Page 1,151«..1020..1,1501,1511,1521,153..1,1601,170..»

Gravity and dark matter, a bond beyond distances – Phys.org

June 27, 2023 | Author: admin

This article has been reviewed according to ScienceX's editorial process and policies. Editors have highlighted the following attributes while ensuring the content's credibility:

fact-checked

peer-reviewed publication

trusted source

proofread

Isaac Newton formulated his theory of gravity as an action at a distance: a planet instantly feels the influence of another celestial body, no matter the distance between them. This characteristic motivated Albert Einstein to develop the famous theory of general relativity, where gravity becomes a local deformation of spacetime. The principle of locality states that an object is directly influenced only by its surrounding environment: Distant objects cannot communicate instantaneously; only what is here right now matters.

However, in the past century, with the birth and development of quantum mechanics, physicists have discovered that non-local phenomena not only exist, but are fundamental to understanding the nature of reality. Now, a new study from SISSAScuola Internazionale Superiore di Studi Avanzatirecently published in The Astrophysical Journal, suggests that dark matter, one of the most mysterious components of the universe, interacts with gravity in a non-local way. According to the authors, Ph.D. students Francesco Benetti and Giovanni Gandolfi, along with their supervisor Andrea Lapi, this discovery could provide a fresh perspective on the still unclear nature of dark matter.

Dark matter is a fundamental component of nature: It is responsible for the formation of the structures we observe in the universe today and surrounds luminous matter in galaxies, contributing to the motion of the stars we see in the sky. However, the nature of dark matter, especially its interaction with gravity in smaller galaxies, remains mysterious.

"In recent decades, the scientific community has made great efforts to understand these enigmatic phenomena, but many questions remain unanswered. To explore the nature of dark matter and its interaction with gravity, a new approach may be necessary," explain the authors of the study. The new research from SISSA has precisely explored this intriguing path.

The study proposes a new model of non-local interaction between the dark matter of a galaxy and gravity. "It's as if all the matter in the universe tells the dark matter in a galaxy how to move," state the authors.

To model this non-locality, fractional calculus has been employed, a mathematical tool first developed in the 17th century and recently found in applications in various areas of physics. The power of this calculus had never been tested in astrophysics before.

"We wondered if fractional calculus could be the key to understanding the mysterious nature of dark matter and its interaction with gravity, and surprisingly, experimental results on thousands of galaxies of different types have shown that the new model more accurately describes the motion of stars compared to the standard theory of gravity," explain the authors.

This non-locality appears to emerge as a collective behavior of dark matter's particles within a confined system, proving particularly relevant in small-sized galaxies. A thorough understanding of this phenomenon could bring us closer what dark matter really is.

"However, many questions remain to be answered," emphasize the authors. "How does non-locality precisely emerge? What are its implications within larger structures, such as galaxy clusters, or in the phenomenon of gravitational lensing, which allows us to observe distant celestial objects?"

Moreover, it will be necessary to reconsider the standard model of cosmology considering this new mechanism. The authors conclude, "Further studies will be conducted to explore all these implications and more. We wouldn't be surprised to discover that other unresolved questions about the universe could be resolved by the newly proposed non-locality."

Advancements in understanding the nature of dark matter represent a significant step towards a better knowledge of our universe. Ongoing research continues to provide new perspectives and brings us closer to a comprehensive understanding of the phenomena that surround us.

More information: Francesco Benetti et al, Dark Matter in Fractional Gravity. I. Astrophysical Tests on Galactic Scales, The Astrophysical Journal (2023). DOI: 10.3847/1538-4357/acc8ca

Journal information: Astrophysical Journal

Read the original:

Gravity and dark matter, a bond beyond distances - Phys.org

Read More..
Posted in Quantum Physics | Leave a Comment

The Science Behind Quantum Internet: A Deep Dive – CityLife

June 27, 2023 | Author: admin

The Science Behind Quantum Internet: A Deep Dive

The world is on the brink of a technological revolution as scientists and researchers delve deeper into the realm of quantum mechanics. Quantum internet, a term that may sound like it belongs in a science fiction novel, is gradually becoming a reality. The potential of this technology is immense, with the ability to revolutionize communication, cybersecurity, and computing. To truly appreciate the science behind quantum internet, it is essential to understand the fundamental principles of quantum mechanics and how they can be applied to create a new era of connectivity.

Quantum mechanics is a branch of physics that deals with the behavior of matter and energy at the atomic and subatomic level. At this scale, particles such as electrons and photons exhibit both wave-like and particle-like properties, a phenomenon known as wave-particle duality. Additionally, these particles can exist in multiple states simultaneously, a concept known as superposition. Perhaps the most intriguing aspect of quantum mechanics is the idea of entanglement, where particles become interconnected in such a way that the state of one particle is dependent on the state of another, regardless of the distance between them.

These principles form the foundation of quantum internet, which relies on the transmission of quantum bits, or qubits, rather than the classical bits used in todays internet. Classical bits can only represent a 0 or a 1, whereas qubits can represent both 0 and 1 simultaneously, thanks to superposition. This property allows quantum computers to process vast amounts of information simultaneously, making them exponentially more powerful than classical computers.

The key to quantum internet lies in the phenomenon of quantum entanglement. When two particles become entangled, their states become correlated, and any change in the state of one particle will instantaneously affect the state of the other, regardless of the distance between them. This instantaneous connection can be harnessed to create a secure communication channel, as any attempt to intercept or tamper with the transmitted information would immediately be detected.

One of the primary challenges in developing quantum internet is the need for quantum repeaters. In classical communication networks, repeaters are used to amplify and regenerate signals over long distances. However, due to the delicate nature of quantum states, traditional amplification methods cannot be used without destroying the information being transmitted. Quantum repeaters are being developed to overcome this limitation by creating entangled pairs of particles and using them to transmit information without the need for amplification.

Another challenge in the development of quantum internet is the need for efficient quantum memory. While classical computers store information in bits, quantum computers require qubits, which are much more fragile and susceptible to environmental factors. Researchers are working on developing quantum memory that can reliably store and retrieve qubits without compromising their delicate quantum states.

Despite these challenges, significant progress has been made in recent years, with several successful demonstrations of quantum communication over long distances. In 2017, Chinese researchers successfully transmitted entangled photons between a satellite and ground stations over 1,200 kilometers apart, setting a new record for quantum communication distance. This achievement has brought us one step closer to realizing the potential of quantum internet.

In conclusion, the science behind quantum internet is rooted in the principles of quantum mechanics, particularly superposition and entanglement. By harnessing these properties, researchers are working to develop a new era of communication that is exponentially faster and more secure than anything currently available. While there are still challenges to overcome, such as the development of quantum repeaters and quantum memory, the progress made thus far indicates that the quantum internet is well on its way to becoming a reality. As we continue to explore the depths of quantum mechanics, the potential applications and benefits of this technology are limited only by our imagination.

Read the original here:

The Science Behind Quantum Internet: A Deep Dive - CityLife

Read More..
Posted in Quantum Physics | Leave a Comment

UT awarded National Science Foundation Materials Research … – Tennessee Today

June 27, 2023 | Author: admin

The University of Tennessee, Knoxville, has received a prestigious Materials Research Science and Engineering Center from the National Science Foundation (NSF) to spark discoveries that will lead to new industries in clean energy, computing and national security.

The new Center for Advanced Materials and Manufacturing (CAMM) at UT Knoxville will receive $18 million in NSF funding to develop sophisticated artificial intelligence (AI) and computational tools and deploy them in the design and synthesis of next-generation materials in two areas: quantum materials and materials for extreme environments. CAMM researchers will characterize these revolutionary materials using state-of-the-art instruments at UT and Oak Ridge National Laboratory (ORNL).

We have a deep bench of expertise in quantum materials and materials for extremes, said Chancellor Donde Plowman. This prestigious NSF award recognizes the ingenuity of our faculty, staff and student researchers and makes clear that UT Knoxville, and the state of Tennessee, is a global leader in these areas.

Next-generation materials and manufacturing are central to meeting the future needs of society, including ensuring the widespread availability of sustainable energy sources, supporting advances in computing and communications, enabling a global transition to a circular economy and promising a safer and more secure future for people around the world.

Professor of Physics and Materials Science Alan Tennant will direct the center. Professor of Materials Science Claudia Rawn will serve as deputy director and as director of education and diversity. Department Head of Physics and Astronomy Adrian Del Maestro will lead the quantum materials initiative and UTOak Ridge National Laboratory Governors Chair for Nuclear Materials Steve Zinkle will lead the materials for extreme environments research initiative.

CAMM is a model for interdisciplinary research and innovation, said Tennant. We are leveraging all the capabilities we have to advance the materials frontier while also developing our nations future leaders in these areas. And by working with companies like Lockheed Martin, Volkswagen and Eastman, and launching new high-tech start-ups like SkyNano that will co-locate with us here in Knoxville, we are ensuring that our innovations create economic opportunities for Tennesseans.

CAMM will engage undergraduates, graduate students, postdoctoral trainees and junior faculty who will become tomorrows university and industry leaders.

Untangling the complexity of quantum materials

Much is still unknown about quantum materials, but the acceleration of research pairing AI with theory and application is essential to ensure continued U.S. leadership in the global economy. Technology spaces that will be impacted range from energy harvesting and low-power electronics to progressing quantum computing and the development of sensors with unprecedented sensitivity.

The CAMM team will advance the pace and scope of quantum materials discovery by using AI and experimental data to learn and refine models for quantum materials, uncover the guiding principles responsible for desired materials functionality and provide AI capabilities for experiment steering and analysis for multibillion dollar facilities used by the national science and engineering communities.

Our goal is the rational design of materials, meaning, can we design materials for a specific new technology or task? said Del Maestro. One of the things that were thinking about, for example, is post-silicon technology. How can we harness the power of quantum mechanics to do new things, to do applications that just arent possible via classical technologies?

The team will share the technologies and know-how developed with the national materials science and engineering community through an AI computational user facility and other mechanisms.

Developing materials for the harshest environments

Creating safe nuclear reactors for sustainable clean energy production and advanced propulsion technologies such as hypersonic flight requires materials that can reliably maintain structural stability and not break down.

We are seeking a leap forward in high-performance materials by merging atomistic calculations, high-throughput thin film synthesis and exposures to extreme pressures, temperatures and particle radiation to rapidly screen promising compositions of complex concentrated alloys and ceramics. said Zinkle. Applications couldrange from the next-generation of refractory complex concentrated alloys with environmental barrier coatings for hypersonic transport to damage-resistant high temperature materials for proposed fusion and Generation-IV fission reactors.

CAMM researchers will design, fabricate and test new complex metallic alloys and ceramic materials that could replace todays steel and nickel-based alloys.

The team will use machine learning and AI to accelerate the discovery of materials behavior, ultimately enabling new materials and design principles for extreme environments as well as models for use by the scientific community.

A place-based approach

CAMMs mission is supported by a region steeped indeep technologyand expertise. Facilities include world-class capabilities in materials synthesis and characterization at UTs Institute for Advanced Materials and Manufacturing and the U.S. Department of Energys Spallation Neutron Source the most powerful neutron source in the world and Frontier, the worlds first exascale supercomputer, at ORNL.

UT Knoxville and ORNL researchers will work together through the UTOak Ridge Innovation Institute to enhance the position of U.S. researchers as global leaders.

We are primed to spark innovation, transform industries and open new frontiers of knowledge, said Del Maestro. Our partnerships with ORNL, industry leaders and academic institutions across the nation are testament to the collaborative spirit that is intrinsic to scientific discovery. The next era of materials science is not only about what we will discover but about how we come together to make these discoveries in partnership with the private sector.

CAMM was announced live by NSF Director Sethuraman Panchanathan during a daylong visit to UT on June 26 that focused on a recent NSF Regional Innovation Engine development award, TEAM TN, given to UT and its partners to establish Tennessee as a global leader in the $2 trillion transportation mobility economy.

Since the 1970s, NSFs Materials Research Science and Engineering Centers have yielded countless breakthroughs, from shape-morphing materials to plastics that conduct electricity, said NSF Assistant Director for Mathematical and Physical Sciences Sean L. Jones. Our current centers continue that proud tradition and provide the essential catalyst born in the materials lab which ignites American innovations that propel our countrys scientific and economic leadership.

Contact:

Christie Kennedy, 865-974-8674, ckennedy@utk.edu

See the original post:

UT awarded National Science Foundation Materials Research ... - Tennessee Today

Read More..
Posted in Quantum Physics | Leave a Comment

Quantum Metrology: The Path to Unprecedented Measurement … – CityLife

June 27, 2023 | Author: admin

Quantum Metrology: The Path to Unprecedented Measurement Accuracy

Quantum metrology, an emerging field of science that exploits the principles of quantum mechanics to achieve unprecedented measurement accuracy, has been making waves in the scientific community. This cutting-edge technology has the potential to revolutionize various industries, from medicine and telecommunications to aerospace and defense, by enabling the development of ultra-sensitive sensors and precise timekeeping devices.

The foundation of quantum metrology lies in the unique properties of quantum systems, such as superposition and entanglement. Superposition allows quantum particles to exist in multiple states simultaneously, while entanglement creates a strong correlation between the states of two or more particles, even when they are separated by vast distances. These phenomena enable scientists to perform measurements with far greater precision than classical methods, which are limited by the inherent uncertainty of classical systems.

One of the most promising applications of quantum metrology is in the field of atomic clocks, which are essential for maintaining accurate timekeeping in global positioning systems (GPS) and telecommunications networks. Current atomic clocks rely on the vibrations of atoms to measure time, but even the most advanced clocks are still subject to small errors due to factors such as temperature fluctuations and magnetic fields. Quantum metrology offers a solution to this problem by harnessing the power of entangled atoms, which can be used to create a more stable and accurate timekeeping system.

In a recent breakthrough, researchers at the National Institute of Standards and Technology (NIST) in the United States developed a quantum-logic clock that uses aluminum and beryllium ions to achieve unprecedented levels of accuracy. The clock is so precise that it would not lose or gain a second in 33 billion years, making it the most accurate timekeeping device ever created. This level of precision could have significant implications for industries that rely on precise timekeeping, such as finance, telecommunications, and transportation.

Another exciting application of quantum metrology is in the development of ultra-sensitive sensors for detecting minute changes in physical properties, such as temperature, pressure, and magnetic fields. These sensors could be used in a wide range of applications, from monitoring the Earths climate and detecting gravitational waves to diagnosing diseases and detecting chemical or biological threats.

For example, researchers at the University of Waterloo in Canada have developed a quantum sensor that can detect changes in temperature with a sensitivity that is 100 times greater than existing technologies. This level of sensitivity could be invaluable for monitoring the effects of climate change, as well as for detecting minute temperature variations in biological systems, which could lead to new diagnostic tools for diseases such as cancer.

In addition to these practical applications, quantum metrology is also helping to advance our understanding of fundamental physics. By pushing the limits of measurement accuracy, scientists are able to test the predictions of quantum mechanics and explore the boundaries between the quantum and classical worlds. This research could ultimately lead to new insights into the nature of reality and the underlying structure of the universe.

Despite the enormous potential of quantum metrology, there are still many challenges to overcome before this technology can be widely adopted. One of the main obstacles is the need for extremely stable and controlled environments to maintain the delicate quantum states required for these measurements. Researchers are also working to develop new materials and techniques that can support the complex quantum systems needed for these applications.

In conclusion, quantum metrology represents a new frontier in the quest for ever-greater measurement accuracy. By harnessing the unique properties of quantum systems, scientists are developing groundbreaking technologies that have the potential to transform industries and deepen our understanding of the universe. As research in this field continues to advance, the possibilities for quantum metrology are truly limitless.

Visit link:

Quantum Metrology: The Path to Unprecedented Measurement ... - CityLife

Read More..
Posted in Quantum Physics | Leave a Comment

Leak Reveals Enormous China Earthquake Could Be About To Hit The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana – Forbes

June 27, 2023 | Author: admin

BitcoinBTC, ethereum and other major cryptocurrenciesincluding BNBBNB, XRPXRP, cardano, dogecoin, polygon and solanahave exploded back into the limelight this month (just as the IMF made a surprise crypto about-face).

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has seen its price almost double this year despite growing fears a U.S.-led crypto crackdown could be about to escalate. EthereumETH and other top ten coins BNB, XRP, cardano, dogecoin, polygon and solana have also surged but have mostly failed to keep pace withe bitcoinas bullish investors make huge price predictions.

Now, the chief executive of the stablecoin issuer Circle, Jeremy Allaire, who oversees the $28 billion USDCUSDC stablecoin, has said he sees "enormous demand" for digital assets in emerging markets, with China and Asia at the "center."

It's in times of crisis you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"Hong Kong is clearly looking to establish itself as a very significant center for digital assets markets and stablecoins and we are paying very close attention to that," Allaire told Bloomberg at the World Economic Forum in Tianjin, China, calling Asia a "huge area of focus" for the company. "We see enormous demand for digital dollars in emerging markets and Asia is really center of that."

This month, Hong Kong, a special administrative region of China, began a new crypto licensing regime that is expected to open the city up to bitcoin, ethereum and crypto trading. The move comes amid a crypto crackdown in the U.S. that's sent some of the biggest U.S. bitcoin and crypto companies scrambling to find new homes around the world.

"Whats happening in Hong Kong may be a proxy for ultimately how these markets grow in greater China," Allaire said.

This week, a leak revealed HSBCHBA Hong Kong, the city's biggest bank, has reportedly begun allowing its customers to trade bitcoin and ethererum exchange-traded funds (ETFs) listed on Hong Kong's stock exchange.

"The move will expand local users' exposure to cryptocurrencies in Hong Kong," local journalist Colin Wu posted to Twitter alongside leaked images.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

HSBC's bitcoin, ethereum and crypto ETF news comes as the U.S. Securities and Exchange Commission (SEC) comes under renewed pressure to approve a U.S. spot bitcoin ETF following an application from the world's largest asset manager, BlackRock.

The SEC has so far denied all such previous spot bitcoin ETF applications and remains at war with many crypto companies in the country, accusing some of the largest of allowing the trading of unregistered securities.

"The crypto market is proving remarkably resilient in light of recent SEC announcements, with bitcoin seeing a 13% rally in the last week," Katharine Wooller, a director at crypto security company Coincover, said in emailed comments.

"The 30-day low has now seen prices rise from $25,000 to $31,395 with bitcoin dominance at a high for the year as traders pursue a flight to quality. For long-term holders, bad news from a regulator is far from unusual, and the U.S. is only a small market for a truly global asset. With proper protection for digital assets and regulatory frameworks being established in a number of jurisdictions, reputable crypto is firmly in 'business as usual' territory."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Go here to see the original:
Leak Reveals Enormous China Earthquake Could Be About To Hit The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana - Forbes

Read More..
Posted in Bitcoin | Leave a Comment

The first leveraged bitcoin futures ETF is hitting the market as crypto … – CNBC

June 27, 2023 | Author: admin

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged exchange-traded fund in the space. "There's a big audience that's already out there for leveraged-type products, and to sort of marry that with the intrinsic interest that there is in all things crypto that's why we feel that there's a pretty good audience out there for this," said Chang Kim, chief operating officer of Volatility Shares. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. The U.S. Securities and Exchange Commission has long opposed a spot bitcoin fund and is in a legal fight with Grayscale over a similar proposal, but several other firms quickly followed BlackRock with their own applications. The price of bitcoin has also gained steam since the BlackRock filing and was trading above $30,500 Tuesday. BTC.CM= 1M mountain The price of bitcoin has climbed since BlackRock's filing on June 15. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases. BITX, which uses margin accounts to gain leverage, is designed to be a short-term trading vehicle, and the fund's prospectus cautions the promised two-times return is only applicable over one-day periods. Similar to many leveraged products, BITX is more expensive than traditional ETFs with a management fee of 1.85%. Volatility Shares is a small ETF manager, and BTIX will be its first crypto-related fund. Its biggest fund is the 2x Long VIX Futures ETF (UVIX) , which has just under $100 million in assets. "Though this is our first foray into bitcoin per se, we are very well-versed in managing ETFs that invest in futures," Kim said.

Read the original here:
The first leveraged bitcoin futures ETF is hitting the market as crypto ... - CNBC

Read More..
Posted in Bitcoin | Leave a Comment

BlackRocks ETF application led to the biggest crypto inflows in a year. But how much Wall Street influence is too much? – Fortune

June 27, 2023 | Author: admin

After a year of falling prices, SEC lawsuits, and company failures, news of BlackRocks spot Bitcoin ETF application earlier this month was a welcome reprieve: Bitcoin hit a 52-week high.

The news helped fuel the highest inflows to cryptocurrencies in a yearnearly $200 million, according to a report by CoinSharesbut thats not without risk. Despite support from the market, BlackRock still faces an uphill battle. The Securities and Exchange Commission has never approved a spot Bitcoin ETF, rejecting at least 30 attempts in the past, according to Bloomberg, mostly because the agency says its concerned about market manipulation.

In the best-case scenario, BlackRocks spot Bitcoin ETF, along with any others that get approved, may lead to a rush of investment and a new bull market that sends the price of Bitcoin soaring. At the same time, market players say Wall Street effectively controlling millions of tokens as portfolio assets could give TradFi firms outsize influence over the space.

Including even one-third of all Bitcoin in financial products could be harmful to the overall network, causing it to deviate from its original purpose, said Steven Lubka, head of Swan Private at Swan Bitcoin, a financial services firm.

You always want to see a world where a healthy amount of people own Bitcoin and self-custody and use it directly, for the network to kind of truly maintain what is, in my opinion, its original purposeand what gives it value, he told Fortune.

Theres also the risk that BlackRock and its peers could use their influence to push for changes to the underlying Bitcoin blockchain, such as pushing for a fork that would create two separate cryptocurrencies, Lubka added. Bitcoin was forked once before, after users and developers disagreed over its future, resulting in the creation of a new coin, Bitcoin Cash.

If there was another fork, BlackRocks ETF prospectus says it gets to decide which of the two cryptocurrencies is the real Bitcoin, despite what investors or other users of the blockchain think, Lubka said. This likely would lead the firm to dump all of its holdings in whichever coin isnt selected.

If theyre sitting on 5 million Bitcoin, that means theyre going to sell 5 million of the other fork, Lubka said. Theyre going to tank the price.

Others like Jay Jog, cofounder of Sei Labs, disagree. Jog said Wall Street firms may gain more influence with the approval of these ETFs, but its doubtful companies like BlackRock would push for major changes to Bitcoin because of the myriad potential legal and financial implications.

These entities, theyre going to have so much money at stake, Jog told Fortune, that even if there is the possibility for them to act maliciously by taking advantage of their stake in the network, from an economic standpoint, it makes no sense for them to do that.

While there is some risk, both Lubka and Jog ultimately believe that the entry of traditional financial firms is something that will benefit Bitcoinand crypto overall.

The entry of traditional financial firms to the market has often spurred big inflows. When ProShares, the manager of several traditional finance ETFs, launched one of the first Bitcoin futures ETFs, in 2021, there was an influx of $1 billion into digital assets in a single week, according to James Butterfill, head of research at CoinShares.

On the back of the spot ETF application by BlackRock, Invesco and WisdomTree each filed its own, soon followed by that $199 million deluge of inflows94% of which went into Bitcoinaccording to CoinShares.

Participation among institutional investors has been scant so far, mainly due to reputation concerns associated with such investments, Butterfill told Fortune in an email. But now, with BlackRock deciding to launch an ETF, many anticipate other institutions to follow suit.

See the article here:
BlackRocks ETF application led to the biggest crypto inflows in a year. But how much Wall Street influence is too much? - Fortune

Read More..
Posted in Bitcoin | Leave a Comment

Magic Eden Dives Deeper Into Bitcoin With BRC-20 Tokens – Decrypt

June 27, 2023 | Author: admin

Multi-chain NFT marketplace Magic Eden on Tuesday announced support for BRC-20 tokens, expanding its Ordinals offerings to include the class of tokens built on top of Bitcoin. BRC-20 support will be added at 8pm ET on Tuesday, a spokesperson toldDecrypt.

In addition to letting users trade BRC-20 tokens on the secondary market, the move lets people create their own new tokens on Bitcoin and let traders mint them directly through its launchpad. Magic Edens launchpad is offered as a premium service for creators with marketing and strategy support.

Magic Eden established itself as a leading venue for Bitcoin-based collectibles not long after its Ordinals marketplace debuted in March, moving early to support the NFT-like Ordinals amid growing hype and leveraging its established name in a nascent space.

The inclusion of BRC-20 tokens represents a push deeper into the emerging frontier for assets built on Bitcoin, as Magic Edenoriginally a marketplace for NFTs on Solanaaims to hold onto its newfound lead by effectively becoming a crypto token exchange on top of an NFT marketplace.

This is yet another step at the beginning of our journey to build the best NFT platform for the Bitcoin ecosystem, said Magic Eden co-founder and COO Zhuoxun Yin, in a release.

In terms of transaction volume for Ordinal inscriptions, Magic Eden and crypto exchange OKX are currently duking it out for the top spot, posting comparable flows over the past week according to public blockchain data collected via a Dune dashboard.

Magic Eden's Bitcoin GM Chris Akhavan toldDecryptthat the marketplace will charge a small transaction fee on BRC-20 trades. For newly-inscribed BRC-20 tokens offered through the launchpad, Magic Eden will donate half of the associated fees to the Ordinals protocol team.

We believe its important to support builders in the space and the Ordinals team makes all of this possible, he said. We have a strong conviction that building on Bitcoin is here to stay.

Akhavan noted that Magic Eden's Ordinals launchpad has been used by over 40 different creators, adding that he believes that its smooth user experience and massive reach has made it a favorite amongst creators.

Launched earlier this year by developer Casey Rodarmor, Ordinals is a protocol that allows for the creation of NFT-like assets on Bitcoin by inscribing data to individual satoshi, the smallest unit of currency that a Bitcoin can be divided into.

This data can include images, which Bitcoin users gravitated toward early on. Yet, after BRC-20 tokens were pioneered by the pseudonymous on-chain data enthusiast Domo, who took inspiration from ERC-20 tokens on Ethereum, text-based inscriptionsused to create, trade, and mint BRC-20 tokenstook off.

Showcasing the shift, around 85,000 text-based inscriptions were made on Monday compared to around 3,600 images committed to individual satoshi, according to a Dune dashboard.

The fervor for BRC-20 tokens has weighed significantly on the Bitcoin network at times. Bitcoin transaction fees skyrocketed last month amid a flurry of text-based inscriptions, drawing criticism from some Bitcoiners.

The market capitalization of BRC-20 tokens has grown to $261 million since they were introduced, comprised mostly of ORDI, the initial BRC-20 created by Domo and valued at $155 million, according to CoinGecko.

At its peak, ORDI traded hands at $28.51, but the coin has since sunk to $7.44, as of this writing. Over the past 24 hours, ORDI has seen nearly $20 million worth of trading volume.

While Magic Eden is the latest player in the crypto space to announce support for BRC-20 tokens, its not the first. ORDI was listed on several crypto exchanges, such as Crypto.com and Gate.io last month.

However, Yin of Magic Eden believes the marketplaces move will make its platform distinct, catering to JPEG enjoyers and a menagerie of meme coins built on Bitcoin at the same time.

Since Bitcoin Ordinals and BRC-20 began gaining traction earlier this year, we noticed that the user experience was lacking as the two technologies are broken up and lack fluidity, Yin said. With the introduction of BRC-20 on our platform, we hope to seamlessly merge the two.

Read more from the original source:
Magic Eden Dives Deeper Into Bitcoin With BRC-20 Tokens - Decrypt

Read More..
Posted in Bitcoin | Leave a Comment

Blur, Pepe Lead Altcoin Action as Bitcoin Settles Above $30K – Decrypt

June 27, 2023 | Author: admin

As Bitcoin stays above the $30,000 mark, a number of usually quiet altcoins are surging. In the past 24 hours, CoinGecko data shows that NFT marketplace and aggregator Blur's native BLUR token is up more than 11%.

Blur, which launched an airdrop in February, is the the largest recent rival to market leader OpenSea. In the past week, it is up 15%, trading for $0.39.

Other alts experiencing a surge include the new meme coin Pepe, which launched in April and is based on the Pepe the Frog internet meme. It's up modestly by nearly 2% in the past 24 hours, trading for $0.00000162.

But compared to the past week it's a winnerhaving surged by 74% in the past seven days.

Also up significantly is Flex Coin, the native token of crypto exchange CoinFLEX: it's up over 21% in 24 hours and 62% in the past seven days.

And Arbitrum, a layer-2 rollup on Ethereum, is also doing well in the past day, having jumped nearly 6% in 24 hours. The project in March launched its native governance token ARB.

Bitcoin, the largest cryptocurrency by market cap, was up 1.6% in the past 24 hours at the time of writing.

The world's largest and oldest cryptocurrency broke past $30,000 last week, then $31,000 for the first time in over a year. It since then it's mostly been able to stay above $30,000.

The surge in investment comes after the world's biggest asset manager BlackRock applied to the U.S. Securities and Exchange Commission for a spot Bitcoin ETFsomething that the regulator is yet to approve. Investors think the Wall Street giant has a better chance than anybody to get the approval stamp on the product.

Bitcoin's rally is also in part driven by the launch of a new digital asset exchange, EDX Markets, which is backed by the likes of Fidelity, Charles Schwab, and Citadel Securities.

The exchange offers investors four coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

All have experienced price surges in the past week, especially Bitcoin Cashwhich is up over 118% in the past seven days, trading hands for $232.57.

View post:
Blur, Pepe Lead Altcoin Action as Bitcoin Settles Above $30K - Decrypt

Read More..
Posted in Bitcoin | Leave a Comment

Bitcoin rallies 17% this week as institutional interest in the asset … – CNBC

June 27, 2023 | Author: admin

For many crypto investors, this week felt like the beginning of a new era and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. In altcoins: the tokens tied to Solana and Cardano gained roughly 12% this week, while Polygon advanced more than 13%, as of Friday evening. These are the same tokens that were under pressure earlier this month after the Securities and Exchange Commission referred to them as crypto asset securities in lawsuits brought against the biggest exchanges Binance and Coinbase . Meanwhile, each of the major averages posted their worst weekly performance since March. The S & P 500 and the Nasdaq Composite fell three our of four trading days this week, with the Nasdaq snapping an eight-week winning streak. "Amid strengthening regulatory scrutiny from the SEC, bitcoin was hoisted above $30k as a number of TradFi [traditional finance] players have followed BlackRock's move to file for spot bitcoin exchange traded funds this week," said Yuya Hasegawa, crypto market analyst at Japanese crypto exchangeBitbank. BlackRock filed an application for its spot bitcoin ETF June 15, spurring a flurry of fund filings from other asset managers. In this holiday-shortened week alone, institutions like WisdomTree and Invesco have filed or refreshed bitcoin ETF applications . BTC.CM= 5D mountain Bitcoin this week Meanwhile, an institutional-only crypto exchange called EDX Markets, backed by Fidelity Digital Assets, Charles Schwab and Citadel Securities, announced that it has gone live with bitcoin and ether trading. And finally, JPMorgan confirmed to CNBC's "Crypto World" that it began allowing euro-denominated payments for corporate clients to make wholesale payments using its JPM Coin . This week's price action brings bitcoin's year-to-date gains to about 85% and advanced the cryptocurrency nearly 8% for the quarter, as of Friday evening. Still, for crypto, the period since the end of this year's banking crisis has been marked by low trading volume, even as it's moved in a positive direction recently. In the past two weeks, bitcoin's trading volume has increased 0.5% on a week-over-week basis, according to JPMorgan. That contrast could mean bitcoin hasn't attracted new money or investors into the crypto market, according to Owen Lau, an analyst at Oppenheimer. With a lot of good priced in this week, don't be surprised to see a minor pullback in the week ahead, Lau said. There isn't much on the calendar in the coming days, and investors "may just sell the strength and wait for the next catalyst." From a technical point of view, Hasegawa said bitcoin's breakout "from the two-month long descending channel is a bullish sign, especially since bitcoin's trading volume has noticeably increased, but from a macro perspective, a continued cash inflow may not be likely." "Bitcoin may be able to print another leg up to around $32,000 in the short term due to technical reasons, but it feels like the current recovery has a short expiration date," he added.

Read more here:
Bitcoin rallies 17% this week as institutional interest in the asset ... - CNBC

Read More..
Posted in Bitcoin | Leave a Comment