Bitcoin News

The cryptocurrency market appears to be undervaluing the bullish potential of U.S. spot Bitcoin ETFs, according to multiple reports from crypto research firms.

The financial landscape is on the brink of a monumental shift as Bernstein, a leading global asset management firm, releases a comprehensive report outlining the future of cryptocurrency Exchange-Traded Funds (ETFs).

In a remarkable revelation that has sent ripples through the cryptocurrency market, Joe Burnett, an analyst at Blockware Solutions, has disclosed that a staggering 94.6% of all Bitcoin has remained stationary over the past 30 days.

In a recent interview, former Securities and Exchange Commission (SEC) Chairman Jay Clayton shed light on the regulatory body’s hesitance to approve the first Bitcoin exchange-traded fund (ETF) in the United States.

In a startling turn of events, Bitcoin (BTC), the world’s leading cryptocurrency, has slid under the $26,000 mark, erasing all gains made earlier in the week.

In a significant move towards the adoption of digital assets, the Colorado Department of Motor Vehicles (DMV) announced last Thursday that it has started accepting cryptocurrency as a mode of payment for its online services.

Despite Grayscale’s victory, it is unlikely to prevent Bitcoin from ending August with negative monthly returns, analysts said. BTC was above $29,000 earlier this month and is currently hovering above $27,000.

In a surprising move, Binance, one of the world’s leading cryptocurrency exchanges, has announced its intention to launch a new stablecoin.

Crypto markets extended their downtrend from last week, with ethereum, the second-largest cryptocurrency by market capitalization, falling below $1,655 amid bearish sentiment among traders and a lack of fresh catalysts.

CryptoQuant summarizes the changes in the Bitcoin market in the past year on social media X (formerly Twitter).

Ilan Solot, co-head of digital assets at Marex Solutions, said unrealized losses for short-term holders is one of the key issues facing the market right now.

According to Bloomberg Intelligence data, the U.S. Securities and Exchange Commission (SEC) needs to reach a conclusion on the Bitwise Bitcoin ETP trust by September 1, and regulators can refuse, approve or delay.

Dogecoin project co-founder Billy Markus recently interacted with the crypto community on the X social media platform, revealing his personal preferences for the virtual currency and revealing the technical basis of Dogecoin.

Rui, the investment manager of HashKey Capital, tweeted that as Bitcoin fell from $29,000 to $25,000, the market finally came out of the shock range.

BTC fell below the $28,000 mark, its lowest level since June 20 this year. In the past 48 hours, the price of BTC has continued to decline from 29330 USDT to a minimum of 27676 USDT, with a maximum drop of 5.6%. BTC was temporarily reported at 27,900 USDT, a 24-hour drop of 3.8%.

SpaceX’s August 18 Bitcoin writedown report sparked confusion in the crypto community, who questioned whether SpaceX held $373 million worth of Bitcoin to sell between 2021 and 2022, or whether they were simply reducing their holdings Bitcoins.

According to CoinGecko, the average electricity bill for a household that mines 1 BTC is $46,291.24, which is 35% higher than the average daily electricity price of 1 BTC of $30,090.08 in July 2023.

Considered safe-haven currencies such as bitcoin and gold are struggling to gain momentum even as global markets are starting to show signs of cracks in the form of volatility in fiat currencies of troubled countries, an observer said.

Bitcoin is now Argentina’s most valuable currency ever, following the surprise victory of crypto-friendly Javier Milei in Argentina’s presidential primary.

Data disclosed by blockchain analysis company Kaiko shows that the current 90-day volatility of Bitcoin and Ethereum has dropped to 35% and 37% respectively, while the 90-day volatility of crude oil has reached 41%.

Derivatives market CME Group and cryptocurrency benchmark provider CF Benchmarks plan to launch two new Asia-Pacific-specific reference rates.

In May, the FBI seized nearly $400,000 worth of cryptocurrency from Binance accounts linked to U.S. residents, according to an announcement filed this month.

One of the ETFs will invest in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), according to an Aug. 11 filing.

In a recent interview, Ethereum founder Vitalik Buterin stated that crypto projects do not need to be decentralized, and that IOTA and XRP are still fully centralized, but they are still listed as crypto assets on CoinMarketCap.

According to a report by the encryption service provider Matrixport, the US Securities and Exchange Commission (SEC) is likely to approve several Bitcoin spot ETFs in succession, which will trigger the next rise of Bitcoin.

Markets already price in no further rate hikes from the Fed this year and have begun pricing in rate cuts in 2024.

In an interview, Cathie Wood, CEO of ARK Invest, shared her insights that the SEC may adopt a groundbreaking strategy of approving multiple BTC ETFs at the same time.

Billionaire David Rubenstein, co-founder of private equity giant Carlyle Group, said in an interview that Bitcoin (BTC) is here to stay, thanks to growing institutional interest in BlackRock’s application for a Bitcoin ETF spot and A universal global demand for a form of money that governments cannot control.