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Crypto greed index hits highest level since Bitcoin’s $69K ATH – Cointelegraph

Posted on February 14, 2024 by Danzig

The Crypto Fear and Greed Indexa major tool tracking the market sentiment in cryptocurrency markets has hit highs not seen since Bitcoinreached its all-time highs (ATH).

According to data on the website Alternative.me, the Crypto Fear and Greed Index surged as high as 79 on Feb. 13, reaching its highest level since mid-November 2021, when the Bitcoin (BTC)pricepeaked at $69,000.

The latest spike of greed in the Crypto Fear and Greed Index came shortly after Bitcoin passed $50,000 on Feb. 12. The cryptocurrency has been seeing a solid rally over the past few months, adding about 13% to its value year-to-date, according to data from CoinGecko.

Hitting 79 points for the first time in more than two years means the Crypto Fear and Greed Index has moved into the extreme greed zone, which happens when the value of the index exceeds 74.

The Crypto Fear and Greed Index previously touched the extreme greed score of 76 on Jan. 11 amid the hype around the launch of spot Bitcoinexchange-traded funds (ETFs) in the United States.

The ongoing Bitcoin rally and the new spike of greed comes a month after U.S.-based spot Bitcoin ETFs launched, potentially signaling that short-term selling associated with the ETF approval news is over. In late 2023, ARK Invest CEO Cathie Wood predicted that some investors would sell the news of spot Bitcoin ETF approval in the short term.

That would be very short-term because what we think is going to happen here is that the SEC is going to be giving the spot Bitcoin ETF the green light for institutional investors to participate, Wood stated.

Related: Bitcoin looks to surpass Meta in total value as crypto climbs

The Crypto Fear and Greed Index is calculated based on signals that impact the behavior of traders and investors, including Google Trends, surveys, market momentum, market dominance, social media and market volatility. The index comprises 25% of market volatility, 25% of market momentum and 15% of social media trends and other indicators.

Despite the Crypto Fear and Greed Index providing insights into the state of the crypto market, individual traders or investors are recommended to still do their research concerning the tools suitable for their investment goals.

Magazine: Wen Notcoin listing? MetalCore beta & more: Web3 Gamer

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Crypto greed index hits highest level since Bitcoin's $69K ATH - Cointelegraph

US files notice to sell $130M in bitcoin linked to Silk Road agent – Blockworks

Posted on January 28, 2024 by Danzig

The United States filed a notice to sell over $130 million in bitcoin linked to the Silk Road forfeitures.

The public notification lists two lots of bitcoin that the government plans to sell.The first is roughly 2,800 BTC for roughly $129 million. The second, smaller, lot would sell 58 BTC for about $3 million.

The bitcoins are linked to Ryan Farace, who was sentenced in Maryland last year to 54 months in prison on a charge of money laundering conspiracy.

Farace and his father, Joseph, were found guilty of laundering bitcoin initially used for drug trafficking that should have been forfeited to the US. Farace, initially convicted in 2018, claimed to not have access to bitcoin used for darknet transactions.

However, he and his father were found to have conspired in an attempt to transfer more than 2,874 Bitcoin to a third party, so that the funds could be moved into a foreign bank account.

According to their guilty pleas and other court documents, in November 2018, Ryan Farace was convicted in U.S. District Court in Maryland for a scheme to manufacture and distribute [Xanax] in exchange for Bitcoin through sales on darknet marketplaces, a Department of Justice press release said.

The first lot of bitcoin was also tied to Shaun Bridges, a former Secret Service agent and part of the Baltimore Silk Road Task Force.

Bridges was sentenced to a six-year prison term in 2015 in connection with the theft of BTC during the US governments investigation of the Silk Road dark marketplace.

According to admissions made in connection with his guilty plea, Bridges admitted to using a private key to access a digital wallet belonging to the U.S. government, and subsequently transferring the bitcoin to other digital wallets at other bitcoin exchanges to which only he had access, a Department of Justice press release said.

Both Faraces were ordered to forfeit their bitcoin, while Bridges agreed to turn over the stolen bitcoin to US agents.

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US files notice to sell $130M in bitcoin linked to Silk Road agent - Blockworks

Spot bitcoin ETF net outflows hit highest level yet on day 9 of trading – Blockworks

Posted on January 28, 2024 by Danzig

Spot bitcoin ETFs saw the highest level of net outflows in a single day on Wednesday as flows into BlackRocks product slowed.

The 10 US funds holding BTC directly endured outflows of $158 million on their ninth day of trading, according to Bloomberg Intelligence data the highest in a single day thus far.

Grayscale Investments Bitcoin Trust ETF (GBTC) continued to weigh the group down, with $429 million leaving the fund.

Read more: As GBTC outflows continue, will the largest bitcoin ETF be dethroned?

While BlackRocks iShares Bitcoin Trust (IBIT) saw inflows of $66 million, the gains were a notable dip from previous days. IBIT had reeled in $272 million and $160 million on Monday and Tuesday, respectively.

Fidelity Investments Wise Origin Bitcoin Fund (FBTC) led the slate of bitcoin ETFs on Wednesday with inflows of roughly $126 million.

The $158 million of outflows marked the third consecutive day of combined outflows for the 10 spot bitcoin ETFs.

These two drivers will fuel Bitcoin’s rebound: ‘It’s happened often before’ – DLNews

Posted on January 28, 2024 by Danzig

Bitcoin rebounded overnight after falling some 20% from its $49,000 high earlier in the month. Two things will drive the cryptocurrencys recovery, according to analysts.

Noelle Acheson, author of the Crypto is Macro Now newsletter and former head of research at Genesis, said on X that the drop experienced over the past two weeks will likely to be short-term, as ETF-related buying will continue as GBTC exits wane, and as geopolitical tension pushes more savings into a hedge asset.

The slide in prices showed signs of subsiding overnight.

Having fallen below the $39,000 mark, Bitcoin is now back trading over $40,000 by 1 pm UK time, up 3% since Tuesday.

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In the meantime, were seeing a glimpse of market sanity, she said as mispriced rates outlooks are being corrected.

Its happened often before, and given the tailwinds ETFs, halving, currency turmoil the market is likely to recover, especially as dip-buyers step in, Acheson said.

The recovery follows the US Securities and Exchange Commissions approval of 11 spot ETFs earlier this month, bringing Bitcoin exposure to American investors and institutions.

In the end only 10 of the issuers approved launched spot Bitcoin ETFs, as Hashdex decided not to convert its existing futures ETF into a spot fund.

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The halving refers to the process in which the network automatically, irreversibly halves the amount of Bitcoin miners can earn from appending blocks of verified transactions to the Bitcoin ledger.

Based on current estimates, the next halving will happen around mid-April.

So why did Bitcoin wobble?

The arrival of spot ETFs followed the old Wall Street adage of buy the rumour, sell the news, said Chris Kuiper, director of research at Fidelity Digital Assets.

Open interest, the total number of futures contracts held by market participants, rose towards the end of 2023 in anticipation of ETFs, Kuiper said, and the speculative fever could also be seen in the spike in perpetual futures funding rates.

The recent spat of selling and downward trend in prices doesnt suggest the long-term bull market trend has been broken, Kuiper concluded.

Furthermore, nothing in the core Bitcoin investment thesis has been invalidated, he added.

Fidelity Digital Assets research chief had warned that volatility could spike just a week before ETFs were approved and Bitcoin began to drop.

Grayscales GBTC has seen near $4 billion in outflows since the fund converted to an ETF, causing a drag on the price of Bitcoin, according to JPMorgan.

Investors had been locked into GBTC for years, including bankrupt firms such as FTX and BlockFi. The conversion to an ETF offered an off-ramp for firms in need of liquidity, and likely explains some of the selling pressure in recent weeks, according to JPMorgan.

Grayscales is also feeling the heat from other firms including Wall Street giants BlackRock and Fidelity that charge investors a fraction of GBTCs 1.5% management fee.

BlackRock, the worlds largest asset manager, charges just 0.12%, 138 basis points lower than Grayscale.

While the GBTC selloff has been labelled a drag on the price of Bitcoin, another factor was the changing macroeconomic outlook.

In December, the US Federal Reserve made several dovish signals, which traders took to mean that interest rate cuts were on the horizon. Consequently, the price of Bitcoin went up.

Those hopes are now fading as traders change their outlook on rates. The market prices in a 75% chance of an interest rate cut in March just one month ago, this has since fallen to 50% on the back of hawkish statements from central bankers.

Lower interest rates benefit risk assets like Bitcoin as investors take more risk in search of returns.

Bitcoins 24/7 nature means it can often adjust to changes in outlook and sentiment ahead of other assets. Its often a better indicator of liquidity sentiment than stocks, in that it is one of THE most sensitive assets to monetary conditions, said Noelle Acheson.

Over the past few days, weve seen a steep revaluation of rate cut expectations. Bitcoin is reacting to that, while stocks arent, she said.

Eric Johansson is DL News News Editor. Adam Morgan McCarthy is a Markets Correspondent at DL News. Tyler Pearson is a Junior Markets Correspondent at DL News. If youve got a hot crypto tip, please reach out to us at eric@dlnews.com, adam@dlnews.com and ty@dlnews.com.

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These two drivers will fuel Bitcoin's rebound: 'It's happened often before' - DLNews

Bitwise executive confirms ETF received $400 of unsolicited Bitcoin – CryptoSlate

Posted on January 28, 2024 by Danzig

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Bitwise executive confirms ETF received $400 of unsolicited Bitcoin - CryptoSlate

Buy these high-risk crypto stocks to play what may prove an explosive year for bitcoin, Bernstein says – CNBC

Posted on January 4, 2024 by Danzig

Investors should take a long position in crypto now or be sorry later, says Bernstein. The Wall Street firm published an extremely bullish 2024 crypto market outlook this week, predicting bitcoin will hit a new all-time high in the second half and could close the year at about $80,000, or roughly 88% above current levels. It also forecasts bitcoin will reach $150,000 in 2025. "We expect 2024 to be a break-out inflection year for crypto," Gautam Chhugani, Bernstein's lead crypto analyst, wrote in the note. "Not being long crypto strategically via a funds business or directly via digital asset ownership, or indirectly via crypto equities would prove costly for investors." Bernstein recommended bitcoin mining stocks, which offer a higher beta or higher risk and higher potential reward than bitcoin itself. Riot Platforms and CleanSpark are Bernstein's preferred picks. Chhugani said both companies are "market share consolidators" whose self-mining capacity gives them a strong operational edge against rivals. They also benefit from low power and production costs, high liquidity and balance sheet flexibility. "We are also in a favorable macro[economic climate], with rates peaking, inflation declining and chances of monetary stimulus in a major election year globally," Chhugani added. "We are not brave enough to be circumspect, and we like bitcoin and bitcoin mining stocks way too much here." Bitcoin has been in an uptrend for months as traders grow more convinced that the U.S. Securities and Exchange Commission will soon approve a spot bitcoin ETF. Many expect approval as early as this month. Still, although the cryptocurrency is off to a rocky start in 2024, it climbed more than 12% in December and soared 157% for 2023. Elsewhere, the Bernstein note also said ether is poised to benefit this year following its underperformance relative to bitcoin in 2023, when it nonetheless almost doubled, surging 89%. "We expect the Ethereum narrative to get stronger post the Bitcoin ETF approval, as the focus shifts to the Ethereum spot ETF applications by the same group of asset managers," Chhugani said. "We expect an Ethereum ETF approval by June 2024." CNBC's Michael Bloom contributed reporting.

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Buy these high-risk crypto stocks to play what may prove an explosive year for bitcoin, Bernstein says - CNBC

Bitcoin’s ‘genesis’ block of transaction was created 15 years ago – Blockworks

Posted on January 4, 2024 by Danzig

The Times 03/Jan/2009 Chancellor on brink of second bailout for banks

That was the message contained in bitcoins first-ever transaction block on Jan. 3, 2009. Today marks the 15th anniversary of that event.

The so-called genesis block featured what was then a 50 bitcoin (BTC) block subsidy worth a whopping $2.1 million at todays prices and the message above, referring to the economic turbulence of the day when bitcoin went live.

Months earlier, bitcoins pseudonymous creator, Satoshi Nakamoto, first published the protocols white paper, which outlined a system for digital money that didnt rely on a trusted central administrator. The white papers 15th anniversary was observed last October, as Blockworks previously reported.

Nakamoto played a central role in overseeing the protocols progress in its early years, but by 2010 had largely faded from public view.

As of the time of writing, the bitcoin network has processed 824,210 blocks, each occurring roughly though not precisely every ten minutes.

The anniversary comes during an auspicious time in bitcoins history.

The price is hovering above $40,000 a far cry from the days before bitcoin ever traded against the dollar. Bitcoin has become more deeply enmeshed in the global financial system, a state of affairs perhaps reflected best in the push by major institutions like BlackRock and Fidelity to create exchange-traded products that hold BTC.

The US Securities and Exchange Commission appears poised to potentially approve such a product, though todays price declines reflect what may be lingering anxieties around those prospects.

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Bitcoin's 'genesis' block of transaction was created 15 years ago - Blockworks

Bitcoin (BTC) Bears’ $145 Million Bloodbath: $45000 Price Surge Pulls Liquidations Up By U.Today – Investing.com

Posted on January 4, 2024 by Danzig

U.Today - The cryptocurrency market has witnessed a crucial surge in the (BTC) price, hitting a $45,000 high that resulted in a significant volume of liquidations. In a startling move that caught many off guard, the market saw liquidations amounting to $145 million. A majority of these were short positions, where traders had placed bets on a market reversal at the start of 2024, only to be swept away by unexpected bullish momentum.

This sudden and robust price action on Bitcoin is a clear indication of the continuation of the bull run, signaling a potent start to the year. A breakthrough above the $45,000 mark not only indicates good things for market sentiment but also fortifies the belief that the bullish market is continuing. The next major event on the horizon is the anticipated approval of a spot Bitcoin ETF in the second week of January.

Source: Investors, while optimistic, should brace for volatility as the market might experience a "sell the news" event post-ETF approval. Such events typically occur when the price of an asset rises in anticipation of a positive event and then falls after the event occurs as traders take profits.

The moving averages on the chart present a strong bullish pattern, with the price now well above both the 50-day and the 200-day moving averages, suggesting a strong uptrend. The 50-day moving average, in particular, appears to be acting as dynamic support for the price, indicating sustained bullish pressure.

Volume bars show an increase in trading activity around the breakout point, confirming the momentum behind the move. The Relative Strength Index is ascending toward overbought territory, reflecting the strong buying pressure that has accompanied the recent price surge.

This article was originally published on U.Today

Bitcoin (BTC) Bears' $145 Million Bloodbath: $45000 Price Surge Pulls Liquidations Up By U.Today - Investing.com

Bitcoin falls 8% on anti-ETF news, analysts remain confident – Blockworks

Posted on January 4, 2024 by Danzig

After an early positive start to 2024, crypto prices took a turn Wednesday, leaving investors and analysts searching for answers.

Earlier in the week, bitcoins price had seen an upswing, fueled by growing anticipation around the possibility of the US Securities and Exchange Commission approving a bitcoin ETF. However, the mood shifted when bitcoins (BTC) value dropped by 8% early Wednesday to around $40,800, falling from its highs of close to $46,000 on Tuesday.

Some have attributed this downturn to a report from Matrixport, a crypto financial services platform. Matrixports analysis suggested that the SEC is likely to reject all bitcoin spot ETF applications in January. However, ETF experts are skeptical of the companys findings, labeling the speculation as misguided.

Matrixport analysts said the SECs voting group is dominated by Democrats and Chair Gensler is not embracing crypto in the US, and therefore an ETF approval is far off.

Read more: Fees, seeds and APs: What we know and dont know about the planned bitcoin ETFs

Matrixport added that a denial from the SEC will lead to cascading liquidations as we expect most of the $5.1 billion in additional perpetual long Bitcoin futures to be unwound.

We could see Bitcoin prices declining by -20% very quickly and falling back to the $36,000/$38,000 range, Matrixport added.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, said Matrixports claims would have made more sense back in the fall. Given the extensive meetings the SEC has held with potential issuers, the products are all but a done deal, safe for interference from the highest levels of government.

While traders may have been spooked by Matrixports pessimism, other analysts say there are other factors at play.

A more likely reason for the drop is an overheated market, Noelle Acheson, author of the Crypto is Macro Now newsletter, said. BTC basis the spread between the futures price and the spot price, and an indicator of trader sentiment had reached stretched levels, even on the usually sober CME.

Premiums on bitcoin futures contracts hit more than $2,000 Tuesday, a sign some experts say points to increased interest in the asset.

Usually the spot and futures market for bitcoin trade at the same price, Michael Zhao, researcher at Grayscale, said. However, because the CME futures price of bitcoin is higher relative to the spot price, one could hypothesize that there is institutional anticipation for a market event like the spot bitcoin ETF approval, given its been bid up so hard.

Matrixport may be bearish on ETF prospects, but the firm said it is confident that regulators will green light another crypto operation in 2024: a rebooted version of the bankrupt FTX exchange.

While the announcement of FTXs winning bid could occur in December 2023, we project the exchange to be operational by May or June 2024, analysts from Matrixport wrote in a research note published in November 2023.

In its latest reorganization plan released in mid-December 2023, FTX did not include information about whether it would attempt to restart the exchange.

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Bitcoin falls 8% on anti-ETF news, analysts remain confident - Blockworks

SEC holds urgent meetings with Nasdaq and NYSE to discuss Bitcoin ETFs – crypto.news

Posted on January 4, 2024 by Danzig

The SEC is holding meetings today with major exchanges, including the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange (CBOE), regarding spot Bitcoin ETFs.

The information was revealed by a Fox Business journalist earlier today, bringing some sense of relief for the wider crypto community after crypto services firm Matrixport reported that the SEC would likely reject all ETF applications in January. This report triggered a major liquidation in todays market, as the crypto market lost more than $540 million in just four hours.

SCOOP: The @SECGov is holding meetings today with the exchanges (@Nasdaq, @CBOE, @NYSE) to finalize comments on the 19b-4s submitted by the $BTC Spot ETF issuers.

Despite Matrixports report of a possible denial, Bloombergs analysts have claimed that no substantial evidence pointing towards a rejection of the ETFs has been reported.

People tagging me like crazy on this rejection report. We have heard nothing to indicate anything but approval but I want to give the guy benefit of doubt so Im asking if he has any sources or if he just speculating. He seems to be bitcoin bull and recently tweeted https://t.co/KV7k4NXtba

There was a brief debate on X between Bloomberg analyst Eric Balchunas and Matrixports Markus Thielen, who published the potential rejection report. Thielen clarified that the report wasnt based on any comments from SEC insiders or the ETF applications. However, he cited consensus among researchers to reach this prediction and has turned bearish on Bitcoin.

My report is not based on issuer, nor on SEC insider comments. Obviously this is massively out of consensus. I do think the SEC will vote it down. And yes, after being the biggest bull all year (predicted 45k by Xmas on Feb 1), I turned bearish today but the arguments were ready

However, todays meeting suggests a more optimistic outlook, aligning with broader market expectations of a possible approval by the SEC, potentially as soon as the following week. Jan. 10th has been identified as a critical date, marking a deadline for the numerous spot Bitcoin ETF applicants.

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SEC holds urgent meetings with Nasdaq and NYSE to discuss Bitcoin ETFs - crypto.news

Cboe approves registration for listing Fidelity spot Bitcoin ETF no SEC approval yet – Cointelegraph

Posted on January 4, 2024 by Danzig

The United States-based exchange Cboe accepted the registration for listing shares of a spot Bitcoin (BTC) exchange-traded fund proposed by Fidelity Investments.

In a Jan. 3 filing with the U.S. Securities and Exchange Commission (SEC), the Fidelity Wise Origin Bitcoin Fund said it intended to register its shares as securities listed on the Cboe BZX Exchange. The Form 8-A filing, while part of the process of registering an ETF with the SEC, did not necessarily suggest the commission would approve the investment vehicle.

My understanding here is that this is just a securities registration, said Bloomberg ETF analyst James Seyffart on X (formerly Twitter). In order to list the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document. No 19b-4 yet [...] Im still looking towards next week.

Seyffart pointed to Bitwises spot Bitcoin ETF registration with NYSE Arca, filed on Dec. 29, but both filings dont mean theyre approved or anything yet, according to the analyst. Volatility Shares Trust filed Form 8-A with the SEC in June ahead of its launch to list shares of a leveraged Bitcoin futures ETF on the Cboe BZX Exchange.

Many on social media seemed confused at the distinction between full SEC approval of a spot Bitcoin ETF and the registration with a U.S. exchange. Some experts, including Seyffart, have speculated that the commission could approve multiple spot BTC exchange-traded product applications ahead of a Jan. 10 final deadline for a crypto investment vehicle from ARK Invest and 21Shares.

Related: Likely rejection or smooth sailing? Experts weigh in on potential spot Bitcoin ETF

Despite many applications from asset managers, including Bitwise, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie and VanEck, the SEC has never approved a spot BTC exchange-traded product for listing and trading on a U.S. exchange. In June 2023, BlackRock the firm with roughly $9 trillion in assets under management applied for a spot Bitcoin ETF in the United States.

While the SEC has not approved any spot crypto ETF, it has given the green light for investment vehicles linked to BTC and Ether (ETH) futures. Many in the industry have suggested that approving a spot in Bitcoin ETF could increase crypto adoption and potentially increase the acceptance of blockchain technology.

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Cboe approves registration for listing Fidelity spot Bitcoin ETF no SEC approval yet - Cointelegraph

VC roundup: blockchain storage, rollups, and Bitcoin rewards draw investors – Cointelegraph

Posted on January 4, 2024 by Danzig

The crypto fundraising space keeps showing consistent and gradual recovery, with millions injected into startups rounds of all sizes in December. Among the months highlights, venture capital firm Foresight Ventures disclosed a third $10 million accelerator dedicated to companies exploring artificial intelligence, Bitcoin Ordinals and direct-to-consumer protocols, while Hong Kong-based GBA Capital also pledged $10 billion to establish a Web3 fund.

In Asia's biggest blockchain series funding round, South Korean nonfungible token (NFT) developer Line Next raised $140 million from a consortium spearheaded by Crescendo Equity Partners, a private equity firm backed by Peter Thiel.

According to data from Messari, there was an impressive 81% surge in the total deal volume in the last quarter of 2023, reaching $3.83 billion. Among the key investment rounds over the past three months were Blockaid securing $33 million, Ritual raising $25 million, Drift with a $23.5 million round, Blast at $20 million, and Privy closing a deal at $18 million.

Cointelegraphs venture capital (VC) roundup outlines some of December's most successful ventures.

Bitcoin startup Lolli has raised $8 million in a series B round led by BITKRAFT Ventures, according to an announcement on Dec. 14. Participants in the round included previous backers such as Serena Williams' Serena Ventures, as well as new investors like Sfermion, Ulta Beautys Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, and MZ Web3 Fund. Lolli provides shoppers with Bitcoin and cash back rewards at a number of retailers, including Ulta Beauty, Groupon, and Booking.com. The company claims to support over 25,000 stores and has allegedly given out more than $10 million in Bitcoin rewards since its creation in 2018. With the funds raised in the round, Lolli intends to expand its rewards services to other enterprises, including payment service providers.

NodeKit has raised $1.2 million in a pre-seed round to develop its shared sequencer on Avalanche Subnet for decentralized rollups. The round was led by Borderless Capital with participation from Avalanches Blizzard Fund, Polygon Ventures, Wormhole Cross-Chain Ecosystem Fund, and angel investors such as Avails Anurag Arjun. NodeKit's SEQ focuses on optimizing performance, robustness, and interoperability for rollups, thus allowing a decentralized network of validators. "Further, rollups integrating with SEQ will gain new cross-chain interoperability. This interoperability is possible because SEQ orders blocks for multiple rollups, allowing for atomic inclusion using atomic bundles within the same block," the startup said in a statement. SEQ is one of the first initiatives to leverage Avalanches HyperSDK toolkit. On testnet, HyperSDK has hit 140,000 transactions per second.

The venture capital arm of crypto exchange HTX (formerly Huobi) invested in at least two new companies in December. According to announcements, HTX Ventures portfolio now includes Academic Labs, a platform that uses AI and Web3 technology for digital assets education, and Cumulus Encrypted Storage System (CESS), a blockchain-powered decentralized storage and content delivery network (CDN) infrastructure for Web3. HTX Ventures has not disclosed how much it invested in the companies. However, CESS revealed that the funding round attracted a total of $8 million from various investors, including HTX Ventures. Academic Labs offers education in software development, trading strategies, business English, and startup foundations using adaptive artificial intelligence and NFTs to gamify practical learning. CESS, on the other hand, offers a platform for on-chain data sharing and value transactions, allowing developers to build and deploy DApps. In both rounds, funding will support projects expansions and product developments.

The Interchain Foundation (ICF) announced a $26.4 million budget for its funding program in 2024. According to an announcement, the capital will be used to maintain and develop the Interchain Stack, an open-source and decentralized blockchain ecosystem or blockchain-based apps and services. Projects underwritten by the program include Binary Builders, Confio, Cosmology, Informal Systems, Strangelove Ventures, and Zondax. The Interchain Foundation supports the Cosmos network and its ecosystem. Its roadmap for the coming months includes expanding composability of the Cosmos SDK, as well as investments on the CometBFT platform, on the Inter-Blockchain Communication Protocol, along with funding for the smart contract framework CosmWasm, for the CosmJS library, and security audits for the Interchain Stack.

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Grayscale in talks with JPMorgan, Goldman Sachs for Bitcoin ETF role: Report – Cointelegraph

Posted on January 4, 2024 by Danzig

Crypto asset manager Grayscale Investments isreportedly in talks with firms, including JPMorgan and Goldman Sachs, about a potential role in its proposedspot Bitcoin (BTC) exchange-traded fund (ETF).

Bloomberg reported on Jan. 4 that Grayscale held talks with both investment banks for the role, citing sources familiar with the matter. It comes less than a week after Grayscale filed an amended S-3 application with the United States Securities and Exchange Commission but didnt list any authorized participants.

Meanwhile, an earlier media report alsosuggestsGoldman Sachs is in discussion with BlackRock to act as an authorized participant for its ETF, citing sources familiar with the matter.

BlackRock previously amended its S-1 filing to name quantitative trading firm Jane Street and JPMorgan as authorized participants in its proposed ETF.

An authorized participant plays a key role in managing an ETF, as it facilitates the creation and redemption of shares in the fund.An ETF issuer can name multiple financial firms to act as authorized participants.

Notably, ETF applicants arent required to name authorized participants in their S-1 or S-3 filings, meaning that other financial firms could still come on board.

Related: Likely rejection or smooth sailing? Experts weigh in on potential spot Bitcoin ETF

While JPMorgan has already been named as an authorized participant for several proposed spot Bitcoin ETFs, Goldman Sachs could join other Wall Street giants, including Cantor Fitzgerald and Jane Street, which have been given an authorized participant role for other ETF issuers.

Goldman Sachs has historically held a neutral stance toward cryptocurrencies and the digital asset sector. In a Dec. 27 interview with Fox Business, Goldmans head of digital assets, Matthew McDermott, said that a Bitcoin ETF approval would help the crypto market mature and invite increased institutional investment into digital assets more broadly.

A spot Bitcoin ETF has never been approved in the United States. However, ETF analysts predictthe likelihood of approval is 90% before Jan. 10.

There are currently14 asset managers are looking to issue a spot Bitcoin ETF, which would provide institutional investors with direct and regulated exposure to Bitcoin in the United States.

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Grayscale in talks with JPMorgan, Goldman Sachs for Bitcoin ETF role: Report - Cointelegraph

Coinbase exec claims spot Bitcoin ETF is not overhyped – CryptoSlate

Posted on January 4, 2024 by Danzig

Coinbase country head for Singapore Hassan Ahmed believes the approval of a spot Bitcoin exchange-traded funds (ETF) will be the catalyst for a structural market change for the flagship digital asset.

Ahmed made the statement during an appearance on CNBC International on Jan. 2. He said:

[The ETFs] are as big a deal as people are making it out to be.

Ahmed added that the ETF hype is more than a mere trend and will create a regulated path for trillions of dollars to come into the industry that has so far been locked out of the asset class.

Ahmed said that the SEC is currently making way for the ETFs, which have been in the works for more than a decade now. He said it is likely that the SEC will give the industry an update by the Jan. 10 deadline.

According to the Coinbase exec, the SEC is unlikely to reject the spot ETFs as its hand has been forced by approving the futures Bitcoin ETF in the past. Since the two are similar structurally, the regulator does not have a good reason to continue rejecting them.

He added that the regulators recent actions point to a positive outcome; however, nothing is a done deal.

Ahmed said that once these ETFs are approved, it will further destigmatize and legitimize Bitcoin for institutional investors like wealth managers and asset managers in the U.S. who have been waiting on the sidelines for years now.

The ETFs will almost certainly lead to increased demand for the flagship cryptocurrency.

Ahmed pointed out two key catalysts for Bitcoin in 2024: an increase in demand and a reduction in supply due to the upcoming halving event. He posited that these factors could lead to explosive growth for Bitcoin.

Ahmed added that the demand for Bitcoin block space is rising on the back of Ordinals and Inscriptions, which has led to BTC transaction fees hitting a relative high since 2020.

According to the Coinbase executive, this trend will lead to additional miner revenue and network security in the long term.

The potential approval of this ETF is seen as a pivotal moment in the cryptocurrency sector, indicating a growing acceptance and institutional interest in digital assets. This development, Ahmed suggests, could provide a compliant and familiar channel for asset managers and allocators to engage with the asset class.

Coinbase exec claims spot Bitcoin ETF is not overhyped - CryptoSlate

Bitcoin plunges $3K in just 2 hours on 15th anniversary of genesis day – Cointelegraph

Posted on January 4, 2024 by Danzig

The original cryptocurrency Bitcoin (BTC) experienced sudden, massive and sharp outflows on the15th anniversary of its genesis day, erasing most of its gains over the past 30 days.

Bitcoin tumbled below $42,000 on Jan. 3, losing at least $3,000 of value in just two hours, according to data from CoinGecko. On CoinMarketCap, Bitcoin dropped to as low as $40,700 from its intraday high of$45,600 recorded at the time of writing.

At the time of writing, Bitcoin is trading at $42,608, down nearly 6% over the past 24 hours, CoinGecko data shows. The cryptocurrency is also down 1.5% over the past 14 days while seeing almost no gains over the past 30 days.

The sharp drop in BTCs price came as digital financial services platform Matrixport retracted its recent forecast that the United States Securities and Exchange Commission would potentially approve the first spot Bitcoin exchange-traded funds (ETFs) in January 2024.

Matrixport took to X (formerly Twitter) on Jan. 1 to express confidence that Bitcoin would surge to $50,000, driven by factors like an imminent Bitcoin spot ETF approval. The firm also stated that a potential spot Bitcoin ETF approval could be announced even ahead of most traders expectations for approval on Jan. 8, 9 or 10.

Just a day after issuing a forecast on possible approvals in 2024, Matrixport made a U-turn on its prediction, updating its forecast on Jan. 2 to claim that the SEC willreject all Bitcoin spot ETFs in Januaryand that spot Bitcoin ETF approvals wont come before Q2 of this year.

Related:Peter Schiff says spot Bitcoin ETF could crash BTC price

The community reacted quickly to Matrixports controversial forecasts, with many accusing the firm of manipulating Bitcoins price.

Bitcoin investor Alistair Milne noticed that Matrixport was founded by Jihan Wu, a Chinese billionaire crypto entrepreneur and co-founder of the crypto mining firm Bitmain. Industry analyst James Van Straten noted that Wu is a prominent supporter of Bitcoin Cash, a hard fork of Bitcoin created in 2017.

If anyone believes anything that Matrixport publishes, I have a bridge to sell to you, the analyst wrote.

Some major spot Bitcoin ETF observers have also reacted to the news. We have heard nothing to indicate anything but approval but I want to give the guy benefit of doubt so Im asking if he has any sources or if he just speculating, Bloomberg ETF analyst Eric Balchunas wrote on X.

"To be clear tho: not saying rejection outright impossible, Balchunas later stated, adding, But weve heard nothing to indicate that.

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Bitcoin plunges $3K in just 2 hours on 15th anniversary of genesis day - Cointelegraph

Bitcoin Falls as $540M is Liquidated From Crypto Market in 4 Hours – Watcher Guru

Posted on January 4, 2024 by Danzig

In a move that has shocked the entire industry, Bitcoins fall has led to more than $540 million being liquidated from the crypto market in just 4 hours. Indeed, the asset has dropped due to Spot Bitcoin ETF rejection concerns. Specifically, it has fallen as much as 9% over the last 24 hours alone.

Financial services firm, Matrixport, recently released a report anticipating Bitcoin ETF rejections across the board. Indeed, it expressed concern with the US Securities and Exchange Commissions (SEC) willingness to approve the product. Ultimately, it projected initial denials at the upcoming January 10th deadline.

JUST IN: $540,000,000 liquidated from the #crypto market in the past 4 hours.

Also Read: Bitcoin Price Falls Amid Speculation of ETF Rejection

Through the closing months of 2023, Spot Bitcoin ETF decision dominated the digital asset sector. Experts across the board were discussing the potential impact of approval. Moreover, the likelihood of such an approval occurring in the first week of January became the prevailing thought.

However, that changed due to a recent report highlighting the potential for widespread rejections. Subsequently, that speculation has led to a massive drop in Bitcoins price, and more than $540 million liquidated from the crypto market in the last 4 hours alone.

Also Read: Bitcoin Breaks $45,000: Eyes on $50,000 Before ETF Decision

Bitcoin (BTC) celebrated the new year by surpassing the $45,000 mark for the first time since 2022. However, that quickly changed course, as the last 24 hours have seen the cryptocurrency drop as much as 9%. In turn, most of the January 1st gains were retracted, with massive liquidations across derivatives exchanges taking place.

Just last week, Reuters reported that a Bitcoin ETF approval could come as soon as Tuesday or Wednesday, according to their sources. However, Matrixport noted the failure of the applications to meet critical requirements that will precede the rejection of the investment product by the SEC.

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Bitcoin Falls as $540M is Liquidated From Crypto Market in 4 Hours - Watcher Guru

Bitcoin’s price risk slumping to $36k if SEC denies ETF applications, Matrixport warns – CryptoSlate

Posted on January 4, 2024 by Danzig

The U.S. Securities and Exchange Commission (SEC) might end up rejecting all applications for a spot Bitcoin exchange-traded fund (ETF) because they fall short of a critical requirement, digital asset management firm Matrixport wrote in a Jan. 3 note.

This comes a day after Matrixport said Bitcoin could pump to $50k before the weekend.

Instead, the firm stated that the regulator might approve these applications by this years second quarter.

The platform pointed out that SEC Chair Gary Genslers attitude towards crypto remains negative as he has consistently noted the industrys lack of compliance.

According to the firm, Genslers consistent emphasis on the industrys regulatory compliance gaps signals a potential vote against the ETF, which could otherwise catalyze widespread investment in crypto.

An ETF would certainly enable crypto overall to take off, and based on Genslers comments in December 2023, he still sees this industry in need of more stringent compliance, Matrixport said.

Matrixport further highlighted that most voting commissioners approving such funds align with the Democratic party, a faction known for harboring anti-crypto sentiments. Notably, figures like Senator Elizabeth Warren, a prominent Democrat, have drawn criticism from stakeholders due to her less favorable stance on the crypto space.

Additionally, Matrixport emphasized that the regulatory authorities lack political incentives to greenlight a spot ETF, which would confer legitimacy upon Bitcoin as an alternative store of value. This absence of motivation raises doubts about the likelihood of swift approval by regulatory bodies.

This prediction contradicts the general sentiments in the market, with several observers suggesting that the regulator might approve the various pending applications by the end of the week.

Matrixport stated that BTCs price could fall to as low as $36,000 if the SEC rejected the applications.

If there is any denial by the SEC, we could see cascading liquidations as we expect most of the $5.1 billion in additional perpetual long Bitcoin futures to be unwound. We could see Bitcoin prices declining by -20% very quickly and falling back to the $36,000/$38,000 range, Matrixport added.

Due to this, the firm advised investors to hedge their long exposure by buying the $40,000 strike puts for the end of January or even taking short positions against the assets price.

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 5.99% over the past 24 hours. BTC has a market capitalization of $836.57 billion with a 24-hour trading volume of $41.37 billion. Learn more about BTC

BTCUSD Chart by TradingView

At the time of press, the global cryptocurrency market is valued at at $1.64 trillion with a 24-hour volume of $97.84 billion. Bitcoin dominance is currently at 51.14%. Learn more

Bitcoin's price risk slumping to $36k if SEC denies ETF applications, Matrixport warns - CryptoSlate

Bitcoin nears key weekly close as analyst says 20% BTC price dip ‘over’ – Cointelegraph

Posted on January 28, 2024 by Danzig

Bitcoin (BTC) held near $42,000 on Jan. 27 as late-week BTC price gains made traders confident about fresh upside.

Data from Cointelegraph Markets Pro and TradingView showed classic cool weekend price action entering, with $41,800 as a focus.

The day prior saw 5% upside, with Cointelegraph reporting on improving market conditions relative to past weeks.

The same topics were on the radar outflows from exchange-traded funds (ETFs), sell pressure from defunct exchanges FTX and Mt. Gox and the incoming block subsidy halving.

In his latest YouTube update, Michal van de Poppe, founder and CEO of MN Trading, nonetheless told viewers that he believed the current BTC price correction to be over.

Between now and Aprils halving, he foresaw a trip to long-term range highs, but did not discount the possibility of taking liquidity in the mid to low-$30,000 zone.

Perhaps were going to have one more run to $48,000 prior to it, then a final correction, he summarized.

Van de Poppe argued that the negative influence of FTX, Mt. Gox and GBTC maneuvers would become less noticeable in time.

Bitcoin is likely consolidating from here, between $37-48K for the coming months, he added in a subsequent post on X (formerly Twitter).

As Cointelegraph noted, not everyone believes that Bitcoin is out of the woods some continue to see a return to $30,000 or even lower in the coming months.

Continuing on shorter timeframes, popular trader and analyst Rekt Capital drew attention to the significance of the upcoming weekly close.

Related:3 reasons why Bitcoin hitting $38.5K marked the ETF dip

Great reaction from Bitcoin this week as it slowly positions itself to reclaim the range it had lost earlier this week, he continued.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin nears key weekly close as analyst says 20% BTC price dip 'over' - Cointelegraph

No bitcoin ETFs at Vanguard? Here’s why – Vanguard

Posted on January 28, 2024 by Danzig

Kadjeski: Investors have a lot of choices these days when it comes to where to save for their retirement, invest for their kids' education, and hold their emergency savings. Investors who come directly to Vanguard do so because they know we put their interests firstand that is reflected in what products and services we do and don't have on the shelf.

The easy step for us would have been just to allow full access to crypto-related products. But as a firm and a brokerage platform, we're purposely structured to meet the needs of our investor-owners, most of whom are long-term, buy-and-hold investors.2

Jackson: In Vanguard's view, crypto is more of a speculation than an investment. This is at the root of our decision to not offer crypto products, whether our own or others. With equities, you own a share of a company that produces goods or services, and many also pay dividends. With bonds, you get a stream of interest payments. Commodities are real assets that meet consumption needs, have inflation-hedging properties, and can play a role in certain portfolios. While crypto has been classified as a commodity, it's an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio.

Morningstar recently published a perceptive article pointing out that even a modest 5% allocation to bitcoin in an otherwise traditional balanced portfolio can drastically raise its risk profile.3 This is driven, in large part, by bitcoin's extreme volatility.

Kadjeski: Over just the past three years, the price of bitcoin has increased by as much as 150% and declined by as much as 77%. Double-digit percent price drops are routine among cryptocurrencies. Remember that you need a 100% return just to make up for a 50% decline. And the more volatile an asset, the more tempting it is to trade. At Vanguard, our products and services are designed with the goal to help investors save more, trade less, and take a long-term approachnot chase trends and churn their portfolios.

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No bitcoin ETFs at Vanguard? Here's why - Vanguard

Bitcoin drops under $50K as on-chain data and BTC market structure hint at profit-taking – Cointelegraph

Posted on February 14, 2024 by Danzig

Bitcoin (BTC) breached $50,000 on Feb. 12 for the first time since December 2021 after rallying 15% in February.

However, as shown on the daily chart, BTC currently faces overhead resistance at $50,000, and the price retraced by over 2% on Feb. 13 after the United States Consumer Price Index report indicated 3.1% annual inflation, which was higher than the consensus expectation.

Bitcoin holders have enjoyed a positive start to 2024, but data from blockchain analytics firm Glassnode suggests that the market may enter a transitional phase. Long-term BTC holders have spent more than 300,000 BTC since November 2023.

Since 2021, Bitcoin has registered a daily close above $50,200 for only 141 days, accounting for 2.84% of its trading history. The current price puts a majority of investors in a favorable position, where they may start taking profits. In fact, only 13% of the total supply is in a state of loss above $48,000. This data set coincides with BTCs recent unspent transaction output (UTXO) ratio data.

UTXO refers to a transaction output that can be used as input in a new transaction. The UTXO ratio is defined as the number of transactions in profit or loss by comparing the price when a particular UTXO was created or destroyed.

When the UTXO ratio is high, it means the coins havent moved since they were created during that transaction. After BTC reached $50,000, the UTXO ratio reached 96.62%, which signaled that investors were beginning to see more profit.

On the other hand, short-term holders (STHs) have undergone a reset. During the spot exchange-traded fund (ETF) rally, the STH supply in profit peaked at 100%, but BTCs correction to $38,000 reduced its average to 57.5%.

Meanwhile, spot Bitcoin ETFs witnessed high net inflows last week. According to Bloomberg senior ETF analyst Eric Balchunas, the net cumulative flows for 10 ETFs reached over $3 billion. Additional data from a CoinShares report also highlighted that the total crypto assets under management reached $59 billion, the highest since 2022.

The strong Bitcoin ETF inflow has pushed the Coinbase premium index into a premium, indicating rising buying pressure on the exchange.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin drops under $50K as on-chain data and BTC market structure hint at profit-taking - Cointelegraph

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