Category: Cryptocurrency News

The fervor surrounding the eagerly awaited Ethereum spot Exchange-Traded Fund (ETF) has hit a roadblock as regulatory silence between the US Securities and Exchange Commission (SEC) and asset managers raises doubts about the imminent approval. Related Reading: Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC Regulatory Riddles Surrounding Ethereum’s Fate Despite the crypto market’s optimistic outlook for Ethereum’s spot ETF, the SEC’s noticeable lack of commentary has set off alarm bells. Eric Balchunas, Bloomberg’s senior ETF analyst, has flagged this radio silence as a “negative sign,” pointing out that the SEC had previously commented on Bitcoin spot ETFs. The absence of dialogue is viewed as a factor diminishing the approval odds each passing day, contributing to an air of uncertainty within the cryptocurrency community. Normally I’d say this was good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on btc ETFs. Further, there’s no court loss hovering over. And the correlations bt futures and spot isn’t… https://t.co/AVMhL1QKGf — Eric Balchunas (@EricBalchunas) March 8, 2024 Adding a layer of complexity is the SEC’s ambiguous stance on Ethereum’s status. SEC Chair Gary Gensler’s recent remarks on whether Ethereum should be considered a security or commodity have created a foggy landscape. This uncertainty becomes a pivotal factor as Ethereum’s potential spot ETF awaits regulatory approval. Unique Position In The Crypto Ecosystem Investors, eager for a diverse range of investment opportunities beyond Bitcoin, have turned their attention to Ethereum. The second-largest cryptocurrency’s appeal lies in its multifaceted use cases, unlike Bitcoin’s primary function as a store of value. Ethereum’s versatility, particularly highlighted by its upcoming “Dencun” upgrade on March 13, promises to enhance transaction processing capacity, reduce costs, and foster a more dynamic ecosystem with varied applications. Ether market cap currently at $484 billion. Chart: TradingView.com The correlation dynamics between Ethereum spot and futures ETF are under scrutiny, with indications that it is weaker compared to Bitcoin. This divergence in correlation adds a layer of pessimism to the market sentiment, prompting investors to carefully navigate the uncertainties surrounding Ethereum’s regulatory approval. Ethereum: Market Dynamics And Institutional Interest As Ethereum gains momentum, institutional heavyweights like BlackRock and Grayscale have expressed interest in Ethereum spot ETFs, mirroring the trend seen with Bitcoin. Investors, sensing a potential approval on the horizon, have begun shifting their focus from Bitcoin to Ethereum. Related Reading: Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag This shift is not only influenced by speculation but also by Ethereum’s fundamental strengths, including ongoing network upgrades and a vibrant decentralized finance (DeFi) ecosystem. Contrary to earlier predictions, Standard Chartered’s foresight places Ethereum’s ETF approval by May 23. This timeline aligns with expectations that the SEC might follow a similar pattern to the drawn-out process witnessed with Bitcoin. The research suggests a trajectory of cautious deliberation, leading to a probable green light. Ether breaking past the $4k barrier. Source: Coingecko Ether’s Market Surge And Altcoin Potential In the midst of regulatory uncertainties and market speculations, Ethereum’s price has recently broken through the $4,000 mark, reflecting investor confidence. This surge is supported by Ethereum’s robust fundamentals, ongoing upgrades, and its pivotal role as a bellwether for altcoin potential. Ethereum’s price trajectory and market dominance are becoming increasingly intertwined with the broader cryptocurrency landscape, shaping the narrative of its imminent spot ETF approval. Featured image from Pixabay, chart from TradingView

The highly anticipated “Web3 Summit Dubai 2024” is scheduled to take place on April 16th-17th, 2024, at the prestigious Atlantis, The Palm hotel in Dubai. This summit marks a significant milestone in the realms of cryptocurrency and financial technology, promising a profound exploration of the future of technology and collaborative industry efforts. Situated on the […]

https://consensus-hongkong2025.coindesk.com/ https://www.thestandard.com.hk/section-news/section/4/261071/Consensus-all-round-as-SAR-lands-crypto-flagship-event HK is going full swing in boosting about this international crypto symposium that will take place in HK and is rumored that it will attract tens to hundreds of thousands of tourists to HK. Past speakers include all the founders of major blockchains. How big is this event really? Is it comparable to…
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With the start of the European trading hour, Bitcoin (BTC) has surged past the significant milestone of $71,000, exceeding its previous all-time high set just last week. This surge can be attributed to a combination of factors that have bolstered investor confidence and triggered a wave of buying activity across the cryptocurrency market. Here’s a closer examination of the four key factors driving this unprecedented rally. #1 London Stock Exchange Embraces Bitcoin And Ethereum ETNs Reported by Bloomberg just prior to the price surge, the London Stock Exchange (LSE) has announced its plans to accept applications for the admission of Bitcoin and Ethereum Exchange-Traded Notes (ETNs) in the second quarter of the year. *LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG — Tree News (@News_Of_Alpha) March 11, 2024 While the exact launch date remains unconfirmed, this move signifies a major step towards mainstream financial markets’ acceptance of cryptocurrencies. The inclusion of crypto ETNs on one of the world’s oldest stock exchanges underscores the growing institutional interest in digital assets and is anticipated to attract a new wave of investors to the crypto market. #2 The Impact Of A Short Squeeze Predictions of a short squeeze propelling Bitcoin prices to new heights came to fruition, as forecasted by traditional finance portfolio manager Bitcoin Munger (@bitcoinmunger) on X. “We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k. New highs are incoming,” Munger predicted. We likely start the week off with a bang, courtesy of the short sellers looking to get squeezed at $70k. New highs are incoming. Tick tock! #bitcoin pic.twitter.com/OFiNmlmc9Y — Bitcoin Munger (@bitcoinmunger) March 10, 2024 This was evidenced by the liquidation of approximately $23.5 million in short positions during Bitcoin’s ascent to $71,000, as per Coinglass data. #3 Tether’s Role In Capital Influx New money was entering the market over the weekend, and last week. Leading stablecoin Tether (USDT) was minted, as on-chain analysis firm Lookonchain reported: “The Tether Treasury minted 2 billion USDT again [yesterday]! And 5 billion USDT has been minted on Tron and Ethereum in just one week!” reported on-chain analysis firm Lookonchain. Related Reading: Bitcoin To $240,000: Analyst Cites Key Narrative As Catalyst One notable transaction involved a whale or institution receiving 261.6 million USDT from the Tether Treasury and depositing it into the Binance exchange, suggesting substantial preparatory activity for major trading operations. After #TetherTreasury minted 2B $USDT, a whale/institution received 261.6M $USDT from #TetherTreasury and deposited it into #Binance.https://t.co/ohBcxqbrzThttps://t.co/Cxs2WfFPCn pic.twitter.com/fvL7Cz5Tvv — Lookonchain (@lookonchain) March 11, 2024 #4 Surging Demand For Bitcoin ETFs The enthusiasm surrounding Bitcoin Exchange-Traded Funds (ETFs) in the United States has been extraordinary. “Bitcoin ETFs have attracted more than $7.5 billion in net new assets since launching in the US on January 11, making many of them among the most successful ETF launches of all time,” noted Matt Hougan, CIO of Bitwise, in a memo to investment professionals. Related Reading: Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000 Hougan further detailed, “At Bitwise, we’ve engaged with registered investment advisors (RIAs), family offices, and venture capital funds among our current buyers. Looking forward, we’re in discussions with major wirehouses, institutional consultants, and large corporations, which represent trillions of dollars in assets.” This insight underscores a growing confidence in Bitcoin ETFs as a mainstream investment option, with expectations of significant capital inflows from these entities starting in the second quarter of 2024, indicating a bullish outlook for Bitcoin’s future. He stated “Based on current trends, I’d suspect we’ll see our first significant flows from [major wirehouses, institutional consultants, and large corporations] in Q2 2024.” At press time, BTC traded at $71,296. Featured image created with DALL·E, chart from TradingView.com

Bitcoin’s price has reached a new all-time high, surpassing the $71,000 mark with the rally still in progress. Over a period of six days, the world’s leading cryptocurrency has seen a more than 40% increase in value, bringing it close to surpassing the $72,000 threshold. The milestone comes approximately 39 days before the anticipated Bitcoin […]

The Central Bank of the Philippines revealed that it aims to conclude the ongoing wholesale CBDC pilot, Project Agila, later this year. The pilot, which currently includes the participation of six local financial institutions, might be the gate for democratizing access to securities according to Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan. […]

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Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted $70,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions. Related Reading: Dogecoin Prospects Looking Good: Top Traders Predict $1 Price Tag Ordinals: A Driving Force Behind Fee Escalation Amidst the fervor of Bitcoin’s price rally, Ordinals transactions have emerged as a driving force behind the surge in transaction fees. Our in-depth analysis reveals that Ordinals, which started the week with approximately 48,000 daily inscriptions, witnessed an extraordinary surge, surpassing 93,000 by March 8th. This surge in daily inscriptions has not only contributed to a substantial increase in fees, with the daily average fee standing at around eight BTC but has also added a staggering $3.8 million to the total network fees for the week. Bitcoin market cap currently at $1.3 trillion. Chart: TradingView.com Bitcoin Fees Break Records, Reflecting Market Dynamism Bitcoin’s fee trend for the week has been nothing short of dynamic. While the initial daily fees stood at around 46 BTC, the momentum gained pace around March 5th, surging to an impressive 103 BTC. Towards the end of the week, the daily fee decreased slightly to around 40.7 BTC. Despite the decline, the overall trend indicates a significant increase in daily fees compared to the preceding week, showcasing the dynamism and resilience of the Bitcoin market. Bitcoin’s Ascent Towards $70K And Its Ripple Effect As Bitcoin teeters on the edge of the $70,000 price range, the cryptocurrency market is on the brink of a potential breakthrough. At the time of reporting, Bitcoin was trading at about $68,950, marking a 10% increase in the last seven days. Bitcoin price action in the weekly chart. Source: Coingecko A Closer Look At Bitcoin’s Fee Surge Examining data provided by IntoTheBlock, it becomes evident that Bitcoin’s recent fee surge is not merely a consequence of its price rise. The notable increase in transaction fees, doubling compared to the previous week, is closely tied to the upward movement in the price of BTC. Bitcoin fees more than doubled this week, with Ordinals-related transactions hitting a monthly high. pic.twitter.com/YXh9oMMYSK — IntoTheBlock (@intotheblock) March 9, 2024 This movement has propelled transaction volumes to their highest levels in months, with NewsBTC’s analysis revealing a staggering volume surpassing $100 billion on March 5th and 6th, a level not witnessed since November 2022. Related Reading: Shiba Inu Mania: Price Surges 60% As Burn Rate Heats Up Over 22,000% Ordinals’ Remarkable Contribution To Bitcoin Fees NewsBTC’s detailed evaluation of Ordinals transactions over the past week sheds light on the remarkable contribution of this sector to Bitcoin’s escalating fees. With daily inscriptions skyrocketing and daily fees averaging around eight BTC, Ordinals has made a significant impact on the cryptocurrency landscape, contributing over $430 million in fees to date. Featured image from Karolina Grabowska/Pexels, chart from TradingView