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SEC Expected to Approve Ethereum ETFs by May 23: Standard Chartered Bank Predicts

by Isaac lane
written by Isaac lane

In a recent report, Standard Chartered Bank anticipates that the Securities and Exchange Commission (SEC) will likely greenlight spot Ethereum exchange-traded funds (ETFs) following a similar trajectory to Bitcoin ETFs. The bank’s projections suggest a potential approval on May 23, which could significantly impact Ethereum’s market dynamics.

Ethereum ETF Approval Anticipated

Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, forecasts the approval of spot Ethereum ETFs by May 23, drawing parallels to the approval process for Bitcoin ETFs. Kendrick highlights the SEC’s stance on Ethereum not being classified as a security, coupled with its listing as a regulated futures contract on the Chicago Mercantile Exchange, as key factors supporting this expectation.

Kendrick maintains an optimistic outlook on Ethereum‘s price trajectory, with a potential surge to $4,000 by the anticipated approval date. He emphasizes that the SEC’s treatment of Ethereum aligns with existing market standards, suggesting a favorable regulatory environment for Ethereum-based financial products.

Differentiating Factors from Bitcoin

Comparing Ethereum’s market dynamics to Bitcoin, Kendrick notes Ethereum’s resilience to post-approval selling, attributing it to the relatively smaller share of the total market cap held by Ethereum investment trusts. He suggests that Ethereum ETFs may experience less volatility post-approval compared to Bitcoin counterparts.

While Kendrick expects simple Ethereum ETFs to gain approval initially, he anticipates ETFs incorporating staking yield rewards to be introduced at a later stage. He points to European precedents where such ETFs exist, albeit with higher fees offsetting staking rewards.

Ethereum’s Technological Upgrades

Kendrick also touches upon Ethereum’s upcoming technological upgrades, particularly the Dencun or Proto-Danksharding upgrade. He suggests that these enhancements could bolster Ethereum’s ecosystem by reducing transaction fees and maintaining attractive staking rewards, ultimately supporting Ethereum’s price trajectory.

While Kendrick remains optimistic about Ethereum ETF approvals, sentiments among crypto experts vary. Some express confidence in the imminent approval, while others remain cautious amidst regulatory uncertainties.

In summary, Standard Chartered Bank’s analysis points towards a favorable regulatory outlook for Ethereum ETFs, potentially reshaping the cryptocurrency landscape by offering investors accessible exposure to Ethereum’s market performance.

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BitcoinCryptoNews

BlackRock, VanEck, and Franklin Templeton Launch Bitcoin ETF Ads on Google

by Isaac lane
written by Isaac lane

Today, a quick Google search unveils advertising campaigns by BlackRock, VanEck, and Franklin Templeton promoting their spot on Bitcoin ETF. This move comes in the wake of Google’s updated policy permitting certain crypto product advertisements.

Google’s Policy Update and Advertising Campaigns

Effective today, Google’s revised policy allows advertisements for Crypto Coin Trust products in the US. This policy shift prompted BlackRock, VanEck, and Franklin Templeton to launch advertising campaigns for their spot Bitcoin ETFs. Google now displays these ads in response to queries like ‘spot Bitcoin ETF’ or ‘Bitcoin ETF.’

google

Google’s policy change provides ETF providers with a significant opportunity to connect with a broader audience. By leveraging the world’s leading search engine, financial giants aim to accelerate the mainstream adoption of Bitcoin ETFs. These products are perceived as crucial bridges between traditional finance and the crypto sphere.

Community Feedback and Caution

While this development signals progress, concerns have emerged within the crypto community. Some individuals, like @NFT_Dreww.eth, express optimism tempered with caution. Highlighting the potential for exploitation by scammers, they stress the need for vigilance. @NFT_Dreww.eth advises internet users to employ ad blockers to mitigate the risk of encountering fraudulent websites that may slip through Google’s screening processes.

The launch of advertising campaigns by BlackRock, VanEck, and Franklin Templeton on Google marks a significant milestone in the mainstream acceptance of Bitcoin ETFs. As these financial giants capitalize on Google’s updated policy, the landscape of crypto advertising undergoes a transformative shift. However, the community remains vigilant, recognizing the potential for misuse and emphasizing the importance of staying alert in the digital space.

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Bitcoin Tumbles Below $40,000: Assessing Market Dynamics

by Isaac lane
written by Isaac lane

Bitcoin experienced a significant downturn, plummeting by 5.8% from $41,553 on January 22 to reach a six-week low of $39,372, marking a pivotal moment for the cryptocurrency market. This sharp drop resulted in the liquidation of $282 million worth of long positions across the crypto landscape.

Anticipating upward volatility that would maintain Bitcoin above the $40,000 mark, traders were taken by surprise as the flagship cryptocurrency failed to meet these expectations. The decline follows the recent approval by the United States Securities and Exchange Commission (SEC) of spot Bitcoin ETF products, contributing to market uncertainty.

Influence of Grayscale and FTX Actions

Market observers attribute the sudden crash to the constant selling of Bitcoin linked to Grayscale’s GBTC at Coinbase. Grayscale‘s substantial deposit of over $600 million worth of BTC on January 22, coupled with FTX’s sale of its entire 22 million GBTC shares, amounted to nearly $1 billion in selling pressure on Bitcoin.

Lingering Market Uncertainty

Bitcoin liquidations chart. Source: Coinglass

Data from futures trading and information platform Coinglass highlights long-position liquidations for Bitcoin reaching over $61.99 million on January 22, surpassing short liquidations at $12.4 million. Cross-crypto long liquidations added to the impact, totaling more than $282 million.

Analyzing Bitcoin’s Current State

At the time of writing, Bitcoin is hovering around $39,983, supported by the 100-day exponential moving average (EMA) after losing the key support level at $41,890. The psychological level at $38,000 and the 200-day EMA at $35,418 are crucial downside levels to monitor, with the $35,000 support floor serving as the potential last line of defense, presenting a total loss of 12.5%.

Crucial Levels to Monitor

On the upside, significant levels include the 23.6% Fibonacci retracement level at $41,590, the 50-day EMA, and the major resistance level at $42,000. A breakthrough could propel Bitcoin towards the 50% retracement level around $44,000 and subsequently to $45,000, signaling a potential sustained recovery. Beyond this, the psychological level at $50,000 becomes a notable target for the cryptocurrency.

As Bitcoin navigates through these critical levels, investors and analysts closely monitor the market for signs of recovery or further declines, adding to the ongoing narrative of Bitcoin’s price movements.

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BitcoinMarket

As Bitcoin Drops 20% From High, Jim Cramer Adopts “Number Go Down” Theme

by V. Sinclair
written by V. Sinclair

Popular CNBC host of “Mad Money,” Jim Cramer, has recently drawn notice for his pessimistic comments regarding the future of Bitcoin (BTC). In his most recent post on X, he has reiterated his assertions. Furthermore, he is now endorsing the “Number Go Down” motif, referencing the sharp drops in Bitcoin prices.

Jim Cramer Offers Opinion On The Decline Of Bitcoin
Jim Cramer discussed how Bitcoin fell 20% from its peak of $48,969 after the introduction of the Spot ETF on X on Tuesday, January 23. Furthermore, he indicated that Bitcoin is ready to take a “strong stance,” but there’s more to it than that. The host of “Mad Money” continued by saying that even if Bitcoin recovered, there wouldn’t be enough money coming in to support it.

He wrote, “Now that Bitcoin’s down about 20% from its high i expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.” Earlier, on Monday, Cramer had expressed further criticism regarding BTC’s future. The host wrote, “Unlikely that Bitcoin finds its footing.”

However, industry experts expect that such comments from Cramer would eventually propel the Bitcoin price up. Rufas Kumau, Senior Contributor at Forbes, quoted Cramer’s tweet and expressed optimism. Embracing the Inverse Cramer hashtag, Kumau wrote, “You know what it is.. we going back up.”

BTC Price Falls Below $39,000

The oldest cryptocurrency in the world has recently struggled with a bearish trend. In today’s session, the price of Bitcoin went below $39,000, indicating a significant 20% decline in relation to the peak of $48,969 set last week for the ETF. By 4.39% as of the time of publication, the value of Bitcoin was $38,919.42 on Tuesday.

With a market cap of $762.87 billion, the cryptocurrency appeared to have decreased by 4.51%. On the other hand, the trading volume of Bitcoin increased by 82.63% to $31.10 billion. Due to the significant decline, Bitcoin fell from a high of $41,169.30 to a low of $38,839.95 on Tuesday.

While citing past patterns, well-known cryptocurrency expert Ali Martinez predicted that the price of Bitcoin would potentially fall below $33,000. “Looking back at the last two bull cycles, $BTC usually retraced to the 50% Fibonacci level,” he said after hitting the 78.6% Fib.”

The analyst also mentioned that Bitcoin just retested the 78.6% Fibonacci level. Therefore, if the historical pattern continues, he anticipates a pullback to the 50% Fibonacci level. Moreover, he hinted at a 16% decline from the present price by saying it would drive the value of Bitcoin to as low as $32,700.

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BitcoinMarket

The Profit-Taking Stage and Price Trends of Bitcoin

by V. Sinclair
written by V. Sinclair
Bitcoin (BTC) witnessed a price correction at the beginning of this month, yet many addresses holding the leading cryptocurrency continue to stay positive. However, the patience of short-term holders seems to be waning as BTC surpasses the $42,000 support level.

The Profit-Taking Process in BTC

According to analyst James Van Straten, the total profit or loss of all traded cryptocurrencies could indicate a long-term profit-taking phase in Bitcoin. Moreover, such a trend has not been seen in the last five years. The only comparable event was the 2021 bull run, which lasted from September 2020 to February 2021, spanning 155 days.

Therefore, there was a growing expectation that the profit-taking trend around $40,000 in Bitcoin might be nearing its end. A prolonged rise, increased selling pressure, and concerns about a potential downtrend in the market could also increase. As more investors prefer to realize their profits in a stagnant or declining price market, continuous sales could contribute to downward pressure on Bitcoin’s valuation.

This scenario could lead to a loss of confidence among investors, resulting in reduced market participation and potentially hindering price recovery. A long-term profit-taking period could also be an indicator of market fatigue or skepticism about Bitcoin’s short-term prospects.

The Price Trend in BTC

If the mentioned trend continues, it could prevent newcomers from entering the market, and existing investors may prefer to stay on the sidelines, waiting for clearer signs of an uptrend. In the last few days, the number of short positions opened against BTC increased from 48% to 51.52%. However, if BTC’s price takes a positive turn, it could worsen the situation for investors.

Recent data could indicate that if BTC manages to surpass the $44,000 threshold, $1.21 billion worth of short positions could be liquidated. Such a significant liquidation could trigger a short squeeze, which in turn could push BTC’s price higher, inflicting more damage on the bears. At the time of writing, BTC’s price has seen a 1.27% decrease over the last 24 hours, trading at $41,084.39.
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BitcoinCryptoNews

Grayscale’s Substantial Bitcoin Transfer to Coinbase Initiates Market Decline

by Isaac lane
written by Isaac lane

The cryptocurrency market witnessed a downturn as Grayscale, a major digital asset management firm, completed another substantial Bitcoin transfer. The data, sourced from Arkham Intelligence, revealed that the transfer of nearly 13,000 BTC to Coinbase correlated with a decline in Bitcoin’s value, dropping to $41,100.

Continuous Bitcoin Transfers

The ongoing transfers by Grayscale have attracted attention, signaling potential market impacts. Today’s transfer, totaling 12.87 thousand BTC and valued at $531 million, adds to the series of movements initiated by Grayscale.

The cumulative effect of Grayscale’s recent transfers to Coinbase Prime has been substantial. So far, a total of 47.9 thousand BTC has been deposited, equating to a staggering $1.97 billion based on current market prices.

Market Analyst Insights

The situation prompts speculation and analysis from market observers. Akhram Intelligence, in a tweet, suggested that these transfers likely represent redemptions of Grayscale’s GBTC (Grayscale Bitcoin Trust) shares.

Grayscale’s strategic moves in transferring significant Bitcoin holdings to Coinbase not only impact the market valuation but also raise questions about the firm’s investment strategy and potential implications for the broader cryptocurrency landscape. Investors and analysts are closely monitoring these developments for insights into Grayscale’s approach amid the evolving regulatory and market conditions.

As Grayscale continues its notable Bitcoin transfers to Coinbase, the cryptocurrency market experiences fluctuations, emphasizing the interconnectedness of large-scale transactions and market dynamics. The implications of these moves extend beyond immediate price changes, sparking discussions about institutional strategies and their role in shaping the cryptocurrency ecosystem.

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BitcoinCryptoNews

Grayscale Trust Moves $798M in Bitcoin to Coinbase Prime Post BTC Spot ETF Adoption

by Isaac lane
written by Isaac lane

In a strategic shift reflecting the changing dynamics post-BTC spot ETF approval, Grayscale Trust has orchestrated substantial Bitcoin transfers. On the third consecutive trading day after the ETF adoption, the latest transaction to Coinbase Prime involves 8,638 BTC, totaling an impressive $1.366 billion.

Strategic Adaptation and Market Dynamics

On January 16, Grayscale initiated this movement by sending 9,000 BTC, worth $385 million, to a suspected Coinbase Prime deposit address. The three-day total comes to 31,638 BTC transferred, responding to changing dynamics in the cryptocurrency market post-regulatory approval for a spot ETF.

Market Impact and Volatility

While these transactions briefly caused a dip in Bitcoin prices, pushing them below $42,300, the market response aligns with changing dynamics post-regulatory approval for a Bitcoin spot ETF. Grayscale’s recent sales of 11,000 bitcoins reflect the evolving cryptocurrency landscape and respond to the market’s increased volatility.

Implications for GBTC Holdings

As a result, GBTC‘s holdings now stand at just under 601,362 BTC. The cryptocurrency market’s volatility is evident, drawing close attention from investors and analysts monitoring these developments. Grayscale Trust’s substantial Bitcoin transfers reflect strategic adaptation to the evolving cryptocurrency landscape, accentuating market volatility and prompting vigilant scrutiny from investors and analysts.

Grayscale Trust’s substantial Bitcoin transfers to Coinbase Prime showcase a strategic response to the changing regulatory landscape, emphasizing the need for flexibility in the face of evolving market dynamics. Investors and analysts are keeping a keen eye on such movements as the cryptocurrency market continues to navigate through these transformative developments.

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BitcoinCryptoNews

Satoshi-Era Bitcoin Whale Stirs: $2 Billion in BTC on the Move

by Isaac lane
written by Isaac lane

In a recent revelation, a once-dormant Bitcoin whale has resurfaced, catching the attention of the crypto community. The findings, shared by Arkham Intelligence and disseminated by the prominent Bitcoin-themed Twitter account @BTC_Archive, uncover a significant resurgence in the Bitcoin movement after a five-year hiatus.

The on-chain data source highlighted several substantial transactions totaling $2 billion in Bitcoin. According to @BTC_Archive, the wallet in question has reemerged after lying dormant since 2019, having made only one transaction previously in 2013. Notably, this dormant period coincided with the last known activity of Bitcoin’s mysterious creator, Satoshi Nakamoto.

Community Speculation and Response

The news prompted speculation within the Bitcoin community about the identity and motives behind these massive transactions. A Twitter user humorously suggested that it might be Satoshi Nakamoto himself, jokingly referring to a recent comment by JP Morgan‘s CEO, Jamie Dimon, who dismissed Bitcoin as a “pet rock.”

Record-Breaking Transaction

On a related note, on-chain aggregator Santiment identified what it deemed the largest single Bitcoin transaction of 2024. This transaction, involving over $665 million worth of Bitcoin (42,870 BTC), occurred between 3:00 p.m. and 4:00 p.m. UTC. Santiment noted that this marked the highest hourly crypto movement in nearly six months.

Recent Market Movements

Coinciding with these significant transactions, the Whale Alert cryptocurrency tracker reported a substantial transfer of 11,502 BTC (valued at $497,417,265) to Coinbase, the largest U.S.-based cryptocurrency exchange. Bitcoin’s value experienced a 2.5% decline over the past two days, settling at $42,361. This drop follows a 13.54% decrease since the recent approval of spot-based Bitcoin ETFs by the SEC last Thursday.

The return of a dormant Bitcoin whale and substantial transactions have stirred curiosity within the cryptocurrency community. As Bitcoin’s market experiences notable transactions and price fluctuations, the identity behind such massive movements remains a subject of interest and speculation.

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BitcoinMarket

DUE TO AI MONOCULTURE, SEC’S GARY GENSLER RAISES AN ALARM ON FINANCIAL STABILITY

by V. Sinclair
written by V. Sinclair

The US Securities and Exchange Commission (SEC) Chair Gary Gensler warned of the dangers of artificial intelligence (AI) in the financial sector during a virtual fireside chat on January 17th, organized by Public Citizen. Gensler had previously focused on the cryptocurrency industry. Concerning the possible risks of an AI monoculture, Gensler stated that centralized AI systems would jeopardize the stability of the financial system. This occurs in the midst of expanding conversations around regulatory control and AI’s place in the financial sector.

Safeguarding financial stability in the face of the AI monoculture threat

Gary Gensler, often referred to as the “crypto cop on the beat,” emphasized the potential dangers of centralized AI markets, specifically those relying on a limited number of models. Drawing parallels with the dominance of Amazon, Microsoft, and Google in cloud services, Gensler warned that a financial system overly dependent on a small number of AI models could become fragile. He envisioned a scenario where a “monoculture” emerges, with numerous financial actors relying on a single central data or AI model, thus exacerbating systemic risks.

Gensler highlighted the lack of regulatory oversight for AI models in the financial sector, pointing out that the so-called “central nodes” crucial to the industry are currently unregulated. He stressed the need for diversity in both AI models and data sources to ensure a robust and resilient financial system. This echoes his previous sentiments about the crypto industry being a “wild west” and the potential destabilization of financial markets through the use of AI, indicating a consistent concern for maintaining stability in the financial realm.

AI’s evolution – From breakthroughs to regulatory challenges

The AI sector, currently dominated by a handful of major players, including OpenAI, Microsoft, Google, and Anthropic, is witnessing a shift in focus. While large language models have garnered significant attention, there is a growing emphasis on mathematical-based AIs, particularly those addressing high-level geometry problems. Google Deepmind recently announced a major breakthrough in this domain, indicating the continuous evolution of AI capabilities beyond language processing.

As artificial intelligence (AI) gains prominence at the World Economic Forum in Davos, the conversation has widened to cover the technology’s possible drawbacks, such as its propensity to propagate false information. The growing focus on AI’s wider ramifications highlights how urgent it is to close legislative loopholes and guarantee a diverse approach to AI adoption in the financial industry.

Important considerations concerning the regulatory environment of the future are brought up by Gary Gensler’s most recent alert regarding the dangers of AI monoculture in the banking industry. As AI technologies are further adopted by the financial sector, strong oversight and diversified models are increasingly important. Can regulators in AI-driven finance find a middle ground between encouraging innovation and averting the establishment of a precarious monoculture? To effectively traverse the complexity of this technological frontier, the growing discourse surrounding artificial intelligence (AI) and its effects on financial stability necessitates cautious thought and aggressive regulatory actions.

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BitcoinRegulations

Prior to the release of the spot Bitcoin ETF approval, US GAO recommended to the SEC

by V. Sinclair
written by V. Sinclair

Before approving the spot Bitcoin exchange-traded fund (ETF) on January 10, the Securities and Exchange Commission (SEC) received recommendations from the United States Government Accountability Office (GAO) about three critical execution plans.

The proposals centered on how the regulator would handle the emerging business in the upcoming years and labor management for the digital asset market.

The SEC received the GAO recommendations on December 15 and the public was informed on January 16. The SEC should create a new personnel plan, record rules and procedures for internal controls at its Strategic Hub for Innovation and Financial Technology (FinHub), and create performance benchmarks and metrics for the hub, according to the GAO study.

Within the legislative branch of the US federal government, the GAO is an impartial, independent auditing organization that provides auditing, evaluation, and investigative services to Congress.

The SEC employs 116 people who focus primarily on issues connected to crypto assets, according to the GAO’s assessment of the agency’s capacity to handle the burgeoning crypto industry. To refresh its approach for the fiscal years 2019–2022, the SEC hasn’t yet created a new personnel planning strategy.

As per the GAO’s recommendation, the SEC would be in a better position to fulfill its future labor requirements and execute its policymaking and supervisory responsibilities concerning digital assets.

The SEC’s FinHub assists in coordinating SEC oversight of developing technologies, however the GAO discovered that it lacks formal policies, procedures, or performance targets. While FinHub has operating processes in place, such as interacting with market participants, it has not implemented rules and procedures to support internal controls.

After the evaluation, the GAO issued the following three recommendations:

  1. A new workforce planning strategy that is in line with the agency’s 2022–2026 strategic and performance goals should be prepared by the top human capital officer, under the supervision of the SEC chief.
  2.  The head of the SEC should make sure the director of FinHub records the guidelines and practices that underpin the company’s internal controls.
  3.  The SEC chair should make sure the FinHub director creates quantifiable, focused, and objective performance goals and metrics.

In order to show whether the SEC has acted appropriately in response to the recommendations, the GAO has also included a live status section for each recommendation.

On January 10, the SEC issued a landmark ruling, approving 11 spot Bitcoin ETF applications. According to the SEC’s internal document, there were two votes against the motion and three in favor. After almost ten years of denials, SEC director Gary Gensler made the deciding vote to authorize the first spot BTC ETFs in the United States.

SEC chairman was put in a difficult situation about immediate approval of a Bitcoin ETF, according to gold bug and well-known Bitcoin opponent Peter Schiff. He cautioned that Gensler would “soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use’ case, resulting in a sharp decline in price.”

The following day, all authorized spot BTC ETFs went live and had trading volumes of more than $2 billion on opening day.

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