Hashdex Indicates Potential Launch of Crypto ETFs in 2024

On December 4th, the crypto asset management firm Hashdex unveiled its 2024 Crypto Investment Outlook report, forecasting the availability of spot Bitcoin and Ether exchange-traded funds (ETFs) for U.S. investors by Q2 2024.

In their analysis, Hashdex pointed to a series of indicators in 2023 signaling an imminent regulatory approval for crypto ETFs, notably referencing the high-profile application filing by BlackRock in June. With over a dozen asset managers awaiting approval for spot bitcoin ETF filings from the SEC, Hashdex emphasized the shift in narrative from debating the possibility ('if') to anticipating the timing ('when') of a spot bitcoin ETF in the U.S.

Dramane Meite, Head of Product for the U.S. and Europe at Hashdex, highlighted this transformation, stating, "The exact timing of a spot bitcoin ETF in the U.S. remains unclear, but in 2023 the narrative around this product switched from a question of ‘if’ to a matter of ‘when’."

Industry experts have suggested that the approval of spot crypto ETFs could potentially unlock trillions of dollars in new investments. Hashdex projected that spot ETFs could tap into a market exceeding $50 trillion in assets under management (AUM), encompassing U.S. retail, wealth management, financial advisors, direct retail, and private banks, surpassing the combined AUM of crypto ETP markets in Europe, Canada, and Brazil.

Additionally, beyond facilitating expanded market access, Hashdex anticipated that ETF approvals would spur product innovation. They envisaged the emergence of specialized offerings tailored to different risk appetites, following the introduction of basic single-asset funds.

Hashdex also highlighted the upcoming Bitcoin halving scheduled for April, which reduces the issuance rate of new Bitcoin. This event is seen as a potential catalyst fueling a bullish market trend in 2024, contributing to the firm's optimistic outlook on the growth trajectory of cryptocurrencies, despite the challenges experienced in 2022.

#BinanceTournament

CFTC Official Suggests Binance Settlement Marks Potential Peak for U.S. Crypto Enforcement Cases

In remarks made during the FT Crypto and Digital Assets Summit, a senior official from the United States regulatory body, the Commodity Futures Trading Commission (CFTC), indicated that enforcement actions targeting cryptocurrency entities might have reached a peak following the recent $4.3 billion settlement between Binance and U.S. authorities. This settlement, facilitated by the Justice Department, pertained to Binance's violations of U.S. anti-money laundering and sanctions regulations.

According to CFTC Commissioner Kristin Johnson, the series of regulatory actions against cryptocurrency firms, including Binance, have served to establish regulatory parameters, providing a framework for governance within the market. Johnson highlighted that these cases serve as guiding principles, offering clarity on how companies in the cryptocurrency sphere should structure their operations.

Expressing optimism that these enforcement actions might have culminated in a surge, Johnson emphasized the significance of these initial cases as cautionary examples for companies aspiring to navigate the cryptocurrency ecosystem effectively. She urged crypto firms to examine the specifics of the Binance settlement, as it showcases the standards of governance that regulatory bodies seek within the industry.

Moreover, Johnson stressed the CFTC's intent to scrutinize vertically integrated cryptocurrency firms, emphasizing the necessity for enhanced disclosures from such entities that amalgamate various activities under a single organizational umbrella.

In essence, Johnson emphasized the evolving regulatory landscape in the cryptocurrency sector, underscoring the significance of adherence to established governance principles and transparency in operations for sustained and compliant functioning within the market.

#BinanceTournament #BRC20 #AltCoinSeason #JTO #ORDI

Bitcoin Maintains Near 19-Month High Despite Downturn in Global Assets

Bitcoin, defying the downward trend in global markets, surged to a 19-month high, indicating its detachment from conventional assets.

On Monday, the token rose by 5.8% to reach $42,000, maintaining proximity to that level as of Tuesday at 8 a.m. in New York. This ascent contrasts with the declines witnessed in global stocks and bonds since the beginning of the week.

Sean Farrell, Head of Digital Asset Strategy at Fundstrat Global Advisors LLC, highlighted this divergence.

Bitcoin's correlations with stocks and gold have diminished in 2023, contributing to its impressive 152% surge. Anticipation surrounding the potential approval of the first spot Bitcoin exchange-traded funds in the US is a significant driver behind these gains, likely broadening the demand for the token.

The 90-day correlation coefficient between Bitcoin and MSCI Inc.'s world shares index dropped to 0.18 from 0.60 earlier in the year. A similar trend is seen with the token's correlation with spot gold, nearly reducing to zero from 0.36. These figures indicate the decreasing synchrony between these assets.

Regulation within the crypto industry is another factor driving market sentiment. Executives are optimistic that the stringent US crackdown on the sector might have subsided following recent cases involving prominent figures like Sam Bankman-Fried of FTX and Binance's fines for violations.

Some technical indicators suggest a potential stretch in Bitcoin's rally, such as the 14-day relative strength index standing at 75, above the overbought level of 70.

The speculation around the approval of US spot Bitcoin ETFs by the Securities & Exchange Commission and anticipation of Federal Reserve interest-rate cuts next year have bolstered investor confidence. Robinhood Markets Inc.
The sustainability of Bitcoin's rally might hinge on the outcome of the decision regarding the spot ETF, as noted by research provider Kaiko.

#BinanceTournament #BRC20 #AltCoinSeason #JTO #ORDI #bitcoin

University Collaboration Lacks Interest, According to Ethereum Team Lead

Peter Szilagyi, Ethereum's team lead, has expressed disappointment in his alma mater's lack of enthusiasm for fostering collaboration opportunities with Ethereum (ETH), currently valued at $2,163.

Through a series of posts on X (formerly Twitter), Szilagyi revealed his sense of a prevailing disinterest during his attempts to engage with his former university, where he delivered talks about Ethereum. He observed that students seemed more preoccupied with the price of Ethereum rather than the underlying project, which has experienced a 20.10% increase in the last 30 days, with the current price standing at $1,698.72 at the time of publication.

Szilagyi disclosed that despite organizing a grant for nine students to participate in Devconnect, covering flights and accommodation, the students were unaware of the grant's funding source.

"I haven't met the students myself, but someone supposedly has. They had no clue where the grant came from," he remarked.

Despite these efforts, Szilagyi expressed frustration at the university's lack of response to his emails, leaving him uninformed about the outcomes.

"Two [weeks] later, zero effs, not even a response," he declared.

However, contrasting these experiences, recent reports indicate a rising demand for cryptocurrency and blockchain courses in universities. Major companies like Oracle, Amazon, and Google are actively hiring individuals with knowledge of crypto and blockchain to contribute to the development of blockchain products. Additionally, information systems students are increasingly expressing interest in learning about decentralized applications.

In a notable development, France has inaugurated the Institute of Crypto-Assets, focused on supporting and conducting research related to blockchain technology and cryptocurrencies.

#BinanceTournament #safu #Web3Wallet #Web3Wallet #BTC

The Entrance Gateway to Bitcoin is Quieting Down, Indicates Swan Bitcoin CEO

Swan Bitcoin's CEO, Cory Klippsten, has suggested that the advent of spot Bitcoin exchange-traded funds (ETFs) may usher in a more subdued era, moving away from the flashy marketing strategies that have characterized the cryptocurrency space since 2017. In a recent interview with Bloomberg on December 1, Klippsten emphasized that Bitcoin ETFs provide an alternative entry point into the market, especially at a time when the industry has been marked by well-funded promotional campaigns.

Klippsten explained that ETFs operate as a form of IOU for Bitcoin, distinguishing them from their futures-based counterparts. Essentially, ETFs represent a paper manifestation of Bitcoin, but their issuance requires firms to secure investors by acquiring actual Bitcoin. He sees ETFs as an effective means for individuals to initially engage with Bitcoin, allowing them to explore the cryptocurrency further and potentially increase their holdings.

Expressing optimism in line with other crypto analysts, Klippsten anticipates a favorable environment for Bitcoin ETF approval in January. He pointed to a potential approval window around January 8th, 9th, or 10th, citing signals from the U.S. Securities and Exchange Commission (SEC) and industry insiders.

This perspective aligns with a recent prediction by Standard Chartered, a major bank, which forecasted a significant increase in Bitcoin's price by 165% in 2024 if ETFs are approved. Standard Chartered, on November 30, suggested that Bitcoin could reach six figures by the end of 2024. Geoff Kenrick, the bank's head of EM FX Research, West, and Crypto Research, noted the shift in forecasts and hinted at the possibility of further price hikes before April 2024.
#BinanceTournament #Web3Wallet #BTC #safu

Accomplice of Fugitive 'Cryptoqueen' Sentenced to 20 Years in Prison for $4 Billion Global Scam.

Ruja Ignatova, a fugitive identified as the "cryptoqueen" and featured on the FBI's Top 10 Most Wanted list, remains at large while her business partner, Karl Sebastian Greenwood, aged 46, has been sentenced to a 20-year prison term. The duo is accused of defrauding 3.5 million customers of over $4 billion through the establishment of the fraudulent cryptocurrency OneCoin in 2014, according to United States prosecutors.

In 2017, Ignatova disappeared after boarding a flight in Bulgaria, leaving her associates to bear the responsibility for what the Department of Justice characterizes as "one of the largest fraud schemes ever perpetrated." Greenwood, now facing the consequences of his involvement, was recently sentenced to two decades of imprisonment and directed to pay $300 million in forfeiture by a New York federal court. The ongoing evasion of justice by Ignatova further underscores the severity and complexity of this intricate financial scam.

#safu #Web3Wallet #BinanceTournament

Bitcoin Price Takes a Sharp Dive Amid Market Concerns.

Bitcoin has experienced a substantial decline in its market value, indicative of a broader apprehension within the financial markets. The foremost cryptocurrency witnessed a notable descent of over 7 percent in the past 24 hours, marking a nearly 12 percent decrease in the preceding week. Concurrently, other major digital currencies, though not as pronounced, observed analogous declines. Ethereum, the second-largest cryptocurrency by market capitalization, reported a reduction of approximately 10 percent in its value over the past week.

This downturn has translated into a collective decline of 5.7 percent in the overall cryptocurrency market within the last 24 hours, as reported by the tracking website Coinmarketcap. Notably, trading volumes registered a significant surge, escalating by nearly 80 percent over the same 24-hour period. The recent depreciation in the cryptocurrency's value on Thursday represents the most substantial single-day decline since November 2022, a period marked by the collapse of the prominent exchange FTX. This event reverberated throughout the cryptocurrency markets, instigating widespread concerns and apprehensions within the industry.
#BinanceTournament #BTC #safu #Web3Wallet #etf

Bitcoin capital inflow may rise with expected Fed rate pause in December

Bitcoin may witness increased capital inflow if the U.S. Federal Reserve opts to halt interest rate hikes at its forthcoming meeting on December 13, as suggested by analysts.

Bitfinex analysts posit that there is an anticipation of a Federal Reserve interest rate pause, echoing recent statements from Federal Reserve Governor Christopher Waller. The analysts at Bitfinex noted, "An interest rate pause could lead to more capital flowing into risk assets like bitcoin."

The analysis from Bitfinex draws from a recent speech by Governor Chris Waller, in which he remarked that the deceleration in the pace of the U.S. economy was a positive signal. Waller emphasized that the existing monetary policy aligns with the Federal Reserve's 2% inflation objective. In his speech on Tuesday, Waller stated, "Data for October indicated an easing in economic activity, and forecasts for the fourth quarter show the kind of moderation that is more in keeping with progress on lowering inflation."

#BinanceTournament #etf #Wormhole #WhaleAlert #BTC

The potential of Fed rate cuts in 2024:

Investors are eagerly awaiting the forthcoming Federal Reserve rate announcement, with a keen focus on the nuances within Fed Chair Jerome Powell's post-announcement press conference. The anticipation centers around any signals regarding potential rate cuts in 2024.

Bitfinex analysts have highlighted indicators suggesting that the market foresees the U.S. central bank initiating rate cuts in the spring of 2024. According to the analysts, "The anticipation of such a pause has already influenced bond yields and trader expectations, with rate cuts being priced in starting from May 2024."

The analysts further assert that the current market dynamics and the strategic positioning of long-term holders, anticipating a sustained increase in prices, are influenced by this expectation. They posit that if this shift in monetary policy transpires, it could foster a more conducive environment for investment in risk assets, including cryptocurrencies.

#etf #BTC #WhaleAlert #Wormhole #BinanceTournament

AntPool agrees to refund record $3 million Bitcoin transaction fee

AntPool, a prominent Bitcoin mining pool, has opted to reimburse a remarkable $3 million transaction fee, subsequent to a gas fee submission of 83 BTC on November 23rd. The transaction was temporarily frozen by AntPool's risk control system during packaging. To facilitate the refund process, AntPool has stipulated that the original funds owner must engage in identity verification by contacting them before 00:00 (UTC+8) on December 10, 2023. The pool has further requested the individual to employ a signing tool, such as Electrum or Bitcoin Core, utilizing the private key associated with the address involved, to sign the message "AntPool." The signed text should subsequently be forwarded to AntPool's designated support email address.

#BinanceTournament #etf #Wormhole #Wormhole #WhaleAlert

Bitcoin recently surpassed the $38,000 threshold, notwithstanding additional repercussions stemming from the legal charges against Binance.

In a segment on CNBC Crypto World, the program showcased the most recent developments and daily trading insights within the digital currency markets. The episode featured in-depth discussions on crypto regulation, with Professor Yesha Yadav from Vanderbilt University Law School providing insights into the industry's trajectory subsequent to Binance's landmark settlement with U.S. government authorities.

#Wormhole
#BinanceTournament #etf #WhaleAlert #BTC

Massive $18.9 Million Crypto Scam Hits Hong Kong, 145 Victims Reported 👀

In a significant setback for the Hong Kong cryptocurrency community, the unlicensed crypto exchange Hounax has perpetrated a fraudulent scheme, resulting in losses totaling 148 million Hong Kong dollars (equivalent to $18.9 million) for 145 users. The revelations surfaced during a press conference held by local police on November 25th, shedding light on the nefarious activities of Hounax.
As of November 27th, the Securities and Futures Commission (SFC) of Hong Kong has received 18 complaints concerning the illicit practices of the crypto exchange. Individual losses, reported in 10 million Hong Kong dollars ($1.2 million) for some, underscore the severity of the situation, with Hounax masquerading as a licensed platform claiming cooperation with legitimate financial institutions.
Despite the SFC's identification of Hounax as a suspicious platform on November 1st, the exchange managed to attract local customers through deceptive claims, including affiliations with Coinbase's original technical team, possession of a Canadian license, and potential investments from prominent firms like Sequoia Capital and IDG Capital.
Chief Inspector Ke Yongn of the Commercial Crime Investigation Section of the Hong Kong Police highlighted Hounax's extensive use of social media for its operations. As of the latest information, Hounax's official Facebook page has been deactivated.

In a broader context, Hounax joins a list of nine suspicious crypto investment platforms identified by the SFC, including JPEX, Hong Kong Digital Research Institute, BitCuped, FUBT, futubit/futu-pro, EFSPD, OSL trading, and arrano.network.
This incident draws parallels with the previous JPEX exchange scandal in Hong Kong, which involved over 2,000 complaints and a reported loss of approximately $180 million, leading to the arrest of 66 individuals.
The Hounax scam underscores growing concerns surrounding cryptocurrency exchanges in Hong Kong.

#BinanceTournament
#BTC
#HongKongFinance

Bitcoin 💲 Slips. Where Cryptos Can Go Next.

Bitcoin and other cryptocurrencies slipped Tuesday, retreating from recent highs, but crypto traders remain bullish on the latest rally in digital assets with fundamentals and technicals alike fueling bullish sentiment.

The price of Bitcoin has fallen 1% over the past 24 hours to $37,100, with the largest digital asset falling further from an 18-month high notched last week above $38,000, the zenith of a rally that has carried prices more than 30% higher since early October. Bitcoin’s gains largely have come amid optimism that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), a move that is widely expected to usher in a fresh wave of investor interest in cryptos.

“Even without the approval of one or more of these ETFs, Bitcoin could run past $45,000 fairly soon. Momentum is mounting, with investors seeing dips as a time for accumulation,” said Leo Mizuhara, CEO of digital asset management platform Hashnote.
Alongside ETF hopes, Bitcoin also has been buoyed by an improving macroeconomic backdrop, which has similarly boosted the Dow Jones Industrial Average and S&P 500. Investors are increasingly confident that the Federal Reserve has finished raising interest rates and could cut borrowing costs early next year.

“A short-term consolidation phase has a hold on Bitcoin,” said Katie Stockton, managing partner at technical research firm Fairlead Strategies. “Bitcoin would resolve its consolidation phase higher with a move above around $38,000, which would act as a catalyst for a test of around $42,200 … Our long-term indicators have shown improvement, but they are not yet decisively bullish. A breakout above around $42,200 would affirm a long-term bullish reversal.”

Beyond Bitcoin, Ether —the second-largest crypto—fell 1.5% to $2,020. Smaller tokens or altcoins were also weak, with Cardano down 3% and Polygon 2% lower. Memecoins were firmly in the red, with Dogecoin dropping 3% and Shiba Inu shedding 4%.

🌼 LUNC trends among traders alongside Dollar pegged stablecoin USTC, recovery likely:

Terra Luna Classic (LUNC) and Terra Classic USD (USTC) both tokens were trending among traders after noting a surge in their price. Santiment analysts believe these tokens are gaining popularity after their collapse, likely to see a revival.

✅LUNC and USTC prices might recover :

In 2022, sister tokens Terra USD (UST) and LUNA suffered an implosion when UST depegged. In the aftermath of the event, Terra LUNA was revived as Terra LUNA Classic (LUNC). Terra Classic USD remained de-pegged and the community has been brainstorming ways to establish the stablecoin’s $1 peg again.
Based on data from crypto intelligence tracker Santiment, two tokens, LUNC and USTC noted milestone price rises in the past week. LUNC price rallied 26% in the past week while Dollar-pegged stablecoin USTC attempted a recovery and climbed 200% in the same timeframe.

Milestone weekly gains in the two tokens have resulted in LUNC and USTC emerging as top trending cryptocurrencies on Santiment’s tracker. It's important to note that the two tokens have experienced a pullback in their prices since then.
Based on data from crypto intelligence tracker Santiment, two tokens, LUNC and USTC noted milestone price rises in the past week. LUNC price rallied 26% in the past week while Dollar-pegged stablecoin USTC attempted a recovery and climbed 200% in the same timeframe.

Milestone weekly gains in the two tokens have resulted in LUNC and USTC emerging as top trending cryptocurrencies on Santiment’s tracker. It's important to note that the two tokens have experienced a pullback in their prices since then.