Author: Sollcrypto

Bloomberg analysts have increased the likelihood of a spot Bitcoin exchange-traded fund (ETF) receiving approval by the conclusion of 2023, following a recent Grayscale victory over the federal securities regulator. In an August 30th tweet, Eric Balchunas, a senior ETF analyst at Bloomberg, revealed that the chances have been elevated from 65% to 75% due to the resounding agreement and definitiveness demonstrated by the United States Court of Appeals Circuit in their recent ruling. Further supporting this sentiment, Bloomberg analysts James Seyffart and Elliot Stein conveyed in a separate note on August 30th, “The judges unanimously rejected the SEC’s arguments,…

Revival of Ethereum Whale: Sends 12,087 ETH to Binance After 2-Year Dormancy An Ethereum whale has resurfaced by transferring 12,087 ETH to Binance after staying dormant for two years. This notable whale previously withdrew 52,000 ETH from Kraken between 2018 and 2019. Additionally, the account gradually moved 12,715 ETH back to Kraken over two years, potentially achieving an impressive 804% gain. The sudden activity of this inactive Ethereum whale account has captured the attention of both Ethereum investors and analysts. Through two separate transactions on the same day, the whale executed a remarkable transfer of 12,087 ETH (equivalent to around…

On August 29th, fintech firm Circle revealed a collaboration with Mercado Libre to facilitate the integration of the USD Coin stablecoin into Mercado Pago. Describing Mercado Libre as “the Amazon of LATAM with 200M users,” Circle’s CEO Jeremy Allaire took to X (formerly Twitter) to announce the introduction of the USD Coin (USDC) onto the Mercado Pago online payment platform of the retail giant. USDC, a stablecoin pegged to the U.S. dollar, holds a valuation of $1.00. Its integration on the Mercado Pago platform in Chile marks a significant enhancement in utility for both cryptocurrency and the U.S. dollar within…

The United States Securities and Exchange Commission is approaching its initial deadlines to render decisions on seven fresh applications for Bitcoin spot exchange-traded funds (ETFs), the most recent of which is scheduled for September 4th. This situation arises following the SEC’s loss to Grayscale Investments in a U.S. federal appeals court. Bitwise, an investment firm, is slated to receive the SEC’s decision on the approval of its ETF on September 1st. In addition, BlackRock, VanEck, Fidelity, Invesco, and Wisdomtree are all awaiting the SEC’s determinations on their respective funds by September 2nd, as outlined in multiple SEC filings. Concurrently, Valkyrie…

Today, the price of Bitcoin has experienced a 5% increase, marked by a notable and sudden upward movement in its price chart. This surge propelled the price to reach a peak not seen in the past two weeks, surpassing the $28,000 mark. This upward momentum was triggered by the favorable ruling from United States Court of Appeals Circuit Judge Neomi Rao, who ruled in favor of the Grayscale Bitcoin Trust (GBTC) in its legal battle against the U.S. Securities and Exchange Commission (SEC). This judicial verdict has further accentuated the recent surge in institutional interest in Bitcoin, as evidenced by…

Challenges Mount for Bitcoin Miners Amidst Stagnant Prices and Increasing Competition The realm of Bitcoin mining is facing a growing set of challenges, primarily driven by the cryptocurrency’s unyielding price coupled with a surging number of miners joining the fray. As reported by Hashrate Index, a platform that monitors bitcoin mining performance, the hashprice—indicative of the daily revenue generated per unit of processing power—hit an unprecedented low of $0.06 on Sunday. This decline signifies a reduction in earnings for cryptocurrency miners, who now encounter heightened competition from fellow miners as they expand their mining operations. The surge in miners is…

The Bitcoin price finds itself confined within a narrow range just above the $25,900 support level. A promising scenario for BTC’s recovery might emerge if there’s a decisive close above the $26,200 mark, followed by a breach of $26,500. Presently, Bitcoin is encountering challenges in surmounting the resistance at $26,500.The price remains below both $26,200 and the 100-hourly Simple Moving Average.On the hourly chart of the BTC/USD pair (data feed from Kraken), a bearish trend line is forming, connecting points of resistance around $26,070.For the pair to potentially initiate a renewed upward movement, it would need to surpass levels at…

Bitcoin’s price, which currently stands at $26,016, remained quiet over the weekend. Ki Young Ju, the CEO of CryptoQuant, recently shared on X (formerly Twitter) that Bitcoin’s velocity has dropped to its lowest point in three years. He indicated that this situation could be interpreted as either a positive sign, suggesting that whales are maintaining their positions, or a negative one, implying that the transition to new investors is stagnant. The market’s sideways movement continues to puzzle investors in terms of predicting the next potential trend. On this note, JPMorgan analysts provided optimistic insights by suggesting that Bitcoin’s downtrend might…

Parent Company of OnlyFans Joins the Ranks of Crypto Investors, Allocating Nearly $20 Million to Ethereum (ETH) in 2022 In an August 24th submission to the UK corporate registry, Fenix International, the parent company of the subscription-based platform OnlyFans, disclosed its cryptocurrency investment strategy. The company revealed that it had acquired approximately $19.9 million worth of Ether (ETH) between 2021 and 2022. However, due to the broader decline in the cryptocurrency market throughout the previous year, the total value of its Ether holdings experienced an $8.5 million reduction by the conclusion of November 2022. By November 30, 2022, with the…

After taking a backseat during the initial six months of the year, Ethereum (ETH) has now surged ahead of Bitcoin (BTC) in terms of price performance during the latter half of 2023. An essential on-chain indicator has unveiled an improved investor sentiment towards Ethereum’s price over recent months. In the first half of 2023, ETH’s price demonstrated a growth of 58%, climbing from $1,200 on January 1 to $1,900 on June 30. In contrast, Bitcoin achieved gains of 83%, outperforming ETH as well as other notable risk-on assets in the traditional financial (TradFi) markets. While in negative territory, the crypto…