The Ripple vs. SEC closed-door meetings scheduled for today generated a lot of attention across the globe, as many predicted that the case would end today. However, to everyone’s disappointment, the meeting was again canceled, and there were no specific answers from Ripple and SEC. SEC Unexpectedly Cancelling Closed-Door Meeting, What’s the agenda? The #Ripple …
The cryptocurrency market has displayed a strong bearish action since the week started, highlighting an increase in the selling-over-buying pressure. Further, the market leader, Bitcoin price has dropped approximately 3% over the past day, suggesting a negative outlook. Following this, the altcoin leader, Ethereum price has recorded a similar price action by recording a correction …
Matt Hougan, Chief Investment Officer (CIO) of Bitwise, claims in a new memo to investors following the 2024 Bitcoin Conference that the market may not be bullish enough about the future of BTC. The conference was a watershed moment that attracted massive political attention and could influence the future trajectory of Bitcoin heavily. Why You Are Not Bullish Enough On Bitcoin The conference featured a number of groundbreaking statements from high-profile political figures. First and foremost, GOP’s presidential candidate Donald Trump’s statement about building a national Bitcoin reserve caused huge waves. Trump articulated a vision of America as the “crypto capital of the world” and proposed the establishment of a “strategic Bitcoin stockpile”. Senator Cynthia Lummis (R-WY) presented a bill that would require the US Treasury Department to procure 1 million Bitcoin. Rep. Ro Khanna (D-CA) called on the Democratic Party to move away from previous restrictive policies and embrace cryptocurrencies as an integral part of the US financial system. Related Reading: Research Firm Predicts Bitcoin Game Theory In Global Adoption Race In an even more ambitious call, independent presidential candidate Robert F. Kennedy Jr. suggested that the US Treasury should acquire 4 million Bitcoin. This figure is intended to be equivalent to the US’s share of the world’s gold reserves. According to Hougan, the political discourse surrounding Bitcoin has rapidly evolved from skepticism to strategic acceptance, a transformation punctuated by recent crises and regulatory challenges. The collapse of FTX in late 2022, which marked one of the most significant upheavals in crypto history, casted a long shadow over the industry. However, as Hougan noted, the resilience of Bitcoin and the broader crypto market has been remarkable. “This is crazy. Less than two years ago, FTX was collapsing in a historic fraud, bitcoin was trading at $17,000, and skeptics were dancing on crypto’s grave. Now politicians are openly talking about building a ‘Bitcoin Fort Knox,’ Hougan writes. Related Reading: Hedge Fund Manager Says Bitcoin Price Will Reach $428,000 If This Happens He further points out that less than a year after the SEC’s aggressive action against Coinbase, the US Department of Justice is now cooperating with the same platform to secure its crypto operations, reflecting a broader recalibration of governmental attitudes towards Bitcoin and cryptocurrencies. Hougan suggests that these developments are not merely opportunistic but reflect a deeper recognition of cryptocurrencies’ growing influence in American society. “When you say ‘opportunism,’ I say, ‘That’s how politics works,'” Hougan stated, acknowledging the strategic shifts within the US political sphere. The implications for investors, according to Hougan, are profound. Investors need to reassess the potential scale of Bitcoin’s growth. Hougan highlighted the asymmetry in risk perceptions, where the focus has traditionally been on downside possibilities. “We spend a lot of time focused on downside risk […] However, there is now an equal risk to the upside,” he stated. The sentiment on Wall Street is also seeing a notable shift. In a conversation reported from the conference, Goldman Sachs CEO David Solomon referred to Bitcoin as a potential store of value, indicating growing interest from major financial institutions. The Bitwise CIO mused, “Could we wake up tomorrow and find out that a G20 country has added bitcoin to its balance sheet, looking to front-run the US? Could comprehensive crypto legislation get passed more quickly than expected in the US as bipartisan support strengthens? Could Wall Street massively embrace crypto, at a scale much larger than most expect? “ Overall, the 2024 Bitcoin Conference has evidently served as a catalyst for rethinking Bitcoin’s role on both national and global stages. “These ideas would have been the stuff of daydreams a year ago. But after what I witnessed last week, they look more likely than not,” Hougan concluded. At press time, BTC traded at $64,136. Featured image from YouTube / Mr. M Podcast, chart from TradingView.com
Kamala Harris’s odds surged to 45% on Polymarket following Donald Trump’s appearance at the National Association of Black Journalists (NABJ) panel. Polymarket, the prominent crypto betting platform, has seen a significant influx of wagers due to the turbulent US presidential election, prompting the platform to upgrade its infrastructure. According to Bloomberg, the platform added MoonPay […]
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As Bitcoin drops under $65K, the broader market pullback intensifies and fuels a correction phase. With $225.34M worth of liquidations in the last 24 hours, $197.80M worth of bullish positions closed. As this puts additional stress on the altcoins, KAS price trend might struggle to continue its uptrend. With a long-term recovery rally in the …
The fund will be used to develop an accelerator program for projects built on Aptos.
The gender pay narrative in crypto now appears to be seeing a surprising twist, according to a recent survey from Pantera Research Lab. In the report, Pantera disclosed that women in the cryptocurrency industry earn significantly more than their male counterparts. This discovery overall suggests a progressive shift towards gender equity that contrasts with that […]
Big news! South Korea’s latest regulatory changes are set to impact major cryptocurrency exchanges like Upbit and Bithumb. Under the updated regulations, these platforms will now be required to pay supervisory fees, which could pose challenges for some exchanges. Overview of New Fees In the latest move towards crypto regulations, the Financial Services Commission announced …
With a bullish attempt to make a comeback this year, the XEC price trend shows a recovery rally in motion. However, the recovery trend is about to face multiple resistances along the way. Further, the broader market conditions warn of a surge in bearish sentiments in the altcoins segment. So, will the XEC price sustain …
Cardano (ADA), a major player in the crypto world, has seen its price tumble by 50% from a high of $0.8100 in March to $0.385. Despite a positive move from the SEC, which has declared ADA as not a security, the token is still struggling with strong sell pressure. This has left traders and analysts …
The cryptocurrency market has recorded a bearish price action for the fourth consecutive day, highlighting an increase in the negative influence within the crypto space. Furthermore, top tokens lose momentum this week as Bitcoin and Ethereum tokens hover close to their important support levels. On the other hand, the SOL price has failed to hold …
After hearing several influential US politicians embrace Bitcoin at a recent Bitcoin conference in Nashville, Bitwise’s Matt Hougan says “We’re not bullish enough.” In a July 31 post, Hougan said several recent promises made by these US politicians have prompted him to “rethink what’s possible” with Bitcoin. Hougan noted many politicians may not “truly love” …
Chainlink (LINK) price closed last month on a bearish note after slipping over 7.9 percent in the past two weeks to trade about $12.74 on Thursday, during the early Asian session. The mid-cap altcoin, with a fully diluted valuation of about $12.79 billion and a daily average traded volume of around $300 million, has however …
In the wake of the highly anticipated address by Federal Reserve Chair Jerome Powell, Bitcoin (BTC) maintained a steady course on Wednesday as the Fed opted to keep interest rates unchanged at 5.25%-5.50%. Crypto Market Awaits Fed’s Next Move Powell, speaking at a press conference in Washington DC, hinted at the possibility of rate reductions in September, contingent upon the economic performance in the weeks leading up to that month. “We’ve made no decisions about future meetings and that includes the September meeting,” Powell stated. “We’re getting closer to the point at which we’ll reduce our policy rate, but we’re not quite at that point yet.” Related Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002 In response to the Fed’s stance, crypto analysts weighed in on the implications for the digital currency space, with Michael van de Poppe, founder of MN Capital, expressing optimism over Powell’s “dovish outlook,” suggesting that a September rate cut remains a strong possibility. In his social media post, Van de Poppe expressed confidence that this development bodes well for both Bitcoin and altcoins, with an eye on the upcoming decision expected in September. Similarly, another analyst, Daan Crypto Trades, underscored Powell’s indication of a potential rate cut in September, projecting a high likelihood of its realization unless significant deviations occur following Consumer Price Index (CPI) readings. With 48 days remaining until the September meeting, Daan Crypto Trades proposed that market dynamics may revolve around this impending decision, potentially giving rise to short-term fluctuations after the initial rate adjustment in September. Bitcoin To Hit $1 Million In 2028? In a recent social media post, Timothy Peterson, a Bitcoin writer and researcher, unveiled a significant prediction for the largest cryptocurrency on the market that, if it holds true in time, could result in BTC’s price reaching unprecedented highs. According to Peterson, the Bitcoin price is directly and exponentially proportional to the square root of the number of Halvings that the network has undergone. In other words, the amount of new BTC introduced into circulation is cut in half approximately every four years, a process known as a Halving. “A combination of adoption curve math and Metcalfe’s Law puts Bitcoin’s price well over $500,000 by the next halving in 2028,” Peterson asserted. “This implies an annualized rate of return of about 70%.” Related Reading: XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150 Peterson’s prediction is particularly noteworthy given Bitcoin’s current price of around $65,700, as if his prediction proves accurate, it would represent a massive increase of over 670% from current levels. Furthermore, the researcher suggests that Bitcoin should be “sustainably above $1 million” about 450 days after the next halving event in 2028, aligning with the observed pattern of previous Halving cycles, where Bitcoin has tended to experience a significant price surge in the years following each reduction in new supply. Featured image from DALL-E, chart from TradingView.com
Spot Ether ETFs could amass as much as $10 billion in assets under management within their first year of trading said Katalin Tischhauser, Head of Investment Research at Sygnum Bank and a former executive at Goldman Sachs. She predicted that Bitcoin ETF inflows would be in the $30 billion to $50 billion range for the …
DeFi lending and total value locked is recovering, but many related tokens are still at bear market lows.
Listings for pairs of Donald Trump’s limited-edition orange Bitcoin-themed sneakers are already on eBay, with scalpers hoping to sell their spot in the pre-order queue for as much as $2,500. At the time of writing, there are 12 listings on eBay for the ‘Bitcoin orange’ colored high-tops. Prices start as low as $700 via a …
A key Bitcoin trading indicator has hit its “tightest point” in a year. The last time it happened, Bitcoin pumped 20% in four months.
Large holders resorted to bargain hunting in July as the cryptocurrency experienced two-way price volatility.
Tether, one of the largest crypto companies in the industry and issuer of the most widely used stablecoin USDT, has released its attestation report for the first half of the year, recording substantial gains that amount to nearly $1 billion per month. Transition To US Treasuries Pays Off According to the report, independently audited by accounting firm BDO, Tether’s net operating profit for the second quarter of 2024 reached a new high of $1.3 billion, propelling the company’s total net profit for the first half of the year to over $5 billion. According to the stablecoin issuer, the foundation of Tether’s financial growth and stability comes from an income base derived from investments in US Treasury Bills (T-Bills), which was first implemented after eliminating commercial paper from its stablecoin reserves and replacing it with US T-Bills in 2022. Related Reading: XRP Analyst Thinks The Coin Is Ready To Skyrocket By 21,000% To Over $150 The report also revealed that in the second quarter of the year, direct and indirect ownership of US Treasuries within Tether’s token reserves made notable progress, surpassing $97.6 billion, resulting in a historic high in this metric. This brings Tether’s exposure to Treasuries across multiple countries, positioning it as the 18th largest holder of US debt globally and the 3rd largest purchaser of 3-month US Treasuries after the UK and the Cayman Islands. Despite fluctuations in Bitcoin (BTC) prices, which reached an all-time high of $73,700 in March, the report noted that consolidated equity increased by $520 million in the second quarter, with gold’s positive performance compensating for the losses. The company revealed that its consolidated net equity as of June 30 was $11.9 billion. Tether Commits Profits To Ecosystem Expansion According to the financial disclosures, as of June 30, 2024, Tether’s reserves for circulating tokens totaled $118 billion, exceeding debt by $5.3 billion. In a strategic move, the firm also revealed that a portion of the second quarter’s profits is going to be reinvested in “pivotal projects” to bolster Tether’s ecosystem, while a substantial excess reserve of $5.3 billion was maintained to fortify token stability. Investments in sustainable energy, Bitcoin mining, artificial intelligence (AI) infrastructure, telecommunications technology, neurotechnology, education and other long-term ventures were also part of the firm’s portfolio. Related Reading: Elliot Wave Theory Suggests Bitcoin Price Will Crash Below $40,000 Paolo Ardoino, CEO of Tether, took to social media to celebrate the company’s growth and profitability recorded in the first half of the year, saying: Finally, we realize that our company grew and reached new, almost unimaginable, levels. It’s truly humbling to find ourselves in the position to build everything our imagination could dream. That’s why, for us, Tether is a Once-In-One-Hundred-Year Opportunity. And being a private company allows us to focus on the things that truly matter. Featured image from DALL-E, chart from TradingView.com
Spot Ethereum ETFs (Exchange-Traded Funds) have registered their first green day after a four-day negative streak. A week after its launch, the massive outflows, led by Grayscale’s Ethereum Trust (ETHE), have outshined the remarkable start of the ETH-based investment products. Ethereum ETFs Performance Outshined By Outflows The approval of spot Ethereum (ETH) ETFs was surrounded […]
Manchester United's Web3 game on Tezos could revolutionize fan engagement and digital collectibles in sports, enhancing interactive experiences.
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Bitwise’s Matt Hougan said the idea that US politicians are even considering Bitcoin as a reserve asset is a monumental step given it felt more like a “daydream” a year ago.
“When the net flows turn positive and accelerate, this will be a strong driver for the price of Ether,” said Katalin Tischhauser, Head of Investment Research at Sygnum Bank.
Meta’s share price popped 7% in after-hours trading following a better-than-expected Q2 earnings call.
On 31st July, Grayscale’s “ETH” recorded the highest inflow of $19.8 Million, followed by Fidelity’s “FETH” with $18.8 Million. Blackrock’s “ETHA” records an inflow of $5 Million, whereas 21 Shares (CETH), VanEck (ETHV), and Bitwise (ETHW) record inflows worth $3.3 Million, $4.8 Million, and $4.7 Million respectively. Notably, Invesco’s “QETH” and Franklin’s “EZET” record a …
During the Bitcoin 2024 conference in Nashville on July 27, US Senator proposed a groundbreaking bill for the U.S. government to purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years. She explained that it could be used to reduce the debt and stated “this is the solution” on stage …
Bitcoin is firm at spot rates but struggling to shake off the bears of the past two trading days. Looking at the formation in the daily chart, there are pockets of weakness. However, this might change should bulls push on, rejecting lower lows and reclaiming $70,000 and even $72,000. Trump Effect? New BTC Investors Rise […]
On-chain data shows Ethereum has been observing high exchange outflows recently, but a development related to Tether (USDT) may be a bearish obstacle for the market. Ethereum And Tether Both Have Seen Withdrawals From Exchanges Recently As explained by the on-chain analytics firm Santiment in a new post on X, the market is ending July on a mixed note in terms of the exchange flows. The metric of interest here is the “Exchange Flow Balance,” which measures the net amount of a given asset that’s entering into or exiting the wallets associated with centralized exchanges. When the value of this metric is positive, it means the inflows to these platforms are outweighing the outflows right now. Such a trend implies there is currently demand for trading away the asset among the investors. Related Reading: XRP Bullish Signal: Shark & Whale Population Sharply Growing On the other hand, the indicator being negative implies the holders are making net withdrawals from the exchanges, potentially holding onto their coins in the long term. What implications either of these trends would have on the wider market depends on the exact type of cryptocurrency the one in question is: stablecoin or volatile asset. In the context of the current topic, Santiment has cited the data for Ethereum and Tether, which means both types of coins are relevant here. Below is the chart shared by the analytics firm that shows the trend in the Exchange Flow Balance for the two assets over the past few months: As displayed in the above graph, the Exchange Flow Balance has recently observed a sharp negative spike for both Ethereum and Tether recently, implying that investors have been taking large amounts of these coins off into self-custody. For volatile assets, trading the asset away can have a negative effect on its price, so the exchange reserve going up can be a bearish sign. The Exchange Flow Balance being negative, on the contrary, can be bullish, as it implies the potential “sell supply” of the coin is decreasing. During the latest outflow spree, investors have withdrawn 80,763 ETH (almost $268 million) from these platforms, which is the largest outflow spike in five months. Thus, Ethereum has seen its sell supply go through a significant decline. In the case of stablecoins, exchange inflows also mean the investors want to swap the asset, but as these tokens have their value “stable” around the $1 mark by definition, such trades have no effect on their price. This doesn’t mean that they aren’t of any consequence to the market, however, as investors usually use stables to buy a volatile asset like Ethereum, so large exchange inflows of a stablecoin like Tether can be bullish for these other coins. Related Reading: Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data In this view, the exchange reserve of USDT and other stables can be considered as a potential “buy supply” for the volatile cryptocurrencies. Recently, USDT has seen net withdrawals of $346 million, meaning that this buy supply has gone down. “This reflects less buying power for future purchases from traders, which is generally a necessary ingredient needed to boost prices in the long run,” notes Santiment. It now remains to be seen how the Ethereum price will develop in the near future, given that both bullish and bearish developments have simultaneously occurred in the market. ETH Price At the time of writing, Ethereum is trading at around $3,300, down more than 3% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Grayscale's Ethereum ETF outflows highlight investor preference for lower-fee alternatives, impacting market dynamics and fund strategies.
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