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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 Bitcoin market cap drops below $1 trillion as price retreats under $51k
Bitcoin’s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days. The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625. The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin’s market capitalization now close to $997.31 billion, slightly below the $1 trillion mark.
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💰 Surge in stablecoin supply ratio signals increased Bitcoin buying power
The Stablecoin Supply Ratio (SSR), a key metric that quantifies the supply forces between Bitcoin and various stablecoins, has been signaling increased “buying power” for Bitcoin in the past ten days. Glassnode defines the SSR as the ratio of Bitcoin’s market cap to that of stablecoins denoted in Bitcoin, which serves as a proxy for the demand-supply mechanics of BTC versus USD. When the SSR dips, it implies a heightened buying power for the current stablecoin supply to purchase Bitcoin.
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💰 MicroStrategy's bitcoin is worth more than $10 billion as cryptocurrency nears $53,000
MicroStrategy's bitcoin holdings eclipsed a total value of $10 billion as the price of the cryptocurrency climbed to nearly $53,000 on Thursday. The company last reported owning 190,000 bitcoin. The price of the world's most popular cryptocurrency by market capitalization rose to $52,803 as of 9:56 a.m. ET on Thursday, according to the The Block Price Page. That put the company's holdings above a value of $10 billion.
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💰 Peter Schiff Warns of Bitcoin 'Pump and Dump' — Expects to See a 'Massacre'
Economist and gold bug Peter Schiff has warned that the current bitcoin price surge looks like “another classic pump-and-dump.” Noting the significant excitement around the new spot bitcoin exchange-traded funds (ETFs), he expressed his skepticism, stating: “I wonder when the massacre will begin.”.
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💰 MicroStrategy pivots to Bitcoin development, flaunts $3.5 billion in unrealized profit
MicroStrategy is rebranding into a Bitcoin development company to reflect the success it enjoys with the flagship digital asset. This move marks a pivotal shift for the firm as it focuses on accruing more Bitcoin and fostering the growth of the blockchain network. Data from Saylor Tracker, a platform dedicated to monitoring MicroStrategy’s Bitcoin acquisitions, showed that the company’s BTC holdings are now valued at approximately $9.4 billion, reflecting a staggering profit margin of 58.69%, equivalent to $3.5 billion.
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💰 Bitcoin 'Stronger’ Ahead of Halving: Grayscale
Bitcoin’s (BTC) technical fundamentals and use cases have significantly increased in the past year and likely made the asset “stronger” ahead of its historically bullish halving event compared to previous years, crypto asset management Grayscale said in a research note last week. “Despite miner revenue challenges in the short term, fundamental on-chain activity and positive market structure updates make this halving different on a fundamental level,” researcher Michael Zhao said.
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💰 Valkyrie exec predicts fewer Bitcoin ETF issuers by year-end
Spot Bitcoin exchange-traded funds (ETFs) are nearing their first month of operation, with the landscape potentially set for consolidation by the end of 2024, according to Valkyrie Funds’ Chief Investment Officer, Steven McClurg. Since the U.S. Securities and Exchange Commission approved the first Bitcoin spot ETFs on Jan. 10, the market response has been robust, with $4.5 billion traded on the first day alone.
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💰 Citrea Proposes First ZK Rollup to Make Bitcoin the All-Chain
Citrea, a project that aims to scale Bitcoin through ZK rollups, came out of stealth on Tuesday. The project aims to become a pathway for several initiatives to take advantage of the decentralization and security of Bitcoin while at the same time contributing to scaling and giving developers the ability to adapt Ethereum Virtual Machine (EVM) apps into the protocol.
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💰 New spot bitcoin ETFs amass 200,000 BTC in less than one month of trading
After less than one month of trading, the nine newborn spot bitcoin exchange-traded funds now hold more than 200,000 in assets under management — excluding Grayscale’s converted GBTC fund. According to K33 Research, the nine new ETFs had amassed 203,811 ($9.5 billion) as of yesterday’s close. Launching on Jan. 11, these ETFs are BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC) and WisdomTree (BTCW).
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💰 Microstrategy Raises Bitcoin Holdings to 190K BTC — Calls Itself 'World's First Bitcoin Development Company'
Nasdaq-listed Microstrategy has increased its cryptocurrency holdings to 190,000 bitcoins, having acquired 31,755 additional coins since the end of the third quarter. The company now considers itself “the world’s first Bitcoin development company,” with a unique value proposition, even when compared to spot bitcoin exchange-traded funds (ETFs). “We are a publicly-traded operating company committed to the continued development of the Bitcoin network through our activities in the financial markets, advocacy, and technology innovation,” Microstrategy detailed.
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🇺🇸 SEC Delays Decision on Invesco-Galaxy Spot Ethereum ETF Proposal
May 23 continues to be a significant date for the approval of spot Ethereum ETFs, representing VanEck’s final deadline for approval. The United States Securities and Exchange Commission (SEC) has again delayed its decision on whether to approve or not a joint spot Ethereum exchange-traded fund (ETF) proposed by Invesco and Galaxy Digital. This marks the second postponement after a similar delay in December and aligns with the SEC’s recent trend of pushing back deadlines for Ethereum ETF proposals.
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💰 Bitcoin's price rebounds above $43,000 as macro concerns temper some optimism
The price of bitcoin has rallied back above the $43,000 mark with the volatile price action causing the liquidation of over $66 million in leveraged cryptocurrency positions. The world's largest cryptocurrency by market capitalization increased by over 1.8% in the past 24 hours to $43,317 at 12:00 p.m. ET, according to The Block's Price Page. The price action caused the liquidation of over $15 million in bitcoin leveraged positions, according to Coinglass data.
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💰 Blockchain Parser Discovers Strange Spending of $58.7M Worth of Sleeping Bitcoins From 2017
In the past week, several strange movements of dormant bitcoins have captured the attention of onchain analysts, with nine transactions on Jan. 31, 2024, mobilizing 726 bitcoins that had been stagnant since Mar. 30, 2016. Merely two days after, a staggering 1,210 bitcoins, originating from addresses created on the same date in 2016, were dispatched through 15 individual transactions. On Feb. 4, 2024, a further mysterious tranche of 20 transactions unleashed 715.28 sleeping bitcoins, valued at $31 million according to the current exchange rates.
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💰 Coinbase Sees Positive Setup for Bitcoin as Exhaustion Hits Factors Pressuring BTC
Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed.
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💰 April 2024 Bitcoin Halving Sparks Worldwide Curiosity, Data Reveals
A recent study focusing on the search term “bitcoin” through Google Trends data revealed that curiosity remained subdued even as the price soared above the $50K mark. Yet, anticipation for the forthcoming reward halving has hit a 90-day peak. Slated for April 2024, this significant occasion will slash the pace at which new bitcoins are generated by 50%, sparking widespread interest in the topic.
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🇭🇰 Hong Kong’s crypto futures ETFs experience peak performance amid bitcoin rally
Hong Kong’s three crypto futures exchange-traded funds hit new price highs as bitcoin climbed above $52,000 on Thursday. The CSOP Bitcoin Futures ETF — the first bitcoin futures ETF in Hong Kong — closed up 3.56% on Thursday at HK$20.92 ($2.67), marking an all-time high since its launch in December 2022. The Samsung Bitcoin Futures Active ETF rose by 3.67% to HK$20.32 at the close on Thursday,
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🪙 Ether Traders Target $3.5K as ETH Jumps on ETF Expectations
The ether (ETH) price rose through the $2,700 mark early Thursday for the first time since May 2022 as traders bet on the possibility of a spot ETH exchange-traded fund (ETF) approval in the U.S., a move that could boost its institutional appeal. Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, had all submitted applications for an ether ETF. They already offer spot bitcoin (BTC) ETFs, which were introduced mid-January.
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💰 BlackRock’s spot BTC ETF tops $720M in daily volume, marking highest level to date
BlackRock’s spot Bitcoin ETF — the iShares Bitcoin Trust (IBIT) — surpassed a record high of $720 million in daily volume on Feb. 14 to take the number one spot in terms of volume, according to data from Coinglass. Commenting on IBIT’s more than $700 million in volume on Feb. 14, Bloomberg ETF analyst Eric Balchunas described the trend as a “more unusual second wind strength” for the fund.
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🔐 Ledger teams up with Coinbase to offer direct to cold storage crypto purchases
Leading self-custody wallet Ledger has joined forces with Coinbase to enhance accessibility for self-custody users seeking to purchase cryptocurrencies. According to a Feb. 13 statement shared with CryptoSlate, this collaboration introduces the integration of Coinbase Pay into Ledger Live, simplifying the crypto purchasing process and broadening access for new users.
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🇺🇸 Gary Gensler answers lawmakers about X breach and fake Bitcoin ETF approval
Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), has responded to lawmakers regarding a breach of the SEC’s X account. On Jan. 9, an unknown actor performed a SIM swap attack on the SEC’s X account then published a false message stating that the SEC had approved various spot Bitcoin ETFs. Though the SEC ultimately approved those funds on Jan. 10, the earliest message was inauthentic.
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💰 Lower Bitcoin miner revenue after halving will be bolstered by Ordinals fees: Grayscale
About two months from now, in mid-April 2024, Bitcoin will undergo a massive change, halving its reward for miners that successfully complete a block. Known as "halving" or "the halvening," the event is often seen as bullish for Bitcoin, as several halvings in the past have been followed by sustained increases in the price of Bitcoin. This suggests that while scarcity does sometimes influence price, other factors also play a role," the analysts wrote, citing broader macroeconomic conditions as one factor.
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💰 Bitcoin ETFs hit $10B milestone just one month after approval
The recently launched spot Bitcoin exchange-traded funds (ETFs) completed their first 20 trading sessions hitting the $10 billion milestone in assets under management (AUM). According to data from BitMEX Research, net flows for the nine ETFs reached $2.7 billion on Jan. 9, led by BlackRock's IBIT fund, which currently holds Bitcoin worth $4 billion. The second position is claimed by Fidelity’s FBTC, with over $3.4 billion in BTC under management.
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💰 Bitcoin ETFs Absorb $400 Million In One Day, Surpass $2 Billion Since Launch
Bitcoin spot ETFs recorded $400 million of net inflows on Thursday, bringing their total inflows since launch beyond $2 billion for the first time. In terms of daily flows, Thursday was the third best day yet for Bitcoin ETFs since going live on January 11. Their best performance remains the day of launch when they raked in $655 million in total, followed by January 17 when they absorbed $453 million.
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💰 Bitcoin ETFs (Ex-GBTC) Now Hold More BTC Than MicroStrategy
The recently launched spot bitcoin ETFs, excluding Grayscale's GBTC, added nearly another 5,000 tokens to their holdings Wednesday, and now at more than 192,000 BTC, own more of the crypto than MicroStrategy (MSTR), whose total stood at 190,000 as of the end of January. The funds have only been on the market for less than one month but have already attracted billions of dollars from investors looking to gain exposure to bitcoin without having to buy and store it directly.
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🇹🇭 Thailand waives value-added tax on crypto gains: report
Thailand has extended its value-added tax exemption on cryptocurrency trading in an attempt to develop the country into a digital asset center, according to local media. The Bangkok Post reported on Wednesday that the Ministry of Finance has relaxed rules by suspending the requirement to pay a 7% value-added tax on gains from crypto trading. The tax exemption period became effective on Jan. 1, 2024, without an expiration date, according to the report.
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💰 Grayscale CEO advocates for spot Bitcoin ETF options to gain approval
Grayscale CEO Michael Sonnenshein urged regulators to approve spot Bitcoin exchange-traded fund (ETF) options in a statement on Feb. 5. He noted that the New York Stock Exchange (NYSE) and other national securities exchanges have recently submitted filings that would allow options trading on commodity-based ETFs like Grayscale’s own GBTC fund.
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🇰🇷 South Korean Regulator to Discuss Spot Bitcoin ETF With U.S. SEC: Report
Lee Bok-hyun, the head of South Korea's Financial Supervisory Service (FSS), said he is planning on maintaining talks with the U.S. Securities and Exchange Commission (SEC), and an area of focus will be spot bitcoin exchange-traded funds (ETFs), Hankyung reported on Monday. "I met with SEC Chairman Gary Gensler (this year) and there are areas where we will focus on issues such as virtual asset issues and bitcoin spot ETF," Lee told reporters.
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💰 Legendary investor Jim Rogers says Bitcoin ‘is not a threat’ to governments
According to Rodgers, despite Bitcoin’s growth in its current state, the primary role of the flagship cryptocurrency is that of a trading vehicle and does not pose a threat to governments in terms of replacing existing currencies, he said during an interview with Kitco News published on January 31. He emphasized that governments are unlikely to recognize Bitcoin as a currency, citing concerns about its competition with existing monetary systems.
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