Month: January 2024

Bitcoin and Ethereum’s Rise Signals a Promising Year Ahead for Digital Assets

boss

Because it’s a more familiar, regulated way to allocate capital into the crypto market. Check out Coinbase and MicroStrategy stocks in 2023 – they outperformed Bitcoin, and that’s no coincidence. These ETFs will open the floodgates for Registered Investment Advisors (RIAs), pension funds, and hedge funds to get in on the action. Plus, investment banks will start concocting new products based on these ETFs and the CBOE is awaiting approval to begin listing options on these new ETFs. Original

QCP Capital Forecasts ETH’s Dominance Over Bitcoin To Persist, Ethereum ETFs In Focus

boss

Over the past 30 days, Ethereum (ETH), the second-largest cryptocurrency, has experienced a notable surge of 17%, outperforming Bitcoin (BTC), which has recorded a surge of 2.5% over the same period.  This comes as the initial excitement surrounding the approval of the exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) appears to have waned, with BTC witnessing a 5% drop in the past seven days.  Interestingly, according to crypto trading firm QCP Capital, following the approval of Bitcoin ETFs, the focus has shifted to the potential launch…

Grayscale moved $1.3b Bitcoin to Coinbase since ETF approval

boss

Following the approval of spot Bitcoin ETFs, Grayscale has transferred some 31,638 BTC within its dedicated Coinbase accounts. According to Arkham Intelligence, the GBTC issuer moved a total of $1.3 billion in Bitcoin (BTC) since the U.S. Securities and Exchange Commission (SEC) approved 11 spot BTC exchange-traded funds (ETFs) on Jan. 10. The data available revealed transactions over three days, including Jan. 12, Jan. 16, and Jan 17. These deposits into Coinbase Prime wallets from Coinbase custody accounts all happened during the opening trading hours of the U.S. stock market.…

Bernstein Says Buy the Dip in Bitcoin Mining Stocks Ahead of BTC Price ‘Inflection’

However, this underperformance might provide a window for investors looking for an opportunity to buy into mining stocks. “Just like bitcoin, the next two months offer a dip buying opportunity in bitcoin miners,” as the stocks will offer “higher beta trade” to the next bitcoin price inflection, analysts Gautam Chhugani and Mahika Sapra wrote. There may be a further temporary weakness in bitcoin, with a potential short-term bottom in the $38,000-$42,000 range for the world’s largest cryptocurrency, the report said. Still, investors should be “structurally long” ahead of the next…

VanEck to liquidate Bitcoin futures ETF

boss

In a significant move impacting cryptocurrency investment vehicles, VanEck announced on Wednesday its decision to liquidate the VanEck Bitcoin Strategy ETF. The decision announced in a Jan. 16 press release, was influenced by a comprehensive analysis of the fund’s performance, liquidity, assets under management, and investor interest, marks a notable shift in the ETF landscape. According to VanEck, shareholders holding positions in the VanEck Bitcoin Strategy ETF (XBTF) have until the market close on Jan. 30 to sell shares. The ETF, which has recently experienced a 1.4% decline, will be…

How Tokenized Assets Can Replace Money

The greater the number of tokenized assets, the easier it gets to use them directly for payments without first cashing them out into bank deposits, CBDCs, or stablecoins, reducing transaction costs. If any asset can be tokenized, fractioned, and then seamlessly transferred on blockchains, you could always use your tokens for payment, no matter what your tokens represent — from securities or Bored Apes to houses or airline tickets. Source

A Pivotal Year for Bitcoin with SEC’s ETF Approval and Halving Event Reshaping Digital Asset Dynamics

boss

On the demand side, the SEC’s potential approval of a spot bitcoin ETF should open the door for a significant number of new investors seeking exposure to the price of bitcoin directly in their traditional investment accounts. They can now forego the complexity of dealing with crypto exchanges, and access a familiar investment vehicle — an ETF. This will spark both higher liquidity and greater price stability in bitcoin. Equally importantly, the SEC’s approval represents a significant milestone for bitcoin’s growing legitimacy with established financial institutions. Original

Average Bitcoin Long-Term Holder Now Carries 55% Profit

boss

On-chain data shows the Bitcoin long-term holders (the so-called HODLers) are now carrying an unrealized profit of 55% on average. Bitcoin Long-Term Holder NUPL Has Hit A Value Of 0.55 According to the latest weekly report from Glassnode, the profit that the BTC long-term holders are holding has gone up recently. The indicator of interest here is the “Net Unrealized Profit/Loss” (NUPL), which keeps track of the difference between the unrealized profit and loss that Bitcoin investors are carrying currently. By “unrealized,” what’s meant here is that the profit or…

Bitcoin grew by 155% in 2023 due to ETF optimism

boss

CoinGecko shares industry highlights from its Annual Crypto Industry Report, including Bitcoin’s major growth attributed to the ETF approved in early 2024.  Included in the report’s highlights, CoinGecko reveals that the total crypto market increased 108% in 2023, with an increase of $869 billion. However, at the same time, the daily trading volume saw a 31.6% decrease from 2022, settling at $58.9 billion. CoinGecko 2023 Annual Crypto Industry Report is now LIVE 📊 The crypto market witnessed substantial growth in 2023, doubling its total market cap by $832B, driven by…