Cryptocurrency

The ongoing inflows into Bitcoin ETFs are helping BlackRock to grow its presence in the cryptocurrency market, making the firm a dominant force. This shows that more and more, Bitcoin ETFs are becoming a big way for institutions to own BTC. As the company increases its holdings, some people think that Bitcoin’s future might change.Many are already projecting a sort of Bitcoin wars in the future, making dystopian predictions that BlackRock will eventually push for the fork of the original BTC chain and then promote its own forked chain as the real one, using all its massive resources to do so. It does not sound like something impossible, but in the current realm it seems more like a conspiracy theory.Such a rapid accumulation of Bitcoin has people wondering where BlackRock will draw the line in its pursuit of dominance in the cryptocurrency market.On the other hand, the financial behemoth faces challenges to its influence from other significant stakeholders in the Bitcoin space, including figures like Michael Saylor with MicroStrategy’s Bitcoin holdings, mining entities, early adopters and millions of individual investors who form a large and decentralized market presence. Whether they will be able to present a solid opposition to BlackRock is another question however.This article was originally published on U.Today More

It’s common to assume that U.S. buyers, compared to buyers from other areas, are selling more frequently, which might be a sign of lower institutional demand in the United States. In the past a positive Coinbase Premium indicated a significant institutional buying power, which typically raises the price of Bitcoin. On the other hand, if the trend persists, a negative premium may indicate impending price volatility or even a downturn.This low premium may indicate a halt in the upward momentum of Bitcoin, which has experienced a resurgence in recent months, particularly if significant institutional interest in the asset doesn’t resurface. After emerging from the previous downtrend channel $65,500 is a key support level for Bitcoin, which is currently trading close to critical levels.If selling pressure keeps rising, a decline below this level could push Bitcoin down to test the $63,000 range, which is another important support level from recent trading activity. On the plus side, Bitcoin may aim for $72,000, which many analysts consider to be the next significant resistance level if buyers regain control and the Coinbase Premium turns positive.A reversal in the premium index would indicate a resurgence of institutional confidence even though Bitcoin has demonstrated resilience around its current price levels. For the time being traders should monitor the $65,500 and $63,000 support levels because a breakdown there might portend more significant corrections.This article was originally published on U.Today More

By holding support above the upper limit of the long-standing descending price channel that characterized a large portion of its recent movement Bitcoin has demonstrated its resilience in the current price action. This move above earlier resistance might now serve as a level of support possibly creating the framework for an ongoing upward trend. If Bitcoin is able to hold above this crucial barrier it might be preparing for a more noticeable upward move.A psychological milestone would be reached if Bitcoin were to reach $72,000, which would also strengthen the momentum it has been gaining in recent months. The argument for this upward continuation is supported by the technical indicators that are currently in use such as the moving average alignment. Maintaining upward pressure will depend on Bitcoin’s ability to remain above the 50-day and 100-day moving averages, which are trending upward and supporting the bullish sentiment.On the daily chart the RSI indicator is likewise displaying consistent momentum without reaching overbought levels, indicating potential for additional growth. Bitcoin must hold above the short-term support levels at $65,000 though in order to confidently aim for $72,000. As a former resistance this support level might offer a strong foundation for Bitcoin to test higher levels without being immediately pressured to sell.This article was originally published on U.Today More

Hoskinson started The Bitcoin Education Project in 2013, providing free, peer-reviewed content on Bitcoin and the digital asset environment. Now, as he noted in a tweet, with Bitcoin “back in the family,” he intends to relaunch the Bitcoin Education Project in 2025 as well as develop a new edition of his course in the educational program.The new edition, according to Hoskinson, will not only update previous content but will also include resources specifically for developers looking to build applications on the Bitcoin network.In a push to expand the programming toolkit available for Bitcoin developers, Aiken education — a modern programming language and toolkit for developing smart contracts on the Cardano blockchain — will be prepared for Bitcoin developers, including hosting on Maestro and using the hyperledger GitHub.Hoskinson also mentioned that with babel fees, Bitcoin developers can develop Hybrid Cardano/Bitcoin applications in Aiken and pay their transaction fees in Bitcoin. “DeFi is coming to Bitcoin, and it will dwarf anything Solana and Ethereum have done,” he said.EMURGO, a founding entity of Cardano, has partnered with BOS to enhance liquidity via the Grail Bridge, enabling trustless bridging of BTC and other Bitcoin assets. Grail Bridge uses zero-knowledge cryptography to let Bitcoin users move their assets securely.This makes Cardano the first major Layer 1 blockchain to plug into BOS infrastructure, opening its ecosystem of crypto features to Bitcoin’s immense capital.This wouldn’t just be a tech milestone, BitcoinOS wrote in a tweet saying it’s the homecoming of the biggest names in crypto back to Bitcoin. This article was originally published on U.Today More

On Oct. 24, BlackRock’s Bitcoin ETF stood out, receiving the bulk of inflows, with $165.54 million.This suggests growing investors’ confidence and interest in the firm’s crypto ETF products. Compared to Grayscale, which pegged its sponsor fee at 1.5%, BlackRock asks for only 0.25%. This lower fee structure could serve as the advantage that makes IBIT more attractive to institutional and retail investors, especially those who wish to balance cost efficiency and exposure.Additionally, it reflects institutional investors’ commitment to getting a slice of the highly speculative crypto market through ETFs. On Friday, ARK 21Shares’ ARKB registered $33.4 million in inflows, while Invesco, Franklin Templeton, Valkyrie and WisdomTree’s products recorded $0 inflows. Generally, the Bitcoin ETF ecosystem is expanding at a fast rate. There is an expectation that Bitcoin ETFs will surpass 1 million BTC in holdings to outshine Satoshi Nakamoto.The total ETF holdings represent 97% of the one million BTC target, and BlackRock is leading the issuers.This article was originally published on U.Today More

Tokenized treasuries — the digital versions of Treasury bonds created on a blockchain such as Ethereum — have racked up a market cap of nearly $2.5 billion, up from around $800M since the turn of the year, according to data from tracker RWA.xyz.”This universe of tokenized treasuries has been growing fast over the past year approaching $2.4bn. And, although much smaller than the $180bn universe of traditional stablecoins, their fast growth has the potential to challenge stablecoin’s dominance in the future,” analysts at JPMorgan said in a recent note.The need for yield-bearing alternatives to major stablecoins such as Tether and USDC/USD, which typically don’t offer interest or share reserve yields, has been driving demand for tokenized treasuries.It makes good regulatory sense for stablecoins to avoid offering interest to its users as doing so would attract further regulatory restrictions, requiring compliance with securities law, JPMorgan said, “thus hindering their current seamless and permissionless use as source of collateral in the crypto ecosystem.”   Stablecoin users, however, aren’t sitting idle willing to stomach the opportunity cost of holding yield-bearing assets. They have been employing various strategies to earn yield on their stablecoins.But these strategies such as secured lending, unsecured lending, basis trade “involve risk and ceding control and custody of their balances,” the analysts said.With U.S. Treasury yields still at multi-year highs, and now expected to remain higher for longer as U.S. economic exceptionalism continues,  tokenized government debt appears to be scratching the ‘need for yield’ itch and could potentially continue to pry away dollars from stablecoins.   Tokenized treasuries offer several advantages over traditional stablecoins. They provide yield to users without the need for risky trading or lending strategies, not require users to cede control or custody of their assets.The market for tokenized treasuries has also been spurred by institutional investors launching tokenized funds, allowing investors access to on-chain offerings with 24/7 liquidity. Blackrock (NYSE:BLK) launched its first tokenized fund, BUIDL, earlier this year on the Ethereum blockchain, allowing investors to redeem their shares or BUIDL tokens for USDC stablecoin through a smart contract at any time, without the need for an intermediary. Some tokenized funds including Blackrock’s BUIDL, which has amassed a market cap of nearly $0.6 million since its launch in April, are also looking to steal stablecoins’ lunch in a key market: the crypto derivatives market.Stablecoins tend to be used as collateral in crypto derivatives trades, with Tether Holdings’s stablecoin USDT and Circle Internet Financial’s USDC among the most widely used tokens for derivatives collateral on exchanges, with market caps of $120B and $34B, respectively. But this very advantage, the offering of yield, that tokenized treasuries are able to dangle in front of investors poses a major headwind in their quest to steal sizable portion stablecoins’ lunch.”Tokenized treasuries fall under securities law which restrict offerings to accredited investors, thus inhibiting broader market adoption,” the analysts  said.BlackRock’s BUIDL, for example, has high entry barriers with a minimum investment of $5 million and restriction on offering these products to accredited investors.Blackrock’s big push to persuade cryptocurrency exchanges to more widely use its digital token shows there is potential to partly replace traditional stablecoins as collateral in crypto derivative trading, but the liquidity or the lack thereof (relative to that of stablecoins), suggest these new kids on the crypto derivatives market block aren’t likely to dominate any time soon.    This regulatory hurdle suggests that stablecoins — boasting a market cap nearing $180B across multiple blockchains and centralized exchanges, ensuring traders receive low transaction costs even for large transactions — aren’t at risk of losing the significant advantage they hold over tokenized treasuries in terms of liquidity, JPMorgan said.This deep liquidity, which is key to seamless trading, implies that tokenized treasuries, with a market cap of around $2.4B, would “eventually replace only a fraction of the stablecoin universe,” JPMorgan said.While the bar to knock stablecoins off their perch is likely to remain high,  tokenized Treasuries are expected to continue to grow by potentially replacing “non-yield-bearing stablecoins in DAO treasuries, liquidity pools, and idle cash with crypto venture funds.” More

The market may move into a more bullish position when a shorter-term moving average crosses above a longer-term moving average. The 50-day EMA for Shiba Inu is currently getting close to the 200-day EMA, which is an essential component of the golden cross configuration. This crossover might spark a surge in fresh buying interest and raise SHIB if it occurs. Even though the golden cross by itself does not ensure a price spike, many people view it as a sign of future growth, particularly when its accompanied by higher trading volume and improved market sentiment. As the asset bounced off important support levels and progressively regained strength, it has already demonstrated some resilience. Although it is too soon to tell whether this golden cross will lead to an instant rally, the developments suggest that Shiba Inu is still competitive. The golden cross could be a powerful indicator of more bullish momentum if it forms successfully in the upcoming days or weeks. All eyes are currently on SHIB’s key moving averages to see if they can sustain this upward trajectory in the direction of the golden cross. The asset’s potential for growth may rekindle interest in it and drive its price higher in the near future.The asset’s downward trend is further indicated by an impending death cross, which occurs when short-term EMAs cross below long-term EMAs. Death crosses have historically been a sign of strong bearish trends, which may portend a much more severe correction for XRP in the future. Following a decline below the $0.50 support level, $0.45 and $0.42 are the next important support levels to keep an eye on. Although these levels might provide short-term respite from selling pressure if the death cross materializes, they are unlikely to stop a protracted downward trend. The death cross, along with breaking support, may make it much less likely that XRP will recover anytime soon.Since the overall technical structure indicates that the trendline may not hold, the chart’s ascending trendline provides little support. With key technical signals pointing downward and momentum waning, XRP’s prospects appear increasingly dire unless it can hold onto its support above $0.50. Before choosing its next course of action, XRP may experience some sideways consolidation if it is able to hold at this level. Given the current technical indicators, however, it appears more likely that there will be further downside. Though the charts suggest otherwise, XRP holders will be keeping a close eye on things in the hopes of a recovery. Bitcoin has demonstrated resilience in recent days, recovering from the crucial $65,000 mark, which now appears to be a crucial area of support. This might be the pivotal point at which Bitcoin rises. A successful hold at this level could signal a reversal and push the asset toward testing $73,000, the next key resistance level. The fight is not over, though. Bitcoin still has trouble breaking higher in order to gain the traction it needs to remain stable above $65,000. The value of $62,800 is another important level to keep an eye on; it is located near the 100 EMA. Bitcoin may indicate a return to the downside and possibly test lower support levels if it is unable to hold this area. Overall, if Bitcoin can hold onto its current support levels, its technical setup suggests room for more gains. A bullish continuation could now be initiated from the upper border of the descending channel. In order to determine whether Bitcoin is truly prepared for a long-term recovery or if further consolidation is in store, traders will be closely observing these levels. With these crucial levels at play, Bitcoin’s next moves will probably determine how it develops over the next few weeks. This article was originally published on U.Today More

Aark Digital recently experienced a security incident in which an unauthorized party accessed and withdrew approximately 1,386,085 USDC and 24.143 ETH. In response, the project has launched 24/7 recovery efforts, while also implementing additional security measures to safeguard against any further unauthorized activity.As part of its recovery strategy, Aark Digital is offering a 15% bounty to the individual responsible, contingent upon the safe and complete return of the misappropriated assets. This bounty, amounting to 225,000 USDC, is intended to incentivize the return of the funds, and additional details are available on Arkham’s bounty platform here.Should a full recovery not occur, Aark Digitial has indicated that it will announce a distribution plan to address the situation appropriately. The organization has set a deadline of 26th October 2024, 15:00 UTC, for the responsible party to respond, stating that it is prepared to pursue legal measures if the funds are not returned within this timeframe.Aark Digital is committed to keeping its community informed throughout this process, emphasizing its dedication to transparency and user security.Aark Digital will continue to release updates on the situation as they become available.About Aark DigitalAark Digital is a blockchain-focused project dedicated to providing secure, innovative solutions within the digital asset space. Committed to transparency and user security, Aark Digital leverages cutting-edge technology and industry best practices to safeguard assets and build trust within its community. Aark Digital aims to advance the growth and adoption of decentralized finance worldwide.ContactManagerHenryAark Digitalhenry@aark.digitalThis article was originally published on Chainwire More