Institutional Demand on the Rise The launch of Spot Bitcoin ETFs has fueled institutional demand for Bitcoin. ETF issuers have been accumulating BTC, now holding a significant 4.27% of the total supply. This has created a new category of whale addresses on the Bitcoin network. Leading ETFs Dominate BlackRock’s IBIT and Fidelity’s FBTC ETFs are…
Supply and Demand Imbalance A top crypto analyst explains the recent altcoin crash as a result of a supply and demand imbalance. With the rapid launch of new altcoins, demand was outpaced by supply, leading to a shift in momentum towards the bears. TOTAL3’s Plunge TOTAL3, an index tracking the value of altcoin markets, dropped…
Price Drop Bitcoin’s value plummeted on Saturday after news of Iran launching missile attacks on Israel. The price dropped by 8.07%, from $67,132 to $61,710. This is the second consecutive day of losses for Bitcoin, which fell 5% on Friday. Underlying Causes The drone attacks on Israel have raised concerns about a potential full-scale war…
Coinbase, the largest crypto exchange in the US, is appealing a court decision in its ongoing case with the Securities and Exchange Commission (SEC). Interlocutory Appeal Coinbase is asking the court to review a specific legal question before the trial is over. This type of appeal is called an interlocutory appeal. The Question The question…
Southbound Funds Restricted Despite earlier reports suggesting otherwise, it’s been confirmed that mainland China’s Southbound funds cannot invest in crypto ETFs listed in Hong Kong. This is due to China’s strict regulations on cryptocurrencies. Impact on ETF Debut Hong Kong’s Securities and Futures Commission (SFC) is close to approving Bitcoin and Ether ETFs. However, the…
Saylor’s Optimism Michael Saylor, co-founder of MicroStrategy, believes that global turmoil could actually benefit Bitcoin. He sees it as a hedge against economic uncertainty. Market Realities However, the market hasn’t shared Saylor’s optimism. Bitcoin and other cryptocurrencies have dropped in value since the start of the turmoil. Bitcoin’s Performance Despite Saylor’s expectations, Bitcoin’s performance has…
Price Decline and Market Volatility The crypto market is experiencing a downturn, with meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and others taking a hit. The recent escalation of tensions in the Middle East has rattled investors, leading to a drop in meme coin prices. Meme Coin Volatility Meme coins are known for their…
Binance, a leading cryptocurrency exchange, is launching support for a new layer-1 altcoin project called Omni Network (OMNI) through its Launchpool platform. About Omni Network OMNI aims to integrate Ethereum’s rollup ecosystem into a single network, providing low-latency communication between all Ethereum rollups. It offers a secure and globally compatible architecture, presenting Ethereum as a…
Drone Attack Triggers Market Reaction News of Iran launching drones towards Israel has sent shockwaves through global markets. The Dow Jones Industrial Average futures dropped over 500 points before the market opened, according to CNBC. Bitcoin Price Plunges Bitcoin, the leading cryptocurrency, plummeted from a 24-hour high of $67,936 to a low of $61,514. It…
New York Attorney General Letitia James has accused Citibank of failing to prevent fraudulent wire transfers even after customers reported scams and requested their accounts be frozen. Lack of Effort to Alert Other Banks According to James, Citibank allegedly makes “no effort” to notify other banks about wire fraud in real time. The bank reportedly…
