Category Archives: Cryptocurrency
Press Release: Supporting Celsius Creditors with Crypto Distributions – PayPal Newsroom
Starting today, U.S.-based Celsius creditors can access their cryptocurrency distributions through PayPal and Venmo, two trusted payments brands that provide cryptocurrency services to our consumers. Celsius creditors can login to PayPal (click here for PayPal) or Venmo (click here for Venmo using your mobile device), enter their unique claim codes provided by Celsius , and follow the on-screen instructions to receive their distributions of Bitcoin (BTC) and Ethereum (ETH).
Here are the steps for U.S.-based Celsius creditors to receive cryptocurrency distributions from Celsius via PayPal or Venmo:
Crypto distributions from Celsius begin today and will continue in the coming weeks. We will notify you once the crypto is in your account, at which point you can easily manage or move your crypto using our simple and secure platforms. You can read more from Celsius on how distributions will work by clicking here.
Q: When will I receive my crypto distribution?
Celsius will begin distributing crypto on or around January 31, 2024.
Q: Do I need to let PayPal/Venmo know where to send my crypto?
Yes Celsius creditors will get claim codes from Stretto for their BTC and another one for ETH. Those codes can be used on either PayPal OR Venmo but not both. Codes are tied to a Celsius account ID, and if redeemed on one platform (PayPal or Venmo), the account ID is tied to that platform for this round of distribution.
Q: Will I get all my crypto in this distribution?
Initial cryptocurrency distributions will begin on or shortly after the effective date, which is currently expected to occur on or around January 31, 2024. Additional distributions may occur after this date as determined by Stretto in accordance with the Celsius reorganization plan (the Plan). Look for communications from Stretto as additional distributions occur.
Q: Can I split my claim distribution between my PayPal and Venmo accounts?
No - your claim for cryptocurrency must be completed on the same platform where it is initiated; through either PayPal or Venmo. For example, if you claim your BTC on PayPal, you must also claim your ETH on PayPal. If you claim your BTC on Venmo, you must also claim your ETH on Venmo.
Q: Is there a deadline to redeem my Celsius claim via PayPal or Venmo?
Creditors will have one year to redeem their Celsius distribution claims from the first attempted delivery. Any distribution that is unclaimed or otherwise remains undeliverable for one year after the first attempt to deliver shall be treated as unclaimed property under the Plan and promptly distributed to creditors. Read more about liquid vs. Illiquid crypto distributions here.
Q: What if Im not in the U.S.?
PayPal and Venmo are distribution partners for U.S. creditors only. Look for communications from Stretto for how creditors outside the U.S. will receive distributions.
Q: What about coins PayPal / Venmo doesnt support?
Celsius has multiple classes of creditors. For creditors who had assets in their Custody account, they can login to the Celsius app and withdraw those coins today. For claimants in the Earn or Convenience classes, all crypto was converted by Stretto to Bitcoin and Ethereum and those are the only coins that will be distributed.
Q: How much of my crypto am I getting back?
Please contact Stretto for any information on how much you are due in distributions.
Q: How long after I enter my claim code will I get my crypto?
Once you enter your claim code, PayPal and Venmo will check to make sure your account is set up to receive crypto transfers. This includes an additional verification step and lets us know that you are the correct recipient of the crypto. Once completed, you will get their crypto almost instantly.
Q: How will I know when my crypto is deposited into my account?
You will get an email confirmation with the balance of crypto deposited into their account. The activity history in your app or on our website will also show a credit from Celsius.
Q: Do I need to keep my crypto on PayPal or Venmo?
No - once crypto is deposited into your account, you will have the option of purchasing additional supported crypto, holding it, selling it or transferring your crypto to a supported third-party exchange or wallet.
Helpful resources
1Look for communications from Stretto for how customers outside the U.S. will receive distributions. Not available for PayPal and Venmo customers in Hawaii.
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Press Release: Supporting Celsius Creditors with Crypto Distributions - PayPal Newsroom
XRP, Bitcoin and Ethereum Eye Unusual Transfer Activity Worth Millions By U.Today – Investing.com
U.Today - In a day marked by substantial cryptocurrency movements, (BTC), (ETH) and XRP have emerged as focal points, engaging the crypto community with transactions of significant financial magnitude.
Commencing the day's activity was a substantial Ethereum transfer, wherein 14,768 ETH, valued at $33.5 million, traversed from an undisclosed wallet to the esteemed Coinbase (NASDAQ:) platform. This sizable transaction set the stage for a cascade of noteworthy movements within the cryptocurrency landscape.
Following suit, 27.7 million XRP, equivalent to $14.48 million, flowed seamlessly to the Bitstamp exchange. Strong indications suggest this transfer is intricately linked to initiatives aimed at fortifying liquidity for the Payments service, for which Bitstamp serves as a pivotal provider.
The zenith of today's crypto transfers unfolded in recent hours, characterized by a momentous transfer of 3,249 BTC, valued at an impressive $137.3 million. This substantial movement transpired from an unidentified wallet to a Coinbase Institutional account, highlighting the evolving dynamics of institutional engagement within the cryptocurrency market.
Concurrently, Coinbase Institutional's vault witnessed a noteworthy outflow of 1,426 BTC, valued at $60.49 million, directed toward another undisclosed wallet.
As the cryptocurrency market continues to experience dynamic shifts in wealth distribution and heightened institutional participation, the unprecedented transfer activities involving Bitcoin, Ethereum and XRP today beckon a nuanced exploration of the evolving digital asset landscape.
This article was originally published on U.Today
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XRP, Bitcoin and Ethereum Eye Unusual Transfer Activity Worth Millions By U.Today - Investing.com
October 7 Victims, in a Blockbuster Suit, Take on Iran, Syria, and a Cryptocurrency Exchange – The New York Sun
The filing of a civil lawsuit in federal court in New York opens a new front tort law in the effort to hold Hamas, its patrons, and its financial front accountable for the atrocities of October 7.
The suit seeks compensation not only from the regimes at Tehran and Damascus, but also from the crypto currency exchange Binance, which it accuses of providing a financial platform for terrorism..
The case is brought by a class of plaintiffs all of whom are American citizens who have suffered from Hamass brutality. Two of them, Judith Raanan and her daughter Natalie, were kidnapped to Gaza on October 7, and released thereafter. Other members of the class are family members of people killed in the terrorist onslaught.
Generally, suits against foreign governments are barred in American courts, but such laws as the Antiterrorism and Effective Death Penalty Act and the Foreign Services Immunities Act empower plaintiffs to pierce that sovereign immunity for states that are implicated in terrorism.
The Flatow Amendment to the latter statute an amendment named for Alisa Flatow, who was killed by Iran in 1995 and whose father pioneered in piercing sovereign immunity ordains that foreign states shall be liable to a United States national for personal injury or death caused by acts of that state. This suit calls Iran a co-planner of October 7 and alleges that Syria provided weapons and funding to Hamas.
The plaintiffs also allege that Syria supplied Hamas with Captagon, an amphetamine whose sale is believed to be a financial source for terrorist groups and which was used by Hamas terrorists to promote feelings of rage, irritability, and impatience, all of which encouraged them to murder and torture their victimes.
While rogue states like Iran and the Taliban have been sued before, the cases legal architects, Robert Seiden and Amiad Kushner, tell the Sun that there isnt much precedent for naming a cryptocurrency company like Binance, and its chief executive officer, Changpeng Zhao, as defendants. Mr. Kushner tells me that while he isnt fighting in Gaza, he is readying to combat Hamas in a New York courtroom.
The accusation is that Binance, which is currently registered in the Cayman Islands and whose website describes itself as operating the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume, processed numerous transactions associated with Hamas and related Palestinian terrorist groups between 2017 and 2023, which it deliberately hid from U.S. regulators.
In November Binance, which counts 100 million customers, pled guilty to federal charges of, in the words of the complaint, failing to maintain an effective anti-money laundering program. Settlements ensued. Binances chief executive, Zhao, pled guilty to violating the Bank Secrecy Act, and awaits sentencing.
Among the violations over which Zhao presided are the processing transactions with cryptocurrency wallets that Binance senior executives had knowledge were linked to terrorist groups such as Hamas or Palestinian Islamic Jihad. This suit explains that a significant source of funding for Hamas is cryptocurrency and that the al-Qassam Brigades, its military wing, has attempted to use cryptocurrencies as an alternative fundraising method.
Mr. Kushner tells the Sun that he reckons that regulators thus far only know the surface of Hamass reliance on the largely unregulated cryptocurrency markets and how those exchanges contributed to what the complaint names as the largest massacre of Jews since the Holocaust and one of the worst terrorist attacks in world history.
The Wall Street Journal reported in November that cryptocurrency had become a method of large-scale transfers between Iran and Hamas. Iran allegedly sent Hamas $350 million last year.
Binances scale is even more gargantuan. The complaint alleges that between 2021 and 2022 the company processed nearly $15 trillion in crypto trades. The Commodity Futures Trading Commission found that in 2019 Binances senior management received information regarding HAMAS transactions. The former chief financial officer then explained that terrorist organizations usually only send small sums, and one employee observed that one can barely buy an AK47 with 600 bucks.
The Raanans and their fellow plaintiffs, all of whom were murdered, maimed, taken hostage, or otherwise injured in unspeakable acts of terror perpetrated by Hamas demand a trial by jury on all issues so triable, and request compensatory, treble, and punitive damages. Binance did not reply to a request for comment by the time this article went to press.
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October 7 Victims, in a Blockbuster Suit, Take on Iran, Syria, and a Cryptocurrency Exchange - The New York Sun
He’s Lost His Marriage, His Followers and His Lamborghini – The New York Times
With its streamlined curves and glow-in-the-dark sound system, the silver Lamborghini Huracn Performante was the stuff of teenage fantasy: $350,000 of aerodynamic metals and lightweight upholstery, packed into a taut and powerful body. Ben Armstrong loved it dearly.
When he started shopping for a Lamborghini, Mr. Armstrong, a cryptocurrency evangelist with more than one million YouTube subscribers, worried that hed have to spend months searching. I think I have to go to Italy to get the Lambo I want, he texted a business partner. I dont want to compromise. But fate smiled on him. In the fall of 2021, a car dealership in Charlotte, N.C., shipped the Huracn to Mr. Armstrongs production studio in an Atlanta suburb.
As the Lamborghini was lowered from a delivery truck, Mr. Armstrong, better known by the nom de crypto BitBoy, let out a joyful laugh. I may have shed a tear, he said at the time.
Back then, BitBoy was one of the most popular figures in the wild, scam-ridden world of crypto influencers. Cultivating a persona as a straight-talking everyman, he filmed a livestream five days a week in which he lectured his hundreds of thousands of listeners on the virtues of experimental coins with names like Polkadot or XRP. He said that regulators were fools, and that digital money offered a path to upward mobility. The Lamborghini was vivid proof: Crypto would make you rich and cool and successful.
Two years later, Mr. Armstrong, 41, has lost his production company and much of his wealth. His friends have turned on him, and his wife has filed for divorce. Over the last five months, across countless social media posts and videos, Mr. Armstrong has claimed to be the victim of a criminal conspiracy by terrorists who took over his YouTube channel. BitBoy is dead, he recently declared.
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He's Lost His Marriage, His Followers and His Lamborghini - The New York Times
Crypto Bill India: What Is Crypto Bill & How It Works – Forbes
A cryptocurrency is a form of virtual asset based on a network that is scattered across a huge number of computers. It is a decentralized form that allows cryptocurrency to exist outside the control of the central government or authorities
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was introduced in the Lok Sabha. The bill seeks to create a favorable framework for the creation of digital currency that will be issued by the Reserve Bank Of India (RBI).
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The Cryptocurrency Bill was scheduled in the year 2021, in the Winter Session of the Parliament but it didnt happen. However, in the current Lok Sabha session, the Ministry of Finance was questioned about the Bill.
The question was raised as to: What is the current status of the Cryptocurrency Bill? When will it be tabled and be open for inputs? Which ministry/department will regulate the virtual assets like cryptocurrencies, non-fungible tokens (NFTs) , decentralized applications, real estate tokens and other assets.
The Minister of State Finance, Shri Pankaj Chaudhary, on behalf of the Ministry of Finance answered the questions by saying, Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards. He later added that the policy-related ecosystem and crypto assets are with the Ministry of Finance.
The government of India was scheduled to introduce new cryptocurrency regulations during the Winter Session of Parliament. This was the second time that the Cryptocurrency bill was listed but got delayed. The first time it happened was during the Budget Session of Parliament in 2021.
Cryptocurrency is a debatable topic ever since it was introduced. Some countries believe in the decentralized power of cryptocurrency and some dont. The legal status of crypto is different from country to country.
Cryptocurrency is used anonymously to conduct transactions globally between account holders. This raises currency concerns for the governments of different countries. Some of the officials or legislators because of the lack of control and illicit ties may not support the use of cryptocurrency.
Under the countrys anti-money laundering and counter-financing of terrorism laws (AML/CFT), some countries may have introduced regulations in efforts to lower the usage for these purposes.
Let us see the countries in which cryptocurrency is legal, illegal or restricted.
The U.S. has a dual governance system. There can be different laws for cryptocurrency in different states. For example, New York has been in favor of cryptocurrency since 2016 when it launched a licensing framework for crypto and business exchanges called BitLicense.
There are many states in the U.S. that are yet to take a stance on cryptocurrencies. The different states hold varied regulations on cryptocurrency but to sum it up the U.S. has a positive approach to the trading community and it is a country where cryptocurrency is legal.
The European Union has 27 member countries and the legislation at the Union Level is quite a complicated zone. So far, the majority of countries in the European Union have opted for a soft regulatory framework for cryptocurrency.
In the year 2020, the European Commission finalized a plan for legislation to regulate virtual assets, which many companies or agencies have endorsed within the Union. The legislation is planned to keep the financial regulatory frameworks from fragmenting. The commission also makes sure that people have access to and can securely use cryptocurrency.
The United Kingdom has not yet formulated any separate legislation regarding the regulation of cryptocurrency. They do not consider it as legal tender but as property. The Financial Conduct Authority (FCA) under the currency system regulates licensing to authorized businesses related to cryptocurrency including exchanges. They have a firm set of rules, and the ones that are seeking the license have to strictly follow them.
The United Kingdom gains taxes from crypto trading just like any other paper currency trading. The businesses that are involved in cryptocurrency and crypto exchanges have to follow corporate tax rules.
Canada has a cryptocurrency-friendly stance and cryptocurrencies are viewed as an item by the Canada Revenue Agency (CRA) for income tax purposes. This means that any income or capital gain from a cryptocurrency transaction must be reported.
The country has been more motivated than others when it comes to crypto regulations. It became the first country to accept a bitcoin-traded fund (ETF), with some of them now trading on the Toronto Stock Exchange.
Canadians consider crypto exchanges to be money service businesses that are under the purview of the Proceeds of Crime and Terrorist Financing Act. In return, as a result, the exchanges need to be registered under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). People can report certain records, abide by compliance plans or any suspicious transactions.
Heres a list of the countries where cryptocurrency is banned:
Cryptocurrencies as a payment medium in India are not regulated by any central authority. There are no rules and regulations or any guidelines laid down for settling disputes while dealing with cryptocurrency. So, trading in cryptocurrency is done at investors risk.
The Finance Minister of India, Nirmala Sitharaman, proposed to tax digital assets and has increased the debate on the legality of cryptocurrencies in the country. While many have embraced the decision to tax virtual currency as it is the first step to recognizing it, the government is yet to pass any official clarification on this matter of whether currencies like Bitcoin are legal or not in India.
Based on the various key statements made by the Reserve Bank Of India Governor as well as various government spokespersons including the Finance Minister of the country, one can conclude that cryptocurrency is illegal, but there is no certain ban on it in India. They are unregulated but according to the recent Union Budget 2022, the government of India announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at source.
Tax on cryptocurrency is one of the most confusing aspects in India. Initially, there was no Income Tax Act or Goods and Services Tax (GST) defined cryptocurrencies in India. In the recent Union Budget 2022 outcome, the Finance Minister presented a tax regime for virtual or digital assets that include cryptocurrencies.
The Cryptocurrency Bill 2021, is a legislative initiative that was introduced in the Lok Sabha by the government to regulate the thriving market of cryptocurrency in India. The industry has seen a rush in investment in the last few years, especially during the covid period not just domestically but also internationally.
Crypto trading platforms like WazirX, CoinDCX, Zebpay, etc. in India are witnessing a big leap in volumes. An unregulated crypto market is unfavorable and risky even when the government wants to protect young entrepreneurs and investors. By introducing the Cryptocurrency Bill in 2021, the government officially took a step toward regulating cryptocurrency. The bill seeks to create a favorable structure for the creation of the official digital currency that will be issued by the Reserve Bank Of India (RBI). It also prohibits all other private cryptocurrencies but, with certain exceptions to boost the underlying technology of cryptocurrency. In the Union Budget of 2022, the government already took the step of imposing a 30% tax and 1% TDS on gains from virtual digital assets or cryptocurrencies.
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The Cryptocurrency Bill 2021, is still in process and might even take a while to be open for consultation. The Government of India already took a step when they introduced taxation on virtual assets in the Union Budget 2022. However, the introduction of the Cryptocurrency Bill is an important milestone.
A cryptocurrency is a form of virtual or digital asset distributed across a huge number of computers based on a network. It is typically a decentralized digital fund designed to be over the net. It is not governed or regulated by any central authority or government.
Regulation of cryptocurrency makes a safer marketplace that will build more confidence and turn out to be a good thing for people who wish to invest in them and will often lead to higher prices over time.
Terror financing through cryptocurrency is a global worry voiced first by the Indian government. An unregulated system has more chances to fund illegal activities. Cryptocurrency exchanges need huge investments in terms of technology to detect any foul transactions that are suspicious.
With regulation, outside manipulation will not affect the market much. It will still be a risky investment market, but with regulation, it will be stabilized and reduce some risk for investors.
Cryptocurrencies are legal in a few countries and illegal in a few. U.S., Canada, Singapore, the United Kingdom and South Korea are countries where cryptocurrency exchanges are legal. Countries like China, Morocco, Iraq and Qatar have banned cryptocurrencies completely.
No, cryptocurrency regulation can actually be a good thing as it will reduce the risk factors for investors and can be a healthy development sign for technological advancement in areas of cyber security including the use of blockchain.
The biggest concern related to crypto is that it can be an extremely volatile investment. The market can be exceptionally high and can immediately be terrifyingly low.
Crypto has scalability issues and investment risks among new investors. Cryptocurrencies havent yet proven to be a stable long-term investment. The unpredictable market future makes investors concerned about their investments.
There is also a fair degree of risk involved with trading in cryptocurrencies given the fact that they dont come with a sovereign guarantee, instead are decentralized and can be operated privately, thereby heightening the risk factor related to the investment.
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Crypto Bill India: What Is Crypto Bill & How It Works - Forbes
SEC Approves New Bitcoin ETFs, in Boon for Crypto Industry – The New York Times
Federal regulators on Wednesday approved a new financial product that tracks the price of Bitcoin, a landmark moment for the cryptocurrency industry that proponents hope will increase investment in the technology.
The Securities and Exchange Commission authorized 11 applications to offer exchange-traded funds tied to Bitcoin, a potentially simpler way for people to invest in digital assets. Some of the largest financial firms in the world, including the asset managers BlackRock and Fidelity, were approved to offer the products, known as E.T.F.s, which could begin trading as soon as Thursday on traditional platforms like the Nasdaq.
The approvals were hailed as a sign that mainstream financial institutions remain willing to deal in digital currencies even after 18 months of market crashes and high-profile bankruptcies. Since the fall, Bitcoins price has surged more than 60 percent, as traders bet that approval of the new crypto products would give the industry an imprimatur of regulatory legitimacy, drawing fresh investment from professional wealth managers and amateur traders.
The price of Bitcoin shot up on Tuesday after a post appeared on the S.E.C.s official X account announcing the approval of the E.T.F.s, but dropped swiftly when Gary Gensler, the S.E.C. chair, said the agencys account had been hacked.
Crypto enthusiasts had to wait only until Wednesday, when the S.E.C. authorized the products in a regulatory filing. Bitcoins price rose slightly after the announcement.
In a statement, Mr. Gensler, a fierce critic of fraud and volatility in the crypto markets, said the approvals should not be construed as an endorsement of the technology. We did not approve or endorse Bitcoin, he said. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.
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SEC Approves New Bitcoin ETFs, in Boon for Crypto Industry - The New York Times
Forget Shiba Inu, This Cryptocurrency Is Poised for an Incredible Run – The Motley Fool
Perhaps no cryptocurrency has rewarded investors more in the past few years than Shiba Inu (SHIB -1.23%). Although this dog-inspired token currently sits 89% below its all-time high price from October 2021, it has still skyrocketed nearly 12,000,000% since its introduction in August 2020. Perhaps some investors are ready to buy the dip in hopes of monster gains.
But I believe this would be a costly mistake. In fact, Shiba Inu is a cryptocurrency that is best avoided. Instead, take a closer look at Bitcoin (BTC -0.06%).
The world's top digital asset is poised for an incredible run.
Shiba Inu is a blockchain network that's built on top of Ethereum, making it compatible with a wide range of decentralized applications and cryptocurrency wallets. The issue, though, is that Shiba Inu lacks any sort of competitive edge against the tens of thousands of tokens out there. It doesn't even crack the top 100 cryptos in terms of the number of developers working on it, which doesn't bode well for its future to boost utility and adoption.
To its credit, Shiba Inu has attracted a fervent community of supporters, which helps explain why its market cap is $6 billion, making it the 16th most valuable crypto in the world. Having strong supporters is important and adds value, but it's not something investors should be parking their hard-earned savings behind.
What happens if the hype surrounding Shiba Inu starts to dissipate? There's no way of predicting this ahead of time. And it adds lots of risk to the equation.
Things could already be heading in the wrong direction. In 2023, Shiba Inu's token rose about 30% in value. This significantly lagged behind Bitcoin's gain of more than 150% or Ethereum's rise of more than 90%. And it was a worse performance than even the Nasdaq Composite index. In what was a raging bull market for risky assets, the fact that Shiba Inu trailed in returns might indicate that investor enthusiasm might be down for good.
Those who want to add Shiba Inu to their portfolios should understand that this endeavor is more akin to gambling than true investing. And this should be avoided.
Even after Bitcoin's huge gain last year, it's poised for another run not only in 2024, but over the long term. The approval of spot Bitcoin exchange-traded funds will help to make this a legitimate financial asset and open up the floodgates of fresh institutional capital to the mix. Higher demand supports a higher price.
The next halving, scheduled to take place in April, will reduce the rate of Bitcoin's supply growth by 50%. Historically, this has been an extremely bullish development. Several months after a halving, the crypto has typically reached new all-time highs.
What makes Bitcoin truly special, however, is that it's a decentralized asset that no single entity controls. Furthermore, Bitcoin will be absolutely finite because there will only ever be 21 million coins in circulation.
Some view this as a huge improvement compared to the current financial system. Central banks around the world have devalued fiat currencies throughout history, printing money and adjusting interest rates with no end in sight, causing uncertainty when it comes to inflation and economic activity. The public debt burden of $34 trillion in the U.S., which will only keep expanding, demonstrates the issue.
Bitcoin is the steady, indifferent solution to this. In other words, it can be viewed as a hedge against financial catastrophe.
Investors looking for a safer cryptocurrency to buy, one that solves a serious problem in the world and that has huge upside over the long term, should consider Bitcoin over the more speculative Shiba Inu.
Neil Patel and his clients have positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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Forget Shiba Inu, This Cryptocurrency Is Poised for an Incredible Run - The Motley Fool
This week’s bitcoin ETF decision could drive the cryptocurrency to $200000 in 2025, says Standard Chartered – CNBC
A bitcoin exchange-traded fund approval could revolutionize the cryptocurrency the way it did investing in gold a generation ago and send bitcoin's price rocketing to $200,000 by the end of next year, according to Standard Chartered. All eyes are on the U.S. Securities and Exchange Commission in the runup to its Jan. 10 deadline to approve or reject one of multiple applications to launch a spot bitcoin ETF. The agency is widely expected to approve more than one ETF to level the playing field from the beginning. "We see this as a watershed moment for normalizing bitcoin participation by institutional money, and we expect approval to drive significant flows and price upside for bitcoin," Geoffrey Kendrick, a London-based analyst at Standard Chartered, said in a note Monday. "If ETF inflows materialize as we expect, we think an end-2025 level closer to $200,000 is possible." The British bank assumes 437,000 to 1.32 million bitcoins, or between $50 billion and $100 billion, will be held in spot bitcoin ETFs by the end of 2024. Standard Chartered has previously said the price of bitcoin could reach $100,000 by the end of this year. On Tuesday, bitcoin traded just below $47,000, a level it reached Monday for the first time since April 2022. Standard Chartered's bullish estimate looks back at the introduction of the SPDR Gold Shares ETF in 2004. Similar to bitcoin, the first gold ETPs, or exchange-traded products, were initially small and restricted to markets outside the U.S., such as Europe and Canada, Kendrick said. "The price of gold rose 4.3x in the seven to eight years it took for gold ETP holdings to mature after the first ETP was introduced," he said. "We expect bitcoin to enjoy price gains of a similar magnitude as a result of spot ETF approval, but we see these gains materializing over a shorter (one- to two-year) period, given our view that the bitcoin ETF market will develop more quickly." Bitcoin is currently up 10% in 2024, after soaring 157% in 2023. Some investors are concerned the market is overestimating the effect on the first day of a potential ETF approval. Even they acknowledge, however, that the launch of bitcoin ETFs and flows of traditional fiat currencies into and out of them are likely to be the most significant driver of the cryptocurrency's price this year. CNBC's Michael Bloom contributed reporting.
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This week's bitcoin ETF decision could drive the cryptocurrency to $200000 in 2025, says Standard Chartered - CNBC
$4 Billion of New Bitcoin Funds Change Hands in First Trading Day – The New York Times
More than $4 billion of a newly approved investment product tied to Bitcoin changed hands in the first day of trading on Thursday, as cryptocurrency enthusiasts celebrated a watershed moment for the industry.
Eleven of the products, known as exchange-traded funds, or E.T.F.s, started trading on popular platforms such as the Nasdaq a day after federal regulators authorized them, creating a simpler way for investors to bet on the cryptocurrency markets. Major financial firms, including asset managers like BlackRock and Fidelity, are offering the E.T.F.s.
The early volume was impressive, analysts said, comparing favorably with other E.T.F. debuts. But it may take months to gauge the impact on the cryptocurrency industry, which is still reeling from a recent series of market crashes and high-profile corporate bankruptcies. Initial market data did not show how much new investment flowed into the Bitcoin funds; some of the trading activity may have stemmed from investors who bought shares and quickly flipped them.
Its not a one-day event, said Sandy Kaul, who runs the digital asset arm of Franklin Templeton, a firm offering the E.T.F.s. Six months is a really good moment to understand: Is this a transformational product?
Bitcoins price briefly rose to $49,000 on Thursday before dipping to $46,000. Optimism that the E.T.F.s were nearing approval by the Securities and Exchange Commission drove Bitcoins price up more than 60 percent over recent months to its highest levels since the market imploded in 2022.
The approvals were a major victory for the crypto industry as it gears up for a series of legal battles with the federal government. The S.E.C. has sued Coinbase, the largest U.S. crypto exchange, and several other major firms, arguing that they have illegally marketed unregistered securities, a possible existential threat to the industry.
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$4 Billion of New Bitcoin Funds Change Hands in First Trading Day - The New York Times
HKVAC revises key crypto index, Solana to replace Ripple. – crypto.news
The Hong Kong Virtual Asset Consortium (HKVAC) unveiled changes to several of its cryptocurrency indexes.
HKVACs rebalancing, set for Jan. 19, will affect its central index, the HKVAC top 5, as well as the top 1O Index and the Global Large Cryptocurrency Index.
The HKVAC top 5 will exclude several prominent cryptocurrencies. For instance, Solana (SOL), which has recently been highlighted for its significant market strides, is set to replace Ripples XRP.
Despite the tumultuous 2022 collapse of the FTX crypto exchange, which sent SOL prices plummeting by over 95%, Solana has rebounded remarkably. It now boasts a year-over-year surge of 436.5% and a market cap of $42.67 billion, placing it as the fifth-largest cryptocurrency.
In comparison, XRP has seen a more modest growth of 51.5% in the same period, and despite a $31.47 billion valuation, it now ranks sixth.
Additional changes made by HKVAC include the removal of Filecoin (FIL), Binance USD (BUSD), Maker (MKR), Ivy (IVY), and TrueUSD (TUSD) from its Global Large Cryptocurrency Index, making way for Near Protocol (NEAR), Internet Computer (ICP), Immutable (IMX), Optimism (OP), and Injective (INJ).
The reevaluation of the index by HKVAC, which rates digital asset trading platforms and crypto market indexes, is a significant barometer of the ongoing shifts in the crypto market. It reflects not only the current market dynamics but also the potential growth areas, as seen by industry experts.
Tron (TRX), for instance, has made an impressive recovery from a bear market downturn between 2018 and 2020, with a 100% rally in 2023. However, it will be replaced in the Top 10 index by Avalanche (AVAX), which itself has been buoyed by its recent rally and partnerships with JPMorgan and Citi for asset tokenization initiatives.
These benchmark indices used by investors to gauge the performance of digital assets can greatly influence investment decisions. As such, the visibility and perceived market strength of the included cryptocurrencies can be significantly impacted.
HKVACs revision aligns with Hong Kongs proactive approach to the cryptocurrency sector. It comes amid preparations to welcome spot crypto ETFs into the semi-autonomous region following the U.S. Securities and Exchange Commissions (SEC) approval of 11 spot Bitcoin ETF applications.
Hong Kongs Securities and Futures Commission (SFC) has insisted that crypto transactions must be conducted through platforms licensed by it or authorized financial institutions, ensuring regulatory compliance and investor protection.
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HKVAC revises key crypto index, Solana to replace Ripple. - crypto.news