- Crunch
- Global
Barry Silbert, CEO of cryptocurrency conglomerate Digital Currency Group, said Wednesday that privacy-focused cryptocurrencies are poised to become the next big investment opportunity in the industry.
Bitcoin Not Really ‘Anonymous’
During a conversation with Anthony Pompliano at the Bitcoin Investor Week conference, Silbert said his thesis is that 5-10% of Bitcoin’s (CRYPTO: BTC) market cap would rotate into privacy coins, including Zcash (CRYPTO: ZEC).
Silbert acknowledged that Bitcoin also started as an “anonymous” currency, but then it “lost the plot” due to the rise of on-chain analytics firms.
“Bitcoin, for all its amazing attributes, is likely never going to have…
Read more on Benzinga
Greenlane Holdings Inc. (NASDAQ:GNLN) shares surged 71.72% to $1.58 in after-hours trading on Wednesday.
The stock of the Florida-based company closed regular trading at $0.92, down 7.05%, according to Benzinga Pro data.
No obvious reason for the after-hours jump was clear.
Cryptocurrency Agreements Disclosed
On Feb. 4, Greenlane Subsidiary Inc., a wholly owned subsidiary of Greenlane Holdings, signed a Token Purchase and Sale Agreement and a Token Lending Agreement with Cayman Islands–based Berachain Operations Corporation, according to a Feb. 9 Securities and Exchange Commission filing.
Greenlane Holdings, a major player in the cannabis industry that primarily operates as an ancillary…
Read more on Benzinga
Sam Bankman-Fried, who is currently serving a 25-year sentence for the FTX scam, alleged on Wednesday that the Justice Department under Joe Biden threatened key defense witnesses, preventing them from testifying that the exchange was solvent.
SBF Wants New Trial
Bankman-Fried, popularly known as SBF, filed a request for a new trial in a Manhattan court. The motion, filed on February 5, stated that Daniel Chapsky, former FTX head of partnerships, Ryan Salame, former FTX Digital Markets co-CEO, and Nishad Singh, former FTX engineering director, were “threatened” by the DOJ into silence or changing their statements.
“My conviction should be thrown out,” SBF said in an X post,…
Read more on Benzinga
Leading cryptocurrencies fell alongside stocks and precious metals on Wednesday, even as job growth accelerated strongly in January.
Crypto Market Stays In The Dumps
Bitcoin dived below $65,000 in the early trading hours before bouncing back to $68,000 in the evening. Trading volume for the coin jumped 25% in the last 24 hours, indicating high selling pressure.
Ethereum came under pressure, but was guarded by the support at $1,900. XRP and Dogecoin also traded in the red.
Over $470 million was liquidated from the market in the last 24 hours, according to Coinglass, with nearly $300 million in bullish long bets erased.
Bitcoin’s open interest rose 1.49% over the past 24 hours. A jump in open…
Read more on Benzinga
BlackRock executive Nicholas Peach said that even a small shift in Asian portfolio allocations toward crypto could generate enormous inflows for the digital asset market.
Speaking during a panel at Consensus Hong Kong, Peach noted that if advisors recommended just a measly 1% allocation to crypto across standard portfolios in Asia, it could translate into nearly $2 trillion in new capital entering the space, according to CoinDesk reporting.
Peach pointed to the scale of household wealth across the region, estimating roughly $108 trillion in total assets, and argued that modest adjustments in traditional investment models could have an outsized effect on crypto markets.
The…
Read more on BitcoinMagazine
Coinbase Q4 Earnings Estimates
Analysts expect the company to report fourth-quarter revenue of $1.84 billion, down from $2.27 billion a year earlier, according to data from Benzinga Pro. It has beaten revenue estimates in seven of the last 10 quarters, including the most recently reported third quarter.
Analysts expect Coinbase to report earnings per share of $1.05 for the period, down from $3.39 a year earlier. The firm has beaten EPS estimates in nine of the last 10 quarters, including the third quarter.
Coinbase Analyst Ratings And Price Targets
Bank of America Securities analyst Craig Seigenthaler upgraded Coinbase stock from Neutral to Buy in January. The analyst maintained a price…
Read more on Benzinga
Wall Street’s growing appetite for Bitcoin ETFs was back in focus Tuesday after an SEC filing showed Goldman Sachs holds more than $1 billion in the cryptocurrency through spot Bitcoin funds, including BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and Fidelity’s Wise Origin Bitcoin Fund (BATS:FBTC).
The move highlights how big institutions increasingly favor regulated ETF products to holding crypto assets directly, despite the fact that the price of Bitcoin is volatile and investor sentiment is unstable.
Institutional Access Without Direct Crypto Risk
Goldman’s move is consistent with institutional investors’ general preferences about liquidity and regulatory clarity.
Spot bitcoin ETFs…
Read more on Benzinga
Bitcoin is trading lower Wednesday as stronger-than-expected U.S. jobs data fueled macro headwinds and triggered another wave of risk-off selling.
Notable Developments:
Trader Notes: Crypto Tony said the precise bottom remains uncertain but identified $64,000 as the strongest support zone due to heavy technical confluence.
He would prefer to see price sweep into that area and print a strong impulsive bounce, a move that could reset momentum and establish a clearer recovery structure.
Trader Jelle believes a multi-week consolidation within the highlighted support zone would likely mark the cycle low.
He pointed to improving macro conditions, including the end of quantitative tightening and a…
Read more on Benzinga