Kraken CEO David Ripley Says Spot Bitcoin ETFs Will Help Grow the Overall Crypto Industry – Here’s W
Kraken CEO David Ripley Says Spot Bitcoin ETFs Will Help Grow the Overall Crypto Industry – Here’s WhyThe Daily HodlKraken CEO David Ripley Says Spot Bitcoin ETFs Will Help Grow the Overall Crypto Industry – Here’s WhyRhodilee Jean Dolor January 18, 2024The CEO of US-based crypto exchange Kraken says the introduction of spot Bitcoin (BTC) exchange-traded funds (ETFs) will have a bullish impact on the crypto industry.Last week, the U.S. Securities and Exchange Commission (SEC) greenlighted BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree and Invesco Galaxy to offer spot Bitcoin ETFs.In a new interview on Bloomberg Crypto, David Ripley says the launch of the investment product helps with Kraken’s mission to grow cryptocurrency adoption.“It’s yet another access point. It’s an easier path for some to get into cryptocurrency, to get their first exposure to Bitcoin.”He says the development will also have a positive effect on the whole crypto industry as digital asset exchanges offer services that consumers do not get from ETFs such as directly holding Bitcoin in custody.“That’s going to grow the overall ecosystem. Exposure and awareness is going to grow and these things grow the overall industry in total. It’s possible that some newer individuals to crypto may first go and buy an ETF as opposed to going to Kraken or Coinbase, some of our peers, but that’s entirely fine.”Ripley also explains why Kraken has no plan to cut fees to compete with the Bitcoin ETFs.“We view the offerings, the products different enough such that they’re really not direct substitutes, if you will. There’s a different price point for that product, but it’s a different product. and so we don’t have any plans to adjust fees or anything of the like due to this introduction. Like I said, we offer different products and services that differ in a lot of ways from the ETF.”
Veteran Trader Tone Vays Issues Urgent Bitcoin Warning, Says Bigger Correction Looming – Here Are Hi
Veteran Trader Tone Vays Issues Urgent Bitcoin Warning, Says Bigger Correction Looming – Here Are His TargetsVeteran trader Tone Vays is issuing a warning that Bitcoin (BTC) could soon undergo a much bigger market correction.In a new video update, the seasoned analyst tells his 123,000 YouTube subscribers that Bitcoin could dip into the mid-$30,000 range if it fails to reclaim a key level.“All signs are pointing to a much, much bigger correction. I hope this doesn’t happen. I really hope we go up from here. I don’t want to see us correct. We’ve already dealt with a huge bear market. However, I am going to remain on the sidelines with cash until Bitcoin breaks out above these moving averages. I need to break even the second moving average. I need $44,000. I need a daily close at $44,000 or a move to $36,000. I really need that to go long Bitcoin.There could be something in between. It depends how fast or how slow we go down. It’s possible I may find a good buying opportunity down here at $39,000. But realistically, I am looking for either a move above the moving average of $44,000 or a move all the way down to $36,000 where we have a beautiful combination of the MRI (Momentum Reversal Indicator) support line on the daily chart, the 128-day moving average and the top of the channel.”The trader also says that if Bitcoin soon dips below $40,000 that would not be comparable to the historic dips before pre-halving events, when miners’ rewards are cut in half. The next halving event is expected in April.“Do I think the pre-halving dump has started? No, I wasn’t actually anticipating the pre-halving dump. The pre-halving dump usually happens a few weeks before the halving. It doesn’t happen four months before the halving.”The trader predicts Bitcoin will not revisit the $20,000 range and would only retest the $30,000 level if there was some black swan event.“I don’t see us going into the $20,000s. $30,000 is my absolute bottom low. And in order for us to even get to $30,000 something catastrophic happens.”Bitcoin is trading for $43,222 at time of writing, up nearly 2% in the last 24 hours.
Stablecoins Remain Blockchain and Crypto’s ‘Killer App’Amid Tech Advancements, Says Circle CEO Jere
Circle chief executive Jeremy Allaire thinks additional regulatory clarity will pave the way for increased stablecoin adoption in 2024.In a new interview with CNBC International TV, Allaire predicts that the recent approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US will act as “the tide that lifts all boats” in the crypto sector.The Circle CEO notes stablecoins remained resilient throughout the crypto space’s turbulence over the past few years.“What I can say about stablecoins and what we’ve seen in the market is really a lot of people were paying attention to a lot of the scandals in this industry, and failures and bankruptcies, but at the same time, we were seeing tremendous progress being made in continued technology development.And this is a little bit like after the dot com boom and bust – people ignored consumer internet e-commerce, but actually the technology continued to develop, and so we saw that happen last year, and we’ve seen stablecoins in particular remain the killer app of blockchain technology and start to see widening usage all around the world.”Circle issues USDC, the second-largest stablecoin by market cap. Last week, the company announced that it submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) related to a proposed initial public offering (IPO) of its equity securities.
Bloomberg Reveals Substantial Outflows from Grayscale’s Bitcoin ETF
Bloomberg Intelligence has revealed that Grayscale’s Bitcoin ETF is experiencing substantial outflows, with a total of about $579 million withdrawn. This figure is particularly noteworthy in the wider Bitcoin ETF market landscape. In contrast, other direct Bitcoin ETFs have seen a surge in investments, totaling close to $819 million.This sharp contrast in investment trends highlights a critical reevaluation of Grayscale’s Bitcoin ETF performance following its SEC approval. Although the ETF initially saw a high trading volume of over $2.3 billion on its first day, enthusiasm seems to have waned, as indicated by these recent withdrawals, suggesting a change in investor .Analysts had previously predicted that more than $1 billion might be withdrawn from the fund in the following weeks, a forecast that aligns with the current withdrawal trend from the Grayscale ETF. One factor possibly influencing this outflow is the fund’s relatively steep expense ratio of 1.5%, the highest among Bitcoin ETFs in the U.S. Meanwhile, other spot ETFs like BlackRock’s IBIT and Fidelity’s FBTC have witnessed significant initial inflows of $500 million and $421 million, respectively.The SEC’s recent landmark approval of Bitcoin ETFs introduced a wave of optimism in the sector, but it also sparked various debates and concerns. Industry experts have voiced caution over the potential risks associated with Coinbase’s dominant role as custodian for most ETFs.Furthermore, the immediate market reaction to the SEC’s approval has led to considerable fluctuations in Bitcoin’s price, with the premier cryptocurrency oscillating between $41,000 and $44,000.
$SOL SOLUSD 240CoinbaseSOLANA / UNITED STATES DOLLARSolana is in a triangle between 2 channels, approaching the Apex! It could break either way!Solana could be in a wave 4 of 3 retracement which could last two months from when it started on Christmas at noon if it's length can bet determined by the wave 2, which lasted from July 13th 2023, to Sep 11th 2023 (59 days 20 hours) or we could just be in a calm between two storms! Hard to tell, but the risk / reward on this seems reasonable.To wait for the break, or to not wait for the break? That is the question! You decide!If Solana breaks up, this could be a likely target using Channels, otherwise if it breaks down, probably another month and a half of downward trend to some larger Fib support ($74 -0.238 fib and $53 -0.382 fib)Entry: ~$100 (around)Exit: $180 (around the top of channel)Warning Stop: $90-$92 (Somewhere below the Triangle Bottom, but this could be a fakeout and good entry also) Hard Stop: $84.50 (Slightly below the Jan 3rd Low from the Dump, it's definitely going down if it crosses this)Good Luck and God Bless!