2024-01-23 18:27

Copyrighted Image by: Reuters. NEW YORK - Bitcoin's foray into the mainstream financial world has gained considerable momentum with the introduction of 11 U.S.-based exchange-traded funds (ETFs) tracking its spot price on Wall Street. These funds have garnered a significant $4.1 billion in inflows since January 11, with the total assets under management now exceeding $27 billion. The ETFs experienced a robust start, with $4.6 billion worth of shares traded on their inaugural day. The successful launch of Bitcoin ETFs is indicative of the cryptocurrency's increasing maturity and acceptance among traditional investors. The substantial capital inflow into these funds suggests a growing confidence in Bitcoin as an investable asset, and the ETFs are expected to bring about a new era of reduced volatility for the digital currency. The added liquidity and market participation from these investment vehicles could potentially stabilize Bitcoin's price movements. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-draw-41-billion-since-recent-wall-street-debut-93CH-3280940

2024-01-23 17:44

Copyrighted Image by: Mundo Crypto PR TOKYO - Mt. Gox, the cryptocurrency exchange that ceased operations after a significant security breach in 2014, is now verifying Bitcoin (BTC) and Bitcoin Cash (BCH) addresses with its creditors as a part of its repayment strategy. The exchange, which lost 850,000 BTC in the breach, initiated the repayment process last December, aiming to redistribute assets, including cryptocurrencies and yen, collectively valued at over $510 million. Creditors involved with Mt. Gox are currently being enrolled in an agency receipt service to facilitate the acceptance of payments. The trustee overseeing the repayments is reaching out via email confirmations to verify the addresses. Payments have already been processed for some accounts, although those with frozen or disabled statuses will not be eligible for reimbursement. The market is closely watching the situation, as the distribution plan includes approximately 142,000 BTC and 143,000 BCH, in addition to a cash component equivalent to $510 million in yen. This substantial payout is expected to have an impact on the market, as stakeholders speculate on the potential effects of this large-scale distribution. https://www.investing.com/news/cryptocurrency-news/mt-gox-begins-verifying-addresses-for-bitcoin-repayments-93CH-3280921

2024-01-23 17:18

Copyrighted Image by: Reuters NEW YORK - The cryptocurrency market is witnessing a notable shift in investor interest following the U.S. Securities and Exchange Commission's (SEC) approval of spot Bitcoin exchange-traded funds (ETFs) on January 10, 2024. The newly approved ETFs, which provide additional liquidity and stability, are attracting significant inflows, particularly from institutional investors who are pivoting away from traditional products like the Grayscale Bitcoin Trust (GBTC). Despite the burgeoning interest in Bitcoin ETFs, Bitcoin itself is experiencing a challenging phase as it attempts to breach the $40,000 mark. This difficulty is attributed in part to Grayscale Investments, which has offloaded a considerable portion of its Bitcoin holdings. The sale by Grayscale comes as a direct response to the SEC's recent sanction, which has opened up the market for more regulated and potentially secure investment vehicles like spot Bitcoin ETFs. The performance of Bitcoin has been noteworthy, especially when compared to traditional safe-haven assets such as gold. The cryptocurrency has seen a significant increase in its market capitalization, indicating a growing acceptance and integration into the mainstream investment landscape. However, the price of Bitcoin is currently struggling to surpass the $40,000 threshold, a resistance level that has become more pronounced in the wake of Grayscale's sell-off. Institutional investors, who have been cautiously eyeing the cryptocurrency space, now seem more inclined to engage with these spot Bitcoin ETFs. The approval of such ETFs by the SEC marks a milestone for the crypto industry, suggesting a maturing market that could pave the way for broader adoption among traditional investment firms and retail investors alike. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-gain-traction-as-grayscale-sells-holdings-postsec-approval-93CH-3280914

2024-01-23 16:07

Copyrighted Image by: Reuters. LONDON - In a strategic move amidst growing market anticipation, European financial firms WisdomTree and Invesco have announced significant reductions in fees for their cryptocurrency exchange-traded products (ETPs). This decision comes as the industry prepares for the Bitcoin halving event in April, which traditionally stirs market optimism. WisdomTree has made a notable cut in the cost for its Physical Bitcoin ETP, now charging investors a fee of 0.35%. Similarly, Invesco has reduced the fee for its Physical Bitcoin ETP to 0.39%. These changes are set to be implemented by the end of January. The fee reductions follow the U.S. approval of spot Bitcoin exchange-traded funds (ETFs), marking a significant regulatory milestone that has been positively received by the cryptocurrency sector. The move by WisdomTree and Invesco is seen as a competitive response to the evolving landscape, as lower fees can attract more investors seeking exposure to Bitcoin through regulated financial instruments. As the Bitcoin halving event approaches, it is widely anticipated to have a bullish effect on the market. The halving, which occurs approximately every four years, reduces the reward for mining new bitcoins by half, effectively limiting the new supply of the cryptocurrency and potentially driving up its price if demand remains constant or increases. https://www.investing.com/news/cryptocurrency-news/european-firms-cut-fees-on-bitcoin-etps-ahead-of-aprils-halving-event-93CH-3280885

2024-01-23 12:14

Copyrighted Image by: Reuters MetaMask, known for its popular cryptocurrency wallet, has launched a staking service called "Navigate Validator Staking" through its MetaMask Portfolio dApp. The service, which became available on January 18, allows users to operate Ethereum validator nodes by staking 32 ETH. This initiative is in line with Ethereum's shift to a Proof of Stake (PoS) model, a transition that was solidified with "The Merge" in September 2022. The staking service promises an estimated annual yield of around 4% for users, after deducting a 10% commission fee that goes to MetaMask. This offering is made possible through a partnership with Consensys Staking, renowned for its operational integrity, evidenced by a record of zero slashes across the more than 33,000 Ethereum nodes it oversees. The collaboration between MetaMask and Consensys Staking provides users with several benefits: While the introduction of such staking services by MetaMask enhances user accessibility and ease of use, it has also sparked discussions about the potential for centralization within the cryptocurrency community. Some members express concerns that entities like Consensys Staking and Lido, which manage significant portions of Ethereum validator nodes, could influence the decentralized nature of blockchain governance. Despite these debates, the trend towards staking-as-a-service platforms is anticipated to expand, as it reduces the barriers for users to contribute to the security of the Ethereum network. https://www.investing.com/news/cryptocurrency-news/metamask-launches-ethereum-staking-service-with-consensys-partnership-93CH-3280537

2024-01-23 11:24

DAVOS, Switzerland - Ripple Labs CEO Brad Garlinghouse raised doubts about the practicality of Dogecoin during the "Clear-Eyed About Crypto" panel at the Davos World Economic Forum. His comments sparked a spirited defense from Dogecoin co-creator Billy Markus and ignited a flurry of discussions within the cryptocurrency community. Garlinghouse's skepticism about Dogecoin's utility in the digital currency space led to immediate reactions. Markus responded on a social media platform, drawing parallels between Dogecoin and Bitcoin to highlight its significance. This exchange set off a wave of debates among crypto enthusiasts and investors, with many taking to online forums to voice their opinions on the matter. Despite the controversy, Dogecoin has shown resilience in the market. The meme-inspired cryptocurrency experienced a minor setback with a 24-hour price decline of 3.2%. However, it bounced back over the week, posting a 3.3% gain. This steady performance has kept Dogecoin's value hovering near $0.08, according to data from CoinGecko. The dialogue at Davos and the subsequent online debates underscore the ongoing discussions about the value and utility of various cryptocurrencies in an ever-evolving digital economy. As industry leaders and creators defend their positions, the market continues to react, reflecting the dynamic and speculative nature of cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-questions-dogecoins-utility-sparks-debate-at-davos-forum-93CH-3280455