Tag: Bloomberg

Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b

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Sources close to Mike Novogratz’s Galaxy Digital say the firm already held a call with hundreds of investment firms about allocating to Bitcoin. Although the U.S. Securities and Exchange Commission (SEC) is yet to approve a spot Bitcoin (BTC) exchange-traded fund (ETF), experts say the market might eventually gain $100 billion from Wall Street investors. As per Bloomberg’s sources familiar with the matter, Galaxy Digital, a crypto bank founded by Bitcoin bull Mike Novogratz, held a call earlier this month with roughly 300 investment professionals about doubling down on Bitcoin.…

Jump Trading, Wormhole Part Ways Amid Tough Crypto Market: Bloomberg

Several high-ranking Wormhole employees, including the project’s CEO and COO, have left Jump to “run Wormhole as an independent entity,” the publication reported, citing people familiar with the matter. The parting of ways comes less than two years after Jump poured $320 million into Wormhole after the inter-blockchain messaging platform suffered a massive hack. Source

Bloomberg analyst reveals realistic approval date for Bitcoin ETF

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Bloomberg analyst James Seyffarth believes the SEC will again delay the decision on spot Bitcoin (BTC) ETFs. Seyffarth believes Hashdex and Franklin, whose next deadline is Nov. 17, and the Global X ETF (Nov. 21) bids will be delayed. But Seyffart still believes there is a 90% chance that spot BTC ETFs will be approved before Jan. 10, 2024. Okay, we’re nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there’s a pretty good chance we’ll see delay orders from…

UBS Group’s Wealthy Clients Can Now Trade Some Crypto ETFs in Hong Kong: Bloomberg

In the past few days, Hong Kong has moved towards allowing retail investors to buy spot crypto Exchange Traded Funds (ETFs) and primary dealing of tokenization. The move appears to be another step in Hong Kong’s recently accelerated ambitions to become a virtual asset hub. It implemented a new regulatory regime in June, accepting applications for crypto trading platform licenses, and granted the first set in August, allowing exchanges to serve retail customers. Source

Bloomberg Analysts Give Timeline To Spot ETF Approval

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Bitcoin has risen above $36,000 and is currently targeting $37,000 as Bloomberg analysts Eric Balchunas and James Seyffart have revived hopes that a Spot Bitcoin ETF could be approved this year. The analysts maintain their belief of a 90% chance that any of these funds get approved by January 2024.  An Approval Order “Could” Occur This November In a post shared on his X (formerly Twitter) platform, Seyffart highlighted a new research note that he and Balchunas had just worked on. From their research, they noted that there is a…

Hong Kong’s Securities Regulator Now Considering Spot Crypto ETFs: Bloomberg

In January, the SFC tightened regulations by restricting retail investors from accessing crypto spot ETFs, limiting them to professional investors with portfolios of at least 8 million HKD ($1 Million). Then, in October, the SFC updated its rule book to allow a broader range of investors to engage in spot-crypto and ETF investing, stipulating that they pass a knowledge test and meet net worth – though less than the professional investor threshold – requirements. Source

Blockchain adoption continues unabated — Bloomberg analyst

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Should the current rate of adoption continue, blockchain technology could have 100 million daily users by 2028, according to projections by Bloomberg Intelligence analyst Jamie Coutts.  On X (formerly Twitter), Coutts pointed out that blockchain adoption has been “unabated” throughout bull and bear markets over the past years. “Not having exposure to one of the largest structural trends of the next decade could be costly,” said the analyst. Daily active addresses exceed 5 million in the third quarter of 2023, up 14% from 2022, according to Coutts, while quarter-on-quarter growth…

Bloomberg Publishes New Documentary as Sam Bankman-Fried Prepares for His Stand in FTX Trial

As FTX disgraced founder Sam Bankman-Fried steps to defend himself in the court on Thursday, here’s what has transpired ever since the FTX bankruptcy. Sam Bankman-Fried will testify in defense of his actions leading up to the collapse of FTX and his entire digital asset empire. His legal team confirmed during a conference call with the judge on Wednesday that Bankman-Fried will take the stand at his fraud trial following the prosecution’s case. The 31-year-old FTX founder shall testify on Thursday afternoon unless there is a late change. Bloomberg has…