Cryptocurrency

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 expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.This article was originally published on U.Today More

There have always been some forms of criticism about Bitcoin, especially from prominent figures like CNBC’s Mad Money Host Jim Cramer, JPMorgan CEO, Jamie Dimon and Peter Schiff. The network statistics presented by the Ark Invest CEO validate the counterargument that shows Bitcoin has value, and most importantly, that it has a high level of security.Cathie Wood noted that Bitcoin’s intricate network is “orders of magnitude larger than the combined size of the clouds that Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT) have built over the last 15-20 years.”These comments were a direct response to the post from Yassine Elmandjra, Ark Invest’s director of digital assets, who highlighted that Bitcoin’s hash rate has hit an all-time high (ATH) of 500 exahashes/s this month. Yassine shared insane statistics, including how Bitcoin, by the number of raw operations per second, performs approximately 500x more than the world’s most powerful supercomputer.However, the ecosystem has continued to grow, with the United States Securities and Exchange Commission (SEC) validating this growth when it approved 11 spot Bitcoin Exchange Traded Fund (ETF) applications from the likes of Ark Invest and BlackRock (NYSE:BLK).While this move has given corporate investors exposure to the protocol, the forthcoming Bitcoin halving event is also a major indicator that the coin is designed with much intentionality in hopes of making it as valuable as it is turning out to be today.Amid all the positive trends surrounding it, Bitcoin has dropped by 3.38% in 24 hours to $41,401.15 to lead the ongoing market’s bearish consolidation.This article was originally published on U.Today More

Starting from today, Huobi account holders have the ability to deposit HTX tokens into their accounts. Moreover, on Monday, users will be presented with the opportunity to convert their existing HT tokens to HTX. Those who opt to convert early will benefit from favorable rates, incentivizing a swift transition to the new token.Looking ahead to February 2, 2024, Huobi is set to introduce an array of benefits for HTX holders. These perks include discounts on trading fees, which could potentially attract a larger user base and increase trading volumes on the exchange. The platform’s efforts to enhance user experience and value through these initiatives indicate a strategic move to strengthen its market position.Additionally, Huobi has outlined a long-term plan for HTX, including the establishment of an HTX DAO listing and further enhancements to the platform’s offerings. These updates are part of Huobi’s broader strategy to improve its ecosystem and provide more governance power to its users.Users interested in the HT to HTX conversion have a considerable period to make their decision, as the exchange has set a deadline of January 20, 2025, for the completion of this process. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

This change comes despite Ethereum experiencing a significant increase in trade volume. However, unlike Bitcoin, which has seen a rally fueled by the anticipation of spot exchange-traded fund (ETF) approvals, Ethereum’s price has not followed suit with similar speculative growth. In the backdrop of these market movements, the Ethereum network is undergoing substantial upgrades. These improvements have been successfully implemented on testnets, signaling progress in the network’s development. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Back then, Buterin had responded to a question about the possibility of building Ethereum on top of Bitcoin, expressing concerns about potential conflicts with Bitcoin’s development team. He cited fears that protocol rules might change, making it difficult for him to build on a base protocol at odds with his vision.Fast forward to January 2024, and Wright seized the opportunity to comment on Buterin’s past remarks. He argued that Ethereum only exists due to centralized development teams that have the power to alter the protocol. Wright mused about the hypothetical scenario of having everything built on Bitcoin, envisioning a more streamlined and less fragmented system.While Ethereum has achieved considerable success as a platform for smart contracts and applications, Wright argues for the stability and originality of Bitcoin’s protocol.Moreover, it revives the centralization debate in both cryptocurrency ecosystems. On the one side is OFAC’s censorship of ETH transactions; on the other side is the enormous concentration of BTC in the hands of whales and miners.This article was originally published on U.Today More

Over the past few months, Keiser made a similar ultra-bearish prediction about Solana (SOL), also expecting its price to crash. It happened at the very start of January, when SOL faced a 15% drop, falling from $110 to $96 quickly.This time, he published a tweet, calling XRP “centralized garbage” and stating that it is “going to $0.01.”In the summer of 2023, Keiser commented on a tweet published by Ripple supporter and advocate John Deaton, founder of CryptoLaw U.S. Deaton’s tweet was about Bitcoin maximalists and the SEC, the Securities and Exchange Commission of the U.S., which started a long-running legal process against Ripple Labs in late 2020, claiming XRP to be an unregistered security.In his other tweets, Keiser often slams ADA, XRP, SOL and other top cryptocurrencies as securities and founders of Cardano and Solana as scammers.Since Thursday last week, the Ripple-affiliated cryptocurrency XRP has declined by more than 11%, following Bitcoin, which also crashed on the same day. It first surged on the news of spot Bitcoin ETFs approval by the SEC, along with the rest of the crypto market, but then Bitcoin began a large decline and so did ETH, XRP, SOL, SHIB and other top cryptocurrencies.On Friday, XRP saw three consecutive red candles, pushing it nearly 5% down to $0.52288. By now, however, the coin has made a slight recovery, changing hands at $0.54583.Keiser has been recently tweeting about Bitcoin that the $220,000 scenario he had predicted earlier is “still in play.”This article was originally published on U.Today More

Johnson underscored the company’s commitment to blockchain innovation, which is not new to Franklin Templeton’s strategic initiatives. The firm has previously engaged in tokenization efforts using blockchain technology, showcasing its proactive approach to incorporating digital assets into traditional investment frameworks. The introduction of a spot Bitcoin ETF further cements Franklin Templeton’s position at the forefront of integrating cryptocurrency into mainstream finance.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More