Amidst ongoing discussions about Bitcoin ETFs, Eric Balchunas, a senior analyst at Bloomberg, sheds light on the broader forces impacting the cryptocurrency's valuation. Balchunas emphasizes that beyond the movements of spot Bitcoin Exchange Traded Funds (ETFs), other significant factors play a role in shaping Bitcoin's market dynamics.
Grayscale, a key player in the cryptocurrency investment sphere, recently reported significant outflows, signaling a shift in investor sentiment. This development, described by Balchunas as a "second wind" of departures, underscores the complexity of Bitcoin's market behavior.
Despite Grayscale's substantial outflows, Bitcoin has demonstrated resilience in its market performance. The cryptocurrency surged past the $67,000 mark before experiencing a slight retracement, currently trading at $66,106. This movement coincides with remarks from Federal Reserve Chair Jerome Powell, which stimulated a rally across various risk assets.
Powell's comments regarding potential rate cuts have impacted Bitcoin's price, highlighting the interconnectedness between external economic factors and cryptocurrency markets. Bitcoin's price responded positively to Powell's reassurances, demonstrating the significance of macroeconomic sentiments.
Looking ahead, analyst Charles Edwards suggests that pullbacks are a common occurrence during Bitcoin bull runs, with corrections of around 30% being within the realm of possibility. Data from CryptoQuant further indicates a significant reduction in Bitcoin's supply on exchanges over the past four years, pointing towards a bullish sentiment among investors.
The consistent trend of Bitcoin's demand outstripping its supply since 2020 suggests a positive outlook for the cryptocurrency's value. This trend, coupled with the anticipation of the upcoming Bitcoin halving event, underscores the potential for further price increases in the future.
A man jailed for a major crypto theft has had his prison sentence raised to 12 years after refusing to return any of the stolen funds. The judge criticised him for living in luxury without paying back the $20 million he owes.
WeatherlySaruTobi, a mobile game, has returned to the iOS App Store with built-in Bitcoin payments using the Lightning Network. Players can now spend and earn small amounts of Bitcoin directly in the game without needing an external wallet.
JoyNew Zealand has banned all crypto ATMs and set a $5,000 limit on international cash transfers to fight money laundering and organised crime. Over 220 machines were shut down, with the government saying they were being used to quickly move criminal funds overseas.
WeatherlyRemixpoint will pay its CEO fully in Bitcoin instead of company shares due to insider trading rules in Japan. The firm already holds over $116 million in crypto and says this move ties leadership more closely to its financial performance.
AnaisSBI Holdings and Aplus now let Japanese credit card users swap loyalty points for Bitcoin, Ethereum, or XRP. This is the first time crypto has been added as a reward option, though the exchange amount is small and capped.
WeatherlySweden is turning up the heat on crypto seizures, after Sweden's justice minister Gunnar Strömmer made a public statement calling the local authorities to focus on crackdowns that could yield larger profits.
XingChiA solo Bitcoin miner with a small setup managed to mine a full block and earn nearly $350,000, beating long odds of around 1 in 2,800. The win highlights that even with modest equipment, small miners can occasionally succeed in a space dominated by large industrial operations.
WeatherlyA U.S. judge has allowed Celsius to sue Tether over the forced sale of 39,545 Bitcoin during its 2022 collapse, which Celsius says caused over $4 billion in losses. The court rejected Tether’s argument about being outside U.S. jurisdiction, meaning key claims like fraud and breach of contract will go ahead.
AnaisThe SEC has approved Grayscale’s plan to turn its Digital Large-Cap Fund into an ETF, giving investors easier access to a basket of major cryptocurrencies. This move could lead to more crypto ETFs being approved in the US, including ones for altcoins like Solana, XRP, and Cardano.
AnaisFigma has quietly invested over $69 million into a Bitcoin ETF and plans to buy more using $30 million in USDC. The move was revealed in its IPO filing, showing Bitcoin is now part of its company treasury alongside traditional assets.
JoyHacking in the crypto industry has been a prominent part of the space.
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