GSR’s Post

Weekly Crypto News Time! 🔥 🙌 Bitcoin Breaks $50k!! The big event this week was Bitcoin breaking $50k while ETH topped $2,600. Pundits are saying that the dynamics of the Bitcoin ETF players have stabilised and we are consistently in a net inflow scenario… $3bn to be exact! Essentially, we have a lot of buy pressure while at the same time Bitcoin hodlers have gone full diamond hands. On the ETH front the dynamics are different due to a new shiny token standard driving volume. Another major talking point was how little impact the 5 hour Solana outage had on the SOL price. In the wider ecosystem we continue to see big institutional plays; Metamask and Robinhood have partnered up, while Fidelity is adding crypto into its conservative ETF offer. What a time to be alive! Other crypto news: 🔘 The New York attorney general isn’t done with Gemini or DCG over the Gemini Earn product. 🔘 We are big fans of stablecoins, hence the launch of NZDD. Castle Island Ventures research points out stablecoin volumes are comparable with tradfi volumes. Staying with stablecoins, RBNZ governor Orr isn’t a fan… turkeys don’t vote for Christmas. 🔘 There is a new Ethereum Token standard called ERC 404 which is a hybrid Token and NFT. It has a cool name to boot, Pandora. 🔘 Withdrawals from Greyscales ETF appear to be slowing down. The ETF complex is in growth mode though. 🔘 In ETH ETF news, Ark 21Shares amended their application to include the possibility of staking rewards. 🔘 Fidelity Canada has a 1% Crypto (Bitcoin) allocation ….in their conservative bundled ETF offer. 🔘 Microstrategy is pivoting towards being a Bitcoin development company, a necessary move now that it has severe competition for funding due to the Bitcoin ETF’s. 🔘 OKX is opening in Argentina and in particular promoting its Peer 2 Peer service. Kraken is also expanding, having secured licences in the Netherlands. and that's a wrap! Catch ya next time ✌️

🚀 Exciting Developments in Crypto Predictions for 2024! 📈 Bitwise, a key contender for a Bitcoin ETF spot, anticipates a substantial surge in Bitcoin's value, projecting it to surpass $80,000 upon approval from the U.S. Securities and Exchange Commission (SEC). As we embark on the new year, Bitwise has unveiled ten crypto forecasts, with a particular focus on the future trajectory of Bitcoin post-SEC approval. While Bitcoin recently surpassed $45,000, signaling positive momentum, there's been a temporary setback due to unconfirmed rumors about a potential Bitcoin ETF rejection. The current price rests at $43,315.33, reflecting a 4.02% decrease in the last 24 hours. This episode underscores the crypto market's sensitivity to regulatory uncertainties and developmental news, leading to increased volatility. The crypto community eagerly awaits the SEC's decision on the Bitcoin ETF, expected by January 10. Bitwise remains optimistic, describing the approval as potentially the most successful Bitcoin ETF launch ever. All eyes are on the SEC, as the final amendment of S-1 filings has been submitted by the ETF filers, leaving the decision in the agency's hands. Bitwise's predictions extend beyond Bitcoin, forecasting Ethereum (ETH) revenue to surge to $5 billion, fueled by a significant influx of users into crypto applications. The asset manager's insights also cover AI, stablecoins, and other innovative technologies, painting a compelling picture for the evolving crypto landscape in 2024. Stay tuned for further updates as the industry navigates these exciting developments! 🌐💼 Follow us for daily new information https://lnkd.in/gs-6rMBM #CryptoPredictions #BitcoinETF #Crypto2024 #BitwiseInsights

New Post: BTC Price ‘Correction to $36,000 is Inevitable Before Bitcoin Goes Up’ - Advertisement &nbsp
 
 &nbsp In a recent market analysis, Singapore-based trading firm QCP Capital has offered a unique perspective on the current state of the crypto market, predicting an inevitable correction for Bitcoin before a potential upward trajectory. According to QCP Capital, the flagship cryptocurrency could face resistance in the $45,000-$48,500 range, following a retracement to around $36,000 before resuming its upward momentum. The Spot Bitcoin ETF Factor One key factor influencing QCP Capital’s forecast is the impending launch of a spot Bitcoin exchange-traded fund (ETF) in January. The trading firm suggests that this event may initially encounter subdued demand, potentially leading to what is known as a ‘sell the news’ scenario. Such a scenario could introduce short-term volatility to the Bitcoin market, leading to traders adjusting their positions. Ethereum Emerges as a Secondary Option Among the anticipated market dynamics surrounding the spot Bitcoin ETF launch, QCP Capital sees Ethereum (ETH) as a potential beneficiary. Advertisement&nbsp
 
 &nbsp The firm suggests that Ethereum could emerge as a compelling secondary investment option. Speculative interest in an upcoming Ethereum spot ETF could drive ETH prices higher, creating a scenario where Ethereum sees an increase even before the ETF’s official launch. QCP Capital’s Analysis QCP Capital emphasizes the likelihood of Bitcoin facing topside resistance within the specified price range. However, the firm highlights that a correction to $36,000 is an integral part of the market cycle before Bitcoin resumes its upward trajectory. Investors should closely monitor market conditions and recognize that major cryptocurrencies can be susceptible to sentiment shifts and regulatory challenges. Regulatory Considerations The broader crypto market is not immune to regulatory considerations, as seen by recent discussions involving major financial entities like BlackRock and Nasdaq alongside regulatory authorities such as the U.S. Securities and Exchange Commission (SEC). The ongoing talks have centred around potential rule changes for the listing of the spot Bitcoin ETF, with BlackRock adjusting its proposal to align with SEC preferences, adding a layer of complexity to the market dynamics. As the crypto space continues to evolve, QCP Capital’s analysis provides valuable insights into the potential market movements for Bitcoin and Ethereum. Investors should stay cautious and informed about the latest events. A potential correction to $36,000 could present challenges and opportunities in the ever-changing crypto world. #BTC #Price #Correction #Inevitable #Bitcoin https://lnkd.in/dZE3a_Pv

We've known about the upcoming bitcoin halving for a decade. But this event will be nothing like others before it — never before has the crypto seen a supply shock collide with a demand tidal wave. A bitcoin halving — when the number of tokens rewarded to miners gets cut by 50% — happens reliably every four years. This time, however, supply will slow within months of an unprecedented demand surge, fueled by the approval of spot bitcoin ETFs. "The thought of halving not impacting the price is hard to fathom. It's hard to imagine any 'sell the news' reaction would last," Sandy Kaul, a senior VP at Franklin Templeton, told me. In any case, bitcoin has long fluctuated between a fool's gamble and the hottest asset in markets. Ahead of the 2024 halving, it's been squarely in the latter camp. Greg Magadini, CFA, the director of derivatives at Amberdata, said crypto has a "reflexive" effect of pulling investors in from the sidelines as they succumb to fear of missing out. Ultimately, bitcoin's supply remains predictable. It's demand that's impossible to forecast, Hashdex CIO Samir K. told me, while GSR strategist Brian Rudick said he expects a bullish outlook regardless of halving. "I don't believe that future events can be 'priced in' with bitcoin, since the major variable determining the price of bitcoin is demand." Full story on Business Insider: https://lnkd.in/gsV9ze2g

Fascinating article attached by Reuters News Agency about bitcoin recently reaching all time highs, with an 8% pull back in the last 24 hours. "Bitcoin soared to a new record high on Tuesday, fueled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall. The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then reversed course and was recently down around 8% at $62,000". https://lnkd.in/gTBJc5bD Disclaimer   Bitcoin and units in the Vault International Bitcoin Fund are extremely volatile. Talk to your financial advisor about whether bitcoin exposure in the VIBF is right for you.   The Vault International Bitcoin Fund is available on InvestNow, and you can begin investing with as little as $50pm. Or please request the VIBF via your Financial Advisor. (NZ Advisors please note - the VIBF is now available on Adminis, Aegis and MMC). Please visit https://lnkd.in/d_pqZQWN for more details.   Note - The VIBF is Taxed as a PIE Fund. No capital gains tax is payable. As a PIE fund, tax is capped at a maximum Prescribed Investor Rate (PIR) of 28% on a 5% “deemed dividend” income under Fair Dividend Rate (FDR) methodology. This equates to an effective maximum total tax rate of 1.4% per annum on the VIBF.   The issuer and manager of the Vault International Bitcoin Fund is FundRock NZ Limited. A Product Disclosure Statement is available on https://lnkd.in/gVAj8JK9, or from Disclose on https://lnkd.in/d_Kvp68A. #bitcoin #bitcoinetf #fund #nz #reuters

Crypto World Highlights for June 28th Market Trends and Volatility • Bitcoin Movement: Bitcoin bulls are aiming for a significant price rebound, with liquidity clustered between spot prices and $70,000. There is optimism for a liquidity grab if BTC returns to $62,000. • Market Caution: Lower leverage ratios in Bitcoin futures suggest market caution and potential stabilization, indicating a deleveraging phase. • Political Influence: PoliFi Tokens and BTC are facing pressure ahead of the Biden-Trump debate, with particular attention on the crypto-friendly stance of Republican candidate Trump. • Mt. Gox Liquidations: If Mt. Gox creditors liquidate most of their holdings next month, JPMorgan predicts a crypto market sell-off in July followed by a rebound in August. Regulatory and Legal Battles • Coinbase vs. SEC: Coinbase has initiated its third legal battle with the SEC, also involving the FDIC, over blocked information requests. • Solana ETF: VanEck has filed for the first Solana ETF in the U.S., targeting institutional investors for exposure to Solana. • Ethereum ETFs: The SEC might approve spot Ethereum ETFs by July 4, generating significant industry anticipation. Security and Hacks • Increased Losses: Crypto losses due to hacks and rug pulls have increased by 112% year-over-year, with year-to-date losses up 24% from the previous year, according to Immunefi. • Marathon Digital: To diversify its revenue streams post-Bitcoin halving, Marathon Digital has expanded into altcoin mining, deploying its first Kaspa miner in September and mining 93 million KAS, valued at around $15 million. Investment and Political Landscape • CleanSpark Acquisition: CleanSpark has acquired GRIID in a $155 million stock transaction, expected to add over 400 megawatts to the company’s power grid over two years. • Political Support: Only 41 U.S. politicians are strongly against crypto, while 310 are strongly supportive, with Republicans having more pro-crypto candidates. • Spot ETFs Impact: Launching spot ETFs for proof-of-stake chains without staking provisions could undermine the security and decentralization of networks like Ethereum and Solana due to SEC requirements. #Bitcoin #Crypto #News #Market

New Post: Bollinger Bands Creator Says Bitcoin Downtrend Might Be Over - Bitcoin has had a depressing week following the approval of spot Bitcoin ETFs in the US, becoming what many feared might be a sell-the-news event. The top crypto dipped below $38,700 during the week for the first time since early December, following a sell-off from digital asset fund manager Grayscale. However, the crypto is now showing signs of recovery and is now trading above $42,600.  According to a social media post by John Bollinger, the legendary creator of the Bollinger Bands, Bitcoin might be done with the selloff, suggesting that the downtrend is already at a bottom.  Bollinger’s Bullish Stance On Bitcoin Bollinger Bands is one of the most popular technical analysis tools used by traders today. The legendary trader and financial author is known in recent times for his bullish affiliation with BTC. Bollinger recently took to social media platform X to reiterate this bullish stance, suggesting that Bitcoin’s recent sell-the-news event could be coming to an end. OK, looks like we might be done with this “sell on the news” cr@p? $btcusd — John Bollinger (@bbands) January 27, 2024 While Bollinger did not provide any further details on how he came about this prediction, it probably came from his evaluation of the current state of the digital asset. Furthermore, his reputation as a well-known trader adds credibility to his statement.  The technical analyst had made a similar bullish prediction earlier in the month with a price chart shared on social media. According to a price chart posted on X on January 4th showing the Bollinger Bands indicator, he noted that BTC is on its way to breaking higher. Bitcoin was trading at $44,130 at this point and spot ETF applications were yet to be approved. I think it breaks higher. $btchttps://t.co/vH9yoFa2Ut — John Bollinger (@bbands) January 4, 2024 What’s Next For Bitcoin? At the time of writing, BTC is trading at $42,499, up by 2% in the past 24 hours. If Bollinger is right and Bitcoin has found its bottom, it means the worst of the correction is likely over, and Bitcoin is on its way to climbing back up.  Bitcoin (BTC) is currently trading at $42,499. Chart: TradingView.com Bollinger’s bottom prediction contradicts the prediction of some well-known crypto analysts. Recent happenings seem to have turned very bullish predictions before the spot ETFs came online into predictions of a downtrend in the short term. Despite this, most agree on a bullish price movement in the long term, especially with the approach of the next Bitcoin halving. According to Arthur Hayes, co-founder of crypto exchange BitMEX, Bitcoin could continue this consolidation before finding a local bottom between $30,000 and $35,000. Chris Burniske, another analyst and co-founder of Placeholder, a venture firm specializing in cryptocurrencies, believes a BTC bottom would be formed between these price levels but could als

U.S. spot bitcoin exchange-traded funds (ETFs) saw their sixth straight day of inflows on Monday, adding $241.12 million. Ark Invest and 21Shares led with $68 million, followed by BlackRock’s $66 million. Collectively, the 11 bitcoin ETFs pulled in over $1.18 billion in six days, raising total inflows since January to $12.87 billion. Bitcoin's price also jumped 6.35% to over $71,000, and analysts now see a higher chance of the SEC approving spot ether ETFs. Source: https://buff.ly/3ymAbE7 Ethereum surged 20% to $3,687 amid rumors of imminent ETF approval, boosting related tokens Arbitrum and Optimism by 18%. The optimism spread to other cryptocurrencies like Solana and Avalanche, each gaining over 25% in the past week The rally was sparked by Bloomberg analysts predicting a 75% chance of SEC approval for Ethereum spot ETFs, up from 25%. Crypto betting markets reflected this shift, with odds of approval jumping from 10% to 61%. Source: https://buff.ly/4auwrOb Federal prosecutors have charged Rui-Siang Lin, a 23-year-old Taiwanese national, with operating Incognito Market, one of the world's largest online drug marketplaces. Lin, also known as "Pharoah" and "faro," was arrested at JFK Airport and faces a 15-count indictment. Prosecutors allege that Incognito Market, which operated from October 2020 to March 2024, facilitated over $100 million in illicit drug sales Source: https://buff.ly/3KcPQIY