Markets

BlackRock Bitcoin ETF Largest, RoaringKitty Fuels Meme Coins

Published

8 months ago

3 June, 2024

FinCrypt Staff

BlackRock Bitcoin ETF Largest, RoaringKitty Fuels Meme Coins

Key Takeaways

Blackrock’s IBIT has overtaken Grayscale’s GBTC as the largest bitcoin ETF on the market.
President Joe Biden vetoed a bill that would have allowed traditional banks to more easily serve as custodians of crypto assets on behalf of their customers.
Japanese crypto exchange DMM Bitcoin was hacked for around $308 million worth of bitcoin.
This week, all eyes are on meme coins as infamous Reddit user Keith Gill returned to GameStop trading.

Bitcoin (Bitcoin) briefly surpassed $70,000 on Monday, after spending most of last week below that mark. However, it was BlackRock’s iShares Bitcoin Trust (I BITE) that made headlines after taking down the Grayscale Bitcoin Trust (GBTC) as the largest cash bitcoin exchange-traded fund (ETF) in assets.

Additionally, US President Joe Biden vetoed a cryptocurrency bill that passed both houses of Congress and a Japanese cryptocurrency exchange was hacked for more than $300 million worth of bitcoins. Meanwhile, Keith Gill, the man behind the meme stock frenzy in 2021, fueled a rally in some meme coins with his latest bet.

Blackrock’s IBIT is now the largest Bitcoin ETF

Just over four months since it began trading on January 11, BlackRock’s bitcoin ETF has become the largest Spot bitcoin ETF by assets, overtaking Grayscale’s GBTC for first place. At the end of May, IBIT’s assets were US$19.5 billion, while GBTC’s were US$19.385 billion.

GBTC is the oldest fund with bitcoin investments that were converted to ETFs when the U.S. Securities and Exchange Commission allowed spot bitcoin ETFs earlier this year. At that time, GBTC’s assets exceeded US$24 billion.

However, as soon as other comparable products began trading, investors withdrew large sums of money from GBTC, resulting in around $17.9 billion in net outflows since January 11. In sharp contrast, BlackRock’s IBIT reported substantial inflows, attracting around $16.6 billion. this year, according to Farside Investors.

The disparity in fees between Grayscale’s ETF and other bitcoin ETFs from Blackrock, Fidelity and others has played a crucial role in the competition Grayscale’s fund has faced. For example, GBTC charges a fee of 1.5%, while IBIT charges a fee of 0.25%. Notably, shades of gray plans will soon launch an alternative spot bitcoin ETF offering with lower fees under the ticker BTC.

President Biden Vetoes Crypto Bill

President Biden, as predicted, vetoed a bill that sought to nullify the SEC’s special regulations for crypto asset custodians. This SEC policy could pose significant challenges for traditional financial firms looking to offer crypto custody services.

The White House had already signaled its intention to veto the legislation. In a statement, President Biden expressed a desire to establish a balanced regulatory framework for digital assets under the authority of existing regulatory agencies.

According to Axios, critics noted that the deadline for Congress to review the SEC’s procedural action under the Administrative Procedure Act had expired and argued that the policy did not constitute a rule, a point disputed by the Government Accountability Office.

Banking trade organizations urged the president to support removing the rule, claiming it would make cryptocurrency custody services prohibitively expensive for traditional financial firms, ultimately harming their customers.

This move from the Biden White House follows a perceived reversal in crypto policy when several filings for spot ether ETFs were approved late last month by the SEC, after it was assumed that the rejection of these financial products was imminent.

Former President Donald Trump also reversed his initial stance on bitcoin and other crypto assets, going so far as to make a campaign promise to release convicted Silk Road online marketplace operator Ross Ulbricht from prison. Ulbricht is serving a life sentence for running a platform where illegal drugs and other illicit items were purchased using bitcoin.

More than $300 million stolen from Japanese cryptocurrency exchange

On Friday, Japanese exchange DMM Bitcoin announced a hack or “unauthorized leak” during which 4,502.9 bitcoins, valued at approximately 48.2 million yen, were stolen. This translates to about $308 million worth of bitcoin.

DMM Bitcoin assured customers that their bitcoin deposits would be fully compensated through purchases supported by the group’s companies, although no timeline was provided. The theft occurred at 1:26 pm Tokyo time, coinciding with a 4,502 bitcoin transaction seen on Bitcoin blockchain.

In response, the exchange suspended cryptocurrency withdrawals, spot market purchases and new leveraged trading positions, while also delaying yen-denominated withdrawals. DMM Bitcoin stated that further updates would be shared in a subsequent announcement. According to blockchain analytics provider Elliptic, this incident ranks as the eighth largest crypto exchange hack in history and the largest since the $477 million FTX theft in late 2021.

What to expect from the markets this week

A speculative surge has driven up the prices of some meme tokens and GameStop (GME) shares on Monday, just hours after renowned retail trader Keith Gill, of 2021 GME short squeeze fame, released his latest bet on the stock. Using his nickname “DeepF—ingValue” on Reddit, Gill shared his GME picks positions on the r/Superstonk subreddit, revealing bets worth more than $115 million in shares and $65 million in call options expiring on June 21.

Gill also passes Roaring Kitty on YouTube and his most recent viral post sparked an outcry, with cat-themed meme tokens such as POPCAT and MOG. Meanwhile, unrelated GME meme coin on the Solana network it increased by around 200%. Gill’s social media activity previously sparked similar rallies in Mayemphasizing his significant influence and impact on the market since his initial analysis of GameStop in 2019, which culminated in the January 2021 short squeeze.

Although bitcoin has been in a sustained bull market throughout the year, the so-called altseason, referring to a rally in altcoins or non-bitcoin tokens, has yet to materialize. However, the frenzy surrounding meme tokens shows that there is still a lot of speculation taking place in the crypto market outside of bitcoin. Of course, it’s worth noting that trading small-cap tokens in the crypto market often amounts to nothing more than gambling.

Source

Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

6 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

6 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

Source

Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

6 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

6 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week