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The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kucoin, emphasizing the classification of bitcoin, ethereum, and litecoin as commodities. The enforcement action, launched in the U.S. District Court for the Southern District of New York, accuses Kucoin of multiple regulatory breaches involving these digital assets. Kucoin’s Legal Battles Shine a Bright […]
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CFTC Takes Legal Action Against Kucoin, Highlights BTC, ETH, and LTC as Commodities
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Galaxy Digital Becomes Profitable in 2023
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Michael Novogratz’s Galaxy Digital Holdings has turned a profit of $296 million in 2023, recovering from a loss of $1 billion in the previous year, as the upward movement of cryptocurrency prices picked up.
Interestingly, the final quarter of 2023 turned the results for the company when it generated a net income of $302 million, compared to a loss of $288 million in the corresponding quarter of the precious year. Even in the third quarter of 2023, it had a loss of $94 million.
“Since the end of the fourth quarter 2023, digital asset prices materially changed, and our business has benefited from heightened market volatility and increased trading volumes,” the company stated.
Indeed, the price of Bitcoin and other digital assets picked up at the end of 2023 with the anticipation of the approval of Bitcoin exchange-traded funds in the United States. Further, with the approval last January, the bull market received a push as Bitcoin neared $74,000.
The Boom in Crypto Prices Pushed the Revenue
The financial report from Galaxy Digital, released yesterday (Tuesday), revealed its total annual revenue last year to be $613.8 million, a gain of over 46 percent. A realized gain of $311.8 million from digital assets pushed the total revenue higher. Another significant revenue generator was from derivatives, which brought in $151.5 million. Revenue from staking and lending services totaled $52.2 million, while earnings from mining operations was $33.1 million.
Notably, the asset under management of the cryptocurrency funds managed by Galaxy Digital increased more than 200 percent in 2023 to reach $5.2 billion at the end of the year. This figure almost doubled in the next two consecutive months to reach $10.1 billion at the end of February 2024.
“For the year-to-date period ending February 29, 2024, Galaxy Digital Holdings LP’s income before tax is estimated to be approximately $300 million, driven primarily by the appreciation of digital asset prices and growth in our operating businesses. Galaxy Digital Holdings LP’s equity capital increased to approximately $2.1 billion over the same period,” the company added.
Michael Novogratz’s Galaxy Digital Holdings has turned a profit of $296 million in 2023, recovering from a loss of $1 billion in the previous year, as the upward movement of cryptocurrency prices picked up.
Interestingly, the final quarter of 2023 turned the results for the company when it generated a net income of $302 million, compared to a loss of $288 million in the corresponding quarter of the precious year. Even in the third quarter of 2023, it had a loss of $94 million.
“Since the end of the fourth quarter 2023, digital asset prices materially changed, and our business has benefited from heightened market volatility and increased trading volumes,” the company stated.
Indeed, the price of Bitcoin and other digital assets picked up at the end of 2023 with the anticipation of the approval of Bitcoin exchange-traded funds in the United States. Further, with the approval last January, the bull market received a push as Bitcoin neared $74,000.
The Boom in Crypto Prices Pushed the Revenue
The financial report from Galaxy Digital, released yesterday (Tuesday), revealed its total annual revenue last year to be $613.8 million, a gain of over 46 percent. A realized gain of $311.8 million from digital assets pushed the total revenue higher. Another significant revenue generator was from derivatives, which brought in $151.5 million. Revenue from staking and lending services totaled $52.2 million, while earnings from mining operations was $33.1 million.
Notably, the asset under management of the cryptocurrency funds managed by Galaxy Digital increased more than 200 percent in 2023 to reach $5.2 billion at the end of the year. This figure almost doubled in the next two consecutive months to reach $10.1 billion at the end of February 2024.
“For the year-to-date period ending February 29, 2024, Galaxy Digital Holdings LP’s income before tax is estimated to be approximately $300 million, driven primarily by the appreciation of digital asset prices and growth in our operating businesses. Galaxy Digital Holdings LP’s equity capital increased to approximately $2.1 billion over the same period,” the company added.
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Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?
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In a recent development, data from crypto analytics firm Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the flagship crypto rising to a new all-time high (ATH) of $75,000 soon enough.
BTC Held On Coinbase Drops Significantly
According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their holdings off exchanges and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.
Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with data from market intelligence platform Santiment showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.
Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a wave of profit-taking.
Before now, the bearish sentiment surrounding BTC was further strengthened by JPMorgan’s theory that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.
Spot Bitcoin ETFs Record Net Inflows
BitMEX Research revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded negative flows throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.
The crypto community will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a high demand for them.
At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to data from CoinMarketCap.
BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Marathon Introduces Custom Firmware and Control Board for Enhanced Bitcoin Mining Operations
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This week, the publicly traded mining company Marathon Digital Holdings unveiled new firmware and a control board designed to enhance the efficiency of bitcoin mining rigs. Marathon revealed it has been developing this technology for about a year. Marathon Releases Custom Firmware and MARA UCB 2100 Control Board On March 25, 2024, Marathon (Nasdaq: MARA) […]
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LSE Opens Doors to Bitcoin and Ethereum ETN Applications
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In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.
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Top Cryptocurrency Projects Shaping 2024’s Landscape | by BitMedia Buzz | Mar, 2024
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Crypto lovers and investors have eagerly anticipated the year 2024. First, since it marks the commencement of the bull run, it demonstrates that now is a fantastic moment to invest in truly excellent projects with significant usefulness in the cryptocurrency industry and earn long-term returns. Additionally, Bitcoin will be halved by April, allowing numerous outstanding projects to dominate the market as time goes on.
Being an investor in an incredible project with much potential is always exciting. Historically, many projects have been successful due to the investor community. Aside from hearing the bright perspectives of the team, other investors, and the broader community on the project’s development, leading to knowledge expansion, you will also get amazing returns and incentives in various ways.
Many aspiring cryptocurrency experts make the mistake of focusing on immediate gains. Because of this, they participate in overhyped projects or tokens that are set to be dumped. The parameters used to assess a good project are the team’s long-term aim, the problem they want to tackle, the roadmap indicating the timeline, and the whitepaper demonstrating how.
Cogito Finance, co-founded by Dr Ben Goertzel, is part of the SingularityNET ecosystem. It tokenizes traditional assets for on-chain finance, offering 24/7 instant settlement and token transferability. Their AI models revolutionize the investment strategy landscape.
Cogito’s governance token, CGV, empowers users to actively shape the platform’s future through voting on key decisions. CGV holders also benefit from profit sharing, receiving a portion of Cogito’s revenue. CGV can be staked on SingularityDAO for extra yield. With current availability on Binance Smart Chain, Ethereum, and Cardano, CGV offers a combination of community governance, profit sharing, flexible staking options, and multi-chain accessibility.
ZAP is a community-driven token launch protocol that ensures founders and investors receive fair value. Unlike traditional launchpads, ZAP allows investors to access token sales through on- and off-chain engagement rather than through lottery or staking requirements. ZAP offers three distinct use cases: curated launches via ZAP Lab, fair launches via ZAP Launch, and gamified airdrops via ZAP Drops.
These use cases are built upon a single tech layer: Mission Control, Overallocation logic, and native yield with additional API options. ZAP is backed by top-tier Venture Capitals and Key Opinion Leaders and will soon announce its supporters, token and NFT plans, and more.
eesee is a gamified liquidity solution and marketplace for digital assets, tokens, and RWAs on Blast backed by Animoca Brands. The platform helps users maximize their trading profits by selling digital assets, tokens, and RWAs at a desired price, regardless of market conditions.
Its unique protocol, features, strong backers, and incentivized approach make it attractive to many Web3 users. With over 1.9 million wallets already on its testnet, eesee has tripled its user base and volume since the start of 2024, creating a big and strong community around the project. eesee’s mainnet is launching shortly, and TGE is planned to launch at the beginning of April.
ONEG8 is a revolutionary “super app” already available for iOS and Android, focused on data privacy, social media, communications, and e-commerce. With its state-of-the-art blockchain and native cryptocurrency (G8 Coin), ONEG8 is compatible with Ethereum Virtual Machine (EVM), opening it to a global market of over 400,000 million users. The native token G8C (Gate Coin) features an aggressive burn mechanism and staking opportunities. All platform sales and fees are settled in G8C, triggering more burns and incentives to hold.
Excitedly, G8 Coin (G8C) launches for trading on BitMart on April 8th, 2024. With a commitment to long-term value growth and privacy, ONEG8 and G8 Coin destabilise big tech while empowering you, the user.
PlayMining is a pioneering force in NFT gaming within the burgeoning GameFi sector. With a global reach spanning over 100 countries and a player base exceeding 2.7 million individuals, PlayMining is currently revolutionizing the blockchain landscape with their DePIN-integrated #GamifyingWork initiative. By combining Web3 gamification strategies with physical infrastructure networks, such as its ongoing collaboration with TEPCO (Tokyo Electric Power Company) to crowdsource labor, it offers unique work solutions for businesses.
PlayMining offers diverse gaming experiences through three core services: PlayMining Games, featuring popular titles like JobTribes; PlayMining NFT, a marketplace boasting over 100 original artworks; and PlayMining Vault, which incentivizes user participation. These services converge through PlayMining Tokens, the PlayMining Chain, and PlayMining Verse, creating a dynamic ecosystem for creators and users to engage, innovate, and prosper.
The crypto options market boasts a substantial $20 billion trading volume (Jan 2024), but navigating it can be challenging. Arrow offers a secure solution for non-US traders. Its complete system streamlines option creation, pricing, and settlement. The platform’s innovative “request for execution” engine fosters efficient matching and dynamic pricing within existing frameworks, minimizing reliance on external trust mechanisms.
Arrow prioritizes user control, allowing investors to retain asset custody. Moreover, the company’s user-friendly interface, comprehensive educational resources, and practice testnet empower informed trading decisions for all experience levels.
BonusBlock revolutionizes Web3 engagement with two pivotal solutions. Firstly, an AI model assesses wallet quality, facilitating a marketplace where projects connect with users based on quality levels for user proofing and acquisition, streamlining user verification and on-chain nativity. Secondly, custom white-label solutions cater to project-specific needs, fostering long-term engagement, smart verification, and automated ambassador programs to cultivate robust communities.
Collaborations with notable entities like Injective and XION by Burnt underscore BonusBlock’s efficacy, boasting over 10 million on-chain transactions and 4 million users. This highlights BonusBlock’s substantial impact on the Web3 sector, redefining user experiences and project engagement.
Everyone in the crypto industry needs to be able to conduct their investigation before making any investment decisions, as there are many bad players in the space. Numerous warning flags to look out for include a lack of transparency, unrealistic promises, a lack of community engagement/a bot-dominated community, pump-and-dump schemes, and plagiarized whitepapers and websites.
As much as 2024 promises great success for the crypto world, jumping on the wrong project will put you at a complete disadvantage. Hence, taking your time before making an investment decision is good.
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Ethereum Price Could Regain Strength If It Clears This Key Hurdle
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Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term.
- Ethereum is holding gains above the $3,250 support zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,500 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a fresh increase above the $3,350 resistance level, like Bitcoin.
ETH climbed above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,500 level. It is near the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,550 level. The next key resistance sits at $3,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.
Another Decline In ETH?
If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level.
The first major support is near the $3,250 zone. The next key support could be the $3,060 zone. A clear move below the $3,060 support might send the price toward $3,000. Any more losses might send the price toward the $2,880 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,580
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Skybridge Capital Founder Advises ‘Act Like You’re Dead With Your Bitcoin and Don’t Sell’
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Skybridge Capital founder Anthony Scaramucci has advised bitcoin investors to act like they are dead with their coins and not sell them. “Don’t do anything with it,” he recommended, emphasizing: “The dead people at Charles Schwab do far better than the living people.” Anthony Scaramucci’s Bitcoin Investing Advice Skybridge Capital founder Anthony Scaramucci offered some […]
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March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges
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The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”
Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.
Are Investors Losing Confidence In Ethereum?
According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.
This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.
Chart showing total monthly netflow of ETH on centralized exchanges | Sources: CryptoQuant
As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.
Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.
The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.
Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).
Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis. According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.
ETH Price
As of this writing, the Ethereum token is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.
Ethereum loses the $3,400 level again on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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From Peak to Present: GBTC’s Bitcoin Holdings Decrease by 266,827 BTC in 71 Days
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As of March 22, the bitcoin holdings of Grayscale’s Bitcoin Trust (GBTC) have diminished by 27,917.37 compared to its status three days prior, now amounting to 350,252 bitcoin valued at approximately $22.2 billion. Since evolving into an exchange-traded fund (ETF) listed on public exchanges, GBTC has shed billions in bitcoin over the preceding 71 days. […]
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