Crypto
BNY Mellon Enter BTC ETF Markets Amid Cryptocurrency Surge
BNY Mellon, the oldest and largest custodian bank in the United States, has officially announced its venture into Bitcoin (BTC) through investments in ETFs. The firm disclosed in a recent SEC filing its investments in BTC ETFs managed by BlackRock and Grayscale.
The SEC’s historic approval of 11 spot Bitcoin ETFs in January 2024 has reshaped the investment landscape for cryptocurrencies in America. The introduction of these ETFs brought a surge of enthusiasm, pushing Bitcoin to an all-time high of $73,737 in March. BNY Mellon’s involvement is a testament to the growing institutional interest in cryptocurrencies, a trend boosted by these new investment tools.
Moreover, the approval of Bitcoin ETFs in the U.S. has had a domino effect on global markets. Notably, Hong Kong has followed suit, approving its own Bitcoin and Ethereum spot ETFs, set to begin trading on April 30, 2024. This expansion in global financial hubs signifies a broader acceptance and integration of cryptocurrencies into mainstream financial systems.
Market Predictions
Market analysts predict a strong upward trajectory for Bitcoin, with forecasts suggesting a possible climb to $85,195 by late May 2024. This optimism is grounded in the increasing accessibility and investment flexibility provided by ETFs, making Bitcoin more appealing to both seasoned and new investors.
Furthermore, the potential approval of a spot Ethereum ETF in the U.S. could catalyze another significant rally, particularly as Ethereum currently trails its previous highs. The introduction of such a fund could invigorate the market, possibly driving Ethereum to recover and even surpass its former peak prices.
BNY Mellon’s investment in Bitcoin ETFs is a clear indicator of the evolving landscape of financial investments, with major institutions now looking to digital assets as viable investment vehicles. As the landscape continues to evolve, the financial community watches closely, anticipating the next milestones in this digital finance revolution.
Also Read: ARK Dumps ProShares Bitcoin ETF Shares in Massive Sell-Off
As of 12:14 p.m., Bitcoin was trading 1% lower at $63,649, while Ethereum experienced a 3.5% drop to $3,068. Additionally, altcoins like BNB (-1.1%), Dogecoin (-4.9%), Toncoin (2.6%), Cardano (3.3%), Avalanche (-3.1%), and Shiba Inu (-5.2%) followed suit in the downward trend.
The crypto market sentiment was further impacted by news of significant transfers from FTX-associated addresses and a Wells Notice issued to Robinhood by the SEC, alleging unauthorized digital asset trading categorized as securities.
Crypto Tracker
CoinDCX Research Team noted, “In the short term, both BTC and ETH show bearish price action, though the higher time frame remains bullish. BTC needs to reclaim the $67,000 level, while ETH must surpass $3,250 to regain momentum.”Also Read: Grayscale Bitcoin Trust’s shares jump after first inflow since JanuaryStablecoins accounted for $69.86 billion in volume, representing 91.12% of the total crypto market’s 24-hour volume, according to CoinMarketCap.Within the same timeframe, Bitcoin’s market cap rose to $1.253 trillion, with BTC volume surging by 67.8% to $30.57 billion.Vikram Subburaj, CEO of Giottus, analyzed Bitcoin’s technicals, stating, “Bitcoin, after breaching $65,000 briefly, is consolidating above $63,500 today. The asset has found strong support at the 0.5 fib extension ($60,700), aligned with its 100-day MA at $60,850. Its RSI levels continue to improve towards a neutral territory. Bitcoin can consolidate at these levels for a few more days before it holds $65,000 and turns bullish.”
Regarding Cardano, Rajagopal Menon, Vice President at WazirX, remarked, “Cardano is looking at an accumulation phase which means the network could see more buying activity in the coming days, creating a potential for a price surge. Its technical indicators are favourable and all signs point to a buying activity for investors in the coming days.”
In Tuesday’s trade, Cardano saw a 3.3% decline to $0.4476. Over the past month, the crypto token dropped by 24%, yet it rallied by 17% over the last year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Crypto
Kenya Appoints Marathon Digital as Consultant for Cryptocurrency Regime and Mining Energy Needs
Kenyan President William Ruto announced a major policy shift in the country’s approach to cryptocurrency on May 3, revealing that his government has appointed U.S.-based Bitcoin mining company Marathon Digital as its consultant.
The move signals a departure from the Central Bank of Kenya (CBK) and other government entities’ previously defiant stance on cryptocurrencies.
Marathon Digital to Collaborate with the Kenyan Government
The announcement was made during the AMCHAM Business Summit, where notable figures such as U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano were present.
President Ruto explained that Marathon Digital will partner with the National Treasury and the Energy Ministry to address the energy requirements associated with cryptocurrency mining.
“Marathon Digital has been ushered to consult with the Treasury on the cryptocurrency regime and ministry of energy to discuss the energy needs in connection with the cryptocurrency mining,” stated President Ruto during the meeting with American investors.
Ruto’s decision departs from the previous cautious stance on crypto taken by institutions like the CBK under former governor Patrick Njoroge. Njoroge had strongly warned against crypto involvement, suggesting that considering Bitcoin as a reserve asset would be absurd. He even stated that he should be imprisoned if such a proposal were entertained.
Following Njoroge’s tenure, Kenyan authorities have shown a willingness to explore regulation of cryptocurrencies rather than outright prohibition. Collaborative efforts with organizations like the Kenyan Blockchain Association have been initiated to draft regulatory frameworks. The current government has also appointed a working group to develop a comprehensive regulatory and monitoring framework for virtual asset service providers.
Kenya Takes Strides Towards Cryptocurrency Regulation
Kenya is initiating efforts toward crypto regulation, with the government forming a multi-agency team that includes the central bank.#crypto #cryptoregulationhttps://t.co/RneVliYODw
— Cryptonews.com (@cryptonews) April 23, 2024
Kenya’s crypto adoption momentum culminated in December 2023 when the Kenyan National Assembly’s committee approved the Capital Markets Bill. If passed into law, this bill would introduce taxation on cryptocurrency exchanges and wallets, mirroring the taxation framework applied to traditional banking transactions.
On April 23, NTV Kenya reported establishing a multi-agency working group tasked with developing rules and oversight for crypto, also known as virtual assets, and the entities dealing with them, such as Virtual Asset Service Providers.
Kenyan National Treasury Cabinet Secretary Prof. Njuguna Ndung’u disclosed the formation of this group to the National Assembly. He cited concerns raised by regulators regarding unlicensed virtual asset products and the findings of a Central Bank risk assessment. This assessment highlighted the risks of money laundering and terrorist financing associated with virtual assets.
Kenya’s 2022 anti-money laundering report further highlighted the need for regulatory measures, identifying virtual assets and virtual asset service providers as areas requiring attention. Additionally, Kenyan authorities uncovered suspicious M-Pesa withdrawals totaling at least $20 million in 2023, linked to the now-suspended iris-scanning project Worldcoin.
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