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☆ Bitcoin could see a wave of forced selling as miners face the reality of lower rewards post-halving, research firm says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Bitcoin's halving in April could force crypto miners to sell some tokens, Kaiko Research reported. These firms haven't yet had to tap their bitcoin hoards thanks to high transaction fees, but that could change. The April halving is a pre-coded event in which the amount of bitcoin rewarded to crypto miners is slashed in half. According to Bloomberg, fees jumped amid a burst of meme-coin creation after the halving event. Miners are often known for hoarding bitcoin troves without selling, which analysts have previously pointed out as another price-boosting supply constraint.

Persons: —, Kaiko, bitcoin, Peter Brandt Organizations: Research, Service, Bloomberg, Mining, Marathon Digital, BTC

☆ Bitcoin rockets to an all-time high above $69,000, surpassing 2021 record
▼ + stars: | 2024-03-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

"Bitcoin reclaiming its all-time high yet again shows it is never going away," said Alex Thorn, head of research at Galaxy Digital. Catalysts driving the surge in the cryptocurrency include the U.S. spot bitcoin ETFs that started trading earlier this year, along with the tightening bitcoin supply ahead of the late April "halving." "The odds have always been against bitcoin," Thorn said, citing naysayers who have referred to it as "a bubble" and compared it to the "tulip mania" in Holland during the 1600s. "Retail interest is oftentimes momentum driven, and all-time high levels are a pivotal momentum driver for even more investment," he told CNBC. Nevertheless, U.S. spot bitcoin ETFs have brought legitimacy to it and been hugely popular, with BlackRock's iShares Bitcoin Trust (IBIT) passing $10 billion in assets under management last week.

Persons: Jaap Arriens, FTX, crypto's Lehman, Alex Thorn, bitcoin, Clara Medalie, Thorn, naysayers, Needham, John Todaro, Crypto, BlackRock's Organizations: NurPhoto, Getty, Metrics, Galaxy, CNBC, Securities and Exchange Commission Locations: U.S, Holland

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. But fueling this latest rally are prospects for the possible approval of spot bitcoin exchange traded funds — a pooled investment security that can be bought and sold like stocks. While analysts expect the potential approval of spot bitcoin ETFs to create a much larger pool of crypto investors, future volumes could go either way, Carey added. Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value. As of around 1:30 p.m. Eastern time Monday, the price of bitcoin stood at $41,709.

Persons: Bitcoin, Riyad Carey, Carey, Binance, Changpeng Zhao, ”, “, Edward Moya, FTX, bitcoin Organizations: Federal, Industry, Regulators, Associated Locations: Silicon, bitcoin, cryptocurrencies, U.S

Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized. Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. watch nowBoth Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Regulatory approval would open up many more avenues for people to buy bitcoin.

Persons: Brian Armstrong, Carlos Jasso, Coinbase, Sam Bankman, FTX, Changpeng Zhao, Zhao Changpeng, Binance, Zhao, CoinGecko, Mizuho, it's, CNBC's Joumanna, Armstrong, Bittrex, JPMorgan Chase, Franklin Templeton Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Tech, Reuters, Justice Department, CNBC, Mizuho, Securities and Exchange Commission, U.S, SEC, JPMorgan, WisdomTree Locations: U.S, Binance, Needham, BlackRock, WisdomTree

☆ Solana surges amid altcoin rally, nearly triples its price over the past month
▼ + stars: | 2023-11-15 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The price of the Solana token jumped Wednesday amid an ongoing rally in altcoins and bullish remarks on the token from famed tech investor Cathie Wood. It has nearly tripled in price in the past month. "Ether was faster and cheaper than bitcoin [back] in the day – that's how we got ether. Activity on Solana has been growing all year, particularly in liquid staking protocols like Jito, according to data provider Kaiko. Solana is up about 510% this year and has been one of the best performing cryptocurrencies of 2023.

Persons: Cathie Wood, Solana, CNBC's, Wood, altcoins, outpacing, Polygon's, XRP, bitcoin, Mikołaj Zakrzowski, blowup, Sam Bankman, Fried Organizations: Ark, CNBC, CNBC PRO, Solana Locations: altcoins, Solana

☆ Ether tops $2,000 for the first time since April, bitcoin climbs to an 18-month high
▼ + stars: | 2023-11-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A similar notice for the iShares Bitcoin Trust came on June 8, one week before BlackRock's filing for a bitcoin ETF. The price of ether jumped Thursday, topping the key $2,000 level for the first time since April, after BlackRock took initial steps toward filing for a spot ether ETF. Other crypto assets as well as crypto equities rode the bitcoin price wave Thursday. Meanwhile, shares of bitcoin miners rode the bitcoin wave too. Don't miss these stories from CNBC PRO:Correction: The price of bitcoin topped $37,000 for the first time since May 2022.

Persons: Clara Medalie, Ether, bitcoin, Solana, Darius Tabatabai, Gary Gensler, Microstrategy, CleanSpark, —, Jesse Pound Organizations: Delaware's Division, Corporations, BlackRock, Metrics, Cardano, SEC, CNBC, Marathon, Iris Energy Locations: Coinbase

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

☆ Bitcoin breaks above $27,000 for the first time in September
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Bitcoin is facing a number of headwinds including low liquidity which is contributing to volatility. Cryptocurrency prices rose broadly on Monday, with bitcoin climbing above $27,000 for the first time this month. Bitcoin was last higher by less than 1% at $26,685.97, according to Coin Metrics. The reason for the move wasn't clear, although there was a spike in trading volume during opening hours in the Asian market, said Dessislava Aubert, senior research analyst at crypto data provider Kaiko. "In the current low liquidity environment, relatively low buying and selling pressure could amplify spot price movements and spur liquidations on derivatives markets," she said.

Persons: Bitcoin, Dessislava Aubert Organizations: Metrics

☆ Altcoin trading volume is off its first-half highs. Here's what it will take to get it back
▼ + stars: | 2023-09-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Altcoin trading is limping along, despite initially getting a boost from a key July court ruling that gave Ripple a partial victory over the Securities and Exchange Commission. However, this is not a strong enough narrative to take over the broader theme of deterioration in crypto market structure, said Park added. "This has serious implications for altcoin trading, as the shift in focus to alternatives like FDUSD or TUSD has created a bottleneck for pairs trading that is often how altcoin liquidity is gauged and accessed," he added. "At its peak, there were over 300 BUSD trading pairs and the number is steadily decreasing as BUSD is ceasing its operations." Wolfe Research's Rob Ginsberg noted this week that weak price action and low trading volume largely define the trading of altcoins in the current market.

Persons: —, Jeff Park, Glassnode, altcoins, Binance Launchpad, Stablecoins, CryptoQuant, Changpeng Zhao, Wolfe, Rob Ginsberg, Seasonality, Crypto, Dessislava Aubert, Michael Bloom Organizations: Securities and Exchange Commission, Bitwise Asset Management, SEC, Polygon, CNBC, Binance, BTC Locations: Solana, New York, BUSD's, altcoins, China

Their new platform is cryptocurrency exchange Coinbase Global (COIN.O), which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers. Yet, trading volumes in derivatives decreased by nearly 13% in July to $1.85 trillion, the lowest monthly volume since December 2022 and second lowest derivatives trading volumes since 2021, research firm CCData reported. Derivatives made up 78.2% of the total cryptocurrency trading volume on centralized exchanges in July, CCData reported. Spot cryptocurrency trading volumes also fell 10.5% to $515 billion in the same period, CCData showed. This essentially means that there is potential for growth in derivatives trading.

Persons: Dado Ruvic, Lucas Kiely, languish, disinclined, Todd Groth, CCData, Dessislava Aubert, Lisa Mattackal, Medha Singh, Sumanta Sen, Vidya Ranganathan, Mark Potter Organizations: REUTERS, Derivatives, Research, Reuters, Thomson Locations: United States, Bengaluru

☆ Bitcoin falls to lowest level in nearly two months after Fed minutes dial up inflation concerns
▼ + stars: | 2023-08-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021. The central bank minutes from the July meeting cautioned that Fed officials see "upside risks" to inflation that could potentially lead to more rate hikes. At that meeting, Fed raised its benchmark interest rate to the highest in more than 22 years . The eventual debut of a spot bitcoin ETF, one of crypto's biggest positive catalysts, also lost some steam this week, he added. Several of the top crypto assets by market cap – including Binance's BNB coin , Ripple's XRP and the Solana and Polygon coins – were lower by more than 3% Thursday.

Persons: Fed, Bitcoin, Sylvia Jablonski, Needham's John Todaro, Ripple's XRP Organizations: Treasury, Metrics, Fed, CNBC, SEC, Solana Locations: U.S, Defiance, –

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

Coinbase (COIN.O) and Binance.US, two of the largest crypto exchanges by market share among those operating in America, have lost ground this year. Bitstamp's global market share among exchanges operating in the U.S. has risen to about 9%. Coinbase and LMAX declined to comment on the data, while Binance.US - the American affiliate of the world's largest crypto exchange - didn't respond to a request for comment. It may not be that simple for hungry challengers to grab market share, according to market players. In years gone by, crypto exchanges could swiftly gobble up business by offering access to a swathe of coins.

Persons: Sam Bankman, FTX, Ravi Doshi, Guy Hirsch, Bobby Zagotta, Wade Guenther, Doshi, Hannah Lang, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, LMAX, Genesis, Bitstamp, Reuters Graphics, Wilshire, Thomson, Reuters Locations: United States, America, Binance.US, U.S, Bitstamp USA, solana, Washington

☆ Binance market share takes regulatory hit, its US affiliate shrinks
▼ + stars: | 2023-07-05 | by ( Medha Singh | ) www.reuters.com time to read: +1 min

July 5 (Reuters) - The market share of Binance, the world's largest cryptocurrency exchange, and its U.S. affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns. Last month, Binance was hit by a lawsuit by the U.S. Securities and Exchange Commission for allegedly breaching the regulator's rules, pushing its global market share to 52% from 60% at the start of the year, according to data firm Kaiko. Binance had begun to cede market share in March after its move to end zero-fees transactions for some trading pairs, said Dessislava Aubert, an analyst at Kaiko. "Binance's market share has gone to a variety of exchanges with Bybit and OKX faring best," Aubert said. Crypto companies dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules.

Persons: Binance, Dessislava Aubert, " Aubert, Binance.US, Aubert, Kaiko, bitcoin, Medha Singh, Maju Samuel Organizations: U.S, U.S . Securities, Exchange Commission, SEC, Fidelity, BlackRock, Thomson Locations: U.S, Bengaluru

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

Thin liquidity and big playersCrypto "market depth" has been sitting at very low levels this year. Market depth is a measure of liquidity in a market. According to data firm Kaiko, bitcoin's market depth has fallen 20% since the start of this year. Low liquidity, which has been a feature of the crypto market all year, is also partly behind bitcoin's 80% year-to-date rally. "I think trading volumes and price volatility are two of the most telling indicators of crypto market activity.

Persons: Andriy Onufriyenko, Bitcoin, Kaiko, Jamie Sly, Sly, bitcoin, Clara Medalie, Morgan Stanley, Goldman Sachs, Carol Alexander, Alexander, you've, Vijay Ayyar, Ayyar, CCData's Sly Organizations: BlackRock, CNBC, BTC, Securities, Exchange Commission, Retail, University of Sussex, Citadel, Fidelity Locations: U.S, CoinGecko, Invesco, Blackrock

☆ How deep is the ocean? Deeper than the highest point on Earth's surface, by more than a mile
▼ + stars: | 2023-06-22 | by ( Jessica Orwig | ) www.businessinsider.com time to read: +4 min

The ocean is significantly deeper than the highest point on Earth's surface. If you took the highest point on land and submerged it, you would still have more than a mile between you and the deepest point in the ocean. The Challenger Deep is the deepest point on Earth. In 1960, oceanographer Jacques Piccard and Lt. Don Walsh descended to the lowest point on Earth, Challenger Deep, at a record 25,979 feet below the surface. Scientists have sent half a dozen unmanned submersibles to explore Challenger Deep including Kaiko, which collected over 350 species on the seafloor between 1995 and 2003.

Persons: Cuvier, Robert Smits, Herbert Nitsch, Nitsch, We've, Ralph White, Mariana Trench, Trench, Jacques Piccard, Don Walsh, Victor Vescovo, Vescovo Organizations: Service, USS Triton Locations: California, Austrian, Mariana, Everest

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

May 9 (Reuters) - Digital stablecoin tether is winning the race for the title of the crypto world's "least risky" asset. Tether is already the top performer among stablecoins -- digital tokens pegged to some fiat asset like the dollar -- and has seen its market value soar since March. Buying tether and bitcoin is really a vote against the U.S. system," says Jensen. On CoinMarketCap's database of 23,891 tokens, tether has risen to number 3 with a market cap of $82 bln and a share of 6.83%. NO NEWS IS GOOD NEWSTo be sure, tether has long been dogged by doubts about its peg being backed by dollar reserves.

☆ Ether rallies more than 6% as meme mania tries to reenter the crypto market
▼ + stars: | 2023-05-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Market participants put the move on attempts to bring meme mania back to the crypto market. Pepecoin (PEPE), based on the Pepe the Frog internet meme, is up more than 120% over the past 24 hours, CoinMarketCap said. Ethereum gas fees have been revived by the return of memecoins, just today hitting 1-year highs." "As gas fees increase, more ETH is burned, and at current activity levels ETH is a deflationary asset, which should help boost ETH's price," Ryder added. "In the last 24 hours, trading volumes for PEPE on Uniswap have surpassed the volumes of Tether and Wrapped Bitcoin, some of the highest volume tokens on the exchange."

Apparently they can in some parts of the world, such as Argentina and Turkey, where soaring prices and tumbling local currencies have forced people to seek refuge in digital coins. Trading volumes for spot bitcoin are highest during U.S. opening hours, with little change from 2022, Kaiko data showed. If dollar to crypto volumes are excluded, then the next most dominant currency is South Korea's won . Crypto trading volumes in South Korea are back to levels seen in first quarter and second quarters of 2022 after a weak fourth quarter in 2022, analysts at crypto investment firm Matrixport said. "This is in stark contrast to other crypto exchanges where bitcoin and Ethereum account for the majority of the volume."

☆ Bitcoin jumps 8% as First Republic pulls banking sector concerns back into focus
▼ + stars: | 2023-04-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Cryptocurrencies jumped on Wednesday as investor concerns about the U.S. banking sector began to swell again, with First Republic Bank fighting to avoid another collapse. "Crypto rallies during banking crises, and it looks like the banking crisis may not be over," Hougan said. "As First Republic is now on the verge of collapse, bitcoin represents both a safe haven versus uncertain bank deposits." As crypto rallied, the U.S. dollar index moved lower and was on pace for worst day since Apr. 12, when bitcoin traded at its highs of this year.

☆ Bitcoin volatility is back to pre-banking crisis lows, but crypto futures show investor optimism is building
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

This means traders expect bitcoin prices will increase and may be willing to pay a premium for longer-dated futures contracts in anticipation of those higher prices. The banking crisis opened many investors' eyes to the range of bitcoin's nonspeculative use cases, specifically its potential as an alternative banking system. As worries about U.S. banks have waned and inflation has eased, some are concerned the fallout from the U.S. banking crisis could tilt the economy into recession this year. The drop in bitcoin volatility also comes as the stock market's "fear index," the Cboe Volatility Index , has fallen to about 17 from 26 at the height of the banking crisis. New catalysts for volatility While the banking crisis briefly put some life back into the crypto market , tension between the crypto industry and U.S. regulators remains as a dark cloud over it.

☆ Bitcoin and ether fall as investors weigh persistent inflation and rising interest rates
▼ + stars: | 2023-04-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage point. The price of bitcoin was last lower by about 3% and trading at $29,202.54, while ether fell 5% to $1,977.28. Bitcoin slid toward $29,000 on Wednesday as traders mulled over the likelihood that Federal Reserve rate cuts may be further away than they thought. Meanwhile in the U.S., Atlanta Federal Reserve President Raphael Bostic said Tuesday that he anticipates one more 25 basis point interest rate increase and then a hold "for quite some time." "It is hard to trust any crypto rally with the state of market liquidity, so a sharp drop towards the downside is hardly a surprise."

☆ Ether is poised to climb higher with the uncertainty of 'Shanghai' behind investors
▼ + stars: | 2023-04-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Market participants say that with all the uncertainty out of the way, ether may finally catch up with bitcoin. After Shanghai Investors can now withdraw staked ether from the network for the first time ever: This is one of the biggest attractions of the Shanghai upgrade. This Merge ultimately made more liquidity available to ether investors and stakers. "Dominance" measures how a crypto asset like bitcoin is performing relative to its peers in the crypto market. That correlation has declined, however, in part because market participants have favored bitcoin over ether ahead of the Shanghai upgrade.

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