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Both XRP and Ethereum (ETH) Will Be Demolished by SEC: President’s Advisor Explains Why – U.Today

July 1, 2023 | Author: admin

Gamza Khanzadaev

SEC's crosshairs on XRP and Ethereum, Nayib Bukele's advisor firm in conviction

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In a recent fiery debate that has captivated the crypto space, the XRP community clashed with Max Keiser, advisor to the president of El Salvador and a prominent Bitcoin evangelist. The topic that ignited the heated discussion was the contentious issue of cryptocurrency regulation, specifically concerning the fate of XRP and Ethereum (ETH) in the face of mounting pressure from the SEC.

Keiser unequivocally stated that the regulatory overreach would inevitably lead to the demise of XRP and every other cryptocurrency, except for Bitcoin, which he deemed "untouchable."

John Deaton, a pro-crypto lawyer and legal representative of XRP holders, challenged Keiser's apocalyptic prediction. He countered by highlighting the SEC's prior labeling of Bitcoin as a security. While conceding that the commission could inflict damage on XRP, Deaton believed that the influence of its current transient regulator, Gary Gensler, would be short-lived.

He further argued that software code itself should not be classified as a security, emphasizing the need for a level playing field where the best technologies could thrive.

Unswayed by Deaton's arguments, Keiser remained steadfast in his belief that both ETH and XRP would suffer the same fate. Dismissing chatter about Bitcoin as inconsequential, he declared that Gensler, the current SEC chairman, would pursue Ethereum and XRP as unregistered securities.

Keiser went on to assert that the regulator functioned as a protection racket for the banking cartel, ready to employ national security and the Patriot Act if necessary to eliminate these projects.

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Both XRP and Ethereum (ETH) Will Be Demolished by SEC: President's Advisor Explains Why - U.Today

Ethereum Cancun Upgrade: ETH price to Reach $3000 soon? – CryptoTicker.io – Bitcoin Price, Ethereum Price & Crypto News

July 1, 2023 | Author: admin

Ethereum, the worlds second-largest cryptocurrency by market capitalization, is preparing for a significant upgrade known as Cancun-Deneb (Dencun). This upgrade is expected to enhance the scalability, security, and usability of the Ethereum network. With these improvements on the horizon, many are speculating whether this could be the catalyst that propels Ethereums price to the $3,000 mark.Lets take a look a this Ethereum Cancun upgrade.

The Cancun upgrade follows the recent activation of Shanghai, another significant upgrade to Ethereums execution layer. The Cancun fork includes the highly anticipated Ethereum Improvement Proposal (EIP) 4844, also known as Proto-Danksharding. This feature is a milestone that lays the groundwork for full Danksharding implementation, which is expected to significantly enhance the networks scalability.

Ethereum core developer Pter Szilgyi has emphasized the importance of Proto-Danksharding, stating that it should be the primary focus of the upgrade. Proto-Danksharding will act as an intermediate upgrade to help scale rollups on the network, a crucial step towards improving Ethereums scalability and transaction speed.

The Ethereum Cancun upgrade may also include several other Ethereum Improvement Proposals (EIPs), such as EIPs 4758, 6046, 6190, which involve the removal of the SELFDESTRUCT function, and EIP-663, which allows for unlimited SWAP and DUP instructions. Other potential features include EIP-5920, the PAY opcode, and EIP-1153, which introduces transient storage.

Danksharding is the third and final part of the ETH2/Serenity upgrade, following the successful rollout of the Beacon chain and The Merge. This new sharding architecture will replace the projects initially proposed idea of introducing 64 shard chains. Instead of increasing the number of transactions, Danksharding focuses on increasing data availability for rollups, a Layer 2 technology that bundles together blockchain transactions and processes them off-chain.

Proto-Danksharding, proposed by Ethereum developers Protolambda and Dankrad Feist, is an interim upgrade to the Ethereum network. It is described as a stopgap solution that will dramatically reduce rollup gas fees ahead of full sharding implementation. This feature introduces a transaction type called blob-carrying transactions, which can contain up to two blobs and will be more cost-effective than the current transaction data storage method.

The Cancun upgrade aims to prepare the network for full data sharding while scaling rollups in the interim. The introduction of blob-carrying transactions will increase data availability for rollups and make them considerably cheaper. After the activation of Cancun, Ethereum users should expect faster, cheaper payments when using the ecosystems native cryptocurrency, applications, and ERC-based tokens.

While its impossible to predict with certainty, the Cancun upgrade could potentially be a significant catalyst for Ethereums price. By enhancing the networks scalability, security, and usability, the upgrade could attract more users and developers to the Ethereum ecosystem, thereby increasing demand for ETH and potentially driving its price towards the $3,000 mark. However, as with all investments, its essential to do your research and consider the risks before making any decisions.

As of today, Ethereum (ETH) is trading at $1,855.58. To reach the $3,000 mark, it would need to increase by approximately 62%. This is a significant leap, but not an impossible one, especially when considering the potential impact of the upcoming Cancun upgrade.

Historically, major network upgrades have often led to increased demand for cryptocurrencies. For instance, Ethereums price increased by about 60% in the two months leading up to the launch of Ethereum 2.0s Beacon Chain in December 2020. If the Cancun upgrade has a similar effect, it could potentially push Ethereums price towards the $3,000 mark.

Furthermore, Ethereums increasing adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs) could also contribute to price growth. As more users and developers flock to the Ethereum network to take advantage of these innovations, demand for ETH could increase, driving up its price.

Currently, Ethereum (ETH) is priced at $1,855.58. For Ethereum to reach the $3,000 mark from its current price, we need to calculate the percentage growth required.

The formula to calculate percentage growth is:

((Target Price Current Price) / Current Price) * 100

Substituting the given values into the formula:

((3000 1855.58) / 1855.58) * 100

This calculation results in a required growth of approximately 61.7%.

In simpler terms, Ethereums current price needs to increase by about 61.7% to reach the $3,000 mark. This is a significant increase, but its not unprecedented in the volatile world of cryptocurrencies.

For instance, if we consider Ethereums performance in 2021, it has shown periods of rapid growth. From January 2021 to May 2021, Ethereums price increased from around $730 to a peak of over $4,000, representing a growth of over 450%.

While past performance is not a guarantee of future results, it does illustrate Ethereums potential for rapid price increases. With the upcoming Cancun upgrade and the continued growth of applications like DeFi and NFTs on the Ethereum network, a 61.7% increase to reach the $3,000 mark is within the realm of possibility. However, investors should always consider the inherent risks and volatility associated with cryptocurrency investments.

It is important to note that this is a predictive analysis and not a guarantee. Cryptocurrency prices are influenced by a wide range of factors, including market sentiment, regulatory news, and broader economic trends. As such, while the $3,000 target is achievable, its essential for investors to do their own research and consider the risks before making any decisions.

This article delves into the prospect of Solana price hitting the $22 mark in the near term. Let's take a

It is essential to consider the factors that could potentially propel SHIB to such heights. Let's take a look at

The Wyckoff Method centers on understanding the forces of supply and demand that drive price movements.

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Ethereum Cancun Upgrade: ETH price to Reach $3000 soon? - CryptoTicker.io - Bitcoin Price, Ethereum Price & Crypto News

Crypto Price Update: Bitcoin up 1.50%, Ethereum Up 2.12% – Outlook India

July 1, 2023 | Author: admin

Outlook Money

The global cryptocurrency market was up by 1.82 per cent to $1.19 trillion. Maverick Protocol MAV was the most trending cryptocurrency, while eCash XEC was the top gainer and Toncoin TON was the top loser

Updated: 30 Jun 2023 1:33 pm

The global cryptocurrency market cap was at $1.19 trillion on Friday afternoon, up by 1.82 per cent in the last 24 hours, while the total trading volume was at $39.21 billion, up by 24.53 per cent.

Maverick Protocol MAV was the most trending cryptocurrency for the second day, down 29.12 per cent to $0.3918 from the previous day. Its 24-hour trading volume was $79.05 million.

eCash XEC was the top gainer, up by 44.10 per cent in the past 24 hours. It was priced at $0.000003234 with a 24-hour trading volume of $136.77 million. Toncoin TON was the top loser, down by 1.77 per cent to $1.35. Its 24-hour trading volume was $7.60 million.

DeFi fell 7.49 per cent to $2.9 billion, Coinmarketcap.com reported.

Cryptocurrency Prices

Bitcoin: Bitcoin was up by 1.50 per cent to $30,743.00. Its 24-hour trading volume was $17.27 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoins market dominance stood at 50.14 per cent, down by 0.26 per cent over the last 24 hours.

Ethereum: Ethereum was up by 2.12 per cent to $1,880.08 over the previous day. Its 24-hour trading volume was $7.04 billion.

Tether: Tether fell 0.01 per cent to $0.9998 in the last 24 hours. Tethers 24-hour trading volume was $27.46 billion. It is ranked third on Coinmarketcap.

Other Altcoins

Solana was up by 14.62 per cent to $18.64 in the last 24 hours. Its 24-hour trading volume was $1.0 billion.

Avalanche was trading at $13.00, up by 6.14 per cent, while its 24-hour trading volume was at $165.82 million.

Cardano ADA was up by 3.56 per cent to $0.2827 over the previous day. Its 24-hour trading volume was $254.61 million.

Meme Coins

Dogecoin (DOGE) was up by 3.66 per cent, with a 24-hour price of $0.06511.

Shiba Inu was up by 3.24 per cent to $0.000000752.

Decentralised Finance

DeFi coin was trading at $0.00493, same as yesterday.

Yearn.Finance was up by 4.42 per cent to $6,485.90 in the last 24 hours, while its 24-hour trading volume was $16.64 million.

Fedor Holz Has Sights on Daniel Negreanu in Boxing and Chess Matches – PokerTube

July 1, 2023 | Author: admin

In a recent Ask Me Anything (AMA) on Reddit, Fedor Holz revealed that he sees Daniel Negreanu as a worthy foe in the boxing ring, as well as in a mano a mano duel over a chess board.

The German wunderkind answered a dozen questions from fans on AMA, one of which was to name a poker pro that he would like to challenge in a boxing-chess match. Holz placed DNegs on the top of his list - not as a means of revenge or to settle any old scores - but to engage in a somewhat balanced and competitive battle.

To those of us who have lost our poker bankroll and have had to start over from scratch, it's reassuring to know that top pros such as Fedor were in the same boat at one time as well. Listen to Holz describe his experiences with going busto - and a whole lot more in the video below:

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Fedor Holz Has Sights on Daniel Negreanu in Boxing and Chess Matches - PokerTube

Kartik wins chess title – The Hitavada

July 1, 2023 | Author: admin

Sports Reporter

MAHARASHTRAS Kartik Kumar Singh emerged champion garnering 10 points from 11 rounds as it was curtains on the 16th GH Raisoni Memorial International Open FIDE Rating Chess Tournament at GH Raisoni Institute of Information and Technology, Wadi Hingna Road, MIDC. The all India ranking tournament was organised by GH Raisoni Sports and Cultural Foundation and Kalpana Prakash Welfare Foundation and was recognised by the Chess Association Nagpur, Maharashtra Chess Association, All India Chess Federation and FIDE.

Indrajeet Mahindrakar scored nine points to finish second while Daksh Goyal scored 8.5 to take third spot. Singh got richer by Rs 51000 whereas Indrajeet and Daksh won Rs 31000 and Rs 26000 respectively. In addition to main prizes, best unrated, best Nagpur player, best veteran above-55 player, best woman player, best below-1601 rated player and best below 1300 player were also rewarded.

Prizes were distributed by Jai Prakash Gupta, Senior BJP leader, Milind Marathe, Ex MCA member and Bhushan Shriwas, Secretary, Kalpana Prakash Welfare Foundation and Chess Association. A team of GH Raisoni Sports and Cultural Foundation and Kalpana Prakash Welfare Foundation, International Arbiter Ajinkya Pingle along with FA Amit Tembhurne, FA Swati Kumbhalkar, FA Shubham Soni, SNA Shyam Agrawal, SNA Prayas Ambade, SNA Sagar Sakhare, Prathamesh Machave and Shishir Indurkar worked Hard for the smooth conduct of the event.

Apple playing chess, while others play checkers in march to $3 trillion – AppleInsider

July 1, 2023 | Author: admin

Analysts at investment firm Wedbush say Apple has fought back "against all odds" to once again be on the cusp of a $3 trillion market valuation -- and $4 trillion is in sight.

Apple was the first company to ever reach $3 trillion. It did so in January 2022. Over the following 12 months, its valuation dropped to under $2 trillion.

It is about to hit that mark again. Potentially, it may do so today, June 28.

"We note that Apple... then ultimately navigated a myriad [sic] of China supply chain challenges along with a softer macro over the last 18 months in Rock of Gibraltar fashion," writes Wedbush in a note seen by AppleInsider. "[Thus] Cook and Cupertino find themselves back against all odds (from the bear view) on the doorstep of the $3 trillion market cap threshold this week."

Wedbush maintains that it has correctly analysed Apple's fortunes -- in June 2023 it raised its stock target to $220 -- and that "the Street has severely underestimated the massive installed base upgrade opportunity around iPhone 14."

"Apple [is] playing chess while others play checkers," continue the analysts. "In FY24 the Cupertino stalwart is on pace to approach $100 billion of annual services revenue growing double digits which is a jaw dropping trajectory vs. the roughly $50 billion+ of services revenue that Apple was delivering only in FY20."

"We believe Apple's fair valuation could be in the $3.5 trillion range," says Wedbush, "with a bull case $4 trillion valuation by FY25."

Part of the reason for Wedbush's growth prediction is a belief that the App Store for the new Apple Vision Pro is "another expansion of the App Store moat down the road." The company also believes that Apple now has a "mini super cycle iPhone 15 ahead with roughly 25% of Apple's golden customer base not upgrading their iPhones in over 4 years."

The forthcoming iPhone 15 range is also just part of a raft of products Apple is expected to release by the end of 2024.

At time of writing, Apple's stock market valuation is at $2.95 trillion.

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Apple playing chess, while others play checkers in march to $3 trillion - AppleInsider

Uncovering the Mystery Behind Bitcoin Creator Satoshi Nakamoto – FinSMEs

July 1, 2023 | Author: admin

Bitcoin, the biggest and most valuable cryptocurrency, has revolutionized the world of finance. It has also captivated the imagination of millions, especially with regard to its creator, Satoshi Nakamoto.

Much like the founders of revolutionary tech brandsApples Steve Jobs, for example, or Googles Sergey Brin and Larry PageNakamoto is seen as quite the celebrity.

However, Nakamotos true identity remains a mystery. In fact, some people think that Nakamoto is more than one person. Bitcoin was founded in 2009 and until now, the question who is Satoshi is still unanswered. This further adds to the allure and intrigue surrounding Bitcoins origins.

The invention of the blockchain itself and the underlying technology behind Bitcoin have paved the way for countless other cryptocurrencies and decentralized applications. Thus, Satoshi Nakamotos identity holds great significance within the Bitcoin community and beyond. This is why there have been quite a few speculations about who Satoshi Nakamoto truly is.

Below is a list of some of the few notable figures who have been linked to Satoshi Nakamoto or have claimed to be them.

Disclaimer: The identities discussed in this article are all speculative, and the true identity of Satoshi Nakamoto remains unknown.

Nick Szabo: A Cryptographers Legacy

One name that often emerges in discussions about Satoshi Nakamoto identity is Nick Szabo. Szabo is a renowned cryptographer and computer scientist and has long been associated with the development of digital currencies. His concept of bit gold shares striking similarities with Bitcoins underlying principles and he is also one of the earliest proponents of smart contracts. In fact, Szabo first proposed the idea in 1994. If he is, indeed, Satoshi Nakamoto, then he definitely has plenty of foundation upon which to build Bitcoin.

Szabo also has expertise in cryptography and a deep understanding of decentralized systems, which further make him a compelling candidate. However, despite the intriguing parallels, there is still no concrete evidence that Szabo is Satoshi Nakamoto.

Craig Wright: Controversy and Claims

While most of the names that have been associated with or speculated to be Satoshi Nakamoto were theories by other people, Craig Wright has outright claimed that he is the elusive Bitcoin creator. Wright is an Australian scientist and businessman who, in 2016, publicly asserted that he is Nakamoto. To support his claim, he presented technical information and whitepapers on cryptocurrency. However, he was met with some healthy amounts of skepticism.

Indeed, many within the cryptocurrency community and the wider tech industry doubted the legitimacy of Wrights claims. They cited inconsistencies in his assertions, a lack of technical expertise, and Wrights failure to provide conclusive proof. These, among other controversies, have cast doubt on Wrights credibility as the true Satoshi Nakamoto and he eventually backed away.

Hal Finney: A Key Figure in Bitcoins Genesis

Hal Finney is a highly respected computer scientist, cryptographer, and coder. He was one of the earliest contributors to Bitcoin, as well as one of its staunchest advocates. Finney is often considered a potential candidate for Satoshi Nakamoto, especially because he was reportedly one of the first to have worked on Bitcoins open-source code. He also acknowledged that he received the first Bitcoin transaction in 2009, directly from Satoshi Nakamoto.

Another thing that made Finney a likely candidate to be Satoshi Nakamoto is that he lived near Dorian Satoshi Nakamoto, who is another individual speculated to be Bitcoins founder. However, Finney has repeatedly denied claims that he is Satoshi Nakamoto. Sadly, Finney died in 2014 after a long battle with amyotrophic lateral sclerosis or ALS. This makes it more challenging to prove whether or not he is Satoshi Nakamoto. Nevertheless, Finney remains to be a respected figure in the Bitcoin community.

Dorian Nakamoto: Media Frenzy and Misidentification

Dorian Nakamoto, a former computer engineer and physicist, unexpectedly found himself in the media spotlight when a magazine article suggested he might be Satoshi Nakamoto. Having the same last name further fanned the flames of speculation. However, Dorian has vehemently denied any involvement in Bitcoins creation and said that he hadnt even heard of the cryptocurrency before. Further, he said that his quotes have been misinterpretedaccording to Dorian, he was talking about engineering and not Bitcoin when he was interviewed.

Eventually, Satoshi Nakamoto went on an online Bitcoin forum and confirmed that they are not Dorian Nakamoto. Meanwhile, the crypto community raised 100 Bitcoin for Dorian as a way to express their gratitude, support, and concern.

As of this writing, the search for the true identity of Satoshi Nakamoto continues to captivate the cryptocurrency community and the world at large. As Bitcoin continues to influence the crypto landscape, the enigma of its founders identity remains an intriguing chapter in the ongoing story of decentralized technologies and digital currencies.

Regardless of the identity of Satoshi Nakamoto, however, the enduring legacy of Bitcoin serves as a testament to the transformative power of decentralized systems and its potential to reshape the future of finance.

Uncovering the Mystery Behind Bitcoin Creator Satoshi Nakamoto - FinSMEs

Crypto Mysteries: The Enigmatic Origins Of Bitcoin And Satoshi … – Retail Times

July 1, 2023 | Author: admin

The world of cryptocurrencies and blockchain technology has given us one of the greatest mysteries of our era: the origins of Bitcoin and the mysterious identity of its creator, Satoshi Nakamoto. In this article, we will explore the fascinating details behind this phenomenon, delving into the mystery that surrounds its emergence. We will discover why these topics generate so much interest and how they have transformed the way we perceive money and trust in the digital age. Get ready to immerse yourself in the fascinating world of Bitcoin and its enigmatic creator.

Amidst the 2008 financial crisis, Bitcoin emerged as a decentralized alternative to the traditional monetary system. In this section, we will explore how this revolutionary cryptocurrency rose as a response to the deficiencies of the conventional financial system. Additionally, lets delve into the key concepts of blockchain technology, the cornerstone that underpins Bitcoin. We will understand how the transparency, immutability, and security of the blockchain intertwine with the functioning of Bitcoin, laying the groundwork for an unprecedented financial revolution.

Behind the pseudonym Satoshi Nakamoto hides an enigmatic figure that has captivated the worlds curiosity. In this section, we will unravel the mystery surrounding this unknown identity. We will explore the theories and speculations that have emerged over the years, ranging from the possibility of being an individual to the hypothesis of a group of experts. Immersing ourselves in clues, statements, and analysis, we will delve into the labyrinth of assumptions surrounding Satoshi Nakamoto and his fundamental role in the emergence of Bitcoin.

Satoshi Nakamoto left his mark through the famous Bitcoin whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System. In this section, we will explore the fundamentals and key principles established in this revolutionary document, which laid the groundwork for the widespread adoption of Bitcoin. Furthermore, we will delve into the messages and forums where Nakamoto interacted with the nascent community of cryptocurrency enthusiasts. Through the analysis of these interactions, we will discover the ideas and visions that Nakamoto shared, revealing his brilliance and pioneering vision in the development of Bitcoin.

Satoshi Nakamoto made valuable contributions to the development of Bitcoin. Firstly, he created the foundational code for Bitcoin, laying the groundwork for its functioning. Additionally, Nakamoto led the initial launch of the network, allowing Bitcoin to become a reality. In this section, we will explore how these contributions were crucial in establishing a decentralized and secure network. We will also highlight the role of the early miners and participants in the network, who played a vital role in transaction validation and the early growth of Bitcoin.

In 2010, Satoshi Nakamoto mysteriously disappeared, leaving his identity in the dark. Despite his absence, his legacy endures in the lasting impact of Bitcoin on blockchain technology and cryptocurrencies. In this section, we will explore the profound impact Bitcoin has had on the industry, revolutionizing the way transactions are conducted and democratizing access to the financial system. We will examine how Nakamotos vision has inspired numerous entrepreneurs and developers, giving rise to the creation of thousands of cryptocurrencies and blockchain-based projects, leaving an innovative legacy in technological history.

Reflecting on the enigma of Bitcoins origins and the identity of Satoshi Nakamoto, we delve into a fascinating world of unsolved mysteries. These enigmas have captured the imagination of millions of people, fueling curiosity and speculation. Beyond the intrigue, it is important to recognize the significance of these mysteries in the history of cryptocurrencies and blockchain technology. They have generated innovative momentum and driven significant advancements in how we perceive money and trust in the digital age. The enigmas of Bitcoin and Satoshi Nakamoto have left an indelible mark on the evolution of cryptocurrencies and will continue to inspire future innovations in this exciting technological field. If you want to discover the potential of the cryptocurrency market, you must know about immediate connect. This cutting-edge platform utilizes advanced algorithms to analyze real-time data, providing you with a technological advantage.

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Satoshi-Era Wallets Containing Millions Worth Of Bitcoin Reactivated As Apex Crypto Hits $30K On ETF Opti – Benzinga

July 1, 2023 | Author: admin

June 27, 2023 7:59 AM | 2 min read

Bitcoin (CRYPTO: BTC) continues to make headlines as it reaches new heights, and its latest surge to the $30,000 level has prompted some long-dormant accounts to be reawakened.

What Happened: Two wallets that had a total of 100 BTC, originally mined way back in 2010, have recently been moved to different wallets, with the combined value of the transferred BTC being worth more than $3 million.

These wallets are from the era when Bitcoin creator Satoshi Nakamoto was still active, adding further intrigue to their activity.

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This move signals the re-entry of the transferred coins into the group of BTC whales, representing investors who hoard vast quantities of Bitcoin and do not trade it for long periods of time.

This also comes at a time when BlackRock (NYSE:BLK), the worlds largest asset manager, filed for a Bitcoin ETF, joining a growing list of companies looking to offer crypto-focused investment products. If approved, the ETF would provide more accessible and public investment opportunities for institutional and individual investors.

More: A Stay At The Floating Palace From James Bond's Octopussy

Why It Matters: Satoshi Nakamoto is the pseudonym used by the unknown person or persons who developed the original Bitcoin protocol in 2008 and created the first blockchain database. The identity of Nakamoto remains unknown, and it is unclear how much BTC they hold, as the creator(s) of Bitcoin never publicly disclosed ownership of their stake in the cryptocurrency.

In the last month, several Bitcoin whales with long-dormant accounts have been awakened, leading to speculation in the crypto community regarding their identity and motives for reactivating their accounts.

This news of a wallet being reactivated after a decade of inactivity, containing a large sum of Bitcoin worth $37.8 million, is just the latest example.

Price Action: At the time of writing, BTC was trading at $30,266 down 0.17% in the last 24 hours, according to data from Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed As ETF-Induced Rally Pauses: Analyst Predicts Strong July For King Crypto Amid Vanishing Crypto Death Fears

Join Benzingas Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

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Satoshi-Era Wallets Containing Millions Worth Of Bitcoin Reactivated As Apex Crypto Hits $30K On ETF Opti - Benzinga

Cryptoverse: Bitcoin bounces on BlackRock buzz – Reuters

July 1, 2023 | Author: admin

June 27 (Reuters) - What would Satoshi make of it all?

Bitcoin, the currency created to subvert the financial establishment, has shaken off weeks of sickness with the support of Wall Street's finest.

The original crypto coin has leapt 20% to two-month highs at $30,182 over the past 11 days after BlackRock, the world's largest asset manager, revealed hopes for a spot bitcoin exchange-traded fund (ETF) in the United States.

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. The news helped bitcoin bounce out of the doldrums and snap two consecutive weeks of losses.

Satoshi Nakamoto's rebel child is invigorated by the prospect of an ETF that offers investors exposure to spot bitcoin on a regulated U.S. stock exchange without the hassle of custody.

Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Its share was around 40% at the start of the year, up from a low of 34% in 2018.

"The news of the ETF filing is evidence of adoption and interest from top global players, which is, of course, interesting to institutional investors and traders alike," said Mikkel Morch, chairman at digital asset investment fund ARK36.

Fueling optimism among some crypto advocates is BlackRock's strong track record of getting the SEC's green light for ETFs more generally, although it hasn't filed for a crypto one before. It boasts a 575-1 approval rate, according to Rosenblatt Securities analyst Andrew Bond.

Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator, with asset manager Fidelity also reportedly planning to reapply for a spot fund.

The mini-rush of pitches to the U.S. watchdog comes days after the SEC sued major crypto exchanges Coinbase and Binance for allegedly breaking securities laws, casting a chill over the cryptocurrency market.

Not everyone's keen to jump in, though.

"You know what the rules of the road are in equities and bonds. But you don't fully know what the rules are going to be for crypto," said Rick Meckler, partner, Cherry Lane Investments in New Vernon, New Jersey.

"As a consequence it has made it difficult to make an investment class for many people, myself included."

At present, American investors currently looking to gain exposure to crypto on stock exchanges are limited to futures-based ETFs. These funds track bitcoin futures contracts, which come with the additional costs of rolling over contracts on settlement days.

The total return for ProShares' Bitcoin Strategy ETF is about 79%, according to Morningstar data, versus bitcoin's 82% jump.

Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade.

"It doesn't appear that most crypto ETF holders are institutional assets are pretty spread out," he added.

Crypto investment products are still a tiny part of the overall market. Excluding grantor trusts - limited to accredited investors - such as the Grayscale Bitcoin Trust (GBTC.PK), the current crypto ETF market totals about $2 billion, according to MorningStar Direct, less than 2% of overall crypto market.

BITO, the first bitcoin futures ETF and the fastest to notch $1 billion in market cap after its launch in 2021, ushered in a wave of other futures ETF launches.

About 48% of respondents in a survey this year of 549 international professional investors by TrackInsight, J.P. Morgan Asset Management and State Street said they would consider investing in single-cryptocurrency exchange-traded products, versus 37% who were interested in investing directly.

"I'd argue BlackRock is just as interested in retail as institutional," said David Wells, CEO of Enclave Markets.

"They may start with institutions but potentially hope that bitcoin is an option that goes into investors' retirement portfolios, and hoping the BlackRock name is a strong enough impetus to buy, and that's a big draw for retail investors."

Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru; Editing by Pravin Char

Our Standards: The Thomson Reuters Trust Principles.

Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Cryptoverse: Bitcoin bounces on BlackRock buzz - Reuters

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Both XRP and Ethereum (ETH) Will Be Demolished by SEC: President’s Advisor Explains Why – U.Today

Ethereum Cancun Upgrade: ETH price to Reach $3000 soon? – CryptoTicker.io – Bitcoin Price, Ethereum Price & Crypto News

Crypto Price Update: Bitcoin up 1.50%, Ethereum Up 2.12% – Outlook India

Fedor Holz Has Sights on Daniel Negreanu in Boxing and Chess Matches – PokerTube

Kartik wins chess title – The Hitavada

Apple playing chess, while others play checkers in march to $3 trillion – AppleInsider

Uncovering the Mystery Behind Bitcoin Creator Satoshi Nakamoto – FinSMEs

Crypto Mysteries: The Enigmatic Origins Of Bitcoin And Satoshi … – Retail Times

Satoshi-Era Wallets Containing Millions Worth Of Bitcoin Reactivated As Apex Crypto Hits $30K On ETF Opti – Benzinga

Cryptoverse: Bitcoin bounces on BlackRock buzz – Reuters

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