Bitcoin Price Flash Crashed to Less than $9k on BitMEX

6:09 am, Tue, 19 March 24

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  • A massive sell-off triggered a flash crash on BitMEX, pushing Bitcoin’s price briefly below $8,900.
  • The crash appears to be caused by a single user selling nearly 1,000 BTC over several hours.
  • BitMEX temporarily disabled withdrawals, citing a “spot issue” and assuring users that funds are safe.

The typically volatile Bitcoin market experienced a rather significant jolt today as the price of BTC briefly plummeted to under $8,900 on the BitMEX crypto exchange. This flash crash was triggered by a colossal sell-off, highlighting the potential impact of large trades on the overall market.

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What Caused the BTC Price Crash?

The full details are still unavailable, but multiple reports indicate that a single user may have initiated the flash crash by market selling almost 1,000 BTC over approximately 3.5 hours. The initial sale of over 400 BTC alone is estimated to have resulted in a loss of approximately $4 million for the seller after triggering the biggest dump in BTC price. This aggressive selling pressure caused a cascade effect, leading to a swift and dramatic price decline to a daily (and yearly) low of $8,900.

Also Read: The Best Bitcoin Exchanges in 2024

As you might have guessed, the incident sent shockwaves through the broader crypto market. Though Bitcoin has recovered to around $64,900, the flash crash highlights the inherent volatility of cryptocurrencies. Altcoins weren’t safe from the dump, with the likes of ETH, BNB, and even SOL registering significant drawbacks alongside BTC.

Large, sudden trades such as the one made by the unidentified BitMEX user can most certainly trigger significant price swings, particularly on exchanges with lower liquidity. To that end, BitMEX has acted swiftly and issued a response over its official channels.

BitMEX Response to the Incident

BitMEX acknowledged the incident in a post on its official X (formerly known as Twitter) account, identifying it as a “spot issue” and taking the precautionary measure of temporarily disabling withdrawals for its users. The exchange also reassured users that funds remained safe and that the incident does not affect its derivatives markets or the index price for its popular XBT contracts.

The flash crash on BitMEX serves as a stark reminder of the risks associated with crypto trading. This incident is likely to be scrutinized by market analysts and regulators as they assess the stability and resilience of crypto exchanges. As the crypto industry matures, addressing such risks and building robust safeguards will be crucial for its long-term success.

Read Next: Top 5 BitMEX Alternatives

BNB Coin Eyes New ATH Price After Breaching $600 Level

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BNB’s Bullish Surge: Breaking Barriers and Eyeing New Heights

  • BNB surpasses the $600 mark, sparking investor interest and speculation about reaching a new all-time high.
  • Factors like Binance Smart Chain growth, coin burn mechanisms, and expanding utility drive BNB’s price increase.
  • While analysts see potential for record highs, investors should approach with caution due to crypto market volatility.

Binance Coin (BNB), the native cryptocurrency powering the Binance ecosystem, has recently turned heads by effortlessly surpassing the $600 price level. This strong bullish momentum has reignited investor interest and fueled speculation about the coin possibly reaching a new all-time high (ATH) in the foreseeable future.

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BNB Surge Breaches $600

Several factors have contributed to BNB’s recent upward trajectory. Firstly, the Binance Smart Chain (BSC) has witnessed exponential growth in terms of adoption and daily transactions. As the fuel for the BSC ecosystem, BNB directly benefits from increased network activity.

Additionally, Binance’s regular “coin burn” mechanism, which permanently removes BNB tokens from circulation, serves as a deflationary force that reduces supply over time, potentially increasing the value of the remaining BNB.

The growing utility of BNB is also notable, extending beyond trading fees on the Binance exchange and now encompassing numerous decentralized applications (DApps), games, and payment processing options, which drives further demand for the coin. Finally, the broader cryptocurrency market has shown signs of recovery in recent months, creating a positive environment that has also lifted the price of BNB.

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Investor Outlook: Weighing Potential and Caution

Considering BNB’s impressive historical performance, the potential for further growth remains.  Having launched at around $0.10, the coin experienced steady gains, even amidst fluctuating market conditions. The previous ATH of roughly $690 was reached in May 2021, and the recent breakout beyond the $600 level reinforces the renewed energy and optimism surrounding BNB.

Analysts and investors alike are closely monitoring BNB’s performance. Some believe it has the potential to break its previous ATH and soar to even greater heights, fueled by continued developments within the Binance ecosystem and the wider adoption of cryptocurrencies.  Others strike a more cautious note, reminding us of the inherent volatility of the crypto market and potential regulatory headwinds that could influence the coin’s trajectory.

Key Takeaways

If you’re considering investing in BNB, it’s crucial to weigh both the potential rewards and the associated risks. Thoroughly research BNB, its use cases, and the Binance ecosystem to understand the technology, adoption trends, and the project’s overall roadmap. Remember, the cryptocurrency market is known for volatility, so be prepared for potential price swings and avoid investing more than you can afford to lose. Finally, maintain a long-term perspective, focusing on BNB’s fundamental value and real-world applications rather than short-term price fluctuations.

BNB’s remarkable rise past the $600 level has put the coin back into the spotlight. While the possibility of a new ATH remains uncertain, the coin’s momentum and expanding use cases paint a positive picture. If you’re exploring BNB as an investment option, prioritize careful research and responsible risk management.

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CoinShares Acquires Valkyrie’s Bitcoin ETF Business as Part of US Expansion

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  • CoinShares, a prominent European digital asset investment firm, has finalized the acquisition of Valkyrie Funds.
  • The deal also includes Valkyrie’s other ETFs.
  • This acquisition aligns with CoinShares’ broader strategy to enhance its asset management platform in the US.

CoinShares, a prominent European digital asset investment firm, has finalized the acquisition of Valkyrie Funds after securing its acquisition rights in November 2023. This acquisition marks CoinShares’ strategic expansion into the United States market. The acquisition includes the sponsor rights to Valkyrie Funds’ spot Bitcoin exchange-traded funds (ETFs), along with the firm’s investment advisory business, Valkyrie Investments, and the sponsor rights for its physically-backed Bitcoin ETF, the Valkyrie Bitcoin Fund.

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Details of the Acquisition Deal

Announced on March 12, 2024, CoinShares revealed that the acquisition price will be determined at the end of a three-year earnout period, contingent on Valkyrie’s financial performance. This acquisition not only adds approximately $530 million in assets under management (AUM) to CoinShares but also expands its product offerings significantly.

Jean-Marie Mognetti, CEO of CoinShares, emphasized the importance of the US crypto market. “The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the US. This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top-line contributor from day one,” he said.

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The deal also includes Valkyrie’s other ETFs, such as the Valkyrie Bitcoin and Ether Strategy ETF, the Valkyrie Bitcoin Miners ETF, and the Valkyrie Bitcoin Futures Leveraged Strategy ETF. CoinShares plans to integrate Valkyrie and its products into its ecosystem, initiating a rebranding process.

This acquisition aligns with CoinShares’ broader strategy to enhance its asset management platform in the United States, tapping into the growing interest in Bitcoin ETFs. The announcement comes shortly after Bitcoin reached a new all-time high of $71,415 on March 11, indicating a surge in demand for digital asset investments.

Valkyrie Acquisition Aligned With Industry Trends

CoinShares’ move mirrors industry trends, as evidenced by the Bitwise Bitcoin ETF becoming the latest spot BTC ETF to exceed $2 billion in Bitcoin holdings on March 11. This milestone marks the fifth fund to achieve such a feat, with Grayscale’s Bitcoin Trust ETF leading as the largest, managing $29 billion worth of Bitcoin.

With ETFs projected to absorb nearly 9% of the BTC supply annually if current growth rates persist, concerns about a potential “sell-side liquidity crisis” have emerged. Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, highlighted the rapid inflow of institutional investments into spot ETFs, indicating a potential liquidity challenge within six months.

The completion of CoinShares’ acquisition of Valkyrie Funds underscores the dynamic landscape of digital asset management, fueled by increasing investor interest and institutional participation in cryptocurrency markets.

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Founder of Bitcoin Fog Crypto Mixer Found Guilty of Money Laundering

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  • Roman Sterlingov, the founder of Bitcoin Fog, was convicted of money laundering in a United States District Court on March 12.
  • Bitcoin Fog is a massive $400 million crypto-mixing service.
  • Evidence presented during the trial revealed that Sterlingov operated Bitcoin Fog from October 2011 to April 2021, serving as a money laundering service for criminals.

In a landmark trial that has sent shockwaves through the cryptocurrency community, Roman Sterlingov, the founder of Bitcoin Fog, a massive $400 million crypto-mixing service, was convicted of money laundering in a United States District Court on March 12, 2024, Tuesday. This verdict marks a significant win in the government’s ongoing crackdown on crypto mixers and their founders.

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Details of the Conviction

The trial lasted four weeks and saw Sterlingov facing charges of money laundering, money laundering conspiracy, operating an unlicensed money-transmitting business, and violations of the D.C. Money Transmitters Act. Despite his defense team arguing that he was only a user of the service and not its operator, the jury found him guilty on all counts.

Evidence presented during the trial revealed that Sterlingov operated Bitcoin Fog from October 2011 to April 2021, serving as a money laundering service for criminals seeking to hide their illicit proceeds from law enforcement. Over 1.2 million Bitcoin, worth $400 million at the time of the transactions, were moved thanks to the service.  Reportedly, the majority of the cryptocurrency came from darknet marketplaces connected to drug trafficking, computer fraud, identity theft, and even the distribution of child sex abuse and pornography materials.

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“Evidence presented at trial clearly showed that the defendant laundered hundreds of millions of illicit funds from the dark web through Bitcoin Fog in an attempt to conceal the origin of those funds,” Jim Lee, Criminal Investigation Chief of the Internal Revenue Service (IRS), stated.

Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division echoed this sentiment, emphasizing the department’s commitment to prosecuting those who use technology to hide their crimes, regardless of the sophistication of their schemes.

Sterlingov’s Party Planning an Appeal After Guilty Verdict

Despite the guilty verdict, Sterlingov’s attorney, Tok Ekeland, announced plans to appeal the decision. Additionally, J.W. Verret, a professional witness in the case, pledged support for Sterlingov’s appeal, citing concerns about the on-chain forensics used in the trial.

The jury also approved the seizure of assets taken from Bitcoin Fog, which included about $350,000 worth of different cryptocurrencies kept in a confiscated Kraken account and 1,354 BTC kept in a Bitcoin Fog wallet. The most serious allegations against Sterlingov carry a possible punishment of 20 years in jail apiece, and his sentencing is set for July 15, 2024.

As the legal landscape around cryptocurrency continues to evolve, Sterlingov’s trial serves as a crucial milestone in the government’s efforts to combat illicit activities facilitated by crypto-mixing services.

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Solana (SOL) Stays Green in Pre-Weekend Crypto Market Bloodbath

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Riding the Wave: Solana’s Resilient Performance Amid Slowdown

  • Solana (SOL) defies the broader crypto market downturn, trading at around $173.34 with a 0.47% increase.
  • Surge in Solana-based memecoins and blockchain technology underpin its market resilience.
  • Long-term implications hinge on Solana’s ecosystem development and handling of memecoin volatility.

While the cryptocurrency market now faces a slowdown after a strong surge, Solana (SOL) has emerged as a notable outlier. In contrast to major players like Bitcoin and Ethereum, which have experienced substantial price declines, Solana has maintained its price in the green. As of the latest updates, Solana is trading at approximately $173.34, marking a 0.47% increase over the past 24 hours.

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The Memecoin Effect: Boosting Solana’s Market Position

Several factors are likely contributing to Solana’s resilience. One key driver is undoubtedly the recent frenzy surrounding Solana-based memecoins. Projects like “Bonk” have seen explosive growth, capturing investor attention, sparking speculation, and significantly boosting trading volume on the Solana network.

Beyond the memecoin phenomenon, Solana’s core technology provides a strong foundation for its performance. The blockchain’s Proof-of-History (PoH) consensus mechanism, combined with Proof-of-Stake (PoS), delivers remarkably high transaction speeds and low fees. This efficiency makes Solana particularly attractive for applications in burgeoning sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs).

The combination of memecoin-driven hype and strong technological fundamentals might have contributed to Solana’s resilience amidst a wider market downturn. While the long-term trajectory remains difficult to predict, Solana’s current performance shows good levels of investor sentiment. The market seems receptive to Solana’s potential for innovation and disruption, even as broader macroeconomic conditions challenge the cryptocurrency market.

Nevertheless, it is essential to consider the long-term implications of the current Solana phenomenon. Memecoins often thrive on hype and speculation but may lack inherent utility or sustainable value propositions. Investors should exercise caution and conduct thorough research before engaging with these projects, as their value can be highly volatile. It’s crucial to distinguish between fleeting trends and assets with potential for long-term growth.

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Solana’s Ecosystem: Strengths and Challenges

Solana’s success will depend on the continued development of its ecosystem. The network’s ability to attract high-quality DeFi protocols, NFT marketplaces, and innovative applications will be a key determinant of its future. Solana has historically faced criticism surrounding network outages and centralization concerns. The project’s ability to address these issues will significantly impact both developer confidence and its ability to compete with established blockchains like Ethereum.

In the broader context of the cryptocurrency market, Solana’s resilience offers an optimistic outlook for the greater market. It signals a growing appetite for alternative blockchains with unique value propositions, even during times of market uncertainty. The coming months will be crucial to observe whether Solana can sustain its momentum and further solidify its position in a rapidly evolving space. If the network can successfully address technical challenges, attract a robust developer community, and foster meaningful utility beyond speculative assets, it has the potential to carve out a significant niche within the wider cryptocurrency landscape.

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Binance’s BNB Coin Registers Two-Year High Nearing $500

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  • Binance Coin (BNB) has had a stunning 62% price spike over the past month, hitting a two-year high of $489.50 on March 8th.
  • The price surge is attributed to the strong activity on the BNB Chain and its related network.
  • As anticipation builds for BNB to surpass the $500 mark, these insights provide valuable perspectives on the sustainability of BNB’s recent rally.

Binance’s native cryptocurrency, Binance Coin (BNB), has had a stunning 62% price spike over the past month, hitting a two-year high of $489.50 on March 8th and nearing $500 as of writing. According to a report, this surge was observed despite regulatory obstacles encountered by the company. With stablecoins excluded, this increase has strengthened BNB’s standing as the third-largest cryptocurrency by market capitalization.

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Driving Force Behind BNB Price Surge

Strong activity on the BNB Chain and its related network was identified as the driving force behind the current price spike of BNB. The total value locked (TVL) in BNB terms decreased by 7% over the past month, although data shows that 12.8 million BNB were placed into BNB Chain’s decentralized apps (DApps). This number is still impressive even if it is less than the 19.4 million BNB recorded at the beginning of 2023.

Comparatively, Solana had a 20% gain in TVL during the same period, while Ethereum’s network TVL climbed by 3% in ETH terms. The data indicates that the positive momentum propelling the value of BNB is not exclusively dependent on the amount of deposits made in DApps like decentralized finance (DeFi) aggregators and NFT markets.

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Reportedly, DApp volume for BNB Chain has dramatically increased over the previous month by 41%, propelling the company into third position overall. Furthermore, the remarkable 5.6 million active addresses engaging with BNB Chain’s DApps exhibit the platform’s enhanced usefulness and efficiency are demonstrated.

As anticipation builds for BNB to surpass the $500 mark, these insights provide valuable perspectives on the sustainability of BNB’s recent rally. Despite regulatory challenges, the strong network activity and growing user engagement on the BNB Chain indicate the potential for continued growth and resilience in the face of market fluctuations.

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Bitcoin Breaches New ATH Price of $73k — Why is BTC Pumping?

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Bitcoin’s Historic Surge: Analyzing the Latest ATH and Market Trends

  • Bitcoin hits a new all-time high of $73,679, marking significant gains in market value and trading momentum.
  • Technical analysis shows strong support and an upward trend, with potential resistance at $75,000.
  • Despite bullish signals, risks of a bearish reversal and overbought conditions call for cautious trading strategies.

Bitcoin recently shattered its all-time high (ATH) price record, reaching $73,679. The leading cryptocurrency surged 1.8% within 24 hours, pushing its market cap to a staggering $1.43 trillion. Bitcoin has demonstrated impressive gains, rising 10.7% in the past week and 23.3% over two weeks.

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Analyzing Bitcoin’s New ATH of $73,679: Key Factors and Market Trends

Bitcoin’s 1-hour chart reveals a volatile pattern, with the cryptocurrency quickly recovering from a significant dip on Tuesday. This resilience suggests strong support around $68,636. The upward trend is evident, as Bitcoin forms higher lows and higher highs. The 4-hour chart reinforces this bullish momentum, highlighting consistent buying activity that provides crucial support at $66,264.

The daily chart confirms Bitcoin’s powerful upward movement. Since finding major support near $45,252, Bitcoin has steadily climbed with higher highs and higher lows. It faces temporary resistance at its current ATH of $73,679. However, traders may find potential entry points when Bitcoin retests breakout levels or moving averages.

To exit the market strategically, traders might observe signs of trend reversals or target psychological resistance levels like $75,000. Technical indicators currently signal positive momentum, including oscillators like the RSI, Stochastic, CCI, and MACD.

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Technical Insights: Understanding Bitcoin’s Upward Trend and Market Behavior

Moving averages across varying time frames (from 10-day to 200-day) strongly indicate a bullish trend. Combining this analysis with insights from oscillators and moving averages reinforces a market stance dominated by bullish sentiment, strong trading volume, and market capitalization.

Despite the optimism, traders should remain cautious as a bearish reversal is possible in the medium to long term. The extremely bullish sentiment, high RSI, and stretched positions in oscillators suggest overbought conditions, potentially triggering a corrective pullback. Significant short-term price gains might also lead to profit-taking, increasing selling pressure.

Future Outlook: Balancing Bullish Signals and Bearish Possibilities in Bitcoin

A recent $200 million+ Bitcoin sell-off by a smart whale just before the $73K peak fuels further bullish sentiment among traders and investors. The launch of BTC ETFs continues to boost Bitcoin’s mainstream visibility.

As Bitcoin’s price surge continues, market cap and 24-hour trading volume have climbed significantly. Coinglass data reveals sharp increases in Bitcoin’s open interest and volume. Though RSI signals an overbought condition, a short-term consolidation may be in store.

Glassnode researchers link Bitcoin’s rally to a euphoric market but note a healthy balance between distribution pressure and fresh demand.  Investors who acquired Bitcoin earlier tend to offload holdings as new ATHs are reached, creating a wealth transfer from veteran to newer investors. Despite the impressive climb, traders and investors should remain alert to potential corrections and changing market dynamics.

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VanEck Launches Zero Fee Program for Bitcoin ETF Until 2025

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  • VanEck will temporarily cut the management fee for its HODL Bitcoin ETF to zero until March 31, 2025, or until the fund reaches $1.5 billion in assets, whichever comes first.
  • The decision comes as HODL’s assets under management (AUM) have trailed behind those of its competitors.
  • VanEck’s move marks a departure from its previous management fee of 0.2%, which was already among the lowest in the market.

In a strategic move to boost its position in the competitive cryptocurrency exchange-traded fund (ETF) market, VanEck has announced a significant reduction in management fees for its HODL Bitcoin ETF. The asset manager revealed that it will temporarily cut the management fee to zero until March 31, 2025, or until the fund reaches $1.5 billion in assets, whichever comes first.

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Details and Reason Behind the Fee Reduction

This bold decision comes as HODL’s assets under management (AUM) have trailed behind those of its competitors. Currently, HODL manages just over $305 million in AUM, a fraction of the figures seen by other major players in the field. For instance, BlackRock’s iShares Bitcoin Fund (IBIT) boasts a staggering $13 billion in AUM, significantly outstripping HODL’s current holdings.

VanEck’s move marks a departure from its previous management fee of 0.2%, which was already among the lowest in the market. Other prominent competitors such as BlackRock, Fidelity, Invesco, WisdomTree, and Valkyrie charge higher fees, typically around 0.25%. Only Franklin Templeton’s Bitcoin ETF charges a slightly lower fee of 0.19%.

Explaining the decision, VanEck emphasized its unwavering belief in the potential of Bitcoin. The firm stated that the fee reduction reflects its confidence in the long-term value of the cryptocurrency. However, industry analysts speculate that HODL’s slower growth compared to its rivals may have also influenced the decision.

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What the Move Means for the ETF Competition

The cryptocurrency ETF market has witnessed explosive growth in recent years, with investors flocking to gain exposure to digital assets through regulated investment vehicles. Despite regulatory hurdles and market volatility, demand for crypto ETFs remains robust, fueled by increasing institutional interest and the growing mainstream acceptance of cryptocurrencies.

VanEck’s move to waive its management fee temporarily underscores the intense competition within the cryptocurrency ETF space. By offering a zero-fee structure, the firm aims to attract more investors to HODL and bolster its AUM, positioning itself as a formidable contender in the rapidly evolving landscape of digital asset investment.

As the race for dominance in the cryptocurrency ETF market heats up, industry observers will be closely watching how VanEck’s fee reduction strategy impacts HODL’s growth trajectory and its ability to compete with established players in the field. With Bitcoin’s popularity soaring and institutional adoption on the rise, the battle for market share in the crypto ETF space is set to intensify in the coming months.

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Grayscale’s Spot Bitcoin ETF Edged Out by BlackRock and Fidelity: Report

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Shifting Dynamics in the U.S. Bitcoin ETF Market

  • Grayscale’s market share in the U.S. spot Bitcoin ETF falls below 50%, marking a significant shift from its initial dominance.
  • Consistent outflows from Grayscale’s GBTC fund and growing inflows into BlackRock’s and Fidelity’s Bitcoin ETFs reshape the market.
  • The recent influx into new Bitcoin ETFs correlates with Bitcoin’s price surge, reaching a new all-time high of $72,900.

Grayscale’s dominant position in the U.S. spot Bitcoin ETF market has faced a significant shift. For the first time since its inception in the United States on January 11, Grayscale’s share in the market has dropped below 50%. As of March 12, the total assets under management (AUM) in the Grayscale Bitcoin Trust (GBTC) decreased to $28.5 billion. This represents 48.9% of the combined $56.7 billion held across ten U.S. Bitcoin ETFs.

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Grayscale’s Declining Dominance: Market Share Drops Below 50%

Initially, Grayscale’s fund held a staggering 99.5% of the total AUM for the ten U.S. spot Bitcoin ETFs on their first trading day. However, this scenario has drastically changed over time. The fund has experienced consistent daily outflows, averaging $329 million last week, contributing significantly to the reduction in its market share.

The most substantial outflows occurred in the first month after the launch of the Bitcoin ETFs, with $7 billion leaving the GBTC fund in just over a month. Though the outflows slowed towards the end of January, a decision by bankruptcy courts in mid-February allowed the crypto lender Genesis to liquidate approximately $1.3 billion worth of GBTC shares to reimburse investors, reigniting the outflow trend.

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Rising Competitors: BlackRock and Fidelity’s Growing Influence in Bitcoin ETFs

To date, the outflows from the GBTC have totaled over $11 billion. Initially structured as a trust to allow institutional investors Bitcoin exposure, Grayscale’s offering required investors to lock up funds for a minimum of six months. Grayscale converted its trust into an ETF following a court victory over the Securities and Exchange Commission in August and subsequent approvals of other spot Bitcoin ETF applications. This conversion enabled institutional investors engaged in GBTC arbitrage trade to remove or shift their capital to other Bitcoin ETFs freely, often those with lower fees.

Amid the outflows from Grayscale’s ETF, the market has seen growing net inflows into BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC). These two funds have generated a total of $16.9 billion worth of inflows since their inception.

Correlation Between ETF Inflows and Bitcoin’s Price Surge

Market commentators have linked the inflows into these nine new ETFs as a key factor driving the recent spike in Bitcoin’s price. Bitcoin reached a new all-time high of $72,900 on March 11, partially attributed to the solid inflows into these ETFs. As of now, BlackRock’s fund holds over 200,000 BTC, valued at approximately $14.3 billion, highlighting the shifting dynamics in the Bitcoin ETF space.

The recent trends indicate a changing landscape in the U.S. spot Bitcoin ETF market. While Grayscale’s GBTC was once the predominant player, the emergence of new funds from BlackRock and Fidelity has altered the market’s composition, offering investors a broader range of options and influencing the overall movement of Bitcoin’s price.

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XRP Surges Back Up to Same Price Level After Court Ruled in Ripple’s Favor

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Ripple’s XRP Soars in Cryptocurrency Market

  • Ripple’s XRP experienced a significant price surge, soaring over 1000% since March 2020, showing resilience even during bearish market conditions.
  • Recent bullish trends push XRP price over 20%, breaking resistance levels and forming patterns indicating further potential growth.
  • Legal developments and large transactions involving XRP continue to influence the cryptocurrency market, with Ripple’s ongoing SEC lawsuit playing a crucial role.

Ripple’s XRP stirs up the cryptocurrency market with a powerful performance. Since rebounding from March 2020 lows, XRP’s price soared over 1000%. Even amidst a bear market that erased 80% of those gains, XRP held firm, refusing to dip below its rising support line.

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XRP Surges After Recent Lows

A recent surge propelled XRP’s price skyward by over 20% in mere hours, securing a target above $0.80. This thrusts XRP into the forefront of crypto performers, surpassing numerous memecoins. Investors and market players alike are renewing their focus on major altcoins like XRP as a result.

While XRP has previously wrestled against upper resistance, its current momentum has shattered that barrier. Additionally, a double-bottom pattern formed within a pivotal symmetrical triangle hints at a potentially massive upward climb. This formation suggests that XRP prices could blast past their 2021 high of approximately $1.98.

XRP’s Bullish Momentum and Market Outlook

The weekly Relative Strength Index (RSI) signals a bullish advantage, hinting at further gains for XRP. An initial target of $0.77 looms as interim resistance, potentially paving the way for a climb above $0.8. Before breaching $0.85 to reach new highs, a consolidation period is probable. This could trigger a powerful breakout beyond $1, reversing bearish trends and driving the price closer to its all-time record.

Adding to the buzz, a large XRP holder has withdrawn millions of XRP from Binance, the top cryptocurrency exchange globally. However, recent data reveals these are internal Binance transactions, likely related to how the exchange manages its XRP holdings. Over the past day, this holder moved 77.7 million XRP across four separate transactions.

Ripple moved a significant 19,749,927 XRP (worth roughly $14,447,036) to Bitstamp, a major crypto exchange based in the U.S. and Europe. The transfer came from a Ripple Labs-linked wallet. Bitstamp and Ripple collaborate on RippleNet, which leverages XRP for swift and affordable international payments.

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XRP’s Impact on Crypto Market Dynamics

The ongoing court battle between Ripple and the SEC remains a critical driver in the crypto market. The SEC secured a deadline extension for filing documents related to remedies in its case against Ripple. The court approved this request, setting a new March 22 deadline for the SEC’s opening brief. Ripple’s opposition is due April 22, with the SEC’s reply expected by May 6, 2024.

The lawsuit, launched in December 2020, centers on the SEC’s allegation that Ripple and its executives sold $1.3 billion in unregistered securities via XRP. Central to the case is whether XRP qualifies as a security. Ripple refutes this, while the SEC asserts the opposite. The case’s outcome, along with discussions on the Howey test, will significantly influence the cryptocurrency landscape.

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