[Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”]

Skybridge Founder Insists It's 'Still Very Early' to Buy BTC — Sees Bitcoin as the New Berkshire Hathaway

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”

Mike McGlone’s Bitcoin Analysis

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, shared his perspective on bitcoin, gold, and the U.S. stock market several times this week.

“Bitcoin at about $62,000 on Feb. 29 was at its highest month-end price ever, and so was the S&P 500, which may show the crypto’s risk compared with gold. The metal has been hovering above $2,000 an ounce since ending December at $2,063, its month-end record,” McGlone detailed on Friday. “At about 3x the annual volatility of the stock index and gold, a key test for bitcoin may come when the S&P 500 has a drawdown.”

The Bloomberg strategist continued: “What of gold with bitcoin nearing $70,000? Crypto money pull — The juxtaposition of China rapidly accumulating gold and record inflows into U.S. bitcoin ETFs may leave the metal looking naked in portfolios if not paired with some of the crypto.” He emphasized:

Gold ETF outflows and declining futures open interest vs. the opposite in bitcoin could portend a firming crypto foundation for a big test — when the U.S. stock market has a drawdown.

The strategist further detailed: “Bitcoin futures have been around since 2017, and interest in the newcomer is far outpacing gold, with implications for prices. On a one-year basis to Feb. 29, aggregate open interest (OI) in the CME traded gold future has dropped about 5% vs. about a 60% rise in bitcoin OI.” He noted that his graphic shows that “this isn’t a short-term phenomenon.”

McGlone also explained in a recent interview that “We are seeing clear outflows” from gold ETFs and there have also been outflows from large cap and stock indices to buy new spot bitcoin ETFs. In another X post, the strategist opined: “It’s hard to fight the facts of significant gold ETF outflows and bitcoin ETF inflows.”

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

The strategist explained on Bloomberg TV Wednesday: “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” McGlone also referred to bitcoin as an alternative global currency, stating:

It’s becoming an alternative currency on a global basis.

Source: https://news.bitcoin.com/bloomberg-strategist-sees-bitcoin-as-global-alternative-currency-warns-stock-market-drawdown-could-impact-btc/

[Balaji Srinivasan, venture capitalist and former CTO of Coinbase, has highlighted the real purpose of Bitcoin and its implications for geopolitical and financial issues. Srinivasan stated that Bitcoin at its core is a “political revolution,” because it challenges the centralized states’ business model, and the change brought by it will be fought by states who will try to seize it.]

Former Coinbase CTO Balaji Srinivasan: Bitcoin Is a 'Political Revolution'

Balaji Srinivasan, venture capitalist and former CTO of Coinbase, has highlighted the real purpose of Bitcoin and its implications for geopolitical and financial issues. Srinivasan stated that Bitcoin at its core is a “political revolution,” because it challenges the centralized states’ business model, and the change brought by it will be fought by states who will try to seize it.

Balaji Srinivasan Predicts That States Will Try to Seize Bitcoin

Balaji Srinivasan, an Indian-American investor and former chief technology officer (CTO) of Coinbase, has profiled the role that Bitcoin will play in the geopolitical and financial future of the world. Answering a question about the true purpose of Bitcoin, Srinivasan explained that while it can be understood as a tech innovation, at its core Bitcoin was a “political revolution.”

Srinivasan detailed that by breaking the means to manipulate money issuance and the means of the governments to seize existing wealth, Bitcoin would allow individual citizens to build a voluntary network apart from the interests of their states.

Srinivasan explained:

It (Bitcoin) allows free people to decide from scratch what collectives they want to form, what public goods they want to crowdfund, and what they want to voluntarily do together as a society.

Furthermore, he said that Bitcoin will divide nation-states into two sides: the ones that adopted Bitcoin early (like El Salvador and Bhutan) and those that will fail to ascertain the relevance and significance of its proposal.

This, Srinivasan stresses, will lead the second side to attack the cryptocurrency, pivoting on its previous views. He described that these nations will go “from questioning whether Bitcoin has any utility to calling it too powerful to leave in the hands of the citizenry. And then the attempts at seizure will begin.”

The investor has previously remarked on the relevance of Bitcoin, detailing that the sanction of the spot bitcoin exchange-traded funds (ETF) in January was equivalent to the reversal of Executive Order 6102, which confiscated gold from U.S. citizens in 1935.

Source: https://news.bitcoin.com/former-coinbase-cto-balaji-srinivasan-bitcoin-is-a-political-revolution/

[The crypto enterprise Coinbase, rooted in San Francisco, experienced an influx of online visits that surpassed the tenfold increase anticipated by their projections. Brian Armstrong, the CEO of Coinbase, shared updates about the heightened traffic following the exchange’s operational hiccups, which coincided with bitcoin’s climb to $64,000 on Wednesday.]

'10x Surge' — Coinbase Traffic Overwhelmed Initial Demand Projections Amid Bitcoin's Rise to $64K

The crypto enterprise Coinbase, rooted in San Francisco, experienced an influx of online visits that surpassed the tenfold increase anticipated by their projections. Brian Armstrong, the CEO of Coinbase, shared updates about the heightened traffic following the exchange’s operational hiccups, which coincided with bitcoin’s climb to $64,000 on Wednesday.

Coinbase Traffic Spike Surpasses Expectations

Coinbase, along with various other cryptocurrency trading platforms, encountered disruptions in service as BTC reached its peak for the day. Several Coinbase users reported seeing a zero balance in their accounts despite owning cryptocurrency on the platform. On Wednesday, Coinbase recognized the glitch and assured its users through a public statement that their assets “are safe.”

Subsequently, Brian Armstrong, the founder and CEO of Coinbase, addressed the concerns regarding this issue on the social media network X. “Apps are now recovering,” Armstrong posted. “We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.”

Armstrong added:

It’s expensive to keep services over-provisioned, but we’ll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for bearing with us.

Armstrong’s X post followed an earlier post that said, “We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.” The remarks from the Coinbase leader coincide with a period when the 24-hour global crypto trade volume has reached $189.6 billion, marking a 55.38% increase from the previous day.

Source: https://news.bitcoin.com/10x-surge-coinbase-traffic-overwhelmed-initial-demand-projections-amid-bitcoins-rise-to-64k/

[Rich Dad Poor Dad author Robert Kiyosaki has thanked bitcoin for “kicking the fake U.S. dollar’s butt and bringing integrity back to money.” Kiyosaki has recently been more vocal in urging investors to buy bitcoin. He expects the price of the cryptocurrency to reach $100,000 by June of this year, cautioning that gold may experience a significant price decline.]

Robert Kiyosaki Thanks Bitcoin for Challenging US Dollar and Restoring 'Integrity' to Money

Rich Dad Poor Dad author Robert Kiyosaki has thanked bitcoin for “kicking the fake U.S. dollar’s butt and bringing integrity back to money.” Kiyosaki has recently been more vocal in urging investors to buy bitcoin. He expects the price of the cryptocurrency to reach $100,000 by June of this year, cautioning that gold may experience a significant price decline.

Robert Kiyosaki Thanks Bitcoin

The author of Rich Dad Poor Dad, Robert Kiyosaki, made a statement on social media platform X Wednesday regarding bitcoin as an alternative currency to the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

The famous author wrote:

Thank you bitcoin for doing your job … kicking the fake U.S. dollar’s butt and bringing integrity back to money.

Earlier this month, Kiyosaki predicted that bitcoin will reach $100,000 by June. He clarified that a BTC price drop wouldn’t deter him, as he would view it as a buying opportunity. While he anticipates a surge for bitcoin and silver, he believes that gold prices could crash below $1,200.

Following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), the famous author increased his BTC holdings. He also urged investors to consider both bitcoin and bitcoin ETFs while highlighting the significance of the upcoming Bitcoin halving.

Kiyosaki has consistently criticized fiat currencies like the U.S. dollar, calling them “fake money.” He contrasts this with gold and silver, which he terms “God’s money,” and bitcoin, which he views as “people’s money.” Last November, he emphasized that fiat money isn’t safe, urging investors to protect themselves from central banks.

The renowned author has repeatedly promoted bitcoin as protection against wealth erosion caused by the Federal Reserve, government policies, and Wall Street bankers. In January, he warned investors about the ballooning U.S. national debt and advised them to buy bitcoin as a potential safeguard. Kiyosaki predicts a global economic downturn and even the collapse of the American empire, mirroring the fall of the Roman Empire.

Source: https://news.bitcoin.com/robert-kiyosaki-thanks-bitcoin-for-challenging-us-dollar-and-restoring-integrity-to-money/

[Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”]

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”

Mike McGlone’s Bitcoin Analysis

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, shared his perspective on bitcoin, gold, and the U.S. stock market several times this week.

“Bitcoin at about $62,000 on Feb. 29 was at its highest month-end price ever, and so was the S&P 500, which may show the crypto’s risk compared with gold. The metal has been hovering above $2,000 an ounce since ending December at $2,063, its month-end record,” McGlone detailed on Friday. “At about 3x the annual volatility of the stock index and gold, a key test for bitcoin may come when the S&P 500 has a drawdown.”

The Bloomberg strategist continued: “What of gold with bitcoin nearing $70,000? Crypto money pull — The juxtaposition of China rapidly accumulating gold and record inflows into U.S. bitcoin ETFs may leave the metal looking naked in portfolios if not paired with some of the crypto.” He emphasized:

Gold ETF outflows and declining futures open interest vs. the opposite in bitcoin could portend a firming crypto foundation for a big test — when the U.S. stock market has a drawdown.

The strategist further detailed: “Bitcoin futures have been around since 2017, and interest in the newcomer is far outpacing gold, with implications for prices. On a one-year basis to Feb. 29, aggregate open interest (OI) in the CME traded gold future has dropped about 5% vs. about a 60% rise in bitcoin OI.” He noted that his graphic shows that “this isn’t a short-term phenomenon.”

McGlone also explained in a recent interview that “We are seeing clear outflows” from gold ETFs and there have also been outflows from large cap and stock indices to buy new spot bitcoin ETFs. In another X post, the strategist opined: “It’s hard to fight the facts of significant gold ETF outflows and bitcoin ETF inflows.”

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

The strategist explained on Bloomberg TV Wednesday: “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” McGlone also referred to bitcoin as an alternative global currency, stating:

It’s becoming an alternative currency on a global basis.

Source: https://news.bitcoin.com/bloomberg-strategist-sees-bitcoin-as-global-alternative-currency-warns-stock-market-drawdown-could-impact-btc/

[Over the past hour, as bitcoin’s value swings from $62,150 to $62,545 on March 1, 2024, the cryptocurrency market is experiencing a pronounced upward trend. With a trading volume of $55.41 billion over 24 hours and a market cap touching $1.21 trillion, bitcoin’s dominance in the market is clear. Technical indicators, including oscillators and moving averages, all point towards a positive sentiment, bolstering the optimistic perspective among traders.]

Bitcoin Technical Analysis: BTC's Bullish Rise Continues Amidst Market Optimism

Over the past hour, as bitcoin’s value swings from $62,150 to $62,545 on March 1, 2024, the cryptocurrency market is experiencing a pronounced upward trend. With a trading volume of $55.41 billion over 24 hours and a market cap touching $1.21 trillion, bitcoin’s dominance in the market is clear. Technical indicators, including oscillators and moving averages, all point towards a positive sentiment, bolstering the optimistic perspective among traders.

Bitcoin

On Friday, the day’s 24-hour trading range (intraday) between $60,365 to $63,684 illustrates a volatile yet upward trajectory for bitcoin (BTC). The significant trade volume suggests a high level of trader engagement, with the market responding positively to underlying bullish signals. This volatility presents opportunities for astute traders to capitalize on short-term price movements. Oscillator indicators such as the relative strength index (RSI) and Stochastic are currently in the neutral zone, indicating a balance in buying and selling pressures.

However, BTC’s commodity channel index (CCI) shows a negative signal, indicating a potential overbought condition that could lead to a short-term correction. Yet, the positive signals from the momentum and moving average convergence divergence (MACD) level indicators underline the prevailing bullish sentiment. The moving averages (MAs) paint a compelling picture of sustained growth. With exponential (EMAs) and simple moving averages (SMAs) from the 10-day to the 200-day all signaling positivity and the trend is unmistakably bullish. These MAs underscore a robust support base for bitcoin (BTC), reinforcing confidence among long-term traders.


Bitcoin chart by Tradingview
The 1-hour chart analysis reveals notable volatility with a slight downtrend, suggesting selling pressure and potential entry points near support levels. Bitcoin traders should monitor for signs of stabilization or bullish reversal patterns, indicating opportunities for short-term gains. The 4-hour BTC/USD chart offers a clearer perspective on the recent uptrend, followed by a consolidation phase. This pattern signals market indecision after a significant run-up, hinting at potential entry points for a continuation of the uptrend or a reversal from the lower consolidation boundary.

On the daily BTC/USD chart via Bitstamp, a strong bullish movement is evident, with significant buying interest and minimal retracement from highs. This suggests that the market may still be in a bullish phase, with entry points based on pullbacks towards established support levels and exit strategies focusing on maximizing gains with trailing stop-loss orders. The Ichimoku baseline, with its parameters set at (9, 26, 52, 26), shows a price of $53,122, indicating a neutral stance and suggesting market equilibrium without a clear direction. The volume-weighted moving average (VWMA) at 20 periods is at $54,755, signaling positive action, which reflects bullish sentiment based on average prices weighted by volume.

Bull Verdict:

Despite mixed signals from various technical indicators, the prevailing bullish sentiment, underscored by strong buy signals from volume-weighted averages, suggests a potent upward trajectory for BTC. This optimism is further bolstered by significant market engagement and a robust support base, indicating a fertile ground for continued growth and a compelling case for bullish traders going long.

Bear Verdict:

The bearish perspective is informed by sell signals from the Hull moving average (HMA) and the potential overbought conditions suggested by the commodity channel index. These indicators, coupled with the market’s susceptibility to short-term corrections and the inherent volatility, paint a cautious picture for bitcoin, advising traders to prepare for potential downtrends and to strategize exits with precision.

Source: https://news.bitcoin.com/bitcoin-technical-analysis-btcs-bullish-rise-continues-amidst-market-optimism/

[On Friday, Feb. 16, 2024, bitcoin’s value hovered between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above $52 billion.]

Coinbase Vaults Beyond 1 Million Bitcoin Mark, Stash Valued Over $52 Billion

On Friday, Feb. 16, 2024, bitcoin’s value hovered between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above $52 billion.

Coinbase Outshines Rivals With a Staggering 1 Million Bitcoin Inventory

As of now, Coinbase Global boasts a holding exceeding 1 million BTC, as per data gleaned from Arkham, showcasing an inventory of approximately 1.003 million, valued slightly over $52 billion at the current bitcoin exchange rates. This vast collection is second perhaps only to the rumored assets of Satoshi Nakamoto, or it could even be on par. Bitcoin.com News had earlier highlighted the firm’s approach to this landmark, noting that on Jan. 28, 2024, the exchange had 994,981 BTC on hand.

Known for being among the top exchanges globally in terms of trade volume, Coinbase also serves as the custodian for seven of the ten newly introduced spot bitcoin exchange-traded funds (ETFs) in the U.S., including the significant bitcoin reserves of Grayscale and Blackrock. The company’s bitcoin assets are also dispersed across numerous BTC addresses, for example, the Coinbase Prime wallet identified by Arkham houses 5,343 BTC, presumably used for spot trading activities on the exchange.

The bitcoin assets held by the San Francisco-based firm significantly eclipse those of its rivals, including Binance with its formidable cache of 647,042 BTC worth $33.6 billion. Binance leads with the largest BTC cold wallet, containing 248,597 BTC, while Bitfinex’s cold wallet holds the second-largest amount held by a single address with 204,010 BTC. Robinhood is reported to own approximately 131,066 BTC, valued at around $6.81 billion. Aside from Binance, none rival the bitcoin reserves of Coinbase.

The substantial bitcoin reserves under Coinbase’s care place a hefty responsibility on its shoulders. The company is tasked with safeguarding the vast array of retail investors who trust the platform with the leading crypto asset, securing the BTC for traders active in its spot market, and ensuring the protection of substantial amounts held by institutional clients and BTC trusts. This responsibility is critical, as crypto exchanges and their clientele are frequent targets for nefarious elements. As the custodian of an unparalleled bitcoin reserve, Coinbase is forced to navigate the complexities of crypto stewardship.

Source: https://news.bitcoin.com/coinbase-vaults-beyond-1-million-bitcoin-mark-stash-valued-over-52-billion/

[As bitcoin’s value surged to $52,545 this week, the fascination with it appears subdued, with Google Trends indicating a low level of interest. Currently, global metrics from the last 90 days reveal the search term “bitcoin” holds a score of 36 out of 100, significantly less than when bitcoin first exceeded the $50K threshold nearly three years ago.]

Bitcoin Soars Above $52K, Yet Public Interest Shows Decline, Google Trends Data Reveals

As bitcoin’s value surged to $52,545 this week, the fascination with it appears subdued, with Google Trends indicating a low level of interest. Currently, global metrics from the last 90 days reveal the search term “bitcoin” holds a score of 36 out of 100, significantly less than when bitcoin first exceeded the $50K threshold nearly three years ago.

Is Retail In? Bitcoin Enthusiasm Wanes According to Google Trends

On Feb. 18, 2021, bitcoin’s price (BTC) broke the $50K barrier for the first time, sparking considerable excitement as evidenced by Google Trends data, where the search term “bitcoin” hit a high of 71 out of 100 that week, based on worldwide metrics. Despite bitcoin’s price once again climbing above $50K, the search term hasn’t captured as much attention as it previously did.

Over the past 90 days, “bitcoin” has only achieved a score of 36 out of 100, without experiencing a notable surge in interest since Jan. 11, 2024, coinciding with the introduction of spot bitcoin exchange-traded funds (ETFs). On the day the ETFs debuted on Wall Street, the search term “bitcoin” reached a peak score of 100.

Google Trends employs a scoring metric from 0 to 100 to gauge the relative search popularity of a term. These scores are adjusted and scaled to reflect the topic’s share of searches across all subjects.

Currently, the score stands at 36, a decrease from the 40 out of 100 mark “bitcoin” achieved on Feb. 9, 2024. Additionally, Google Trends data is segmented by total searches within a given geography, with El Salvador currently leading in interest for the search term “bitcoin.”

Following closely behind El Salvador, the first country to adopt bitcoin (BTC) as legal tender, includes the countries Nigeria, Switzerland, the Netherlands, and Austria in terms of overall interest. The buzz around “bitcoin” continues to intertwine significantly with ETFs, drawing high-rated queries like “ibit,” “bitcoin etf ticker,” “bitcoin etf approval,” and “sec bitcoin etf.”

In 2021, Google Trends data highlighted Nigeria as the leading region by interest for that year, with other African countries like South Africa and Ghana also ranking highly. Notably, El Salvador and Nigeria have emerged as the frontrunners in enduring Google Trends interest, via lifetime records.

This diminishing curiosity in bitcoin, despite its high valuation, suggests a maturation of the cryptocurrency market or a shift in the public’s focus. While it’s evident that institutional investors have entered the scene, the retail crowd seems less engaged.

For bitcoin to recapture the attention of retail investors, it might need to soar to even greater heights. However, diving in at the peak of its value is often not considered the wisest move.

The consistent interest from nations like El Salvador and Nigeria hints at diverse global perspectives on digital currencies. As the landscape evolves, the relationship between market milestones and public interest may further diverge, reflecting more informed or selective attention toward cryptocurrency developments.

Source: https://news.bitcoin.com/bitcoin-soars-above-52k-yet-public-interest-shows-decline-google-trends-data-reveals/

[In a recent turn of events, spot bitcoin exchange-traded funds (ETFs) emerged as the market leaders in the realm of cryptocurrency investment products last week. According to a recent report by Coinshares, these funds attracted $1.1 billion in inflows, marking the highest assets under management (AUM) since the early days of 2022.]

Report: Spot Bitcoin ETFs Lead Crypto Investment Surge With Record Inflows

In a recent turn of events, spot bitcoin exchange-traded funds (ETFs) emerged as the market leaders in the realm of cryptocurrency investment products last week. According to a recent report by Coinshares, these funds attracted $1.1 billion in inflows, marking the highest assets under management (AUM) since the early days of 2022.

Coinshares Report Shows Spot Bitcoin ETFs Reign Supreme With $1.1 Billion Inflows

The digital asset investment landscape has witnessed a significant uptick, with spot bitcoin ETFs in the United States capturing the spotlight. The report, authored by Coinshares’ analyst James Butterfill, shows these newly issued investment products not only dominated last week’s inflows but also contributed to a year-to-date influx totaling $2.7 billion.

Report: Spot Bitcoin ETFs Lead Crypto Investment Surge With Record Inflows

The report explains that regionally, the focus has sharpened on the U.S., where spot-based bitcoin ETFs have seen a net increase of $1.1 billion in inflows since their launch on January 11th, cumulatively reaching $2.8 billion. During the previous week, seven-day statistics revealed that IBIT and FBTC attracted the most significant inflows.

Research from Bitcoin.com News highlights that IBIT and FBTC possess the largest BTC reserves among the group, controlling over three-quarters of the total more than 208,000 BTC held. Despite the concentration of inflows into bitcoin (BTC), other cryptocurrencies like ethereum (ETH) and cardano (ADA) have also benefited from the positive market sentiment. Ethereum and cardano witnessed inflows of $16 million and $6 million, respectively.

Avalanche, which raked in $0.5 million, experienced minor inflows, along with Polygon and Tron, which each saw $0.4 million. The report further details a cooling off of outflows from other regions, with minor outflows noted in Canada ($17M) and Germany ($10M), contrasting with substantial inflows in Switzerland ($35M). This geographical distribution of inflows and outflows presents a nuanced view of the global crypto investment landscape.

Source: https://news.bitcoin.com/report-spot-bitcoin-etfs-lead-crypto-investment-surge-with-record-inflows/

[Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed.]

Coinbase Sees Positive Setup for Bitcoin as Exhaustion Hits Factors Pressuring BTC

Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed.

Coinbase’s Crypto Outlook

Cryptocurrency exchange Coinbase (Nasdaq: COIN) published its “Weekly: Constructive Outlook” report on Friday, offering its insights on BTC’s future trajectory. Report authors David Duong, Coinbase’s head of institutional research, and David Han, the crypto firm’s institutional research analyst, explained:

Many technical factors pressuring bitcoin specifically (and crypto more broadly) are starting to be exhausted, in our view.

“This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy. Indeed, net inflows into U.S. spot bitcoin ETFs have averaged more than US$200M daily over the last week (taking the total net inflows to $1.46B since January 11) with a healthy daily volume of ~$1.35B,” the Coinbase analysts described.

“We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” they shared.

The report also discusses the U.S. economic outlook. It explains that the probability of a soft landing appears to have increased compared to a few months ago, as the U.S. economy seems to be making minimal tradeoffs between activity and inflation. The Coinbase analysts believe that the disinflationary trend will persist, and anticipate the Federal Reserve to cut interest rates by 100 basis points this year. This projection contrasts with the 75 basis points suggested in the dot plot and the nearly 150 basis points priced into Fed funds futures. They concluded:

We expect rate cuts in the U.S. to start in May and the tapering of quantitative tightening soon after, coinciding with idiosyncratic events like the bitcoin halving and creating a positive setup for the asset class more broadly.

Source: https://news.bitcoin.com/coinbase-sees-positive-setup-for-bitcoin-as-exhaustion-hits-factors-pressuring-btc/

[President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote.]

Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide

President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote.

Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote

Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote.

Celebrating his victory, Bukele stated:

We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies in the Assembly. A record in the entire democratic history of the world.

Furthermore, Bukele invited the Salvadoran people to celebrate the victory in the National Palace.

Felix Ulloa, vice-president of El Salvador, had declared that if Bukele won the presidential ballot by a landslide, he would deepen the application of bitcoin policies, like the program of giving passports to bitcoin entrepreneurs and the issuance of the Volcano bonds, that would provide part of the funding for the construction of Bitcoin City, a planned tax haven for crypto companies.

Even with the popular vote on his side, Bukele’s reelection is surrounded by controversy, given that he received a leave of absence in 2023 to be able to be present at these elections as a candidate. A Bukele-controlled national tribunal established this was a requirement to be reelected back in 2021, a decision that was considered unconstitutional by his detractors.

Nonetheless, Stacy Herbert, director of the National Bitcoin Office (ONBTC) of El Salvador, remarked on the historic victory for the world’s democracy, informing that the previous all-time widest margin for a democratic election was 56.2% in Portugal in 1991.

Source: https://news.bitcoin.com/bitcoin-pioneer-nayib-bukele-reelected-in-el-salvador-by-a-landslide/

[It finally happened. Well into the second decade of the digital assets revolution, we’ve finally witnessed the approval of the highly anticipated spot Bitcoin ETF. Dubbed by Michael Saylor as “the biggest Wall Street development in the last 30 years”, the launch of the spot Bitcoin ETF is the financial world’s first step toward ameliorating our highly archaic financial system. While there are countless explanations about how impactful the concept of decentralizing money would be for trade, commerce, and financial inclusion, what often goes overlooked are the philosophical and psychological implications of how we redefine wealth and who has it. Essentially, the introduction of the Bitcoin ETF could ultimately be regarded as the single most important catalyst in the widespread adoption and acknowledgment of cryptocurrency’s value in the long term since the conception of money.]

What Lies Ahead for Crypto Now That the Fabled Bitcoin ETF Is Here? — Calaxy CEO Solo Ceesay

It finally happened. Well into the second decade of the digital assets revolution, we’ve finally witnessed the approval of the highly anticipated spot Bitcoin ETF. Dubbed by Michael Saylor as “the biggest Wall Street development in the last 30 years”, the launch of the spot Bitcoin ETF is the financial world’s first step toward ameliorating our highly archaic financial system. While there are countless explanations about how impactful the concept of decentralizing money would be for trade, commerce, and financial inclusion, what often goes overlooked are the philosophical and psychological implications of how we redefine wealth and who has it. Essentially, the introduction of the Bitcoin ETF could ultimately be regarded as the single most important catalyst in the widespread adoption and acknowledgment of cryptocurrency’s value in the long term since the conception of money.

What Is Money?

Before fiat money, most civilizations used barter and trade in the exchanging of goods and services. What those early civilizations found is that as transactions became more complex, it became more difficult to efficiently trade given transactions could often be out of balance.

For example, say an individual is looking to buy some cattle in exchange for some apples. For this transaction to take place, the person seeking apples must not only source cattle to purchase but also ensure that the seller values apples. What’s more, given there are endless items a person could in theory barter for and equally endless items a person could use as payment, it quickly became clear that bartering is inefficient, tiring, and time-consuming; thus, creating the need for a universal asset that could serve as the financial bridge for commerce and trade or as we call it today, money.

What Gives Money Its Value?

Simply put. Money is valuable because we as people give it value. If you were to ask the average person how ‘valuable’ the earliest forms of currency like beaver pelt and dried corn were, they’d likely look perplexed and question your sanity. This is further evidence that like most things, money’s value and what it means to us is a highly malleable concept that changes drastically depending on the time.

Society eventually moved on to a more refined bartering system that was built around precious metals despite it having real-world utility outside of its aesthetics. As the definition of wealth was established, society collectively enforced the ideology that the more gold you had the better off you were. Precious metals would go on to be what originally backed the fiat money we now use today. Over time, we saw many currencies debase from the gold standard in favor of the intangible trust in its issuing governing body – a migration that wasn’t met with its fair share of criticism. At the same time, it’s not all that different than what appears to be the next step in the evolution of money which is assigning value, wealth, and trust into currencies that have no single point of accountability or control, what we refer to as Decentralized Finance (DeFi). In essence, the development of Bitcoin and other cryptocurrencies is mankind’s attempt at creating a universal standard and public utility that creates endless opportunities for global trade and commerce ushering in once again a new wave of bartering only this time it’s online and it’s digital. We should view cryptocurrency as digital gold.

That said, the pain and friction we’re experiencing during this migration stems not from anything intrinsic to Bitcoin but rather, from humanity’s expected reluctance to change. When you think about it, human civilization has repeated this cycle time and time again.

So… What’s Next?

For the first time in Bitcoin’s history, institutions (and really anyone who doesn’t aspire to custody their own assets) now have a financial instrument that allows them to utilize Bitcoin as a store of value. Not only will this widely increase the accessibility of Bitcoin but it will also legitimize an asset that is often regarded as the financial backbone of organized crime and illicit activity.

While one could argue that the Bitcoin ETF has done wonders for legitimizing the asset as a reputable store of value on a global stage; much like bartering with apples for cattle, an ETF is still not a viable medium or bridge for trade and commerce. Despite the ETF solving why the broader investment community doesn’t have exposure to Bitcoin, transacting with and holding the asset is still significantly more difficult than the personal banking solutions that exist today. This in turn drastically increases the switching costs to a point where many won’t bother with the technology no matter its promise.

It should also be noted that these ‘switching costs’ vary depending on where a person might be located globally. For instance, people located in emerging markets might already see those ‘switching costs’ as negative given they might not enjoy the same benefits that those located in more developed nations enjoy.

Conclusion

After dozens of rejections, the launch of the Bitcoin ETF signals the next chapter in the ever-changing tale of digital assets. Just as society once accepted physical paper and coins as currency holding great value, we are now witnessing the emergence of the next chapter where digital currencies are becoming integrated into our lives. With the SEC’s ruling, Bitcoin represents a new opportunity for the masses to gain access to wealth, which was previously inaccessible. Those who couldn’t feasibly access measures of wealth in the past can easily access the digital gold that Bitcoin represents.

Following years of persecution, gaslighting, and placation, the powers that be have finally granted us the tools to take Bitcoin and the entirety of crypto to new heights both in terms of price action and broader adoption. It is mission-critical that the entire industry comes together to address the usability concerns that hinder Bitcoin’s ability to sufficiently serve as modern currency, to truly make real wealth available to anybody.

Source: https://news.bitcoin.com/what-lies-ahead-for-crypto-now-that-the-fabled-bitcoin-etf-is-here-calaxy-ceo-solo-ceesay/

[A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below $20,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between $40,000 and $75,000 by the end of the year.]

Deutsche Bank Survey: Over One-Third of Respondents Expect Bitcoin to Fall Below $20,000

A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below $20,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between $40,000 and $75,000 by the end of the year.

Respondents Expect Bitcoin to Fall Below $20K

According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility.

The survey showed that over one-third of respondents believe bitcoin will drop below $20,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC’s price to range between $40,000 and $75,000 by the end of the year.

Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report that new spot bitcoin exchange-traded funds (ETFs) are expected to expand the institutionalization of the bitcoin. However, they noted that the majority of ETF flows have come from retail investors.

The price of bitcoin pushed above $47K in anticipation of the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. However, following the approval, BTC dropped below $40K on Monday and $39K on Tuesday. The crypto has since recovered slightly. At the time of writing, BTC is trading at $41,815.

Many people believe that the approval of spot bitcoin ETFs along with the halving in April will significantly boost the price of bitcoin. Ark Invest sees a higher probability of bitcoin soaring to $1.5 million. Fundstrat says bitcoin is headed for $150K and could hit $500K in five years. Standard Chartered Bank said earlier this month that BTC could rise to $200K next year. Moreover, asset management firm Vaneck expects bitcoin to achieve record highs if Donald Trump is elected president of the U.S. in the November presidential election. Meanwhile, crypto adoption continues to grow. A recent report found that the number of crypto owners globally reached 580 million at the end of last year.

Source: https://news.bitcoin.com/deutsche-bank-survey-over-one-third-of-respondents-expect-bitcoin-to-fall-below-20000/

[Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.”]

Peter Schiff Says All Spot Bitcoin ETFs Are Now in Bear Markets — Warns of Deeper Losses

Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.”

Peter Schiff’s Spot Bitcoin ETF Outlook

Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week.

The price of bitcoin rose above $47K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval, dropping below $40K on Monday and $39K on Tuesday. Schiff described on Monday:

All the spot bitcoin ETFs are now in bear markets, defined as a drop of 20% or more from the peak.

He added, “The biggest loser is FBTC [Fidelity Wise Origin Bitcoin Fund], down 32%.” In a follow-up post, he wrote: “The Proshares Bitcoin Strategy ETF, which tracks bitcoin futures, launched in Oct. 2021. BITO began trading at $40.88. So far today’s low was $19, down more than 50% in over two years. I think those who bought any of the 11 spot bitcoin ETFs will experience even worse results.” At the time of writing, BITO is trading at $19.04, down nearly 52% since inception.

After the price of bitcoin dropped below $39K on Tuesday, Schiff detailed on X: “The new bitcoin ETFs aren’t creating additional demand, but merely shifting demand. Investors who might have bought actual bitcoin, bitcoin-related equities like MSTR [Microstrategy stock], or GBTC [Grayscale’s bitcoin trust] are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking.”

Schiff added: “One of the biggest losers from the new bitcoin ETFs is COIN [Coinbase stock]. Even though Coinbase custodies bitcoin held in these ETFs, speculators who once traded bitcoin through Coinbase are now trading the ETFs instead. Also, many who bought COIN as a bitcoin proxy are now buying the ETFs.” On Monday, JPMorgan also downgraded Coinbase stock from Neutral to Underweight, with a price target of $80. At the time of writing, COIN is trading at $124.19.

Earlier this month, the economist warned that spot bitcoin ETFs will bring speculator selloff and minimal institutional demand. He also expects the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to introduce onerous crypto regulations that would sink the price of bitcoin.

Source: https://news.bitcoin.com/peter-schiff-says-all-spot-bitcoin-etfs-are-now-in-bear-markets-warns-of-deeper-losses/

Peter Schiff is a known skeptic and he will continue to say bad things about Bitcoin, but who cares? 

[On Monday, Jan. 22, 2024, the value of bitcoin fell below the $40K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.]

Bitcoin Plummets Below $40K for First Time in 48 Days, Triggering Market-Wide Crypto Slide

On Monday, Jan. 22, 2024, the value of bitcoin fell below the $40K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.

Bears Take the Reigns—Bitcoin Falls Under $40K Amid Market Turbulence

Since early December 2023, specifically since Dec. 5, 2023, bitcoin’s price has remained above the $40K threshold. The leading crypto asset in terms of market value reached a peak of $49,000 on Jan. 10, 2024. However, this high was short-lived. Subsequently, the price descended to the $45K bracket. Over the recent days, it has struggled to maintain its stance in the $40K territory, eventually dipping below this threshold at 2:15 p.m. Eastern Time (ET) on Monday afternoon.

Currently, the value of bitcoin has dropped to approximately $39,400, with a trade volume of about $25.81 billion at 2:15 p.m., a significant increase from the $16.58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is undergoing a downward trend, marked by heightened volatility and a notable decline in its worth. The surge in trading volume during this downturn hints at a possible panic-induced selling spree, especially as the price falls below the $40,000 level, a key psychological support point.

The recent dip in BTC’s price has also filled a CME gap that existed around the $39,600 mark. In the hour following the plunge, bitcoin long positions amounting to $25.57 million have been liquidated, with $65.78 million in BTC longs eliminated over the entire day.

This downturn in bitcoin’s value has triggered a ripple effect across numerous cryptocurrencies, contributing to the overall $1.59 trillion crypto market economy’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% decrease in the same timeframe.

Source: https://news.bitcoin.com/bitcoin-plummets-below-40k-for-first-time-in-48-days-triggering-market-wide-crypto-slide/

[Global investment bank JPMorgan has warned of additional outflow from Grayscale’s bitcoin fund, cautioning that it will put “further pressure on bitcoin prices over the coming weeks.” The bank’s analyst also explained that the $3 billion inflow into new spot bitcoin exchange-traded funds (ETFs) “reflects a rotation from existing bitcoin vehicles” or “from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.”]

JPMorgan Warns of Incoming Bitcoin Selloff With Anticipated $3 Billion Grayscale Outflow

Global investment bank JPMorgan has warned of additional outflow from Grayscale’s bitcoin fund, cautioning that it will put “further pressure on bitcoin prices over the coming weeks.” The bank’s analyst also explained that the $3 billion inflow into new spot bitcoin exchange-traded funds (ETFs) “reflects a rotation from existing bitcoin vehicles” or “from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.”

JPMorgan Warns of Looming Bitcoin Selloff

JPMorgan analyst Nikolaos Panigirtzoglou shared his bitcoin’s price outlook on Linkedin Friday, specifically the impact of spot bitcoin exchange-traded fund (ETF) launches and outflows from Grayscale’s bitcoin fund. Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF after the U.S. Securities and Exchange Commission (SEC) approved it along with 10 other funds on Jan. 10.

“The bitcoin price declined by more than 10% since the launch of spot bitcoin ETFs last week,” the JPMorgan analyst described. “It appears that profit taking, i.e. buy the rumor/sell the fact dynamics, took place in recent days as we had previously feared. The price of BTC rose past $47K in anticipation of the spot bitcoin ETF approval but dropped after the approval. At the time of writing, the cryptocurrency is trading at $41,697.

“The $1.5bn outflow from the Grayscale’s GBTC fund in particular has acted as a drag. It looks like GBTC investors who over the past year had been buying the GBTC fund at a significant discount to NAV to position for its eventual ETF conversion, have been taking full profit post ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs,” Panigirtzoglou detailed.

Noting that he has previously estimated that up to $3 billion had been invested into GBTC in the secondary market during 2023 to take advantage of the discount to NAV, the JPMorgan analyst explained:

If the previous $3bn estimate proves correct and given $1.5bn has exited already then there could be an additional $1.5bn still to exit the bitcoin space via profit taking on GBTC thus putting further pressure on bitcoin prices over the coming weeks.

Cumulatively, Grayscale’s bitcoin ETF has seen an outflow of 50,106.59 BTC since Jan. 12, valued at over $2 billion.

Panigirtzoglou also shared his analysis of the other spot bitcoin ETFs that launched on Jan. 11, including Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).

“Outside GBTC, the other spot bitcoin ETFs got a decent $3bn of inflow in only four days: Thursday 11th, Friday 12th, Tuesday 16th, and Wednesday 17th. This is comparable to the inflows seen during previous bitcoin product launches such as the launch of CME bitcoin futures or the launch of futures-based bitcoin ETFs,” the JPMorgan analyst noted, adding:

As expected most of this $3bn of inflow reflects a rotation from existing bitcoin vehicles such as futures-based bitcoin ETFs which show outflows of close to $300mn since last Thursday or from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.

Source: https://news.bitcoin.com/jpmorgan-warns-of-incoming-bitcoin-selloff-with-anticipated-3-billion-grayscale-outflow/

[Spot bitcoin ETFs, after a phenomenal market debut, have claimed the second-largest commodity position in the U.S. ETF market, growing larger than silver and trailing only behind gold, in a clear sign of the the mainstream appetite for the digital asset.]

Bitcoin ETFs Eclipse Silver, Claiming Second Spot Behind Gold in US ETF Market

Spot bitcoin ETFs, after a phenomenal market debut, have claimed the second-largest commodity position in the U.S. ETF market, growing larger than silver and trailing only behind gold, in a clear sign of the the mainstream appetite for the digital asset.

Bitcoin ETFs Outshine Silver, Secure Second Place in U.S. ETF Commodities

Spot bitcoin exchange-traded funds (ETFs) have overtaken silver to become the second-largest commodity in the U.S. ETF market, trailing only gold.

The recent approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission has catalyzed this shift. Bitcoin ETFs, including the newly converted Grayscale Bitcoin Trust ETF (GBTC), command nearly $28 billion in assets under management (AUM). This figure starkly contrasts with the $11 billion AUM of silver ETFs, as reported by etfdb.com.

Gold maintains its leading position with approximately $95 billion in AUM, but the swift rise of spot bitcoin ETFs is a testament to the digital asset’s growing acceptance and popularity. bitcoin, often touted as the digital counterpart to gold, has demonstrated its robust appeal in the ETF market, a domain traditionally dominated by conventional commodities.

The initial response to spot bitcoin ETFs was overwhelmingly positive, with an impressive $9.6 billion in trading volume recorded within the first three days of trading, a historic figure in the ETF market.

To determine how bitcoin ETFs surpassed silver in AUM, a simple analysis of the holdings was undertaken. Initially, the total number of bitcoins held in various ETFs, excluding GBTC, was sourced from a post by CC15Capital on X. This figure was then combined with the number of bitcoins held by GBTC, as reported by Coinglass. Multiply this aggregated total by the current spot price of Bitcoin for an approximate value of $28 billion. This figure is higher than the AUM for silver ETFs, as listed on etfdb.com.

Grayscale’s conversion of its existing Bitcoin trust into an ETF played a pivotal role in this shift, creating the world’s largest spot bitcoin ETF overnight. In fact, some ETF market watchers like James Seyffart and Eric Balchunas caution against reading too much into the rapidity with which bitcoin overtook silver.

Seyffart, a Bloombert ETF analyst, explained in a post on X that interest in spot bitcoin didn’t ramp up with the launch of spot bitcoin ETFs. Much of it was driven by Greyscale’s GBTC conversion. Seyffart said, “that means it was #2 as soon as the conversion happened! So not really “news” per se haha.”

Eric Balchunas, Bloomberg’s senior ETF analyst, agreed with this interpretation, saying, “yeah I get the whole bigger than silver excitement but i just don’t count it as impressive given 95% of was simply GBTC converting.” He added, “These milestones [are] MUCH harder when you [have a] brand new ETF, dif standards of measure.”

Source: https://news.bitcoin.com/bitcoin-etfs-eclipse-silver-claiming-second-spot-behind-gold-in-u-s-etf-market/

[Economist and gold bug Peter Schiff has predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler “will soon introduce new onerous crypto regulations” that will result in “a sharp decline” in the price of bitcoin. Schiff expects the new regulations to focus on anti-money laundering (AML) rather than securities law.]

Peter Schiff Predicts Bitcoin Bloodbath — Expects SEC Chair Gary Gensler to Introduce 'New Onerous Crypto Regulations'

Economist and gold bug Peter Schiff has predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler “will soon introduce new onerous crypto regulations” that will result in “a sharp decline” in the price of bitcoin. Schiff expects the new regulations to focus on anti-money laundering (AML) rather than securities law.

Peter Schiff’s Crypto Predictions: Onerous Regulations, Sharp Bitcoin Price Decline

Economist and gold bug Peter Schiff, a vocal bitcoin skeptic, has shared his predictions on crypto regulations and BTC’s price outlook following the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs). He wrote on social media platform X Tuesday:

Since Gary Gensler was backed into a corner on spot bitcoin ETF approval, I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use’ case, resulting in a sharp decline in price.

Gensler previously stated that most crypto tokens, other than bitcoin, are securities. Noting that the SEC chairman “may even change his mind on bitcoin,” Schiff stressed in a follow-up post: “My thought is that new regulations will relate to AML, not securities law.”

Many users on X replied to Schiff’s posts to express their opinions. One emphasized, “I wouldn’t call Gensler being required to stay lawful ‘being backed into a corner.'” Others questioned how Gensler could possibly raise Bitcoin transaction costs. “Gary Gensler controls the Bitcoin mempool?” one wrote. Another user opined: “How can Gary and the SEC increase the cost of Bitcoin transactions? Are they gonna spend a lot of money on bidding for block space?”

Several users highlighted Gensler’s past statements on bitcoin as a commodity. One mentioned:

Gary Gensler has repeatedly stated that bitcoin is a commodity. It will be hard for him at the SEC to regulate, even the on ramps and off ramps (unless those on ramps and off ramps deal in unregistered securities).

“SEC enforces securities laws and protects investors in securities,” the same user noted, adding that anti-money laundering (AML) regulations are covered more broadly by other agencies, such as the Financial Crimes Enforcement Network (FinCEN).

Source: https://news.bitcoin.com/peter-schiff-predicts-bitcoin-bloodbath-expects-sec-chair-gary-gensler-to-introduce-new-onerous-crypto-regulations/

[Jamie Dimon, the CEO of JPMorgan Chase, has advised investors to stay away from bitcoin. “My personal advice is don’t get involved,” he said. “But I don’t want to tell anyone what to do. It’s a free country.” The executive added that he doesn’t care about Blackrock, the world’s largest asset manager, embracing bitcoin, insisting that the cryptocurrency’s use cases are illicit activities.]

JPMorgan CEO Advises Investors to Stay Away From Bitcoin — 'My Personal Advice Is Don't Get Involved'

Jamie Dimon, the CEO of JPMorgan Chase, has advised investors to stay away from bitcoin. “My personal advice is don’t get involved,” he said. “But I don’t want to tell anyone what to do. It’s a free country.” The executive added that he doesn’t care about Blackrock, the world’s largest asset manager, embracing bitcoin, insisting that the cryptocurrency’s use cases are illicit activities.

JPMorgan CEO’s Bitcoin Investing Advice

The CEO of JPMorgan Chase, Jamie Dimon, once again weighed in on bitcoin and crypto investing in an interview with CNBC on Wednesday. His comments came amid growing institutional interest in crypto, with major asset management firms, like Blackrock, embracing BTC following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Dimon began by stating: “Blockchain is real. It’s a technology. We use it. It’s gonna move money, it’s gonna move data, it’s efficient. We’ve been talking about that for 12 years too. And it’s very small.” Regarding cryptocurrencies, the JPMorgan boss said there are two types. “There’s a cryptocurrency which might actually do something,” Dimon explained. “If a cryptocurrency has an embedded smart contract in it, and then we can use it to buy and sell real estate, move data that may have value … tokenizing things that you do something with.”

The JPMorgan executive proceeded to describe the second type of cryptocurrency. “And then there’s one which does nothing, I called it pet rock, the bitcoin, something like that,” he stated, reiterating his previous statement about bitcoin’s use cases being illicit activities. “So on the bitcoin … there are use cases: AML, fraud, anti-money laundering, tax avoidance, sex trafficking — those are real use cases. And you see it being used for … maybe $50 billion, a $100 billion a year for that. That is the end use case. Everything else is people trading among themselves.” Nonetheless, Dimon insisted, “I defend your right to do bitcoin,” elaborating:

My personal advice is don’t get involved. But I don’t want to tell anyone what to do. It’s a free country.

When questioned about the recent involvement of major asset managers like Blackrock and Fidelity in the bitcoin market, including Blackrock CEO Larry Fink becoming a big believer in BTC, Dimon responded:

Number one, I don’t care. So just please stop talking about this.

“And I don’t know what he [Larry Fink] would say about blockchain versus currencies that do something versus bitcoin that does nothing … But you know this is what makes a market. People have opinions, and this is the last time I’m ever going to state my opinion,” Dimon concluded.

Blackrock launched a spot bitcoin ETF, the Ishares Bitcoin Trust, last week with JPMorgan as a lead authorized participant. Dimon has long been a vocal bitcoin and crypto skeptic. He said in December last year that he would close crypto down if he were the government.

Dimon’s statements about bitcoin drew lots of comments on social media. Microstrategy’s executive chairman, Michael Saylor, an avid Bitcoin advocate, commented on X: “If you encounter a strange new asset (‘Pet Rock’) circulating on a blockchain that ‘does nothing’ other than allow people to own something they can ‘trade among themselves’ without fear of debasement or theft, you have just discovered digital money.”

Source: https://news.bitcoin.com/jpmorgan-ceo-advises-investors-to-stay-away-from-bitcoin-my-personal-advice-is-dont-get-involved/

[The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar.]

US Stocks, Bitcoin, and Gold Drop as Fed Plays Coy on Rates — Investors in Limbo

The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar.

Treasury Yields Surge, Dow, Nasdaq, and S&P 500 Tumble

Market sentiment remains wary regarding the U.S. Federal Reserve’s strategies for 2024, with anticipation growing around a potential rate cut by March. This outlook comes in the wake of remarks made by Federal Reserve Governor Christopher Waller during an address at the Brookings Institution in Washington. Waller acknowledged the possibility of a rate reduction occurring within the year, yet emphasized that the Fed is not in a hurry to initiate this change.

“I see no reason to move as quickly or cut as rapidly as in the past,” Waller said.

In a predictable turn of events, 10-year Treasury yields saw a 0.98% increase on Wednesday, following a 4.4% rise over the past month. As of Jan. 17, 2024, the long-term note has reached a level of 4.106%. Simultaneously, the 2-year Treasury yields experienced a significant jump of 3.08%, although they remain 2.16% lower compared to the previous month’s figures. Currently, the market is leaning towards a 97.4% likelihood that the U.S. central bank will opt for a rate hike in its upcoming meeting scheduled for Jan. 31, 2024.

The CME Fedwatch tool indicates a 52% probability that the central bank will reduce the federal funds rate by March 2024. Presently, an ounce of fine gold is valued at $2,006 per unit, experiencing a 1.09% decline in the last day. Over the past month, gold’s value has dropped by 0.66%, but it has gained 1.86% in the last six months. On Jan. 17, bitcoin (BTC) witnessed a 1.02% fall, and over the past week, the leading crypto has declined by more than 7%. Nevertheless, six-month statistics reveal a 43% increase in BTC’s value, surpassing gold’s market performance during the same period.

Although bitcoin displayed a subdued performance on Wednesday, the global market capitalization of the crypto economy climbed by 0.49%, reaching $1.69 trillion. The Dow Jones Industrial Average experienced a modest decline of 0.25% on the same day, while the Nasdaq Composite recorded a decrease of 0.59% at market close. Additionally, the S&P 500 lost 0.56%, and the Russell 2000 (RUT) ended the day with a 0.73% drop. As usual, financial markets are experiencing a period of cautious sentiment, particularly in relation to the Fed’s monetary policy direction for 2024.

Source: https://news.bitcoin.com/us-stocks-bitcoin-and-gold-drop-as-fed-plays-coy-on-rates-investors-in-limbo/