2024-01-13 12:25

NEW YORK - Genesis Global Trading, a prominent cryptocurrency firm, has agreed to pay an $8 million fine and will surrender its BitLicense, effectively ceasing its operations in New York. This decision comes as a result of an enforcement investigation led by DFS Superintendent Adrienne A. Harris, which uncovered a series of regulatory violations. The investigation, which began with audits from May 2018 to March 2019, revealed that Genesis had multiple breaches in anti-money laundering protocols and cybersecurity measures. The subsequent inquiry confirmed the company's non-compliance with stringent virtual currency regulations and cybersecurity standards set by the authorities. Genesis Global Trading has faced legal scrutiny before. It has been embroiled in legal disputes with both the Securities and Exchange Commission (SEC) and the New York Attorney General over allegations of unregistered securities offerings. Additionally, the company has been linked to the now-bankrupt entities Three Arrows Capital and Alameda Research, which have been central to broader industry upheavals. https://www.investing.com/news/cryptocurrency-news/genesis-global-trading-to-pay-8-million-fine-and-exit-new-york-93CH-3273959

2024-01-13 10:18

Copyrighted Image by: Reuters VALLEY FORGE, PA - Vanguard, the Pennsylvania-based investment management giant, has announced its withdrawal from Bitcoin futures trading, confirming the company's stance to avoid participation in the US Bitcoin exchange-traded fund (ETF) market. This move aligns with Vanguard's traditionally conservative investment approach, even as some of its peers, like BlackRock (NYSE:BLK) and Fidelity, have expanded into offering cryptocurrency-related products. The decision has sparked a wave of customer dissatisfaction, evident from the flurry of reactions on social media platforms. A number of clients have voiced their displeasure with Vanguard's choice, with some indicating plans to move their investments to alternative firms that offer crypto products. This development coincides with a downturn in the Bitcoin market, although Vanguard's exit from Bitcoin futures trading does not directly imply causation for the cryptocurrency's decreased value. https://www.investing.com/news/cryptocurrency-news/vanguard-exits-bitcoin-futures-trading-amid-market-decline-93CH-3273906

2024-01-13 10:16

Copyrighted Image by: Reuters. WASHINGTON - The U.S. Securities and Exchange Commission's (SEC) recent approval of multiple spot Bitcoin Exchange-Traded Funds (ETFs) has ignited a rally in Bitcoin's value, with the cryptocurrency market also buzzing with speculation regarding potential Ethereum ETFs. This significant regulatory nod, which occurred between Tuesday and Wednesday, has intensified competition among ETF issuers, as they vie to attract investors through various fee strategies. In the wake of the SEC's decision, Bitwise Asset Management has emerged with some of the most competitive pricing, setting its ETF fees at just 0.20%. Meanwhile, Grayscale, a long-standing player in the digital asset space, continues to command a higher fee structure, maintaining a rate of 1.5%. The competitive landscape has prompted new entrants to offer fee waivers on initial assets in an effort to establish a foothold in the burgeoning market. This strategy is not limited to newcomers, as established financial giants such as Fidelity and iShares are also recalibrating their fee structures to maintain their competitive edge. Investors are now weighing their options more carefully, with fee structures and the reputation of issuers playing a pivotal role in investment decisions. The market's attention is also fixed on the SEC's position regarding Ethereum, as its classification remains uncertain. This ambiguity directly impacts the anticipation and planning for Ethereum ETFs, which could follow Bitcoin's lead should the SEC provide a favorable ruling. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approvals-spark-market-rally-and-fee-competition-93CH-3273905

2024-01-13 00:22

Copyrighted Image by: Reuters. NEW YORK - The cryptocurrency market faced a significant downturn today, with Bitcoin's value plunging nearly 10%, erasing a substantial amount of its market capitalization. The sharp decline comes amidst broader market anticipation of increased volatility ahead of the upcoming Bitcoin halving event. Arthur Hayes, a noted figure in the cryptocurrency space, had earlier forecasted a potential drop in Bitcoin's price, attributing it to changing policies by the Federal Reserve. Despite the current downturn, Hayes remains optimistic about Bitcoin's future, expecting a recovery following the initial impact of the Fed's policy shifts. In addition to market movements, there are strategic shifts occurring within the investment landscape of cryptocurrencies. BlackRock (NYSE:BLK), the world's largest asset manager, is actively seeking approval from the Securities and Exchange Commission (SEC) to launch a spot Bitcoin Exchange-Traded Fund (ETF). This move by BlackRock is seen as a significant step towards mainstream financial adoption of cryptocurrencies, signaling a growing interest from institutional investors in digital assets. https://www.investing.com/news/cryptocurrency-news/bitcoin-value-drops-10-as-market-braces-for-volatility-ahead-of-halving-event-93CH-3273882

2024-01-13 00:00

Copyrighted Image by: Reuters. NEW YORK - Bitcoin miners are transferring substantial amounts of the cryptocurrency to exchanges, with outflows reaching a level not seen for several months, indicating a possible increase in selling pressure. This uptick in miner activity comes amidst a notable development in the investment landscape: the approval of several Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). The SEC's green light for Bitcoin ETFs is considered a positive step for the cryptocurrency market, as it may draw more investors to the digital asset class. These exchange-traded funds provide a regulated and potentially less risky avenue for investment in Bitcoin, which could counterbalance any negative sentiment arising from the increased miner outflows. Additionally, the Bitcoin network's hashrate, a measure of the computational power dedicated to mining and processing transactions, has reached new all-time highs. This surge in hashrate reflects heightened mining activity and competition, which often translates to increased operational costs for miners. As a result, miners may be incentivized to sell Bitcoin to cover these expenses, contributing to the observed outflows. https://www.investing.com/news/cryptocurrency-news/bitcoin-miner-outflows-hit-multimonth-peak-as-etfs-gain-sec-nod-93CH-3273879

2024-01-12 23:34

Copyrighted Image by: Reuters. GLOBAL MARKETS - The cryptocurrency market has experienced a whirlwind of activity following the U.S. Securities and Exchange Commission's (SEC) recent approval of Bitcoin exchange-traded funds (ETFs) from prominent financial entities. Bitcoin's value surged but then retreated after an unexpected twist involving the SEC's announcement. On Wednesday, the market was buoyed by the SEC's announcement approving Bitcoin ETFs from industry giants BlackRock (NYSE:BLK) and Fidelity. This news initially sent Bitcoin's price soaring. However, the gains were short-lived as the announcement was temporarily retracted from the SEC's website, leading to Bitcoin's price correction to around $45,000. The following day, Thursday, Bitcoin's price continued to show signs of volatility, peaking at $49,000 before slipping below the $46,000 mark. In the midst of Bitcoin's price movements, Ripple's XRP also made headlines as its wallet count surpassed the 5 million mark, reflecting growing user adoption. In addition, the market saw a notable performance from Solana-based meme coins. WIF experienced a significant surge following its listing on the Bybit exchange platform, while MYRO's market capitalization crossed the $100 million threshold. https://www.investing.com/news/cryptocurrency-news/bitcoin-price-fluctuates-amid-sec-etf-approvals-and-removal-93CH-3273877