BlackRock, the world's largest asset manager, has filed for a spot bitcoin ETF in the United States. The application includes a novel surveillance-sharing agreement with Coinbase, which would allow regulators to more easily monitor for market manipulation. This is a significant development, as it could increase the chances of the ETF being approved. BlackRock's application is the first to include a surveillance-sharing agreement with a crypto exchange.
The amount of ether locked in staking contracts has reached 20% of the total supply, a key milestone for the Ethereum network. However, inflows to staking contracts have slowed in recent months, as investors have become more cautious about regulatory risks.
The article goes on to discuss the factors that have contributed to the slowdown in inflows, including the recent regulatory crackdown on crypto in China and the ongoing uncertainty surrounding the launch of Ethereum 2.0. Despite these challenges, the article remains optimistic about the future of ether staking, noting that the long-term demand for staking is likely to remain strong.
Bitcoin Price Forecast: Standard Chartered Bank Sees $120,000 by 2024
Standard Chartered Bank has increased its Bitcoin price forecast to $120,000 by the end of 2024, up from its previous forecast of $100,000. The bank cited increased miner profitability and institutional adoption as the main drivers of Bitcoin's price growth.
The article goes on to discuss the factors that have led to Standard Chartered's bullish outlook on Bitcoin. These include:
Increased miner profitability: The profitability of Bitcoin mining has increased significantly in recent months, as the price of Bitcoin has risen. This has led to more miners coming online, which has increased the demand for Bitcoin. Institutional adoption: Institutional investors are increasingly adopting Bitcoin as a store of value. This is due to the fact that Bitcoin is a relatively safe and scarce asset, and it is not subject to government interference.
Threads, a Meta-owned social media app, has quickly reached 100 million users in just five days. This is a significant achievement, especially considering that other Twitter rivals have struggled to gain traction.
There are a few reasons why Threads has been so successful. First, the app is integrated with Instagram, which has over 2 billion monthly active users. This means that Threads already has a large pool of potential users to draw from.
Second, Threads is designed to be a more intimate and personal platform than Twitter. The app focuses on one-on-one messaging and small group chats, which appeals to users who are looking for a more intimate online experience.
Third, Threads is very easy to use. The app's interface is simple and straightforward, which makes it easy for users to get started.
Finally, Threads has been heavily promoted by Meta. The company has been running ads for the app on Instagram and Facebook, which has helped to drive awareness and adoption.
Cboe Global Markets and Coinbase Inc. have entered into surveillance-sharing agreements in connection with their respective applications for a bitcoin exchange-traded fund (ETF).
The agreements will allow the two companies to share data on bitcoin trades, including price, volume, and time. This will give regulators a more comprehensive view of the bitcoin market and make it easier to identify potential manipulation.
The agreements are a positive development for the bitcoin ETF space. They show that the two leading exchanges in the space are committed to working with regulators and that they are willing to share data in order to increase the chances of a bitcoin ETF being approved.
The deadline for creditors to file claims with the Mt. Gox bankruptcy trustee is approaching, and some experts are concerned that the repayment of funds could have a negative impact on the price of bitcoin.
Mt. Gox was once the largest bitcoin exchange in the world, but it filed for bankruptcy in 2014 after it was hacked and lost 850,000 bitcoins. The bankruptcy trustee has been working to repay creditors, and the deadline for filing claims is October 31, 2023.
Some experts believe that the repayment of funds could lead to a sell-off in bitcoin, as creditors may sell their bitcoins to cover their losses. Others believe that the repayment of funds could have a positive impact on the price of bitcoin, as it would show that the cryptocurrency is still a viable asset.
The impact of the Mt. Gox repayment on the price of bitcoin is still uncertain, but it is a development that investors should be aware of.
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Berenberg Capital Markets, a European investment bank, has issued a research note stating that the upcoming bitcoin halving is likely to be bullish for MicroStrategy, a business intelligence firm that has been accumulating bitcoin.
The halving is a scheduled event that occurs every four years, in which the reward for mining a new bitcoin block is cut in half. This reduces the supply of new bitcoin entering the market, which can lead to an increase in price.
Berenberg Capital Markets believes that the halving is likely to be bullish for MicroStrategy because the company has been accumulating bitcoin at a significant pace. As of June 28, 2023, MicroStrategy holds 152,333 bitcoin, which is worth approximately $4.3 billion.
The investment bank believes that the halving will lead to an increase in the demand for bitcoin, which will benefit MicroStrategy. The company's bitcoin holdings will become more valuable, and it will also generate more revenue from mining fees.
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China is expanding the use of its digital yuan (e-CNY) in more cities and regions, while Malaysia is emerging as a new crypto hub in Asia.
In China, the e-CNY has been piloted in several cities, including Beijing, Shanghai, and Shenzhen. The digital currency is now being rolled out to more cities, including Chengdu, Xi'an, and Qingdao.
The e-CNY is also being used for cross-border payments. In May, the People's Bank of China (PBOC) announced that it had completed a pilot of the e-CNY for cross-border payments between China and Thailand.
In Malaysia, the government is taking a more supportive approach to cryptocurrencies. In March, the Securities Commission Malaysia (SC) issued guidelines for the licensing of crypto exchanges.
Malaysia is also home to several crypto mining operations. In June, the country's government announced that it would be providing tax breaks to crypto miners.
The growth of the crypto industry in Malaysia is being driven by a number of factors, including the country's low electricity costs and its strategic location in Southeast Asia.
Despite facing a securities violation lawsuit from the U.S. Securities and Exchange Commission (SEC), Coinbase stock has surged by more than 50% in recent weeks.
The stock is now trading at around $78.7, up from around $52 on June 6. This represents a year-to-year growth of roughly 50%.
Some major Coinbase stockholders have sold some of their shares in recent weeks, but others have continued to hold.
Cathie Wood's investment firm ARK Invest has not sold any of its holdings in Coinbase stock since buying another 400,000 shares in early June. This aligns with Wood's stance that Coinbase shares price would rise as Bitcoin's price rises.
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