Riffing, then, on what the explanation might be for the SEC’s continued rejections of spot ETF applications, Wood referred to “speculation” surrounding Gensler’s desire to be Treasury Secretary. “What does the Treasury Secretary do? It’s very focused on the dollar,” she said. Original
Tether (USDT), the largest stablecoin by market value, has been breaking new records throughout 2023, with its market capitalization adding at least $20 billion so far this year. According to data from the blockchain data provider Whale Alert, Tether has minted 22.75 billion USDT so far this year, with at least 4 billion USDT being issued in the past four weeks. After starting the year with a market cap of roughly $66 billion, Tether USDT has been steadily gaining momentum, with its market value surpassing $80 billion in April 2023.…
An analyst at Coinbase says there are at least three reasons why tracking cash flow into spot Bitcoin ETFs at launch will give no valuable insights for the long term. While spot Bitcoin (BTC) exchange-traded funds (ETFs) have the opportunity to allow adoption to “grow at scale,” the crypto community should not expect a headlong rush of money into these products in the short term. According to David Duong, CFA, Head of Institutional Research at Coinbase, the impact of spot bitcoin ETF approvals can hardly be measured in the first…
“The opportunity is potentially much greater than just enabling new capital to access the crypto market,” as ETFs “will ease the restrictions for large money managers and institutions to buy and hold bitcoin, which will improve liquidity and price discovery for all market participants,” wrote David Duong, head of institutional research at Coinbase. Source
Bitcoin recently surged past $37,000, reaching levels not seen since May 2022. The spike was attributed mainly to a short squeeze, as short investors were liquidated. Market enthusiasm is fueled by growing optimism about U.S. regulators’ potential approval of the first spot Bitcoin ETFs. Amid this optimism, altcoins like Galaxy Fox (GFOX) and Chainlink (LINK) appear to be gaining traction. Examining GFOX Bitcoin plays a critical role in crypto, and the expectation of the first batch of spot Bitcoin ETFs appear to be driving the markets higher. With Bitcoin halving…
But leveraged traders had already piled on their traders by then. Data shows that over 75% of traders from the total XRP liquidations were longs, or bets on higher prices, meaning those traders placed nearly $5 million in orders in that short time span without confirming the authenticity of the filing. Source
On late November 13, the XRP price experienced a significant surge, momentarily jumping by 16% following a purported exchange-traded fund (ETF) filing by BlackRock, which quickly turned out to be fake. The incident began when X (formerly Twitter) users shared a filing in Delaware suggesting that BlackRock, the global asset management giant, had registered the “iShares XRP Trust”. This action is typically a precursor to launching an ETF. Consequently, the XRP price soared to $0.75, a 16% increase, within just 25 minutes of the news breaking. However, the excitement was…
CoinShares reports a $293 million surge in crypto investments, hitting $1.14 billion. The rise is attributed to the potential listing of a spot-based Bitcoin ETF. Looking at the last two weeks, the European crypto asset manager suggests this is a real turnaround in sentiment, which may result from the recent spot-based ETF listing request. The CoinShares report, dated Nov. 13, highlights that digital asset investment products saw inflows of $293 million, extending the consecutive run to seven weeks and surpassing the $1 billion milestone. The total amount now stands at…
Bogus BlackRock XRP Filing Spoofs ETF Watchers, Crypto Traders Source
The entire crypto industry is waiting for the approval of Spot Bitcoin ETFs in the US to upend the market and herald the next extended bullish run for BTX. However, Chief Economist Peter Schiff is of another thought and is of the idea that a BTC price crash is on the horizon even before the SEC gives the green light on spot Bitcoin ETFs. Economist Peter Schiff Warns of Potential Bitcoin Crash Schiff created a poll on social media recently and asked his more than 980,000 followers to vote on…