Bitcoin's $42.1K Surge, BlackRock & Bitwise ETF Updates, Robinhood's Crypto Trading Boom and more news...
GLOBAL NEWS?
Bitcoin Reaches $42,100, Marking a Full Recovery to Early May Levels
Bitcoin surged to $42,100 before experiencing a slight drop. This peak represents a complete return to its early May 2022 values and signifies an impressive year-to-date increase of over 150%. The global cryptocurrency market cap has concurrently risen to $1.62 trillion, up 4.0% in the last 24 hours, reaching a level last seen in late April 2022. This upturn reflects a robust recovery and growth in the digital asset market.
BlackRock and Bitwise Amend Filings for Proposed Spot Bitcoin ETFs
BlackRock and Bitwise have recently updated their S-1 filings with the Securities and Exchange Commission (SEC) for their proposed spot bitcoin ETFs. Despite the SEC's history of delaying approvals for such funds, these amendments suggest active and constructive discussions between the issuers and the SEC. The situation continues to evolve as both the SEC and ETF issuers work diligently to reach a consensus.
Robinhood Reports Surge in Crypto Trading in November
In a recent SEC filing, Robinhood revealed a significant increase in cryptocurrency trading on its platform during November, with volumes rising approximately 75% compared to October 2023. This surge, noted in an 8-K update , comes amidst a broader rally in the crypto market and could indicate a positive shift for the company, which had previously reported declining crypto trading revenues. The uptick in November's trading activity, with detailed operating data to be released soon, suggests a potential reversal of this trend. Additionally, Robinhood's expansion plans, including the introduction of crypto trading in the EU following its UK launch, reflect the company's ongoing commitment to growing its cryptocurrency offerings.
El Salvador's Bitcoin Bet Proves Profitable, President Bukele Announces
El Salvador's President Nayib Bukele announced that the country's investment in Bitcoin has become profitable, with potential earnings exceeding the initial investment. This follows El Salvador's pioneering move to make Bitcoin legal tender in September 2021. Despite global skepticism, the nation's Bitcoin portfolio, valued at around $131 million, shows a gain of about $3.6 million amid the cryptocurrency's recent price surge. Bukele affirmed El Salvador's long-term commitment to Bitcoin, indicating no plans to sell and emphasizing confidence in its future value.
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Crypto Fund Inflows Reach 10-Week High of $1.76 Billion, Led by Major Asset Managers
Crypto funds from key asset managers like CoinShares, Bitwise, Grayscale, ProShares, and 21Shares have experienced significant inflows , totaling $1.76 billion over the last ten weeks. This marks the largest streak since the inception of U.S. futures-based bitcoin ETFs in October 2021. Despite a global increase in digital asset investments, regions like Hong Kong showed notable outflows, contrasting with strong inflows in Canada, Germany, and the U.S.
Binance Informs VIP Traders of $4.3 Billion U.S. Settlement at Exclusive Event
Binance, during a private event for VIP traders in Singapore, disclosed its impending $4.3 billion settlement with U.S. authorities over money laundering and sanctions violations. This significant settlement, one of the largest in U.S. corporate history, was discussed among the company's top traders, highlighting Binance's strategy and resilience in facing legal challenges.
RAIN NEWS?
Rain Introduces Instant Funding and Withdrawal for Virtual Assets in UAE
Rain, catering to both individual and institutional clients, now offers instant funding and withdrawal services for virtual assets in the UAE. Partnered with a local bank, Rain ensures seamless financial transactions for its users. As a fully licensed and regulated entity, it provides a secure and efficient platform for digital asset management. Interested parties can sign up at rain.com/en-ae/signup to access these innovative services. Check out all the benefits of Rain in the UAE.?
Spotlight article:
Bitcoin Surges Past $42,000 Even as Stocks and Bonds Take a Hit