Stay up to date on the latest cryptocurrency trends and events
Our roundup of today’s cryptocurrency news and get the latest insights on Bitcoin, blockchain, DeFi, NFTs, Web3 and cryptocurrency regulation.
1. 9 spot Bitcoin ETFs gained 100,000 BTC in just 7 days.
In a notable sign of demand, nine spot Bitcoin exchange-traded funds (ETFs), including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC), raised a total of 102,613 BTC within their first week of trading following launch. Acquired. This performance stands in stark contrast to MicroStrategy, which took approximately 300 days to raise the same amount of Bitcoin. As of December 26, 2023, MicroStrategy holds a total of 189,150 BTC.
2. “Crypto Mom” says ETH ETF may not require lawsuits for approval.
U.S. Securities and Exchange Commission (SEC) member Hester Peirce, known as ‘Crypto Mom’, believes that an application for a spot Ether (ETH) exchange-traded fund (ETF) will not require legal action for approval. She cited the SEC’s recent court loss to Grayscale as a precedent that opened the door for Bitcoin ETFs. Peirce emphasized that the SEC should not require a court ruling to recognize the need for an impartial approach when evaluating ETF applications. The SEC must decide on VanEck’s ETH ETF application by May 23, but analysts expect simultaneous approval of applications from BlackRock, ARK 21Shares, Grayscale, Hashdex, Fidelity and Invesco Galaxy.
3. JP Morgan downgrades Coinbase stock
JP Morgan lowered the stock price of popular cryptocurrency exchange Coinbase due to Bitcoin’s poor price performance following the approval of nine cash exchange-traded funds (ETFs). In a note to investors, JPMorgan analysts expressed skepticism about the upside potential of Coinbase’s stock and downgraded Coinbase to a “neutral” rating. The bank maintains its year-end price target for COIN at $80, despite COIN currently trading at around $124, implying a potential downside of more than 35%. JPMorgan believes that while Coinbase still holds a dominant position in the U.S. cryptocurrency ecosystem and global cryptocurrency trading, the expected catalyst from the Bitcoin ETF may not meet market expectations. Despite selling pressure from Grayscale’s Bitcoin Trust (GBTC), which has pushed the price of Bitcoin back below $40,000, the Bitcoin ETF is worth more than $1.1 billion, according to a report by Bloomberg analyst James Seyffart. attracted net inflows.
Stay tuned for further updates on the dynamic world of cryptocurrency and blockchain technology.