Author: NBTC

Bitcoin has passed the $70,000 mark for the first time in more than a month, since April 12. The price of the biggest digital asset is now at $70,225 per coin, data from CoinGecko shows, jumping 6% in 24 hours. And crypto liquidations are surging as a result, with short positions dominating the carnage. The asset’s rise comes as investors again flood the newly approved spot Bitcoin exchange-traded funds (ETFs) with money following weeks of outflows. Data on Monday showed that nearly $1 billion hit the new funds, which give investors exposure to the biggest digital asset. The flood of…

Market sentiment is shifting at a very fast pace, with Bitcoin (BTC) and Ethereum (ETH) dominating social trends. According to top market analyst Michael van de Poppe, with the ongoing drop in the dominance of Bitcoin, Ethereum might take over these social conversations moving forward. Shifting investor focus As spotted by van de Poppe, the dominance of Bitcoin has plateaued at 58%, setting the tone for Ethereum to enter the limelight. Van de Poppe noted that the spot Ethereum ETF product will shape the narrative eventually, as investors look for the next things that can drive optimism. #Bitcoin dominance continues…

State Street Global Advisors, a subsidiary of the third-largest ETF issuer State Street, has joined the growing trend of traditional financial institutions exploring crypto ETFs. In a June 26 statement, the firm said it was teaming up with crypto investment firm Galaxy Digital to introduce new crypto ETFs extending beyond the flagship digital asset, Bitcoin. It stated: “By combining the strengths of two of the biggest brands and first-movers, [we] will provide investors access to the $2.4 trillion digital asset ecosystem through manager-directed strategies.” The firm has already filed an application with the US Securities and Exchange Commission (SEC) to…

XRP is in the spotlight following some observed whale transfers in the past 24 hours. According to data from crypto analytics tracker Whale Alert, one single whale moved 25,419,259 XRP worth about $13,335,299 from Binance exchange to an unknown wallet. 🚨 25,419,259 #XRP (13,335,299 USD) transferred from #Binance to unknown wallethttps://t.co/lUNNE2c4mh — Whale Alert (@whale_alert) June 7, 2024 XRP liquidity concerns XRP is one of the most controversial digital currencies in the top 10 list of the most capitalized digital currencies. One of the reasons for this is that despite its robust community, trading volume and whale actions, its price…

Key Points: Crypto Trump Trade is expected to return as Republicans adopt a pro-crypto stance to attract voters and funding. Donald Trump has pledged to advocate for Bitcoin mining and criticized democratic regulatory efforts if re-elected. Cryptocurrency may become the primary “Trump Trade” in the current election cycle as Republican prospects improve and their leading candidate, former President Donald Trump, according to Bernstein analysis. Crypto Trump Trade May Repeat If Former President Is Reelected Gautam Chhugani and Mahika Sapra, in their Monday report, highlighted that Republicans view a favorable position on the crypto industry as a dual advantage: attracting voters…

At the MicroStrategy World: Bitcoin for Corporations conference, Nathan McCauley, co-founder and CEO of Anchorage Digital, shared his thoughts on the growing rate of institutional Bitcoin adoption. Anchorage Digital, the only federally-chartered bitcoin bank and a leading institutional custodian, plays a crucial role in facilitating this transition to bitcoin becoming an asset in which institutions invest by providing secure storage and trading solutions for the asset. In an interview with Bitcoin Magazine, McCauley discussed the company’s mission, the evolving interest from institutions, and how Anchorage’s clients are dealing with bitcoin’s volatility among other topics. The Rise of Institutional Interest in…

After the approval of spot Bitcoin ETF in the USA, there was also approval for spot Ethereum ETFs. At this point, S-1 approvals are also awaited so that ETH ETFs may not start trading, and this approval is expected to come in early July. A new post came from Bloomberg ETF analyst Eric Balchunas on this subject. VanEck, whose spot Ethereum ETF application was approved, filed Form 8-A for the spot Ethereum ETF, which is just one part of the process, Balchunas said. Comparing BTC ETFs and Etherum ETFs through Form 8-A, the Bloomberg analyst pointed out that the issuing…

MegaLabs, the main developer firm behind a new Ethereum scaling protocol designed to be so fast it’s considered “real-time,” announced Thursday that it has raised $20 million in a seed round led by Dragonfly Capital. The round also saw participation from Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holding, Tangent and Credibly Neutral, and included angel investors such as the co-founder of Ethereum Vitalik Buterin, CEO of Consensys Joseph Lubin, creator of EigenLayer Sreeram Kannan, and Hasu of Flashbots. The fresh round of capital will go towards building out the MegaETH protocol, with the aim of having a testnet…

Coinbase could face regulatory challenges over its compliance with new FASB accounting rules that shift the accounting and disclosure for crypto to a fair-value model from a cost-less-impairment model, MarketWatch reported on June 24, citing accounting experts. The rules were agreed upon by the FASB in 2023 and will officially take effect in 2025. However, firms are allowed to adopt the standards early, and some, including Coinbase, have already done so. New accounting rules The new standards aim to provide a more accurate valuation of digital assets by capturing their most recent value rather than treating them as intangible assets,…

The Bitcoin Asia conference held on May 9 and 10, 2024 in Hong Kong demonstrated a significant milestone in the adoption of bitcoin as a legitimate medium of exchange. This article outlines the strategies and technologies implemented to facilitate seamless bitcoin transactions for goods and services over the two days, leveraging the capabilities of self-custodial payment processing through BTCPay Server. Executive Summary Throughout the event, 212 Bitcoin transactions were processed, involving four vendors and totaling 7,714,253 sats, equivalent to 36,974.63 HKD. The average transaction was approximately 36,560 sats (about 175 HKD). Notably, the system maintained full operational uptime with zero…