Crypto
Majority of Top 20 Cryptocurrencies Experience Double-Digit Losses: What’s Behind the Crypto Bloodbath?
Bitcoin is down slightly, many altcoins have seen major losses and the largest cryptocurrency continues to face rejections at the $70k level. While Bitcoin and Ethereum experienced losses of 5-7%, many altcoins bled double digits. BNB, Solana, and Dogecoin saw losses ranging from 12-15%. Shiba Inu, Avalanche, Polkadot, Chainlink and NEAR Protocol also suffered double digit losses.
The Consumer Price Index (CPI) report is coming out, which historically influences crypto markets. Anticipation of this report may be causing some market hesitation. The Federal Open Market Committee (FOMC) meeting is also taking place, with a summary of economic projections being discussed.
Although no rate changes will be announced, this meeting still impacts market sentiment. Officials are expected to keep interest rates steady regardless. However, the new inflation figures might influence their predictions on the number of rate cuts for the year, as policymakers can revise their forecasts based on this data.
Despite the downturn, institutions and companies are still interested in crypto, influenced by the success of Bitcoin spot ETFs. This interest extends to all major cryptocurrencies, including Ethereum and other blue chips.
What to expect from Bitcoin price?
When discussing Bitcoin’s price, analyst Crypto Rus noted that before Bitcoin surged from $1,000 to $20,000 in 2017, there was a period of choppiness and consolidation, similar to the current 15-week period. He suggested that once a breakout occurs, significant upward movement could follow, potentially reaching $300,000 to $400,000.
He said that despite ETH recently dropping from $3,900 to $3,500, it is forming a bull flag. With Ethereum ETFs on the horizon, significant investment is expected, which could drive ETH prices higher. The influx of liquidity will benefit not just ETH but the entire market.
Crypto
United States – Fin Tech – JONES DAY PRESENTS: Cryptocurrency 2024
Jones Day is a global law firm with more than 2,500 lawyers across five continents. The Firm is distinguished by a singular tradition of client service; the mutual commitment to, and the seamless collaboration of, a true partnership; formidable legal talent across multiple disciplines and jurisdictions; and shared professional values that focus on client needs.
Crypto
ASX admits first spot Bitcoin ETF
ASX today announces the admission of its first spot Bitcoin exchange-traded fund (ETF), marking a significant milestone in the Australian financial market and cryptocurrency industry.
The admission of the VanEck Bitcoin ETF (ASX:VBTC) comes as crypto assets, such as Bitcoin and Ether, increasingly move into the investment mainstream, supported by increased regulatory guidance around the product category and growing consumer demand.
Andrew Campion, GM of Investment Products & Strategy said:
“While it has been possible to trade Bitcoin via crypto exchanges, trading units with exposure to Bitcoin via an ETF on an exchange like ASX means you’re able to buy and sell those units through a traditional brokerage account, simplifying the process and opening the opportunity to more Australians.”
VBTC will be backed by a Bitcoin holding via a US domiciled master fund, ensuring that each unit of the ETF corresponds to a specific amount of Bitcoin. This structure aims to give investors exposure to the price of Bitcoin, providing investors with a robust and transparent reflection of the crypto asset’s value.
“As the demand for digital assets continues to grow, we are proud to offer a regulated avenue for Australian investors to access the crypto asset market,” Mr Campion said.
Crypto
Kraken Calls Security Research Firm’s Demands ‘Criminal’; Certik Slams Threats Against Its Employees – Security Bitcoin News
-
Politics1 week ago
GOP releases Jan. 6 clip of Pelosi saying 'I take responsibility' as she discussed National Guard absence
-
World1 week ago
Ukraine reconstruction official quits citing ‘systemic obstacles’
-
World1 week ago
Jury deliberations start in Hunter Biden’s gun trial
-
Politics1 week ago
Biden admin weighs going around Israel to negotiate release of US hostages directly with Hamas: report
-
Technology1 week ago
Resident Evil 7 is making its way to the iPhone, iPad, and Mac
-
News1 week ago
In attempting to curtail immigration, the U.S. looks for allies in Latin America
-
News1 week ago
171,000 Traveled for Abortions Last Year. See Where They Went.
-
Politics1 week ago
Trump travels to DC to meet with congressional Republicans, speak with nation's top business executives