Bitcoin Magazine

07 июля 2023 13:33

🪙 BlackRock CEO Praises Bitcoin As An International Asset And Sparks ETF Frenzy

In an interview, BlackRock CEO Larry Fink said that Bitcoin is an “international asset,” only weeks after the world’s biggest asset management sought to launch a spot Bitcoin ETF. On Fox Business on July 5, Fink said that crypto was essentially “digitizing gold,” implying that US authorities should investigate how an ETF directly connected to Bitcoin might democratize finance. Fink often remarked on important events influencing the crypto industry during his tenure at BlackRock, including the collapse of FTX in 2022 and increased interest in Bitcoin.

With its application, BlackRock, which controls $9.5 trillion in assets, helped spark a Bitcoin run, prompting institutional investors to pour money into the area and pushing the price to reach a 12-month high. Fink said that BlackRock has previously worked closely with authorities on ETF applications and that the firm’s track record would assist in the approval of this current proposal. While the BlackRock CEO said that he was first dubious about cryptocurrency due to its usage as a payment tool for illegal operations, he has subsequently changed his view. Bitcoin was originally referred to by Fink as an “index of money laundering.” Years later, though, he conceded that Bitcoin was a valuable asset and that BlackRock had profited from its investment in the digital currency. He has maintained that the asset would expand.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

05 июля 2023 17:52

💰 Nasdaq Named Coinbase As Surveillance For Groundbreaking Bitcoin ETF Launch

According to an application made public on Monday, Nasdaq refiled an application with the US Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) by BlackRock that would represent the price of Bitcoin to include more specifics. The exchange filed additional paperwork with the SEC indicating that Coinbase Global Inc. would offer market monitoring in support of the world’s biggest asset manager’s proposed ETF.

Fidelity Investments, Invesco, VanEck, 21Shares, and WisdomTree all amended their bids last week, as did a number of other firms. Cboe Global Markets also submitted applications on behalf of major asset management Fidelity Investments and Ark Invest, both of whom picked Coinbase as its SSA partner. According to the recent Nasdaq filing, the exchange agreed to a surveillance-sharing deal with Coinbase on June 8. Year to far, Coinbase has accounted for around 56% of dollar-to-Bitcoin trade on US-based platforms. Based on a view of the SEC’s earlier judgments, the sponsor of a Bitcoin trust must engage in a surveillance-sharing arrangement with a regulated market of considerable scale to achieve regulatory approval.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

03 июля 2023 13:35

💰 Binance CEO Goes Bullish On Bitcoin

In a recent tweet, Changpeng “CZ” Zhao, the CEO of Binance, drew attention to the dynamic nature of Bitcoin’s price and its increasing practicality. The tweet was timely, aligning with Bitcoin’s ascent above $31,450, marking its highest value since June 2022. This surge was primarily attributed to the US Securities and Exchange Commission’s endorsement of the Volatility Shares 2x Bitcoin Strategy ETF, referred to as BITX, thereby establishing it as the inaugural leveraged bitcoin futures ETF in the United States.

Furthermore, the positive sentiment expressed by BlackRock contributed to the overall strength of the cryptocurrency market. Bitcoin has witnessed a progressive expansion in its practicality as an increasing number of merchants and service providers have embraced it as a viable payment option. The realm of Bitcoin has seen a surge in the availability of futures and options, lending platforms, and decentralized finance (DeFi) applications. Amidst these positive advancements, a series of allegations have surfaced regarding Binance and its CEO, concerning the alleged employment of a “liquidation waterfall” strategy in the sale of spot Bitcoin. Zhao has refuted these claims.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

01 июля 2023 13:52

💰 Bitcoin pares losses after WSJ report on 'inadequate' spot ETF filings

Bitcoin pared losses on Friday after shedding more than 4% in just 20 minutes in the wake of a Wall Street Journal report that the U.S. Securities and Exchange Commission told the Nasdaq and Cboe exchanges that recent filings for spot ETF funds weren’t “clear and comprehensive.”. The world's largest cryptocurrency by market capitalization, which had been trading around $31,081 before the report, quickly dove to $29,770, falling below $30,000 for the first time in a week, according to data from CoinGecko.

It's since pared some losses and is currently trading at $30,308, down 0.6% over the past 24 hours. Some analysts questioned if the news was as bad as the WSJ's headline made it seem. The WSJ reported that the SEC had returned several recent filings for spot ETFs because they didn’t provide enough information about surveillance sharing arrangements. Asset managers can update language and refile, the WSJ reported. Fidelity rejoined the race to a spot bitcoin ETF on Thursday, following other firms like BlackRock, WisdomTree and Invesco, which have all made similar filings in recent weeks. Nasdaq and Fidelity declined to comment when contacted by The Block.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

29 июня 2023 18:46

💰 Bitcoin miners sent $1 billion to exchanges since BlackRock ETF filing

Miners sent more than $1 billion worth of bitcoin from their wallets to cryptocurrency exchanges over the last two weeks. The currency outflows from miners suggest heightened trading activities and potential hedging strategies, according to the on-chain data analytics provider CryptoQuant, coinciding with the timing of BlackRock’s bitcoin ETF filing on June 15. The news was first reported by CoinDesk.

Approximately 33,860 BTC has been sent to derivatives exchanges, though most funds have since returned to the miners' proprietary wallets. “This could signal that miners may be using their newly minted coins as collateral in derivatives trading activities,” CryptoQuant analyst Cauê Oliveira said. “A good example of this type of trading is known as hedging, which uses bets in the opposite direction to market consensus.”. Miners also saw an approximate 8,000 BTC reduction in their reserves during the period, CryptoQuant added, of which only a small amount was sent to spot trading venues.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

26 июня 2023 08:22

💰 Robert F. Kennedy to Enforce Pro-Bitcoin Laws Should he Become President

Robert F. Kennedy Jr, who recently announced he will run for President of the US as part of the Democratic Party, vowed to implement Bitcoin-friendly policies if elected. The Republicans also have a crypto-loving candidate and his name is Francis Suarez. The 45-year-old, who currently serves as mayor of Miami, involved the city in numerous Bitcoin initiatives and became the first American politician to receive his salary in BTC instead of fiat currency.

In a recent interview, Robert F. Kennedy Jr (the nephew of former President John F. Kennedy) reiterated his positive stance towards the cryptocurrency sector, more specifically, Bitcoin. He said he will “make sure” that America introduces rules that aid BTC and enable people to control their passwords, wallets, and nodes. Kennedy has previously described himself as an opponent of the US Federal Reserve, claiming it had collaborated with numerous banking institutions between 2008-2022 to print a colossal amount of money. In his view, the outcome of the controversial policy could cause a further monetary imbalance in the future, whereas Bitcoin could serve as an “escape route from the splatter zone.”. Subsequently, he opposed central bank digital currencies (CBDCs).

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

24 июня 2023 17:01

🪙 Only Bitcoin Miners With Low Power Costs and High Sustainable Energy Mix Will Survive: JPMorgan

Bitcoin (BTC) miners with low electricity costs and a high sustainable energy mix are the only ones likely to survive in a progressively more competitive environment, JPMorgan (JPM) said in a research report Thursday. The main cost in mining is electricity, which affects the overall cost of bitcoin production, the report said, adding that miners have been looking for cheaper and sustainable energy sources to protect their profitability.

Electricity prices have been falling, especially in the U.S., where most bitcoin mining firms are based, the bank said, noting that the U.S. is the largest bitcoin hashrate contributor. Hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain such as Bitcoin. “Lower electricity costs should help contain the rise in the bitcoin production cost in the current phase of rising hashrate,” analysts led by Nikolaos Panigirtzoglou wrote. The cost of power has played a vital role in the bear market of the past year as miners struggled to survive, the bank said.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

21 июня 2023 14:40

💰 Binance Integrates Bitcoin Lightning Network To Allow Deposit And Withdraw

Binance announced on Twitter that it is integrating the Bitcoin Lightning Network to allow users to deposit and withdraw funds. However, there is still a lot of technical work to be done, and an update will be made once the Lightning Network is fully integrated. Lightning Network is a secondary layer protocol that runs on the Bitcoin blockchain for transaction size verification. It helps to reduce costs and traffic congestion on the base layer of the Bitcoin network.

Previously, Binance founder CZ (Changpeng Zhao) said in an AMA in early March that Binance is working on Lightning Network and may allow Lightning Network trading in small quantities first. Although no specific date has been set, the team has investigated it in detail. CZ believes that every exchange must support the Lightning Network so that users can enjoy the benefits, such as cost savings through faster transactions. The biggest advantage of the Lightning Network is its speed and affordability. Bitcoin network base layer fees and timeouts may be prohibitive. However, with the Lightning Network, you can send and receive small payments in a simple but impossible way on Bitcoin’s network.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

18 июня 2023 11:57

Follow for Bitcoin news and updates. Our Channel is free, we don’t take any subscription fees.

Share the Channel with your friends:
/channel/Bitcoin_Magazine

Owner: @BTCMagazineAdmin

➖ @Bitcoin_Crypto_Coin_Calendar

Bitcoin Magazine

15 июня 2023 16:33

Join now with just 1 Click All important Crypto Channels:

/channel/addlist/1H7No7OFbZE2YzVk

Bitcoin Magazine

14 июня 2023 08:14

💰 Bitcoin Miners Dump $174M Worth of Coins on Exchanges in Two Weeks

According to recent data tracked by blockchain analytics firm Glassnode, there has been a significant increase in the transfer of bitcoin miners to centralized exchanges since May 31. Over the last two weeks, miners or entities minting coins by verifying transactions on the blockchain have moved a total of 6,671.99 BTC ($174 million) to exchanges, with 2,606 BTC moved in a single day on June 3 – the largest daily tally in over four years.

The transfer of coins from miner or investor wallets to exchanges is often viewed as a sign of intention to sell or liquidate the coins, which is usually perceived as bearish. However, the recent transfers represent only 1.3% of bitcoin’s 24-hour trading volume of $13 billion, which may not have a significant impact on the cryptocurrency’s price. The increased miner transfers may also indicate confidence in bitcoin’s price prospects. According to a recent article, miners’ profitability is closely linked to bitcoin’s price, and they tend to increase their sales when they believe the market can handle extra supply. This is similar to a central bank of a country with a current account deficit buying U.S. dollars.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

12 июня 2023 08:27

💰 Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer

On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies. As of Saturday, June 10, bitcoin (BTC) is still the undisputed leader with a market valuation of $496 billion.

BTC has experienced a slight dip of 3.32% in the past day and 5.79% over the week against the U.S. dollar, according to current data. Interestingly, while BTC has weathered the storm relatively well, many other top crypto assets, particularly those in the top 20, have taken a much harder hit in terms of value loss. The top 20 crypto assets have seen some major losses this week, with a handful of them experiencing double-digit dips. BNB, ADA, TRX, SOL, MATIC, DOGE, LTC, DOT, AVAX, SHIB, and ATOM are among the biggest losers. In comparison, ethereum (ETH), the second leading crypto asset, only lost 8.29%. While BTC did experience a brief surge in dominance to 47.18% on June 5, its current dominance rating is even higher at 47.5%.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

11 июня 2023 12:56

💰 Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff

Bitcoin's (BTC) dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView. The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.

Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world's largest and most liquid cryptocurrency. "Bitcoin's relative dominance mooning amid altcoin market sell-off. BTC's dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital's Lewis Harland. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

09 июня 2023 08:08

💰 The Web3 OKX Wallet Officially Supports Bitcoin NFT Transactions

The OKX Wallet now officially supports Ordinals NFT transactions, according to the official statement. OKX, the world’s second-largest crypto platform by trading volume and a leading Web3 technology company, has released Bitcoin NFT trading updates for June 7, 2023. Users may perform BRC-20 and Bitcoin NFT transactions by visiting the OKX Web3 Wallet Ordinals Market. The market is a decentralized trading platform that accepts APP and online transactions with no transaction fees.

OKX Wallet is the first decentralized, multi-chain wallet that enables online and mobile users to trade Bitcoin (BTC) NFTs, see and transfer Bitcoin ordinals, and trade BRC-20 tokens across 60+ blockchains using a single solution. It is also the first multi-chain wallet with no trade commission costs and batch listing capabilities. OKX was a long-time backer of Bitcoin, including the Lightning Network into its controlled exchange more than two years ago. The initial BRC-20 browser was published before, and the BRC-30 standard proposal was presented to enable a BTC ecosystem pledge mechanism.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

06 июня 2023 10:39

🇸🇻 El Salvador's Volcano Energy Secures $1B in Commitments for 241 MW Bitcoin Mine

Volcano Energy announced $1 billion in commitments to build a 241 megawatt (MW) bitcoin mine in the Metapán region of El Salvador, according to a Monday press release on Twitter. One of the investors is Tether, the issuer of stablecoin USDT, according to a separate press release shared with CoinDesk. The mining site will be powered with 169 MW of solar and 72 MW of wind energy to bring computing power of over 1.3 exahash/second (EH/s), the press releases said.

The government will play "a crucial role" in planning and execution and has secured a "preferred participation equivalent to 23% of revenues," said Volcano. The outside investors will own 27% of the venture and the remaining 50% will be "reinvested" to expand energy production and mining capacities, the firm said. Earlier mining initiatives have been focused on El Salvador's geothermal energy potential, but it was unclear how this new solar and wind energy park would be connected with volcanic activity. In its press release, Volcano mentioned that this mining site is intended as a "pathway to our geothermal future," but didn't clarify the roadmap.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

06 июля 2023 08:19

📊 Crypto Trading Volumes Rise for First Time in 3 Months Amid ETF Optimism

Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by asset manager BlackRock and other large institutions. The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. That's the first monthly increase since March, said the report. Several high-profile U.S. institutions filed or refiled for spot bitcoin ETFs with the U.S.

“The increase in volatility following the SEC’s lawsuit against Binance US and Coinbase, and the positive outlook in the market following the filing of spot Bitcoin ETFs by the likes of BlackRock and Fidelity, have contributed to an increase in trading activity last month,” said CCData. For the derivatives market, volumes increased by 14% in June, representing 78.7% of the crypto market. That, however, is down from 79.1% in May, marking the first drop in derivatives market share in four months, an indication that the EFT filings spurred spot accumulation of crypto assets, according to the report. Still, spot trading volumes remain at historically low levels. Spot trading volume in the second quarter was the lowest since Q4 2019, according to the report.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

04 июля 2023 17:08

💰 Crypto ATM Operator Bitcoin Depot Debuts on Nasdaq Following SPAC Merger

Shares of Bitcoin Depot, the world's largest crypto ATM operator, more than doubled on their Nasdaq debut Monday following a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) that was valued at $885 million in August. Atlanta, Georgia-based Bitcoin Depot, trading under the ticker "BTM," is the first crypto ATM operator to list on a major U.S. stock market. BTM shares rose as high as $6.60, more than double GSRM's closing price from Friday, in pre-market trading before pulling back to $3.39, up 5% from the Friday level.

Crypto ATMs enable users to buy crypto with cash or debit cards and wire the tokens directly to a particular wallet without going through a crypto exchange. However, they have also been used by scam artists, who list goods on sites like eBay or Craigslist with instructions for purchasers to pay by depositing physical currency in an ATM. Bitcoin Depot operates over 6,000 such machines, representing a 20% market share of ATMs in the U.S. and a 17.6% global share, according to data from Coin ATM Radar. Bitcoin Depot operates over 6,000 such machines, representing a 20% market share of ATMs in the U.S. and a 17.6% global share, according to data from Coin ATM Radar.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

02 июля 2023 08:45

💰 Largest Crypto ATM Provider Bitcoin Depot Lists On Nasdaq On July 3

Bitcoin Depot, one of the largest crypto ATM companies in the United States, announced the completion of a merger agreement and allowed public listing on NASDAQ on July 3. In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its shareholders approved the merger so that the company would act as a special-purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, is worth $885 million.

The combined company will be renamed Bitcoin Depot Inc. and will be led by the current management team. Bitcoin Depot common stock and public warrants are scheduled to begin trading on July 3, 2023 on Nasdaq under the tickers “BTM” and “BTMWW,” respectively. Bitcoin Depot was founded in 2016 with a mission to connect those who prefer to use cash with the broader digital financial system. The company provides users with simple, efficient, and intuitive means to convert some money into Bitcoin, which users can deploy in the payments, spending, and investing space. The company has the largest market share in North America, with approximately 6,440 kiosks as of March 31, 2023.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

30 июня 2023 15:19

💰 Fidelity Refiles For Spot Bitcoin ETF

Asset management giant Fidelity has refiled paperwork for its Wise Bitcoin Trust, a spot bitcoin ETF. The move comes roughly two weeks after BlackRock's (BLK) iShares unit submitted paperwork for the iShares Bitcoin Trust, also a spot bitcoin ETF. Since the BlackRock spot ETF filing earlier in June, a number of other fund companies have done similar, including Invesco (IVZ) and WisdomTree, and a report earlier this week said a Fidelity filing was imminent. Fidelity in 2021 had originally tried to launch a spot bitcoin ETF.

So far, the SEC has not made a decision regarding any of the new applications. While many seem optimistic about the application from BlackRock – which has received a green light for all of its previous 575 ETF applications, except one – some remain skeptical. CoinShares’ chief product officer Townsend Lansing said on a podcast Monday that he sees a 10% chance that BlackRock’s application gets approved, arguing that what the SEC wants to see is that the majority of bitcoin trading is facilitated on a U.S. crypto exchange. Fidelity in 2021 had originally tried to launch a spot bitcoin ETF, but that effort was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

27 июня 2023 16:01

💰 Lightning Network hits all-time high in bitcoin and US Dollar capacity

The Lightning Network, a second-layer payment protocol on Bitcoin, has reached a new all-time high bitcoin capacity — the amount of bitcoin locked in payment channels on the network. The record capacity of 5,630 BTC was hit on Saturday, according to The Block’s data dashboard, breaching the 5,620 prior peak on April 18. The network’s capacity in U.S. Dollars also reached an all-time high, exceeding $172 million. Lightning Network capacity is up 42% and 105% in bitcoin and U.S. Dollar terms, respectively, over the last 12 months as adoption has continued to grow.

Lightning Network operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, designed to enable fast and cost-effective micropayments. Enabling users to transact directly without immediate settlement on the main blockchain, Lightning offers a solution to the slower transaction speeds and higher fees associated with Bitcoin's mainnet. Users can open payment channels between themselves, allowing for off-chain transactions later settled on the Bitcoin blockchain. "There's just more happening. I think there's more happening on Bitcoin in terms of development energy in the last 12 months than in the last X number of years combined. It's really pretty amazing to see," Marcus said.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

25 июня 2023 16:39

💰 Bitcoin is up 75% since Jim Cramer told investors to ‘get out’ in January

Renowned television personality and esteemed host of the popular show “Mad Money,” Jim Cramer, has emerged as a prominent critic of cryptocurrencies, particularly Bitcoin (BTC). In a bold statement made on January 9, Cramer advised his audience that the current climate presented a “good chance again to get out of crypto,” specifically referencing Bitcoin’s trading value at $17,093. However, it is worth noting that since Cramer’s cautionary declaration, the flagship digital asset has experienced a remarkable surge, presently trading at $30,020—an impressive 75% increase.

Year-to-date, BTC soared by more than 80%. Remarkably, over the past week alone, Bitcoin has surged by an impressive 17%, exemplifying its resolute upward trajectory. The cryptocurrency’s value soared from $25,500 to above $30,000, resulting in a substantial boost of $80 billion to its market capitalization. Such overwhelming Bitcoin ETF interest from esteemed institutional investors like BlackRock (NYSE: BLK), Invesco, and WisdomTree has undoubtedly contributed to Bitcoin’s recent surge, further reinforcing its position as a digital asset of immense significance. Back in March, Cramer expressed his belief that Bitcoin is an enigmatic entity subject to manipulation, pointing to Sam Bankman-Fried’s alleged involvement in its manipulation.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

22 июня 2023 19:34

💰 Bitcoin price breaks past $30,000 for first time since April

Bitcoin, the world's largest cryptocurrency by market capitalization, saw its price surpass $30,000 on Wednesday for the first time since April 19. The price action came shortly after Federal Reserve chair Jerome Powell said that payment stablecoins are money, and that the central bank should play a role in approving their issuance. The U.S. House Financial Services Committee, meanwhile, appeared to be on track to vote on new legislation aimed at creating a clearer pathway for digital assets to move from a security status to a commodity in July.

The price breakthrough also comes after a week-long increase in Bitcoin Network activity, which saw 385,000 transactions on June 14, and then a 13% increase to 435,000 on June 20, The Block data shows. The uptick coincides with asset manager BlackRock filing for a spot bitcoin ETF. Bitcoin dominance has steadily increased throughout June, which could be associated with lawsuits filed against crypto exchanges Binance and Coinbase by the U.S. Securities and Exchange Commission, which said other tokens including Solana and Cardano were securities. The price rose 6.5% over the past 24 hours to $30,153 at 12:19 p.m. in New York, according to TradingView.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

19 июня 2023 16:53

💰 Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up

Bitcoin plans by BlackRock appear to have sparked a rally in the “OG” institutional BTC investment vehicle. Data from monitoring resource CoinGlass shows that on June 17, the Grayscale Bitcoin Trust (GBTC) almost hit new 2023 highs. Bitcoin market sentiment showed a modest improvement late last week as news emerged that the world’s largest asset manager, BlackRock, had filed to launch a Bitcoin spot price exchange-traded fund (ETF).

According to CoinGlass, that discount, or a negative “premium,” used to characterize GBTC share prices, is currently at -36.6%. While still heavily discounted, GBTC thus trades closer to zero than at almost any time this year. On June 13, for example, the discount was closer to -44%. “Very different structure than other efforts by a behemoth who doesn’t lose. ‘30 act redeemable trust w/ redemptions (unlike GBTC) + proposed rule change filing. They came to play,” he added. The BlackRock move is already shrouded in controversy of its own, as market commentators spar over whether it is, in fact, an ETF at all.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

18 июня 2023 09:39

💰 BlackRock’s Spot Bitcoin ETF Not The Same As Grayscale’s Product, Experts Say

Exchange Traded Fund (ETF) terminology can sometimes be tricky, and fund management giant BlackRock’s application for a spot Bitcoin ETF has raised some questions. BlackRock’s (BLK) iShares unit on Thursday filed an application with the U.S. Securities and Exchange Commission (SEC). The name and other details of the proposal sparked some confusion among industry experts as to whether BlackRock was applying for an ETF or a trust with properties similar to the Grayscale Bitcoin Trust (GBTC).

The answer is both. “It’s a reminder of just how complex ETF terminology is,” Noelle Acheson, editor of Crypto is Macro Now, said. “Technically, BlackRock's proposal is for a trust, but it's a trust that allows redemptions, so it functions just like an ETF.”. The key distinction is that an ETF for spot bitcoin “would be able to buy bitcoin at the end of the trading day to bring the fund's assets in line with its trading price. A trust does not have the ability to do this,” Joe Consorti, market analyst at The Bitcoin Layer said. In this sense, Acheson noted, the iShares product is nothing like GBTC, which has no redemption mechanism. “The market hears ‘trust’ and thinks it will be like GBTC with no redemptions, but that's not the case here,” Acheson said.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

14 июня 2023 09:05

⚠️ BREAKING:

U.S. consumer price inflation rises 4% in may, lowest since march 2021

U.S. core CPI rises 5.3% in may, lowest since november 2021

➡️ @CryptoMagazine

Bitcoin Magazine

13 июня 2023 08:16

💰 Ordinals recursive inscriptions could unlock 3D video games on Bitcoin

Ordinals developers have introduced a method, called recursive inscriptions, to overcome Bitcoin's 4 MB per block size limitation that restricts the size of NFTs. Previously, inscriptions representing tokens and NFTs on Bitcoin were independent of one another, unaware of other inscriptions. The new feature allows inscriptions to reference the content of other inscriptions using a special syntax. This was brought into the Ordinals system on June 10. Focused on on-chain inscriptions on the Bitcoin network.

The approach not only streamlines the storage of artwork on-chain but also presents the opportunity to save on transaction fees. "The art is just stored on-chain in a much more efficient way, which could have saved over a million dollars in transaction fees in the case of Bitcoin Apes," said Leonidas. Recursive inscriptions, however, can enhance efficiency and reduce costs. For example, instead of individually inscribing thousands of JPEG files for a profile picture (PFP) collection, developers can inscribe the collection's traits and programmatically render the images through small amounts of code in subsequent inscriptions.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

11 июня 2023 13:20

🚀 Enhance Your Trading Expertise with Our Telegram Bot 🚀

📈 Receive real-time trading patterns from Binance, promptly delivered to your Telegram 📲.

💼 Eliminate the time-consuming process of manual market scanning with our bot’s automated functionality 🤖.

💰 This service is currently provided completely free of charge. An advantageous opportunity for traders intent on elevating their market performance.

🔔 Start now and optimize your trading process.

/channel/bamRocksBreakoutDetectorBot?start=Qml0Y29pbl9NYWdhemluZQ==

Bitcoin Magazine

10 июня 2023 10:39

🇷🇺 Mt. Gox Hackers Are Two Russian Nationals Stealing 647,000 Bitcoins

Russian nationals charged with hacking and laundering 647,000 bitcoins from cryptocurrency exchange Mt. Gox and operating illicit exchange BTC-e. DOJ committed to bringing bad actors to justice. FBI, IRS-CI, and Homeland Security Investigations involved in investigating the case. The United States Department of Justice recently unsealed charges against two Russian nationals for their alleged involvement in hacking and laundering approximately 647,000 bitcoins.

According to court documents, the two individuals gained unauthorized access to the server holding the cryptocurrency wallets for Mt. Gox. They fraudulently caused bitcoin to be transferred to bitcoin addresses controlled by them and their co-conspirators. They allegedly caused the theft of approximately 647,000 bitcoins from Mt. Gox between September 2011 and at least May 2014, representing the vast majority of the bitcoins belonging to Mt. Gox’s customers. They allegedly laundered the bulk of the bitcoins stolen through Mt. Gox principally through bitcoin addresses associated with accounts controlled at two other online bitcoin exchanges.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

07 июня 2023 08:19

📉 Goldman Sachs Report Reveals 12% Drop In Bitcoin Held On Exchanges In May

Goldman Sachs has reported a large reduction in the amount of Bitcoins held on exchanges, with a 12% decrease noted in May. In a recent report, Goldman Sachs (GS) highlighted a significant decline in the number of Bitcoins held on exchanges, with a 12% decrease observed in May. Alongside this, the report also mentioned a slight increase in the supply of Ethereum during the same period.

The report emphasized the issue of network congestion across both the Bitcoin and Ethereum blockchains, which garnered significant attention in May. This congestion led to a notable drop in monthly address activity for both bitcoin and ether, with declines of 13.8% and 16.7% respectively. Higher transaction fees deterred user activity on these networks. Despite the challenges posed by network congestion, the average mean hash rate of Bitcoin continued its upward trajectory, surpassing its all-time high in May. The hash rate experienced a 5.4% increase during the month, indicating the growing computational power dedicated to mining and processing transactions on the Bitcoin blockchain.

Source

/channel/Bitcoin_Magazine

Bitcoin Magazine

05 июня 2023 08:18

💰 Cathedra Bitcoin Unveils Plans for Off-Grid Bitcoin Mining in Texas

According to Cathedra Bitcoin (CBIT), the firm will be deploying bitcoin miners at 360 Mining’s off-grid Texas campus. CBIT will pay $55.00 per megawatt hour for power consumed, plus 10% of gross bitcoin mined at the site, the announcement details. The deal gives CBIT the rights to two megawatts of mining capacity which could produce an estimated 0.054 exahash per second (EH/s) or 54 petahash per second (PH/s) of capacity.

If necessary and its “economically advantageous to do so,” the company can abstain from bitcoin mining and sell the natural gas on the open market. “We are excited to begin working with 360 Mining, a company run by bitcoiners who have put in the proof-of-work to develop off-grid mining expertise,” Cathedra’s chairman and president, Drew Armstrong stated. “Upon completion of any subsequent deployments, the Company expects the full 2.0 megawatts of bitcoin mining capacity under the partnership to produce at least 54 PH/s of incremental hash rate,” Cathedra’s announcement details. Cathedra’s collaboration with 360 Mining comes in the wake of numerous bitcoin mining companies expanding their operations and acquiring thousands of ASIC machines for their fleets.

Source

/channel/Bitcoin_Magazine