Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.
This way you can quickly find out about the latest developments. More detailed articles on these topics will appear on Crypto Insiders later today.
Pre-halving correction: Bitcoin back above $70,000
The market came out of the weekend green and posted a significant increase yesterday afternoon.
This puts Bitcoin (BTC) back above $70,000 after the recent correction, and the rest of the market followed suit.
The market is now speculating about whether the so-called Pre-halving The correction has already been completed.
Whales are stocking up on BTC en masse
Accordingly Analysis company Santiment Bitcoin investors were hit hard last week.
According to Santiment, investors purchased a whopping 51,959 BTC worth $3.4 billion on March 24th.
This means that 0.263% of the total circulating supply was purchased in one day, which could explain the increase.
Bitcoin ETFs continue to underperform
However, the new American Bitcoin Exchange Traded Funds (ETFs), i.e. exchange-traded funds, were not convincing yesterday.
The stock market funds recorded a net inflow yesterday after their worst week ever. However, this inflow was limited to just $15.7 million.
This is the second lowest amount so far. Only on January 26th was it slightly lower at 14.8 million.
The reason for this is that inflows into the new funds remained low yesterday, while outflows at Grayscale were back up to $350.1 million.
Grayscale still expects an Ethereum ETF
Recently, ETF experts at Bloomberg dashed hopes that the first Ethereum (ETH) spot ETFs would be approved in the US in May.
This is because the US Securities and Exchange Commission (SEC) does not conduct a dialogue with applicants as it does with Bitcoin ETFs.
Grayscale CFO Craig Salm, it’s here disagreeing. He doesn’t see the lack of dialogue as an indication of the result. After all, they have already had the dialogue about applying for Bitcoin and therefore it may not be necessary again.
The London Stock Exchange will launch Bitcoin and Ethereum products
We’ll stick with trade fair products for a while. Apparently, the London Stock Exchange (LSE) will launch its own exchange products for both Bitcoin and Ethereum.
These Exchange Traded Notes (ETNs) are not quite the same as the ETFs mentioned above, but are physically backed and can only be denominated in Bitcoin or Ethereum.
Watchdog demands Ripple pay $2 billion
Finally, let’s go back to the SEC. We have another new development in the legal battle with Ripple (XRP).
The American regulator has asked the judge to impose a $1.95 billion fine on Ripple.
According to the SEC, the penalty is intended to serve as a warning to other parties. Ripple will not respond for another month.
Our response will be filed next month, but as we have all seen time and time again, this is a regulator that traffics in false, mischaracterized and misleading statements. Here they stayed true to form. 2/4
— Stuart Alderoty (@s_alderoty) March 25, 2024