Из жизни альткоинов

BlackRock’s iShares Bitcoin Trust (IBIT) has become the talk of the financial world, recording a record-breaking 70 consecutive days of inflows. This unprecedented streak has propelled IBIT into the top 10 exchange-traded funds (ETFs) for the longest daily inflow run, putting it in league with industry heavyweights. But is IBIT’s success a sign of a resurgent Bitcoin or simply a fad capitalizing on current market trends?

Bitcoin ETF Landscape Redefined

The arrival of spot Bitcoin ETFs in January 2024 significantly altered the landscape for cryptocurrency investment. These ETFs, unlike their futures-based counterparts, allow investors to gain exposure to the top crypto asset’s price movements without directly owning the cryptocurrency itself. This newfound accessibility has ignited a surge in investor interest, with IBIT leading the charge.

IBIT’s impressive inflows have translated into a war chest of over $15 billion worth of Bitcoin. This rapid accumulation has financial analysts predicting IBIT’s imminent dethronement of the Grayscale Bitcoin Trust (GBTC) as the world’s largest Bitcoin fund. GBTC, which operates on a different structure, has been experiencing consistent outflows, further strengthening IBIT’s position.

IBIT Vs. FBTC: A Battle For Bitcoin ETF Supremacy

While IBIT reigns supreme in terms of total holdings, a new challenger has emerged – Fidelity’s Bitcoin ETF (FBTC). Over the past few trading sessions, FBTC has managed to outpace IBIT in daily inflows. This neck-and-neck race highlights the growing competition within the Bitcoin ETF space.

However, IBIT enjoys a distinct advantage – the backing of BlackRock, a financial behemoth with nearly $11 trillion asset portfolio. BlackRock’s reputation and reach could prove instrumental in attracting further investment towards IBIT.

Top Analyst Weighs In

Adding fuel to the IBIT fire is Eric Balchunas, a renowned ETF analyst at Bloomberg. Balchunas closely monitors the performance of ETFs and has been a vocal supporter of IBIT’s trajectory.

On social media, Balchunas celebrated IBIT’s nearing of the 70-day inflow milestone, highlighting its potential to join the ranks of some of the most successful ETFs ever.

$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp

— Eric Balchunas (@EricBalchunas) April 22, 2024

Balchunas even compared IBIT’s feat to the impressive 70-day inflow streak achieved by the JETS ETF, which tracks airline industry companies. This comparison underscores the significance of IBIT’s achievement, particularly within the fledgling Bitcoin ETF market.

Is IBIT A Sustainable Investment Option?

Despite IBIT’s meteoric rise, questions linger regarding its long-term viability. The future of Bitcoin itself remains shrouded in uncertainty. The cryptocurrency’s volatile nature and susceptibility to market fluctuations raise concerns about the stability of Bitcoin-linked investments.

Additionally, regulatory hurdles and potential changes in government policies could throw a wrench into IBIT’s growth trajectory.

Featured image from Pexels, chart from TradingView

Комиссия по ценным бумагам и биржам Филиппин (SEC) обязала американские компании Google и Apple удалить из магазинов приложение крупнейшей криптобиржи Binance.

Российский сотовый оператор МТС, дочерняя MTS StartUp Hub и корпоративный венчурный фонд МТС сообщили о запуске сервиса поддержки стартапов, разрабатывающих цифровые продукты на блокчейне.

A crypto analyst has shed light on the latest trends regarding the Bitcoin (BTC) dominance within the crypto market, suggesting a potential shift in investor sentiment as they diversify their portfolios beyond the pioneer cryptocurrency. 

Bitcoin Dominance Is Waning

Popular crypto analyst and trader, Michael van de Poppe took to X (formerly Twitter), on Monday, April 22, to share valuable insights on Bitcoin’s dominance and investors’ sentiment on the cryptocurrency following the halving event. 

The halving event occurred in the early hours of April 20, cutting the block rewards of miners by 50% and reducing the cryptocurrency’s supply. This previously anticipated event had triggered excitement amongst crypto enthusiasts and investors, as market analysts predicted a bull run following the event. 

However, the conclusion of the fourth Bitcoin halving cycle failed to produce any profound effect on BTC’s price, particularly when compared to its massive rise to new all-time highs before the halving. During the pre-halving period, Bitcoin skyrocketed above $75,000 in March, fueled by the surging demand for Spot Bitcoin Exchange Traded Funds (ETFs). 

As of writing, the cryptocurrency is trading at a price of $66,205, down by more than $8,000 from its previous all-time high, according to CoinMarketCap. 

Poppe has explained that following the completion of the Bitcoin halving event, the general cryptocurrency market has been experiencing an upward trend. The analyst affirmed that BTC’s dominance within the crypto market was waning significantly. Additionally, data from TradingView has shown that Bitcoin’s dominance over the market capitalization is presently 55.29%, reflecting a decrease of 0.26% over the past week. 

This decline in dominance suggests that investors are beginning to potentially move away from the popular cryptocurrency to diversify their holdings into other digital assets. Poppe referred to this shift as a “rotation,” highlighting that the movement has started slowly but steadily. 

He shared a price chart of Bitcoin against Tether (USDT) displaying the BTC’s price movements from February through April. The crypto analyst predicted a support level, pinpointing $57,000 as the potential bottom if BTC fails to break above $70,300. 

Altcoin Season On The Horizon?

The altcoin season typically occurs when the prices of lesser cryptocurrencies soar significantly higher and outperform Bitcoin. This period usually follows a major decrease in Bitcoin’s dominance in the crypto space. 

“It’s possible we’ll see another altcoin season if Bitcoin’s dominance index continues to wane, shifting investor focus towards altcoins,” a crypto community member stated.

Moreover, Poppe has declared that “the time for altcoins is on the horizon.” He revealed his strategy of taking a long position in anticipation of this potential rally, emphasizing that an altcoin bull run would depend on Ethereum’s performance in the market and the possibility of an Ethereum Spot ETF. 

The deserts of the Middle East are experiencing a new kind of gold rush – a digital one. Cryptocurrency markets and investments are exploding in popularity, with the region witnessing a surge in daily traders and a growing embrace of crypto-friendly regulations.

Crypto For The Everyman

Research by Bitget reveals a thriving crypto scene with an estimated 500,000 daily traders. The United Arab Emirates (UAE) stands out as a leader, boasting a regulatory framework that welcomes cryptocurrency investment. This openness is a stark contrast to the past, where many Middle Eastern nations outright banned crypto. Now, other countries are following suit, transitioning from prohibition to a more compliant approach.

Beyond regulations, what’s driving this digital frenzy? When it comes to investment preferences, the Middle East reveals a fascinating dichotomy. Retail investors are proving to be adventurous, venturing beyond established players like Bitcoin and showing a strong appetite for meme coins – those internet-fueled, often joke-based cryptocurrencies.

This enthusiasm for meme coins highlights a trend of retail investors seeking a quick win in a volatile market. However, institutional investors in the region seem to be taking a more measured approach, focusing on established crypto assets with a proven track record.

Beyond Trading: The Middle East As A Potential Mining Mecca?

The Middle East’s crypto story goes beyond just trading. The abundance of energy resources in the region, coupled with its evolving regulatory landscape, has caught the eye of major North American crypto miners. These companies, facing stricter regulations and crackdowns in their home countries like China, are scouting locations with a more relaxed approach.

With its vast resources and openness to crypto, the Middle East is emerging as a potential new hub for crypto mining. This influx of mining companies could further propel the region’s crypto ecosystem, creating a more robust infrastructure and fostering innovation.

A Land Of Opportunity

While the Middle East’s crypto market is undeniably thriving, it’s important to acknowledge its current limitations. Compared to giants like North America and Asia, the region’s overall crypto adoption rate remains moderate. However, considering the rapid growth trajectory, this is likely to change.

The combination of progressive regulations, a growing user base, and the potential for attracting major mining companies positions the Middle East as a significant player in the future of cryptocurrency.

The future of the Middle East’s crypto market is brimming with possibilities. As regulations continue to evolve and user preferences solidify, the region has the potential to become a major force in the global crypto landscape.

Featured image from Pexels, chart from TradingView

Криптовалютный проект Velvet Capital сообщил о фишинговой атаке на внешний интерфейс своего вебсайта. Пользователям рекомендуется не взаимодействовать с интернет-страницей, пока команда не устранит проблему.

«Криптовалютный детектив» под псевдонимом ZachXBT выявил 12 проектов мемкоинов, выпущенных на блокчейне Solana, которые были заброшены основателями практически сразу после предварительной продажи активов. То есть половина запускаемых в месяц проектов остаются забыты.

Аналитики брокерской компании Bernstein заявили, что биткоин переживает «период DeFi-лета» благодаря резкому росту размера получаемых майнерами комиссий и тысячами токенов на Runes.

Following the much-awaited fourth Bitcoin Halving, cryptocurrency hedge fund QCP Capital becomes a lighthouse of knowledge, providing an in-depth analysis of what the post-halving landscape could hold in store in the short term.

Bitcoin Bulls To Hold Larger Long Position Post-Halving

In a Monday broadcast on Telegram, QCP offered a comprehensive analysis that explores the complexities of post-halving dynamics and provides projections for investor sentiment, industry trends, and technical advancements.

Related Reading: Crypto Pundit Says Bitcoin Halving Is A ‘Buy The News’ Event

QCP Capital noted that following the conclusion of the fourth BTC Halving, the spot price increased slightly over the weekend, but not significantly. According to the company, in just 50 to 100 days after the actual halving day, the spot price rose in the past three events dramatically. Should this pattern be replicated, there are still a few weeks left for BTC bullish investors to build up a bigger long position.

While Extended Range Knockouts (ERKOs) offer appealing risk-reward ratios for long-term optimism, QCP Capital advises traders to use them to take bullish BTC positions. This is due to the firm’s ongoing, substantial purchases of Bitcoin calls that will expire at the year’s end and later.

The broadcast read:

We continue to see consistent large buying of BTC calls expiring at the end of the year and beyond. We think ERKOs provide good risk-reward if you have a longer-term bullish view.

In order to generate BTC longs in the upcoming weeks, QCP suggests purchasing BTC at a steep discount at $55,000 ahead of the usual post-halving exponential upward surge. This is in light of considering options such as the BTC Accumulator, which have a $55,000 strike price and a $80,000 upper barrier expiring approximately 20 weeks from now.

Potential Short-Squeeze Post Halving

QCP also highlighted the possibility of a short squeeze in the short term, especially in altcoins and meme coins, which can cause price increases if risk appetite returns. Some of these altcoins and meme coins presently have already witnessed constant negative funding rates of up to -100%.

Meanwhile, speculative sentiment around Ethereum has improved, and risk reversals are trending upward, which might lead to short covering and return to leveraged long positions. While investors navigate this crucial turning point in Bitcoin’s trajectory, the company’s emphasis may be a useful tool that aids in decision-making and promotes a better comprehension of the dynamic cryptocurrency ecosystem.

Late Friday, the Halving went into effect, cutting the amount of new bitcoin issued. Due to the positive effects seen on previous occasions, the event is anticipated to catalyze significant gains for BTC and the crypto market. Given the halving event’s impact is still felt throughout the cryptocurrency industry, crypto investors are curious to learn about the ramifications and possible future paths of Bitcoin.

Бывший глава банкротящейся FTX подписал мировое соглашение с группой потерявших средства клиентов криптовалютной биржи, обещая помогать преследовать известных промоутеров. В ответ инвесторы обещают отказаться от группового иска против сооснователя FTX Group.

Числящиеся владельцами рухнувшей криптобиржи Wex представители сингапурской World Exchange Services добились от московского Савеловского районного суда решения взыскать в их пользу 18 млрд рублей.

Широко разрекламированная инициатива интеграции Telegram блокчейна TON и его собственного токена Toncoin привлекла мошенников, продвигающих схему заработка на реферальных ссылках.

Charles Hoskinson, the founder of Cardano, has expressed his enthusiasm for the formation of PRAGMA, a new independent open source association. This initiative marks a pivotal move towards achieving global scalability—a goal that Cardano aims to fulfill as it endeavors to become the financial operating system of the world.

Cardano Makes Crucial Step Forward

During a recent update shared on X, the Cardano Foundation, alongside partners Blink Labs, dcSpark, Sundae Labs, and TxPipe, announced the launch of PRAGMA. This association aims to foster a robust and diverse ecosystem, crucial for the scalability and resilience required at a global level.

Hoskinson highlighted the critical nature of such developments in his statement, saying, “Multiple clients and a diverse and resilient ecosystem of open source projects and utilities are required for a global scale protocol seeking to build the financial operating system of the world. I’m excited to see groups come together to start building these clients and projects.”

Interestingly, PRAGMA’s formation comes as a distinct and independent initiative within the ADA community, not directly coordinated with existing governance bodies such as IOHK. When questioned about the new group’s relation to these entities, Hoskinson stated, “They decided to form an entirely different group and not coordinate with Intersect. I’ve never had a formal meeting with them about their intent or the exactly structure and funding behind Pragma. I was actually only recently informed about their existence.”

He further elaborated on the potential benefits of PRAGMA’s independence, stating, “I’m glad to see the community forming their own structures and development priorities. While Pragma will not speed up feature delivery to Cardano, it does add operational resilience and also a second set of eyes on the formal specifications of Cardano.”

What Pragma Is About

The official press release by the Cardano Foundation sheds more light on PRAGMA’s mission and initial projects. It stated that this new not-for-profit open source association is dedicated to advancing blockchain software projects and fostering an alternative open-source ecosystem for ADA and potentially other blockchains. The signing of statutes, scheduled for 22 April, signifies the formal commencement of the association’s activities.

Sebastian Bode, Director of Engineering at the Cardano Foundation and a Board Member of PRAGMA, underscored the collaborative spirit driving this initiative. “PRAGMA represents an important step forward in the Cardano Foundation’s mission to support Cardano becoming a public infrastructure. Together, we are a team of passionate software engineers from various backgrounds who build open-source tools for developers aiming for mass adoption of blockchain.”

PRAGMA’s initial focus will be on a select number of pivotal projects. One such project is Amaru, which is the development of a full node written in Rust and designed to operate side-by-side with the existing Haskell nodes in a fully interoperable manner. Another key initiative is Aiken, a smart contract platform that aims to both simplify and enhance the development of smart contracts.

Frederik Gregaard, CEO of the Cardano Foundation, emphasized the broader implications of PRAGMA’s establishment for the ecosystem. “At the Cardano Foundation we are advocates for the open source maturity of the Cardano ecosystem, supporting collaborative initiatives that increase the diversity, as well as the quality and quantity of blockchain solutions. PRAGMA represents a significant milestone on this path.”

Looking ahead, PRAGMA plans to expand its membership to developers within the broader ADA ecosystem by 2025. This long-term strategy aims not only to integrate existing projects but also to stimulate the emergence of new and meaningful tools that could fundamentally enhance blockchain technology’s adoption and functionality.

At press time, ADA traded at $0.517.

Руководитель отдела исследований ETC Group Андре Драгош опубликовал отчет, в котором утверждает, что рынок восстанавливается после спада, вызванного геополитическими событиями на Ближнем Востоке.

Юридические представители Комиссии по ценным бумагам и биржам США (SEC) по делу против Debt Box добровольно ушли в отставку после того, как представитель регулятора уведомил их о планируемом увольнении.

Верховный суд Онтарио утвердил коллективный иск инвесторов против крупнейшей криптовалютной биржи Binance. В иске указывается, что платформа нарушала законодательство, продавая ценные бумаги без лицензии.

Издание Reuters со ссылкой на свои источники сообщает, что нефтяная компания Венесуэлы PDVSA планирует расширить применение USDT в качества основного средства платежа для экспортных поставок сырой нефти и мазута.

Ассоциация профессионалов по ценным бумагам и фьючерсам Гонконга (HKSFPA) порекомендовала местным криптокомпаниям создать отдельный комитет для контроля по соблюдению нормативных требований.

Бывший топ-менеджер Goldman Sachs Рауль Пал сравнил темпы внедрения Интернета в первые годы его существования с внедрением криптовалют с 2016 года, когда число их пользователей впервые достигло миллиона человек.

The relationship between the US Securities and Exchange Commission (SEC) and the burgeoning crypto industry has taken a dramatic turn for the worse. A recent court ruling against the SEC in a case against crypto platform DEBT Box has exposed accusations of misconduct and cast doubt on the agency’s regulatory tactics.

The controversy centers around a lawsuit filed by the SEC in August 2023, alleging a $50 million crypto fraud scheme perpetrated by DEBT Box. To halt the Utah-based company’s operations, the SEC secured a temporary freeze on its assets and restraining orders against its executives.

However, the case unraveled spectacularly in March 2024 when Judge Robert J. Shelby of the Utah District Court sanctioned the SEC for “egregious misrepresentations” during the initial hearing.

SEC UNDER FIRE: LAWYERS RESIGN IN WAKE OF CRYPTO CASE SCANDAL

– Two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a federal judge sanctioned the agency for “gross abuse of power” in a crypto case.

– The case involved Digital Licensing Inc., known as DEBT Box,… https://t.co/sXqUDdAvvz pic.twitter.com/Dz3v4sGYzK

— BSCN (@BSCNews) April 22, 2024

Crypto Case: SEC Accused Of Fabricating Evidence

Judge Shelby’s scathing ruling accused the SEC of presenting evidence that “lacked any basis in reality” and was “deliberately misleading.” The court documents allege that SEC attorneys, led by Michael Welsh and Joseph Watkins, knowingly submitted false information to obtain the emergency freeze.

When questioned about the discrepancies, Welsh reportedly attempted to “gloss over” the issue instead of correcting the record. These allegations have severely damaged the SEC’s credibility and raised questions about its commitment to fair and ethical legal practices.

Lawyer Resignations Raise Questions About Internal Dissent

The fallout from the court’s decision has extended beyond public perception. Significantly, both Welsh and Watkins resigned from the SEC earlier this month. While the official reasons remain undisclosed, sources close to the case suggest they were pressured to leave after the judge’s harsh rebuke. These resignations could point to internal dissent within the SEC regarding its crypto enforcement strategy.

‘Regulation By Enforcement’ Strategy Draws Criticism

The DEBT Box case is not an isolated incident. The SEC, under Chairman Gary Gensler, has faced criticism for its “regulation by enforcement” approach towards the crypto industry. Critics argue that instead of providing clear regulatory guidelines, the SEC relies heavily on lawsuits and enforcement actions to police the space.

This strategy, they claim, creates significant uncertainty for businesses and stifles innovation in the rapidly evolving crypto landscape.

The recent court ruling and lawyer resignations add fuel to this criticism. Critics argue that the SEC’s aggressive tactics, exemplified by the DEBT Box case, could ultimately undermine US competitiveness in the global digital asset market.

Featured image from Pixabay, chart from TradingView