Browsing:Market

BlackRock's iShares Bitcoin Trust saw substantial inflows of $73.4 million
2 days ago 0 mins read

BlackRock’s IBIT ETF draws $73.4M as Bitcoin market faces downturn and outflows

On April 15, BlackRock’s iShares Bitcoin Trust (IBIT) saw substantial inflows of $73.4 million, whilst Grayscale’s Bitcoin Trust (GBTC) encountered notable withdrawals, leading to a net outflow of $110 million from worldwide Bitcoin investment products. Market volatility has been influenced by geopolitical concerns and the impending Bitcoin halving. The conditional licensing of spot crypto ETFs in Hong Kong has the potential to attract some $25 billion from mainland Chinese investors, who may choose to participate in these ETFs via the Southbound Stock Connect. Anticipations after the Bitcoin halving are varied, since several experts forecast a substantial divestment by Bitcoin miners.

Hong Kong approves its first Bitcoin ETF, signaling a significant push in the crypto market
4 days ago 1 min read

Hong Kong approves its first Bitcoin ETF, signaling a significant push in the crypto market

Hong Kong has granted approval for its inaugural Bitcoin exchange-traded fund (ETF), representing a notable milestone in the realm of crypto. The Bitcoin ETF, overseen by China Asset Management (Hong Kong) in partnership with OSL Digital Securities and BOC International Prudential Trusteeship, provides investors with a direct opportunity to profit from the price of Bitcoin. Furthermore, this strengthens Hong Kong’s appeal as a prominent center for crypto trading and investment. The program has now encompassed a position in Ether ETF, so broadening investing prospects within the realm of digital assets. The approval of this ETF by the SFC highlights Hong

Ethereum ETFs in the US are being met with doubt and uncertainty as a result of the SEC failure to effectively communicate with supporters.
4 days ago 1 min read

The US SEC’s silence casts doubt on Ethereum ETF approvals, worrying industry leaders

Ethereum exchange-traded funds (ETFs) in the United States are being met with doubt and uncertainty as a result of the Securities and Exchange Commission’s (SEC) failure to effectively communicate with supporters. CEOs Jan van Eck and Eric Balchunas have voiced apprehensions on the likelihood of approval, namely for the month of May. Eric Balchunas, Bloomberg’s Senior ETF Analyst, has revised the probability of approval to 35% as a result of the ongoing lack of response from the SEC. Several applications for spot Ether ETFs are now delayed without any recent revisions, while seven additional proposals are still pending comments from

Binance executive's tax evasion case in Nigeria postponed
6 days ago 1 min read

Binance executive’s tax evasion case in Nigeria postponed, next hearing set for April 19

Tigran Gambaryan, a high-ranking Binance executive in Nigeria, has been apprehended for the act of deliberately avoiding tax payments and is currently being prosecuted, along with the firm, for failing to fulfill specific tax obligations and purportedly assisting customers in evading taxes. Justice Emeka Nwite delayed the proceedings after Gambaryan had lately became aware of the charges. Gambaryan’s imprisonment by the EFCC, a separate federal agency, was the cause of the delay in serving the charges. The Central Bank Governor has accused Binance of facilitating $26 billion worth of untraceable transactions, hence emphasizing the existing friction between the government and

Recent filings with the US SEC show a notable surge in Bitcoin ETF acquisitions by American banks and financial institutions on Wall Street.
1 week ago 1 min read

The US SEC filings reveal top US banks and Wall Street giants are now investing in Bitcoin ETFs

Recent filings with the US Securities and Exchange Commission (SEC) show a notable surge in Bitcoin exchange-traded fund (ETF) acquisitions by American banks and financial institutions on Wall Street. This suggests a movement towards embracing crypto within the traditional financial industry. The Form 13F filings reveal a more significant institutional involvement in Bitcoin, potentially impacting its broader adoption and market valuation. American banks and financial institutions on Wall Street have made investments in Bitcoin exchange-traded funds (ETFs), demonstrating their confidence in the cryptocurrency. American National Bank has made a financial investment in Ark’s ETF, while Park Avenue Securities has acquired

Polkadot (DOT) has over 600,000 active addresses
2 weeks ago 1 min read

Polkadot (DOT) has over 600,000 active addresses on-chain by the end of March

Polkadot (DOT) has a substantial surge in active addresses, surpassing 600,000 active on-chain addresses by the end of March. Out of all the addresses, a significant portion, specifically 41%, are linked to the Moonbeam cross-chain smart contract platform. Additionally, 191,000 addresses were specifically created on the Polkadot platform. There has been an increase in the number of distinct accounts that have balances larger than zero, with a total of around 5.59 million accounts as of the end of March. Nevertheless, the network’s transaction volume continues to be minimal, with a total monthly transaction volume of 11.58 million. The DOT token

Ripple is developing a new digital currency linked to the US dollar
2 weeks ago 1 min read

Ripple enters stablecoin market with U.S. dollar-backed digital currency, promising transparency

Ripple is developing a new digital currency linked to the US dollar, hoping to compete with Tether and Circle. The US dollar-linked stablecoin will be backed by cash, bonds, and deposits, with Ripple promising transparency via regular updates. The business intends to launch comparable stablecoins in Europe and Asia, competing Tether’s USDT and Circle’s USDC. Ripple CEO Brad Garlinghouse cites previous stability difficulties with these competitors as a major cause for the stablecoin endeavor. Despite a potential litigation with the United States Securities and Exchange Commission regarding XRP sales, Ripple is hopeful about a fair conclusion and expects a considerably

Bitwise seeks UK SEC approval for Ethereum ETF
3 weeks ago 1 min read

Bitwise seeks UK SEC approval for Ethereum ETF

Bitwise has submitted an application for an Ethereum Exchange-Traded Fund (ETF) after achieving favorable results with its Bitcoin ETF. The application incorporates a correlation study between ETH and BTC, with the objective of presenting evidence to the SEC that an Ethereum ETF should be granted permission based on shared characteristics in market dynamics. Bitwise is diversifying its investment portfolio by entering the Ethereum market with the introduction of the Bitwise Ethereum Strategy ETF (AETH), which provides investors with the opportunity to trade Ethereum futures. Bitwise’s ETF proposal distinguishes itself from other rivals by not include any mention of staking, which

This Hedge Fund goes long on Bitcoin
3 weeks ago 1 min read

This Hedge Fund goes long on Bitcoin, short on MicroStrategy due to valuation doubts

Kerrisdale Capital is allocating funds to Bitcoin investments while simultaneously taking a position against MicroStrategy shares. The rationale for this move is the belief that the market value of MicroStrategy’s stock far surpasses its actual worth, which is mostly derived from its Bitcoin holdings. The hedge fund contends that MicroStrategy’s software business has become inconsequential in comparison to its Bitcoin holdings, making a little contribution to the company’s total value. Kerrisdale also examined MicroStrategy’s financial tactics, including leveraging debt and issuing more shares, which resulted in a rise in its Bitcoin holdings but a decrease in its Bitcoin per share

BlackRock CEO Larry Fink sees a promising future for Bitcoin
3 weeks ago 1 min read

BlackRock CEO Larry Fink sees a promising future for Bitcoin, driving investor interest

Larry Fink, the CEO of BlackRock, has voiced his belief in Bitcoin, a digital currency that has attracted the market’s attention owing to its transparency and substantial investor interest. This positive outlook arises from Bitcoin’s significant expansion and increased use in the financial industry. Fink’s views have great importance as they exemplify a transition towards accepting crypto in the realm of conventional finance. The unexpected increase in Bitcoin, especially among retail investors, has taken many people by surprise. BlackRock’s Bitcoin ETF, IBIT, has seen exponential growth since its introduction, making it the fastest-growing ETF in recorded history. Fink also mentioned

US lawmakers have formally petitioned SEC Chair Gary Gensler to provide more precise regulations on digital assets like as Ethereum (ETH)
3 weeks ago 1 min read

Lawmakers demand SEC clarity on ETH, pressing for definitive digital asset regulations

A coalition of Republican members of Congress, including influential heads of House committees, has formally petitioned SEC Chair Gary Gensler to provide more precise regulations on digital assets like as Ethereum (ETH) and their safekeeping by Special Purpose Broker-Dealers (SPBDs). The letter from the MPs on March 26 emphasizes the need of regulatory openness in order to facilitate compliance for enterprises operating in the digital asset industry. The letter emphasizes the SEC’s hesitancy to accurately classify assets, resulting in an ambiguous definition of “digital asset securities.” The request pertains to the categorization of Ethereum as a security or not, in

SEC faces lawsuit challenging its crypto airdrop rules, seeking clearer industry guidelines
3 weeks ago 1 min read

SEC faces lawsuit challenging its crypto airdrop rules, seeking clearer industry guidelines

The US Securities and Exchange Commission (SEC) is being sued in order to get clarification on the legal classification of bitcoin airdrops. The action, filed by the DeFi Education Fund (DEF) and Texas-based clothing company Beba Collection, challenges the Securities and Exchange Commission’s (SEC) ambiguous regulatory position on cryptocurrencies. Specifically, it questions the categorization of crypto airdrops as securities. The central issue in the action is to the SEC’s management of the BEBA token. The plaintiffs are seeking legal validation that the BEBA tokens, which were given without charge for promotional reasons, do not qualify as securities. The DEF has