Day: April 12, 2024

GBTC ETF outflows hit record low as market anticipates BTC halving

The Grayscale Bitcoin Trust (GBTC), an exchange-traded fund, has experienced a significant drop in outflows, reaching a record low that was nearly 90% lower than the previous day. The latest shift occurred simultaneously with Bitcoin’s price rebound after the latest United States inflation data was released, which introduced volatility into the market. On April 10, GBTC experienced outflows amounting to $17.5 million, a stark contrast to the $154.9 million recorded on April 9, based on data from Farside. Bitcoin ETF Flow (US$ million) – 2024-04-10 TOTAL NET FLOW: 123.7(Provisional data)…

Bitcoin (BTC) Price Stable Near $71K as GBTC Outflows Pick Back Up

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SEC secretly investigated NFT developer Dapper Labs in 2023

The SEC secretly investigated Dapper Labs in September but closed the case in December 2023. The document, acquired by Fortune and referred to as a “Case Closing Report,” was signed off by David Hirsch, head of the SEC’s Crypto Asset and Cyber Unit, on Sep. 29, 2023. The report did not detail the reasons for the SEC’s inquiry into Dapper Labs, its initiation date, or the factors leading to the investigation’s termination. Dapper Labs is behind high-profile NFT projects such as NBA Top Shot and CryptoKitties. The specifics behind the SEC’s probe into…

UNI Price Prediction – Uniswap Recovery Could Remain Capped

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UNI price turned red and declined below the $10.00 support. Uniswap is showing many bearish signs and recoveries could face hurdles near $10.00. UNI started a fresh decline below the $10.00 support zone. The price is trading below $9.50 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $10.25 on the 4-hour chart of the UNI/USD pair (data source from Kraken). The pair might recover but the upsides might be limited above $10.00. UNI Price Takes Hit After the SEC…

Ethereum Price Faces Crucial Test, Can ETH Clear This Hurdle To Kickstart Rally?

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Ethereum price is consolidating above the $3,450 support zone. ETH must clear $3,560 and $3,620 to start a fresh increase in the near term. Ethereum is trading in a range above the $3,450 support zone. The price is trading above $3,500 and the 100-hourly Simple Moving Average. There is a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it stays above the $3,420 support zone. Ethereum Price Eyes Upside Break Ethereum…

Ethena Labs’ USDe Stablecoin Divides Opinion as High Staking Yields Stir Memories of Terra’s Demise

Unlike asset-backed stablecoins like tether (USDT) and USDC, whose value is secured against dollars or dollar-equivalents such as U.S. government debt, USDe calls itself a synthetic stablecoin with its $1 value maintained through a financial technique known as the cash-and-carry trade. The trade, which involves buying an asset and simultaneously shorting a derivative of the asset to collect the funding rate, or the difference between the two prices, is well known in traditional finance and doesn’t carry directional, or delta, risk. Source

Costco Gold Business Booming: Estimations Put Monthly Sales Close to $200 Million

According to Wells Fargo estimations, U.S.-based retailer Costco runs a $200 million gold business monthly. Consumer trust in the organization and its aggressive pricing have made Costco’s one-ounce bars of 24-karat gold a popular choice for investors, who take advantage of 2% over market spot prices. Costco Might Be Selling $200 Million in Gold Every […] Source CryptoX Portal

Bitcoin Price Eyes Upside Break, Can Bulls Send BTC To $75K?

Bitcoin price is holding gains above the $69,200 zone. BTC could gain bullish momentum if it clears the $70,800 and $71,250 resistance levels. Bitcoin is attempting another increase above the $70,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $71,250 resistance zone. Bitcoin Price Eyes Another Increase Bitcoin price attempted…

FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request

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In a dramatic turn of events, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. The judgment was handed down by US District Judge Lewis Kaplan during a hearing in a Lower Manhattan federal courtroom on March 28.  Bankman-Fried, who had publicly announced plans to appeal the conviction, has now officially filed an objection to the decision. ‘Remorse And Empathy’ For FTX Customers During the sentencing hearing, US District Judge Lewis Kaplan leveled serious accusations against Bankman-Fried, including…

Sam Bankman-Fried Files Notice of Appeal, Challenges Conviction and Sentence

Former FTX CEO Sam Bankman-Fried formally lodged an appeal against both his conviction and sentence with the District Court for the Southern District of New York (SDNY) on Thursday. Bankman-Fried’s legal representatives had anticipated this move, having previously requested that he remain at New York’s Metropolitan Detention Center (MDC) to facilitate the appeals process. From […] Source CryptoX Portal