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Bitcoin: Reasons behind this analysts no more than 3% in BTC claim – AMBCrypto English

Posted: March 27, 2024 at 2:44 am

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AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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Bitcoin: Reasons behind this analysts no more than 3% in BTC claim - AMBCrypto English

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How European investors can ride the bitcoin ETF wave – Financial Times

Posted: March 27, 2024 at 2:44 am

Bitcoin exchange traded funds have grabbed the headlines in the US this year, attracting strong investor interest and for a time helping to drive the price of the worlds most popular cryptocurrency to record highs.

Since January, when the US Securities and Exchange Commission approved spot bitcoin ETFs which hold the actual currency, rather than futures contracts on it 11 have been launched by firms including BlackRock, Fidelity, WisdomTree, and VanEck.

And they have already amassed $48bn of assets under management between them, according to Morningstar data up to March 5.

Frank Koudelka, head of ETF servicing at State Street, says the SECs decision and the ensuing rally in the bitcoin price will probably lead to more interest among asset managers, and new funds based on other cryptocurrencies.

We anticipate the next important date for the expansion of the digital assets universe to be in May, when the SEC will decide on whether to approve a spot ethereum product, he says.

Europe has had its own spot bitcoin ETF since August last year, when Jacobi Asset Management launched a fund, following approval by the Guernsey financial regulator.

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But the Jacobi ETF remains the only bitcoin product investing directly in the currency in Europe, and it is not available to retail investors. It had to be structured as an alternative investment fund, because the standard Ucits structure adopted by mass-market European ETFs cannot be used to hold cryptocurrencies, for regulatory reasons.European retail investors cannot invest in the new US bitcoin ETFs, either.

However, that does not mean they are cut off from investing in bitcoin products altogether.

European asset managers have created other crypto-related exchange traded products over the past five years, and Morningstar data shows these held $12bn of assets at the end of February.

These products can hold digital assets by being structured as exchange traded commodities or exchange traded notes and, technically, they are debt instruments, rather than funds.

We anticipate the next important date...to be in May, when the SEC will decide on whether to approve a spot ethereum product

Michael Delew, head of capital markets for Europe at WisdomTree, explains that, while an ETP of this kind is not referred to as a fund, it provides a similar investment experience.

It functions like a fund, has strong investor protections, maintains full transparency of assets, and appoints an independent trustee who holds the legal right to those assets and represents investor interests, he points out.Regardless of their set-up, [US ETFs and European ETPs] both provide a flexible and liquid wrapper representing transparent exposure to an underlying asset.

Koudelka notes that these European products were initially only marketed to institutional investors, due to the nature of the underlying asset.But we are now increasingly seeing ETC issuers seek approval for retail investment into the ETCs through the secondary market, he says.

The SEC has mandated that US spot bitcoin ETFs must process their creations and redemptions ie, buying and selling their underlying crypto assets by delivering cash in exchange for shares. However, European crypto ETPs are able to exchange their underlying assets for shares, in what is known as an in-kind transaction.

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Dellow says in-kind transactions can be significantly more efficient than cash processes, particularly when dealing with digital assets such as bitcoin.

This can have long-term implications on the performance, trading spreads and security of the product that can have a sizeable effect on overall investor costs and returns over time, Delew stresses.

He adds that, although investors do not directly deal with the primary market creation and redemption process, the option of in-kind transactions is something they should be aware of when choosing an ETP particularly when it comes to digital asset products.

But selling these products to investors is not without its difficulties for asset managers.

Martijn Rozemuller, chief executive officer of VanEcks European business, says marketing and distribution of his firms crypto ETNs is usually relatively straightforward but can be challenging in some countries including the UK and Belgium.

300%Increase in assets held in European crypto-related ETPs since end 2022

Serving potential clients from the US is complicated, although they now have access to the VanEck Bitcoin ETF, while the Asian and Middle East markets present potential growth opportunities, he says.Navigating local jurisdictions is challenging outside of the EU, the majority of our investors are retail investors based in the EU.

Despite those challenges, the assets held in European crypto-related ETPs have risen by 300 per cent since the end of 2022, Morningstar data shows.

However, a blog posted on the European Central Banks website last month said the US regulators decision doesnt change the fact that bitcoin is not suitable as means of payment or as an investment. This suggests that while bitcoin products have turned the heads of Europes investors, its financial authorities are yet to be convinced they should follow the SECs lead.

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How European investors can ride the bitcoin ETF wave - Financial Times

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3 reasons why Bitcoin price is up today – Cointelegraph

Posted: March 27, 2024 at 2:44 am

Bitcoin (BTC) price rose back above $70,000 for the first time in a week, recovering from the streak of negative flows into spot BTC exchange-traded funds (ETF) last week.

Data from Cointelegraph Markets Pro and TradingView shows the BTC price climbed from an opening of $67,212 to an intra-day high of $70,306 on March 25. At the time of publication, BTC was trading at $70,268, up 7.5% over the last 24 hours.

Bitcons recovery follows a period of price downturn that has seen the cryptocurrency fall as low as $60,771, corroborated by negative ETF inflows. Could the surge in multiple BTC price metrics be a sign of things to come?

Last week marked the end of a 7-week cycle of inflows into crypto investment products as investors withdrew more than $942 million, according to a March 25 report by CoinShares.

The report noted that last week marked the first outflow following a record 7-week run of inflows totaling US$12.3bn.

The crypto asset management firm attributed the large outflows to the recent drawdown in crypto prices, which wiped US$10bn off total assets under management (AuM) but remain above prior cycle highs at US$88bn.

CoinShares analyst James Butterfill said,

The poor sentiment was mostly focused on Bitcoin, which accounted for 96% of the flows totaling $904 million, while short-bitcoin also saw minor outflows totaling US$3.7m.

Bloomberg analyst James Seyffart said that the large outflows witnessed by the spot Bitcoin ETFs last week were probably driven by bankrupt lender Genesis selling GBTC shares.

Bitcoin has recently experienced a notable surge in its Age Consumed metric over the past few days. According to data from market intelligence firm Santiment, the number of dormant BTC addresses moving BTC surged to 162.89 million on March 23, the highest in over two years.

Age Consumed is a metric that tracks the movement of previously idle BTC coins. The metric shows the number of BTC changing addresses daily multiplied by the number of days since they moved. Spikes signal a potential increase in price volatility.

This spike in Age Consumed suggests that previously dormant addresses holding Bitcoin are now re-entering circulation, indicating a revival in network activity. This was evidenced by a surge in transaction volume, as shown in the in chart below.

As Bitcoins Age Consumed metric grows, transaction volume increases, a precursor to potential price jumps in the BTC price.

Related: BTC price battles for key $69K as Bitcoin nears short liquidation zone

The CoinShares report noted that altcoins fared well last week, seeing a net inflows of US$16m. Most notable were Polkadot (DOT) with $5 million inflows, Avalanche (AVAX) with $2.9 million and Litecoin (LTC) with $2 million.

As such, a number of large-cap altcoins have outperformed Bitcoin over the last week. They were led by BNB Chains BNB, Dogecoin (DOGE), and Toncoin (TON, which have produced 7%, 20% and 46% gains in the last seven days, according to data from CoinMarketCap.

Although Bitcoin has only risen 4.5% over the same period, it has outperformed most altcoins over the same period, including Ethereum.

At the time of publication, the total crypto market was resting at $1.191 trillion, 43% below the $1.707 peak reached in November 2021.

The weekly relative strength index is in the overbought region at 83, suggesting that the altcoin market still favors the upside.

Independent analyst and X user ChiefRat takes notice of these overbought conditions and says that although he expects the #altcoins market cap to make a new ATH in 2024, there could be a test of the support at $960 billion.

Adding this, popular analyst Sheldon The Sniper said, A squeeze from BTC and a drop in dominance will create a MEGA altcoin squeeze and rally, adding that the market is one step closer to a true altseason.

However, data from CoinMarketCap shows that BTC still dominated the market at 51.77%. Moreover, the Altcoin Season Index by Blockchain Center has dropped to 49, meaning that the altcoin season is not here yet.

Blockchain Center says an altcoin season can only be declared when 75% of the top 50 coins performed better than Bitcoin over the last season (90 days).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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3 reasons why Bitcoin price is up today - Cointelegraph

Recommendation and review posted by G. Smith

Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low – Cointelegraph

Posted: March 27, 2024 at 2:44 am

Bitcoin (BTC) reclaimed the $70,000 mark on March 25 as BTC accumulation resumed, leading to a nine-year low in Bitcoin supply on the Coinbase cryptocurrency exchange.

Bitcoin reclaimed the $70,000 mark at 4:47 pm UTC for the first time since March 15, according to CoinMarketCap data.

On the supply side, Bitcoin reserves on Coinbase reached a nine-year low of 344,856 BTC on March 18, showing that investors have resumed accumulating BTC off exchanges.

The last time BTC reserves on Coinbase were at similar lows was in 2015, according to data provider Glassnode.

The total Bitcoin balance in accumulation addresses has also rebounded to over 3.2 million BTC, nearing a record high, according to Glassnodes chart.

Related: Bitcoin eyes 7-month win streak for the first time

In this case, accumulation addresses are those with over 10 BTC and no outgoing transactions or ties to centralized exchanges and mining firms.

Further showcasing the growing accumulation pattern, Bitcoin inflows to accumulation addresses hit a new all-time high of 25,300 BTC on March 22, according to an X post by verified CryptoQuant author IT Tech.

This suggests that big investors are likely betting on more upside after the recent 15%20% drawdown from the all-time high of around $74,000.

In total, Bitcoin reserves on all exchanges hit a three-year low of 1.92 million BTC on March 25, according to data by CryptoQuant. In other words, the price of Bitcoin may still have more room to run, with BTC supply on exchanges at historic lows and demand from exchange-traded funds (ETFs) already attracting billions in inflows.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low - Cointelegraph

Recommendation and review posted by G. Smith

Navigating post-halving landscape: What to expect for Bitcoin price and network security – Cointelegraph

Posted: March 27, 2024 at 2:44 am

The rewards for mining Bitcoin are about to be chopped in half for miners in a scheduled event called the halving. This anti-inflationary measure is predicted to occur on or about April 17, 2024.

Though it wont be the first such halving event, the crypto world is poised to enter the unknown, as recent all-time highs in price and a somewhat crowded mining landscape bring mystery and suspense to what could become one of the most important days in cryptocurrency history.

The months leading up to the halving have seen the approval of the first-ever spot Bitcoin exchange-traded funds in the United States as well as a new all-time-high Bitcoin (BTC) price of $73,679 set on March 13, 2024. Whether the price will deflate, rocket or maintain after the April halving event is anyones guess there are no guarantees. But if the past is any indicator of the future, previous halving events can be studied to get an idea of how this years could play out.

Bitcoin block number one was mined with a reward of 50 BTC on Jan. 3, 2009. The first halving event occurred on Nov. 28, 2012, and reduced that reward to 25 BTC per block. At the time, BTC was sitting at $12.20.

Quick fact: If one had spent $100 on BTC the day of the first halving, they'd have snagged 8.9 BTC. Then, if they had managed to hold their coins until March 13, 2024, when BTC reached its most recent all-time high, the $100 investment would have been worth $655,743.

After the first halving, the price of BTC shot up from $12.20 to around $1,000 by the end of 2023.

The second halving event happened on July 9, 2016. This brought the reward for mining a single block to 12.5 BTC. At the time, Bitcoin was valued at around $640. By July 2017, it had risen to $2,550.

May 11, 2020, brought the third and most recent halving event. Bitcoin mining rewards were reduced to 6.25 BTC per block and traded for about $8,750 at the time. Within a year, Bitcoin reached an all-time high of approximately $62,000.

With this years halving set to happen in mid-April, both the price of BTC and speculation surrounding the event have reached all-time highs. Analysts are predicting everything from around $75,000 just after the halving occurs to $250,000 or more within about a year of the halving.

As history has shown, the price of BTC has typically skyrocketed over the next year after halving events, but some drawbacks and recessions have occurred in the months between the date of the halving and upward momentum.

Its important to note that predictions concerning market movements are just that predictions. Nobody knows for sure whether Bitcoin will fall, moon or stabilize after the halving. However, history has seemingly favored the bold, with all-time highs tending to follow halving events.

Aside from concerns over price, there are unanswered questions surrounding network security in the post-halving world.

At the far end of the spectrum, there are potential security risks involved in the halving due to the potential for smaller miners to be forced out of the scene. With rewards slated to be reduced by 50%, those miners operating at the edge of profitability/loss could find themselves staked out of the rewards spectrum and seeking a sell-off or unaided exit.

Its possible a transient flux of mining availability could cause ripples throughout the Bitcoin network that reduce hash rates and lower overall security.

However, on the other end of the spectrum, previous halving events have had almost no discernible effect on overall network security, and many analysts are predicting smooth sailing for the network itself.

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Navigating post-halving landscape: What to expect for Bitcoin price and network security - Cointelegraph

Recommendation and review posted by G. Smith

Bitcoin’s shining a light on gold as debt fears drive investment into U.S. dollar alternatives – Wells Fargo – KITCO

Posted: March 27, 2024 at 2:44 am

(Kitco News) - Bitcoins rally to all-time highs above $73,000 per token is helping to fuel golds flight above $2,150 as a growing need for alternative currencies becomes insatiable, according to one market strategist.

In an interview with Kitco News last week, John LaForge, head of real assets at Wells Fargo, said that he expects this is only the start of golds move higher this year. The precious metal has already surpassed his initial year-end target of $2,100 an ounce.

While he is in the process of updating his price target, LaForge said that the journey is more important than the destination.

As to where gold is headed, LaForge said that investors should keep an eye on Bitcoin because the same factors are driving both assets.

Bitcoin is almost shining a light on gold, he said. The closer Bitcoin gets to becoming mainstream the more people realize what it is about. Many investors are starting to realize that maybe the current monetary system isnt perfect and needs to change; maybe all the debt were piling on isnt the best thing for the global economy. Maybe we need to find an alternative to the U.S. dollar.

Although the U.S. dollar is expected to remain the worlds reserve currency for the foreseeable future, Laforge said that it is disconcerting how much debt is being accumulated. According to recent calculations from Bank of America, the nations debt is growing by $1 trillion every 100 days.

LaForge added that along with the trajectory of debt, another concern is that there is no political will anywhere in Washington to change it. He pointed out that Democrats want to increase the deficit to pay for social programs; meanwhile, Republicans want to slash taxes, reducing government coffers.

It doesnt matter how we get there, but make no mistake, we are getting there, he said. Investors are looking at gold again because it really is starting to tell the story again of why money ultimately fails. Because time and time again, no paper money has ever survived time. It may take multiple centuries before that money fails, but it will fail.

Although Bitcoins lofty price gains have attracted more attention than gold, LaForge said that the precious metal has a much longer history as a store of value and lower volatility, which gives it a better edge as a hedge against the U.S. dollar debasement.

While gold is starting to attract attention from retail investors, the biggest driver for gold in the last few years has been central bank demand. LaForge explained that he expects central banks to continue to buy gold at an unprecedented pace to protect their currencies purchasing power. He added that because of the U.S. debt problems, nations want to hold fewer Treasuries.

The debt pile is not getting any smaller, so there is no reason why central banks would stop buying gold, he said.

Although Main Street has been reluctant to jump into precious metals, LaForge said this remains the markets greatest potential for a continued rally. Golds push above $2,220 has been driven mostly by momentum among speculative investors. LaForge said this has been one of the biggest breakouts despite lackluster investor demand he had ever seen.

Investment demand, driven by flows in gold-backed exchange-traded Funds, has picked up in recent weeks but still remains near multi-year lows.

LaForge said that he expects golds next wave higher to be driven by inflows into gold ETFs; however, he added that this wont come until the Federal Reserve unequivocally embarks on a new easing cycle.

At the same time, lower interest rates and higher inflation will ignite a significant rally in gold, he said.

Last week, the Federal Reserve signaled that it still sees the possibility of three rate cuts this year. At the same time, the central bank looks to cut interest rates even as inflation remains above its 2% target.

LaForge said that once investors realize that the Federal Reserve will be unable to bring inflation down to its 2% target, and as consumers get used to inflation above pre-pandemic levels, they will turn to gold to protect their purchasing power.

Disclaimer:The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Bitcoin's shining a light on gold as debt fears drive investment into U.S. dollar alternatives - Wells Fargo - KITCO

Recommendation and review posted by G. Smith


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