Category Archives: Bitcoin
Bitcoin Sees "Significant Upward Trend" in Accumulation – U.Today
Alex Dovbnya
Bitcoin, the world's premier digital asset, is witnessing a "significant upward trend" in accumulation by institutional investors
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Bitcoin, the world's largest cryptocurrency by market cap, is experiencing a "significant upward trend" in accumulation by institutional entities, according to data analytics firm CryptoQuant.
Institutional investors such as hedge funds, investment firms, and cryptocurrency private funds are increasingly accumulating bitcoins, signaling a strong interest in the digital asset even at its current price levels.
This comes at a time when Bitcoin has maintained a relatively steady price, suggesting that these institutions may view it as a long-term investment, despite the crypto market's notorious volatility.
"Fund holdings," a lens through which CryptoQuant scrutinizes the cryptocurrency landscape, offer critical insights into market dynamics and investor sentiment. These holdings disclose the buying behaviors of these institutional titans.
It seems these institutions are not trying to sprint on an unpredictable racetrack. Rather, they are opting for a marathon approach, focusing on long-term investment opportunities in Bitcoin.
This departure from the sprint-like behavior of short-term investors, who might sweat over every ebb and flow in the price, could potentially set a new rhythm for the market and recalibrate the price dynamics of Bitcoin itself.
As per CoinGecko, Bitcoin is currently trading at $30,687 after failing to hold above the $31,000 mark.
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Bitcoin Sees "Significant Upward Trend" in Accumulation - U.Today
SEC Inaction on Spot Bitcoin ETF a ‘Complete and Utter Disaster,’ Says Cameron Winklevoss – Decrypt
Cameron Winklevoss slammed the Securities and Exchange Commission (SEC) for a history of failure on Saturday, noting that it has been ten years since the agency received what he called the first Bitcoin ETF applicationand killed it.
The Winklevoss twins, who cofounded crypto exchange Gemini, first filed for a spot Bitcoin ETF-like trust in July 2013, moving early to establish an investment vehicle that tracks the price of Bitcoin and trades similarly to stock on exchanges like the Nasdaq.
The Winklevoss initial filing, along with a second attempt in 2018, was ultimately rejected by the SEC. While futures-based Bitcoin ETFs have since gotten a regulatory green light in the U.S., the SEC claims that no spot ETF arrangement thus far proposed does enough to protect investors from fraudulent and manipulative acts and practices.
So, on the first filings 10-year anniversary, Winklevoss called out the agency for supposedly dragging its feet, recognizing every other application for a spot-based Bitcoin ETF has been stifled as well.
The SEC's refusal to approve these products for a decade has been a complete and utter disaster for U.S. investors, he said, adding that the agencys reluctance demonstrates how the SEC is a failed regulator.
These failures, according to Winklevoss, include cutting investors off from the best investment opportunity of the past decade. Or, as Winklevoss puts it, keeping investors protected from exposure to Bitcoin.
As the crypto market recoiled after the SECs bombshell lawsuits against Binance and Coinbase on June 5, BlackRocks gambit to establish a spot Bitcoin ETF two weeks later reignited optimism on Crypto Twitter and pushed Bitcoin higher. Capping off a wave of Bitcoin ETF applications from other firms that followedincluding Invesco, Wisdom Tree, and ValkyrieFidelity threw its hat back into the ring last week.
However, the SEC believes BlackRock and Fidelitys recent Bitcoin ETF applications arent sufficiently clear and comprehensive, according to a report from the Wall Street Journal.
Winklevoss asserts that the complete lack of options for spot Bitcoin ETFs has pushed U.S. investors toward Grayscales Bitcoin Trust. Shares in Grayscales Bitcoin trust, launched in 2013, currently trade at a discount relative to its Bitcoin holdings due to shareholders inability to redeem their shares.
While Winklevoss called the product toxic, he didnt mention that converting Grayscales Bitcoin Trust into an ETF would likely resolve this discount, and the firm is currently suing the SEC over repeated denials to do just that.
Winklevoss has joined a chorus of critics who say SEC Chair Gary Gensler is pushing innovation offshore, and said the agency meanwhile thrust investors into the arms of FTX and made them victim to one of the largest financial frauds in modern history.
Sam Bankman-Fried, the former CEO and founder of FTX, has pleaded not guilty to a litany of charges he faces for conduct at the collapsed exchange, including fraud.
Sending investors abroad in search of Bitcoin exposure has also led them to do business with unlicensed and unregulated venues, Winklevoss claimed.
Gemini and the SEC are not on friendly terms. The regulatory agency accused Gemini of violating securities laws in January, alleging that its Gemini Earn product constitutes an unregistered securities offering. Retail investors could previously loan their crypto to the now-bankrupt firm Genesiswhich was also charged by the SECin exchange for interest on deposits.
Notably, Genesis and Grayscale are both owned by Digital Currency Group. And Genesis and Gemini have been engaged in a spat over a $900 million loan that Gemini extended to the crypto lender.
Winklevoss considered a lawsuit against DCG and company CEO Barry Silbert earlier this year, but Gemini, Genesis, and DCG reached an agreement in principle in February. However, Gemini said DCG missed a $630 million loan repayment this past month and risks defaulting on its obligations.
Winklevoss expressed hope that the SEC will reflect on its dismal record and focus on its stated duties, instead of overstepping its statutory power and trying to act like the gatekeeper of economic life.
Additionally, Winklevoss ended his post with accolades for all those fighting the good fight to bring U.S. spot Bitcoin ETFs to lifewhich, in practice, may preclude certain companies that have outstanding applications or lawsuits.
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SEC Inaction on Spot Bitcoin ETF a 'Complete and Utter Disaster,' Says Cameron Winklevoss - Decrypt
WisdomTree takes new crack at Bitcoin ETF despite prior rejections. Why this time may be different – CNBC
WisdomTree is attempting to launch a spot bitcoin exchange-traded fund even though its peers have failed.
The firm filed with the U.S. Securities and Exchange Commission last week, making it its second bitcoin ETF application after an initial rejection two years ago.
However, WisdomTree's Jeremy Schwartz believes this time could be different.
"We've been able to successfully launch products in Europe," the firm's global chief investment officer said on CNBC's "ETF Edge" this week. "The European regulators have been more friendly, and they've been able to get comfortable with the mechanisms, the custodians [and] how the markets work."
The SEC rejected WisdomTree's previous applications in 2021 and 2022 on the notion they came in short to protect investors and the public interest.
Schwartz hopes the changes made in the firm's updated filing will satisfy regulators.
"Some of the new filings have these data sharing agreements, surveillance sharing, new ways of doing it," he said. "Now the question is: Will that address the SEC's concern on market manipulation? But that is one of the things I think we're all trying to address."
WisdomTree's latest launch effort comes during an increased appetite for bitcoin. As of late Friday, prices are up almost 84% so far this year.
"It's hard for me to comment too much about all the details while you're in these [filing] periods," Schwartz said when "ETF Edge" host Bob Pisani asked him why he thinks the SEC will approve the spot bitcoin ETF this time. "But I think the key is, will the exchanges share data and [will the SEC] have more comfort than what was previously done before? I think the data sharing agreements are the key element for that."
It appears interest is climbing.
According to an SEC filing this week, Fidelity Investments is also trying to launch a spot bitcoin ETF despite its prior failures. It joins WisdomTree, BlackRock, VanEck and Invesco.
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WisdomTree takes new crack at Bitcoin ETF despite prior rejections. Why this time may be different - CNBC
Tim Draper Now Says ‘Have To Wait A Little Longer’ For Bitcoin To Hit $250K: ‘Engineers Are Hard At Work’ – Benzinga
July 3, 2023 6:19 AM | 2 min read
Billionaire and long-time Bitcoin advocate, Tim Draper on Saturday revised his prediction for Bitcoin (CRYPTO: BTC) to surpass the $250,000 mark.
What Happened: Draper, a venture capitalist on Twitter, admitted his previous forecast that BTC would reach $250,000 by 2023 was a bit optimistic.
As Bitcoin currently trades slightly above $30,000, Draper now extends the timeline for his price target.
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According to the billionaire, he now believes Bitcoin has the potential to soar past $250,000 by 2025.
See More: A Stay At The Floating Palace From James Bond's Octopussy
Why It Matters: Acknowledging his previous prediction, Draper tweeted, So much for my predictive abilities It is June 30, 2023. When Bitcoin was $4,000, I predicted it would reach $250,000 (60x) by now. It has only reached $30,000 (7x). I guess we have to wait a little longer, (maybe two years) but engineers are hard at work.
Draper has long been a supporter of Bitcoin and has gained a reputation for making accurate early predictions regarding cryptocurrency.
One notable instance was in 2014 when Draper predicted that Bitcoin would reach $10,000 within three years. His prediction came true in November 2017 when Bitcoin surpassed the $10,000 mark.
In 2018, when Bitcoin was trading at around $8,000, Draper made another bold prediction, stating it would reach $250,000 by the end of 2022 or early 2023.
Price Action: At the time of writing, BTC was trading at $30,644.67, up 0.75% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Rise After SEC Labels ETF Filings From BlackRock, Fidelity Inadequate Analyst Says King Crypto Could Touch $310K If Institutions Do This
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Bitcoin Price Prediction as BTC Spikes Up 0.8% Time to Buy? – Cryptonews
The price of Bitcoin has experienced a notable increase of 0.8%, prompting speculation on whether it is an opportune moment to enter the market. However, it is important to consider various factors that might impact Bitcoin's performance.
Recent news reveals that asset managers plan to refile their spot Bitcoin ETF applications after the Securities and Exchange Commission (SEC) deemed the previous filings inadequate.
Additionally, renowned investor Tim Draper has adjusted the timeframe for his prediction of a $250,000 Bitcoin price.
Moreover, a challenging macroeconomic environment could potentially limit gains for Bitcoin in the third quarter.
These factors should be considered when evaluating the potential for buying Bitcoin at this time.
The exchanges were required by the SEC to specify the details of their "surveillance-sharing agreement" with a specific Bitcoin exchange or provide sufficient information about the arrangement.
Asset managers can revise and resubmit their applications after making the necessary amendments.
Following the SEC's announcement, the price of Bitcoin (BTC) briefly dropped by over 3% and dipped below $30,000.
However, it quickly recovered and is currently trading at around $30,600.
In the revised filing, Cboe intends to establish a "surveillance-sharing agreement" with Coinbase, a prominent cryptocurrency exchange.
According to previous statements from the SEC, a regulated market with substantial trading volume would require a surveillance-sharing agreement between the sponsor of a Bitcoin trust and the market.
The Commodity Futures Trading Commission has long advocated for regulating spot Bitcoin markets, which currently lack government oversight.
As issuers work on resubmitting their applications for Bitcoin ETFs, the price of Bitcoin continues to climb
Tim Draper, a venture entrepreneur, has updated his prediction for the timeline of Bitcoin reaching the price of $250,000.
Draper maintains his belief that the leading cryptocurrency will eventually reach the projected price level, but acknowledges that it may take slightly longer than initially anticipated.
Draper had initially predicted that the price of Bitcoin would reach $250,000 by the end of 2022.
However, on December 31, 2022, he admitted that his forecast was slightly inaccurate, stating that it was "off by a bit."
Nonetheless, Draper remains confident that Bitcoin will still reach the anticipated price level before the next halving event in 2024.
In addition to his price predictions, Draper has expressed concerns about cryptocurrency regulation and has criticized the enforcement approach of the Securities and Exchange Commission (SEC).
In a June 12 interview with Fox Business, he voiced his discontent with the SEC's focus on enforcement, believing it has led to fear among innovators and prompted some to relocate elsewhere. He described the enforcement regulation as absurd.
Despite these concerns, Draper's unwavering belief in Bitcoin's long-term potential has instilled optimism among investors.
This optimism has translated into increased buying activity and upward price movement in the market.
With major institutions expressing confidence in the future of cryptocurrencies and even in their American regulators, Bitcoin appears to be well-positioned for the upcoming quarter.
However, it is important to exercise caution as the cryptocurrency market operates within the larger macroeconomic environment, which continues to face challenges.
Historically, the third quarter has been the weakest for Bitcoin, with an average increase of just 4.67% since 2014, and only four out of the nine third quarters have seen positive gains.
The second quarter was disappointing for traders until the recent surge in applications for US spot Bitcoin ETFs brought renewed optimism to the cryptocurrency market.
Regulatory pressures significantly impacted market sentiment between the conclusion of the financial crisis in May and the BlackRock Bitcoin ETF registration on June 15, resulting in a sideways movement for Bitcoin.
As macro and industry factors continue to intersect in the next three months, a similar period of calm may ensue.
According to Christopher Ferraro, President and Chief Investment Officer of Galaxy Digital, the Federal Reserve is still cautious about the direction of headline inflation numbers, as they have not fully committed to a long-term freeze or rate reduction, despite temporarily halting interest rate hikes.
Analyzing the technical analysis, Bitcoin's present situation shows little alteration as it encounters a notable obstacle around the $31,000 mark.
A successful breakthrough at this level has the potential to unlock additional targets at $32,500 and $34,000.
On the flip side, failure to maintain the critical support level of $30,000 could lead to downward pressure, potentially pushing Bitcoin towards the 38.2% Fibonacci retracement level at $28,700 or even the 50% retracement level at $28,000.
Furthermore, the 50-day exponential moving average near the $28,000 level may serve as a significant point of resistance if Bitcoin experiences a decline in price.
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Bitcoin Price Prediction as BTC Spikes Up 0.8% Time to Buy? - Cryptonews
Dorsey Urges Bitcoin Integration as Twitter Faces View Limit – BeInCrypto
Twitter co-founder Jack Dorsey advised the social media platform to build decentralized and censorship-resistant protocols like Bitcoin and Nostr.
Dorseysaidthis in light of Elon Musks recent decision to limit the number of posts Twitter users can see daily.
According to Dorsey, it is difficult for anyone to run Twitter. I trust that the team is doing their best under the constraints they have, which are immense. Its easy to critique the decisions from afar, he added.
The former Twitter CEO noted that decentralized protocols could ease the burden of running the platform. He added that this would be good for everyone and would help to preserve open internet.
Meanwhile, this is not the first time Dorsey has advised people to build on Bitcoin. In June, the billionaire pledged $5 millionto Brink to fund developers building on the ecosystem.
On July 1, Musk imposed a limit on the number of tweets users on the platform could view daily. He said the limit was a temporary measure to address the extreme levels of data scraping & system manipulation.
Initially, Musk limited verified accounts to reading 6000 posts/day while unverified accounts could read 600 tweets, and new unverified accounts would be limited to 300 tweets per day. However, the limitations were expanded after several criticisms.
Some platform users believe the move was designed to get more subscribers for Twitter Blue. Other users also attributed the decision to the companys alleged failure to pay Google Cloud and Amazon Web Services (AWS) for its cloud services.
Meanwhile, the move is amid one of the numerous initiatives Musk has imposed on the platform since his acquisition last year.
Following the news, the crypto Twitter community has begun migrating to decentralized Twitter alternatives like Damus.
Damus tweeted that it couldnt impose rate limits on nostr because users can always connect to relays. It added that nostr gives you the freedom to choose, there is no centralized decision making here.
Meanwhile, whistleblower Edward Snowden advised users to move to Damus. Snowden said:
Its a good day to check out #nostr again, since somebody broke Twitter. Its a protocol, not a platform, so you can use any app or just a web browser.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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Dorsey Urges Bitcoin Integration as Twitter Faces View Limit - BeInCrypto
Crypto Price Today: Bitcoin holds $30,500; Ethereum trades nears $1,950; Altcoins jump up to 10% – Business Today
Bitcoin and other crypto tokens were trading higher on Monday amid positive cues in the riskier asset class market. The move in altcoins was steep on the back of global recession signs and positive macroeconomic cues. Issuers work to refile their bitcoin ETF applications after the US SEC's comments.Ripple (XRP) is currently in consolidation phase after facing rejection at $0.50. After recording short-term gains last month, the asset is trying to regain momentum past two weeks of weak price action.Image: Chart-XRPXRP is trying to break its 100-day moving average, which acts as pivotal resistance. A break above this could lead the asset towards $0.60. On the other hand, $0.45is a key support level with $0.40 providing the final line of defence, beyond which XRP might experience a sharp decline. Its RSI continues to move sideways in a neutral zone reflecting weak buying activity.Major Levels:Support: $0.45, $0.40Resistance: $0.53, $0.60(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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Also read:Morgan Stanley says HDFC Bank a compounder at attractive valuations, resumes overweight stance
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Crypto Price Today: Bitcoin holds $30,500; Ethereum trades nears $1,950; Altcoins jump up to 10% - Business Today
North Carolina House passes bill to commission study on holding Bitcoin – Cointelegraph
A bill that would see North Carolinas Department of State Treasurer study the feasibility and benefits of the state holding Bitcoin (BTC) has passed the lower house of the General Assembly.
On June 28, the North Carolina House of Representatives passed the bill which would commission a $50,000 study to examine acquiring, securely storing, insuring, and liquidating both gold bullion and virtual currency [...] such as Bitcoin.
The study would investigate what impact gold and cryptocurrency holdings would have if North Carolina held part of its funds in crypto and gold.
Specifically, it would research if such holdings wouldhedge against inflation and systemic credit risks, and if gold and crypto could reduce volatility, increasing the states portfolio returns.
The bill mulls potentially creating a state-administered depository for crypto that would see North Carolina as the custodian of its digital asset holdings.
The study would, however, examine the costs and benefits of using a privately managed depository or another states depository.
The 120-member House passed the bill, with 73 voting in favor, 40 against and seven absent.
The bill must pass the Senate before its either signed into law or vetoed by Governor Roy Cooper.
Related: Yes, the Secret Service has an NFT collection, and no, its not for sale
On May 3, North Carolinas House unanimously passed a bill that would prohibit payments to the state using a central bank digital currency (CBDC).
The bill stipulated the United States Federal Reserve would also be barred from using North Carolina to test any future pilot CBDC.
The day before, on May 2, a one-year moratorium on crypto mining was passed by the Board of Commissioners for Buncombe County in North Carolina.
Opinion: GOP crypto maxis almost as bad as Dems anti-crypto army
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North Carolina House passes bill to commission study on holding Bitcoin - Cointelegraph
Crypto ATM firm Bitcoin Depot will go public on Nasdaq starting July 3 – Cointelegraph
Bitcoin Depot, one of the largest cryptocurrency ATM firms in the United States, has announced the closing of a merger deal allowing the company to go public.
In a June 30 announcement, fintech firm GSR II Meteora Acquisition Corporation said its stockholders had approved the merger for the firm to act as a special purpose acquisition company for Bitcoin Depot. The deal, first reported in August 2022, cost $885 million and is expected to allow investors exposure to Bitcoin Depot on the Nasdaq starting July 3.
According to Bitcoin Depot founder and CEO Brandon Mintz, the merger deal was aimed at supporting numerous growth opportunities and promoting the adoption of Bitcoin (BTC) in North America. Investors will be able to find shares of Bitcoin Depot under the ticker symbols BTM and BTMWW for its common stock and public warrants, respectively.
Related: Net Bitcoin ATMs record an increase after 4 months of global downtrend
The announcement came amid regulatory scrutiny of firms in the U.S. offering crypto products or services. The Securities and Exchange Commission filed lawsuits against exchanges Binance and Coinbase for alleged unregistered securities offerings. However, investment vehicles with exposure to crypto also seem to be on the rise following BlackRock filing an applicationin June to list a spot Bitcoin exchange-traded fund.
Founded in 2016, Bitcoin Depot is one of the biggest crypto ATM firms in North America, with more than 9,130 locations, according to its website. In May, fellow ATM provider Bitcoin of America announced it would shutter operations in Connecticut following the states Department of Banking saying the firm didnt have the proper licensing.
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Crypto ATM firm Bitcoin Depot will go public on Nasdaq starting July 3 - Cointelegraph
Celsius gets access to convert altcoins into Bitcoin or Ether – The Financial Express
According to Cointelegraph, the United States Bankruptcy Court for the Southern District of New York has approved the plan of Celsius Network, a bankrupt cryptocurrency exchange. It is expected that the Celsius Network planned to convert its altcoins into Bitcoin (BTC $30,783) and Ether.
Sources revealed that Martin Glenn, a Judge, had issued the order, and the liquidations can create a way to distribute the funds to creditors in the future, Cointelegraph added.
As per Cointelegraph, after discussions between Celsius and the US Securities and Exchange Commission (SEC), the proposal was officially approved. It is believed by the bankruptcy judges ruling that the troubled lender is authorised toSell or convert any cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into Bitcoin (BTC) or Ether (ETH) starting from July 1, 2023.
Furthermore, in spite of the bankruptcy filing a few months back, the recent court order by the U.S. Securities and Exchange Commission (SEC), may introduce new possibilities and extend the proceedings, Cointelegraph concluded.
(With insights from Cointelegraph)
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Celsius gets access to convert altcoins into Bitcoin or Ether - The Financial Express