2023-10-24 09:34

Copyrighted Image by: Reuters. The investment landscape for Bitcoin has witnessed a significant transformation, marked by a surge in public funds inflow. A single-day contribution of $43 million was noted, accounting for 10% of the year's total. In the past week and month, inflows reached $66 million and $145 million respectively, leading to a year-to-date total of $428 million. A large portion of these funds was directed towards Bitcoin ETPs, with 21Shares Bitcoin ETP and CI Galaxy Bitcoin ETF receiving $12 million and $11 million respectively. This trend signifies a strategic shift towards digital assets in investments. Today, Bitcoin (BTC) displayed a bullish bias, breaking crucial barriers while discussions regarding spot BTC ETF continue amidst the SEC's delayed decision. Alongside Bitcoin, Ethereum-killer Solana (SOL) has been confronting stiff resistance at $30.24 following an uptrend in October, with bears currently caged. On the other hand, Chainlink (LINK) experienced a massive rally, enriching many holders before hitting a peak at $10; a crash is forecasted. https://www.investing.com/news/cryptocurrency-news/bitcoin-investment-landscape-transforms-with-surge-in-public-funds-93CH-3206594

2023-10-24 09:19

Copyrighted Image by: Ink Drop In a bullish run, Bitcoin's value showed remarkable growth on Monday, momentarily surpassing $34,500 - a significant increase of over 10% within a day, according to CoinDesk data. This surge represents the highest value for the cryptocurrency since May 2022. After reaching $30,000 on Sunday, October 23, 2023, Bitcoin continued its upward trajectory to peak at $34,942 early Monday morning before settling around $33,000. The surge is largely attributed to optimism surrounding the prospective approval of a U.S. Bitcoin ETF. A U.S. Appeals court ruling recently favored Grayscale Investments' application to transform its Bitcoin Trust into an ETF. Additionally, BlackRock Inc (NYSE:BLK).'s proposed Bitcoin ETF has been listed on the Depository Trust & Clearing Corporation (DTCC), fueling anticipation further. The SEC, which had previously dismissed such applications citing market manipulation concerns, is expected to shift its stance soon. Alex Adelman, CEO of Lolli, predicted that the approval of Bitcoin ETFs could result in substantial price surges and provide both institutional and retail investors with new avenues for investing in Bitcoin within regulatory parameters. This year marked a significant recovery for Bitcoin, which doubled its value from its starting point of $16,000, shaking off bearish sentiments following the collapse of crypto exchange FTX. Other cryptocurrencies like Ether also experienced an increase in value amidst this optimism. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-10-surge-in-cryptocurrencys-value-93CH-3206585

2023-10-24 09:18

Copyrighted Image by: Mundo Crypto PR Matrixport, a digital asset financial services platform, has projected a year-end price of $45,000 for Bitcoin today. The forecast is based on several factors including the Fear Of Missing Out (FOMO) sentiment among investors, high futures funding rates, and a bullish market outlook. Currently, Bitcoin holds a 52.1% market share and recently recorded a single-day trading volume of $29 billion. The firm also noted the potential approval of BlackRock (NYSE:BLK)'s spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) as a significant factor that could boost Bitcoin's price. Matrixport further estimated that if current gold ETF investors were to diversify 10%-20% of their investments into Bitcoin, it could lead to an influx of $12-24 billion into the Bitcoin ETF. This potential capital injection could further drive up the cryptocurrency's price. In related news, the Bitcoin hard fork crypto project experienced a significant 25,000% trading volume increase in August, which has sustained through September and October. Despite this momentum, the future of this project remains uncertain. On another front, Bitcoin Minetrix, known for its innovative approach to mining, has seen considerable success in its presale phase. Experts predict that this project could witness a substantial 1000% growth in the coming years, making it an attractive investment opportunity. Meanwhile, Bitcoin Gold (BTG), despite experiencing a slight bearish sentiment recently, saw a 10% price rise and a 30% increase in trading volume in July and August. While BTG has not yet reached its October 2017 all-time high of $539.72, its long-term trend remains optimistic with price targets set at $10.06 by December 2023 and $21.08 in 2024. https://www.investing.com/news/cryptocurrency-news/bitcoins-bullish-forecast-matrixport-predicts-45000-yearend-price-93CH-3206577

2023-10-24 08:06

Copyrighted Image by: Reuters. The crypto community was stirred today as on-chain analyst ZachXBT reported a significant Bitcoin transaction linked to the defunct darknet marketplace, Abraxas. The 4,800 Bitcoins, inactive since Abraxas' controversial exit scam in 2015, were recently moved to a Bitcoin mixing service. Currently valued at $144 million, these Bitcoins have appreciated by a dramatic $142 million. Abraxas, notorious on the Tor network for its illicit offerings, abruptly exited scammed in 2015, causing a loss of users' funds overnight. The sudden closure of infamous platforms like Abraxas and Agora disrupted the darknet ecosystem, triggering a scramble among users and vendors towards emerging platforms, which often scammed them. Amidst this chaos, Alphabay emerged as the premier darknet marketplace before law enforcement intervened. On Monday, ZachXBT uncovered that the Abraxas market consolidated these Bitcoins into a single transaction before depositing it into a Bitcoin mixer. This move obscured its origins and raised money laundering concerns. This activity is suspected to be an attempt at capital laundering by undisclosed Abraxas actors. In light of such activities, U.S. regulators led by Secretary Antony Blinken are increasing scrutiny on virtual currency mixers exploited for money laundering. Tornado Cash, a leading crypto mixer sanctioned for aiding illicit entities like North Korea's Lazarus Group, processed over $77 million in just the past month. The U.S. Treasury Department is considering new legislation to enforce stricter monitoring and reporting requirements for such mixers. The discovery of this transaction underscores the urgent need for stricter cryptocurrency regulations, adding another layer to the ongoing cryptocurrency regulation debate. https://www.investing.com/news/cryptocurrency-news/abraxas-darknet-markets-dormant-144-million-bitcoin-transaction-stirs-crypto-community-93CH-3206462

2023-10-24 05:04

Copyrighted Image by: Reuters. Bitcoin's value soared past $34,000 on Monday, a first since last year, marking a substantial 14% rise within a single day. The sudden surge is credited to renewed interest in spot ETF approvals and increased trading volumes. Scott Johnson, an analyst, suggests that investment giant BlackRock (NYSE:BLK) is on the verge of seeding its spot ETF product. Eric Balchunas, a Bloomberg analyst, clarified in a tweet that seeding involves infusing initial capital into ETF shares for open market trading. The swift price climb left the cryptocurrency community surprised, with Autism Capital querying their large follower base of 237,000 for insights into this unexpected event. On Tuesday, Bitcoin's Layer-2 Stacks (STX) surged 13%, and its trading volume rose by 230% to $165 million. Trading was primarily on Binance ($27 million), KuCoin, and Coinbase (NASDAQ:COIN) ($8.5 million). This surge coincides with Bitcoin reaching $34,883 for the first time since May 2022 due to the anticipated approval of spot Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust ETF appeared on the DTCC list, suggesting an imminent launch. Balchunas interprets this as a sign of BlackRock's confidence in the ETF's approval, considering their leading role in seeding, tickers, and DTCC listing logistics. According to Benzinga Pro, STX was trading at $0.73, up 12.15%. This development comes ahead of Benzinga's Future of Digital Assets event in NYC. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-past-34000-with-blackrocks-anticipated-etf-launch-93CH-3206399

2023-10-24 04:57

Bitcoin's market cap has hit $670 billion, following a record-breaking 12% surge to $35,000 on Tuesday. This significant increase, which saw Bitcoin trading at $34,449 with a 12.14% rise within 24 hours, coincides with BlackRock's iShares Bitcoin Trust listing on the Depository Trust & Clearing Corporation (DTCC) and the imminent seeding of its iShares Bitcoin ETF. The progress towards a US spot Bitcoin ETF listing, under ticker IBTC, was highlighted by MartyPartyMusic and Bloomberg's senior ETF analyst Eric Balchunas on Twitter. On Monday, as Bitcoin breached $35,000 on Coinbase (NASDAQ:COIN) and achieved a market cap of over $650 billion with a seven-day rise of 16.60%, Blackrock (NYSE:BLK) and Grayscale were making strides in the Bitcoin spot ETF market. Scott Johnsson, a finance lawyer at Davis Polk & Wardwell LLP, disclosed that Blackrock had procured a CUSIP (Committee on Uniform Securities Identification Procedures) through iShares amendments. This move signals readiness for its spot Bitcoin ETF launch and possible plans for cash seeding. Crypto netizen CryptoMartyX interpreted this as Blackrock's potential initial capital investment into the ETF. Simultaneously, Grayscale is also gearing up for its spot Bitcoin ETF launch. The SEC's non-objection to a court ruling against its unfair denial of Grayscale Investments' application has led to heightened anticipation for a Bitcoin ETF. A US federal court ordered the SEC to review Grayscale’s application, with approval predicted by Bloomberg Intelligence analysts Elliott Stein and James Seyffart. Amid these developments, Justin d’Anethan of Keyrock noted improved crypto market liquidity. These advancements by Blackrock and Grayscale could be pivotal in meeting the escalating demand for a spot Bitcoin ETF in the crypto market. Unlike the volatile Dow Jones index, Bitcoin is showing hedge-like characteristics, which could attract more investors to the crypto market. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-price-surge-blackrock-and-grayscale-advance-in-spot-market-93CH-3206397