Tesla beats bitcoin in terms of price volatility

Bitcoin is ditching exchanges, has been less volatile than Tesla, and has broken its record for the longest trading range above five digits.

According to a recently amended filing with the Securities and Exchange Commission (SEC), Bitwise's bitcoin fund earned $ 8,9 million, the single largest increase in collected assets in the fund's two-year history.

The company's Bitcoin Fund offers accredited U.S. investors exposure to bitcoin through a traditional product. In 2019, the fund attracted $ 4,1 million in investments, which means the fund has more than doubled in size over the past year.

Bitwise executives pointed to fears of inflation and bitcoin's role as a hedge as reasons for increased interest in their product. Bitcoin's well-known volatility is often seen as a barrier to entry for institutional clients, but the cryptocurrency was actually more stable than the Tesla shares.

Business solutions

EY unveiled a new enterprise-grade Ethereum-based blockchain solution called OpsChain Network Procurement. The platform is designed to enable businesses to run end-to-end private procurement activities by allowing buyers and sellers to operate as networks, automatically tracking volumes and expenses, and using agreed terms and prices.

The platform uses open-source software including the Microsoft-supported Baseline Protocol and operates on the public Ethereum blockchain, reports Sebastian Sinclair of CoinDesk.

Twitter blockchain

Jack Dorsey said blockchain is the future of Twitter and his latest initiative is looking to take on at least five new roles as he speaks Friday at the virtual Oslo Freedom Forum 2020.

The CEO of Twitter and Square has revealed details of the non-profit Blue Sky initiative aimed at creating an open standard for social media. In this view, users can contribute and access data from a decentralized version of Twitter instead of a centralized service where the social media platform hosts the content on its website.

“Blockchain and bitcoin point to a future, point to a world, where content exists forever,” Dorsey said. "We are no longer in the content hosting business, we are in the discovery business."

KuCoin hack

Over the weekend, a hacker hacked KuCoin's hot wallets and escaped with about $ 150 million worth of cryptocurrency. KuCoin said in a statement that it detected large withdrawals of bitcoin (BTC) and ethereum (ETH) tokens on an unknown wallet as of 19:05 UTC time on Friday.

Exchange chief executive Johnny Lyu said KuCoin has shifted remaining funds from compromised portfolios to new addresses and has momentarily frozen client deposits and withdrawals.

While other exchanges including Bitfinex and Tether blacklisted the stolen funds. An investigation is underway and the stolen customer money will be "fully covered" by an insurance fund, Lyu said.