Month: January 2024

Standard Chartered foresees Ethereum ETF approval by May 23

Geoffrey Kendrick of Standard Chartered Bank predicts the SEC’s approval of U.S. Ethereum ETFs by May 23. Starting with initial rejections before granting approval, Standard Chartered foresees parallels for the Ethereum ETF with the SEC’s approach to Bitcoin ETFs. Geoffrey Kendrick, who leads the bank’s forex and digital assets research, believes Ethereum ETFs in the U.S. will get the green light in late May. Kendrick compares this situation to what happened with Bitcoin ETFs and thinks Ethereum’s price (ETH) may reach $4,000 by that date due to hype. Kendrick’s confidence…

Why launch of new ETFs may not affect bitcoin as they did gold

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It’s possible that the new exchange-traded funds may benefit bitcoin as an asset class, but in the near term, it’s more likely the cryptocurrency rediscovers its high correlations with equities, according to Citi. The launch of spot bitcoin ETFs in the U.S. has been widely anticipated for months, with many investors thinking they could revolutionize investing in the asset the way the SPDR Gold Shares ETF (GLD) did for gold in 2004. Bernstein recently said bitcoin could rocket to $200,000 by the end of next year with bitcoin ETFs. Only time…

Sui Blasts into DeFi Top 10 as TVL Surges Above $430M – Blockchain News, Opinion, TV and Jobs

GRAND CAYMAN, Cayman Islands, January 30th, 2024, Chainwire In the past four months, Sui TVL has jumped by more than 1000%, vaulting the network past Base, Cardano, and Bitcoin in its meteoric DeFi rise Sui, a leading Layer 1 blockchain that was created by the team that led Meta’s Diem crypto project, continued its blistering DeFi growth, surpassing $430M in Total Value Locked (TVL) and moving into the top 10 blockchains by that metric. Alongside this torrid ascent of TVL, on-chain activity has exploded as well. Weekly DeFi volume is…

Bitcoin Price Could Hit New All-Time High Before Halving

The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin’s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC). On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while Grayscale’s GBTC experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined…

Why People Still Think Bitcoin Will Die

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But, really, the joke is on us. After all this time, after so many revivals proving the naysayers wrong, and despite a 13-year track record that makes it the best investment of the post-financial crisis era, that people still think Bitcoin will soon go away represents a massive failure of outreach and communication for this industry. We have not explained what this thing is – not well enough for Joe Six-Pack to understand. Original

When Is a Ponzi a Ponzi?

Obviously, nothing was built with the money that was raked in from around the world. What’s interesting, when considering how Lee and Chunga reportedly spent the money, is that the alleged scheme does not even seem very profitable. Sure, they bought cars, property and designer clothing — but, considering the nominal figure raised, it seems like the HyperVerse Ponzi operated for so long because it paid out incoming revenue to existing users. Source

Values Drop 60% After Holiday Frenzy

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The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin network plummeted over 60% compared to December’s record highs. Data from NFT analytics platform CryptoSlam reveals a stark reversal in fortunes. After surpassing Ethereum in December with $881 million worth of NFT sales, Bitcoin’s January volume has sunk to $314 million as of two days before month-end. Meanwhile, Ethereum has maintained a steadier pace, registering $328 million in sales over the past…

Hong Kong Regulator Receives First Application for Bitcoin Exchange-Traded Fund (ETF): Report

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A multinational asset management giant has reportedly submitted the first application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong. Harvest Fund Management applied to the Securities and Futures Commission (SFC) of Hong Kong, according to a recent report from the Chinese media outlet Tencent News. Tencent also reports that the regulator hopes to speed up the approval process and have the ETF listed on the Hong Kong Stock Exchange in the next couple of months. The SFC published spot crypto ETF requirements in December. According to the…