Bitcoin

Advisors Cautious About Bitcoin ETF Adoption: BlackRock Executive

Published

7 months ago

17 June, 2024

Advisors ‘cautious’ with Bitcoin ETF adoption, says BlackRock exec

BlackRock’s chief investment officer for ETF and index investing, Samara Cohen, hinted that financial advisors remain “cautious” about adopting spot Bitcoin (Bitcoin) exchange-traded funds (ETFs), despite the success recorded by the investment vehicle.

Despite attracting more than $50 billion in investments since they were launched in January 2024, Bitcoin ETFs still face slow acceptance among financial advisors.

According to For Cohen, approximately 80% of Bitcoin ETF purchases originate from autonomous investors who made their own allocation through an online brokerage account.

Cohen highlighted that financial advisors remain cautious about jumping on the spot Bitcoin ETF bandwagon due to their fiduciary responsibilities to clients.

Given Bitcoin’s history of significant price volatility, advisors are rigorously analyzing its role in portfolios and determining appropriate allocations based on the investor’s risk tolerance and liquidity needs.

She emphasized that this process of data evaluation and risk analysis is crucial for consultants to carry out their roles effectively amid ongoing market uncertainty.

The leading cryptocurrency has undergone significant fluctuations over time, posing a substantial risk to potential investors. Additionally, the relatively brief history of Bitcoin ETFs contributes to financial advisors’ skepticism, as the limited track record raises doubts about their reliability and long-term performance, she notes.

Another significant impediment is the regulatory landscape. The financial sector continues to struggle to establish a clear regulatory framework for cryptocurrencies, which introduces uncertainty and caution among financial advisors. The absence of definitive guidelines and the possibility of regulatory adjustments further complicate recommending Bitcoin ETFs to clients.

Despite these challenges, Bitcoin ETFs hold promise as a conduit between cryptocurrency and conventional finance. They offer a regulated and more accessible path for investors to participate in the cryptocurrency market.

However, slow uptake among financial advisors highlights the need for better education and awareness to overcome existing barriers.

Regulatory changes

The U.S. Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs has had a profound impact impact in the cryptocurrency market, especially with issuers like ARK and 21Shares.

Prominent Issuers That Secured Bitcoin ETF approvals are now seeking the same for Ethereum (ETH). This development has caught the attention of investors as they seek exposure to the second-largest cryptocurrency in terms of market capitalization.

However, the SEC expressed caution amid this enthusiasm. SEC Chairman Gary Gensler emphasized that most crypto assets are viewed as investment contracts and therefore fall under federal securities laws.

This stance diverges from the SEC’s previous approach, which focused primarily on the commodities and futures aspects of cryptocurrencies.

This regulatory classification adds complexity to the approval process for Ethereum ETFs, which operate on a different protocol than Bitcoin.

Still, Gensler wait fully approve spot Ether ETFs by the end of summer 2024.

The SEC had already given initial information approval to a group of ETFs, and final registration requirements, known as S-1 filings, are currently being processed by staff. Once these registrations are approved, the new ETFs can be listed, providing the market with easy-to-trade funds containing real Ether, similar to previously established Bitcoin spot ETFs.

During a budget hearing before the Senate Appropriations Committee, Gensler highlighted the smooth running of the registration process for these ETFs. He noted that individual issuers are moving diligently through the registration stages, proceeding efficiently.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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