2023-10-18 19:04

Copyrighted Image by: Mundo Crypto PR Satoshi Nakamoto, the anonymous creator of Bitcoin, stands as one of the largest Bitcoin whales with an untouched portfolio of 1.1 million BTC, according to an Arkham report published on Wednesday. This significant holding, currently valued at $30.8 billion, could see a substantial increase in the upcoming 2025 bull run. The anticipated bull run is expected to be triggered by a Bitcoin halving event. If Bitcoin reaches the widely anticipated $100,000 mark, Nakamoto's holdings could catapult to an estimated $110 billion. This represents a potential increase of 277.36%, surpassing MicroStrategy’s current stash of 160,000 coins and offering more liquidity than Bernard Arnault's fortune. Furthermore, should Bitcoin reach even higher valuations of up to $225,000— a possibility suggested in the Bitcoin whitepaper—Nakamoto's wealth could see further exponential growth. However, it remains to be seen how these predictions will materialize in the years leading up to the 2025 bull run. https://www.investing.com/news/cryptocurrency-news/bitcoin-creator-poised-to-become-top-btc-whale-ahead-of-2025-bull-run-93CH-3202298

2023-10-18 19:01

Copyrighted Image by: Reuters. Fidelity Investments has resubmitted a revised proposal for the "Wise Origin Bitcoin Trust", a Bitcoin spot exchange-traded fund (ETF), to the US Securities and Exchange Commission (SEC) on Wednesday. The move is seen as a response to the regulatory body's persistent concerns over market manipulation, fraud, custody issues, and investor protection that have previously led to rejections of similar applications. The updated proposal promises enhanced transparency, liquidity, and security for investors, potentially addressing the SEC's concerns. The ETF will allow investors to trade shares that mirror Bitcoin's price without the need to own or secure the cryptocurrency themselves. This provides a safer method for institutional investors to engage with the volatile crypto market. Fidelity's decision to resubmit its application underscores its confidence in the sustainable growth of digital assets. It also aligns with an increasing demand from clients for more diverse investment options. CEO Abigail Johnson has been vocal in her support for integrating cryptocurrencies into traditional finance as a means of improving accessibility for investors. Despite the SEC's historical reluctance towards Bitcoin ETFs, leading to rejections or delays for firms like VanEck and Valkyrie, Fidelity's proposal stands out due to its robust reputation and resources. The crypto community and institutional investors are keenly awaiting the SEC's verdict on Fidelity's Bitcoin ETF as it could potentially trigger increased demand for Bitcoin and other cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/fidelity-resubmits-bitcoin-etf-application-addressing-secs-concerns-93CH-3202299

2023-10-18 18:31

Copyrighted Image by: Reuters. Client demand for cryptocurrency is on the rise, as highlighted by Larry Fink, CEO of BlackRock Inc (NYSE:BLK). during a Fox Business interview on Wednesday. This comes amid rumors of the SEC's approval of BlackRock's iShares spot Bitcoin ETF, which led Bitcoin's price to surge from $27,900 to $30,000. Despite initial reservations about cryptocurrencies due to potential illicit activities, Fink now sees Bitcoin as a potential game-changer in finance. The SEC is currently reviewing numerous spot Bitcoin ETF applications from firms like BlackRock, Valkyrie, VanEck, Bitwise, and WisdomTree. Coinbase (NASDAQ:COIN) is listed as the custodian in BlackRock's application. Analysts including Bloomberg's James Seyffart and Eric Balchunas predict a high likelihood of the SEC approving a spot Bitcoin ETF this year following Grayscale's legal victory over the SEC in the US Court of Appeals for the D.C. Circuit concerning its GBTC conversion into a spot Bitcoin ETF. On the same day, the potential launch of a Bitcoin ETF generated significant interest as it offers a regulated avenue to leverage Bitcoin's price volatility without owning the cryptocurrency. On October 16, 2023, Bitcoin's price briefly crossed the $30,000 threshold due to false rumors that BlackRock's iShares Spot Bitcoin ETF application had been approved by the SEC. These debunked rumors led to a sharp drop in Bitcoin's value to below $29,000—a decrease of around 8%. The SEC issued a stern warning against trusting internet rumors, asserting that accurate SEC information comes directly from the SEC itself. The SEC has been grappling with managing rising optimism about Bitcoin ETFs and has only managed to delay decisions on numerous applications so far. A pivotal event was when the Court of Appeals sided with Grayscale in its lawsuit against the SEC over its denied application to convert its Grayscale Bitcoin Trust into an ETF. The SEC did not appeal this decision, which could potentially set a precedent for other traditional sector companies like Invesco Ltd. and Franklin Resources (NYSE:BEN), both holding a Zacks Rank #3 (Hold), that are awaiting SEC approval to enter the crypto market. BlackRock is considered a key player in this race. JPMorgan analysts led by Nikolaos Panigirtzoglou also predict that the SEC will likely approve a spot Bitcoin ETF soon. Galaxy Digital CEO Mike Novogratz expects this approval by February at the latest, within "four to six months". He collaborated with Invesco to submit an upgraded application to the SEC in June. The court ruled that there is no justification to approve a futures-based Bitcoin ETF while rejecting spot ETFs, implying grave consequences if the SEC were to retroactively withdraw its previous approvals. https://www.investing.com/news/cryptocurrency-news/blackrocks-bitcoin-etf-application-fuels-market-speculation-93CH-3202281

2023-10-18 18:03

Copyrighted Image by: Reuters. The European Central Bank (ECB) is making strides towards a digital euro, but the initiative is encountering delays due to privacy concerns surrounding small transactions. The European Data Protection Board (EDPB), led by Deputy Chair Irene Loizidou Nicolaidou, has advocated for the inclusion of a privacy limit in the upcoming legislation. This would inhibit tracking of transactions for purposes such as anti-money laundering and countering terrorism financing. On Wednesday, the EDPB expressed apprehensions about the ECB's proposal for a digital euro, underlining potential risks of state control and capital flight from conventional banks. Nicolaidou proposed a "privacy threshold" that would exempt low-value transactions from anti-money laundering supervision as well as decentralized storage for data enforcing Central Bank Digital Currency (CBDC) limits. The EDPB emphasized the need for robust privacy measures and data protection to maintain public trust in the new currency. The board also sought clarity on the responsibilities of the ECB and payment services providers concerning data protection and legal bases related to the issuance, distribution, and use of the digital euro. The EDPB further accentuated the importance of choice between cash and digital euros. It stressed that strong privacy safeguards and data protection measures are crucial to gaining public trust in the new form of currency. These developments were reported by Huw Jones and edited by Bernadette Baum and Jane Merriman. The European Commission's draft law supporting the digital euro project is currently awaiting ratification. The law's approval process has been delayed due to ongoing debates about anonymity concerns for minor transactions. The ECB's digital euro project continues to evolve as it seeks to balance innovation with privacy and security considerations. https://www.investing.com/news/forex-news/digital-euro-project-faces-privacy-concerns-ecb-and-edpb-seek-clarity-93CH-3202267

2023-10-18 17:50

Copyrighted Image by: Reuters. BlackRock (NYSE:BLK) CEO Larry Fink addressed the recent misinformation that led to a swift rise and falls in Bitcoin prices during an interview on Claman Countdown on Wednesday. The false news, spread by CoinTelegraph, suggested that the U.S. Securities and Exchange Commission (SEC) had approved BlackRock's Spot Bitcoin ETF, triggering $65 million BTC liquidations. Fink, who was informed about the rumor just an hour before his discussion with Ellie Terrett and other Fox Business journalists, did not delve into the specifics of the incident. Instead, he focused on the growing interest in cryptocurrencies as a safe-haven asset amid global crises such as the Israeli conflict and global terrorism. In another interview with Fox Business, Fink highlighted the evolution of Bitcoin and other cryptocurrencies into reliable safe-haven assets in times of global turmoil. He pointed to a recent Bitcoin price surge that briefly exceeded $30,000 as evidence of investors considering it a dependable store of value during unstable periods. Fink attributed this rally to a flight to quality due to worldwide issues, with crypto playing a significant role alongside traditional safe havens like treasuries and gold. At present, Bitcoin is trading around $28,448. Crypto investor Scott Melker suggested that CoinTelegraph might have been hacked to post this fake news for price manipulation or that the ETF could be approved soon and the news was leaked prematurely. However, Melker found this unlikely given the SEC's cautious approach to ETF applications. In addition to his comments on cryptocurrency, Fink also emphasized the potential of AI and technology for job creation and building more factories in the U.S., thus advancing nearshoring and onshoring trends — an aspect often overshadowed by global crises. He also discussed global market dynamics, particularly the resilience of the oil market amidst geopolitical tensions, attributing this to technological advancements. https://www.investing.com/news/cryptocurrency-news/bitcoin-sees-volatile-surge-amid-false-blackrock-etf-approval-news-93CH-3202260

2023-10-18 17:30

Copyrighted Image by: Reuters. In a significant development, Nigeria's currency, the naira, depreciated by nearly 5% against the US dollar in the parallel market. This depreciation followed a record low in the country's official currency market, which led to an active stockpiling of dollars by residents, particularly in Lagos. The exchange rate of the naira fell from 1,052 to 1,110 per dollar according to Abubakar Mohammed of Forward Marketing Bureau de Change Ltd., who keeps track of informal currency trading. This depreciation comes on the heels of an 8.9% depreciation of the naira to an unprecedented low of 848.12 in the official market. The Central Bank of Nigeria permitted this under President Bola Tinubu's administration. Since its May pledge to unify the nation’s foreign-exchange market, the naira has dropped over 40%. The situation was further exacerbated when import restrictions on 43 items were lifted, escalating dollar demand in the parallel market. The policy changes have created a ripple effect on Nigeria's economy as residents grapple with the rapidly changing value of their currency. The ongoing situation continues to be closely monitored by financial institutions and policymakers alike. https://www.investing.com/news/forex-news/naira-depreciates-further-residents-stockpile-dollars-amid-currency-market-turmoil-93CH-3202251