2024-01-22 19:56

Copyrighted Image by: Reuters. GLOBAL MARKETS - BitMEX co-founder Arthur Hayes has positioned himself for a potential decline in Bitcoin's value, purchasing put options with a strike price of $35,000 set to expire on March 29. This move reflects his anticipation of market volatility and forthcoming fiscal disclosures that could influence the cryptocurrency's price. Bitcoin has recently exhibited a divergence from its typically observed correlation with the S&P 500 index, as noted on January 31. This decoupling could signal liquidity challenges ahead of major financial announcements, adding to the uncertainty surrounding the digital currency's trajectory. Despite the termination of the Bitcoin Trust Fund Program (BTFP) on March 12, which is expected to necessitate market adjustments, Hayes predicts a possible upswing for Bitcoin following the Federal Reserve's interest rate decision on March 20. He suggests that Bitcoin could benefit from being perceived as a neutral reserve asset, ostensibly insulated from the issues plaguing the banking sector. https://www.investing.com/news/cryptocurrency-news/bitcoins-value-could-face-turbulence-bitmex-cofounder-bets-on-decline-93CH-3279969

2024-01-22 19:19

Copyrighted Image by: Reuters. NEW YORK - Roundhill Investments has introduced a novel investment vehicle, the Roundhill Bitcoin Covered Call Strategy ETF (NYSE:YBTC), to the Cboe BZX Exchange today. This exchange-traded fund (ETF) is crafted to offer investors an innovative approach to earning income from Bitcoin without holding the cryptocurrency directly. The YBTC ETF employs a covered call strategy, which involves writing, or selling, call options on Bitcoin futures ETFs. This method is designed to generate income on a regular basis, with distributions expected to occur monthly. The strategy is particularly suited to periods of bearish or stable Bitcoin market conditions, as the covered call approach caps the monthly upside potential. Investors interested in the potential high-income returns from Bitcoin markets may find the YBTC ETF an attractive option. It allows for exposure to Bitcoin's price movements while aiming to provide income, even when the cryptocurrency market is not experiencing significant growth. Roundhill Investments has positioned the YBTC ETF as a strategic tool for those who wish to gain from the cryptocurrency space in a more conservative manner compared to direct ownership. The fund's performance is anticipated to be most favorable in market environments that are not bullish, due to the inherent nature of the covered call strategy which limits upside potential in exchange for regular income. The launch of YBTC on the Cboe BZX Exchange marks another step towards diversifying the cryptocurrency investment landscape, offering a structured income-generating strategy for investors looking to tap into the Bitcoin market. https://www.investing.com/news/cryptocurrency-news/roundhill-investments-debuts-bitcoin-income-etf-on-cboe-bzx-93CH-3279966

2024-01-22 19:11

Copyrighted Image by: Reuters NEW YORK - The cryptocurrency market faced a tumultuous start to the week as traders witnessed significant liquidations surpassing the $100 million mark today. The volatility in Bitcoin prices has had a pronounced impact, particularly on long positions, leading to substantial financial losses for investors. A noteworthy incident occurred on the OKX exchange, where a single event involving the Ethereum (ETH) to USD perpetual swap contract resulted in liquidations amounting to $22.94 million. This event has put a spotlight on the risks associated with trading in the highly volatile cryptocurrency market. Binance, one of the world's largest cryptocurrency exchanges, was at the forefront of these liquidations, indicating the widespread nature of the market's current instability. Market analysts are closely monitoring the upcoming Federal Reserve meeting, which is expected to have significant implications for monetary policy. The decisions made at this meeting are anticipated to influence investor sentiment and could potentially impact the future trajectory of the cryptocurrency market. Additionally, regulatory actions from the Securities and Exchange Commission (SEC), as well as the ongoing discussions surrounding the approval of spot Bitcoin exchange-traded funds (ETFs), are contributing factors to the current market sentiment. These developments are particularly relevant to institutional investors, who are recalibrating their investment strategies in response to the evolving regulatory landscape. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-sees-over-100-million-in-liquidations-93CH-3279961

2024-01-22 16:34

NEW YORK - Gemini, a prominent cryptocurrency exchange, has been stirring interest within the XRP community through a series of enigmatic social media posts. These messages have sparked discussions and speculation among investors and enthusiasts about the potential launch of a Spot XRP Exchange-Traded Fund (ETF) in Europe. The conjecture aligns with Gemini's recent strides in regulatory compliance and product offerings, particularly following its approval as a Digital Asset Service Provider (DASP) in France. The speculation has gained momentum due to a significant court ruling that recognized XRP as a currency rather than a security. This distinction is critical within the financial regulatory framework and has prompted Gemini to reintegrate XRP on its trading platform. The relisting of XRP by Gemini includes an expansion of trading pairs, which enhances the cryptocurrency's accessibility to traders. Gemini's move to relist XRP and the rumors of a potential Spot XRP ETF come on the heels of its appointment as the custodian for VanEck's Spot Bitcoin ETF. The role of custodian is crucial in the ETF ecosystem, as it involves the safekeeping of the fund's underlying assets, thereby providing an additional layer of security and trust for investors. The broader context of these developments is the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company behind XRP. The outcome of this case is anticipated to have a substantial impact on the regulatory environment for XRP and could influence the decisions of investment firms. Notably, industry giants like BlackRock (NYSE:BLK) are keeping a close watch on the situation, given the potential implications for the digital asset market. The combination of Gemini's regulatory progress in Europe, the favorable court ruling for XRP, and the exchange's role in established ETFs has led to heightened anticipation for what could be a significant step forward for XRP in the investment world. https://www.investing.com/news/cryptocurrency-news/gemini-hints-at-potential-spot-xrp-etf-in-europe-after-regulatory-advancements-93CH-3279881

2024-01-22 16:15

Copyrighted Image by: Reuters WASHINGTON D.C. - In a pivotal court hearing today, Binance, the world's largest cryptocurrency exchange by trading volume, urged Judge Amy Berman Jackson to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC has accused Binance of several violations, including manipulating trading volumes, facilitating trades in what the SEC deems unregistered securities according to standards set by the Securities Act of 1933 and U.S Supreme Court precedents on investment contracts, and providing misleading information regarding its market surveillance protocols. The allegations against Binance extend beyond the current lawsuit. The SEC has also accused the exchange of not implementing sufficient measures to prevent U.S. customers from accessing its services. These charges are part of a larger set of fraud claims the regulatory body has brought against Binance. In a related case, Binance previously reached a settlement with the U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), agreeing to pay $4.3 billion for various financial misconduct offenses. Furthermore, Changpeng Zhao, the CEO of Binance, acknowledged the company's failure to comply with anti-money laundering regulations. As one of its remaining significant legal challenges in the U.S., Binance contests SEC's jurisdiction based on traditional flexible securities laws versus newer common enterprise frameworks amidst claims of market manipulation. https://www.investing.com/news/cryptocurrency-news/binance-faces-sec-lawsuit-over-alleged-trading-manipulation-93CH-3279871

2024-01-22 15:45

Copyrighted Image by: Reuters LONDON – In a significant market movement today, Dogecoin (DOGE) and Floki (FLOKI) have both witnessed a substantial increase in market activity. Dogecoin's value soared by 12%, while trading volumes for both cryptocurrencies escalated by an impressive 200%. This surge aligns with a notable rise in futures open interest for these tokens, which leaped from $200 million to $430 million. The heightened market interest appears to be tied to social app X's "xpayments" account, which dropped a hint suggesting the potential acceptance of these cryptocurrencies. The market has historically been responsive to signals of mainstream adoption, and this hint has clearly stirred investor enthusiasm. Elon Musk, the CEO of Tesla (NASDAQ:TSLA), has played a pivotal role in influencing the market performance of Dogecoin. The speculation around Dogecoin's integration into X's payment options has been further fueled by its already established use for purchases at Tesla Stores. https://www.investing.com/news/cryptocurrency-news/dogecoin-and-floki-surge-on-potential-social-app-x-payment-integration-93CH-3279853