Month: January 2024

ETF Dream Fades, Price Tumbles Under $42,000

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In a dramatic turn of events, Bitcoin prices plummeted Friday, erasing almost 10% of its value and dashing hopes of a sustained rally fueled by the highly anticipated launch of spot Bitcoin ETFs. The cryptocurrency, which had surged to a two-year high of $49,000 just a day prior, retreated below $42,000 as investors digested the implications of the new financial instruments. Bitcoin’s Downturn: ETF Impact, Trust Sell-off, FTX Bankruptcy Analysts point to a confluence of factors behind the sudden downturn. Profit-taking by early adopters who cashed in on the ETF-induced…

South Korea stands firm on crypto ETF ban, unswayed by US approval

South Korea’s stance on cryptocurrency ETFs remains unchanged despite the U.S. giving the green light to a Bitcoin spot ETF.  The South Korean government continues to disallow the launch of cryptocurrency ETFs, adhering to its long-standing policy of not recognizing digital currencies as financial assets. Since 2017, financial institutions in the country have been barred from investing in cryptocurrencies. Local sources have reported that the Financial Services Commission (FSC) of South Korea reaffirms the government’s commitment to financial market stability and investor protection. The FSC official highlighted that there has…

Analyst Draws Crucial Support Levels For Ethereum (ETH) Post-ETF Surge

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According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token which it gained by over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday.  Interestingly, popular crypto analyst Ali Martinez has offered more insight into ETH’s developing downtrend, highlighting the next possible support zones for crypto’s largest altcoin.  Ethereum May Be Headed For $2,450 – Analyst In an X post on January 11, Martinez shared that…

FTT jumps 24% on former FTX customer complaints

The native token of the FTX cryptocurrency exchange, FTT, is up more than 24% over the past 24 hours. According to CoinMarketCap, in just 24 hours the FTT token has risen by 24.5%, reaching $3.45 at the time of writing. The coin’s market capitalization also increased to $1.13 billion, with trading volumes over the past 24 hours increasing by 133% to $96 million. Source: CoinMarketCap Notably, the sharp rise came amid news that dozens of FTX clients have asked a U.S. bankruptcy judge to stop the collapsed cryptocurrency exchange from…

Crypto mixer Tornado Cash laundered over $550m in 2023 despite sanctions

Notorious crypto mixing service Tornado Cash laundered more than half a billion worth of crypto in 2023. Although the U.S. imposed sanctions against Tornado Cash in late 2022, the mixing service is still helping criminals launder hundreds of millions worth of cryptocurrencies. According to data compiled by SlowMist, in 2023 alone, Tornado Cash saw around 314,740 ETH in withdrawals, valuing at around 818.3 million at current prices (or $567.2 million based on 2023 rates). In 2023 alone, we saw 342,042 ETH deposited and ~314,740 ETH withdraw from Tornadocash, followed by…

Coinbase Expands to Africa, This Partnership Will Make It Happen

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On January 11, crypto exchange Coinbase unveiled its partnership with Yellow Card, the largest and first licensed Stablecoin on/off ramp on the African continent, to expand the access of their products to emerging economies across the African continent. Expansion To Emerging Economies Coinbase will expand access to its products through this new partnership with Yellow Card, starting with 20 African countries. They will provide millions of African users access to USD Coin (USDC) on the Coinbase Wallet and the Yellow Card app. Both partners expect to “increase economic freedom” in…

BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class

Larry Fink, CEO of BlackRock, likened Bitcoin to gold a day after spot BTC ETFs went live but forecasted slim chances for cryptos as currency.  Speaking with CNBC on digital assets, ETFs, and tokenization, BlackRock’s CEO noted that the world’s largest asset manager sees value in spot Ethereum (ETH) ETFs as another crypto-related investment product following the successful launch of identical funds underpinned by Bitcoin (BTC), crypto’s biggest token.  Fink clarified that BlackRock views cryptocurrencies as a prospective asset class, with Bitcoin utility revolving around storing and protecting wealth akin…

record-breaking in 2023, facing challenges in 2024

In 2023, Bitcoin miners saw a profit surge, yet challenges like the halving event loom over smaller players. After facing a downturn in 2022, Bitcoin (BTC) miners reported healthy margins in 2023, especially those with access to inexpensive energy. According to Compass Mining, companies like TeraWulf and Cipher Mining achieved gross margins exceeding 60%. On average, prominent mining companies reported margins of nearly 47% in the first quarter of 2023.  Concurrently, the Bitcoin network’s hashrate, a measure of its computing power, witnessed significant growth over the past couple of months,…

Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

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The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price. After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday. Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop. Its gains over the past…

Crypto Analyst Predicts 800% Rally As Dogecoin Enters Buy Zone

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Compared to other meme coins and large caps in the crypto space, the Dogecoin performance has been quite lackluster, to say the least. Even as Bitcoin sets an out toward its previous highs, Dogecoin price has been muted. Bit this could change soon as one analyst sees a reversal coming. Dogecoin Price Has Entered The Buy Zone Since falling back below the $0.09 level, the dogecoin bulls have struggled to maintain control of the price. With bearish and selling pressure mounting, the best-case scenario was that the meme coin would…