown a bone over the weekend, either. Dogecoin jumped 8% after a tweet from Tesla CEO and long time DOGE fan referenced the token. While DOGE's price retraced to almost the same position it was before the jump early Monday Asia time it was then let off the leash and gained 12% before receding again, signaling a possible price action correlation with ShibaInu. We're going to be keeping an eye on whether these two dogs keep up the pace or curl up on the rug for nap.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #ShibaInu #CryptoMining #Proshares #Greenidge #Bitmain #ETF #Valkyrie #BlackRock #Memecoin
00:00 Coming Up
00:36 Proshares files for exemption from Chicago Mercantile Exchange trading limits.
02:51 Greenidge more than doubles Bitmain mining rig order.
04:41 Shiba Inu hits all-time high.
---
First up, while ProShares ETF launch was seen as a landmark in Bitcoin history, it was not without its critics. And now it's looking to secure an exemption from trading limits at the CME, where it purchases futures contracts. That exemption would allow the firm to maintain exposure to Bitcoin if the fund continues to grow. In other words, they just want to be able to buy more just to keep up with the demand for their Bitcoin Futures ETF. But could this filing ruffle even more feathers?
According to an article in Barron's, ProShares CEO Michael Sapir said the firm filed for an exemption from its CME positions limits and to be able to use swaps if need be. Proshares is already at 75% of its limit, holding 2133 contracts for November and 1679 for October. Sapir also told Barron's the firm will request permission to invest in other kinds of derivatives contracts.
Launched last Tuesday, Proshares ETF reached almost US$1 billion in trading volume in its first day, with more than 20 million shares traded. It became only the second fund to have reached such a massive first day of trading after BlackRock's Carbon Transition Readiness Sustainable ETF. Valkyrie, whose Bitcoin Strategy ETF also launched last week told Forkast.News the Bitcoin ETFs offer a great opportunity for more people to get involved in the ecosystem. One expert told Forkast.News that while the protection offered by futures being regulated may have proved attractive, initially, the additional expense of rolling monthly futures contracts fees, in addition to fund and management fees, may eventually work against ProShares Shares ETF. An expert says it will be difficult for the fund to outperform and will lag behind Bitcoin's performance by at least a percentage of those fees.
Meanwhile, Chinese mining rig maker Bitmain is seeing the benefit of the United States emerging as a cryptocurrency mining hotspot. Nasdaq listed Greenidge says it plans to ramp up its operations across the U.S. by more than doubling its previous order with Bitmain. Greenidge has upside its order of Bitmain as 19G Pro miners from 10,000 to 22,500, with the company saying it expects delivery in a second and third quarters of next year. To feel its growth, Greenidge has signed agreements for at least six potential data centers in Texas, a popular destination for crypto miners. It's also agreed to purchase a facility in South Carolina to mine crypto. Between them, the potential sites offer over 3000 megawatts of electrical capacity. 500 megawatts of which it anticipates having by 2023. Greenidge currently has 45 megawatts of mining capacity at its existing site in Dresden, New York and says it expects to continue to operate that facility.
The expansion comes as the U.S. has emerged as a new hub for mining activities. In the wake of the stepped-up ban in China, many players are looking to more regulation friendly shores, with the U.S. benefiting from the Exodus. That Exodus has seen that U.S. overtake China's leading position in crypto mining. With the latest data from the Cambridge Center for Alternative Finance showing the U.S. accounted for 35.4% of the global hashrate share at the end of August.
And finally, ShibaInu jumped almost 60% in less than 24 hours on Sunday to reach an all time high, as DOGE also surged over the weekend. Now, according to data from CoinMarketCap, it's now the 13th largest token by market cap. Just before the surge, the stock and crypto trading platform Robinhood, which, by the way, was at the center of the GameStop saga that led to the rise of meme coins, added ShibuInu as an option to a client survey kind of signaling maybe they could be listing it soon. Well, it wasn't the only dog based token to be thrown a bone over the weekend, either. Dogecoin jumped 8% after a tweet from Tesla CEO and long time DOGE fan referenced the token. While DOGE's price retraced to almost the same position it was before the jump early Monday Asia time it was then let off the leash and gained 12% before receding again, signaling a possible price action correlation with ShibaInu. We're going to be keeping an eye on whether these two dogs keep up the pace or curl up on the rug for nap.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #ShibaInu #CryptoMining #Proshares #Greenidge #Bitmain #ETF #Valkyrie #BlackRock #Memecoin
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Francisco Gimeno - BC Analyst The ETF of Bitcoin has been a landmark point in the crypto market history. We have to see how it goes and if the expectations that will help to expand that market is true. There are other ETF's on line to be approved too. Meanwhile it's exciting to see how the Chinese mining rigs companies and miners are moving to US (so that BTC hash rate in that country has rapidly increased in the last month). Memecoins, what can we say you don't know by now... Shibalnu seems either a good opportunity for those caught in the pump, or a big lose if in the way there is a dump. The crypto market is not for newbies.