Bitcoin
US Bitcoin ETFs See Largest Series of Inflows as Token Nears Record
(Bloomberg) — U.S. exchange-traded funds that invest directly in Bitcoin drew net inflows for an unprecedented 18th consecutive day, a surge in demand that helped lift the biggest digital asset to a record high.
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The group’s net subscriptions to nearly a dozen products stood at $15.6 billion as of Thursday after the Jan. 11 launch, bringing total assets to $62.3 billion, according to data compiled by Bloomberg.
Bitcoin funds from companies like BlackRock Inc. and Fidelity Investments rank as some of the most successful debuts in the history of the ETF industry. They took Wall Street by storm, tilting crypto’s center of gravity from Asia to the US.
Many speculators in the options market anticipate Bitcoin this month will surpass March’s all-time peak of $73,798, aided by ETF demand and expectations that Federal Reserve interest rate cuts are on the horizon.
“There have been massive inflows into spot Bitcoin ETFs,” wrote Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, in a note. “Macro continues to trend in favor of crypto, with economic growth slowing at a non-recessive pace and signs of disinflation continuing.”
Last week, BlackRock’s $21.4 billion iShares Bitcoin Trust became the world’s largest fund for the token, surpassing Grayscale Investments LLC’s $20.1 billion Bitcoin trust. The $12.3 billion Fidelity Wise Origin Bitcoin Fund is in third place.
SEC Pivot
The U.S. Securities and Exchange Commission reluctantly allowed spot Bitcoin ETFs in January following a court reversal in 2023. The agency in May also surprisingly pivoted to approving funds for the No. 2 token, Ether.
The SEC, under Chairman Gary Gensler, criticizes the digital asset industry’s alleged failure to comply with regulations. Congressional efforts to bring some legislative clarity to cryptography have gathered pace lately.
Ophelia Snyder, president of crypto ETF provider 21 Shares AG, said adoption of digital asset funds is still in its infancy for institutions and intermediaries. “The market has a long way to go, and we’re still at the beginning,” she said on an episode of Bloomberg’s Tiger Money podcast, which airs Tuesday.
Bitcoin has more than quadrupled since the beginning of last year. The rise has erased memories of a painful bear market in 2022 that revealed fraud and led to the arrests of once-celebrated businessmen like Sam Bankman-Fried.
The story continues
Bitcoin was steady at around $71,100 at 12:35 pm on Friday in Singapore, while Ether was little changed at $3,810.
–With assistance from Rebecca Sin and David Ingles.
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©2024 Bloomberg LP
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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