Aurelia Butler

This article was originally published on U.Today More

Schiff noticed that Bitcoin (BTC) dropped from $49,000 to below $42,000 in less than a day. As such, the first cryptocurrency brought a double-digit decline to its holders straight after the most anticipated BTC milestone of 2024.Bitcoin (BTC) dropped as the dust settled after the overhyped launch of 11 Bitcoin ETFs in the U.S. Also, as covered by U.Today previously, the migration of liquidity from Grayscale’s OTC trusts might have contributed to the dropdown.SkyBridge Capital founder Anthony Scaramucci called the sell-off of GBTC shares a powerful trigger of the painful Bitcoin (BTC) price drop to two-week lows.As of printing time, the Bitcoin (BTC) price managed to start recovering from the losses: BTC is changing hands over $42,500 on major spot exchanges.While some experts treat the ongoing process as an ordinary “sell the news” event, BitMEX founder Arthur Hayes warned that BTC might turn into an ordinary TradFi asset.Ironically, Hayes’ words are echoed by the SEC Chairman Gary Gensler, who finds that the Bitcoin ETF is contradictory to Satoshi Nakamoto’s vision for his brainchild.This article was originally published on U.Today More

The trader suggests that instead of witnessing a flood of new capital onto the Bitcoin market, what occurred was largely an adjustment of existing positions. The crucial point here is the distinction between trade volume and new inflows, the latter being apparently negligible on the first day.Large accounts with substantial capital at their disposal tend to act with patience and precision. They are likely to avoid the initial frenzy of a new financial product’s launch, waiting instead for the market to stabilize before committing significant funds. From this standpoint, the first day of trading, while not indicative of immediate success in terms of fresh inflows, is not necessarily a failure but rather a period of adjustment.Furthermore, the stability in Bitcoin’s price, remaining within the $45,000 to $48,000 range even post-approval, suggests that the market is in a state of anticipation rather than reaction. This period could be seen as a stage of opportunity.Upon reflection, it seems premature to label the Bitcoin ETF launch as unsuccessful. While the initial inflows may not have met expectations, the infrastructure for large-scale investment is only just taking shape. The prudent strategy for experienced investors — waiting out initial volatility — is a classic approach that may yet bring substantial yields in the long-term future.This article was originally published on U.Today More

In Friday’s trade, BTC plunged as much as 10% to as low as $41,444. After almost a dozen ETFs began trading on Thursday, Bitcoin momentarily surpassed $49,000 for the first time since December 2021.The losses were sustained in early Saturday trading, with BTC down 7.47% in the previous 24 hours to $42,715.According to SkyBridge Capital founder Anthony Scaramucci, sales of Grayscale Bitcoin Trust shares might have partly contributed to Bitcoin’s drop since the commencement of trading of Bitcoin ETFs.On Friday, the share prices of all Bitcoin ETFs fell as well. GBTC, which has been in operation since 2013, had $2.3 billion in volume on Thursday, the most first-day turnover for an ETF.Scaramucci added that the FTX bankruptcy estate is also “unloading” assets amid increasing market activity surrounding the ETF announcement, resulting in very significant selling volume for Bitcoin.Gareth Soloway, a crypto trader, believes that the first big test for Bitcoin is currently at $42,000–$43,000. If this crucial level holds, BTC can begin to rise again. On the other hand, if it breaks, $38,000 may be in play.Despite the current price drop, cryptocurrency bulls believe Bitcoin might reach $100,000 or even $250,000 this year, drawing from the approval of the first-ever U.S. spot Bitcoin exchange-traded fund by the Securities and Exchange Commission (SEC).This article was originally published on U.Today More

The investigation, which began with audits from May 2018 to March 2019, revealed that Genesis had multiple breaches in anti-money laundering protocols and cybersecurity measures. The subsequent inquiry confirmed the company’s non-compliance with stringent virtual currency regulations and cybersecurity standards set by the authorities.Genesis Global Trading has faced legal scrutiny before. It has been embroiled in legal disputes with both the Securities and Exchange Commission (SEC) and the New York Attorney General over allegations of unregistered securities offerings. Additionally, the company has been linked to the now-bankrupt entities Three Arrows Capital and Alameda Research, which have been central to broader industry upheavals.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

This prediction comes amid the surge of activity on the market, amplified by the launch of the spot BTC ETF. Eric Balchunas of Bloomberg ETF noted an unprecedented 700,000 individual transactions on the ETF’s first day, signaling a strong demand for the recently launched product. Despite GBTC trading at a discount, indicative of potential selling and outflow, the collective trading volume across various funds, including IBIT, FBTC and ARKB, was a staggering $4.33 billion.BTC/USD Chart by TradingViewThe options market also tells a tale of considerable activity, with 36,000 BTC options set to expire, having a notional value of $1.68 billion. Ethereum is not far behind, with 262,000 options due, pointing toward dynamic market sentiment.Turning to Bitcoin’s price chart, the market has witnessed a steadfast ascent, with the cryptocurrency consistently finding support above the 50-day and 100-day EMAs — a bullish signal for traders. Current movements suggest a healthy consolidation, with potential for upside continuation.So why does Cathie Wood believe Bitcoin could reach such astronomical levels? Wood’s forecast hinges on several factors. First, the growing institutional adoption positions Bitcoin not just as a store of value for encryption enthusiasts but as a tool for institutional-grade risk diversification. Bitcoin’s fixed supply cap at 21 million coins starkly contrasts with the inflating supply of fiat currencies, potentially driving its value as a deflationary asset.Bitcoin’s network effect, where its value increases with the number of users and transactions on the blockchain, also bolsters Wood’s prediction. Coupled with technological advancements and increased accessibility, Bitcoin’s trajectory seems poised for continued growth.This article was originally published on U.Today More

The decision has sparked a wave of customer dissatisfaction, evident from the flurry of reactions on social media platforms. A number of clients have voiced their displeasure with Vanguard’s choice, with some indicating plans to move their investments to alternative firms that offer crypto products.This development coincides with a downturn in the Bitcoin market, although Vanguard’s exit from Bitcoin futures trading does not directly imply causation for the cryptocurrency’s decreased value. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In the wake of the SEC’s decision, Bitwise Asset Management has emerged with some of the most competitive pricing, setting its ETF fees at just 0.20%. Meanwhile, Grayscale, a long-standing player in the digital asset space, continues to command a higher fee structure, maintaining a rate of 1.5%.The competitive landscape has prompted new entrants to offer fee waivers on initial assets in an effort to establish a foothold in the burgeoning market. This strategy is not limited to newcomers, as established financial giants such as Fidelity and iShares are also recalibrating their fee structures to maintain their competitive edge.Investors are now weighing their options more carefully, with fee structures and the reputation of issuers playing a pivotal role in investment decisions. The market’s attention is also fixed on the SEC’s position regarding Ethereum, as its classification remains uncertain. This ambiguity directly impacts the anticipation and planning for Ethereum ETFs, which could follow Bitcoin’s lead should the SEC provide a favorable ruling.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More