Month: March 2024

Grayscale outflows continue as Bitcoin Trust sees $494 million withdrawal

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On March 11, Grayscale Bitcoin Trust (GBTC) saw a substantial withdrawal, with $494 million worth of Bitcoin, approximately 6,850 BTC, leaving the fund.  BitMEX Research initially labeled this exodus a record outflow. However, they later clarified that it was a historic high in terms of the Bitcoin price. The assertion from BitMEX faced scrutiny as GBTC had previously seen outflows surpassing $500 million during five days in January and again on February 29.  These figures are part of a broader trend of diminishing holdings for Grayscale, which have declined by…

Most crypto exchange tokens lag behind Bitcoin, data shows

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According to a study done by TokenInsight, most exchange tokens underperformed compared to Bitcoin performance. Despite the growing popularity of crypto exchange tokens like Binance Coin (BNB) and Bitget Token (BGB), particularly amid the rise of decentralized finance and non-fungible tokens, Bitcoin (BTC) has proven to be a superior investment choice, analysts at TokenInsight revealed in a recent research report. Yet, not all tokens demonstrate the same level of profitability, with some facing side effects due to regulatory pressure. “Affected by regulations, BNB experienced a significant decline in the second…

Analyst Predicts 60% Rally In Next 7 Days

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Optimism surrounds Cardano (ADA) despite some recent hiccups. ADA stands resilient, maintaining a positive outlook despite a 5% decrease over the past week. Currently priced at $0.75, ADA demonstrates a robust stance with a 24-hour trading volume of $1.14 billion and a market capitalization of $24 billion. Analyst Points To Promising Weekly Chart Trends Renowned crypto analyst Sssebi is charting an optimistic course for ADA, emphasizing the significance of the weekly chart in understanding the broader context. Nestled above its 200-week moving average, ADA shows promise with significant green candles…

Ether (ETH) Puts In Demand After $4K Price Breakout

Ether’s one-month call-put skew, an options market measure of sentiment, has turned negative, hinting at the relative richness of puts, or options used to protect against bearish price trends. The 60-day guage has also flipped in favor of put options, while the 90-day and 180-day metrics remain positive. Source

JPMorgan’s Dimon says he will now ‘defend your right to buy Bitcoin’

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Jamie Dimon, best known for his criticism of Bitcoin, cited concerns about its association with illegal activities while acknowledging individuals’ right to invest in crypto. JPMorgan CEO Jamie Dimon now appears to be willing to support individuals’ right to purchase Bitcoin (BTC) following years of sustained criticism. In a recent interview with CNBC, Dimon highlighted ongoing issues surrounding crypto’s involvement in illicit activities such as fraud and terrorism. Despite these concerns, he emphasized his willingness to defend individuals’ right to purchase cryptocurrencies, although he personally seems hesitant to do so.…

Bitcoin ETF ‘Floodgates’ Are Just Opening: Bitwise CIO

In a recent appearance on CNBC’s ‘Halftime Report,’ Matt Hougan, Chief Investment Officer (CIO) of Bitwise Asset Management, shared insights into the burgeoning interest and adoption of spot Bitcoin Exchange-Traded Funds (ETFs). This discussion comes at a time when BTC has shattered expectations, reaching a new all-time high of nearly $72,500. Bitcoin ETF ‘Floodgates’ Are Just Opening Bob Pisani of CNBC highlighted the unprecedented influx of approximately $20 billion into the market following the mid-January launch of 10 new spot Bitcoin ETFs, including $1.3 Billion in Bitwise‘s own BITB. This…