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☆ Bitcoin miners brace for impact as halving goes live
▼ + stars: | 2024-04-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.' The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining. Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC.

Persons: AUSTIN , TEXAS — Adam Sullivan, bitcoin, Sullivan, they'll, it's, Core's Sullivan, Bitdeer, Needham, Haris Basit, Basit, Cantor Fitzgerald, Greg Beard, Beard, Bitdeer's, Jason Les, Les, Fred Thiel, Capex, Thiel, Stronghold's Beard, Nic Carter, Blackrock, Bill Barhydt, Barhydt, Island's Carter isn't, Carter, CoinShares Organizations: bitcoin, CNBC, JPMorgan, Cipher, Bitdeer Technologies, Mining, Miners, Riot, Island Ventures, Circuits, Nvidia, CoreWeave, Bitcoin, HPC Locations: AUSTIN , TEXAS, Texas, bitcoin, U.S, Rockdale , Texas, Singapore, Bitcoin, Hong Kong, Abra, Europe, Dalton , Georgia, North America

☆ Bitcoin halving: Here's why it matters
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin halving: Here's why it mattersMeltem Demirors, advisor and former chief strategy officer at Coinshares, joins CNBC's 'The Exchange' to break down the impact of Bitcoin's halving on mining trends, price, and more.

☆ Bitcoin halving is likely this week — here's what you need to know
▼ + stars: | 2024-04-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +27 min

And that's, that's the whole idea of it. Tom ChittySo if I go and buy bitcoin, the bitcoin I buy is fresh bitcoin that's been mined, not someone who's selling bitcoin is that right? Arjun KharpalThe likelihood is if you buy bitcoin, if we go on an exchange and buy bitcoin, we're selling bitcoin that's in existence already. And so what they say is, well, with the halving, you know, bitcoin will not be devalued. That's that's really what so many of the enthusiasts and proponents love about it.

Persons: Bitcoin, Tom Chitty, Arjun, we'll, Ethereum, Arjun Kharpal Paris, Kharpal, we've, Arjun Kharpal, Tom Chitty 13,777B, that's, what's, they're, bitcoin, there's, That's, It's, you've, Richard Tang, Richard Teng, I'm, he's, Arjun Kharpal That's, Tom, it's, Tom Chitty That's, I've, Arjun Kharpal It's, they've, Binance, Arjun Kharpal Binance, Changpeng Zhao, cryptocurrency, Jan van Eck, Jean, Marie Mognetti, van Eck, Jan Van Eck, Cathy, Gary Gensler, let's, Tom Chitty Let's, Tom Chitty Oh, There's, Tom Chitty Memecoins, Arjun Kharpal They're, we'd, David Hunt, David, Tom Chitty Poor David, Paris, Tom Chitty We'll Organizations: CNBC, Eurostar, U.S ., Paris, Department of Justice, U.S, CZ, DOJ, SEC, Mr, Gamestop Locations: beyondthevalley@cnbc.com, Paris, CNBC.com, bitcoin, U.S, Abu Dhabi, Binance, Chicago, Pennsylvania, Elmira , New York, NYC , New York City, Syracuse, Elmira, it's

PARIS — Issuers of spot bitcoin exchange-traded funds cast doubt over the short-term likelihood of the U.S. Securities and Exchange Commission approving such a product for the cryptocurrency ether . The regulator has a late-May deadline to conclude its review on an ether ETF. That comes after the SEC in March delayed its original deadline for a decision on the ether ETF application. Enthusiasm has been mounting among the crypto community for an ether ETF, ever since the SEC approved the first spot bitcoin ETFs in January. This complicates matters for an ether ETF.

Persons: Cathy Wood, Jan Van Eck, CNBC's Arjun Kharpal, Van Eck, Gary Gensler, Jean, Marie Mognetti, CoinShares Organizations: PARIS, U.S . Securities, Exchange Commission, SEC, Fidelity, Ark, Paris, Invest, CNBC Locations: BlackRock, U.S, Paris, France

☆ Bitcoin rally could be 'significant and transformative': CoinShares CEO
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rally could be 'significant and transformative': CoinShares CEOJean-Marie Mognetti, CEO of CoinShares, says the bitcoin rally is "very strong" as he discusses the outlook for cryptocurrency markets and bitcoin exchange-traded funds.

Persons: Jean, Marie Mognetti

☆ Grayscale CEO says fees on its bitcoin ETF will drop over time after outflows hit $12 billion
▼ + stars: | 2024-03-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Grayscale CEO Michael Sonnenshein said that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months, as the nascent crypto ETF market matures. The FTX bankruptcy estate reportedly offloaded the majority of its shares in Grayscale's bitcoin ETF, according to January reporting from Bloomberg and CoinDesk. Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a "mini" version of its flagship product — the Grayscale Bitcoin Mini Trust, announced last week. The new BTC ETF would be effectively spun out of the Grayscale Bitcoin Trust ETF and seeded with an as-yet undisclosed portion of bitcoin underlying GBTC shares. The firm is currently awaiting approval from the U.S. Securities and Exchange Commission for its Bitcoin Mini Trust ETF.

Persons: Michael Sonnenshein, Sonnenshein, GBTC, FTX Organizations: NYSE, LONDON, CNBC, Bloomberg, BlackRock, Fidelity, Vanguard, Trust, BTC, U.S . Securities, Exchange Commission, SEC Locations: Grayscale's bitcoin, solana

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin hits another record as volatility hovers at 2024 high: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, CoinShares CEO Jean-Marie Mognetti discusses the completion of its acquisition of Valkyrie's ETF business.

Persons: explainers, Jean, Marie Mognetti Organizations: CNBC Crypto, CNBC

☆ Bitcoin's Wild Price Booms and Busts Are Going to Continue Forever
▼ + stars: | 2024-03-06 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

The main explanation for the recent gain in bitcoin's price is the Securities and Exchange Commission's begrudged blessing of spot bitcoin exchange-traded funds, investment vehicles that track bitcoin's price. As bitcoin ETF providers have to invest in the underlying assets — bitcoins — demand for those assets increases. "The speed of the come-up is much faster than I thought," he said, adding that he was specifically surprised at retail-trader activity in the bitcoin ETFs. (Also, not everyone agrees it will be good for bitcoin's price.) Or maybe, just maybe, the latest run will cement bitcoin's future as a more stable part of people's investment portfolios.

Persons: Bitcoin's, bitcoin, David Yermack, University's, who've, BlackRock's, Eric Balchunas, James Butterfill, it's, Butterfill, shiba inu, Nic Carter, Carter, Bitcoin, Yermack, Emily Stewart Organizations: bitcoin, University's Stern School of Business, Securities, Exchange, SEC, Wall, Fidelity, University's Stern School of, Bloomberg Intelligence, Federal Reserve, New York Community Bancorp, Castle, Ventures, Business Locations: New, bitcoin, BlackRock, David Yermack , New

☆ Premarket stocks: Crypto fans got what they wanted. So why is bitcoin falling?
▼ + stars: | 2024-01-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

So, why is the price of bitcoin falling, even after investors got what they wanted? Part of the reason is likely a “buy the rumor, sell the news” mentality, according to Antoni Trenchev, co-founder of crypto lender Nexo. Interestingly, bitcoin ETF activity actually shows net buying. Greyscale’s fund is the largest bitcoin ETF, holding roughly $20 billion in assets. ETFs hold just a small portion of the bitcoin that’s traded, says Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

Persons: cryptocurrencies, bitcoin, Antoni Trenchev, that’s, Eric Balchunas, ”, Bitcoin, FTX, “ We’re, Craig Erlam, vibing, Bryan Mena, Read, It’s, Janet Yellen, Matt Egan, Yellen, Biden Organizations: CNN Business, Bell, New York CNN —, US Securities and Exchange, SEC, Investors, Bloomberg Intelligence, CNN, Economic, of Chicago, Treasury Locations: New York, America, Chicago, Covid

Meanwhile, there is growing excitement that the U.S. Securities and Exchange Commission will approve the first ever bitcoin ETF, after years of opposition. With all of this excitement comes some quite bold predictions about bitcoin's price. "No rationale for that prediction," Mobius said, except that a bitcoin ETF looks likely and "that has heightened interest" in the cryptocurrency. Yang attributes the anticipated price rise to a bitcoin ETF being approved, leading to higher institutional investment in bitcoin, as well as May 2024's bitcoin halving, which would result in the bitcoin supply being constrained. Alexander told CNBC that during the first quarter of 2024, bitcoin will trade within the $40,000 to $55,000 range, owing to "professional traders creating volatility."

Persons: Filip Radwanski, Bitcoin, bitcoin, FTX, Sam Bankman, Fried, Binance's Changpeng Zhao, Mark Mobius, Mobius, Yang, Luna, James Butterfill, Butterfill, Antoni Trenchev, Trenchev, Carol Alexander, Alexander, Coinbase, Matrixport Organizations: Getty, CNBC, Department of Justice, U.S, U.S . Securities, Exchange, Chartered, University of Sussex, Exchange Commission, SEC, Fidelity, Blackrock, Federal Reserve Locations: U.S, bitcoin, Blackrock

☆ Cryptocurrencies dip as investors digest regulatory updates from industry heavyweights Binance, Kraken
▼ + stars: | 2023-11-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Founder and CEO of Binance Changpeng Zhao, commonly known as "CZ", attends the "CZ meets Italy" at Palazzo Brancaccio on May 10, 2022 in Rome, Italy. The move weighed on the rest of the crypto market. Earlier in the day the coin rose as much as 5% with hopeful investors eager to see the multi-year investigation into the world's largest crypto exchange resolved. Cryptocurrencies were slightly lower Tuesday, as investors weighed a batch of regulatory updates from Washington involving some of the biggest names in crypto: Binance, Kraken and Tether. Investors were all weighing news from another major crypto exchange: Kraken.

Persons: Zhao, Palazzo Brancaccio, Ripple's XRP, Solana, Uniswap, bitcoin, Changpeng Zhao, James Butterfill Organizations: CZ, U.S . Department of Justice, Binance, SEC, Securities and Exchange Commission Locations: Italy, Palazzo, Rome, Washington, Southeast Asia

☆ Crypto is ‘the most hated rally' going into year end, says CoinShares head of strategy
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto is ‘the most hated rally' going into year end, says CoinShares head of strategyMeltem Demirors, CoinShares head of strategy, joins 'Fast Money' to talk the crypto market's recent run.

Persons: Meltem

☆ Cryptoverse: Winter is coming as ether funds flounder in fall
▼ + stars: | 2023-10-17 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +4 min

"The timing of the futures ETFs could hardly be worse," said Vetle Lunde, senior analyst at K33 Research. Trading volumes for the ether futures ETFs remained below $2 million on their first day, according to K33 Research. Trading volumes of six exchange-traded funds tracking ether made a subdued start after launching on Oct. 2BACK TO BITCOIN? The newly launched ETFs tracking solely ether futures on the Chicago Mercantile Exchange, from ProShares (EETH.P), VanEck and Bitwise (AETH.P), have all dipped over 6% since launch. ProShares and Bitwise also launched funds tracking a mixture of bitcoin and ether futures, while Valkyrie Funds converted its pure-play bitcoin ETF into one with exposure to both bitcoin and ether (BTF.O).

Persons: Bitcoin, Dado, Vetle Lunde, murkier, Lunde, Ben McMillan, McMillan, Bitwise, IDX, Lisa Pauline Mattackal, Sumanta Sen, Tom Wilson, Pravin Organizations: REUTERS, K33 Research, IDX, Federal, Chicago Mercantile Exchange, Thomson, Reuters Locations: Ukraine, ProShares, Bengaluru

Sept 19 (Reuters) - Bitcoin isn't the only asset experiencing a late summer slump. It has shrunk by almost a tenth this year, standing at $124.4 billion as of Sept. 14. A jump in the dollar index on interest rate hikes last year was accompanied by a big rise in stablecoin volumes, he added. Yet all is not equal: Dollar-pegged Tether, the biggest stablecoin, is bucking the losing trend. Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Persons: James Butterfill, CoinGecko, Paolo Ardoino, Paxos, USDC, TerraUSD, Dante Disparte, it's, Hannah Lang, Michelle Price Organizations: U.S ., New York Department of Financial Services, U.S, Silicon, Bank —, Thomson, Reuters Locations: South America, Central Asia, U.S, Washington

☆ Robinhood owns $3 billion in bitcoin, making it the 3rd-biggest holder of the token
▼ + stars: | 2023-08-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Robinhood has over $3 billion in bitcoin in a single wallet, a Coindesk report said. Citing data from Arkham Intelligence, the report said Robinhood is the third-largest bitcoin holder, behind Binance and Bitfinex. The trading platform's bitcoin stash is held in a single wallet. Robinhood sits just behind Binance and Bitfinex, which have $6.4 billion and $4.3 billion stored on single wallets, respectively, according to the report. Over a three-month period, per CoinDesk, Robinhood transferred around 118,000 bitcoins to the primary wallet from other smaller wallets.

Persons: Robinhood, CoinDesk, Bitcoin, bitcoin, Joe Kelly Organizations: Arkham Intelligence, Service, Securities and Exchange Commission, SEC Locations: bitcoin, Wall, Silicon

Hands hold the biometric imaging device, the Orb, of the identity and financial public utility Worldcoin, which aims to create a World ID digital passport, with a tradeable cryptocurrency, in Berlin, Germany August 1, 2023. REUTERS/Annegret Hilse/File PhotoAug 8 (Reuters) - Worldcoin has no problem attracting eyeballs. More than 2.2 million people have signed up, getting their irises scanned in exchange for a digital ID and, in some countries, free crypto. The new project from ChatGPT founder Sam Altman aims to create a blockchain-based "identity and financial network". PitchBook analyst Robert Le said there were several startups trying to build blockchain-based digital identity systems, but none on Worldcoin's scale.

Persons: Annegret, Sam Altman, WLD, Gordon Grant, Andreessen Horowitz, Robert Le, James Butterfill, Worldcoin, It's, Riyad Carey, Elizabeth Howcroft, Pravin Organizations: REUTERS, Genesis, Reuters Graphics, U.S . Securities, Exchange Commission, Pravin Char, Thomson, Reuters Locations: Berlin, Germany, Kenya

July 25 - XRP has become the unlikely white knight of crypto, thwarting its regulatory foes and dragging the market out of the doldrums. Its market cap has ballooned to $36 billion from $25 billion and its crypto market share to 3.5% from 2% before the ruling, according to CoinMarketCap. The market cap of XRP, the token issued by Ripple, increased by more than 60% after a U.S. judge ruled in its favour. XRP VS STABLECOINSIt's certainly not all smooth sailing for Ripple, or altcoins more generally, though. Ripple Labs said last week that its pursuit of sound crypto regulation in the U.S. was far from concluded.

Persons: XRP, it's, Matteo Greco, Ben Weiss, STABLECOINS, stablecoins, Joseph Edwards, Edwards, Lisa Pauline Mattackal, Medha Singh, Pravin Organizations: Ripple Labs, Fineqia, SEC, Enigma Securities, Pravin Char, Thomson, Reuters Locations: U.S, cryptoland, altcoins, ethereum, Bengaluru

☆ BlackRock's Bitcoin ETF filing is 'a stamp of approval', says CoinShares' Meltem Demirors
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's Bitcoin ETF filing is 'a stamp of approval', says CoinShares' Meltem DemirorsMeltem Demirors, CoinShares chief strategy officer, joins 'Squawk Box' to discuss the state of cryptocurrency, whether a bitcoin ETF will be approved, and more.

Locations: cryptocurrency

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. European crypto asset manager CoinShares ramped up its counterparty due diligence after losing 26 million pounds ($32.65 million) in the collapse of FTX. Financial regulators like the SEC say many crypto companies flout applicable rules, meaning risk management still lags the traditional financial sector. "This is inevitably risk we're all carrying in crypto - we have uncomfortable concentration risk on one large exchange called Binance," said Nickel's Crachilov.

Persons: Samed Bouaynaya, Coinbase, Altana, Binance, Anatoly Crachilov, Martin Lee, Nansen, Stephen Richardson, CoinShares ramped, cybersecurity, Jean, Marie Mognetti, Changpeng Zhao, Nickel's Crachilov, Wes Hansen, Hansen, Elizabeth Howcroft, Michelle Price, David Gregorio Our Organizations: Voyager, London, Coinbase, U.S . Securities, Exchange Commission, SEC, Asset Management, Arca, Thomson

Over 50 cryptocurrencies worth over $100 billion in total and making up about 10% of the overall market, are now viewed by the SEC watchdog as securities, according to CCData. Among major players, for example, solana , polygon and cardano have sunk between 23% and 32%. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin. By contrast, bitcoin investors who have held their coins for more than five months appeared relatively calm and accounted for just 1.9% of deposit volume. Investment products tracking altcoins have seen positive - albeit small - net inflows this year, in contrast to bitcoin and ether, Coinshares data showed on Monday.

Persons: Vetle Lunde, Ryan Rasmussen, solana, Lucas Kiely, Alex Thorn, Noelle Acheson, James Butterfield, Lisa Mattackal, Medha Singh, Pravin Organizations: U.S, SEC, K33 Research, solana, Securities, Bitwise Asset Management, Reuters Global Markets, Cardano Foundation, Solana Foundation, Reuters, Polygon Labs, Reuters Graphics Reuters, USC, BTC, ETH, Firmwide Research, Galaxy Digital, Pravin Char, Thomson Locations: cardano, altcoins, Bengaluru

☆ A.I. and crypto are in focus at the annual gathering of the Wall Street trading community
▼ + stars: | 2023-06-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

It's time for the annual gathering of the trading community. Here's a rundown of some of the hot topics: Crypto in focus: SEC Chair Gary Gensler will be speaking at noon on Thursday. Electronic trading changed the trading world 30 years ago, is AI poised to do the same? Two pioneers of electronic trading, Virtu Financial founder Vinnie Viola and Peterffy, will be speaking at noon today, reflecting on the past and future of trading and will certainly be asked about the role AI will play in future trading. Tradeweb CEO Billy Hult and MarketAxess CEO Chris Concannon will discuss the growth in Treasury trading and the increasing electronification of the bond market.

Persons: I'm, Piper Sandler, Gary Gensler, Gensler, Binance, Michael Novogratz, Jean, Marie Mognetti, Vlad Tenev, Doug Cifu, Thomas Peterffy, Vinnie Viola, Peterffy, Ed Tilly, Terry Duffy, Billy Hult, Chris Concannon, Rich Repetto's, Rich Repetto Organizations: Piper, Piper Sandler Global Exchange, New York City, NYSE, Nasdaq, Cboe, London Stock Exchange, SEC, Galaxy Digital, Virtu, Global, Treasury, CME, Citadel, CNBC PRO Locations: New York

☆ Crypto sees fifth consecutive week of outflows, with negative sentiment focused on bitcoin
▼ + stars: | 2023-05-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Crypto investment products are coming off their fifth consecutive week of outflows while trading volumes on trusted exchanges hit their lowest level since late 2020, according to CoinShares. Outflows in popular electronic trading products, mutual funds and OTC trusts referencing bitcoin , ether and other crypto assets totaled $32 million for the week ending May 19, CoinShares said in a weekly report Monday. "This was another down week for crypto and, interestingly, a week of divergence with upbeat equity markets," Bernstein analyst Gautam Chhugani said in a note Monday. The market saw $32.7 million in bitcoin outflows, followed by $1 million in ether. Any sign of dislocation in U.S. banks/the U.S. Dollar/the U.S. debt crisis could trigger crypto markets to catch a bid amidst the chaos."

Bitcoin peaked at $30,438 in Asian trade and was last up 1.4% at $30,070. It has gained nearly 6% since the start of the month, after rising 23% in March. This brings digital asset flows back into positive territory for the year, the report showed. "If (bitcoin) can survive the week over $30,000, we are going higher." While Shapella is not likely to directly drive sell pressure on ether, there could be heightened volatility around the event, Bank of America strategist Alkesh Shah said.

☆ Bitcoin’s correlation with stocks is at its lowest since 2021 as investors grapple with the cryptocurrency's narrative shift
▼ + stars: | 2023-03-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The break became more noticeable in March, as investors rediscovered bitcoin's appeal as alternative banking system as the regional banking crisis unfolded. Bitcoin's correlation with the S & P 500 is now at its lowest since September 2021, after reaching its highest ever in 2022 , according to Coin Metrics. Meanwhile, bitcoin's correlation with gold, a traditionally "risk-off" asset, has risen. This break in correlation is perhaps a sign more investors are waking up to this fact." Bitcoin became more of an institutional asset at the start of 2021 as big investors, short term traders and macro funds jumped into the market.

☆ Analysis: What's behind bitcoin's latest surge?
▼ + stars: | 2023-03-22 | by ( Tom Wilson | ) www.reuters.com time to read: +5 min

The original and biggest cryptocurrency has been here before, its 15-year history peppered with dramatic price increases and equally vertiginous drops. Driving bitcoin's gains have been its core user base of retail investors, analysts said. In the past, too, dramatic price swings for bitcoin have been closely tied to shifts in monetary policy globally. In 2022, bitcoin plummeted over 65% as higher rates triggered the fall of a major crypto token, precipitating the closure of major hedge funds and crypto lenders. To be sure, some investors say developments to bitcoin's intrinsic characteristics are now capable of supporting its price.

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