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Ethereum’s supply has been on the rise for the past 73 days, marking the longest period of increase since the Merge in 2022. This steady growth began in mid-April and is largely due to the Dencun upgrade, which has eased competition for block space on the mainnet. According to data from ultrasound money, more than 112,000 ETH have been added to the total supply since April 14. The Dencun upgrade, which took place on March 13, brought in nine new Ethereum Improvement Proposals (EIPs). Among them, EIP-4844 seems to be the main driver of this increase in supply. EIP-4844, also…
Bitcoin exchange-traded funds (ETFs) in the United States have seen a huge outflow of $1.3 billion over the past two weeks due to a decline in Bitcoin prices. Major Outflows Data from Farside Investors shows that Bitcoin ETFs lost $1.298 billion in the last two weeks. Grayscale was hit the hardest, with outflows amounting to $517.3 million during this period. BlackRock Stands Out In contrast to the overall trend, BlackRock Bitcoin ETF has attracted new investments. Over the same two-week period, BlackRock’s fund saw inflows of $43.1 million, making it the only Bitcoin ETF to post positive results. Looking Ahead…
A leading South Korean think tank focused on finance and economics has raised concerns about approving spot crypto exchange-traded funds (ETFs) in the country. Bo-mi Lee, a researcher at the Korea Institute of Finance, highlighted the risks and volatility of crypto ETFs, urging for more research and regulatory measures before any approval. Financial Stability Concerns Bo-mi Lee’s paper argues that the experiences of other countries with spot Bitcoin (BTC) and Ether (ETH) ETFs show that the potential downsides might be greater than the benefits. She worries that introducing these ETFs in South Korea could harm the country’s financial stability. Lee…
Nigeria’s Federal Government has firmly denied allegations that Binance Executive Tigran Gambaryan is being held in poor prison conditions. The government asserts that Gambaryan is receiving adequate medical care and full consular support from his home country. Government’s Response On Friday, June 21, Mohammed Idris, Nigeria’s Minister of Information and National Orientation, addressed the claims. He emphasized that Gambaryan is being treated according to the law and is receiving all necessary support. “Nigeria is committed to upholding the rights of individuals in custody, including providing quality medical care and consular services,” said Minister Idris. He highlighted that the country’s judicial…
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has given a huge boost to the credibility of the cryptocurrency industry. This move has introduced the first regulated, publicly traded Bitcoin-based investment products, offering a much-needed sense of relief to investors. Sheraz Ahmed, managing partner of Storm Partners, shared his insights on this significant development. “The launch of Bitcoin ETFs has changed how investors view the cryptocurrency market,” said Ahmed. “It has transitioned Bitcoin from being seen as a speculative asset to a more mainstream investment option.” With the introduction of Bitcoin ETFs, investors can now gain…
Bitcoin is starting this week on a bit of a down note, hovering near its lowest levels in a month. After trying and failing to break the $70,000 mark several times, Bitcoin’s price has taken a hit. Here are five things to keep an eye on this week: 1. Bitcoin’s Trading Range Bitcoin has been stuck in a tight trading range, making it hard to predict where it’s headed next. Last week, it briefly dipped below $65,000, losing nearly 5% after some key U.S. economic data came out and the Federal Reserve made some comments. This week, with fewer major…
Exciting news for crypto investors in Australia! The Australian Securities Exchange (ASX) has approved its first spot Bitcoin exchange-traded fund (ETF). This new ETF, called the VanEck Bitcoin ETF (VBTC), will start trading on June 20. VanEck, the investment firm behind this ETF, made the announcement recently. This approval comes not long after VanEck launched a similar spot Bitcoin ETF, the VanEck Bitcoin Trust (HODL), in the United States in January. This marks a significant milestone for both VanEck and the Australian crypto market. Arian Neiron, the CEO of VanEck’s Asia-Pacific region, highlighted the increasing interest in Bitcoin investments within…
The altcoin market, which includes smaller cryptocurrencies, might be presenting new investment opportunities after a rough few months. Since Bitcoin reached a new high earlier this year, many altcoins have seen significant declines. Jamie Coutts, a crypto analyst at RealVision, noted on June 13 that smaller cryptocurrencies have been hit hard since Bitcoin peaked in March. Bitcoin itself reached a high of $73,679 on March 13 but has since dropped nearly 6% to around $67,126. Coutts believes the market is going through a regular mid-cycle correction. If this is true, it could mean there are good buying opportunities in mid…
In an exciting development, large Bitcoin investors, known as “whales,” have bought an astonishing $1.4 billion worth of Bitcoin in just 24 hours. This buying frenzy happened during a market correction and comes as the amount of Bitcoin available on exchanges has dropped to its lowest level since December 2021. Key Points What This Means: Confidence Among Big Investors: These large-scale purchases suggest that whales believe Bitcoin’s current lower prices are a good buying opportunity. They see value in buying now and holding for the future. Reduced Supply on Exchanges: When Bitcoin is moved off exchanges, it usually means investors…
Elon Musk has decided to drop his lawsuit against Sam Altman, the CEO of OpenAI. This unexpected move has caught the attention of many in the tech world, as Musk and Altman are two influential figures in the industry. Key Points: What This Means: Expert Opinions: Tech experts think this move could reduce tensions between Musk and OpenAI, encouraging a healthier discussion about the future of AI development. For more updates on this story and other tech news, follow us on our social networks and stay informed about the latest developments in the tech world.