At this time in crypto, Robinhood’s plan to tokenize shares on its new chain might divert liquidity from NYSE and different main exchanges, a Coinbase government speculates over the slight chance that the current motion of $8.6 billion price of Bitcoin was the results of a hack.
Robinhood’s 24/7 tokenization push threatens NYSE revenues: Galaxy Digital
Robinhood’s plan to tokenize shares on its new Ethereum-compatible blockchain might shift buying and selling quantity away from conventional exchanges just like the NYSE, undermining their core revenues from buying and selling charges and market knowledge, in response to Galaxy Digital.
On the EthCC convention this week, Robinhood CEO Vlad Tenev detailed plans for “Robinhood Chain,” an Ethereum-compatible layer-2 on Arbitrum Orbit. The blockchain will let customers commerce tokenized derivatives of shares instantly onchain, shifting asset buying and selling outdoors conventional alternate hours.
In a Friday report, Galaxy Digital stated that Robinhood’s tokenization transfer removes belongings from conventional market channels and brings them onchain, instantly difficult the concentrated liquidity and exercise that give main TradFi exchanges just like the NYSE their edge.
“This instantly challenges the deep focus of liquidity and exercise that provides main TradFi exchanges (e.g., NYSE) their aggressive benefit,” Galaxy Digital wrote.
‘Small chance’ $8.6B Bitcoin switch was a hack: Coinbase exec
Conor Grogan, Coinbase’s head of product, says there’s a slight likelihood the $8.6 billion price of Bitcoin moved on Thursday — from eight wallets that had held the Bitcoin for over 14 years — was attributable to a hack, and in that case, it might be the most important theft ever.
“If true (once more, I’m speculating on straws right here), this could be by far the most important heist in human historical past,” Grogan stated in an X submit on Friday, after elevating the slim likelihood that the $8.6 billion price of Bitcoin moved from eight separate wallets was the work of dangerous actors.
“There’s a small chance that the $8B in BTC that lately wakened have been hacked or compromised personal keys,” Grogan stated, stating a suspicious Bitcoin Money transaction made earlier than the numerous transfers on Thursday involving 10,000 Bitcoin at a time.
Motion of 14-year-old Bitcoin sparks renewed Satoshi rumors
Bitcoin’s (BTC) value slipped on US Independence Day, coinciding with a large whale shifting cash for the primary time in over a decade.
The BTC/USD alternate fee declined practically 2%, falling under the important thing $108,000 stage, in response to Cointelegraph Markets Professional and TradingView knowledge.
Onchain knowledge confirmed {that a} Bitcoin OG, dormant for 14 years, transferred half of their 80,000 BTC, seemingly with the intention to promote. In the event that they do, the holder would flip an preliminary $62,000 funding into roughly $4 billion.
Naturally, the reawakening of the handle has sparked rumors that the transaction might be linked to Satoshi Nakamoto, Bitcoin’s pseudonymous creator, who disappeared greater than a decade in the past.
The cash are shifting at a time when company adoption of Bitcoin is rising. Business knowledge reveals that 255 corporations now maintain a mixed 3.47 million Bitcoin, accounting for about 3.97% of the whole provide.
