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  • Grayscale secures a big win against SEC in Bitcoin ETF case

    Grayscale secures a big win against SEC in Bitcoin ETF case

    grayscale win against sec in bitcoin etf case
    • U.S. court rules in favour of Grayscale in its lawsuit against SEC.
    • Today’s ruling paves the way for the first U.S. Bitcoin ETF.
    • Bitcoin and Ethereum jumped over 5.0% following the news.

    The U.S. Court of Appeals for the DC Circuit just ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    First U.S. Bitcoin ETF is now expected soon

    SEC had blocked the asset manager’s effort to convert its flagship Grayscale Bitcoin Trust to an exchange-traded fund last year.

    But the ruling this morning paves the way for a Bitcoin ETF not just for Grayscale but also for others that have applied for one, including BlackRock and Fidelity. A Grayscale spokeswoman said today:

    [Ruling] is a monumental step forward for investors, Bitcoin ecosystem, and those who have been advocating for Bitcoin exposure through added protections of ETF wrapper.

    Bitcoin as well as Ethereum jumped more than 5.0% following the announcement on Tuesday.

    Why does a Bitcoin ETF attract all the hype?

    Note that a Spot Bitcoin ETF is a big deal as several experts are convinced that it would help boost institutional interest in the cryptocurrency and potentially unlock its next leg up.

    Shares of Coinbase Global – the listed custodian partner in a bunch of applications for such an exchange-traded fund are also up nearly 15% at writing. According to Dave Weisberger – the Chie Executive of CoinRoutes:

    It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainty be approved as well.

    The Grayscale Bitcoin Trust currently manages assets worth about $16 billion. The aforementioned lawsuit against the U.S. Securities & Exchange Commission started in June of 2022.

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  • Bitcoin remains the focus as outflows hit March highs

    Bitcoin remains the focus as outflows hit March highs

    • Digital assets investment products saw outflows of $168 million last week, $146 million of which was for Bitcoin.
    • It’s the largest weekly outflows total since March 2023, according to a report by CoinShares.

    CoinShares’ latest weekly report on digital asset investment flows shows that the market witnessed its largest funds outflows in nearly six months last week. The outflows come as sentiment across cryptocurrency dips amid recent sell-off.

    Crypto sees $168 million in outflows

    According to the report, outflows totaled $168 million over the week to mark the largest outflow from crypto products since March 2023 when the US Securities and Exchange Commission (SEC) started its regulatory crackdown on major exchanges.

    The outflows in the week ended August 25 saw the monthly outflows stand at $278 million as sentiment continued to trend negative amid “exceptionally low trading volume.” Indeed, CoinShares data shows the investment products market traded $1.3 billion last week, about 16% off the year’s average.

    “This negative sentiment we believe is due to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC,” said James Butterfill, head of research at CoinShares.

    Bitcoin continues to lead

    The crypto market recently witnessed a sharp sell-off for Bitcoin, the benchmark cryptocurrency falling to lows of $25,350. The struggle to strengthen above $26k has illustrated the market jitters permeating the broader risk assets sector, with this shown in outflows from Bitcoin investment products.

    Bitcoin price chart

    However, while outflows totaled $149 million last week, the flagship crypto asset’s flows are net positive for the year at roughly $265 million. Meanwhile, investors are increasingly selling their short positions, with $4 million in outflows registered last week for an 18-week streak of outflows. 

    Data shows shorts outflows are currently 89% of the total AuM.

    In the altcoin market, Ethereum recorded outflows of $17 million, while XRP and Litecoin had minor inflows of $0.5 million and $0.44 million, respectively.

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  • JPMorgan analyst says weakness in Bitcoin is ‘at its end phase’

    JPMorgan analyst says weakness in Bitcoin is ‘at its end phase’

    jpmorgan analyst view on bitcoin price
    • Nikolaos Panigirtzoglou is convinced that worst is behind us in Bitcoin.
    • He agreed that there recently have been positive news in crypto market.
    • Price of a Bitcoin has declined nearly 17% in less than two months.

    A JPMorgan analyst is convinced that the worst is behind us as far as the ongoing decline in the price of a Bitcoin is concerned.

    Bitcoin is not the only one taking a hit

    Nikolaos Panigirtzoglou attributes recent weakness in the world’s largest cryptocurrency to a bunch of long positions that were liquidated as positive news, including the pending approval of a Spot Bitcoin ETF continued to fade but added:

    This unwinding of long positions appears to be at its end phase rather than its beginning. As a result, we see limited downside for crypto markets over the near term.

    Note that Bitcoin is not the only risk-on asset that has had a tough few weeks. China-related concerns and higher real yields in the U.S. have been hitting the tech space at large.

    Nasdaq Composite is now down about 7.0% versus its recent high.

    Why are investors staying on the sidelines?

    Panigirtzoglou agrees that there has been positive news in the crypto market including PayPal Holdings introducing its own dollar-pegged stablecoin (read more) and the launch of “Base” by Coinbase Global Inc.

    But investors are staying on the sidelines and waiting for regulatory clarity partly because the Securities & Exchange Commission has appealed the recent decision in Ripple’s favour, as per his research note today.

    Appeal could result in a trial with outcome not expected until next year, inducing a new round of legal uncertainty for crypto and making them sensitive to any mid-process news.

    On Friday, Fed Chair Powell also said at the Jackson Hole symposium that rates may go even higher from here and signalled no near-term intent of cutting rates which doesn’t bode well for the cryptocurrencies either.

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  • Bitcoin is not headed for new lows: Scott Melker

    Bitcoin is not headed for new lows: Scott Melker

    bitcoin not headed for new lows scott melker
    • Wolf of All Street’s host Scott Melker is constructive on Bitcoin.
    • He explained why in an interview with Yahoo Finance today.
    • BTC has tumbled from $31,000 to $26,000 in about six weeks.

    Bitcoin is still a bull market despite the sharp sell-off in recent weeks, says Scott Melker – Host of “The Wolf of All Streets” podcast.

    Melker remains constructive on Bitcoin

    The world’s largest cryptocurrency has retreated from over $31,000 to the sub $26,000 level in about six weeks – fragility that Melker attributes to a “long squeeze”.

    But he remains confident that Bitcoin is not at all doomed to make a new low in the coming months. Defending his view on Yahoo Finance, the crypto trader and investor said:

    I don’t think there’s reason to suspect we’ll go to new lows like we did after the FTC collapse unless we have some other massive black swan event. I don’t see that in cards.

    Note that Jason Pizzino also recently said that BTC could soon be worth over $42,000.

    Bitcoin has strong support at $25,000 level

    Scott Melker announced $25,000 as a key level to watch in Bitcoin – as long it’s trading above that level, it’s still in a bull market, he added.

    The crypto expert sticks the probability of a Spot Bitcoin ETF being approved by the Securities & Exchange Commission this year at 65%. He’s constructive on BTC also because the big players have been loading up on it for months.

    If you look at the way Bitcoin has moved over the past four years, we’re in the midst of another four-year cycle in the exact same place that we were last time.

    The total supply of Bitcoin is slated to halve in the second quarter of 2024 – an event that’s historically delivered a boost to its price.

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  • Bitcoin could go higher but ‘not before it goes lower’

    Bitcoin could go higher but ‘not before it goes lower’

    bitcoin price forecast wolfe research analyst
    • Rob Ginsberg says Bitcoin could go further down in the near-term.
    • The Wolfe Research analyst explained why in a research note today.
    • Bitcoin (BTC) has already lost more than 11% in about a month.

    Bitcoin has already lost more than 11% in about a month but a Wolfe Research analyst says a further price decline is still likely.

    Bitcoin could see more weakness ahead

    Rob Ginsberg is convinced that the world’s largest cryptocurrency that has pulled back sharply from its year-to-date high in recent weeks will eventually break out to the upside.

    In the near-term, though, he expects Bitcoin to see more weakness. According to the analyst’s research note on Thursday:

    Could it finally breakout and expand higher? Certainly, but likely not before it goes lower, as has been the trend.

    Note that the BTC has aggressively rallied following a period of tight consolidation over the past two years. Christopher Jaszczynski – another crypto analyst also dubbed Bitcoin on knife’s edge today (read more).

    Headwinds that could weigh on Bitcoin

    A day earlier, the U.S. Federal Reserve released minutes of its July meeting that showed most members saw a possibility of further rate hikes ahead – a potential headwind for Bitcoin.

    Wolfe Research analyst Rob Ginsberg noted the U.S. dollar regaining strength as a mounting challenge for the cryptocurrency as well.

    These near-term headwinds are likely to force price lower and keep volume muted across the space. If history is any indication, however, when price does expand, expect it to be abrupt.

    He said the $31,000 level was one to watch as it coincides with a key resistance. Bitcoin has rejected from that level multiple times this year.

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  • Recently listed Bitcoin Depot reports record revenue for its Q2

    Recently listed Bitcoin Depot reports record revenue for its Q2

    bitcoin depot reports record revenue for q2
    • Bitcoin Depot reports an 18% annualised growth in its Q2 revenue.
    • The Bitcoin ATM operator also updated its full-year guidance today.
    • Bitcoin Depot stock is in the green only marginally on Monday.

    Bitcoin Depot Inc says its revenue jumped 18% to a record $197.5 million in the second quarter. The stock is still only marginally in the green at writing.

    Bitcoin Depot reports a big increase in loss

    Shares of the Bitcoin ATM operator are having a hard time this morning primarily because the Georgia-based company lost $6.1 million in its recently concluded quarter, down an alarming 249% versus last year.

    Its adjusted EBITDA, though, went up 54% to $19.8 million in Q2. Brandon Mintz – the Chief Executive of Bitcoin Depot said today in the press release:

    We’re in position to further strengthen our balance sheet as we execute on our growth strategy … we’re positioned to support mass crypto adoption as the leading Bitcoin ATM network.

    Note that the U.S. firm debuted on Nasdaq only last month on July 3rd.

    Bitcoin Depot’s guidance for the full year

    Bitcoin Depot had $20.5 million worth of total operating expenses in its second quarter – up significantly from $12 million a year ago.

    In Q2, the Nasdaq-listed firm partnered with a bunch of notable names including Stinker Stores, Jacksons Food Store, Gas Express, FastLane etc. According to CEO Mintz:

    We’ve announced multiple partnerships and expanded our BDCheckout program. We look forward to increasing the number of our Bitcoin access points across North America.

    Just days ago, he said the Bitcoin ATM space was ready for consolidation. Bitcoin Depot Inc now forecasts its revenue to grow by 8% to 13% this year on up to 44% increase in adjusted EBITDA.

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  • Cathie Wood SEC may approve more than one Bitcoin ETF at once

    Cathie Wood SEC may approve more than one Bitcoin ETF at once

    cathie wood sec approve more bitcoin etf
    • SEC has to rule on ARK’s application for a Bitcoin ETF by August 13th.
    • Cathie Wood expects the financial regulator to extend that deadline.
    • A summary of what else she said in an interview with Bloomberg today.

    The U.S. SEC will likely delay ruling on application for a Spot Bitcoin ETF that Ark Invest registered on May 15th, says Cathie Wood.

    Highlights from Wood’s interview with Bloomberg

    Current deadline for the financial regulator to announce its decision on the said filing is August 13th. But the famed investor anticipates that the Securities and Exchange Commission will extend that deadline.

    Speaking with Bloomberg this morning, the Founder and Chief Executive of Ark Invest also alluded to the possibility that the U.S. SEC may approve a bunch of Bitcoin ETFs at once.

    I think SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once. Most of these will be same, and it’ll come down to marketing and communicating the message.

    Other than her investment management firm, eight others, including BlackRock Inc, have so far filed for such an exchange-traded fund.

    Wood is significantly invested in Grayscale Bitcoin Trust

    A Bitcoin ETF has been the front and centre of all crypto-related debates in recent months.

    In fact, the possibility of one that may make it more convenient to gain exposure to BTC has largely contributed to the 80% year-to-date rally in Bitcoin. Wood also said on Monday:

    We’ve been putting out our Bitcoin monthly for the last year. We’re now starting a Bitcoin brainstorming session. We’re trying to get the word out there that our research is deep.

    Note that the third largest holding in her Ark Next Generation Internet ETF at writing is Grayscale Bitcoin Trust. Wood refrained from commenting, though, on what she plans on doing with her investment in GBTC if a Spot Bitcoin ETF gets a nod from the financial regulator.

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  • Bitcoin drops $28.8k amid huge crypto record huge outflows

    Bitcoin drops $28.8k amid huge crypto record huge outflows

    • Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
    • Equities also showed signs of uncertainty with mixed trading recorded.
    • Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

    Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

    Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

    While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

    BTC hovers at key level amid huge outflows

    On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

    Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

    Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

    James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

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  • Block reports a 34% increase in its second-quarter Bitcoin revenue

    Block reports a 34% increase in its second-quarter Bitcoin revenue


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  • Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Key takeaways

    Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

    Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

    BItcoin Stays Around $29k

    The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

    Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

    Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

    What is Shiba Memu?

    Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

    Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

    In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

    The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

    However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

    Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

    Shiba Memu’s presale hits $1.5M

    Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

    The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

    According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

    The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

    Click here to find out more about Shiba Memu’s presale event.

    Shiba Memu price prediction

    Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

    According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

    SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

    Should you buy Shiba Memu today?

    Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

    As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

    In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

    A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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