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Analyst Predicts Bitcoin Price to Rise to $150,000 by 2025 — 'Imminent' Approval from E
Analyst Predicts Bitcoin Price to Rise to $150,000 by 2025 — 'Soon' Approval of Spot Bitcoin ETF Expected in 2025. The firm's analysts have predicted “imminent” approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), including those by leading asset management firms such as Blackrock and Fidelity.Alliance Bernstein : Bitcoin Could Hit $150K by 2025Global asset management firm Alliance Bernstein predicts bitcoin prices will hit $150,000 by 2025, the company's senior analyst specializing in digital assets, Gautam Chhugani, wrote in a note on Tuesday. This prediction is driven by optimism that the US Securities and Exchange Commission (SEC) will soon approve bitcoin exchange-traded funds (ETFs). “You may not love bitcoin as much as we do, but an unbiased look at bitcoin as a commodity suggests a cyclical turn, ” said the Bernstein analyst, explaining:A good idea will depend on the timing — SEC approval of ETFs created by the world's leading asset managers (Blackrock, Fidelity, et al), seems imminent. Chhugani further explained that after the upcoming bitcoin halving in the month Next April, “losing miners” will be “swept out,” creating favorable conditions for significant gains among remaining participants. Additionally, asset management firms estimate that the approval of a spot bitcoin ETF will move up to 10% of the available bitcoin supply circulated to ETFs. Chhugani noted that currently, the only similar product is Grayscale's Bitcoin Trust (GBTC). However, the crypto asset manager has filed with the SEC to convert GBTC into a spot bitcoin ETF. The SEC initially rejected the proposal but a court later ruled in favor of the crypto company and ordered the securities regulator to reevaluate the company's application. Last week, Bernstein said a spot bitcoin ETF in January next year looked like a “done deal.” Some analysts, including at JPMorgan, expect the SEC to approve several bitcoin ETFs at once. Last week, bitcoin prices surged amid speculation that Blackrock, the world's largest asset manager, would soon launch its spot bitcoin ETF. According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Applicants include Cathie Wood's ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have a possible final review date in the first quarter of next year, and three applications have a possible final review date in the second quarter.Source: Kevin Helms
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Sam Bankman-Fried claims to have overlooked an $8 billion 'bug' on his final day of testimony
Sam Bankman-Fried took the stand for the final time during his criminal fraud trial in New York to deny any wrongdoing.Former FTX CEO Sam Bankman-Fried has completed the testimony and cross-examination portions of his ongoing criminal case, Bloomberg reported on October 31 .Bankman- Fried acknowledged $8 billion in hidden debt in Almaeda research , which came to light after a bug was fixed in an account known as fiat@. Despite his claims that the massive transfers were discovered sometime in September or October 2022, Bankman-Fried said he did not identify any specific employees as responsible and made no personnel changes based on the $8 billion bug Bankman-Fried testified about hidden debts Alameda for $8 billion. The debt was covered by a bug in an account labeled fiat@ until FTX employee Adam Yedida resolved the bug. Following previous claims that he had knowledge of an $8 billion transfer in September or October 2022, Bankman-Fried testified that he did not know the specific employee responsible and said he did not fire anyone in response. He denied having made any particular decisions, more broadly, and did not delve deeper into the bug. One exchange went as followsBankman-Fried: “I was told that [the employee] was busy and I should stop asking questions because it was annoying.”Sassoon: “Is it your testimony that your supervisors told you to stop asking questions?”Bankman-Fried: “Yes, and I agree with them.”Sassoon then asked Bankman-Fried whether she hid the risks of using Alameda customer funds from FTX users before November 2022. Bankman-Fried disagreed but acknowledged that he provided more information to customers after FTX's bankruptcy. Finally, Sassoon addressed various assurances that Bankman-Fried tweeted before the company went bankrupt. Bankman-Fried acknowledged that he had tweeted that the firm did not invest in client assets – which appeared to be at odds with reality. Redirect sheds more light on details Once Sassoon's cross-examination was complete, Bankman-Fried discussed the issue further. Bankman-Fried said: “Alameda's entire liability to FTX is the size of a fiat@ account… That's what I and most of us don't realize in 2022, which is about $8 billion in liabilities.”He concluded that his company would have a better system in place to monitor @fiat accounts if Alameda and FTX are not involved with each other. He called the company's oversight of the matter "very poor." Bankman-Fried also commented on the falsified trial balance. The spreadsheet had eight tabs containing alternative versions intended to obscure the level of exposure to external lending companies such as Genesis. Bankman-Fried stated that Caroline Ellison – then CEO of Alameda Research – simply sent him the spreadsheet and asked for his opinion. She testified that, at the time, he told her the spreadsheet seemed “reasonable.” Bankman-Fried argued that multi-tab spreadsheets were not unusual but said that he did not remember whether he reviewed all the tabs on the spreadsheet. Such statements may or may not shift blame: Ellison testified that Bankman-Fried had told him to create “ alternative way of presenting” financial situation. He said he understood this to be an instruction to withhold information on the balance sheet. Bankman-Fried's testimony is now complete. Reports from Bloomberg indicate that the court will next hold an arraignment conference, which will provide instructions to the jury.Source: Mike Dalton
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These are the important things that can be learned from the third day of SBF at the Witness Stand
Here are the key takeaways from Sam Bankman-Fried's third day on the witness stand:
Prosecutors on Monday showed the jury emails, tweets, interviews, press releases and congressional testimony in which FTX and Bankman-Fried assured investors that the exchange was safe and that Alameda was playing by the same rules as everyone else. Assistant US Attorney Danielle Sassoon tried to show differences in what Bankman-Fried said about FTX's risk management and involvement with Alameda before and after the exchange's collapse. Bankman-Fried said he couldn't remember and wasn't sure what he said in the past.
Bankman-Fried pushed back when prosecutors tried to show she was responsible at FTX and Alameda. When asked if he made the decisions as CEO, Bankman-Fried replied, “I called a few of them.” When asked if he was involved in an Alameda trade in 2022, Bankman-Fried responded, “depends on how you define a trade.”
Sassoon points out that the Bankman-Fried document is out of date. He brought up the testimony of former FTX executive Nishad Singh, in which he said Bankman-Fried told him to increase the exchange's revenue to $1 billion by rolling back Serum's staking fees. When he showed him a document signed on January 1, 2021, Bankman-Fried said he signed it later than that date and admitted that it probably wasn't the first time he had done something like that.
The prosecutor emphasized that SBF cultivated a certain image, by not cutting his hair and wearing T-shirts and shorts. “You think too highly of yourself?” Sasoon asked. “Yes,” Bankman-Fried answered.
source : Bloomberg
Here are the key takeaways from Sam Bankman-Fried's third day on the witness stand:
Prosecutors on Monday showed the jury emails, tweets, interviews, press releases and congressional testimony in which FTX and Bankman-Fried assured investors that the exchange was safe and that Alameda was playing by the same rules as everyone else. Assistant US Attorney Danielle Sassoon tried to show differences in what Bankman-Fried said about FTX's risk management and involvement with Alameda before and after the exchange's collapse. Bankman-Fried said he couldn't remember and wasn't sure what he said in the past.
Bankman-Fried pushed back when prosecutors tried to show she was responsible at FTX and Alameda. When asked if he made the decisions as CEO, Bankman-Fried replied, “I called a few of them.” When asked if he was involved in an Alameda trade in 2022, Bankman-Fried responded, “depends on how you define a trade.”
Sassoon points out that the Bankman-Fried document is out of date. He brought up the testimony of former FTX executive Nishad Singh, in which he said Bankman-Fried told him to increase the exchange's revenue to $1 billion by rolling back Serum's staking fees. When he showed him a document signed on January 1, 2021, Bankman-Fried said he signed it later than that date and admitted that it probably wasn't the first time he had done something like that.
The prosecutor emphasized that SBF cultivated a certain image, by not cutting his hair and wearing T-shirts and shorts. “You think too highly of yourself?” Sasoon asked. “Yes,” Bankman-Fried answered.
source : Bloomberg
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SEC Approval of Spot Bitcoin ETF Looks Like a 'Done Deal' in January, Bernstein Says
Find Bitcoin ETF Approval 'Very Likely' in January
Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the US Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads:
"The bitcoin ETF in early January now looks like a 'done deal'."
The memo explains that the market is waiting to see whether the SEC will “appeal the Grayscale ruling.” The largest crypto asset manager, Grayscale Investments, is working to convert its bitcoin trust (GBTC) into a spot bitcoin ETF. The SEC initially rejected the application but the court later ruled in favor of the crypto company and ordered the securities regulator to reevaluate its application.
“Now that the SEC has chosen not to appeal, and in fact, has actively responded with edits/comments on the ETF application, approval is most likely due on January 10,” the Bernstein Research memo details.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. According to public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale's application to disguise GBTC as a spot bitcoin ETF.
Other suitors include Cathie Wood's ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have final review dates likely in the first quarter of next year, and three applications have final review dates in the second quarter.
source : Kevin Helms
#BTCupdate #cryptocurrency
Find Bitcoin ETF Approval 'Very Likely' in January
Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the US Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads:
"The bitcoin ETF in early January now looks like a 'done deal'."
The memo explains that the market is waiting to see whether the SEC will “appeal the Grayscale ruling.” The largest crypto asset manager, Grayscale Investments, is working to convert its bitcoin trust (GBTC) into a spot bitcoin ETF. The SEC initially rejected the application but the court later ruled in favor of the crypto company and ordered the securities regulator to reevaluate its application.
“Now that the SEC has chosen not to appeal, and in fact, has actively responded with edits/comments on the ETF application, approval is most likely due on January 10,” the Bernstein Research memo details.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. According to public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale's application to disguise GBTC as a spot bitcoin ETF.
Other suitors include Cathie Wood's ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have final review dates likely in the first quarter of next year, and three applications have final review dates in the second quarter.
source : Kevin Helms
#BTCupdate #cryptocurrency
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Bitcoin Difficulty Soars to Record 62.46 Trillion, Miners Unfazed Amid Tight Competition Between Foundry and Antpool
Bitcoin Difficulty Marks 2.35% Gain in Fourth Consecutive Gain
After a 6.47% rise on October 16, Bitcoin difficulty has increased again. On October 29, 2023, at block height 814,464, the network experienced a difficulty increase of 2.35%, rising from 61.03 trillion to a new high of 62.46 trillion.
These developments make bitcoin mining block rewards more challenging than at any point in history. Despite the increased complexity, bitcoin miners remain unaffected, maintaining a total hashrate above 450 exahashes per second (EH/s).
Currently, block times are still below the average of ten minutes, with data showing speeds ranging between nine minutes and 17 seconds to just above the nine minutes per block mark. A total of 42 mining pools contribute a minimum of 3 gigahashes per second (GH/s) to the Bitcoin blockchain.
Additionally, nearly 17 pools have a hashpower of more than 1 EH/s dedicated to mining bitcoin. As of October 30, 2023, approximately 26 mining pools were operating with approximately 1 petahash per second (PH/s) hashpower.
Just 48 hours ago, Antpool took control as the premier mining pool. However, the latest statistics show that Foundry leads with 27.02% of the total hashrate, while Antpool follows with 26.58%.
Together, these two pools account for 53.6% of the network's overall hashrate. Over the past week, Foundry and Antpool have been neck and neck in terms of hashrate, with Foundry slightly ahead on October 30, with 120 EH/s compared to Antpool's 118 EH/s.
source : Jamie Redman
Bitcoin Difficulty Marks 2.35% Gain in Fourth Consecutive Gain
After a 6.47% rise on October 16, Bitcoin difficulty has increased again. On October 29, 2023, at block height 814,464, the network experienced a difficulty increase of 2.35%, rising from 61.03 trillion to a new high of 62.46 trillion.
These developments make bitcoin mining block rewards more challenging than at any point in history. Despite the increased complexity, bitcoin miners remain unaffected, maintaining a total hashrate above 450 exahashes per second (EH/s).
Currently, block times are still below the average of ten minutes, with data showing speeds ranging between nine minutes and 17 seconds to just above the nine minutes per block mark. A total of 42 mining pools contribute a minimum of 3 gigahashes per second (GH/s) to the Bitcoin blockchain.
Additionally, nearly 17 pools have a hashpower of more than 1 EH/s dedicated to mining bitcoin. As of October 30, 2023, approximately 26 mining pools were operating with approximately 1 petahash per second (PH/s) hashpower.
Just 48 hours ago, Antpool took control as the premier mining pool. However, the latest statistics show that Foundry leads with 27.02% of the total hashrate, while Antpool follows with 26.58%.
Together, these two pools account for 53.6% of the network's overall hashrate. Over the past week, Foundry and Antpool have been neck and neck in terms of hashrate, with Foundry slightly ahead on October 30, with 120 EH/s compared to Antpool's 118 EH/s.
source : Jamie Redman
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Bitcoin Price Soars Amid Optimism Around Bitcoin Spot ETFs
Anticipation of spot ETF approval has led to a surge in Bitcoin prices in recent weeks.
The cryptocurrency rallied toward $35,000 earlier this month, driven by market speculation around the potential approval of a spot ETF.
Meanwhile, crypto financial services platform Matrixport has predicted a big Bitcoin rally if spot ETFs hit the market.
Compared to precious metals ETFs, which have a market capitalization of around $120 billion, assuming that 10-20% of precious metals ETF investors consider diversifying into Bitcoin ETFs as a hedge against monetary declines and inflation, Matrixport says we could witness an inflow $12 to $24 billion into a Bitcoin ETF.
“If Tether's market cap increases by $24 billion, which acts as a proxy for potential ETF inflows, Bitcoin's price would rise to $42,000, representing a conservative estimate.”
In another confirmation of Bitcoin's bull market, the leading cryptocurrency's market dominance has reached 54%, its highest level in more than two and a half years.
The steady increase in Bitcoin dominance, starting from around 38% at the start of the year, comes amid a year-long rally, with the flagship cryptocurrency surging by 81% since the start of 2023.
source : AdobeStock/24K-Production
#BTCupdate #cryptocurrency
Anticipation of spot ETF approval has led to a surge in Bitcoin prices in recent weeks.
The cryptocurrency rallied toward $35,000 earlier this month, driven by market speculation around the potential approval of a spot ETF.
Meanwhile, crypto financial services platform Matrixport has predicted a big Bitcoin rally if spot ETFs hit the market.
Compared to precious metals ETFs, which have a market capitalization of around $120 billion, assuming that 10-20% of precious metals ETF investors consider diversifying into Bitcoin ETFs as a hedge against monetary declines and inflation, Matrixport says we could witness an inflow $12 to $24 billion into a Bitcoin ETF.
“If Tether's market cap increases by $24 billion, which acts as a proxy for potential ETF inflows, Bitcoin's price would rise to $42,000, representing a conservative estimate.”
In another confirmation of Bitcoin's bull market, the leading cryptocurrency's market dominance has reached 54%, its highest level in more than two and a half years.
The steady increase in Bitcoin dominance, starting from around 38% at the start of the year, comes amid a year-long rally, with the flagship cryptocurrency surging by 81% since the start of 2023.
source : AdobeStock/24K-Production
#BTCupdate #cryptocurrency
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Bitcoin Ordinal Inscription Defies Decline, Kicks Off Resurgence As Daily Count Soars
Over the weekend, the cumulative number of Ordinal inscriptions quickly surpassed the 36 million mark, marking the beginning of a month-long decline in daily onchain inscription issuance. Although the high reached in early September has still not been reached, a marked revival has occurred since October 25, with the daily figure once again surpassing the 100,000 benchmark.
From Slump to Surge, Bitcoin's Ordinal Count Ignites an Onchain Revival
Unfolding for 33 days from September 24, 2023, the field of Ordinal inscriptions experienced a marked decline, in sharp contrast to September 15, when an astonishing 440,760 inscriptions were composed in just 24 hours.
The following period was marked by a considerable decline, reaching a low point on October 13, with fewer than 10,000 inscriptions printed. However, a week later, the winds of change began to stir, hinting at a potential revival of Ordinal inscriptions. The pivot materialized on October 24, and on that day, approximately 74,257 inscriptions were tendered to the Bitcoin blockchain.
Furthermore, on the 25th, 184,480 inscriptions were printed. Since then, the number of daily inscriptions has consistently exceeded the 125,000 threshold. Mirroring the way daily inscriptions accumulate transactions in Bitcoin's mempool or store of transactions, a similar trend is emerging again. Currently, more than 29,000 to 40,000 unconfirmed transactions are in a holding pattern, awaiting miner validation.
As of October 25, the Bitcoin blockchain has jumped from its previous spectrum of 250,000-300,000 transactions per day to the current 400,000-475,000 transfers per day. To date, just from printing inscriptions, bitcoin miners have collected 2,137 BTC, worth about $72 million. On October 28, the number of daily inscriptions increased to 283,950, surpassing October 25's 99.470 inscriptions.
source : Jamie Redman
Over the weekend, the cumulative number of Ordinal inscriptions quickly surpassed the 36 million mark, marking the beginning of a month-long decline in daily onchain inscription issuance. Although the high reached in early September has still not been reached, a marked revival has occurred since October 25, with the daily figure once again surpassing the 100,000 benchmark.
From Slump to Surge, Bitcoin's Ordinal Count Ignites an Onchain Revival
Unfolding for 33 days from September 24, 2023, the field of Ordinal inscriptions experienced a marked decline, in sharp contrast to September 15, when an astonishing 440,760 inscriptions were composed in just 24 hours.
The following period was marked by a considerable decline, reaching a low point on October 13, with fewer than 10,000 inscriptions printed. However, a week later, the winds of change began to stir, hinting at a potential revival of Ordinal inscriptions. The pivot materialized on October 24, and on that day, approximately 74,257 inscriptions were tendered to the Bitcoin blockchain.
Furthermore, on the 25th, 184,480 inscriptions were printed. Since then, the number of daily inscriptions has consistently exceeded the 125,000 threshold. Mirroring the way daily inscriptions accumulate transactions in Bitcoin's mempool or store of transactions, a similar trend is emerging again. Currently, more than 29,000 to 40,000 unconfirmed transactions are in a holding pattern, awaiting miner validation.
As of October 25, the Bitcoin blockchain has jumped from its previous spectrum of 250,000-300,000 transactions per day to the current 400,000-475,000 transfers per day. To date, just from printing inscriptions, bitcoin miners have collected 2,137 BTC, worth about $72 million. On October 28, the number of daily inscriptions increased to 283,950, surpassing October 25's 99.470 inscriptions.
source : Jamie Redman
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Argentina Will Face Round-Off Elections With Crypto on the Agenda
The first round of presidential elections in Argentina established that Javier Milei, the libertarian candidate, and Sergio Massa, the current economy minister, will face a second round of elections that has crypto elements in it.
Although Milei has repeatedly proposed the abolition of Argentina's Central Bank and the adoption of the dollar as legal tender in the country as the main points of his hypothetical government, Massa recently discussed the creation of a national digital currency, which his government would use to reduce tax costs and limit tax avoidance by subjecting the Argentine economy to more formality.
Massa, who is leading the first round of elections, also added another element to consider: the possibility of using gas from Vaca Muerta, one of Argentina's most significant crude oil reserves, to mine bitcoin.
At a meeting with Argentinian cryptocurrency enthusiast Santiago Siri, Massa stated:
I like the Vaca Muerta proposal because it results in reduced carbon emissions. The country has all the symbolic capital Argentina will need in the years to come.
Colombia Moves Forward Creating Digital Peso
Ricardo Bonilla, Colombia's economy minister, recently revealed that his country is still working on creating a national central bank digital currency (CBDC), the digital peso. In a forum examining the future of banking, Bonilla urged Colombians to forget about cash, as well as imposing fees on cryptocurrencies, stressing that this is not “the best way for clear and transparent transactions.”
Bonilla clarified that the development of the digital peso is being examined by the Central Bank of Colombia, Superfinanciera (the national stock and finance regulator), the economy ministry, and Congress. He added that central banks would be the issuers of any CBDC.
source : Sergio Goshchenko
The first round of presidential elections in Argentina established that Javier Milei, the libertarian candidate, and Sergio Massa, the current economy minister, will face a second round of elections that has crypto elements in it.
Although Milei has repeatedly proposed the abolition of Argentina's Central Bank and the adoption of the dollar as legal tender in the country as the main points of his hypothetical government, Massa recently discussed the creation of a national digital currency, which his government would use to reduce tax costs and limit tax avoidance by subjecting the Argentine economy to more formality.
Massa, who is leading the first round of elections, also added another element to consider: the possibility of using gas from Vaca Muerta, one of Argentina's most significant crude oil reserves, to mine bitcoin.
At a meeting with Argentinian cryptocurrency enthusiast Santiago Siri, Massa stated:
I like the Vaca Muerta proposal because it results in reduced carbon emissions. The country has all the symbolic capital Argentina will need in the years to come.
Colombia Moves Forward Creating Digital Peso
Ricardo Bonilla, Colombia's economy minister, recently revealed that his country is still working on creating a national central bank digital currency (CBDC), the digital peso. In a forum examining the future of banking, Bonilla urged Colombians to forget about cash, as well as imposing fees on cryptocurrencies, stressing that this is not “the best way for clear and transparent transactions.”
Bonilla clarified that the development of the digital peso is being examined by the Central Bank of Colombia, Superfinanciera (the national stock and finance regulator), the economy ministry, and Congress. He added that central banks would be the issuers of any CBDC.
source : Sergio Goshchenko
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Time When SEC May Approve Blackrock Spot Bitcoin ETF Application
Regarding when the SEC could approve a Blackrock spot bitcoin ETF, litigator Joe Carlasare shared in X: “There's a lot of misinformation out there about the next key dates for the Ishares/Blackrock spot bitcoin ETF application.”
He explained: “Here's the summary: On 9-28-23, the SEC invited the public to provide feedback on the application. Anyone wishing to submit comments has until October 25 to do so. After that, if someone wants to reply to someone else's comment, they have until November 8.” Carlasare notes:
"The SEC typically does not approve regulatory changes or similar proposals until the request for comment period is complete. This comment period is an important part of their regulatory process."
“Typically, after the comment period ends, there is an additional 30-60 days for comment review. Therefore, if a spot ETF gets the green light in 2023, it will likely not be from Blackrock,” he said.
The price of bitcoin soared on Monday, reaching $35,000 before dropping slightly. At the time of writing, BTC is trading at $34,423, up 13% over the last 24 hours.
source : Kevin Helms
Regarding when the SEC could approve a Blackrock spot bitcoin ETF, litigator Joe Carlasare shared in X: “There's a lot of misinformation out there about the next key dates for the Ishares/Blackrock spot bitcoin ETF application.”
He explained: “Here's the summary: On 9-28-23, the SEC invited the public to provide feedback on the application. Anyone wishing to submit comments has until October 25 to do so. After that, if someone wants to reply to someone else's comment, they have until November 8.” Carlasare notes:
"The SEC typically does not approve regulatory changes or similar proposals until the request for comment period is complete. This comment period is an important part of their regulatory process."
“Typically, after the comment period ends, there is an additional 30-60 days for comment review. Therefore, if a spot ETF gets the green light in 2023, it will likely not be from Blackrock,” he said.
The price of bitcoin soared on Monday, reaching $35,000 before dropping slightly. At the time of writing, BTC is trading at $34,423, up 13% over the last 24 hours.
source : Kevin Helms
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Blackrock Expected to Buy Bitcoin to Invest in Its Spot Bitcoin ETF This Month
Many people on social media also pointed out that an amendment to the Registration Statement for the Ishares Bitcoin Trust, filed with the US Securities and Exchange Commission (SEC) on October 18, suggests that Blackrock may buy bitcoin this month to jumpstart Bitcoin futures. bitcoin ETF place.
Balchunas explains:
"Blackrock stated in their recent spot bitcoin ETF amendment that they will seed the ETF in October. Don't want to read too much into it but this is new info that wasn't in the original filing so it's worth noting."
However, he clarified : “Seeding usually doesn't raise a lot of money, just enough to get the ETF going. So I wouldn't read this as 'oh my gosh Blackrock bought a ton of bitcoin' at all, but the fact that they did it and disclosed it represents another step in the rollout process.”
The Ishares Bitcoin Trust sponsor is Ishares Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of Blackrock, the filing details, adding that “Ishares” is a registered trademark of Blackrock Inc.
Crypto enthusiast Martin Folb, aka “Martyparty,” details in with this capital, in this case, the raw original BTC. This initial coin capital is exchanged for IBTC ETF shares, which are available for open market trading on day one, thereby establishing the ‘opening price’ of IBTC.”
source : Kevin Helms
Many people on social media also pointed out that an amendment to the Registration Statement for the Ishares Bitcoin Trust, filed with the US Securities and Exchange Commission (SEC) on October 18, suggests that Blackrock may buy bitcoin this month to jumpstart Bitcoin futures. bitcoin ETF place.
Balchunas explains:
"Blackrock stated in their recent spot bitcoin ETF amendment that they will seed the ETF in October. Don't want to read too much into it but this is new info that wasn't in the original filing so it's worth noting."
However, he clarified : “Seeding usually doesn't raise a lot of money, just enough to get the ETF going. So I wouldn't read this as 'oh my gosh Blackrock bought a ton of bitcoin' at all, but the fact that they did it and disclosed it represents another step in the rollout process.”
The Ishares Bitcoin Trust sponsor is Ishares Delaware Trust Sponsor LLC, a Delaware limited liability company and an indirect subsidiary of Blackrock, the filing details, adding that “Ishares” is a registered trademark of Blackrock Inc.
Crypto enthusiast Martin Folb, aka “Martyparty,” details in with this capital, in this case, the raw original BTC. This initial coin capital is exchanged for IBTC ETF shares, which are available for open market trading on day one, thereby establishing the ‘opening price’ of IBTC.”
source : Kevin Helms
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Blackrock/BTC Price Speculation, Musk Wants 'Comprehensive Deregulation', Kiyosaki Not Trying to Become Warren Buffet —
As speculation continues over the possible approval of a Blackrock spot bitcoin exchange-traded fund (ETF), Elon Musk calls for “comprehensive deregulation” amid the United States Securities and Exchange Commission (SEC) regulatory turmoil, and Rich Dad Poor Dad author Robert Kiyosaki explains what similar. he is a bitcoin investor, distinguishing his investment style from that of billionaire Warren Buffet.
Bitcoin Surges as Blackrock Gets Closer to Launch of Spot Bitcoin ETF
Blackrock is moving forward with the process of bringing a bitcoin exchange-traded fund (ETF) to market. The world's largest asset manager has secured the ticker symbol and CUSIP number for its upcoming spot bitcoin ETF, which is now registered with the Depository Trust and Clearing Corporation (DTCC), the entity responsible for settling Nasdaq trades. Additionally, Blackrock's spot bitcoin ETF filing signals the company's intention to buy bitcoin to seed its upcoming ETF this month.
Blackrock Spot Bitcoin ETF Now Listed on DTCC With Ticker IBTC
Several developments have fueled optimism among crypto investors regarding the launch of Blackrock's spot bitcoin exchange-traded fund (ETF), Ishares Bitcoin Trust. This speculation has triggered a significant spike in bitcoin prices on Monday.
These developments include the allocation of a ticker symbol (IBTC) and the assignment of a CUSIP number (46438F101) to the Ishares Bitcoin Trust. Additionally, the trust is now registered with the Depository Trust and Clearing Corporation (DTCC), which is responsible for settling Nasdaq trades.
Eric Balchunas, senior ETF analyst for Bloomberg, explained on social media platform X on Monday that the steps taken by the world's largest asset manager were part of the process of bringing ETFs to market.
source : Kevin Helm
As speculation continues over the possible approval of a Blackrock spot bitcoin exchange-traded fund (ETF), Elon Musk calls for “comprehensive deregulation” amid the United States Securities and Exchange Commission (SEC) regulatory turmoil, and Rich Dad Poor Dad author Robert Kiyosaki explains what similar. he is a bitcoin investor, distinguishing his investment style from that of billionaire Warren Buffet.
Bitcoin Surges as Blackrock Gets Closer to Launch of Spot Bitcoin ETF
Blackrock is moving forward with the process of bringing a bitcoin exchange-traded fund (ETF) to market. The world's largest asset manager has secured the ticker symbol and CUSIP number for its upcoming spot bitcoin ETF, which is now registered with the Depository Trust and Clearing Corporation (DTCC), the entity responsible for settling Nasdaq trades. Additionally, Blackrock's spot bitcoin ETF filing signals the company's intention to buy bitcoin to seed its upcoming ETF this month.
Blackrock Spot Bitcoin ETF Now Listed on DTCC With Ticker IBTC
Several developments have fueled optimism among crypto investors regarding the launch of Blackrock's spot bitcoin exchange-traded fund (ETF), Ishares Bitcoin Trust. This speculation has triggered a significant spike in bitcoin prices on Monday.
These developments include the allocation of a ticker symbol (IBTC) and the assignment of a CUSIP number (46438F101) to the Ishares Bitcoin Trust. Additionally, the trust is now registered with the Depository Trust and Clearing Corporation (DTCC), which is responsible for settling Nasdaq trades.
Eric Balchunas, senior ETF analyst for Bloomberg, explained on social media platform X on Monday that the steps taken by the world's largest asset manager were part of the process of bringing ETFs to market.
source : Kevin Helm
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Joe Rogan Says Bitcoin Most Likely Contender for 'Viable Universal Currency'
This week, Openai CEO Sam Altman delved into the nuances of artificial intelligence (AI) on the Joe Rogan Experience podcast. As they chatted, Rogan articulated that “a really interesting crypto is bitcoin.” He then explained his belief that bitcoin holds the most promise of emerging as a “viable universal currency.”
According to statistics, Joe Rogan's podcast ranks as one of the most profitable and most listened to shows in the world. In episode #2044, Rogan sits down with Openai CEO, Sam Altman. The duo delves into the pros and cons of AI, but also expands on discussions about central bank digital currencies (CBDC), the FTX debacle, and the leading crypto asset, bitcoin (BTC).
After Altman explained the expanding surveillance landscape in America, Rogan candidly expressed his deep concerns regarding CBDCs, especially their potential link to social credit scores. He is firm in his belief that the CBDC movement is not for the benefit of society but for “control.” Responding to Rogan's CBDC concerns, Altman lamented how the “war on crypto” made him sad about the direction of the country.
The dialogue turns to the FTX failure. Altman quipped, “FTX is such a terrible and hilarious situation that we shouldn't learn much from it.” Rogan found FTX's narrative “fun,” and admitted to his fondness for the wild tales of parties and romance that surrounded them.
He then turned to his machinations for the leading digital currency, bitcoin (BTC). Rogan stated:
A particularly interesting cryptocurrency is bitcoin, to me, that's the one I think has the most possibility of becoming a universal currency. It's limited, people are mining it… that's very interesting to me, and I love the fact that it's being implemented.
source by: Jamie Redman
#btcnews #BTC #cryptocurrency #crypto2023 #cryptonews
This week, Openai CEO Sam Altman delved into the nuances of artificial intelligence (AI) on the Joe Rogan Experience podcast. As they chatted, Rogan articulated that “a really interesting crypto is bitcoin.” He then explained his belief that bitcoin holds the most promise of emerging as a “viable universal currency.”
According to statistics, Joe Rogan's podcast ranks as one of the most profitable and most listened to shows in the world. In episode #2044, Rogan sits down with Openai CEO, Sam Altman. The duo delves into the pros and cons of AI, but also expands on discussions about central bank digital currencies (CBDC), the FTX debacle, and the leading crypto asset, bitcoin (BTC).
After Altman explained the expanding surveillance landscape in America, Rogan candidly expressed his deep concerns regarding CBDCs, especially their potential link to social credit scores. He is firm in his belief that the CBDC movement is not for the benefit of society but for “control.” Responding to Rogan's CBDC concerns, Altman lamented how the “war on crypto” made him sad about the direction of the country.
The dialogue turns to the FTX failure. Altman quipped, “FTX is such a terrible and hilarious situation that we shouldn't learn much from it.” Rogan found FTX's narrative “fun,” and admitted to his fondness for the wild tales of parties and romance that surrounded them.
He then turned to his machinations for the leading digital currency, bitcoin (BTC). Rogan stated:
A particularly interesting cryptocurrency is bitcoin, to me, that's the one I think has the most possibility of becoming a universal currency. It's limited, people are mining it… that's very interesting to me, and I love the fact that it's being implemented.
source by: Jamie Redman
#btcnews #BTC #cryptocurrency #crypto2023 #cryptonews
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Bitcoin's Tight Ride Continues While Fear and Greed Index Reflects Undecided Sentiment
On Sunday, October 8, 2023, bitcoin prices staggered just below the $28K threshold, marking a 2.6% increase from the previous week. Currently, the Crypto Fear and Greed Index (CFGI) is at a “neutral” 50 out of 100, a stance it has held for the past week. Technical data reinforces this balanced view, showing bitcoin price movements have been in a tighter range.
A week earlier, bitcoin (BTC) was priced at $27,189 per unit. Over the past day, its value has ranged between $28,103 and $27,770. This week saw an increase in the value of bitcoin by 2.6%, and it jumped by 7.9% on a 30-day scale.
Throughout these fluctuations, the Crypto Fear and Greed Index (CFGI) has steadfastly projected a “neutral” position — not just today, but yesterday and throughout last week. In essence, the CFGI serves as a barometer, gauging the current mood of the bitcoin market. The goal? To equip traders with insight into the collective psyche of market players
The reason is that excessive fear can suppress prices excessively, while rampant greed can increase prices excessively. By utilizing current sentiment, traders can determine potential buy or sell moments. Interpreting the CFGI, one faces phases such as extreme fear, fear, neutral, greed, and extreme greed.
Being neutral or ambivalent indicates a lack of existing sentiment. This is similar to equilibrium in that neither a pessimistic downturn nor an optimistic upturn controls the market. However, neutrality does not mean market stagnation. Prices may experience ups and downs, but the index shows alignment between bullish and bearish forces.
source by : Jamie Redman
#bitcoinnews #btcnews #cryptonews
On Sunday, October 8, 2023, bitcoin prices staggered just below the $28K threshold, marking a 2.6% increase from the previous week. Currently, the Crypto Fear and Greed Index (CFGI) is at a “neutral” 50 out of 100, a stance it has held for the past week. Technical data reinforces this balanced view, showing bitcoin price movements have been in a tighter range.
A week earlier, bitcoin (BTC) was priced at $27,189 per unit. Over the past day, its value has ranged between $28,103 and $27,770. This week saw an increase in the value of bitcoin by 2.6%, and it jumped by 7.9% on a 30-day scale.
Throughout these fluctuations, the Crypto Fear and Greed Index (CFGI) has steadfastly projected a “neutral” position — not just today, but yesterday and throughout last week. In essence, the CFGI serves as a barometer, gauging the current mood of the bitcoin market. The goal? To equip traders with insight into the collective psyche of market players
The reason is that excessive fear can suppress prices excessively, while rampant greed can increase prices excessively. By utilizing current sentiment, traders can determine potential buy or sell moments. Interpreting the CFGI, one faces phases such as extreme fear, fear, neutral, greed, and extreme greed.
Being neutral or ambivalent indicates a lack of existing sentiment. This is similar to equilibrium in that neither a pessimistic downturn nor an optimistic upturn controls the market. However, neutrality does not mean market stagnation. Prices may experience ups and downs, but the index shows alignment between bullish and bearish forces.
source by : Jamie Redman
#bitcoinnews #btcnews #cryptonews
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