Bitcoin

Bitcoin Price Swings as Bitcoin ETFs See Outflows

Published

1 year ago

8 May, 2024

SatoshiTimes Staff

Bitcoin Price Swings as Bitcoin ETFs See Outflows

Key Takeaways

The price of Bitcoin fell below $57,000 from around $64,500 last week before recovering again to the $64,000 level on Saturday.
Amid falling prices, the bitcoin ETF spot market saw its biggest outflows ever in a single day on Wednesday.
Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison for violations of the Bank Secrecy Act during his time as head of the cryptocurrency exchange.
In its Q1 2024 shareholder letter, fintech company Block revealed that it will invest 10% of its monthly gross profits from bitcoin-related products into bitcoin purchases going forward.

Bitcoin (Bitcoin) the price fell below $57,000 on Wednesday from around $64,500 last Monday before recovering in what has been a strange week. Investors Seemingly Angry About Spot Bitcoin exchange-traded funds (ETFs) last week, with Wednesday bringing record single-day net outflows.

In addition to bitcoin price fluctuations, the last week saw the sentence of Binance founder and former CEO Changpeng Zhaotogether with the fintech company Block’s (SQUARE) announcing on Thursday that it will buy more bitcoins with a portion of its profits.

Bitcoin ETFs see record outflows

Spot bitcoin ETFs ended the week with investors withdrawing more money than they brought in, thanks to a record net outflow of US$563.7 million on Wednesday amid price fluctuations of the underlying crypto asset.

That day, Blackrock’s iShares Bitcoin Trust (I BITE) experienced outflows for the first time since its trading debut on Jan. 11, with a net $36.9 million leaving the fund. Fidelity Wise Origin Bitcoin Fund (FBTC) also saw record fund outflows of $191.1 million in a single day last week.

So far, these ETFs have been the two most popular options among new investors looking for market exposure. bitcoin ETF spot market.

But that wasn’t the only surprise when it came to spotting bitcoin ETF flows last week.

Bitcoin Trust in Grayscale (GBTC), the largest bitcoin ETF by assets and the target of the biggest and most constant outflows to date, recorded its first net inflows on Friday, according to data from Farside Investors. GBTC recorded net inflows of $63 million that day, but has seen a net $17.46 billion leaving the fund since January 11. commission rate than other options on the market of 1.5%.

despite the exits, some analysts have suggested that investors may not need to be overly concerned. Demand from spot bitcoin ETFs was credited for bitcoin’s rally earlier this year, but that may not be the only influence on bitcoin prices going forward, Coinbase analysts said.

“While this indicates a slowdown in capital flows into the asset class via the ETF product, we believe ETF flows (while important) only drive a portion of BTC price discovery given the global and deeply liquid markets in centralized exchanges (CEXs),” said Coinbase analysts David Han and David Duong in a commentary on Friday.

Former Binance CEO gets four months in prison

Former Binance CEO Zhao received a four-month prison sentence in a Seattle courtroom last Tuesday. In November, Zhao stepped down from his role as head of the world’s largest cryptocurrency exchange after pleading guilty to violating US rules. Bank Secrecy Law. This guilty plea resulted in Binance paying approximately US$4.3 billionmarking one of the most significant corporate resolutions involving criminal charges against an executive in history.

Zhao’s relatively short prison sentence was contrasted with that of former FTX CEO Sam Bankman-Fried, who received a 25-year sentence relating to the fraudulent use of client funds. Of course, a key difference in these cases was that Zhao was not accused of misusing client funds.

The founders of the Samourai Wallet bitcoin wallet were also recently stuck over allegations relating to insufficient anti-money laundering standards.

Block to put 10% of profits from Bitcoin products into Bitcoin

Blockthe company behind fintech products like Cash App and Square, said it will invest 10% of its gross profit from its bitcoin-related businesses to buy more bitcoin every month.

For context, Block’s first quarter gross profit of bitcoin via Cash App increased 59% year over year to $80 million. Cash App’s bitcoin revenue from customer sales in the period was $2.73 billion, an increase of 26% compared to the same period last year. However, only about 3% of the company’s resources are allocated to bitcoin-related projects.

“We were one of the first public companies to put bitcoin on our balance sheet: we invested $220 million in bitcoin, and that investment grew approximately 160% to $573 million at the end of the first quarter,” said Jack Dorsey, CEO of Block. said in the letter.

What to expect from the markets this week

Investors and market watchers will be looking for more clues about any additional regulatory actions in the cryptocurrency markets.

Monday started with Robinhood (Image: Disclosure)HOOD) disclosing that he received a warning from Wells from the Securities and Exchange Commission (SEC) in early May regarding his crypto business and that may face coercive action of the regulator. The action could be similar to those the SEC took against Coinbase (COIN) and Kraken last year related to their registration as brokers for the sale of cryptographic tokens that it considers unregistered securities.

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Bitcoin

What to watch for in the markets

Published

11 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

11 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

11 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

11 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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