douglasstoby

[douglasstoby]

Digifinex Labs: Coinbase Identifies Positive Signals for Bitcoin Amid Exhaustion of Pressure Factors

The authors pointed to indicators such as the liquidations at FTX, where entities disposed of Grayscale Bitcoin Trust (GBTC) shares, and the emergence of large entities emerging from bankruptcy. They also noted that net inflows into U.S. spot Bitcoin ETFs have averaged over $200 million daily in the past week, totaling $1.46 billion since January 11, with a healthy daily volume of around $1.35 billion.

The Coinbase analysts anticipate that macroeconomic factors will become increasingly relevant for the digital asset class in the coming weeks, potentially providing support for performance.

The report also delves into the U.S. economic outlook, suggesting that the probability of a soft landing has increased compared to a few months ago. The U.S. economy appears to be making minimal tradeoffs between activity and inflation. The analysts expect the disinflationary trend to persist, projecting a 100 basis points interest rate cut by the Federal Reserve this year, starting in May. This projection contrasts with the 75 basis points suggested in the dot plot and the nearly 150 basis points priced into Fed funds futures.

The analysts concluded that they expect U.S. rate cuts to commence in May, followed by the tapering of quantitative tightening, coinciding with events like the Bitcoin halving. This convergence creates a positive setup for the digital asset class as a whole.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Coinbase Approaches Historic 1 Million Bitcoin Milestone Amidst Rising Reserves and Increased ETF Activity

The emergence of ten new U.S.-based spot bitcoin exchange-traded funds (ETFs) has created a notable surge in activity. Since January 12, 2024, Grayscale’s GBTC reserves decreased by 114,367.39 BTC, while the other nine ETFs collectively accumulated 132,170 BTC since their launch. Notably, all ETFs, except for Vaneck and Fidelity, rely on Coinbase for custodial services. This reliance likely contributed to the modest increase of 16,404 bitcoins in Coinbase’s BTC reserves since January 13.

It is speculated that the eight ETFs using Coinbase’s custodial services may have facilitated off-chain swaps, with Coinbase serving as the primary intermediary. If the current trend of BTC deposits at Coinbase continues, the platform is expected to reach the historic 1 million bitcoin milestone soon, requiring only an additional 5,019 bitcoins. Presently, Coinbase’s holdings represent 5.07% of the total circulating supply of 19,611,049 bitcoins and constitute 4.73% of the overall 21 million bitcoin supply cap.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Coinbase Challenges US Treasury’s Proposed Crypto Mixing Rules, Citing Inefficiency and Resource Concerns

The exchange expressed concern over the proposed mandate for crypto platforms to report all crypto mixing activities, regardless of their legitimacy, considering it an inefficient use of resources. Additionally, Coinbase objected to the lack of a monetary threshold for recordkeeping and reporting. Paul Grewal, Coinbase’s chief legal officer, highlighted that the absence of a threshold could result in bulk reporting of non-suspicious transactions, which contradicts Congress’s stance on such data dumps being a waste of time and resources.

This response from Coinbase comes in reaction to FinCEN’s October proposed rulemaking, which aims to enhance transparency in the realm of crypto mixing activities.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

If you want to receive all the rewards, please contact me: Telegram

[douglasstoby]

Digifinex Labs: Donald Trump Vows to Block Central Bank Digital Currencies (CBDC) if Elected as President

In a public appearance alongside former candidate Vivek Ramaswamy, who is known for his crypto-friendly stance and recently suspended his campaign, Trump declared, “As your president, I will never allow the creation of a central bank digital currency.” He went on to emphasize the potential threat to freedom posed by such a currency, asserting that it would grant the federal government absolute control over individuals’ money, allowing them to seize funds without the knowledge of the account holders.

Central bank digital currencies (CBDCs) are digital or tokenized versions of traditional currency issued and regulated by central banks. They may or may not utilize blockchain technology as their underlying infrastructure.

Notably, Trump, once a critic of cryptocurrencies, disclosed ownership of over $2.5 million in ether in August 2023.

While there is currently no formal proposal from the Federal Reserve regarding the introduction of a CBDC, the topic has gained prominence in U.S. politics, particularly on the campaign trail. Trump’s strong stance against CBDCs reflects the ongoing debate and discussions surrounding the potential implications of digital currencies on financial freedom and government control.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

If you want to receive all the rewards, please contact me: Telegram

[douglasstoby]

Digifinex Labs: BlackRock’s ‘Boring’ Approach to Bitcoin ETF Ads Targets Boomer Market Effectively

The investment giant released its inaugural video ad on January 11, featuring a 1:56-minute presentation by Jay Jacobs, the U.S. head of thematics and alternative ETFs at BlackRock. In the ad, Jacobs highlights the accessibility of IBIT, its ability to streamline operational complexities, and the assurance of being issued under BlackRock’s reputable expertise in the ETF space. Notably, the ad intentionally avoids the flashy crypto jargon often found in other Bitcoin ETF promotions.

Commentators, including Bloomberg ETF analyst Eric Balchunas, have observed that this understated approach is well-suited for marketing to wealthy boomers. Balchunas noted in a January 14 post, “This is how you market to rich boomers, folks. The calm disposition, easy-to-understand investment case, soft new age music, suit with no tie… everything about it says ‘it’s ok now, the adults are here.’”

Chris Dark, founder and managing partner of Fourth Turning Investments, echoed this sentiment, describing the advertisement as “so boring it’s brilliant” due to its apparent effectiveness in resonating with the boomer demographic.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Ethereum Price Holds Above $2,500, Eyes Rally to $2,800 Amid Positive Indicators

The Ethereum price has maintained a positive trend above the $2,500 resistance, surpassing BTC and reaching above $2,650. After forming a multi-week high at around $2,683, there was a corrective pullback below $2,620 and $2,600.

Currently, Ethereum is trading above $2,550 and the 100-hourly Simple Moving Average. In case of a fresh upward movement, the price may encounter resistance around the $2,640 level, with the next significant barrier near $2,680. A clear breakthrough above $2,680 could propel ETH towards $2,720, and a successful close above this level might lead to further bullish momentum.

Looking ahead, the next crucial resistance lies near $2,780. If the bulls manage to push Ethereum above this level, a potential rally towards $2,880 could unfold, with further gains possibly targeting the $3,000 zone.

However, if Ethereum struggles to surpass the $2,680 resistance, a downside correction may ensue. Initial support is anticipated near the $2,590 level and the aforementioned trend line.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: SEC Chair Gensler Issues Caution on Risky Crypto Assets Ahead of Potential Bitcoin ETF Approval

SEC Chair Gary Gensler has issued a warning against investing in volatile and risky crypto assets ahead of the potential approval of a landmark spot Bitcoin ETF. As the crypto community eagerly awaits the SEC’s decision, Gensler emphasized the prevalence of scams and fraud in the crypto market. In a post on X, he stated that many firms in the space may not be complying with securities laws.

While Gensler did not explicitly mention spot ETFs, the timing of his post raised concerns among crypto advocates, coming approximately two hours after BTC ETF providers, including BlackRock, Fidelity, Ark Invest, WisdomTree, and Invesco, submitted their final amendments to their S-1 forms.

Gensler further emphasized the exceptional risk and volatility of investments in crypto assets. He noted that several major platforms and crypto assets have faced insolvency or lost value. Referring to incidents in 2022, he pointed out notable collapses such as FTX, Terraform Labs, and Voyager Digital, reinforcing the significant risks associated with investments in crypto assets.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

If you want to receive all the rewards, please contact me: Telegram

[douglasstoby]

Digifinex Labs: Vitalik Buterin’s Four Key Financial Insights in Volatile Markets

Buterin emphasizes the importance of diversifying investments across various sectors to mitigate risks. This strategy aligns with traditional investment practices and suits the dynamic nature of the crypto market.

He advises accumulating savings to cover several years of expenses, underscoring the significance of financial safety and freedom, particularly in unpredictable job markets and economies.

Contrary to the excitement of high-stakes investing, Buterin advocates for a steady and reliable investment portfolio. This advice reflects the time-tested belief that consistent, stable investments often result in long-term gains, providing a counterbalance to the allure of quick riches in the crypto industry.

Additionally, Buterin warns against leveraging beyond 2x, especially in cryptocurrency trading where high leverage can lead to substantial losses. This advice aligns with responsible investment practices, prioritizing long-term stability over short-term gains in a volatile market.

Buterin’s guidance, combining traditional financial wisdom with a nuanced understanding of the digital economy, offers a roadmap for both novice and experienced investors. It serves as a reminder that, even in the cryptocurrency industry, simplicity in investment strategies can be highly effective.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Ether ETF on the Horizon as SEC Implicitly Acknowledges ETH as Commodity

During a private webinar on January 4, Bloomberg ETF analyst James Seyffart discussed the SEC’s approval of Ether futures ETFs and highlighted that the SEC did not challenge Ethereum’s classification during the ETF registration process with the Commodity Futures Trading Commission (CFTC). Seyffart pointed out that the CFTC explicitly considers Ethereum a commodity, not a security.

Seyffart stated, “The SEC has approved Ethereum futures ETFs. So again, Gary Gensler will not explicitly say whether Ethereum is a security or a commodity, but in their action, by approving those Ethereum futures ETFs, they’re implicitly accepting those Ethereum futures as commodities futures.”

The approval of the first Ether futures ETFs in the U.S. in October 2023 marked a significant step in the cryptocurrency market. Seyffart suggested that if the SEC were to deem Ether a security, it could lead to legal challenges, potentially forcing the unlisting of futures ETFs. The classification of Ether is crucial, as securities and commodities ETFs are subject to different legal requirements, tax implications, and regulatory burdens. This development hints at the possibility of an Ether spot ETF gaining approval in the near future.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: ENS Token Soars 72% Following Vitalik Buterin’s Praise for Ethereum Name Service

In a post on X (formerly Twitter) on January 3, Buterin expressed high regard for the Ethereum Name Service, describing it as “super important.” He emphasized the importance of keeping the service accessible and affordable for all users within the Ethereum network, particularly those utilizing layer-2 networks.

Buterin advocated for the development of trustless, merkle-proof-based CCIP resolvers on layer-2 networks, stating, “All L2s should be working on (trustless, merkle-proof-based) CCIP resolvers so that we can have ENS subdomains registerable, updateable, and readable directly on L2s.”

According to Buterin, layer-2 networks like Optimism (OP), Arbitrum (ARB), and Polygon (MATICUSD) play a crucial role in the long-term scalability of the Ethereum network and should have the capability to register ENS addresses, enhancing their user-friendliness.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Ethereum (ETH) Faces Crucial Resistance at $2,400 on the Path to $2,500

The Relative Strength Index (RSI) is providing indications that the current positive trend might persist. Positioned above the median line but not yet in overbought territory, the RSI suggests that there could be further room for upward movement before the asset reaches an overextended status.

As Ethereum challenges this local resistance, the cryptocurrency community is anxiously awaiting regulatory decisions that could have a significant impact on the broader market. A potential catalyst for Ethereum, and the cryptocurrency market at large, is the approval of a spot Ethereum ETF or a Bitcoin spot ETF.

The long-anticipated approval of a spot ETF is expected to have a positive effect on the sector. An Exchange-Traded Fund (ETF) enables investors to purchase shares representing the value of the underlying asset, in this case, Ethereum, without the necessity of holding the cryptocurrency itself. This provides a more accessible entry point for investors interested in the asset class but hesitant to navigate the complexities of cryptocurrency ownership, storage, and security.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Pump or Dump? What Is the Next Hidden Gem For 2024?

The future outlook for altcoins appears promising, particularly as they surpass the 200-week Moving Average (MA), a reliable indicator of an accelerating market. Even without a significant surge in trading volume, the gradual rise observed suggests that buyers are quietly building momentum and preparing for increased activity. The market has successfully transformed a once formidable ceiling into a stable floor, laying the groundwork for further expansion.

Against this backdrop of optimism for the altcoin market, specific cryptocurrencies like Solana (SOL), Injective (INJ), Bonk (BONK), Jito (JTO), Polygon (MATIC), and ScapesMania warrant attention. These altcoins have the potential to ride the upcoming crypto wave if their blockchain technology and real-world applications manage to impress investors seeking undervalued gems with growth potential. Diligent investors are closely monitoring these emerging cryptocurrencies, positioning themselves to potentially lead the next significant altcoin rally in 2024.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Bitcoin Faces Resistance Near $43,000 and Key Levels to Watch

Bitcoin’s price recently attempted to break above the $43,200 level, briefly surpassing $43,500 but struggling to reach the $44,000 resistance zone.

Currently trading below $43,000 and the 100-hourly Simple Moving Average, Bitcoin is consolidating beneath the 61.8% Fibonacci retracement level of the aforementioned upward move.

The immediate resistance lies around $42,500, with a significant bearish trend line forming near $42,550 on the hourly chart of the BTC/USD pair. The primary resistance stands at $43,000, and a successful close above this level could propel the price higher.

The critical hurdle remains at $43,250, and overcoming it might initiate a substantial move towards the $43,800 level. Further upward momentum could encounter resistance at $44,000, potentially leading Bitcoin toward the $45,000 level.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Former SEC Official Cautions Against Spot Bitcoin ETFs, Predicts Potential Wall Street Scam

In expressing his skepticism about the approval of spot bitcoin ETFs, Stark stated that he does not view it as a positive development. He warned that the concept of a bitcoin spot ETF is not only comical but also has the potential to become another massive Wall Street scheme, draining fees from investors. Stark further emphasized his concerns by stating that a bitcoin spot ETF is possibly the most centralized crypto instrument imaginable.

Currently, the SEC is reviewing 13 applications for spot bitcoin ETFs. Recent reports suggest that the regulator held meetings with several applicants, providing them with a deadline to submit amendments to their filings by the end of the week. Additionally, the SEC encouraged the use of the cash-creation method over the in-kind creation method. BlackRock, the world’s largest asset manager, initially advocated for the in-kind model and proposed a revised version. However, the firm failed to persuade the SEC and has now opted for the cash method, as outlined in its latest filing.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

If you want to receive all the rewards, please contact me: Telegram

[douglasstoby]

Digifinex Labs: Bitcoin Faces Price Volatility as Mt. Gox Begins Repayment Process, Drops to $42,000

Consequently, the current Bitcoin price has retreated to $42,625, accompanied by a 24-hour trading volume of $22,655,498,534.64. Nevertheless, the market has experienced a -2.40% decline in the past 24 hours, reflecting the uncertainty stemming from the ongoing Mt. Gox repayment proceedings.

Bitcoin’s plunge comes amidst growing speculation fueled by reports from participants in the mtgoxinsolvency subreddit group, suggesting that some individuals have received payouts in yen via PayPal. However, those who opted for cash deposits into their bank accounts have not reported any incoming funds. Notably, several users have shared notifications indicating a system error that led to double payments, with affected users allegedly being asked to promptly return the excess funds to the Rehabilitation Trustee.

Furthermore, the Rehabilitation Trustee has contacted affected individuals to refund the mistakenly transferred amount, which constituted the second transfer, as the first transfer was the official repayment.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Christmas Sparks Over $100 Million Inflows to Crypto Markets, Reversing Previous Week’s Decline

James Butterfill, Head of Research at Coinshares, highlights a notable surge in cryptocurrency investments, marking a turnaround from the net outflows reported in the preceding week. This positive shift follows 11 consecutive weeks of consistent inflows.

This reversal follows a recent downturn in the market, which occurred after a period of heightened enthusiasm surrounding the cryptocurrency market.

In the prior week, Butterfill reported a net outflow of $16 million in crypto investments, bringing an end to the 11-week streak of inflows. However, he emphasized that trading activity remained significantly above the yearly average, reaching a total of $3.6 billion for the week.

Altcoins emerged as the winners of the week, attracting $21 million in inflows. Key contributors to these inflows were Solana, Cardano, XRP, and Chainlink.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

[douglasstoby]

Digifinex Labs: Solana Breaks Records for Monthly New and Active Addresses Amidst Price Rally

Solana has been attracting significant attention lately due to its rapid price surge, creating a buzz in the cryptocurrency community. The excitement around Solana has been further fueled by the sale of Saga phones, bundled with BONK airdrops, on eBay for thousands of dollars. This surge comes just over a year after the FTX collapse contributed to driving Solana’s price below $10.

Additionally, Solana has seen a record number of new addresses in December, totaling 6.8 million so far. This surpasses the previous record of 6.6 million established in May 2023. However, one metric that has not yet broken records is non-voting transactions, which remain below their November figures. Non-voting transactions on the Solana network are crucial as they indicate real user activity, given that they are the same transactions used for sending money, triggering smart contracts, and validating the network.

It’s important to note that The Block is an independent media outlet providing news, research, and data in the cryptocurrency space. As of November 2023, Foresight Ventures is a majority investor in The Block, with investments in other crypto-related companies. The Block operates independently to deliver unbiased and timely information about the crypto industry.

Get your $550

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register