Cryptocurrency

Later this year, PlanB expects the price of Bitcoin to soar beyond the all-time high (ATH) to a high of $100,000. It is worth noting that this has been PlanB’s call for some time now. The difference this time is the presence of spot Bitcoin Exchange Traded Funds (ETFs) following the granted by the United States Securities and Exchange Commission (SEC) on Jan. 10.In the long term, PlanB said he expects the price of the top cryptocurrency to touch a high of $532,000. The veteran trader pegged the timeline for this extremely bullish price call in 2025. As revealed in the accompanying YouTube Video, PlanB backed his price forecasts using his iconic Stock-2-Flow model, thus granting additional legitimacy to the projections as a whole.The top Bitcoin investor believes the spot Bitcoin ETF products will catalyze the price of Bitcoin to $1 million per coin in the long term. While this is a far cry from the coin’s current price of $46,257.75, Samson Mow , and he wants a lone accolade when the coin hits that historic high.This article was originally published on U.Today More

(Reuters) – Several exchange-traded funds (ETFs) tied to the spot price of bitcoin will start trading in the U.S. on Thursday before the bell in a landmark moment for the cryptocurrency industry that has been demanding regulatory approval for more than a decade. The green light from the U.S. Securities and Exchange Commission finally came late on Wednesday as it approved 11 such ETFs, ending months of negotiations with top asset managers such as BlackRock (NYSE:BLK), Ark Investments/21Shares, Fidelity, Invesco and VanEck.”The approval has the potential to simplify and secure Bitcoin investments for a broader investor base, which may reshape the dynamics of cryptocurrency investments,” said Rajeev Bamra, senior vice-president of digital finance at Moody’s (NYSE:MCO) Investors Service. BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust began trading in early premarket hours. VanEck Bitcoin Trust, Invesco Galaxy Bitcoin ETF, and ARK 21Shares Bitcoin ETF are expected to start soon. RACE FOR MARKET SHARE The regulatory nod is expected to start an intense competition for market share among the issuers who have already lowered the fees for the products well below the U.S. ETF industry’s standard. Analysts at Bernstein estimated that bitcoin ETF flows will build up gradually to cross $10 billion in 2024 in its race to $80 billion by the end of next year. “Bitcoin ETFs are expected to be an intensely competitive asset accumulation game, with 11 leading asset managers launching together,” the brokerage said in a note. Since all the ETFs tracking an asset’s price are designed to deliver the same return to investors, fees tend to dictate market share. The issuers have disclosed fees as low as 0.20% and some have offered to waive it off for a particular period or until it accumulates a set amount in assets.Many ETFs issuers, including Bitwise and VanEck, have already begun marketing their products by releasing ads that tout bitcoin as an investment. In the run up to the SEC decision, bitcoin, the world’s biggest and best-known cryptocurrency, had surged more than 150% in 2023. The market capitalization of bitcoin was more than $900 billion as of Jan. 10, according to CoinGecko. “It (the approval) could lead to substantial inflows from institutions interested in entering the cryptocurrency market,” Bamra of Moody’s said. The SEC had earlier rejected all spot bitcoin ETFs on investor protection concerns. Hopes of a change in its stance gained ground last year after a federal appeals court ruled that the agency was wrong to reject Grayscale’s application to convert its existing Bitcoin Trust into a spot bitcoin ETF.CRYPTO STOCKS GAINCryptocurrency-related stocks climbed with bitcoin miners such as Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) rising 4.2% and 5%, respectively, in premarket trading. Bitcoin investor Microstrategy (NASDAQ:MSTR) gained 2.5% and crypto exchange Coinbase (NASDAQ:COIN) 4.4%, while the ProShares Bitcoin Strategy ETF, which tracks bitcoin futures, added just 0.4%.Shares of retail trader-focused brokerage Robinhood (NASDAQ:HOOD) rose 3%. More

Other major cryptocurrencies have also seen positive movements. BNB, XRP, Cardano, and Dogecoin all posted gains, contributing to the market’s bullish sentiment. Solana, while making more modest weekly progress, increased by 0.22%. Additionally, Polkadot and Shiba Inu recorded weekly increases of 6.27% and 4.33%, respectively. Polygon stood out with a substantial 10.15% rise today.The overall crypto market capitalization has reached a new milestone at $1.77T, which is a 3.7% increase from the previous figures. This surge in market cap is supported by a total market volume of $112.21B over the last 24 hours.Despite the general uptrend, there were some cryptocurrencies that did not share in the gains. Bonk, Lido DAO, Bitget Token, Stacks, and UNUS SED LEO were among the day’s biggest losers, each experiencing a downtrend in their respective prices. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The iShares Bitcoin Trust aims to provide a cost-effective and convenient way for investors to track the price of bitcoin. Dominik Rohe, Head of Americas iShares ETF and Index Investing business at BlackRock, stated that IBIT addresses some of the challenges and operational burdens that have previously deterred investors from directly investing in bitcoin.BlackRock’s iShares boasts over two decades of experience, offering more than 1,300 ETFs globally. The firm manages assets worth $3.12 trillion as of September 30, 2023, and has facilitated market access for over 43 million investors worldwide.The Trust’s value is closely linked to bitcoin’s acceptance, industry developments, and governance changes. It is subject to the extreme volatility inherent in digital asset markets, as well as risks associated with the loss, theft, or compromise of private keys. BlackRock emphasizes that the Trust’s security procedures are designed to protect its assets, but there is no guarantee that they will be effective against all potential threats.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

“Through IBIT, investors can access bitcoin in a cost-effective and convenient way,” said Dominik Rohe, Head of Americas iShares ETF and Index Investing business at BlackRock (NYSE:BLK).IBIT helps to remove some of the obstacles and operational burdens that may prevent investors, from asset managers to financial advisors, from directly investing in bitcoin.With over 20 years of experience and more than 1,300 ETFs globally, iShares has helped over 43 million investors access the market1. Every iShares ETF unlocks access to institutional grade technology and professional risk management expertise in the convenience of the ETF wrapper.To learn more about the iShares bitcoin ETF filing visit https://www.sec.gov/Archives/edgar/data/1980994/000143774924001125/bit20240109_424b3.htm More

The approval includes ETFs from Grayscale, Bitwise, and Hashdex, among others.Grayscale confirmed it received approval from the SEC to convert its Grayscale Bitcoin Trust to a spot bitcoin ETF.SEC Chairperson, Gary Gensler, said the Grayscale court decision prompted the approval. He added that the approval will bring more oversight.The endorsement is seen revolutionizing the landscape for bitcoin, providing both institutional and retail investors with access to the largest cryptocurrency globally without the need for direct ownership.Bitcoin last traded up fractionally to $45,706. It is up 67% over the last 3 months in anticipation of the ETF approvals. More

The Grayscale Bitcoin Trust, which was established in 2013 and began public quotation in 2015, holds approximately 3.16 percent of the total Bitcoin in circulation as of January 9, 2024. The transition to a spot Bitcoin ETF format is anticipated to enable the trust to more accurately reflect the value of its underlying Bitcoin holdings, net of expenses, through registered share issuances and the facilitation of simultaneous creations and redemptions.Grayscale’s CEO, Michael Sonnenshein, expressed gratitude for the SEC’s thorough review and the support of GBTC’s investors throughout the process. He emphasized the importance of this development for GBTC investors and the broader potential of cryptocurrencies.Current GBTC shareholders are not required to take any action in relation to the uplisting. Once listed on NYSE Arca, the trust aims to issue additional shares on a registered basis under the Securities Act of 1933.Grayscale’s move to list GBTC on the NYSE Arca is seen as a pivotal step for the fund and for investors looking for regulated investment avenues into the digital currency space. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Curiously, in April 2021, Elon Musk did a similar thing prior to his debut on the Saturday Night Live show. The centibillionaire then called himself This pushed the Dogecoin price up significantly, and after Musk’s debut as an SNL anchor, the original meme cryptocurrency, DOGE, surged to an all-time high of $0.7376 on May 8.At the time of this writing, Dogecoin is changing hands at $0.07828, trading almost 90% below the historic peak reached in 2021. A month before that, on April 14, the Bitcoin price jumped to a historic high of $64,800, also thanks to Elon Musk.In February of the same year, Musk shocked the cryptocurrency community with his announcement that Tesla had purchased $1.5 billion worth of Bitcoin and put it on the company’s balance sheet. Aside from that, Tesla started selling its electric automobiles for BTC. A few months later, however, Musk dropped Bitcoin as a payment option over controversial fears that Bitcoin mining is harmful to the environment.He stated that the company will resume accepting BTC for its e-cars as soon as miners begin drawing at least 50% of energy for Bitcoin minting from renewable sources. This milestone was achieved later that year, however, Tesla never again started accepting Bitcoin payments.Earlier today, the flagship cryptocurrency surged by more than 9%, breaking above the $47,000 level.This article was originally published on U.Today More