Bitcoin Magazine

27 Dec 2023 05:07

💰 Crypto Boom in K-Drama Style: South Korea's Bitcoin Buzz Reaches New Heights! 🌟🇰🇷

🔥 The stage is set, and the Korea Premium Index (KPI) takes the spotlight, giving us a front-row seat to the electrifying 'Kimchi Premium' dance in the world of crypto! 🎤💰

📈 Watch the KPI rise, signaling a bullish crescendo as South Korean traders turn up the tempo, fueling a surge in crypto prices on local exchanges. It's a symphony of buying excitement! 🚀🌐

📉 When the KPI takes a dip, it's a subtle note of caution, suggesting a bearish undertone. Will the rhythm of the market change, or will it continue to dance to the crypto beat? 🎢📉

⏪ Let's rewind and feel the vibe: The 14-day moving average mirrors the golden era of Bitcoin's 2021 peak, adding a nostalgic twist to the current crypto saga. 🔄🌟

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Bitcoin Magazine

26 Dec 2023 06:22

💰 Spot Bitcoin ETFs Set to Skyrocket, Potentially Doubling Current Crypto ETP Market! 💰🌐

In a groundbreaking revelation, the imminent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States is poised to overshadow the entire crypto exchange-traded product (ETP) market, currently valued at a substantial $50 billion. 🚀💹

📊 The Current Crypto ETP Landscape:
The global crypto ETP market currently boasts around 150 diverse products, amassing a total asset under management (AUM) of $50.3 billion. These encompass a mix of spot and futures funds, primarily tracking the performance of crypto giants Bitcoin and Ethereum. Grayscale's Bitcoin Trust, vying for a shift to a spot ETF, reigns as the largest entity on this dynamic list.

💡 Spot Bitcoin ETFs: The Game-Changer:
Market dynamics are set for a seismic shift with the anticipated approval of spot Bitcoin ETFs, a milestone potentially orchestrated by the SEC as early as January 10. This move is predicted to not only revolutionize investment strategies but also could effectively double the current crypto ETP market investment. 📈💸

🚀 The Future of Crypto Investment:
As crypto enthusiasts eagerly await this transformative development, the crypto investment landscape is on the verge of experiencing an unprecedented surge, redefining how investors interact with digital assets. 🌐✨

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Bitcoin Magazine

25 Dec 2023 02:48

💰 Crypto Alarm: BitMEX Co-Founder Signals Concerns Over Spot Bitcoin ETFs! 💔🌐

In a thought-provoking blog post dated December 23, Arthur Hayes, co-founder of BitMEX, raises a cautionary flag regarding the potential risks associated with spot Bitcoin exchange-traded funds (ETFs). A significant figure in the crypto space, Hayes suggests that an overwhelming success of these ETFs could present a serious threat to the very essence of Bitcoin.

📉 Safeguarding Bitcoin's Core: Hayes underscores the intrinsic value of Bitcoin, emphasizing its unique nature driven by continuous movement. However, he expresses apprehensions that spot Bitcoin ETFs, designed to accumulate and store assets in a metaphorical vault, might disrupt the natural dynamism that defines Bitcoin's value.

💼 Transaction Integrity in Jeopardy: The real peril, as outlined by Hayes, emerges if ETF issuers accumulate all available Bitcoin, and investors prefer Bitcoin derivatives over directly holding the cryptocurrency. This shift could potentially lead to a decline in network transactions, stripping miners of the incentive to validate transactions.

🛑 Navigating Innovation: The potential success of spot Bitcoin ETFs prompts critical questions about finding a delicate balance between financial innovation and preserving the organic dynamism of the cryptocurrency.

🔗 Community Collaboration: Hayes urges the crypto community to engage in thoughtful discussions to navigate these potential challenges. Striking the right balance becomes paramount—an intricate dance between embracing financial advancements and safeguarding the fundamental principles that define Bitcoin.

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Bitcoin Magazine

24 Dec 2023 04:51

🥇 Former SEC Official Hints at Gensler's Game-Changing Move - Spot Bitcoin ETF Approval! 🚀🔮

Breaking news from the crypto corridors! John Reed Stark, ex-SEC bigwig turned cybersecurity guru at John Reed Stark Consulting, drops a bombshell, suggesting that the SEC, under Gary Gensler's leadership, might be on the verge of approving a spot Bitcoin exchange-traded fund (ETF).

📅 SEC's Unconventional Tactics: This week witnessed a rare spectacle as the SEC initiated unprecedented communication with spot Bitcoin ETF applicants. Eleanor Terrett, the sharp Fox Business journalist, spilled the insider details on social media platform X Thursday. Insider whispers indicate the SEC's meticulous focus on ensuring alignment on cash creates, with a call for issuers to erase any traces of in-kind redemptions from their filings. 🔄💼

🤔 Gensler's Crypto Legacy Unveiled: Gary Gensler's influence on the crypto realm takes an intriguing turn as speculations rise about the potential approval of a spot Bitcoin ETF becoming the cornerstone of his SEC legacy.

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Bitcoin Magazine

22 Dec 2023 16:39

🚨BREAKING: 🇭🇰 Hong Kong's Securities Commission says its "prepared to accept" 💰Bitcoin  ETF applications

🤝 @Cryptocurrency_Inside ✅

Bitcoin Magazine

20 Dec 2023 08:51

💰 Crypto asset manager 7RCC applies to offer bitcoin ETF

7RCC, a crypto asset manager, has applied to offer a spot bitcoin exchange-traded fund, joining a bevy of major asset managers applying with the U.S. Securities and Exchange Commission to offer such ETFs. In a proposed preliminary prospectus shown in a Monday S-1 filing, 7RCC said the fund’s investment strategy is to hold a combination of bitcoin and financial instruments to gain exposure to Carbon Credit Futures.

The Fund’s investment objective is to reflect the daily changes of the price of bitcoin and the value of Carbon Credit Futures, as represented by the Vinter Bitcoin Carbon Credits Index,” the company said. “The Index is designed to track the performance of investing in a portfolio comprised of 80% bitcoin and 20% Carbon Credit Futures.”7RCC — which specializes in environmental, social and governance investing — added in the filing that it intends to appoint Gemini as the custodian of the fund’s bitcoin. Gemini said in a statement on Monday that the proposed ETF allows investors to diversify their portfolios, “balancing the innovative nature of Bitcoin with the progressive realm of Carbon Credit Futures.”

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Bitcoin Magazine

19 Dec 2023 19:58

💰 Bitcoin Miners Hit Record $9.97M Earnings From Ordinals; 61% of BTC Transfers Inscription-Driven

Bitcoin Ordinal inscriptions are nearing the significant milestone of 50 million, with around 48,754,694 marked on the blockchain at this moment. As of Dec. 16, 2023, a record-breaking amount was remunerated to miners for Ordinal inscriptions in a single day. Data indicates that on this Saturday, miners received over 235 BTC, marking it the third-highest day in terms of BTC volume, according to Dune Analytics metrics.

Yet, this day stood out as the most substantial in the U.S. dollar value of these fees, with miners earning $9.97 million in the 24-hour timeframe. This surpasses the prior peak on May 8, 2023, when miners were compensated $7.21 million for inscription confirmations. On that particular day, miners were rewarded with more than 257 BTC for verifying inscriptions. The higher miner earnings on this recent Saturday can be attributed to the increased value of BTC. On May 8, 2023, BTC’s closing price was at $27,668 per unit, whereas on Dec. 17, its 24-hour price fluctuated between $41,668 and $42,666. From the 48.75 million inscriptions created since Dec. 16, 2022, miners have garnered over 4,084 BTC, equivalent to $170.68 million, for confirming these transactions.

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Bitcoin Magazine

16 Dec 2023 08:54

💰 Bitwise Unveils 10 Crypto Predictions for 2024: Bitcoin to Surpass $80,000, Spot Bitcoin ETFs Could Capture $72 Billion

Crypto asset manager Bitwise published a report titled “The Year Ahead: 10 Crypto Predictions for 2024” on Tuesday. Bitwise, the creator of crypto index fund BITW, offers a suite of crypto-focused equity and futures exchange-traded funds (ETFs), as well as investment products that span bitcoin, ethereum, decentralized finance (defi), and non-fungible tokens (NFTs). “2023 was a very good year for crypto. But we think 2024 is going to be even better,” Bitwise said.

“There are two major catalysts that will help get us there: the anticipated launch of a spot bitcoin ETF in early 2024 and the halving of new bitcoin supply around the end of April,” the firm elaborated. The second prediction concerns the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Bitwise believes that “Spot bitcoin ETFs will be approved, and collectively they will be the most successful ETF launch of all time.”The third prediction is about the Nasdaq-listed cryptocurrency exchange Coinbase. Bitwise detailed: “Coinbase’s revenue will double, beating Wall Street expectations by at least 10x … Historically, Coinbase’s trading volumes surge in bull markets, and we expect the same to happen again. Plus, they’ve launched a wide range of new products that are showing traction.”

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Bitcoin Magazine

14 Dec 2023 08:28

💰 Bitcoin ‘sodlers’ dump $4B in two days as BTC sales hit 18-month high

Bitcoin speculators panic sold as the BTC price corrected toward $40,000, the latest on-chain data suggests. Figures from on-chain analytics firm Glassnode show short-term holders (STHs) offloading more than $2 billion in BTC on Dec. 12 alone. Bitcoin saw its biggest single-day drop of 2023 this week — one which at one point totaled 8.1%, data from Cointelegraph Markets Pro and TradingView confirms.

Reacting, the more speculative subsection of the Bitcoin investor base followed in step, reducing their exposure in what appears to be a bout of cold feet on the market outlook. Glassnode reveals that STHs, which constitute entities holding BTC for 155 days or less, sent $1.93 billion worth of coins to exchanges on Dec. 11, followed by another $2.08 billion the day after. The last time single-day selling passed the $2 billion mark was in June 2022 — a reaction to the impending collapse of blockchain firm Celsius. In a post on X (formerly Twitter) on Dec. 12, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, noted the significance of the week’s STH movements.

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Bitcoin Magazine

12 Dec 2023 17:15

💰 Google updates crypto ads policy amid January spot bitcoin ETF anticipation

Google is revising its crypto ads policy to include the advertising of “Cryptocurrency Coin Trusts” targeting the United States. The recent update, due to be enacted on Jan. 29, will enable Google-certified advertisers to promote such products, provided they meet the tech giant’s requirements. Google’s non-exhaustive example of these trusts includes “financial products that allow investors to trade shares in trusts holding large pools of digital currency,” according to the update.

The policy will apply globally to all Google accounts, and advertisers must continue to comply with local laws wherever else these products are targeted, the company stated. “Violations of this policy will not lead to immediate account suspension without prior warning,” Google added. “A warning will be issued, at least seven days, before any suspension of your account.” Google’s crypto policy update is due to be enacted in the same month many anticipate the approval of spot bitcoin exchange-traded funds in the U.S. However, it is unclear if the ETFs would fall under Google’s definition of “Cryptocurrency Coin Trusts.” Google did not respond to a request from The Block asking for clarification.

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Bitcoin Magazine

09 Dec 2023 17:57

💰 Fidelity Spot Bitcoin ETF Now Listed On DTCC Under Ticker FBTC

According to Watcher Guru, Fidelity Spot Bitcoin ETF ($FBTC) listed on DTCC. Cboe announced the filing of the Fidelity Bitcoin Spot ETF. Fidelity also applied for a spot Ethereum ETF. US regulators warming to Bitcoin ETF approval. Approval window: Jan 5-10, 2024. Fidelity’s Spot Bitcoin ETF, with the ticker symbol $FBTC, has been listed on the Depository Trust & Clearing Corporation (DTCC) website. Fidelity officially filed an application for the ETF with the SEC on June 6, 2023.

Fidelity is also planning to launch a spot Ethereum ETF, and the US Securities and Exchange Commission (SEC) has reportedly received Fidelity’s application to list a Fidelity spot Ethereum ETF, according to a recent SEC filing. The proposal aims to list and trade shares of the Fidelity spot Ethereum ETF, which would track the performance of the Fidelity Ethereum Index. Forbes recently reported that US regulators are warming to the idea of approving spot Bitcoin ETFs. Meetings between the SEC and applicants have progressed, focusing on key technical details. Industry experts speculate that the approval window for these ETFs could be between January 5-10, 2024. These events indicate that the much-anticipated Bitcoin ETF offering may soon become a reality.

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Bitcoin Magazine

07 Dec 2023 11:04

💰 Bitcoin Halving Nears as Less Than 20,000 Blocks Remain

Bitcoin community eagerly anticipates a significant event, the countdown to the next Bitcoin halving has begun, with less than 20,000 blocks remaining until the anticipated milestone. Scheduled to occur after every 210,000 blocks, the halving event plays a pivotal role in maintaining Bitcoin’s scarcity and controlling its inflation rate. With the current block height edging closer to the predetermined threshold, the community is abuzz.

The upcoming halving will see the reward for miners reduced by half, from 6.25 to 3.125 bitcoins per block. This reduction in block rewards has historically been associated with significant price movements and increased attention from investors, as the event underscores the finite nature of Bitcoin’s supply. Bitcoin halvings have historically been catalysts for bullish trends in the cryptocurrency market. The reduction in new supply entering circulation often leads to increased scarcity, driving demand and, consequently, pushing prices upward. This pattern has been observed in previous halving events, contributing to Bitcoin’s reputation as a deflationary digital asset.

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Bitcoin Magazine

05 Dec 2023 09:50

💰 Microstrategy's Bitcoin Investment Flourishes, Netting $1.6 Billion Profit

Microstrategy (Nasdaq: MSTR) has experienced this notable growth following bitcoin’s (BTC) surge past the $39K mark. Currently, Microstrategy stands as the largest holder of bitcoin, surpassing both public and private entities, with the exception of governments and exchange-traded products such as Grayscale’s GBTC. As of the latest update, the company holds an impressive 174,530 BTC, currently valued at $6.915 billion based on the prevailing exchange rates.

Microstrategy’s investment in BTC, amounting to $5.314 billion, was acquired at an average cost of $30,252 per BTC. With its current valuation at $6.915 billion, the company has realized a gain of $1.601 billion, equating to a 30.12% return through strategic dollar-cost averaging of its purchases. According to archived data from blockchaincenter.net’s “There Is No Second Best,” this analysis tracks Microstrategy’s profit margin with BTC investments, comparing it with potential earnings had the company invested in ethereum (ETH) instead. Had the company chosen to invest in ETH, its holdings would amount to 4,264,829 ETH, valued at $9.245 billion. This scenario would have yielded a 74% profit, totaling $3.931 billion.

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Bitcoin Magazine

02 Dec 2023 20:30

🥇 Bitcoin Hits $38.8K for First Time in Over a Year

Bitcoin rose to $38,800 for the first time since May 2022 during European morning hours on Friday, continuing a strong multimonth run buoyed by expectations of growing institutional demand. The cryptocurrency is up around 2% on the day, having retreated slightly to about $38,600. Global stock markets also witnessed gains, with futures of U.S. gauges S&P 500 and Dow Jones adding 0.17% and Europe's Stoxx 600 advancing 0.52%.

The price jumps come as euphoria around a planned spot bitcoin exchange-traded fund (ETF) in the U.S. heats up and on-chain behavior suggests a significant amount of the asset has been moved to cold storage – indicating demand and a lack of imminent sell pressure. The regulation, if sanctioned by President Luiz Inacio Lula da Silva, could be effective as of Jan. 1. The bill has been approved by the Chamber of Deputies. Those affected will be Brazilians earning more than $1,200 from foreign exchanges and investment funds with a single shareholder. According to Yahoo Finance, the government set a revenue target of $4 billion for these taxes in the new year.

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Bitcoin Magazine

30 Nov 2023 12:23

🥇 Bitcoin Remains on Track for $100K by Year-End 2024: Standard Chartered

Things are going as expected, according to Standard Chartered Bank, reiterating its April forecast that bitcoin (BTC) would reach $100,000 by the end of 2024. The next catalyst, wrote the bank's Geoff Kendrick and team, will be the approvals of several U.S.-based spot bitcoin ETFs, which they expect “are likely to come sooner than expected." “We think a number of spot ETFs will now be approved in Q1-2024 for both BTC and ETH, paving the way for institutional investment,” they said.

The team also reminded that the next Bitcoin ‘halving’ – a mechanism to limit supply and currently expected to take place in late April 2024 – will be another source of price upside. Standard Chartered initially made its $100,000 prediction in April, arguing then that the cryptocurrency had benefited from its status as a branded safe haven. “Put simply, everything is working as expected," said the bank in its reiteration today. "BTC’s dominance remains intact – its share of overall digital assets market cap has increased to 50% from 45% in April.". There is also a chance that the cryptocurrency will climb to the $100,000 mark before the end of the year, the bank said.

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Bitcoin Magazine

26 Dec 2023 18:23

💰 Bitcoin Hash Rate Rockets to New Heights, but Miner Profits Take a Dive! 💹💥

Breaking records on Christmas day, Bitcoin's mining hash rate skyrockets to an unprecedented 544 exahashes per second (EH/s) according to Blockchain.com! 🎉📈 This surge marks a historic moment for the world's leading cryptocurrency, showcasing an incredible 130% increase in hash rates since January. 🌐💪

📊 Bitinfocharts confirms the milestone, reporting an average hash rate peak over the weekend. 🚀 As the hash rate doubles in 2023, miners are navigating uncharted territories with the increased computational power. 💻⚡️

💸 However, there's a twist! Despite this hash rate triumph, miner profitability faces a challenging slump. The dichotomy between soaring hash rates and dwindling profits adds a new layer of complexity to the Bitcoin landscape. 📉💔

Reflexivity Research co-founder, Will Clemente, puts it into perspective with a touch of humor, "The summer 2021 China mining ban is barely a blip. Imagine fading the most secure decentralized open-source monetary network on the planet, couldn't be me." 🌍🛡️

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Bitcoin Magazine

25 Dec 2023 19:11

💰 Bitcoin Miners' Revenue Rockets: A Whopping 400% Surge Unleashed in 2023! 💎📈

Get ready for a crypto rollercoaster ride as Bitcoin miners unveil a jaw-dropping 400% year-over-year surge in transaction revenue for the exhilarating year of 2023! 🌐💰

📅 Breaking Records: Jameson Lopp, the Co-founder and CTO of Casa, took to X (formerly Twitter) to drop the bombshell news – Bitcoin miners have pocketed over $10 billion in revenue this year, contributing to an eye-popping $57 billion amassed over the past 15 years.

💡 Strategic HODLing: Lopp suggests a strategic move as miners potentially resist the urge to swiftly convert Bitcoin to fiat currency. "HODLing" seems to be the name of the game, hinting at miners holding onto their Bitcoin assets for potential long-term gains.

📊 December Dynamo: The numbers speak volumes as December witnesses a spectacular surge. Daily revenue from mining, including block rewards and transaction fees, skyrockets to an annual high of $64 million – a nearly 400% surge from the year-to-date value.

💼 Profit Extravaganza in Q4: The grand finale of 2023 is shaping up to be a profit bonanza for miners, with daily revenue consistently soaring above $33.85 million since the beginning of December. The fourth quarter is becoming a period of monumental gains for the Bitcoin mining community.

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Bitcoin Magazine

24 Dec 2023 13:46

🥇 Argentina's Crypto Evolution: Bitcoin Now Recognized in Financial Contracts, Confirms Foreign Minister! 💼💰

In a groundbreaking announcement, Argentina's Foreign Affairs Minister, Diana Mondino, declares a significant shift—financial contracts are now officially denominated in Bitcoin. 🇦🇷💡 Residents gain the flexibility to settle contracts using any chosen medium of exchange, marking a progressive and dynamic approach to financial dealings.

🗣️ Crypto Forward Leadership: This pivotal move aligns with President Javier Milei's pro-Bitcoin stance, reinforcing the government's commitment to deliver on promises made during the election. The Foreign Minister's announcement solidifies Argentina's embrace of cryptocurrency, positioning it as a driving force for financial innovation.

🚀 Milei's Visionary Pledge: President Milei, renowned for his forward-looking vision, pledged transformative changes, including the dollarization of the economy and the bold step to abolish the central bank. Integrating Bitcoin into financial contracts seamlessly aligns with Milei's mission to reshape Argentina's economic landscape.

💼 Digital Renaissance: Argentina's formal recognition of Bitcoin for financial contracts marks a crucial step into the digital era, showcasing the nation's adaptability to the evolving global economic landscape.

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Bitcoin Magazine

23 Dec 2023 09:10

💰 Amboss launches 'Ghost Addresses' to help combat custodial Bitcoin Lightning wallet reliance

Bitcoin Lightning Network payment solutions provider Amboss Technologies has launched “Ghost Addresses” — a new type of Lightning Address that enables users to receive payments directly into their own custody, avoiding reliance on dominant custodial wallets. Lightning Network operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, designed to enable fast and cost-effective micropayments.

Lightning Addresses provide a user-friendly, email-like format for receiving payments on the Bitcoin Lightning Network, like “username@walletofsatoshi.com.” They simplify the process of receiving payments by providing a static and reusable address, eliminating the need for users to create individual Lightning invoices for each transaction. Lightning Addresses are also often integrated with Nostr-based decentralized social media apps like Damus for payments between users. Users can already receive payments directly into self-custody using Lightning invoices without relying on custodial solutions, though this isn’t as convenient or automated as Lightning Address payments.

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Bitcoin Magazine

22 Dec 2023 13:08

💰 Bitcoin's Hashrate Hits Historic 527 EH/s Lifetime Peak, Shattering Previous Records

On Wednesday, Dec. 20, 2023, Bitcoin’s total hashrate soared to a new record, as reported by Luxor’s hashrateindex.com seven-day SMA. The hashrate currently stands at 527 EH/s, surpassing half a zettahash per second (ZH/s), which translates to 527 quintillion hashes every second. Over the last 90 days, the average hashrate hovered around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s. Luxor’s data also reveals that the three-day SMA saw the hashrate peak at 539 EH/s on Wednesday.

At present, about 49 mining pools are contributing to the BTC chain, with Foundry USA leading over the past three days. Overtaking Antpool, Foundry USA now boasts 164.24 EH/s, accounting for 31.76% of the total hashrate. Meanwhile, Antpool, previously the leader in hashrate, now holds 126.51 EH/s, or 24.46% of the total. Combined, these two pools command over 56.22% of Bitcoin’s total hashrate as of Dec. 20, 2023. This December, bitcoin miners have already surpassed previous records in fee earnings for the year. In November, bitcoin (BTC) transaction fees brought in a record $142 million for miners, but December has already seen them collect a significant $202 million. Moreover, this month’s total earnings from block subsidies and transfer fees have reached $953 million.

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Bitcoin Magazine

19 Dec 2023 19:59

💰 Bitwise Drops New Bitcoin ETF Commercial, Igniting Investor Excitement!

Bitwise, the applicant for a Spot Bitcoin ETF, has unveiled a compelling new commercial focused on the potential launch of the eagerly awaited ETF. The dynamic commercial, crafted by Bitwise, showcases the advantages and potential benefits of a Spot Bitcoin ETF, emphasizing its ability to provide investors with exposure to Bitcoin in a regulated and accessible manner. The release aligns with Bitwise’s commitment to innovation in the crypto investment space.

The Spot Bitcoin ETF, if approved, would represent a landmark development in the cryptocurrency industry, offering investors a new and efficient way to engage with Bitcoin through traditional financial channels. Bitwise’s commercial serves not only as a promotional tool but also as an educational resource, informing potential investors about the unique features and advantages of a Spot Bitcoin ETF. As the crypto community eagerly awaits regulatory decisions, Bitwise’s proactive approach in releasing a commercial signals confidence in the product’s potential success. The commercial not only captures the essence of the Spot Bitcoin ETF but also positions Bitwise as a leading player in the evolving landscape of crypto investments.

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Bitcoin Magazine

17 Dec 2023 19:09

💰 Every National Treasury Will Need To Hold Bitcoin: Franklin Templeton

Bitcoin is a revolutionary tool for both investor diversification and cross-border currency exchange, says Franklin Templeton’s Sandy Kaul. The investment firm’s Head of Digital Asset & Investor Advisory Services, Sandy Kaul, spoke at length this week about the future of Bitcoin adoption – from its place within investor portfolios to its technology stack, to its role among nations and governments.

According to Kaul, BTC is already becoming an attractive tool for less developed nations to compete with larger economies on a “more equal playing field” by combining their buying power around the digital currency. While acknowledging that Central Bank Digital Currencies (CBDCs) may also make cross-border trade more efficient, the spokesperson said such currencies will still be subject to national exchange rate risks. By contrast, Bitcoin can be used as the “base unit of international trade,” meaning every country will need to hold some BTC reserves to facilitate efficient conversions. “I just see it working its way increasingly into the traditional banking system, as a foundational part of that system,” she said.

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Bitcoin Magazine

15 Dec 2023 08:03

🪙 Bitcoin could rise in 2024 even if spot ETFs are not approved, Matrixport says

Matrixport analyst Markus Thielen is expecting higher crypto market prices in 2024 — even if a spot bitcoin ETF is not approved by the Securities and Exchange Commission — with increased liquidity, the Bitcoin halving event and the potential for Donald Trump to be elected again providing further catalysts. Since the Covid pandemic, the amount of money in U.S. money market funds has risen from $3 trillion to $6.1 trillion, Thielen wrote in the digital assets financial services firm's latest report.

Next year is a Bitcoin halving year, when the block reward gets cut in half from 6.25 bitcoin to 3.125 BTC. The halving is expected to occur in April, with Thielen noting bitcoin prices have risen 192% on average in such years. As 2024 is also a U.S. presidential election year, Thielen added there was a "high likelihood" that former President Donald Trump will be elected again, with his policies potentially boosting the U.S. economy, alongside the stock market and crypto prices, the analyst said. Thielen noted that despite the potential for a Republican President to be back in control of the White House, Democrat SEC Chair Gary Gensler could remain in office until his term expires in June 2026.

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Bitcoin Magazine

13 Dec 2023 08:05

💰 BlackRock Bitcoin ETF Open to Wall Street Giants for Investment

BlackRock Bitcoin ETF has granted authorized participants (APs), a crucial component of the Exchange-Traded Fund (ETF) ecosystem, the capability to create new fund shares using cash rather than solely relying on cryptocurrency. This groundbreaking move opens the door for heavily regulated U.S. banks, including financial giants like JPMorgan and Goldman Sachs, to participate as APs for BlackRock’s Bitcoin ETF.

The decision is particularly noteworthy due to the stringent regulations that prohibit U.S. banks from directly holding Bitcoin. By allowing cash to be used in the creation of new fund shares, BlackRock facilitates the involvement of major financial institutions with some of the world’s largest balance sheets in the Bitcoin ETF space. While this development expands the potential participant pool, whether established financial institutions like JPMorgan or Goldman Sachs will seize this opportunity remains to be seen. The move signals a shift in the approach towards cryptocurrency investments by traditional financial behemoths, indicating a growing acceptance of digital assets in mainstream finance.

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Bitcoin Magazine

11 Dec 2023 16:53

💰 Cardano founder says crypto industry ‘doesn’t need Bitcoin to survive’

Charles Hoskinson, the founder of the decentralized finance (DeFI) platform Cardano (ADA), has challenged the prevailing narrative by asserting that the cryptocurrency industry no longer depends on Bitcoin (BTC) for survival. Hoskinson, a prominent figure in the blockchain space, argued that while Bitcoin played a crucial role in establishing the industry, it has become dispensable as newer technologies and digital assets emerge, he said during an interview with Cointelegraph AR on December 7.

Drawing parallels with past technological shifts, Hoskinson pointed to Microsoft’s (NASDAQ: MSFT) experience with Windows. He noted that despite once being considered invincible, Windows lost its dominance as the industry shifted towards mobile devices. He warned that Bitcoin could face a similar fate if it fails to adapt to changing dynamics and technological advancements. The executive recounted Cardano’s efforts to encourage innovation, citing initiatives such as non-interactive Proof-of-Work (PoW) and protocols. He highlighted how Cardano integrated ideas from the early 2010s, including smart contracts and asset issuance, into its design to introduce an alternative in the digital currency space.

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Bitcoin Magazine

08 Dec 2023 17:48

💰 Jack Dorsey’s Block Bitcoin Hardware Wallet Prepares For Launch

Block Inc., led by Jack Dorsey, is set to launch its new Bitcoin hardware wallet, Bitkey, as reported by Bloomberg. Block Bitcoin hardware wallet offers users a secure means of storing their cryptocurrency on a hardware device resembling a USB thumb drive. This wallet enables users to connect with various cryptocurrency exchanges and payment services, including Block’s Cash App.

The company, headquartered in San Francisco, aims to decentralize the Bitcoin network and enhance accessibility to safe storage and mining of the digital asset. This news follows Coinbase’s June declaration of a global partnership with Block’s self-hosted Bitcoin wallet. The integration enables Coinbase Pay to facilitate the transfer of existing Bitcoin and conduct buy/sell transactions powered by Coinbase within the Bitkey self-hosted wallet. Block Bitcoin hardware wallet empowers users to easily own and manage their Bitcoin securely. Thomas Templeton, Block’s Bitcoin Hardware Lead, highlighted their ongoing collaboration with Cash App, emphasizing their pursuit of synergies beyond the initial partnership.

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Bitcoin Magazine

06 Dec 2023 12:07

💰 Michael Saylor's Bitcoin Bet Profit Tops $2B

Business intelligence company MicroStrategy (MSTR) earlier on Monday was sitting on more than a $2 billion profit on its massive holdings of bitcoin (BTC) following the crypto’s rally above $42,000. Led by then CEO and now Executive Chairman Michael Saylor, MicroStrategy began purchasing bitcoin in August 2020. The company's most recent purchases took place last month and as of Nov. 30, MicroStrategy held 174,530 bitcoin acquired for $5.28 billion, or an average price of $30,252 each.

With bitcoin at $42,000 earlier Monday, the value of MSTR's holdings rose to roughly $7.3 billion, or more than a $2 billion profit. The price at press time had pulled back modestly to $41,700. Bitcoin (BTC) has not seen such a high level since April 2022, or before the crash of the Terra ecosystem. At its lowest during the bear market of 2022, bitcoin had pulled back to under $16,000, putting MicroStrategy's bet deep in the red. Saylor, however, continued to add to the company's holdings, funding purchases with a mixture of debt and equity issuance. Microstrategy (MSTR) shares were trading around 6% higher on Monday.

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Bitcoin Magazine

03 Dec 2023 14:07

💰 Bitcoin's price could be boosted by supply dynamics in 2024, Grayscale says

Bitcoin supply dynamics may result in a reduced liquid supply early next year, coinciding with the potential approval of spot bitcoin ETF filings, Grayscale Investments said Friday in a research report, adding that the dynamic could have a positive impact on the valuation of the digital asset. The asset manager is one of more than a dozen firms currently seeking approval for a spot bitcoin product from the Securities and Exchange Commission.

The report also said that next year’s bitcoin halving could also limit the growth of new BTC supply. "This combination of inelastic bitcoin supply and potential new investor inflows should be positive for valuations, in our view," Grayscale said. However, Grayscale said that there are conditions that could counter the thesis that positive price appreciation for bitcoin in 2024 is assured. These include a possible "hard landing" for the U.S. economy next year. The report said that such an outcome could see "a resumption of Fed rate increases or fewer-than-expected Fed rate cuts, and, or a long delay in regulatory approval of a spot bitcoin ETF for the U.S. market."

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Bitcoin Magazine

01 Dec 2023 14:09

💰 Bitcoin long futures open interest held by asset managers hits all-time high

The open interest in bitcoin long futures held by asset managers on the Chicago Mercantile Exchange (CME), has reached an all-time high. The current value of the contracts held by asset managers eclipsed the former all-time high. When bitcoin's price reached an all-time high in November 2021 of $68,000, the CME bitcoin long futures open interest held by asset managers at the time went only as high as $1.67 billion.

The uptick in open futures contracts suggests asset managers are anticipating bitcoin price appreciation by the time the current contracts expire on the last Friday of December. The open interest from hedge funds going long on bitcoin futures on the CME is also at a high point. Currently, there's $680 million of open interest from hedge funds going long, which remains below the all-time high of $960 million. That said, hedge funds are also responsible for the majority of open interest for short positions for bitcoin futures on the CME. Such hedge funds are responsible for more than $2 billion of open interest in this direction.

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Bitcoin Magazine

29 Nov 2023 13:38

💰 Bitcoin circulating supply in profit hits multi-year high

The amount of circulating bitcoin that is in profit hit a high of over 83% this week, the highest level since November 2021 when the world's largest cryptocurrency by market capitalization reached its all-time high, according to Monday's Bitfinex Alpha report. "The current percentage of bitcoin held in profit is substantially higher than the all-time average of 74%," Bitfinex analysts said. The report added that this indicates the market is in a relatively strong position, "with a large majority of bitcoin holders seeing positive returns on their investment."

"With bitcoin trading at yearly highs above $37,000 last week, over 83% of the coin supply was driven back into profitable territory," Glassnode posted on X.com. However, the blockchain analysis firm added that "the magnitude of unrealized profit remains modest, and is not yet sufficient for long-term investors to divest." Recent data from The Block's dashboard also signaled the increased strength of the bitcoin market. For three days last week, the 7-day moving average of total transactions fees on the Ethereum and Bitcoin networks flipped in favor of for the first time since November 2020. "This is providing a source of upward pressure as increasing demand chases limited supply," the analysts added.

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