Bitcoin's $43K Surge, Invesco's ETF Fee Cut, $500M Crypto Fund Outflow, Tesla's BTC Hold, SEC's Ethereum ETF Delay, CFTC's AI Scam Alert
GLOBAL NEWS?
Bitcoin Surges Past $43,000 Amid Speculations of Rate Pause and Slowing ETF Outflows
Bitcoin rebounded strongly, crossing the $43,000 threshold for the first time in two weeks, fueled by market optimism over a potential Federal Reserve rate pause and decreasing outflows from Grayscale's ETF. The surge triggers over $60 million in crypto short position liquidations, highlighting the market's volatile response to shifting economic indicators and trading trends.
Invesco and Galaxy Slash Fees on New Bitcoin ETF
In a strategic bid to gain a stronger foothold in the rapidly expanding digital asset market, Invesco and Galaxy Asset Management have announced a notable reduction in sponsor fees for their new spot bitcoin ETF. This fee cut, lowering from 0.39% to 0.25%, positions their ETF competitively alongside major players like Grayscale, BlackRock, and Fidelity, aiming to attract more investors and bolster its $280 million trading activity in the burgeoning cryptocurrency ETF arena.
Global Crypto Funds Witness $500M Outflows; New ETFs Gain Traction Over Grayscale's GBTC
Amidst a turbulent week for cryptocurrencies, major asset managers like BlackRock and Fidelity see a significant shift in investor sentiment. CoinShares reports a total of $500 million in net outflows from crypto funds globally, with Grayscale's GBTC experiencing a substantial $2.2 billion withdrawal. In contrast, the newly launched spot bitcoin ETFs, including BlackRock's IBIT and Fidelity's FBTC, collectively attract $1.8 billion, signaling a changing tide in the digital asset investment landscape.
Tesla Holds Steady on Bitcoin, Maintains Crypto Holdings in Q4
Tesla Inc. stands firm in its cryptocurrency strategy, as revealed in their latest quarterly report, showing no bitcoin transactions during Q4. The electric vehicle giant, led by Elon Musk, maintains its significant bitcoin portfolio of 9,720 BTC, underscoring its confidence in digital assets amidst a fluctuating market. Remaining the third-largest corporate bitcoin holder, Tesla's steady approach contrasts with its Q2 2022 sale, marking a period of stability in its crypto investments.
SEC Postpones Decision on BlackRock's Ethereum ETF Proposal to March
The Securities and Exchange Commission (SEC) extends its review period for BlackRock's iShares Ethereum Trust ETF, setting a new decision deadline for March 10. This move, mirroring a similar delay for Fidelity's Ethereum fund proposal, reflects the SEC's cautious approach in considering the nuances of cryptocurrency ETFs. Analysts predict continued delays in approvals for spot Ethereum ETFs, marking a cautious phase in the evolution of digital asset funds.
CFTC Issues Warning on AI-Driven Crypto Scams Promising High Returns
The Commodity Futures Trading Commission (CFTC) raises an alarm over increasing artificial intelligence-powered cryptocurrency scams. In their latest consumer alert, the CFTC cautions against deceptive claims of substantial returns through AI bots, trade signal algorithms, and crypto arbitrage algorithms. Highlighting the role of social media influencers in spreading these false promises, the agency emphasizes that AI technology cannot predict market movements with certainty, urging investors to stay vigilant.
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