2023-10-23 20:41

Copyrighted Image by: Reuters. The U.S. Court of Appeals for the D.C. Circuit has directed the Securities and Exchange Commission (SEC) to reevaluate Grayscale Investments' spot Bitcoin Exchange-Traded Fund (ETF) application today. This decree comes as a response to the SEC's decision not to contest an August 29 ruling, and its subsequent failure to appeal by October 13. Grayscale's proposal for a Bitcoin ETF application has been favored due to its proficiency in identifying market misconduct. The court has reinforced Grayscale's argument that its proposed Bitcoin ETF is analogous to pre-approved Bitcoin futures ETFs, and therefore, should avoid unnecessary hurdles. In reaction to the SEC's non-dispute of the August ruling, Grayscale submitted an updated filing with the intention of transforming its GBTC fund into a full-fledged ETF. The company deviated from the standard S-1 process and adopted an expedited S-3 filing. The firm plans to list its shares on NYSE Arca, pending approval. While Grayscale awaits the SEC's next move, other industry giants such as BlackRock (NYSE:BLK) and Fidelity are also vying for the SEC's approval for their respective Bitcoin ETFs. However, the SEC's future course of action remains uncertain at this point. https://www.investing.com/news/cryptocurrency-news/grayscales-bitcoin-etf-application-gets-another-review-by-sec-93CH-3206261

2023-10-23 19:28

Copyrighted Image by: Reuters. Bitcoin's value has exceeded $30,000 for the first time since August, marking a significant recovery from its low of below $16,000 late last year. This recent surge, which saw the cryptocurrency's value escalate past $31,000 per coin, marks an 80% year-on-year increase and an 88% rise since January. Bitcoin is currently trading above $29,950. The rally is largely associated with anticipation around a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). Firms such as BlackRock (NYSE:BLK) and Grayscale are leading the charge in seeking ETF approval. In fact, Grayscale recently won a legal victory against the SEC. The potential approval of a spot Bitcoin ETF is expected to attract more institutional investors. This expectation is supported by a CoinShares report showing significant institutional investment in Bitcoin and JPMorgan's prediction of a Christmas approval for the ETF. Despite these gains and positive moves from finance's biggest players, Bitcoin remains 55% below its November 2021 all-time high of $69,044. The cryptocurrency hit this high in November 2021 but experienced wild value swings thereafter. Geoff Kendrick, head of foreign exchange research at Standard Chartered (OTC:SCBFF), previously forecasted that Bitcoin could touch $100,000 by 2024 due to the likely introduction of spot ETFs for digital assets in core US markets and positive regulatory changes. Meanwhile, other cryptocurrencies like Ethereum and Dogecoin have also seen increases of 3% and 5%, respectively. The future trajectory of these digital assets will likely be influenced by similar factors affecting Bitcoin's value. https://www.investing.com/news/cryptocurrency-news/bitcoin-regains-momentum-surpasses-30000-mark-93CH-3206177

2023-10-23 18:55

Copyrighted Image by: Reuters Today, trading volumes for Coinbase (NASDAQ:COIN) call options, set to expire on Thursday, exceeded three times the usual rate. This surge suggests investors anticipate COIN to rise above $81.78 per share from its current $78.20, despite a 21.6% decrease from $99.77 since July. This optimism seems to be fueled by Bitcoin's recent performance, which saw a 23% increase from $25,162 on September 11 to nearly $31,000 today. This surge in Bitcoin's value may have boosted Coinbase's crypto trading activities in late Q3 and October, potentially pushing revenues over the projected figure of $655 million. In addition to betting on a rise in COIN's value, investors are also capitalizing on high premiums by shorting out-of-the-money put options with near-term expiration periods. An example is the $73.00 strike price options for November 10, which were sold for $4.05 each. This strategy offers significant put yield and downside protection down to $68.95 per share. An alternative investment strategy being utilized involves securing sufficient cash or margin for each put contract to be shorted and selling these contracts at the strike price. If these contracts expire worthless and this strategy is repeated every three weeks throughout a year, it could yield an annualized expected return of 94.3%. This presents a significant potential upside for COIN investors. https://www.investing.com/news/cryptocurrency-news/coinbase-call-options-signal-investor-optimism-despite-recent-drop-93CH-3206156

2023-10-23 18:53

Copyrighted Image by: Reuters Bitcoin has surged past the $30,000 mark today, fueled by optimism for a potential approval of a spot Bitcoin Exchange Traded Fund (ETF). The bullish market sentiment is reflected in the Crypto fear and greed index's rise from 47 to 53 within the past week. This rise indicates an optimistic outlook among investors for the future of Bitcoin. The optimism was initially triggered by a now-debunked report on Blackrock (NYSE:BLK)'s Spot ETF application. Despite the report being false, it has continued to fuel positivity in the crypto market. The potential approval of a spot Bitcoin ETF is considered a possible turning point for the market, as it is expected to attract institutional investors and could potentially result in significant Bitcoin gains. On the technical front, BTCUSD is demonstrating a bullish trend, characterized by two golden cross patterns as the 20-day moving average (MA) surpassed both the 50-day and 100-day MAs. This technical pattern often signals a potential upward trend in prices. In related news, Coinbase (NASDAQ:COIN) is preparing to defend itself against charges from the Securities and Exchange Commission (SEC) of unregistered securities. The leading cryptocurrency exchange plans to argue that the SEC lacks evidence and is violating the "major question doctrine". It remains to be seen how these developments will impact Bitcoin's price trajectory in the coming days and weeks. However, today's surge past $30,000 marks a notable milestone for the cryptocurrency amid an overall positive market sentiment. https://www.investing.com/news/cryptocurrency-news/bitcoin-surpasses-30k-amid-optimism-for-spot-etf-approval-93CH-3206157

2023-10-23 17:15

Copyrighted Image by: Reuters In the wake of a cryptocurrency market upswing led by Bitcoin (BTC) on Monday, Dogecoin (DOGE) has distinguished itself among the top 10 cryptocurrencies, marking a 4.9% rise to $0.063 within a day. This surge follows a bullish divergence on the DOGE/BTC chart and a potential long-term trend breakout on the USDT chart, which analysts suggest could be the beginning of a DOGE bull run. Analysts such as Naemrr have been observing these trends closely, pointing to the potential for significant growth in the coming weeks. The bullish divergence on the DOGE/BTC chart, along with the potential for a long-term trend breakout on the USDT chart, are seen as indicators that Dogecoin may be entering into a bull run. Supporting these views, Bitcoin trader AngeloBTC predicts that Dogecoin could reach $1 in the next cycle. This prediction comes amidst a broader optimism in the cryptocurrency market, led by Bitcoin's recent performance. The recent rise in Dogecoin's value is noteworthy as it stands out even among the top 10 cryptocurrencies. The 4.9% increase within a single day has caught the attention of analysts and investors alike, signaling that Dogecoin could be a cryptocurrency to watch in the coming weeks. While it remains to be seen whether these predictions will come to fruition, these trends highlight Dogecoin's potential in an increasingly competitive cryptocurrency market. As always, investors are advised to monitor market trends closely and make informed decisions based on their individual risk tolerance and investment goals. https://www.investing.com/news/cryptocurrency-news/dogecoin-shows-promise-with-49-rise-amid-crypto-market-upswing-93CH-3206112

2023-10-23 17:12

Copyrighted Image by: Reuters In the latest developments surrounding the crypto market, anticipation for a spot-traded Bitcoin Exchange-Traded Fund (ETF) triggered a brief Bitcoin rally. This surge was prompted by rumors of the Securities and Exchange Commission's (SEC) approval for BlackRock (NYSE:BLK)'s application. Major financial institutions such as BlackRock and Fidelity Investments are actively pursuing spot-traded Bitcoin products, reflecting optimism among crypto stakeholders. BlackRock, with an adjusted market cap of 92.22B USD and a P/E ratio of 17.17 according to InvestingPro data, has been a consistent performer in the financial market. It is interesting to note that the company yields a high return on invested capital and has raised its dividend for 13 consecutive years, as per InvestingPro Tips. Despite a declining trend in earnings per share, stockholders receive high returns on book equity, and the company's cash flows can sufficiently cover interest payments. This follows Grayscale Investments' recent legal victory against the SEC, which resulted in a court-ordered review of their previously declined request to convert their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. In response to this development, Grayscale has submitted a new application. SEC Commissioner Hester Peirce, also known as "Crypto Mom," expressed her support for a spot Bitcoin ETF during a CNBC interview. She voiced confusion over the SEC's consistent denials of such applications and its general hostility towards crypto. Her remarks echo the sentiments of other stakeholders in the crypto industry who have faced similar regulatory challenges, including Ripple Labs. Despite these hurdles, optimism remains high among crypto stakeholders. Prominent figures like Mark Cuban continue to express positive outlooks on the future of cryptocurrency, further fueling market anticipation for a spot-traded Bitcoin ETF. It's noteworthy that BlackRock's share price has fallen significantly over the last three months, according to InvestingPro Tips, which may be an opportunity for investors eyeing the company's move into the crypto space. For more insights like these, consider checking out the additional tips provided by InvestingPro. https://www.investing.com/news/cryptocurrency-news/spot-bitcoin-etf-anticipation-triggers-brief-btc-rally-93CH-3206109