Bitcoin Magazine

17 сентября 2023 17:39

🪙 BitGo And Swan To Pioneer U.S.-Based Bitcoin-Only Trust For Enhanced Custody Security

Cryptocurrency custodian BitGo and Bitcoin financial services company Swan have announced their collaborative venture to establish the first Bitcoin-only trust company in the United States. This innovative initiative aims to provide custody services exclusively for Bitcoin while minimizing exposure to other digital asset markets. The partnership, subject to regulatory approval, will leverage BitGo’s robust custody capabilities and Swan’s expertise in fraud prevention.

Swan has previously utilized BitGo as one of its custodians for Bitcoin storage, alongside Nevada-based chartered trust company Fortress Trust, which is in the process of being acquired by Ripple. In response to this acquisition, Swan CEO Cory Klippsten has confirmed that Swan is actively transitioning compliance and settlement processes to an alternative partner. Klippsten emphasized the importance of segregating Bitcoin custody from the potential risks associated with securing numerous altcoins within the same trust company. This strategic decision underscores Swan’s commitment to bolstering the security and integrity of its custodial services. By focusing exclusively on Bitcoin custody, Swan seeks to enhance the safety and trustworthiness of its offering, aligning with its dedication to safeguarding customer assets.

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Bitcoin Magazine

15 сентября 2023 08:07

💰 Amboss launches Hydro to quench liquidity demand on Bitcoin's Lightning Network

Lightning Network data analytics provider Amboss has launched Hydro — a subscription-based auto-sourcing liquidity solution for the Bitcoin Layer 2. Hydro aims to enable businesses to receive payments over Lightning without the complexities of channel management or requiring centralized custodial intermediaries, according to a statement. The solution allows users to automatically access liquidity from decentralized sources to their Lightning node on demand, with fees from 3.5% for the initial setup to as low as 0.003% for payments, Amboss stated.

"Hydro is a game changer for businesses to get the benefits of the Lightning Network without trusted custodians, intermediaries or the headache of channel management," Amboss co-founder and CEO Jesse Shrader said. "As the Lightning Network welcomes global participation, Hydro simplifies real-time payment infrastructure to bootstrap global circular economies like we’ve seen in Costa Rica's ‘Bitcoin Jungle.'" Hydro is powered by Magma, Amboss's marketplace for buying and selling Lightning channels, sourcing liquidity from the open market. Sellers can earn a bitcoin yield to provide liquidity on Magma, opening Lightning channels to online stores, wallets and other Lightning users without the custodial risk of centralized yield-generating platforms.

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Bitcoin Magazine

12 сентября 2023 21:45

💰 Someone paid $500,000 in transaction fees to move just $200 of bitcoin

A user accidentally paid nearly 20 bitcoin ($500,000) in a fee to move just 0.074 bitcoin ($200), setting a record for the most expensive transaction fee paid in U.S. dollars for a single Bitcoin transaction. The wallet that made the payment is a Bitcoin power user, having sent and received more than 120,000 transactions, according to Casa CTO Jameson Lopp. “The transaction that paid nearly 20 BTC ($500,000) fee a few hours ago looks like an exchange or payment processor with buggy software,” Lopp said on X.

The transaction was made on September 10 at 5.10 PM UTC. It made four payments that added up to around $200, while sending $1,700 of bitcoin to a change address. The transaction fee was 19.89 bitcoin. The transaction fee went to Bitcoin mining pool F2Pool, which mined the block containing the transaction. Chun Wang, co-founder and administrator of F2Pool, said the 20 bitcoin will be put on hold for three days in case the originator wants to claim it. If unclaimed during that period, it will be paid to its pool of bitcoin miners. Over its history, Bitcoin has seen a number of high-value transaction fees. For instance, according to Blockchair, someone paid $134,000 as a fee during a transaction in 2016. In total, there have been 24 Bitcoin transaction fees exceeding $20,000 .

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Bitcoin Magazine

11 сентября 2023 14:41

💰 ‘I'm Bullish on Bitcoin’ — Ted Cruz Champions Bitcoin's Boon for Texas and Power Grid Boosts

Ted Cruz, the U.S. Republican senator from Texas, expressed his optimism on Friday, stating he’s “bullish on bitcoin,” after a recent interview with Forbes released on September 8. During the conversation, Cruz highlighted emerging reports indicating that bitcoin mining is positively impacting Texas’ power grid, commonly referred to as the Electric Reliability Council of Texas (ERCOT).

Engaging with Koss, he shed light on the flourishing job market in the Lone Star State. “Texas is a hub for jobs, innovation, and freedom, and those things make it the natural oasis for the digital asset industry worldwide,” remarked the Texas senator. This isn’t the first instance of Cruz’s bitcoin endorsement. In May 2022, he revealed a “weekly buy” strategy for his investment portfolio. Moreover, this past April, Cruz professed his admiration for bitcoin, emphasizing that he favors bitcoin “for the same reason the Chinese Communist government doesn’t like BTC.” In February 2022, the public caught wind of Cruz’s BTC acquisitions when financial disclosures revealed a purchase approaching $50K.

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Bitcoin Magazine

08 сентября 2023 10:59

💰 Arkham Intelligence identifies over 1,750 wallet addresses tied to Grayscale Bitcoin Trust

Crypto data tracking platform Arkham Intelligence has identified over 1,750 wallet addresses linked to Grayscale Bitcoin Trust's holdings. Each wallet held less than 1,000 BTC ($25.7 million), but the total accrues to roughly $16.1 billion in holdings, Arkham wrote on social media. That makes the Grayscale Bitcoin Trust the second largest BTC entity globally, the platform said. The Grayscale Bitcoin Trust holds an additional 3.03 million ETH worth $4.9 billion.

The Grayscale Bitcoin Trust allows investors to gain exposure to bitcoin without having to purchase or store the cryptocurrency directly. The fund often trades at a discount relative to the value of the actual bitcoin it holds, with the measure currently declining to the lowest level seen so far this year amid speculation that Grayscale might be able to convert the product into a spot ETF. Arkham also reported earlier this month that the Grayscale Ethereum Trust is the second largest ETH entity globally after identifying wallets containing nearly 3 billion ETH. That makes the Grayscale Bitcoin Trust the second largest BTC entity globally, the platform said. The Grayscale Bitcoin Trust holds an additional 3.03 million ETH worth $4.9 billion.

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Bitcoin Magazine

05 сентября 2023 13:18

💰 Crypto exchange Bitfinex holds bitcoin on its balance sheet

Crypto exchange Bitfinex holds bitcoin on its balance sheet, a source with direct knowledge of the matter told The Block. Bitfinex CTO Paolo Ardoino tweeted Sunday that crypto exchanges that have "hugely benefitted" from bitcoin should have a policy to reinvest part of the profits into bitcoin. That's what Bitfinex does, by supporting Bitcoin Layer 2 networks — the Lightning Network and the Liquid Network — and by developing on the RGB protocol that allows for cheaper and more private transactions.

The news that Bitfinex holds bitcoin on its balance sheet hasn't been previously reported. Meanwhile, Bitfinex's sister firm and stablecoin issuer Tether is the 11th largest bitcoin holder in the world, The Block reported last month. Tether first revealed its bitcoin holdings in the first quarter of this year, when it said it will invest up to 15% of its profits in bitcoin on a regular basis as it shifts its reserves toward crypto and away from U.S. government debt. The stablecoin issuer currently holds about $1.6 billion worth of bitcoin. Bitfinex and Tether are among a few firms that hold bitcoin on their balance sheets. Other such firms include MicroStrategy, Tesla and Square.

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Bitcoin Magazine

02 сентября 2023 20:58

💰 Bitcoin ETF Applications Are Bitcoin's Best Marketing Strategy

The biggest financial houses in the U.S. are peddling Bitcoin's message and don’t even know it. You see, modern-day marketing isn't confined to catchy ads or snappy slogans. It's about how a concept is presented, the narrative that's woven and the influence it exerts on decision-making. Today, bitcoin (BTC) is more than just “magic internet money” or lines of code — it's actually reshaping the way we think about finance across the board. Tim Haldorsson is the CEO of crypto growth agency Lunar Strategy.

At first, it might not seem like it but the recent buzz about bitcoin spot market exchange-traded fund (ETF) applications by heavyweight financial players like BlackRock, Fidelity Investments and VanEck is more than just noise — it's a strategic marketing move that's subtly rewriting the Bitcoin narrative. Isn’t it remarkable how Larry Fink, the CEO of BlackRock, did a complete U-turn on his stance on Bitcoin from years ago? In a recent interview, he pretty much said Bitcoin is on a path to fueling a revolution in finance. Let’s dive into why this ETF hoopla is a net positive for Bitcoin, regardless of whether these applications get the green light or face the red tape.

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Bitcoin Magazine

31 августа 2023 05:52

🪙 Bitcoin faces uncertain September despite Grayscale victory, say analysts

Grayscale's recent victory in its ETF case is unlikely to prevent bitcoin from closing August with a negative monthly return. The digital asset began the month above $29,000, but now hovers above the $27,000 level. The digital asset's performance in August casts uncertainty over what September will bring. August was marked by record low volatility, declining trade volume, and a flash crash that sent the BTC price into $25,000 territory. Butterfill also pointed to bitcoin trade volumes being lower than this time last year as a negative sign.

According to CoinShares head of research James Butterfill, August's price decline "has underscored bitcoin's vulnerability from larger trades, exacerbated by current low volumes." Butterfill predicts market indecision will characterize the beginning of September. He expects traders to waver between excitement over ETF possibilities and doubts over SEC approval. Despite Wednesday's court ruling favoring Grayscale, Butterfill told The Block, "It is unlikely to accelerate the timetable for an SEC approval as there is still the potential for an appeal.". The dollar was recently strengthened after more hawkish nuances from the Federal Reserve last Friday. A strengthening U.S. dollar index diminishes the risk-adjusted return associated with bitcoin, making the digital asset less palatable.

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Bitcoin Magazine

29 августа 2023 21:49

💰 Robinhood Revealed to be Third-Largest Bitcoin Holder With $3B in BTC

Investing and trading platform Robinhood (HOOD) holds over $3 billion in bitcoin (BTC) in a single wallet that attracted the holdings over several months, wallet data from Arkham Intelligence shows. This makes it the third-largest bitcoin holder behind crypto exchanges Binance and Bitfinex, which hold $6.4 billion and $4.3 billion worth of tokens on single wallets respectively. The wallet previously gained notoriety among market watchers in the past few months as the identity of its owners sparked conversations and concerns about who the mysterious owner of such a large amount of bitcoin could be.

The transfers sparked speculations ranging from the bitcoin holdings belonging to financial behemoth BlackRock, which filed for a Bitcoin ETF earlier this year, to crypto exchange Gemini shifting its users’ holdings to a wallet. Robinhood transferred some 118,300 bitcoin to the wallet from several other smaller wallets over a three-month period, data shows. These tokens are custodied by crypto trading firm Jump Trading, Arkham representatives confirmed to CoinDesk in a Telegram message. All of these holdings are held on the Bitcoin blockchain. The first transactions were made on March 8, after which huge amounts of bitcoin were transferred until July 14, data from BitInfoCharts show. All of these holdings are held on the Bitcoin blockchain. The first transactions were made on March 8, after which huge amounts of bitcoin were transferred until July 14, data from BitInfoCharts show.

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Bitcoin Magazine

26 августа 2023 09:28

💰 Bitcoin mining difficulty reaches all-time high

Bitcoin's mining difficulty level reached an all-time high of 55.62 trillion hashes this week. According to Bitfinix analysts, the increase in mining difficulty suggests "miners believe the current BTC level is fairly valued, or maybe a little under priced of its true value." Coinwarz charts show a steeply climbing difficulty level since July 2021, when a Chinese crackdown took many operators off-line. Metrics suggest the next difficulty adjustment for the network is estimated to take place in early September which will see the level increase from 55.62 trillion hashes to 56.37 trillion hashes.

The increased difficulty level coincides with a low selling rate from miners, according to this week's Bitfinix report. This can be interpreted as miner confidence that bitcoin will eventually rebound. "Miners are investing more resources to mine bitcoin at these prices, that could be highly profitable to them," the analysts said. The observation corroborates with CryptoQuant data showing an accumulation of the digital asset in miner wallets since June 20. Bitcoin is attempting to recover from $1 billion in futures liquidations last Thursday, with the price hugging tight to the $26,000 line. Investors have been cautious ahead of Federal Reserve chair Jerome Powell's monetary policy statement at Jackson Hole on Friday.

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Bitcoin Magazine

24 августа 2023 22:39

🥇 Mysterious Bitcoin wallet becomes 3rd largest BTC holder in 3 months

A mysterious Bitcoin wallet has surged up the ranks to become the third-largest holder of Bitcoin in the world in just over three months, with the timing sparking some wild theories about its owner. According to data from crypto statistics platform BitInfoCharts, the wallet address first received Bitcoin on March 8. Over the course of the next three months and two weeks, the wallet had accrued a staggering 118,000 BTC — worth $3.08 billion at current prices.

The rapid and significant accrual of Bitcoin within a single wallet address has attracted its fair share of conjecture. Some users suggest it’s most likely a crypto exchange moving funds, while some more radical members of Crypto Twitter have posted a more wild theory — suggesting BlackRock is the prime suspect. The theory is not based on any solid evidence, however, others have shared their support it by posting pictures of a large black rock. The current largest Bitcoin wallets in the world, according to BitInfoCharts, are reportedly owned by Binance and Bitfinex — as Bitcoin cold wallets. The unknown Bitcoin whale wallet comes in third place, and is then followed by another Binance cold wallet in fourth place.

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Bitcoin Magazine

23 августа 2023 20:45

💰 Bitcoin Looks Most Oversold Since Covid Crash, Key Indicator Suggests

A technical analysis indicator shows extreme oversold conditions in bitcoin as surging bond yields weigh over risk assets, including cryptocurrencies. Bitcoin's 14-day relative strength index (RSI) has dropped well below 30, indicating oversold conditions. The indicator has dropped to its lowest since the coronavirus-induced crash of March 2020. The RSI is a momentum indicator ranging between 0 to 100 that shows the asset's recent price movement relative to its average price movement over a specific period, usually 14 days.

A reading below 30 reflects oversold conditions, implying that the price has dropped too quickly relative to its recent average. Meanwhile, a reading above 70 indicates overbought conditions. One of the mistakes that the crypto community on X (formerly Twitter) and most rookie traders make is to consider oversold and overbought readings as advance hints of an impending bullish and bearish reversal. But that's not the case. An oversold RSI reading means prices have dropped too quickly – that's it, while overbought reading indicates prices have rallied fast. If anything, the latest below-30 or oversold reading on the RSI is a sign of strengthening bearish momentum. As the old saying goes, indicators can stay oversold longer than dip buyers can stay solvent.

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Bitcoin Magazine

22 августа 2023 08:04

💰 88.3% of Short-Term BTC Holders Struggle with Losses!

According to the tweet, a staggering 88.3% of these holders find themselves in a precarious position, grappling with floating losses. This revelation has sent ripples through the cryptocurrency community, shedding light on the challenges faced by those who engage in short-term trading. The data presented in the tweet also revealed another alarming fact – out of the total 2.56 million BTC held by this group, only a mere 300,000 BTC are currently showing profitability. This striking contrast between profitable and loss-bearing holdings underscores the volatility.

Adding to the complexity of the situation is the revelation that the supply of short-term holders (STH) is now hovering close to an all-time low. This detail suggests that while the number of short-term traders has diminished, a significant portion of them is still grappling with losses. This phenomenon prompts questions about the strategies employed by these holders and the overall sentiment within the crypto trading community. This striking contrast between profitable and loss-bearing holdings underscores the volatility and unpredictability that can accompany short-term trading strategies. Market fluctuations and sudden price corrections have undoubtedly played a role in this situation, leaving a substantial majority of short-term BTC holders at a disadvantage.

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Bitcoin Magazine

20 августа 2023 11:41

💰 Bitcoin Plunged 11% in Worst Week Since FTX’s Collapse.

Bitcoin (BTC) is poised to endure its worst weekly decline since the FTX crash last November following the crypto market mayhem seen Thursday, and optimistics’ hopes were dashed when a pivotal decision in the court battled between Grayscale and U.S. regulators – which could support BTC’s price – failed to materialize Friday. BTC’s price slipped below $26,000 Friday afternoon after a rally toward $27,000 – which erased some of Thursday’s sharp decline – fizzled.

The price action puts the flagship crypto’s decline at roughly 11% this week, on track for the worst weekly return since November’s market crash to $15,000 that was induced by the failure of Sam Bankman-Fried’s FTX. Ether (ETH) dropped some 10% during the week, holding up slightly better than BTC due to news that the U.S. Securities and Exchange Commission (SEC) is willing to approve exchange-traded funds, or ETFs, that hold ETH futures. The second-largest crypto, however, entered into “significant downtrend” for the first time in two months, according to CoinDesk’s trend indicator, suggesting strong momentum to the downside.

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Bitcoin Magazine

18 августа 2023 14:34

💰 Grayscale is hiring for ETF team as bitcoin decision looms

Grayscale Investments appeared to send an optimistic signal about an upcoming ruling in a widely watched lawsuit with the Securities and Exchange Commission that many expect could come as early as tomorrow, saying it's hiring for its ETF team. "This role will be on the ground floor of building an ETF issuer and will work across various internal stakeholders and external business partners including sub-advisors, market makers, compliance, sales, and custodians," the company said in a job posting.

The digital currency asset manager is seeking a "highly capable, analytical, and proactive Senior Associate, ETFs" to support the development of its ETF business. The asset manager sued the SEC last year for rejecting its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF, and a decision from the court is imminent. The result will be widely watched, as it could affect the regulator's ongoing review process for a wave of recent filings from other asset managers for spot bitcoin funds. A win for Grayscale would be seen a positive sign for the sector, while a loss could signal that dreams for a spot fund will continue to face regulatory headwinds.

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Bitcoin Magazine

16 сентября 2023 21:40

💰 Bitcoin Is Becoming More Compatible With Technology Stocks

Bitcoin is once again showing a strong correlation with technology stocks, particularly the Nasdaq 100 Index, in a development that could pique the interest of both equity investors and cryptocurrency enthusiasts. This revival of synergy comes after a period of divergence between these asset classes in June. According to Bloomberg, the 30-day correlation coefficient for Bitcoin and the Nasdaq 100 has rebounded to nearly 0.4, a stark contrast to the negative 0.1 observed in June and July.

In related news, Bloomberg’s crypto analyst, Jamie Coutts, reported that Bitcoin’s clean energy usage in mining operations has exceeded the crucial 50% threshold. Coutts bases his findings on the latest insights from the Cambridge Center for Alternative Finance, which recently revised its estimates of Bitcoin mining power consumption downward, taking into account sustainable energy sources like off-grid electricity and reduced reliance on fossil fuels. This development aligns with Elon Musk‘s statement in June 2021, when he indicated that Tesla would resume accepting BTC payments once the cryptocurrency’s mining operations became more environmentally friendly. Tesla’s previous $1.5 billion investment in BTC.

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Bitcoin Magazine

13 сентября 2023 15:53

💰 Franklin Templeton Seeks SEC Approval for Bitcoin ETF

Franklin Templeton has officially submitted documents to the U.S. Securities and Exchange Commission (SEC) for the issuance of a Bitcoin Exchange-Traded Fund (ETF). The proposed Franklin Templeton Bitcoin ETF aims to provide investors with a regulated and convenient way to gain exposure to Bitcoin’s price movements, without the complexities of direct ownership or storage.

The filing with the SEC represents a pivotal moment in the evolution of the cryptocurrency market. If approved, the Franklin Templeton Bitcoin ETF would become one of the first of its kind, offering investors a new vehicle for diversification and investment in the burgeoning crypto space. This strategic decision by Franklin Templeton is not only a testament to the growing legitimacy of cryptocurrencies but also underscores the rising demand for regulated crypto investment products. An ETF, as opposed to direct cryptocurrency ownership, can offer investors enhanced security and regulatory oversight.

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Bitcoin Magazine

12 сентября 2023 13:27

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Bitcoin Magazine

10 сентября 2023 10:05

💰 MicroStrategy's Large Bitcoin Impairment Losses Have Given a False Impression: Berenberg

MicroStrategy (MSTR) will soon be able to report its bitcoin (BTC) holdings each quarter without having to recognize impairment losses if the cryptocurrency’s price drops during the period in question, after the Financial Accounting Standards Board (FASB) voted to change how companies report their finances, investment bank Berenberg said in a report Wednesday. Since adopting its bitcoin acquisition strategy in August 2020, MicroStrategy has reported $2.23 billion of cumulative impairment losses, the report said.

MicroStrategy’s largest impairment loss of $917.8 million was recorded in the second quarter of 2022, and the loss featured heavily in news coverage of the earnings, “giving the impression that the company’s inherent value had been negatively impacted when this was not the case,” the bank said. On Wednesday, the FASB voted to let companies use fair-value accounting in a move that will allow firms to show gains and losses immediately on their income statements. The FASB is expected to formally approve final language later this year and companies at that point can adopt the new standards. The German bank has a buy rating on MicroStrategy shares, with a price target of $510. The stock closed at $353.07 on Thursday.

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Bitcoin Magazine

07 сентября 2023 14:34

💰 Grayscale Urges SEC To Quickly Approve Its Spot Bitcoin ETF

Grayscale Investments has wasted no time in pressing the U.S. Securities and Exchange Commission (SEC) to approve its proposed exchange-traded fund (ETF) tracking Bitcoin. This comes on the heels of a recent legal win against the SEC. Grayscale’s legal team promptly reached out to the SEC, urging a meeting to discuss the way forward. They asserted that there were no valid grounds for the regulator to persist in blocking the conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF.

The recent court ruling criticized the SEC’s inconsistent treatment of spot Bitcoin ETFs and their futures-based counterparts, which have received approval. Grayscale’s lawyers insisted that the SEC should recognize the absence of justifiable reasons for distinguishing their trust from Bitcoin futures ETFs. While the SEC has until mid-October to appeal to a wider panel of judges or the Supreme Court, analysts suggest that such an appeal may face challenges given the Supreme Court’s previous skepticism toward regulatory actions. This development marks a pivotal moment in the ongoing debate over cryptocurrency ETFs, potentially paving the way for broader acceptance and adoption in the financial markets.

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Bitcoin Magazine

04 сентября 2023 20:16

💰 800,000 BTC Worth Over $20 Billion Pulled From Exchanges in 3 Years

Centralized exchanges are holding significantly fewer bitcoins (BTC) than they did three years ago. Cryptoquant.com data reveals that on September 1, 2020, trading platforms had a reserve of 2.828 million BTC. Fast forward roughly three years, and that number has dwindled to 2.024 million, marking a decrease of 804,000 BTC. Although BTC holdings on exchanges have consistently decreased over these years, the FTX debacle triggered a substantial decline.

Just before the firm declared bankruptcy in November 2022, exchanges had 2.511 million BTC, indicating a withdrawal of 487,000 BTC since then. In just three months since May 23, 2023, around 184,000 BTC has been withdrawn from centralized crypto exchanges. By August 28, the BTC holdings on these platforms nearly dipped below the 2 million mark, with cryptoquant.com data indicating a balance of 2,007,427 BTC. Over the past few days, there’s been a modest increase, pushing bitcoin holdings to 2.024 million. Data archived September 2, 2023, shows that from August 2, Binance, the top centralized trading platform in bitcoin holdings, experienced a withdrawal of 892.09 BTC over 30 days. During the same period, Coinbase saw 5,718.86 BTC leave.

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Bitcoin Magazine

01 сентября 2023 20:50

💰 Grayscale’s Legal Triumph Boosts Prospects for Bitcoin ETF Approval: CEO Sonnenshein

Grayscale Investments CEO Michael Sonnenshein is cautiously optimistic following a recent legal victory that paves the way for a potential Bitcoin exchange-traded fund (ETF), according to Bloomberg. The crypto asset manager won a significant dispute against the SEC, marking a pivotal moment for the digital asset sector. Sonnenshein expressed uncertainty about the necessity of refiling the ETF application after this success.

Sonnenshein indicated that the company is awaiting final operational procedures as outlined by the court’s upcoming mandate, which is expected within 45 days of the ruling. Grayscale’s legal win does not compel immediate SEC approval for the Bitcoin ETF, but it heightens the likelihood of future endorsement. Calls for such ETFs have gained momentum, with influential figures like BlackRock’s CEO Larry Fink advocating for them. While the SEC retains options like appealing the decision or modifying their reasoning, the path of least resistance seems to be approval for spot Bitcoin ETFs. The ruling’s impact on SEC Chair Gary Gensler’s stance remains uncertain. The first attempt at a Bitcoin ETF was made by the Winklevoss twins in 2013.

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Bitcoin Magazine

31 августа 2023 00:44

🇺🇸 US SEC Expanding Bitcoin ETF Reviews for the Week Ahead

US Securities and Exchange Commission is poised to deliver its verdict on the eagerly awaited Bitcoin exchange-traded fund (ETF) registration applications. The regulatory body possesses the authority to greenlight, reject, or postpone these applications, signifying a critical moment for the crypto industry. The evaluation process is scheduled to commence with Bitwise’s proposal on Friday, followed by the scrutiny of others the subsequent day. This strategically timed assessment ensures that the SEC has a comprehensive overview before the week draws to a close.

However, the history with crypto ETF applications has been a blend of postponements, denials, and occasional approvals. Recent events have seen the regulator defer the decision on spot Bitcoin ETF applications from 21Shares and ARK Investment Management. This move echoes previous instances where multiple filings have faced setbacks over the last decade. Roxanna Islam, Associate Director of Research and Head of Sector and Industry Research at VettaFi, noted, “We can expect the SEC to delay more applications, especially after they’ve been released.” These delays indicate that the road to a Bitcoin ETF approval remains fraught with uncertainties.

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Bitcoin Magazine

28 августа 2023 10:20

🥇 Bitcoin Miners Look To Coal Ash As Power Demand Surges

The Bitcoin market has had a wild ride over the past year. Prices have plummeted, sharply recovered, and then plummeted again over the last ten months, and the future is uncertain for cryptocurrencies overall in the context of an ambivalent regulatory and policy landscape. Amidst all the chaos, one thing about Bitcoin has been steady since the beginning: its ever-expanding energy use and resulting carbon footprint. Despite the volatility, Bitcoin’s energy use is at an all time high – and so are its carbon emissions.

The cryptocurrency world has been in crisis recovery mode since the downfall of FTX, one of the largest cryptocurrency exchanges in the world, toward the end of last year. Since then, regulatory bodies around the world have escalated a crackdown on digital currency firms, while other sectors worried about “crypto contagion” leading to a widespread economic fallout. Despite the extreme crypto-anxiety and price volatility of the last year, however, Bitcoin has managed an impressive rebound, recently staying steady at about $26,000 – for now. But just when things have been looking up, crypto markets took an unexpected dive this week, and experts suggest that there may be another crash coming in September.

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Bitcoin Magazine

25 августа 2023 20:30

🥇 Bitcoin price could reach $148,000 after halving: Pantera Capital

Crypto venture fund Pantera Capital illustrated that bitcoin's price could surge to $148,000 after the halving event scheduled for next year. Using a metric called the stock-to-flow ratio, Pantera said the upcoming halving could see the bitcoin price rise to $35,000 before the event and $148,000 after. The stock-to-flow ratio of an asset is a measure of its existing supply relative to the new supply entering the market. A higher stock-to-flow ratio indicates a scarcity of an asset, which can potentially increase its price. The current price of bitcoin is around $26,500.

Bitcoin halving events have historically been associated with increased bitcoin prices due to its impact on the stock-to-flow ratio. A halving is a programmed event that occurs approximately every four years, reducing the number of new bitcoins entering circulation by half. The 2024 halving will reduce the per-block reward to 3.125 bitcoins from the current 6.25 bitcoins per block. Such significant reductions in the flow of new supply result in a higher stock-to-flow ratio, effectively increasing bitcoin's scarcity and potentially its price. "The 2020 halving reduced the supply of new bitcoins by 43% relative to the previous halving. It had a 23% as big an impact on price.

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Bitcoin Magazine

24 августа 2023 07:41

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Bitcoin Magazine

23 августа 2023 14:12

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Bitcoin Magazine

21 августа 2023 12:04

💰 BlackRock And Bitwise Bitcoin Spot ETF May Be Delayed On Next September 1

The SEC’s impending response to the Bitcoin spot ETF application submitted by BlackRock and Bitwise has caught the attention of market analysts. Industry insiders speculate that the SEC might withhold approval for the Bitcoin spot ETF for several compelling reasons. A crucial factor revolves around the anticipated shift in crypto regulatory dynamics following the upcoming elections. Notably, influential political figures from diverse backgrounds have previously expressed concerns about the potential risks associated with cryptocurrencies.

It’s worth recalling that the SEC initiated its exploration into the cryptocurrency realm during the tenure of Jay Clayton, a Republican Party nominee for the position of SEC Chair. Enthusiasts of cryptocurrencies have long awaited the establishment of a Bitcoin exchange-traded fund, a desire that spans a decade. However, numerous attempts at securing regulatory approval have been met with rejections from US regulators, citing concerns about fraud and market manipulation within crypto markets. The participation of BlackRock Inc., a heavyweight in the asset management sector, has kindled optimism among market observers that approval for one or more spot-Bitcoin ETFs might finally materialize. BlackRock’s history of navigating regulatory challenges adds weight to this optimism.

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Bitcoin Magazine

19 августа 2023 14:51

🇰🇿 Canaan Pauses Mining in Kazakhstan since July 2023 Amid Regulatory Difficulties

Canaan, a US-listed Bitcoin mining machine company, has taken a strategic move by temporarily halting around 2.0 Exahash/s of its mining hashrate in Kazakhstan since July 2023. This decision follows the recent implementation of the Rules for Licensing of Digital Mining Activities by the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan. These regulations stem from Law No. 193-VII on Digital Assets, enacted in April, and provide a framework for cryptocurrency mining within the country.

As a result of these changes, Canaan’s local partner has initiated the process of obtaining a specialized license, a prerequisite for engaging in cryptocurrency mining as per the new regulations. This step towards legal compliance addressed the potential challenges highlighted by Canaan itself. The company expressed concerns about decreased uptime and its potential negative impact on bitcoin generation and mining revenue starting in Q3 2023. While this adjustment aims to ensure conformity with evolving regulatory landscapes, Canaan continues to grapple with additional challenges. The firm is navigating a dispute in the United States regarding its mining operations. This further compounds its efforts to maintain efficient Bitcoin generation and overall profitability.

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Bitcoin Magazine

17 августа 2023 18:44

💰 Bitcoin Is Showing Accumulation As The $29,000 Price Zone Holds

Bitcoin’s attempts at recovery have faltered as it faced resistance at the $29,500 zone, leading to a decline from the recent $29,450 peak. The digital currency underwent a clear downtrend, slipping below the $29,250 mark. Finding support near $29,100, it reached a low of $29,075 before entering a phase of consolidation. Presently trading below $29,200, Bitcoin has held the attention of steadfast investors who have clung to the $29,000 mark over the past two months, despite a brief dip to the $28,800 territory.

Interestingly, BTC’s Exchange Inflow Volume (7d MA) recently hit a one-month low of $32,325,304.35, indicating potential accumulation by whales anticipating a price surge. This hints at the possibility of a strong short-term breakout, while a more substantial recovery is anticipated post-September. The cryptocurrency sphere experienced a stark juxtaposition between 2021’s impressive performance and 2022’s severe downturn, with Bitcoin plunging from about $50,000 in September 2021 to $20,000 in September 2022. Remarkably, historical trends reveal that September has consistently presented challenges for Bitcoin’s price trajectory, aligning with similar patterns observed in traditional stock markets. The ongoing struggle to breach the $29,500 resistance level underscores the uncertainty.

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