Channel: Crypto Market Time
BlackRock’s journey into the world of Bitcoin began as early as 2016, marking a multi-year evolution in strategy and outlook. Robert Mitchnick highlights the growing interest among BlackRock’s clients in gaining exposure to Bitcoin, with a notable focus on the iShares Bitcoin Trust (IBIT) ETF managed by BlackRock. However, demand for other digital assets remains minimal, with Mitchnick stating, For every other digital asset, demand is “very, very little.”
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Crypto exchange Binance said it would end support for Tron network-based USD Coin (USDC) stablecoins by April 5, according to a March 25 statement, following recent news Circle is pulling out of the Tron blockchain entirely. Consequently, Binance users have less than two weeks to withdraw their assets or convert them to USDC on alternative networks. Notably, transactions involving USDC via other supported networks like Ethereum remain unaffected.
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The Department of Justice lodged charges against crypto exchange KuCoin and two of its founders, alleging they violated anti-money laundering laws. The DOJ unveiled the indictment on Tuesday against KuCoin and two of its founders Chun Gan and Ke Tang over charges related to operating an unlicensed money-transmitting business and and violating the Bank Secrecy Act.
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Fidelity Investments has taken another step in its effort to launch a spot Ethereum ETF, filing a registration statement on March 27 despite the uncertain regulatory landscape. Fidelity’s actions, alongside those of other firms aiming to introduce spot ether ETFs, illustrate the growing interest in integrating digital assets into traditional financial products. Yet, obtaining regulatory approval presents a notable challenge, highlighting the evolving and uncertain nature of crypto regulation.
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Crypto Market Time pinned «Launch your crypto brokerage now with B2Trader! 🚀 The crypto trading sphere is bustling, with more than 300 million traders globally. @B2Broker, in collaboration with the B2Trader Brokerage Platform, simplifies the path for both nascent ventures and veteran…»
Solana's DeFi landscape is witnessing an unprecedented surge, with its decentralized exchanges (DEXs) recording monumental trading volumes and liquidity figures this year. From a stellar growth in DEX volume, reaching a staggering $26.7 billion in March, to the dramatic rise in the number of organic traders, the evidence points toward a thriving ecosystem. This revelation underscores the sophisticated dynamics at play within Solana's DeFi ecosystem.
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https://hottg.com/CryptoMarketTime
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Bitcoin on-chain data by Glassnode portrays a bullish sentiment, underscored by robust support levels influenced by short-term holders‘ behavior. The Short-Term Holder Realized Price (STH RP), reflecting the average on-chain acquisition cost for coins moved within the last 155 days, recently soared to an all-time high of $57,547. Notably, its 7-day percent change stands at 4%, a significantly elevated figure following a remarkable 11% surge – marking the highest level since 2021.
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https://hottg.com/CryptoMarketTime
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According to data from the Bold Report, Bitcoin exchange-traded products (ETPs) have achieved a significant milestone, accumulating over 1 million BTC. This translates to an impressive $74 billion in assets under management (AUM). This accumulation represents more than 5% of Bitcoin’s circulating supply, which is approximately 19.7 million Bitcoin.
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Bitcoin’s price took a tumble on April 2, briefly dipping just to $66,000 before recovering slightly to around $66,500 as of press time. This drop from the digital assets’s all-time high of approximately $73,500 on March 14 represents roughly a 10% decline. Coinglass data shows that the plunge triggered a flurry of liquidations across the digital asset ecosystem, with over $240 million worth of positions being closed out in the past 12 hours.
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📣 Goldman Sachs Clients Not Interested in Crypto, Says Chief Investment Officer: WSJ
Goldman Sachs, nowadays one of the few Wall Street banks to do so, isn’t backing away from its negative stance against crypto, as it doesn’t see any value in the asset. Sharmin Mossavar-Rahmani, chief investment officer of the bank's Wealth Management unit, has long been known for her skepticism of bitcoin and other digital assets, and her opinion hasn’t changed, according to a recent interview.
Source
https://hottg.com/CryptoMarketTime
Goldman Sachs, nowadays one of the few Wall Street banks to do so, isn’t backing away from its negative stance against crypto, as it doesn’t see any value in the asset. Sharmin Mossavar-Rahmani, chief investment officer of the bank's Wealth Management unit, has long been known for her skepticism of bitcoin and other digital assets, and her opinion hasn’t changed, according to a recent interview.
Source
https://hottg.com/CryptoMarketTime
Jeremy Allaire, the CEO of stablecoin issuer Circle, has welcomed Ripple’s entrance into the market. Earlier today, crypto firm Ripple revealed plans to launch a stablecoin that would be 100% backed by US dollar deposits, government bonds, and cash equivalents. Circle is the issuer of USD Coin (USDC), the second-largest stablecoin by market capitalization. The firm’s asset is enjoying a renaissance, emerging as the best-performing among major stablecoins during the year’s first quarter.
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https://hottg.com/CryptoMarketTime
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Morgan Stanley and UBS are actively competing to become the first major banks to offer their clients access to spot Bitcoin exchange-traded funds (ETFs), according to people familiar with the matter. Sources said that Morgan Stanley wants to be the first major bank to offer its clients full access to spot BTC ETFs and will try to frontrun UBS by making an announcement a few days earlier. Arch Public co-founder Andrew Parish shared the development on social media, citing sources.
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https://hottg.com/CryptoMarketTime
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🇰🇷 South Korea to tighten crypto exchange listings with upcoming guidelines: report
New guidelines imposing tighter regulations for token listings on centralized crypto exchanges will be released by South Korean financial authorities, news agency News1 reported. Additionally, the report stated that the Financial Services Commission in the country may mandate that foreign token projects develop specific whitepapers for the local market to get listed on domestic exchanges. Yet, tokens already listed on a licensed exchange for over two years may not need to meet these new criteria.
Source
https://hottg.com/CryptoMarketTime
New guidelines imposing tighter regulations for token listings on centralized crypto exchanges will be released by South Korean financial authorities, news agency News1 reported. Additionally, the report stated that the Financial Services Commission in the country may mandate that foreign token projects develop specific whitepapers for the local market to get listed on domestic exchanges. Yet, tokens already listed on a licensed exchange for over two years may not need to meet these new criteria.
Source
https://hottg.com/CryptoMarketTime
A jury has found that both Terraform Labs and its cofounder, Do Hyeong Kwon, misled investors and are found liable for civil fraud, according to multiple reports. Deliberations began Friday afternoon after both sides made closing arguments in the morning, according to reporting from Coinage. The trial lasted two weeks. The Securities and Exchange Commission charged Terraform and Kwon in February 2023 over the algorithmic stablecoin Terra USD, which collapsed in a dramatic fashion a year earlier.
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https://hottg.com/CryptoMarketTime
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In April, bitcoin (BTC) miners face two significant events: the upcoming difficulty adjustment and the subsequent halving. During the last adjustment on March 28, at block height 836,640, the difficulty decreased by a modest 0.98%. However, this reduction may be erased in the next adjustment, which is projected to increase by anywhere from 1.2% to 2.16%. The upcoming difficulty adjustment is anticipated to happen at block height 838,656, providing miners with 1,344 blocks to mine until block 840,000.
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The frequency of Bitcoin reaching higher support price levels, as well as the “lack of immediate froth” in the derivatives markets, suggests that its price is unlikely to retrace down to $50,000 anytime soon, according to a crypto analyst. Senior analyst at digital asset fund UTXO Management, Dylan LeClair, explained in an analyst note on April 7 that if Bitcoin rises back into the $70,000–$75,000 price range, it will put significant pressure on short positions. “As we’ve consolidated, an increasing amount of short liquidations are building from 70-75k,” he stated.
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The first quarter of 2024 turned out to be Bitcoin’s (BTC) third-best in the past three years, according to a report from crypto data analytics platform Kaiko. Q1 2024 was Bitcoin’s best quarter in a year as the network witnessed a surge in trading volume. The $1.4 trillion traded in the quarter was the largest cumulative amount the network had seen in more than two years, representing a 107% increase from the $674 billion recorded in Q4 2023.
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The community of decentralized derivatives exchange dYdX has voted to stake 20 million dYdX Chain tokens, worth about $60 million at current prices, with Cosmos staking provider Stride in order to boost the economic security of the network and encourage stake diversity among its community. In a vote with 81% participation, the measure passed with 91% support, though some dissenters on the original proposal noted that the proposal's passage could lead to a reduction in dYdX's APY, making the token less attractive to new investors.
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