The anticipated green light for spot Ether exchange-traded funds (ETFs) might face delays beyond their final decision deadline in May.
Robby Greenfield, CEO of Umoja, a smart money protocol, highlighted to Cointelegraph the challenges large financial institutions face due to a lack of a clear strategy towards these ETFs.
He pointed out, “What makes it difficult for institutions to position themselves advantageously with Bitcoin, Ether and cryptocurrencies generally is that they can’t facilitate the same market manipulating functions as with previous commodities.
“You can’t create paper Bitcoin like you can create paper gold.” Several prominent firms, including BlackRock, Grayscale, and Fidelity, are in the race to launch an Ether ETF.
Despite these efforts, Bloomberg ETF analyst James Seyffart anticipates a rejection of the current Ether ETF applications in late May, referencing a March 19 post on X.
This expectation follows the United States Securities and Exchange Commission’s (SEC) recent postponement of its decision on the Hashdex and ARK 21Shares spot Ether ETFs, with a final verdict due by late May.
The unique challenges posed by the decentralized nature of cryptocurrencies like Ether complicate the development of institutional strategies for ETFs, though Greenfield believes approval is inevitable.
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He asserts, “Whether it gets approved in May or in December, it’s inevitable… I wouldn’t understand why it wouldn’t be approved, particularly given that even the SEC’s perspective on Ether has been increasingly one of it being a commodity rather than a security.”
The SEC has set specific deadlines for the decision on applications from various companies, ranging from May 23 to August 7.
Moreover, the hesitance of large institutional players to dive into decentralized finance (DeFi) stems from infrastructure inadequacies, which also deter traditional retail investor participation.
Greenfield emphasizes the need for more accessible investment strategies and infrastructure to bridge this gap, especially for retail investors who, despite owning a significant portion of global assets under management, face limited wealth creation opportunities.
To this end, Umoja has raised an additional $2 million, bringing its total seed funding to $4 million, aiming to democratize access to asset management strategies.
Greenfield underscores the importance of catering to retail investors, who are projected to hold a larger share of global assets in the coming years, according to World Economic Forum estimates.
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The Shiba Inu (SHIB) community is buzzing with anticipation following a cryptic post by the SHIB team on X, hinting at significant growth prospects amidst the current cryptocurrency bull market.
Despite a recent market downturn, CoinMarketCap data indicates that the meme-based digital currency is on a recovery path, albeit with an 8.24% decrease in the last day and a 17.43% fall over the previous week.
Undeterred by the recent dip in prices, the Shiba Inu team shared an engaging video featuring the SHIB mascot as the famed Batman signal, accompanied by the message, “Not the hero we deserve, but the one we need.”
This gesture has invigorated the Shiba Inu community, leading to various interpretations of the message’s deeper meaning.
Prominent community figure, SHIBKIND, speculated that the post might signal the near launch of an enhanced ShibaSwap decentralized exchange.
Meanwhile, LeonidasSHIB, another key community member, linked the teaser to statements by Shiba Inu’s lead developer, Shytoshi Kusama, suggesting SHIB’s potential ascent into the top five cryptocurrencies by market cap.
LeonidasSHIB expressed confidence in SHIB’s journey, emphasizing a future marked by dominance and greatness.
This optimistic outlook is supported by Shiba Inu’s recent performance, which saw a significant price increase earlier in the month, reminiscent of heights last reached in 2021.
With the community poised for a robust bull run, LeonidasSHIB anticipates an unprecedented display of strength from SHIB, suggesting an exciting future for the cryptocurrency.
The speculation extends within the community, with some members envisioning SHIB surpassing Dogecoin (DOGE) to achieve a $100 billion market cap.
The Shiba Inu team’s latest post on X has not only piqued interest but also amplified confidence in SHIB’s potential in the ongoing bull market, stirring investor optimism for what lies ahead.
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Despite a recent 15% drop from its all-time high of $73,738, analysts are optimistic about Bitcoin’s price surge following its upcoming halving event.
Charles Edwards, founder of Capriole Fund, addressed the volatility surrounding these periods in a March 19 X post, suggesting the year post-halving offers the best “risk-reward” for investors.
He anticipates the halving, expected between April 18 and 20, will lead to the shutdown of less efficient mining operations.
On 20, Bitcoin’s value dipped to $61,593 and has seen a slight recovery to $62,690, according to CoinGecko. Edwards remains hopeful for future price increases, citing a combination of reduced supply growth and increasing traditional finance (Tradfi) interest as key drivers.
In contrast, Ki Young Ju, CEO of CryptoQuant, attributes Bitcoin’s market dynamics to spot exchange-traded fund (ETF) flows rather than the halving itself.
He predicts mining expenses will soar post-halving, necessitating a price point that ensures profitability for miners, with direct costs per coin expected to hit around $37,000.
Crypto analyst Rekt Capital, sharing insights with over 430,000 followers on X, predicts further price drops but maintains a bullish outlook.
He indicates that Bitcoin is in a “danger zone” for pre-halving declines, referencing historical patterns.
Previous halvings saw significant price retractions before recovery; the 2020 event witnessed a 50% pullback attributed partly to the COVID-19 pandemic, with the market stabilizing around $10,000 thereafter.
The 2016 halving resulted in a 33% decrease in Bitcoin’s value, setting the stage for substantial gains by year-end and a bull market in 2017 with a peak of $20,000.
The 2024 halving enters somewhat unexplored territory, given Bitcoin’s current price levels and enhanced institutional support, particularly from spot Bitcoin ETFs, marking a departure from past trends.
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On March 20, Bitcoin faced the possibility of dropping below $61,000 as experts cautioned that support levels might be on the verge of breaking.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price experienced further declines, reaching a low of $60,760 on Bitstamp.
Currently, Bitcoin has fallen 17.5% from its peak, contending with selling pressure due to several significant challenges.
Reports have highlighted factors such as withdrawals from the U.S.’s spot Bitcoin exchange-traded funds (ETFs) and the Federal Reserve’s decision on interest rates on March 20 as key contributors to the downward pressure on Bitcoin’s value.
Although the outcome of the Federal Open Market Committee (FOMC) meeting seems predictable, much attention is focused on Fed Chair Jerome Powell’s remarks for clues on the future of risk assets.
The Kobeissi Letter, a trading analysis source, remarked on the situation via X (formerly Twitter), stating, “With the Fed meeting less than 24 hours away, it’s unlikely the Fed changes rates tomorrow.
“However, all eyes will be on guidance after the recent events. We maintain the view that it is far too soon to pivot.”
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“Current projections from CME Group’s FedWatch Tool indicate only a 1% probability of a policy shift at the March 20 meeting, with a slight increase to 9.1% for the subsequent meeting in May.
“The situation is further complicated by consecutive days of net outflows from spot Bitcoin ETFs, according to data from the UK-based investment firm Farside.
Despite the outflows from the Grayscale Bitcoin Trust (GBTC) being less than the record $642 million on March 19, the reduced inflows to other ETF products resulted in underwhelming overall statistics.
Financial commentator Tedtalksmacro noted, “Almost $500M USD has flowed out of spot BTC ETFs in the past two trading days,” attributing the slowdown to traders’ cautious stance ahead of the FOMC meeting and the impact of tax season in the U.S.
He suggested, “Regular programming will resume, but some chop first.”
QCP Capital, in its daily bulletin to Telegram subscribers, pointed out the potential significant impact of the second consecutive day of net outflows on Bitcoin’s price stability, raising concerns over the ability of inflows to other ETFs to counterbalance the outflows and questioning whether this could lead to a net positive outcome.
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The introduction of spot Bitcoin exchange-traded funds (ETFs) has significantly altered the landscape for both institutional and retail investors, leading to a divided market and impending shifts.
Retail investors, especially those new to Bitcoin, are increasingly investing through advisors in spot BTC ETFs, potentially making Bitcoin a common asset in household portfolios alongside traditional investments like gold.
Conversely, early adopters and enthusiasts of Bitcoin, who value its decentralization and resistance to censorship, feel their pioneering advantage is diminishing as mainstream adoption grows.
The essence of Bitcoin, from the perspective of its early supporters, seems compromised as it becomes integrated into the financial system it aimed to disrupt.
This situation is likened to a once-exclusive restaurant becoming too popular and corporatized, losing its original charm and purpose.
The finite nature of Bitcoin means its price is likely to increase as demand grows, but significant profits are poised to go to large asset managers handling the spot BTC ETFs, contrary to the decentralized ethos of Web3.
This scenario has led to a polarization within the crypto market: traditional investors entering through regulated financial products and long-standing crypto advocates seeking untethered access to blockchain technologies.
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This division is prompting a shift towards altcoins, spurred by the desire for diversification, higher returns, and adherence to the foundational principles of cryptocurrency.
Recent trends indicate a potential shift in market dynamics, with altcoins showing signs of gaining against Bitcoin, hinting at a forthcoming period of growth.
This movement could redefine the crypto landscape, elevating certain altcoins to prominence and reshaping investment strategies.
Although Bitcoin may remain a stabilizing force in investors’ portfolios due to its lower volatility, a shift towards more decentralized and potentially more lucrative alternatives is likely.
This realignment benefits institutions regardless of retail investor strategies, as the inherent scarcity and demand for Bitcoin ensure its price resilience.
However, a shift towards altcoins could significantly impact the decentralized finance (DeFi) sector, potentially catalyzing rapid growth beyond its current valuation.
As the market continues to evolve, investors on both sides of the divide face a dynamic and potentially rewarding future.
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John Lo, the founder of Recharge Capital, shared insights with Cointelegraph regarding the future of Ether exchange-traded funds (ETFs) in the U.S., emphasizing a less certain path compared to the previously approved Bitcoin ETFs.
He anticipates that the Securities and Exchange Commission (SEC) will intensify its examination of all forthcoming crypto-based ETFs, particularly those related to Ether.
Lo highlighted, “Scrutiny towards cryptocurrency ETFs has only grown, as you could argue to a certain degree that the SEC was forced to approve the Bitcoin ETFs because of its case with Grayscale.
No doubt, the SEC internally views that as a huge loss for themselves.”
Several firms, including BlackRock, Grayscale, Fidelity, Invesco Galaxy, VanEck, Hashdex, and Franklin Templeton, are in the race to launch an Ether ETF.
Critical dates loom for the SEC to make decisions on these applications, with deadlines spanning from May 23 for VanEck, to August 7 for BlackRock.
Despite potential regulatory hurdles, Lo is optimistic about Ethereum’s resilience, attributing its strength to the platform’s innovative capabilities and recent upgrades.
He stated, “Whether or not there’s an ETF, Ethereum will be fine.
“I think it’s coming out with lots of innovation, use cases, and we’ve already seen alternative financial systems being built on the [network], which is incredibly interesting.”
Lo also touched upon the challenges within the decentralized finance (DeFi) sector, particularly the obstacles related to user experience that deter both institutional and retail participation.
He believes that the complex nature of DeFi services and the high cost of user acquisition, estimated at $10 to $12 per user, are significant barriers limiting DeFi’s user base.
Despite these challenges, Ethereum continues to thrive as a central hub for DeFi activities.
The total value locked (TVL) in Ethereum’s DeFi protocols surged 80.3% over the past year, reaching $51 billion as of March 18, with a 21.6% increase in unique wallet addresses, signaling sustained growth and interest in the ecosystem.
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The world of cryptocurrencies is constantly evolving, with new projects emerging on a regular basis. While many disappear as quickly as they appeared… some stand out for their long-term growth potential. Investing early in these nuggets can prove extremely lucrative.
In this article, we take a look at 4 cryptocurrencies that have caught our eye and could see a meteoric rise in 2024. Although investing in early-stage projects involves risk, these projects combine an innovative vision, an experienced team and a promising product.
Artrade: bridging the gap between physical art and the world of NFTs
Artrade ushers in a new era where traditional artworks merge with the digital world of NFT. This innovative platform enables artists to transform their physical creations into Real World Assets (RWA) on the Solana blockchain.
Thanks to its REAL protocol, Artrade guarantees the authenticity and traceability of each tokenized work.. NFC chips establish an unforgeable link between the physical object and its digital twin. What’s more, the fair redistribution of royalties and low commissions are already attracting renowned artists.
Artrade has its token, the ATR, which offers exclusive benefits such as discounts and a tempting staking program. With its unique vision, Artrade could well become a major player in the digital art market.
Lay3rs: The decentralized infrastructure for copyrighting AI data
At a time when generative AI is shaking up many sectors, the question of copyright on the data used is becoming crucial. Lay3rs offers a decentralized infrastructure to manage these rights and ensure a fair distribution of the value generated.
Thanks to its smart contracts and its DAO functionalities, Lay3rs enables crowdsourcing of financial resources and data. For each project, a refined AI is created to interact with more general models. License tokens guarantee the traceability and remuneration of all AI and data used.
The LAY, the token at the heart of this ecosystem, will be available during 2024. Between now and then, several promising use cases will be developed, such as the creation of digital twins for cultural or natural heritage. An ambitious project to keep an eye on!
Ouinex: transparency at the heart of crypto exchanges
Following the recent scandals that have rocked the cryptocurrency sector, transparency has become a decisive criterion for exchanges. Ouinex, a regulated French trading platform, has made this its battle-horse.
With ultra-competitive fees and an innovative system isolating market makers, Ouinex creates a fairer trading environment. The exchange has already established a presence in several jurisdictions and has formed strategic partnerships to expand its influence.
Its $OUIX token gives access to numerous benefits such as reduced fees and platform governance. With its rapid growth and regulatory rigor, Ouinex could establish itself as a major player in cryptocurrency exchanges.
Ago: DeFi at your fingertips to revolutionize your finances
Ago aims to democratize decentralized finance with its all-in-one application, combining the best of traditional finance and DeFi. Its decentralized exchange offers over 1,000 trading pairs at unbeatable rates, while its gateway “On-ramp/Off-ramp” simplifies conversions between fiat currencies and cryptos.
The AGO token, with its deflationary business model, offers fee reductions and rewards to holders. Decentralized governance puts the community at the heart of strategic decisions.
With ambitious projects such as the launch of a bank card Ago with an IBAN and the tokenization of real assets, Ago is set to revolutionize our relationship with finance. A unique opportunity to take part in this exciting adventure.
These 4 promising projects share a common vision: harnessing blockchain technology to build a more transparent, decentralized and equitable future. Whether in art, AI, trading or banking, they are reinventing their sectors by putting the user at the center.
If their approach appeals to you, follow their development closely and consider adding their tokens to your portfolio after a thorough analysis. By investing in these budding nuggets at an early stage, you could well see your capital multiplied when they become mainstream. Bear in mind, however, the risks inherent in this type of investment, and only invest what you’re prepared to lose. Time will tell if these 4 cryptos live up to their promise, but they’re certainly worth your attention in 2024!
Changpeng “CZ” Zhao, the former CEO of Binance, the world’s leading cryptocurrency exchange, is poised for a court appearance on April 30 for sentencing following his guilty plea to a felony charge.
Amidst legal challenges, Zhao has teased a new education-focused initiative related to cryptocurrency or blockchain technology, emphasizing that it will not introduce any new tokens.
This announcement was made in a March 18 post on X, where Zhao hinted at revealing more details soon about the project.
Zhao’s resignation from Binance in November 2023 was a condition of a plea agreement with U.S. authorities, including the Justice Department, Department of the Treasury, and Commodity Futures Trading Commission.
This agreement came with a hefty $4.3 billion settlement payment by Binance and saw Zhao pleading guilty to a charge concerning the failure to implement an effective Anti-Money Laundering (AML) program at the exchange.
Following his plea, Zhao has been in the U.S., released on a $175 million bond.
His legal representatives have sought permission for him to visit his family in the United Arab Emirates.
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Zhao’s sentencing was initially slated for February but was postponed to April 30, raising speculations about his possible prison term, with some experts predicting a sentence of 12 to 18 months.
Since agreeing to the plea, Zhao has reduced his social media activity, mainly posting non-controversial holiday messages, making his March 18 announcement about the educational project a significant departure from his recent online behavior.
This has sparked curiosity among his followers, although the exact nature of the project remains unclear as of the announcement.
In addition to Zhao’s legal battles related to his plea, Binance, its U.S. counterpart Binance.US, and Zhao are also facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) filed in June 2023.
Binance.US described the SEC’s enforcement action as a critical threat in a March 5 court filing, highlighting the ongoing legal challenges faced by the exchange and its former CEO.
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Binance, a leading cryptocurrency exchange, has announced a new initiative to combat insider trading and corruption within its platform.
Offering rewards ranging from $100,000 to $5 million, Binance seeks information from individuals who can provide credible reports on potential insider trading or corrupt activities.
This announcement comes in the wake of controversies surrounding the listing of a new Solana-based memecoin, Book of Meme (BOME), which was paired with various currencies including Bitcoin, Tether, First Digital USD (FDUSD), and the Turkish lira on March 16.
Additionally, Binance Futures introduced a perpetual contract for BOME with up to 50x leverage.
The decision to list BOME sparked a significant transaction by a crypto whale on the Raydium decentralized exchange (DEX), where 314 million BOME tokens were purchased for $2.3 million.
Following the listing, the token’s value surged, netting the whale a substantial profit and raising suspicions of insider trading within the crypto community.
Discussions on Reddit questioned whether this was a fortunate trade or the result of insider information, with some suggesting the trader might be connected to Binance.
In response to these allegations, Binance launched an investigation, stating on X that their preliminary findings showed the individual had “no connection with Binance.”
The exchange emphasized its commitment to maintaining a transparent and fair trading environment, encouraging the community to report any suspicious activity.
Those providing valuable information could receive a hefty reward, with the assurance that their identities would remain confidential.
This initiative by Binance underscores the challenges and opportunities in the cryptocurrency market, where significant gains and losses can occur rapidly.
An example of this volatility is a trader who missed out on potential millions by selling 170 million BOME tokens for $131 thousand, just a day before the token’s price soared, highlighting the high-stakes nature of crypto trading and the importance of regulatory and community vigilance in maintaining market integrity.
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On March 19, Bitcoin‘s journey took a downturn, reaching new lows within the week, sparking speculation among traders and analysts about the potential paths the cryptocurrency’s price might take amidst a broader market slump.
Despite achieving unprecedented heights previously, Bitcoin’s stability is now being tested, with key support levels struggling to hold firm.
Amidst this uncertainty, market watchers are identifying crucial thresholds and entertaining the possibility of a recovery bounce.
A significant factor that could influence the crypto market’s direction is the upcoming Federal Reserve’s interest rate decision on March 20.
Historical patterns suggest that Federal Open Market Committee (FOMC) meetings have previously impacted risk assets, leading to speculation that the forthcoming announcement could ease the current pressure on cryptocurrencies.
Cointelegraph’s examination of short-term BTC/USD predictions reveals an anticipation of Bitcoin potentially approaching the $60,000 mark, a crucial juncture that has yet to be retested convincingly.
Traders, including a notable one named George, suggest that a dip below last week’s low could lead to prices falling under $60,000.
Another trader, Ali, points out key support levels using the realized price distribution method, highlighting significant figures below the $60,000 range, while also identifying major resistance levels.
Analyst Mark Cullen, utilizing Fibonacci retracement levels, indicates multiple support levels that Bitcoin might encounter.
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Furthermore, a “bullish order block” suggests bids congregating around the current price point, below $64,000, indicating potential areas where the correction could stabilize, contingent also on the outcomes of the FOMC meeting.
As the FOMC meeting garners attention, not just within crypto circles but across the broader spectrum of risk assets, financial commentator Tedtalksmacro anticipates that the Fed Chair Jerome Powell’s address could set a pivotal moment for the market.
Predicting a hawkish stance from Powell in response to persistent inflation, Tedtalksmacro suggests that the speech could mark a turning point for risk assets, potentially signaling a bottom.
Amidst these predictions and analyses, Bitcoin exhibits volatility around the $64,000 mark, awaiting the next movements influenced by macroeconomic factors and market sentiment.
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