Bitcoin overtakes silver, Solana plans to release its second smartphone, and Elon Musk reveals his personal cryptocurrency holdings. This week we bring you these stories and more in cryptocurrency.
Bitcoin falls after ETF approval
Bitcoin prices have plummeted more than 15% since the U.S. spot ETF was introduced last week. Analysts reported an outflow of $1.5 billion from the Grayscale Trust, speculating that investors who previously enjoyed the GBTC discount are now exiting the Bitcoin market entirely rather than reinvesting in new ETFs. It is estimated that an additional $1.5 billion will be invested in GBTC on the secondary market, and further profit generation could put additional pressure on the Bitcoin price.
bitcoin top silver
Following SEC approval, the Bitcoin ETF now holds nearly $30 billion in assets, far surpassing the silver ETF, which has approximately $11 billion in total assets. Bitcoin is often referred to as the digital version of gold, but gold is still the only commodity more popular. Gold and silver have approximately $95 billion spread across 19 ETFs.
BlackRock Collects Most Bitcoin
As investors flock to new Bitcoin funds, CC15 Capital Report As of Friday, the nine new ETFs had purchased about 81,000 bitcoins, now worth nearly $3.5 billion, since launch. BlackRock leads the way, accumulating over 28,000 BTC for its iShares fund. Even after liquidating over 50,000 Bitcoins to cover the aforementioned outflow, Grayscale continues to control the most Bitcoin of any ETF, with a significant holding of 567,000 BTC.
Solana’s new cryptocurrency smartphone
Solana plans to launch its second cryptocurrency smartphone following its first smartphone, Saga. The new phone will have new hardware and a lower price range, and is aimed at appeasing the secondary market caused by the limited supply of existing Sagaphone products. Saga, which initially struggled to find a market, gained popularity when traders discovered that it contained BONK tokens, and the phones quickly sold out within a week thereafter.
Jamie Dimon Dismisses Bitcoin at Davos
At Davos, artificial intelligence surpassed cryptocurrency and became the main topic of conversation at the World Economic Forum (WEF). These changes highlight the surge in AI investment as the world’s largest companies pursue AI products and services. At the forum, JPMorgan Chase CEO Jamie Dimon took the opportunity to once again dismiss Bitcoin, acknowledging the potential of blockchain while emphasizing that Bitcoin does nothing.
Coinbase’s court battle resumes
In a case closely watched by the cryptocurrency industry, a Manhattan judge questioned Coinbase and the SEC over their conflicting definitions of a security. Judge Katherine Polk Failla heard arguments from both sides, focusing on legal precedent defining securities. Coinbase has asked to dismiss the lawsuit filed by the SEC.
Cryptocurrency Crime Reduction
A new study shows that illicit cryptocurrency activity is decreasing overall, despite a surge in ransomware incidents and cybercriminals accepting cryptocurrency payments. Chainalysis released its 2024 Crypto Crime Trends Report, which noted that while funds sent to illicit cryptocurrency addresses have decreased, funds sent to sanctioned entities using stablecoins have increased.
Musk reveals personal cryptocurrency holdings
Elon Musk has revealed his personal cryptocurrency holdings as his social media platform X acquires another money transfer license aimed at revolutionizing payments. Musk confirmed that he still owns Dogecoin, that SpaceX continues to hold Bitcoin, and that Tesla also holds just over 10,000 Bitcoin, worth nearly $500 million.
This is what happened in the cryptocurrency market this week. I will see you next week.