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Bitcoin (COIN:BTCUSD) faced a sharp decline in value over the last 24 hours, hovering around $64,329.32 at the time of writing. The negative movement, possibly intensified by the new adoption of Bitcoin ETFs, dragged along other cryptocurrencies and related assets. Amidst this volatility, optimistic traders saw over $440 million being liquidated. This resulted in significant losses in long positions across various cryptocurrencies, with Binance and OKX concentrating most of these liquidations. This period also witnessed record withdrawals from the Grayscale Bitcoin Trust ETF (AMEX:GBTC), signaling potential future market oscillations.
Adding to the analysis, Fernando Pereira, an analyst at Bitget, comments on the expectation of a 20% to 30% reduction in Bitcoin’s value around the halving event. According to Pereira, “in the days surrounding the halving (either before or after), we should see a pullback of 20% to 30%, due to the significant increase in small players entering the market, which ends up providing liquidity for large players to realize their profits for the year.”
On Monday night, Bitcoin experienced a brief devaluation on BitMEX, reaching $8,900, while on other platforms, the value remained above $60,000. The abrupt decline was followed by a quick recovery to $67,000 ten minutes later. At the peak of the BitMEX incident, Bitcoin maintained a global average price of approximately $67,400. Speculation on social media suggests that the drop was triggered by the sale of over 850 BTC by a large entity on BitMEX, significantly impacting the market.
In other related news, MicroStrategy (NASDAQ:MSTR), known for its substantial investment in Bitcoin, added 9,245 BTC to its portfolio for $623 million, with an average cost of $67,400 per bitcoin. Under the leadership of Michael Saylor, the purchase was funded by a convertible bond offering and excess funds, bringing its total bitcoins to 214,246, equivalent to over 1% of the total bitcoin supply. Despite the acquisition, the recent drop in the value of bitcoin negatively impacted MicroStrategy’s stock price.
Michael Sonnenshein, CEO of Grayscale, foresees a decrease in fees for its Bitcoin ETF (AMEX:GBTC), aligned with the maturation of the sector. As reported by CNBC, the expectation is that, following the trend of other markets, the GBTC’s 1.5% fee will decrease as the fund grows. Despite the continued record outflows, Grayscale maintains its leadership in the sector with GBTC and plans to launch a new product with lower fees, awaiting SEC approval, without impacting current holders with additional taxes.
Tony Ashraf from BlackRock (NYSE:BLK) and Michael Sonneshein from Grayscale highlight that bitcoin ETFs are meeting the growing demand for cryptocurrencies, facilitating the entry of new investors into the sector. During the Digital Asset Conference in London, Ashraf pointed out that ETFs unlocked pent-up demand, while Sonneshein noted “explosive growth” in these products. They identified three main factors for this phenomenon: macroeconomic and demographic changes, maturation of the crypto industry, and advances in regulatory environment.
Citi (NYSE:C) and the Brazilian Development Bank (BNDES) have joined the Hyperledger Foundation to advance the development of blockchain-based enterprise solutions. Unlike public blockchains, corporate blockchains are restricted to authorized users. Hyperledger, which already has 134 members, including IBM (NYSE:IBM) and American Express (NYSE:AXP), aims to promote blockchain technology innovation among enterprises. Additionally, the foundation announced the creation of a working group focused on financial services, with participation from major entities like Accenture (NYSE:ACN) and Visa (NYSE:V).
The Bitcoin Virtual Machine (BVM) is introducing an innovation in the crypto space with the launch of truly open AI, allowing artificial intelligence models to be implemented directly on the blockchain. This initiative paves the way for the integration of AI into decentralized cryptographic networks, enabling the creation and use of AI algorithms within the blockchain ecosystem. Collaboration with platforms like Filecoin (COIN:FILUSD) and Polygon (COIN:MATICUSD) aims to provide storage infrastructure for these advanced models, promising to drive new innovations in the industry.
RippleX, the development arm of Ripple (COIN:XRPUSD), has announced the addition of the BRLA Token, a stablecoin linked to the Brazilian Real, to the XRP Ledger, marking a significant step for the platform and its ecosystem. This novelty promises more stable and efficient transactions, both locally and globally. BRLA Digital, behind the initiative, aims to transform the Brazilian financial sector by offering a simplified and cost-effective method for commercial operations. RippleX praises the initiative, highlighting the potential of the BRLA Token to innovate commercial transactions in Brazil.
Libre, a new Web3 platform focused on institutions, has debuted in the on-chain ecosystem, enabling the tokenization of alternative assets. This advancement was made possible after a successful cross-chain transaction on Polygon (COIN:MATICUSD). Developed in partnership between WebN incubator and Laser Digital, a subsidiary of Nomura Holdings (NYSE:NMR), Libre collaborated with major managers like Brevan Howard and Hamilton Lane, aiming at tokenizing alternative investments. The platform also promises access to renowned money market funds and plans to launch secured lending services, further expanding its offerings to the institutional market.
Luxor Technology, focused on Bitcoin mining, in partnership with Bitnomial, has introduced the first hashrate futures in the US, aiming to protect revenues for miners ahead of the upcoming bitcoin halving in April. These futures, settled in cash, are based on “hashprice,” indicating revenue per unit of hashrate. Offered on exchange for greater liquidity and security, these contracts aim to mitigate revenue risks amid volatility and changes in hash rate.
Under the leadership of Michael Novogratz, Galaxy Digital (TSX:GLXY) is gearing up to launch new cryptographic investment products in Europe soon, in collaboration with asset manager DWS. Leon Marshall, CEO of the European division, announced at the Digital Asset Summit in London that these ETPs, including ETFs and possibly ETNs, will be accessible through traditional brokerage accounts, expanding access to digital assets on the continent.
Japan’s Government Pension Investment Fund (GPIF), recognized as the largest global pension fund, is gathering data on “illiquid assets” like bitcoin to assess potential inclusions in its diversified portfolio. Currently focused on stocks, bonds, and other traditional investments, GPIF seeks to expand into alternative assets, including agricultural lands and cryptocurrencies, although it has not yet confirmed investments in bitcoin.
Superapp Grab (NASDAQ:GRAB), known for its transportation, delivery, and digital payment services in Asia, now accepts cryptocurrencies for wallet top-ups in Singapore, thanks to collaboration with Triple-A, a licensed provider of cryptographic payments. Initially available in Singapore, this initiative allows payments in five cryptocurrencies, including Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD). Grab will monitor user receptivity to potentially expand these services, marking a significant step in integrating the crypto economy into daily life.
Genesis Global Capital, hit by bankruptcy, has agreed to pay $21 million to resolve SEC charges related to securities law violations through its involvement with the failed Gemini Earn program. The SEC announced this conclusion after a New York judge rejected attempts by Genesis and Gemini to halt the progress of the lawsuit initiated in January 2023. Genesis’s payment of the fine, which declared bankruptcy shortly after being accused by the SEC, will be made only after the settlement of all other debts approved by the bankruptcy court.
Coinbase Global (NASDAQ:COIN), supported by allies like Paradigm and the Crypto Council for Innovation, is legally challenging the SEC for its refusal to establish specific regulations for cryptocurrencies. This coalition argues that the SEC’s current approach, which treats crypto assets as if they were traditional financial products, is incompatible with the decentralized nature of the technology. The dispute intensifies after the SEC rejected Coinbase’s request to create a regulatory framework, leading the company to seek a judicial turnaround.
Changpeng Zhao, co-founder of Binance, has announced Giggle Academy, a new nonprofit educational initiative focused on reducing educational disparities, especially for those without access to formal education. The online platform aims to complement traditional education with innovative and stable content. Zhao, involved in legal challenges in the US, sees this project as his most significant contribution to the future, despite facing travel restrictions and a possible prison sentence.
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