Bitcoin surpasses $42,000 with reduced selling pressure and
favorable economic outlooks
Bitcoin (COIN:BTCUSD) saw a significant increase of 5.3%,
reaching $42,020, buoyed by the reduction in outflows from the
Grayscale Bitcoin Trust (AMEX:GBTC), easing investor concerns and
propelling weekly gains into positive territory. Fernando Pereira,
analyst at Bitget, highlighted the bullish scenario for
cryptocurrencies, supported by recent economic data: “The US
GDP much above expectations (even by the Fed itself), coupled with
labor data as strong as the pre-pandemic period and an inflation
that has been falling each quarter mitigated the risk of a US
recession in the coming months. An optimal scenario for investments
in cryptocurrencies and variable income assets in general,”
commented Pereira.
Other experts pointed to a decrease in GBTC selling pressure as
a sign of stabilization in the cryptocurrency market after recent
turbulences. According to an analysis by Kaiko, Bitcoin emerged as
a superior safe haven, surpassing traditional assets like gold, US
bonds, and the dollar in investment return. Investing in Bitcoin
since the beginning of last year could have yielded profits over
100%, contrasting with the more modest returns of other
conventional assets. This trend reinforces Bitcoin’s position as a
safe asset in times of crisis, evidenced by the reduction of its
correlation with traditional markets like the Nasdaq 100.
In parallel, Ether (COIN:ETHUSD) also experienced a 2.5%
increase, though it is on track for an 8% weekly drop.
Bitcoin ETFs adapt to cash creation models under SEC guidelines
The newly approved spot Bitcoin ETFs by the SEC adopt a cash
creation mechanism for issuing and redeeming shares, diverging from
the common in-kind creation models for commodities like gold and
silver. BlackRock, in the documentation for its iShares Bitcoin
ETF, argued in favor of in-kind creations but followed SEC guidance
for a cash creation model due to regulatory complexities. The
brokers responsible for the transactions, due to uncertainty about
how to apply financial rules when dealing directly with Bitcoin,
face risks when using the cryptocurrency for fund transactions.
BlackRock expressed concerns about the efficiency of the cash
creation model, indicating potential impacts on the accuracy of
share values and on arbitrage, suggesting that in-kind creation
could be more effective in maintaining congruence between the share
price and the value of Bitcoin.
On the tenth trading day of the Spot Bitcoin ETFs, there was an
$80 million withdrawal from the sector. Grayscale (AMEX:GBTC) lost
$394 million. In contrast, BlackRock’s ETF (NASDAQ:IBIT) recorded
an impressive inflow of $170 million, raising its total above $2
billion. Fidelity’s ETF (AMEX:FBTC) also had a profitable day, with
inflows surpassing $100 million. The total Bitcoins held by the
nine new ETFs is now approximately 131,340.
Kraken bolsters team for expansion and regulatory compliance
Kraken, a cryptocurrency exchange, has strengthened its team
with two high-level executives to boost growth and navigate the
complex global regulatory landscape. Gilles BianRosa joins as Chief
Operating and Product Officer, bringing experience from companies
like N26 and Samsung. Marcus Hughes takes on the role of Chief
Regulatory Strategy Officer, bringing his expertise from Coinbase
(NASDAQ:COIN), aiming to adapt Kraken to an ever-evolving market
and regulatory environment.
Positive turnaround for Coinbase with upgrade recommendation
Oppenheimer bank upgraded its recommendation for Coinbase
(NASDAQ:COIN) shares to “Outperform” from “Perform,” setting a
target price of $160. After a challenging period, Coinbase stands
out for its resilience and strong management, according to analyst
Owen Lau. Confidence in the company grows with the prospect of
winning a lawsuit against the SEC and playing a crucial role in the
new Bitcoin ETFs. Despite competition and low ETF fees, Coinbase is
expected to remain attractive to investors and see a significant
increase in trading volume, especially with the reduction in
interest rates and upcoming favorable events for Bitcoin
(COIN:BTCUSD).
UK Supreme Court rejects Craig Wright’s appeal in defamation case
The UK Supreme Court refused Craig Wright’s appeal in his
defamation lawsuit against Peter McCormack, deciding that the case
does not present a significant legal issue. In July, Wright was
awarded only 1 GBP in damages against McCormack, who questioned
Wright’s claim of being Satoshi Nakamoto, the creator of Bitcoin
(COIN:BTCUSD). Wright unsuccessfully attempted to appeal the
decision twice, marking another setback in his ongoing legal
disputes within the crypto community.
US plans to liquidate $117 million in Bitcoin from dark web seizure
The US government announced plans to liquidate approximately
$117 million in Bitcoin (COIN:BTCUSD), confiscated during a drug
seizure operation on the dark web. In 2021, the assets were seized
from Ryan Farace and Sean Bridges, with Farace also forfeiting an
additional 59 bitcoins. Farace, known as Xanaxman on the dark web,
was previously charged by the Department of Justice for selling
Xanax illegally in exchange for Bitcoin. The sale of the seized
bitcoins is subject to legal procedures, with potential impact on
the cryptocurrency market.
OneCoin lawyer sentenced to 10 years for laundering $400 million
Mark Scott, a lawyer associated with the OneCoin scheme, was
sentenced to ten years in prison for laundering $400 million from
the project, seeking to sustain a lavish lifestyle. The judge
criticized Scott for selling his Porsche and moving the money to
the Cayman Islands, instead of reimbursing the victims of the
scheme. Scott maintains his innocence, while facing charges amidst
the ongoing investigation into the notorious OneCoin scheme.
OKX ends mining services due to strategic adjustments
OKX, a cryptocurrency exchange, announced the closure of its
mining pool due to internal restructuring. From January 26, new
registrations were suspended, and the services will be completely
deactivated on February 26. The company apologized for the
inconvenience caused by the decision, which affects access to
various cryptocurrencies like Bitcoin (COIN:BTCUSD) and Ethereum
Classic (COIN:ETCUSD). The change comes at a critical time for
miners, with the impending Bitcoin halving.
Canaan raises $50 million for expansion and R&D
Canaan (NASDAQ:CAN), known for its cryptocurrency mining
platforms, raised over $50 million through the issuance of
preferred shares, aiming for improvements in R&D and increased
production. The Nasdaq-listed company announced the sale of up to
125,000 Series A preferred shares to an undisclosed institutional
investor. The funding will be directed towards expansion and
corporate objectives, despite a net loss in the last quarter.
Miners’ selling strategy intensifies pressure on the Bitcoin market
As the Bitcoin (COIN:BTCUSD) halving approaches, miners are
strategically increasing the sale of their assets, intensifying
selling pressure on the market. Analyses indicate that these sales
aim to cover operational costs and prepare for the future, with a
notable reduction in Bitcoin reserves and an increase in transfers
to exchanges. This strategic move, highlighted by CryptoQuant,
suggests a potential impact on Bitcoin (COIN:BTCUSD) prices in the
short term.
Chinese investors seek refuge in cryptocurrencies amid stock market
recession
With the recession in China’s stock market, local investors like
Dylan Run are diversifying their portfolios to include Bitcoin
(COIN:BTCUSD) and other cryptocurrencies, despite the government’s
ban. Navigating restrictions with creative methods, they view
cryptocurrencies as a stable investment in times of economic
uncertainty.
Notable growth in blockchain activity and users in 2023, reveals
Flipside Crypto
Flipside Crypto reported a significant increase in blockchain
activity and user numbers throughout 2023, with Ethereum and
Polygon leading in new user acquisitions. After a year of extreme
fluctuations, network activity and user engagement ended on a high,
especially after May, when the Silicon Valley Bank collapse boosted
interest in decentralized alternatives. The analysis anticipates
that 2024 will be dominated by DeFi activities, with an increase in
interaction with Layer 2 networks.
Aleo prepares to launch to revolutionize privacy in crypto
transactions
Aleo, an innovative privacy-focused blockchain network, is set
to launch its mainnet, having overcome the last technical
challenges. With the mission to incorporate privacy into
cryptocurrency transactions, Aleo has undergone rigorous testing
and audits to ensure the robustness of its platform. The
initiative, backed by academic advancements and a dedicated team
led by Alex Pruden, promises to unlock new use cases in
confidential payments and identity solutions, enhancing blockchain
technology adoption with private transactions and smart contracts
by default.
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