Author: NBTC
Issuers hoping to launch spot ether ETFs are making clear to the Securities and Exchange Commission that they would not stake ETH held by the funds. Staking ether involves depositing ETH to help secure the Ethereum blockchain — and earning yield in exchange. Tuesday filings by Cboe — the exchange that seeks to list spot ether ETFs by Fidelity, Franklin Templeton, Ark Invest, Invesco and VanEck — indicate that this possibility would be off the table for such funds, if approved. “Neither the trust, nor the sponsor, nor the custodian, nor any other person associated with the trust will, directly…
Shiba Inu has the potential to soar to greater heights if a SHIB ETF product captures 30% of the spot Bitcoin ETF inflows following an approval. The cryptocurrency market is fast appealing to TradFi investors, evidenced by the massive adoption of the spot Bitcoin ETF products months after their launch. Amid the success of the Bitcoin ETFs, industry commentators have evaluated the likelihood of asset managers launching ETFs tracking other crypto assets. Leading asset management firms such as BlackRock and Fidelity Investments have turned their eyes on Ethereum, but the chances of approval of these Ethereum-based products grow slimmer by…
The White House is against the U.S. House of Representatives passing a crypto market structure bill, but the president isn’t threatening to veto it. U.S President Joe Biden’s White House published a statement of administrative policy Wednesday saying the administration opposed the passage of the Financial Innovation and Technology for the 21st Century Act, citing concerns over a lack of investor protections should it make its way through Congress. “The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital…
While Bitcoin and altcoins are trying to combat the declines experienced in recent days, the countdown has begun for the highly anticipated BTC halving. At this point, while investors were wondering whether there would be a new wave of decline in BTC and altcoins, a new report came from Bitfinex analysts. Analysts pointed out that long-term investors’ Bitcoin supply on the exchanges fell to the lowest levels in 18 months, and stated that this showed that long-term owners either continued to reduce their assets or removed their assets from the stock market. “The basis for Bitcoin price dynamics is this…
Mike Winkelmann sank into the sofa as three cameras recorded his meltdown. The dueling identities that had once structured his life were coming into conflict as his fortunes increased by the second. Unseen crypto billionaires were bidding for his soul, or at least it felt that way. His entire artistic career was being auctioned as a compilation of five thousand digital artworks, packaged by the Christie’s auctioneers as a single non-fungible token (NFT). The winner would receive this NFT as an online certificate of ownership, a deed to 14 years inside Winkelmann’s mind. It was surreal watching his own coronation…
Exchanges experienced a net inflow of 62,000 ETH ($231 million) this week, suggesting a period of volatility is coming. Daily spot buying from ETH permanent holders hit its highest level in 2024 this week. A significant price correction is expected if a spot ether ETF is delayed or denied due to high levels of open interest. Ether (ETH) is expected to experience a period of volatility this week due to exchange inflows spiking to the highest level since March, according to a report by data provider CryptoQuant. The daily net flow of ETH, which tracks inflows and outflows to exchanges,…
Ripple has witnessed the release of 500 million XRP from escrow to cater for May, with the latest escrow unlock coming amid a period of price volatility for XRP. Data from XRPL explorer Bithomp shows that the transaction occurred today at 02:15 AM (UTC), consistent with the standard procedures for escrow unlocks. The execution was initiated by OffEscrowerOfDai, an account commonly engaged in such processes and noted for its unusual memos. Notably, the recipient address also received 500 million XRP from last month’s escrow execution but has held onto the tokens until now. As a result, following the latest release,…
Fagel says the recently canceled SEC’s Sunshine Act meeting is unrelated to Ripple, indicating that such cancellations typically occur for mundane reasons. Marc Fagel, a legal expert and former SEC official, has reacted to ongoing speculation within the XRP community regarding the regulatory agency’s decision to cancel a Sunshine Act meeting. XRP Community Reacts to Newly Passed Bill For context, Good Morning Crypto podcast host Abdullah “Abs” Nassif called the public’s attention to the significance of a pro-crypto bill, dubbed the Deploying American Blockchains Act of 2023, which the U.S. House of Representatives recently passed. According to Nassif, the bill…
The S&P 500 has closed below its 50-day moving average for the first time in five months, marking one of the most bullish events for the U.S. stock market this year; it is a potential warning sign that heavily impacts Bitcoin and the cryptocurrency market in general. But why do stock market moves even affect Bitcoin ? The reason is quite straightforward: it is all about investor mood. When big stock indexes like the S&P 500 falter, it can make investors across all markets feel nervous. They might start thinking, “If stocks are risky right now, maybe I should be…
English artist Damien Hirst is under increased scrutiny this week following claims he backdated more than 1,000 pieces of art from his NFT project “The Currency,” The Guardian reported Wednesday. Damian Hirst Under Fire For NFT Project Following Exposé The controversial artist, perhaps best known for works depicting animals preserved in formaldehyde, allegedly misrepresented the actual dates of an estimated 10% of the 10,000 physical paintings from “The Currency,” all of which corresponded to a matching NFT. Launched in 2021 and sold for $2000, Hirst claimed that all of the physical paintings part of the NFT project were made by…