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Institutional Players Making Attempts to Strengthen Position in the Cryptocurrency Market

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Institutional Players Making Attempts to Strengthen Position in the Cryptocurrency Market

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Institutional players have been trying to strengthen their position in the cryptocurrency market throughout the year. As the year comes to a close, leading firms are making even more significant strides. 

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BlackRock is the latest firm to take yet another important step in the race for the inception and adoption of Cryptocurrency Spot Exchange Traded Funds (ETFs). With around $9.4 trillion in total assets under management (AUM), the asset management giant filed for an Ethereum Spot ETF. 

As explained in the filing, the investment firm requests that the “Trust”  in its previously filed ETF be converted to a Spot ETF. This means that BlackRock’s futures products will be replaced with Ether products, which will be tied to the token.

Registered a week ago, the iShares Ethereum Trust will go live on Nasdaq after it receives approval from regulators. 

A significant number of industry experts have since emphasized the significance of BlackRock’s move. These figures have collectively asserted that although a Bitcoin ETF might struggle to enter the U.S. market, an Ethereum ETF is more likely to gain approval swiftly. 

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Notably, Ether, the second most valuable cryptocurrency by market cap, is regarded by many as Bitcoin’s biggest rival. The asset, valued at $2,043 at press time, is expected to dethrone Bitcoin long-term.

Once approved, BlokckRock’s Ethereum ETF will allow interested cryptocurrency investors to gain access to Ether without directly owning the asset.

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Meanwhile, the U.S. Securities and Exchange Commission has expressed displeasure towards Spot ETFs. The regulator has maintained that the product is susceptible to fraud and market manipulation. It has, however, approved futures-based crypto ETFs in the past.

It bears mentioning that the Federal Appeals court had previously ruled against the SEC in its legal battle with the SEC. In August, the court ruled against the SEC’s decision to reject a Bitcoin spot ETF from Grayscale Investments, a prominent digital asset manager. 

As advised by other key figures, BlackRock is taking precautionary steps to avoid pushbacks and sanctions from the regulator. Excerpts of the filings stated that the information detailed in the prospectus has not been completed and is still subject to change. 

These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.” BlackRock wrote.

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Westport man pleads guilty to stealing $4.5M from cryptocurrency firm

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Westport man pleads guilty to stealing $4.5M from cryptocurrency firm

WESTPORT, Conn. (WTNH) — A Westport man who once served as a vice president of a cryptocurrency firm has pleaded guilty to stealing more than $4.4 million from them.

Dylan Meissner, 31, pleaded guilty to wire fraud, and faces up to 20 years in prison.

He was the vice president of finance at a cryptocurrency research firm in January 2022 when he received a $170,000 loan from the business to try to “avoid a substantial loss in certain cryptocurrency investments he had made using his personal funds,” according to an announcement from the U.S. Department of Justice.

Then, from February 2022 until he was fired in November 2022, he tried to make up for other losses by using the firm’s funds as his own. He then covered up the fraud by making false entries in business records.

In total, he took $4,461,828. He’s been ordered to pay $4,633,424.99 in restitution.

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He has been released on a $100,000 bond and will be sentenced on Oct. 11

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Cryptocurrency Stellar Decreases More Than 6% Within 24 hours

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Cryptocurrency Stellar Decreases More Than 6% Within 24 hours

Over the past 24 hours, Stellar’s XLM/USD price has fallen 6.11% to $0.10. This is opposite to its positive trend over the past week where it has experienced a 16.0% gain, moving from $0.09 to its current price.

The chart below compares the price movement and volatility for Stellar over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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Stellar’s trading volume has climbed 178.0% over the past week along with the circulating supply of the coin, which has increased 0.18%. This brings the circulating supply to 29.31 billion, which makes up an estimated 58.62% of its max supply of 50.00 billion. According to our data, the current market cap ranking for XLM is #33 at $3.02 billion.

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

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Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

Leading media outlet Bloomberg infuriates XRP community members with its description of the seventh-biggest cryptocurrency. 

In a recent article titled “Settlement Speculation Pushes XRP to Forefront of Crypto Rally,” Bloomberg characterized XRP as a “little-known cryptocurrency.” 

According to Bloomberg, speculations about a potential settlement in the ongoing lawsuit between the SEC and Ripple have put the XRP at the forefront of the crypto rally, with an astronomical price surge of 40% recorded over the past week. 

Notably, Bloomberg Crypto, the media outlet’s crypto arm, shared a link to the article on X. 

XRP Community Members React 

Despite Bloomberg highlighting XRP’s massive growth over the past week, its description of the asset as a “little-known” cryptocurrency irked community members. 

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The development triggered reactions among prominent XRP enthusiasts, including crypto YouTuber Ben Armstrong (a.k.a. BitBoy). 

Popular media personality Zach Rector characterized the description as a joke, adding that he would address it in a video later today. 

A Move to Attract Engagement 

Furthermore, most XRP enthusiasts suggested that Bloomberg intentionally used the description to stir engagement from its community members. 

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It bears mentioning that the Bloomberg tweet has received enormous engagement since it was posted yesterday at 17:44 PM (UTC). So far, it has attracted over 91,000 views, 382 likes, and 167 retweets. This is currently one of Bloomberg Crypto’s best-performing tweets in recent times. 

XRP Popularity Surges 

It is unclear whether Bloomberg intentionally used the description to fuel engagement. However, XRP has gained massive popularity in the crypto and traditional finance sectors. Crypto investors are usually focused on XRP due to its ranking among the top 10 crypto assets by market capitalization.  

Additionally, XRP has attracted investors’ attention based on its involvement in the ongoing legal dispute between the SEC and Ripple. Interestingly, several crypto entities, including Binance and Coinbase, leveraged the Ripple decision, which declared XRP a non-security, to bolster their arguments against the SEC. 

On the other hand, XRP is also making waves in the traditional finance industry. Several financial institutions, including Tranglo and Japan banks, have utilized XRP for cross-border settlements via Ripple’s payments solution, ODL (now Ripple Payments). 

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At press time, XRP is up 32.65% over the past 7 days to 59 cents. It is currently ranked as the seventh-largest cryptocurrency, with a market cap of $33 billion. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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