Day: January 19, 2024

Bitcoin Price Set To Plunge Lower

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The Bitcoin price experienced a further sell-off yesterday and fell by more than 5% intraday to as low as $40,660. Since the year-to-date high of $49,000 on January 11, the BTC price has dropped by as much as 17%. However, according to renowned crypto analyst Jacob Canfield, this may not be the end of the correction. In a recent analysis, Canfield warned that more downside could be on the cards in the short-term. The analyst, known for accurately predicting the local top of Bitcoin, addressed the prevailing uncertainty in the…

Traders liquidate over $250m amid Bitcoin price decline

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The total amount of liquidations on the crypto market over the past 24 hours exceeded $250 million. According to Coinglass, the volume of liquidations currently stands at $252.5 million. Most forced closed positions were in Bitcoin (BTC) and Ethereum (ETH). Source: Coinglass Earlier, the price of Bitcoin dropped below $41,000, costing traders $81.1 million. Market participants who opened long positions in Ethereum also suffered significant losses – the price of the second largest cryptocurrency by capitalization to $2,400, costing traders $32 million. Source: Coinglass Over 90% of liquidations were distributed…

Over $1b of spot Bitcoin ETFs traded, InQubeta presale draws investor interest

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. The crypto community rang in the New Year on a positive note as the U.S. SEC approved spot Bitcoin exchange-traded funds (ETFs) on Jan. 10. Within the first 30 minutes of trading the next day, the batch of 11 spot Bitcoin ETFs raked in $1 billion collectively, as per market data.  The move came after applicants battled several regulatory challenges to roll out the product. By investing in these…

ARK Sells $15M of ProShares Bitcoin Strategy ETF and Buys its Own ETF

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South Korea to revisit stance on spot Bitcoin ETFs

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The office of the President of South Korea called on the country’s financial regulator to reconsider the possibility of admitting spot Bitcoin (BTC) ETFs to trading in the country. Previously, the local Financial Services Commission warned South Korean companies that brokering transactions in foreign spot Bitcoin ETFs could violate capital market rules. A halt followed several local companies’ announcements in trading foreign BTC-based exchange-traded funds. On Jan. 18, the Office of the President of the Republic of Korea asked the South Korean Financial Services Commission (FSC) to refrain from issuing…

Bitcoin Exposed to Possible $1.5B in Future GBTC Sales, JPMorgan Says

Before being uplisted to an ETF from a trust, GBTC was one of one of the only ways for stock traders in the U.S. to gain exposure to the price movements of bitcoin without the need to purchase the actual cryptocurrency. That made it the largest regulated bitcoin fund in the world by AUM. The bank had previously estimated that up to $3 billion had been invested in GBTC in the secondary market during 2023 to exploit the trust’s discount to NAV. If this estimate is correct, and given that…

Manta Network Hit by DDoS Attack Day After Issuing MANTA Token Issuance

Manta is the latest in a rising cohort of new blockchains that offer faster transactions at lower costs than popular networks, such as Ethereum. These newer networks are usually backed by prominent funds and extensively market their blockchain in crypto circles on X and other social media platforms, hoping to capture market share and fees, which bolsters the value of their tokens. Source

2024 Could Be Breakout Year for Ether (ETH): Analysts

Institutional crypto firm ETC Group, in its annual report, discussed a bullish outlook for the ether-bitcoin ratio and explained that despite 2023’s inscriptions-led boom in Bitcoin’s network activity, Ethereum remains the dominant chain for building decentralized applications, NFTs, and tokenized assets. Source