The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The Intercontinental Exchange’s (ICE) cryptocurrency venture, Bakkt, has reported its largest single-day volumes for its physically-settled monthly bitcoin futures contract, trading a total of 11,509 BTC in a single day.

Tetras Capital's cryptocurrency fund, well-known for shorting Ethereum and other cryptoassets, has shut down after enduring a 75% loss.

The hackers behind the 2016 hack on cryptocurrency exchange Bitfinex have moved about $27 million worth of BTC associated with the heist.

Top stories in the Crypto Roundup today:

Bakkt Reports Record Single-Day Volume for its Bitcoin Futures Market
Tetras Capital Shuts Down Crypto Fund Known for Shorting ETH
Bitfinex Hackers Move Over $27 Million Worth of Bitcoin

At the time of writing, bitcoin (BTC) is trading at $10,841.52 (6.52%) with a daily Top Tier volume of $8.88 bn. As for ether (ETH), it is trading at $315.76 (-2.09%) with a daily Top Tier volume of $3.10 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,821.45 (1.85%).

Bakkt Reports Record Single-Day Volumes for its Bitcoin Futures Market

The amount, thanks to bitcoin’s recent rise about the $10,000 mark, is now worth over $114 million, and represents an 84% increase from its last all-time high seen in December 2019. Year-to-date, Bakkt’s average daily volume for the futures market is of 1,726 BTC, or about $14.7 million, without counting the recent all-time high.

Bakkt, it’s worth noting, has seen its futures volumes surpass some of the crypto space’s top exchanges like Kraken, but its volume has still been dwarfed by market leaders like Binance and Huobi.

Tetras Capital Shuts Down Crypto Fund Known for Shorting ETH

New York-based cryptocurrency hedge fund Tetras Capital is shutting down and returning investors’ money after quarters of low returns. According to CoinDesk the fund struggled to perform and, life-to-date, it posted a loss of about 75%.

The fund has been operating since 2017 and managed over $33 million at one point, for over 60 investors. It launched with a focus on altcoins, according to its co-founder Alex Sunnarborg. It entered short positions on ether when the cryptocurrency was at $700 in May 2018, before ETH plummeted to less than $100, and then moved back to the $200 range.

The Tetras Capital fund was managed by Alex Sunnarborg, a former Raymond James analyst, Brendan Bernstein, and Thomas Garrambone, former analysts at investment banks such as JP Morgan, Goldman Sachs, and Deutsche Bank.

This year, around 70 cryptocurrency-focused hedge funds have shut down, according to data from Crypto Fund Research. In comparison, in 2018 only 35 crypto hedge funds shut down. There are still 355 crypto hedge funds out there.

Bitfinex Hackers Move Over $27 Million Worth of Bitcoin

Twitter-based large cryptocurrency transaction tracker Whale Alert has reported a total of nine transactions moving funds associated with the 2016 hack of the popular cryptocurrency exchange Bitfinex.

Bitfinex was hacked in August 2016 for almost 120,000 BTC, at the time worth about $72 million. The exchange socialized the loss among its user base and created a BFX token to reimburse those affected. The last BFX token was bought back in April 2017.

Over the nine transactions, the hackers moved a total of 2,550 BTC, worth roughly $27.7 million. The BTC stolen from Bitfinex is tacked by blockchain sleuths who have noticed in the last few months the hackers have been making several movements, presumably in an attempt to find a way to launder the funds.

On June 24, for example, around $5 million worth of BTC were moved, while on June 10 the hackers made 20 transactions, each containing between $150,00 and $300,000 in bitcoin.

Augur (REP) is the Daily Mover

This week’s Daily Mover featured asset is Augur (REP), a decentralized predictions marketplace built on top of the Ethereum network. On Augur, users pay a small fee to create markets across any topic, from the result of a soccer game to the winner of a presidential election.

Investors can then buy shares of the market on their respective side of the bet. Once the event occurs, users stake REP tokens to report on its outcome. This crowdsourcing method has changed the way we can collectively verify the truth.

The REP token’s FCAS score went up 1.23% in the last five days thanks to a 2.71% increase in User Activity. The cryptocurrency’s Developer Behavior and Market Maturity also increased by 0.24% and 1.55% respectively.

A new Augur core protocol, dubbed Augur v2, is set to deploy today. It won’t mint new REP tokens, but will require users to migrate their tokens to their new REPv2 tokens. The upgrade is major for Augur, as the trading app is now much faster and enables trades to go through in seconds.

It also now allows traders to use the DAI stablecoin instead of only the more volatile ETH, integrated the 0x protocol to improve liquidity, and uses the Uniswap v2 exchange as a decentralized oracle and price feed. It tackles some of the technical issues its original Augur v1 faced.

Crypto.com Exchange is listing NEO at 50% OFF

Crypto.com Exchange is listing NEO on The Syndicate, where all Crypto.com Coin (CRO) stakers will be able to participate in a discounted sale event for 500,000 USD worth of NEO at 50% off. The event commenced on Tuesday, 28 July 6:00am UTC on the Crypto.com Exchange.

Allocation:

Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO Staked on the Crypto.com Exchange.

Subscription:

Participants will be able to subscribe for NEO by contributing an amount of CRO tokens not exceeding their respective maximum allocation
Staked CRO tokens may not be used to subscribe for NEO in the listing event

Event Timeline:

28 July 6:00am UTC: Sales Begins (NEO/CRO subscription price fixed)
29 July 6:00am UTC: Sales Ends
30 July 6:00am UTC: Acceptance Period Begins (unused CRO will be refunded immediately if you reject the allocation)
31 July 6:00am UTC: Acceptance Period Ends (CRO refunds will be distributed for forfeited participants)