The total market capitalization of the cryptocurrency market surged past $1.55 trillion on Dec. 5, driven by remarkable weekly gains of 14.5% for Bitcoin (BTC) and 11% for Ether (ETH). Notably, this milestone, marking the highest level in 19 months, propelled Bitcoin to become the world’s ninth-largest tradable asset, surpassing Meta’s $814 billion capitalization. Despite
Month: December 2023
The United States Securities and Exchange Commission (SEC) has delayed its decision on whether to approve or disapprove of a spot Ethereum exchange-traded fund, or ETF, offering from asset manager Grayscale. In a Dec. 5 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule
Bitcoin (BTC) clipped $44,000 later on Dec. 5 as the Wall Street trading session delivered more snap BTC price gains. BTC/USD 1-hour chart. Source: TradingView Bitcoin applies more pressure to the bears Data from Cointelegraph Markets Pro and TradingView followed a fresh round of upside for Bitcoin as it outpaced altcoins to reach $44,011 on
Elon Musk’s X-linked AI modeler xAI has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission (SEC) made on Dec. 5. xAI filed the SEC’s Form D to allow it to engage in the private sale of securities without
Crypto investor Ryan Sean Adams argued on December 4 that Ethereum’s (ETH) current valuation of around $2,200 is almost “hilarious” given the strengthening on-chain activity and the blockchain’s role in the sphere. Venture Capitalist: Here’s Why Ethereum Is Grossly Undervalued Adams cited data like the first smart contract platform generating billions annually in “gas” fees, transitioning to
The former president of FTX US dishes the dirt on his falling out with former Jane Street colleague Sam Bankman-Fried and predicts the spot Bitcoin ETF will far outshine the record-breaking success of the Bitcoin Futures ETF. Who is this guy anyway? The ex-president of FTX US, Brett Harrison, tells Magazine that he didn’t say
PayPal’s introduction of its native stablecoin, PayPal USD (PYUSD), has sparked heated debates within the crypto industry regarding its possible sway on payments and wider crypto adoption. While this step seems to be a big jump toward accepting cryptocurrencies in regular finance, some industry observers advise caution. They underline the hurdles and limitations that could
Cryptocurrency mining firm Phoenix Group has debuted trading on the Abu Dhabi Securities Exchange (ADX), becoming one of the Middle East’s first publicly listed industry firms. The Phoenix Group stock (PHX) opened at 2.25 dirhams (AED) — or $0.6 — on Dec. 5, according to data from the ADX exchange. The PHX stock has soared
A bill defining crypto assets as securities and featuring the capital gains tax on them made it through the Parliamentary Committee. It will be introduced to the lower chamber of Parliament as a next step. As the Kenyan newspaper Business Daily reported on Dec. 4, the Capital Markets (Amendment) Bill, 2023, has been approved by
Bitcoin (BTC) has seen a mass profit-taking event which rivals its $69,000 all-time highs, new analysis reveals. In a post on Dec. 5, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged billions of dollars heading to exchanges. Bitcoin speculators sell as if all-time highs are back BTC price gains have
Bitcoin (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto, amid growing anticipation of a spot Bitcoin ETF approval in the United States. A total of $1.76 billion of investors’ funds have flowed into crypto products over a 10-week period, making up for the largest inflows over such a period
Hashdex, one of the 13 asset managers vying for spot Bitcoin (BTC) exchange-traded fund, expects to see the first spot Bitcoin ETF in the United States land by the second quarter of 2024, followed by a spot Ether (ETH) ETF. “The exact timing of a spot Bitcoin ETF in the U.S. remains unclear, but in
Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November. In an 8-K filing to the Securities and Exchange Commission on Dec. 4, Robinhood noted that “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.” The activity however equity trading volumes and options contracts traded
The Criminal Investigation (CI) Unit of the United Internal Revenue Service (IRS) reported an increase in the number of investigations around digital asset reporting. In its annual report released on Dec. 4, the IRS investigative arm said it had initiated more than 2,676 cases in which it had identified more than $37 billion related to
In the past seven days, Bitcoin (BTC) experienced a whopping 14.5% surge, hitting a 20-month high at $41,130 by Dec. 4. Traders and analysts have been abuzz with speculation, especially in the wake of the $100 million liquidation of short (bearish) Bitcoin futures within just 24 hours. However, when we dive into BTC derivatives data,
Bitcoin (BTC) and Ether (ETH) surged above their respective overhead resistance levels on Dec. 4, indicating that the bulls are in no mood to slow down. The higher the price goes without a meaningful correction, the greater the feeling of missing out among traders. When traders chase prices higher, it could lead to a blow-off
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