Author: Andrei Ionescu
CryptoQuant analysts have identified potential for Bitcoin to rally, citing a decline in U.S. Treasury yields and a rise in gold prices. Since the U.S. Federal Reserve’s interest rate cut by half a percentage point on September 18, short-term Treasury bill yields have been dropping, while gold has gained nearly 5% in value. Analysts suggest that Bitcoin, often referred to as “digital gold,” could follow gold’s upward trajectory. In a post on X, CryptoQuant highlighted a historical parallel between falling Treasury yields and the performance of gold. “In 2008, as the 13-week Treasury bill yields started to lower, gold prices…
Coinbase Global Inc. announced plans to delist all unauthorized stablecoins from its crypto exchange in the European Economic Area (EEA) by the end of 2024, in anticipation of the European Union’s new regulatory framework. This move could significantly impact major tokens such as Tether’s USDT. The EU is set to fully implement the Markets in Crypto-Assets (MiCA) regulation by December 31, 2024. MiCA’s guidelines for stablecoin issuers took effect on June 30, mandating that issuers obtain e-money authorization in at least one EU member state. Further regulatory guidance for exchanges and other firms will come into force by year-end. “Given…
Bitcoin’s dominance over the cryptocurrency market surged to its highest level in nearly three years as altcoins weakened amid geopolitical tensions and a strengthening U.S. dollar. Bitcoin (BTC) remained above the key $60,000 support level on Thursday, trading around $61,150, up 1% over the past 24 hours. This comes after a brief dip below $60,000 during the previous day’s trading. Despite Bitcoin’s resilience, the broader crypto market struggled. Ethereum’s ether (ETH) was down 1%, while notable losses were recorded in altcoins like Ripple (XRP), Solana (SOL), Avalanche (AVAX), and Render (RNDR). However, Aptos (APT), a layer-1 blockchain, was a standout…
The International Monetary Fund (IMF) has once again urged El Salvador to bolster its regulatory framework and oversight of its bitcoin ecosystem, recommending that the country narrow the scope of its bitcoin law. During a press conference on Thursday, IMF spokesperson Julie Kozack emphasized the need for El Salvador to limit public sector exposure to bitcoin, according to Reuters. This is not the first time the IMF has raised concerns about El Salvador’s bitcoin policy. In August, the IMF issued a similar warning, stating that while many of the risks associated with the country’s adoption of bitcoin as legal tender…
Tokyo-based investment firm Metaplanet has earned 23.972 BTC, approximately $1.46 million, by selling bitcoin put options, boosting its total bitcoin holdings to 530.717 BTC—currently valued at around $32.4 million. The company made the announcement on Thursday, detailing its transaction with QCP Capital. Metaplanet sold 223 bitcoin put options with a strike price of $62,000 per bitcoin, maturing on December 27, 2024. This move allows the firm to increase its bitcoin reserves if the market price falls below the strike price at maturity. In a statement, the company explained that this strategy aligns with its broader goal of enhancing long-term bitcoin…
U.S. spot Bitcoin exchange-traded funds (ETFs) experienced significant net outflows of $91.76 million on Wednesday, marking the second consecutive day of negative flows. The largest outflow came from Ark and 21Shares’ ARKB, which saw $60.28 million exit the fund. Grayscale’s GBTC, the second-largest spot Bitcoin ETF by net assets, recorded $27.31 million in outflows, while BlackRock’s IBIT, the largest spot Bitcoin ETF, registered its first daily outflows since September 9, losing $13.74 million. Bitwise’s BITB also saw outflows of $11.51 million. Meanwhile, seven other Bitcoin ETFs recorded no inflows or outflows. The total trading volume for these ETFs dropped to…
Monero (XMR) saw a sharp 5% decline following Kraken’s announcement that it will discontinue support for the privacy-focused cryptocurrency in the European Economic Area (EEA) by the end of October. The move comes in response to mounting regulatory pressures in the region, according to a statement from the exchange on October 1. Kraken stated that as of October 31, 2024, at 15:00 PM UTC, it will halt trading and deposits of all Monero markets, including XMR/USD, XMR/EUR, XMR/BTC, and XMR/USDT, for EEA-registered clients. Open Monero orders will be automatically closed at this time. While Monero trading will be restricted, Kraken…
U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a significant $242.53 million in outflows on Tuesday, marking the largest daily net outflows since September 3. This move ended an eight-day streak of positive flows for bitcoin ETFs. U.S. spot bitcoin exchange-traded funds (ETFs) experienced a significant $242.53 million in outflows on Tuesday According to data from SoSoValue, Fidelity’s FBTC led the exodus, with $144.67 million leaving the fund. Ark and 21Shares’ ARKB followed closely, reporting $84.35 million in outflows, the largest since August 27. Other notable outflows included Bitwise’s BITB with $32.7 million and VanEck’s bitcoin ETF with $15.75 million. Even…
Binance, the world’s largest cryptocurrency exchange, has announced its decision to delist four spot trading pairs as part of its routine market quality assessments. Binance has announced its decision to delist four spot trading pairs as part of its routine market quality assessments. The trading pairs to be removed are due to low liquidity and trading volume, a standard practice to protect users and maintain a high-quality trading environment. Spot Trading Pairs to Be Removed: Key Information: In addition, Binance will also terminate Spot Trading Bots services for these pairs at the same time. Users utilizing trading bots for these…
U.S. spot Bitcoin exchange-traded funds (ETFs) saw continued momentum on Monday, logging $61.3 million in net inflows, marking the eighth consecutive day of positive inflows. According to data from SosoValue, these investments highlight sustained interest in Bitcoin products. Leading the inflows was BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, which attracted $72.15 million on Monday. Fidelity’s FBTC also saw solid growth, bringing in $8.32 million. However, not all ETFs followed this trend. Ark and 21Shares’ ARKB reported $9.5 million in net outflows on Monday, after significant inflows of $203.07 million last Friday. Bitwise’s BITB experienced similar movement,…