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JUST IN: Cathie Wood’s Ark Invest Buys Additional $21M in Bitcoin ETF

Post author By cryptocrunchnews
Post date 3Y

Ark Invest, led by Cathie Wood, has significantly increased its investment in the bitcoin market. On Monday, the firm acquired an additional $21 million worth of shares in its own bitcoin-based spot ETF, known as the Ark 21Shares Bitcoin ETF (ARKB). This latest investment raises Ark Invest’s total holdings in the fund to approximately $64 million. The purchase was made through the Ark Next Generation ETF (ARKW), marking the firm’s fourth substantial buy since the ARKB’s launch on January 10. In a strategic shift, Ark Invest also sold off 648,091 shares of the ProShares Bitcoin Strategy ETF, valued at nearly $12.85 million. This move reflects Ark’s ongoing focus on expanding its bitcoin-related investments, aligning with the recent SEC approval of multiple U.S. bitcoin-based spot ETFs.

Link to X announcement

NEW: Morgan Stanley Predicts Crypto Will Play a Key Role in Global Financial Reshaping

Post author By cryptocrunchnews
Post date 3Y

Morgan Stanley, a financial giant, has offered a detailed perspective on the upcoming transformation of the cryptocurrency landscape in 2024, amidst dynamic financial shifts. While the dominance of the US dollar in global reserves undergoes scrutiny, the cryptocurrency market is witnessing unprecedented growth. Bitcoin, evolving from a mere forum idea, now competes with major economies in terms of market capitalization and gains global acceptance with nations like El Salvador and the Central African Republic adopting it. Andrew Peel, CFA Executive Director at Morgan Stanley, underscores a potential paradigm shift as US regulators greenlight spot Bitcoin ETFs, indicating a pivotal change in global perception. Peel stresses the gradual but inevitable mainstream acceptance of digital solutions, emphasizing the need to comprehend the intricate interplay between traditional currencies, Bitcoin, e-Money, and stablecoins in this evolving financial landscape.

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Check Out the Top Crypto Gainers of the Day

Post author By cryptocrunchstats
Post date 3Y

$1M – $10M MarketCap:

Lumishare (LUMI): 9.3%
Argentine Football Association Fan Token (ARG): 8.9%
DOSE (DOSE): 7.6%
Cetus Protocol (CETUS): 6.5%
Smart Valor (VALOR): 5.1%

$10M – $100M MarketCap:

$100M – $1B MarketCap:

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Jim Cramer Takes Fresh Swipe At Bitcoin, Calling It A ‘Tough Own’ – MicroStrategy CEO Michael Saylor Responds

Post author By Benzinga
Post date 3Y

CNBC television host Jim Cramer has taken to X with a somber outlook on Bitcoin BTC/USD, marking his second commentary on the cryptocurrency within 24 hours.

What Happened: Cramer, known for his bearish Bitcoin sentiment, posted on Monday signaling discomfort with the apex cryptocurrency stating, “Bitcoin=tough own.”

In response, MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate, countered Cramer’s response, “Bitcoin = toughest owners.”

This follows Cramer’s earlier tweet of the day where he expressed doubt about a Bitcoin price recovery, saying, “Unlikely that Bitcoin finds its footing.”

Bitcoin’s price trajectory supports Cramer’s bearish comments, as it…

NEW: Hong Kong to Introduce First Spot Bitcoin ETFs by Mid-2024

Post author By cryptocrunchnews
Post date 3Y

Hong Kong, a leading global financial center, is on the brink of introducing its first spot crypto exchange-traded funds (ETFs) by mid-2024, marking a significant stride towards embracing Bitcoin and cryptocurrencies. Gary Tiu, the executive director and head of regulatory affairs at OSL, a licensed crypto exchange, disclosed that OSL is in active discussions with numerous fund companies. Five to ten firms are diligently exploring the concept of spot crypto ETFs, with some making notable progress, potentially paving the way for Hong Kong’s inaugural spot crypto ETFs later this year.

Acknowledging the limited number of licensed crypto exchanges in the city, Tiu stressed the importance of reasonable fees in collaborations with fund companies. This development follows HashKey’s recent announcement of discussions with asset managers regarding potential spot crypto ETF launches. Hong Kong’s regulatory authorities, including the Securities and Futures Commission and the Hong Kong Monetary Authority, have adjusted policies to facilitate spot crypto ETFs, emphasizing transactions through licensed platforms or authorized financial institutions. These developments signify Hong Kong’s growing embrace of Bitcoin and cryptocurrencies within the global financial landscape.

Report

FTX estate sells majority of GBTC holdings: Reports

Post author By Blockworks
Post date 3Y

The FTX estate reportedly offloaded the majority of its shares in the recently converted Grayscale bitcoin ETF.

Both Bloomberg and CoinDesk reported on the sale, citing sources familiar.

Marex Capital sold a majority of the 22 million shares held by FTX, according to Bloomberg. Court documents filed last year showed that FTX owned 22.28 million shares.

The sale, with the shares trading for around $38, fetched roughly $600 million, the report said.

Grayscale did not immediately return a request for comment on the reported sales.

Nearly two weeks ago, Grayscale’s fund converted to a bitcoin ETF. This followed the Securities and Exchange Commission’s authorization for nearly a dozen…

Options on bitcoin ETFs could come soon, offering hedging tool for institutions

Post author By Blockworks
Post date 3Y

Following the US Securities and Exchange Commission’s milestone approval of spot bitcoin ETFs earlier this month, options for these funds might soon be available.

Such derivatives could prove an important tool for institutional investors looking to hedge risk, according to industry participants — and are expected to come without many hurdles.

An option is a contract representing the right to buy or sell a financial product at a certain price for a specific period of time. ETF options saw average daily volumes amounting to roughly 17.9 million contracts in 2023, according to Options Clearing Corporation (OCC) data — a 12% increase from the prior year.

Read more: Bitcoin ETF… Read more on Blockworks

Polkadot Falls More Than 6% In 24 hours

Post author By Benzinga
Post date 3Y

Polkadot’s DOT/USD price has decreased 6.09% over the past 24 hours to $6.47, continuing its downward trend over the past week of -14.0%, moving from $7.62 to its current price.

The chart below compares the price movement and volatility for Polkadot over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 1.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which…

Let’s pour one out for the first-day spot bitcoin ETF investors

Post author By Blockworks
Post date 3Y

Those who bought shares in spot bitcoin ETFs earlier this month have suffered a frustrating feeling common among crypto investors — as soon as you buy bitcoin, the price goes down.

Reddit thread after Reddit thread details similar experiences. This time around is particularly special, in that BlackRock, Fidelity, VanEck (the very ones some prophesied to bring bitcoin to new heights) and others bought 95,300 BTC ($3.8 billion) in six days and the price of bitcoin still went down nearly 20%.

How much of that bitcoin was acquired through Coinbase spot markets, third party brokers or OTC desks isn’t really known. In any case, bitcoin’s recent dumping only proves that the idea of…

2,752 ETH Worth $6M Was Just Burned

Post author By Benzinga
Post date 3Y

What happened: On Sunday a total of 2,752.96 Ether ETH/USD worth $6,539,970, based on the current value of Ethereum at time of publication ($2,375.61), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.