Wednesday, 20 March 2024

Market Summary

Market Summary 20 March 2024

Bitcoin Price: US$ 61,937.40 (-8.39%) 
Ethereum Price: US$ 3,158.64 (-10.28%) 

BitMEX experienced a momentary drop in Bitcoin spot prices to approximately $8,900, prompting an investigation into unusual activity after an unknown entity sold over 400 BTC on its platform, leading to blocked withdrawals from some accounts. BitMEX assured users that its derivatives markets remained unaffected, and the investigation is ongoing. Meanwhile, Japan’s Government Pension Investment Fund (GPIF), the world’s largest pension fund, announced plans to explore Bitcoin as a diversification tool, emphasising sustainability and risk management. In parallel, Grayscale’s spot Bitcoin ETF witnessed significant outflows, totalling $642.5 million on March 18, contributing to a net outflow of $154.3 million for spot Bitcoin ETFs, while the price of Bitcoin dipped to $65,875. Despite concerns, some analysts remain optimistic about future Bitcoin ETF flows, citing potential interest from early adopters and the remaining Bitcoin on Grayscale’s books.Z 

Galaxy Asset Management, led by Mike Novogratz, surpassed $10 billion in assets under management (AUM) amidst rising institutional interest in cryptocurrencies, marking a significant increase of 24.8% in AUM primarily driven by market appreciation, although partially offset by net outflows from specific mandates. Notably, the firm attributed the surge in AUM to various investment strategies, including the recently launched Invesco Galaxy Bitcoin ETF (BTCO). However, BTCO has seen relatively low inflows compared to competitors. In parallel, the cryptocurrency market experienced heightened volatility, with Ether’s price dropping to $3,254, potentially leading to over $212 million in leveraged long positions being liquidated if it falls below $3,100. Meanwhile, Bitfinex anticipates a period of market recalibration following Bitcoin’s pullback, emphasising the resilience of the altcoin market and the potential bullish trajectory for Ethereum. Additionally, Trezor’s X account fell victim to a suspected SIM-swap attack, promoting fraudulent presale token offerings and resulting in stolen funds, prompting concerns about the company’s security measures. 

Kyle Davies, co-founder of defunct crypto hedge fund Three Arrows Capital (3AC), expressed no remorse for the collapse of 3AC during an episode of the Unchained Podcast, stating that he is “not sorry” for the loss of billions of investor funds and aims to avoid jail time by staying in Europe and Asia, particularly avoiding Singapore where he is facing legal issues. Davies, alongside co-founder Su Zhu, faced allegations of mishandling investor funds, with a British Virgin Islands court freezing $1.14 billion of their assets and creditors claiming they are owed $3.3 billion. Meanwhile, the United States Securities and Exchange Commission (SEC) postponed decisions on proposed spot Ether exchange-traded funds (ETFs), with analysts expressing scepticism about their approval. Grayscale is considering adding staking to its Ether ETF application, following similar moves by other issuers like ARK 21Shares and Franklin Templeton. Additionally, BlackRock, the world’s largest asset manager, has filed for its first tokenised asset fund, the BlackRock USD Institutional Digital Liquidity Fund, seeking exemptions from certain SEC regulations and planning to tokenise assets on the Ethereum blockchain. 

Genesis Global Capital has agreed to pay a $21 million civil penalty to settle charges related to the Gemini Earn lending program, resolving a lawsuit initiated by the United States Securities and Exchange Commission (SEC) in January 2023. The settlement follows accusations of conducting an unregistered securities offering through the Gemini Earn program, targeting retail investors. Genesis suspended user withdrawals in November 2022, with Gemini Earn having around 340,000 customers and $900 million in assets under management. As part of the settlement terms, the SEC will receive a portion of the penalty after other bankruptcy payments, including claims by retail investors, have been made. The announcement comes three weeks after Gemini agreed to pay a $37 million penalty for compliance failures, intending to return at least $1.1 billion to Gemini Earn customers through the Genesis bankruptcy proceeding. Meanwhile, MicroStrategy, one of the largest public holders of Bitcoin, completed another convertible notes offering, selling $603.75 million in notes to increase its Bitcoin holdings. Minutes after the announcement, MicroStrategy acquired an additional 9,245 BTC, bringing its total holdings to 214,246 BTC, representing 1.02% of Bitcoin’s total supply. Former MicroStrategy CEO Michael Saylor emphasised his long-term commitment to hodling Bitcoin, stating, “I’m going to be buying the top forever. Bitcoin is the exit strategy.” 

Source: https://cointelegraph.com 

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