Cryptocurrency

In a similar vein, an Ethereum investor took advantage of the lower prices by acquiring 3,600 ETH, valued at approximately $8.9 million. The timing of the buy suggests a tactical decision, especially considering the investor’s history of profitable Ethereum trades, which have previously netted an estimated $25.8 million in gains.The cryptocurrency market has seen a notable decrease in trading volumes, with Bitcoin experiencing a significant drop. Ethereum’s price has also declined in line with the market trend. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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Surpassing even Tesla (NASDAQ:TSLA)’s notable accumulation, BlackRock’s Bitcoin holdings now rank as the third-largest among public companies, underscoring the swift success of its newly launched ETF. Notably, this remarkable achievement transpired less than a week after the historic debut of spot Bitcoin ETFs on the NASDAQ.According to Bloomberg’s senior analyst Eric Balchunas, IBIT has exhibited remarkable market activity. On Tuesday, Jan. 16, the ETF outpaced all 500 new 2023 ETFs, underlining the heightened interest and trading volume surrounding BlackRock’s cryptocurrency venture.As Grayscale continues to manage a substantial 617,000 BTC, the fund’s lingering influence may pose constraints for the cryptocurrency market. Investors, eager to exit the ETF, could intensify pressure on spot BTC sales on Coinbase, adding a layer of complexity to the evolving landscape.This article was originally published on U.Today More

As such, it is safe to say that the overhyped Ethereum (ETH) upgrade Shapella that allowed stakers to withdraw their coins for the first time since December 2020 did not result in massive unstaking:Ethereum’s (ETH) Shapella was activated in April 2023. As crypto markets were still dominated by bearish sentiment, analysts were expecting withdrawals and consecutive sell-offs of Ethereum (ETH).The Ethereum (ETH) price also managed to go through this event without significant losses: as stakers withdrew 1 million Ethers (ETH) in first week post-Shapella, the ETH price was fluctuating between $2,000 and $2,100.Staked Ethereums (ETH) are mostly profitable, Mr. Ki Young Ju adds. While the realized price for staking inflows is $2,014, the current ETH rate is $2,519. As such, the average Ether “stake” is being held with a significant 25% profit.The aggregated volume of the Ethereum (ETH) staking ecosystem is estimated at a whopping $72 billion, with 4.25% in APY, Staking Rewards data says.Meanwhile, the Cardano (ADA) staking ecosystem added 0.06% in the last seven days and is getting closer to 64%. At the same time, the USD-denominated volume of Solana (SOL) staking is over 200% larger than that of Cardano (ADA).Out of all mainstream altcoins, Mina Protocol (MINA) demonstrates the largest staking ratio: its stakers locked over 91% of the circulating supply.Aptos (APT) and Sui (SUI) follow the Mina Protocol (MINA) with 85%-86% in staking ratio.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 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

The introduction of the MANTA token to exchanges initially resulted in a price surge. However, the token’s value experienced a downturn, dropping by over 5%, following a controversial move by the project’s Korean Business Development representative. The representative sold 2 million MANTA coins, converting them into a substantial amount of Ether.Even with the price volatility and the attack, Manta Network continues to hold a significant position in the market, boasting a market capitalization exceeding $533.99M post-incident. The network is acknowledged for its high total value locked (TVL), underscoring its status as a key player in the blockchain scalability arena.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. 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