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Digifinex Labs: BlackRock’s Swift Bitcoin Accumulation Challenges MicroStrategy’s Dominance

BlackRock’s entry into the Bitcoin space through its ETF has created waves in the financial sector. Within just two days, the fund attracted approximately 11,439 BTC, equivalent to around $500 million. This remarkable success underscores the immediate appeal of the ETF and mirrors the growing institutional interest in cryptocurrency. Consequently, BlackRock is making swift progress, with ambitions to overtake MicroStrategy’s leading position.

MicroStrategy has been a prominent figure in the Bitcoin arena, currently holding an extensive 189,150 BTC. This has positioned the company at the pinnacle, ahead of other major holders like Marathon Digital and Tesla. However, BlackRock’s recent investments pose a formidable challenge to this dominance. As BlackRock’s Bitcoin holdings continue to grow, the gap between the two entities is narrowing, creating the potential for a shift in leadership.

It’s also noteworthy to consider Fidelity’s role in the cryptocurrency market. Fidelity’s Bitcoin fund, FBTC, has amassed $422 million, underscoring the trend of increasing institutional investment in cryptocurrencies. This broader movement within the financial sector signals the recognition and acceptance of the potential of digital currencies like Bitcoin by traditional investment firms.

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Digifinex Labs: SEC Chair Gensler Approves First Spot Bitcoin ETFs but Labels Bitcoin ‘Speculative, Volatile’

The approval follows a prolonged regulatory battle between the SEC and the crypto industry, during which the SEC consistently rejected proposals for spot Bitcoin ETFs, citing concerns about market manipulation and investor protection. The recent court ruling criticizing the SEC’s rejection of Grayscale Investments’ ETF application prompted a reconsideration of its position.

In an official statement, Gensler acknowledged the approval of listing and trading spot Bitcoin ETF shares, emphasizing it as the most sustainable path forward. However, he expressed reservations about Bitcoin itself, contrasting its speculative and volatile nature with the consumer and industrial uses associated with precious metals like gold and silver, which are already traded through ETFs.

Gensler went on to highlight Bitcoin’s connection to illicit activities such as ransomware, money laundering, and terrorism. Despite approving the spot Bitcoin ETFs, the SEC Chair made it clear that the approval did not equate to an endorsement of Bitcoin. The SEC remains cautious and does not appear to be fully embracing the cryptocurrency, emphasizing the need for continued scrutiny and regulatory caution in the evolving crypto landscape.

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Digifinex Labs: UK Online Safety Act Faces Challenges Against Advanced Generative AI Threats

The report suggests that existing laws may struggle to attribute responsibility for chatbot-generated statements promoting terrorism or supporting proscribed organizations, as only human beings can commit terrorism offenses in a legal context. Advocates are calling for new laws to actively address the evolving landscape of AI-driven threats, emphasizing the need for intervention as chatbots gain strength.

Elon Musk’s recent warning about the potential dangers of AI further adds to the urgency of addressing these issues. Despite the growing concerns, a global study by Statista reveals that only one third of respondents across 17 countries express high or complete confidence in governments’ ability to regulate and govern AI tools and systems effectively.

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Digifinex Labs: Bitwise Unveils Bitcoin ETF Ad Featuring ‘The Most Interesting Man in the World’

The prominent figure in the ad is Jonathan Goldsmith, renowned for his portrayal of “The Most Interesting Man in the World” in Dos Equis beer advertising campaigns. In the ad, Goldsmith states, “You know what’s interesting these days, bitcoin.” The campaign has generated a popular slogan within the crypto community.

Many users see this ad as a significant moment for Bitwise, particularly as the company awaits potential approval of its application to the Securities and Exchange Commission (SEC) for a spot Bitcoin ETF.

Bitwise seized the opportunity to highlight what users perceive as a competitive advantage over other spot Bitcoin ETF applicants. Towards the end of the ad, it explicitly states, “ETFs backed by crypto specialists,” emphasizing Bitwise’s experience in the industry. Bitwise has a track record of offering crypto ETF products.

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Digifinex Labs: Long-Term Analysis Favored for XRP Price, According to Crypto Enthusiast

In response to the host of the Moon Lambo YouTube Channel, known as Matt, who addressed the crypto community’s perception of yesterday’s XRP volatility, Morgan acknowledged Matt’s viewpoint while offering an alternative perspective. He contested the notion that XRP’s decline was more severe than other coins during the recent market movement.

Morgan highlighted that XRP’s price performance has not been outstanding over the past month, experiencing a decline of over 2% despite a broader market uptrend. He suggested that the downturn for digital assets was more challenging than anticipated. While noting a rebound in the token’s price on the following day, Morgan emphasized that it lacked significant strength.

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Digifinex Labs: BlackRock Modifies Spot Bitcoin ETF Proposal Ahead of Speculated SEC Approvals

This move by the world’s largest asset manager follows similar adjustments made by several firms, as there is speculation that the SEC might approve multiple spot Bitcoin ETF applications as early as January. BlackRock initially applied for its iShares Blockchain and Tech ETF last month, proposing an in-kind redemption model.

However, the SEC raised concerns about investor safety and market manipulation, prompting BlackRock to revise its proposal. The SEC generally favors cash redemptions, which involve replacing ETF shares with their equivalent cash value, deeming it a safer and more accessible option. BlackRock, like other firms, has agreed to implement cash redemptions until in-kind redemptions gain approval.

Numerous firms have submitted ETF applications, and ARK 21Shares has also made a similar change in its revised S-1 filing.

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Digifinex Labs: Bitcoin ETF Applicants Inclined Towards SEC’s Preference for Cash Redemption Model

On December 14, finance lawyer Scott Johnsson noted that Invesco is the latest ETF applicant to conform to the use of a cash creation and redemption model for its ETF, stating in their updated S-1 filing with the SEC, ‘The trust expects that creation and redemption transactions will take place initially in cash.’

The SEC has shown a consistent inclination toward a cash redemption model for spot Bitcoin ETFs, while some applicants, such as BlackRock, have put forth an ‘in-kind’ model.

Key Differences:

Cash Creation/Redemption: Authorized participants deposit cash equivalent to the net asset value, and the fund uses it to purchase underlying assets, like Bitcoin.

In-Kind Creation/Redemption: Participants deposit a basket of securities matching the ETF’s portfolio, allowing the fund to issue creation units without immediately selling the securities for cash.

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Digifinex Labs: Argentina Devalues Currency Amid Economic Emergency as Local Bitcoin Prices Reach All-Time High

Economy Minister Luis Caputo acknowledged that, in the short term, the country may face more challenging economic conditions. He highlighted Argentina’s persistent struggle with fiscal deficits, characterizing it as an “addiction.” President Milei stated that alternative options were not considered due to time constraints.

Argentina is grappling with a staggering 143% annual inflation rate, a significant decline in the value of its currency, and reports indicate that four in ten Argentines are living in poverty. Additionally, the country has experienced an average annual inflation rate of 40% over the last decade.

This devaluation move follows Argentina’s central bank raising interest rates to a record 133% just two months ago, underscoring the ongoing economic challenges faced by the nation.

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Digifinex Labs: Bitcoin Price Correction Continues, On-Chain Data Signals Need for Adjustment

On-chain data indicates Bitcoin’s price as “over-extended,” prompting discussions among analysts. Julio Moreno, head of research at CryptoQuant, an on-chain analytics firm, mentioned that the cryptocurrency’s price appeared to be “overheating” following the recent surge above the psychological level of $40,000.

Further insights from Lookintobitcoin, an on-chain data analysis firm, pointed to signs of exhaustion among bulls. According to their December 2023 report, Bitcoin’s price had reached its golden ratio multiplier near-term target, as indicated by the Crosby Ratio. This suggests that Bitcoin’s price is at “over-extended levels,” signaling a need for correction or, at the very least, a slowdown.

The golden ratio multiplier serves as an indicator that explores Bitcoin’s adoption curve and market cycles, providing insights into how the price might behave in medium to long-term time frames.

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Digifinex Labs: Fidelity Engages SEC in Discussion Over Spot Bitcoin ETF Application

The SEC has been meeting with various exchanges and spot bitcoin ETF applicants, leading to revisions in filings, including those by BlackRock, which supports the ‘in-kind create model’ and proposed modifications to address SEC concerns.

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Digifinex Labs: Ark Invest Sells $59M Worth of Coinbase Shares Across Various Funds

Ark Invest has divested nearly $59 million worth of Coinbase shares from multiple funds over the course of this week. The sales involved approximately $1.4 million on Monday, around $33 million on Tuesday, and $24 million on Wednesday.

However, considering the broader portfolio weights and funds, it’s possible that Ark is selling to rebalance the fund. The asset manager includes Coinbase in three funds: the ARK Fintech Innovation ETF (ARKF), ARK Next Generation Internet ETF (ARKW), and the ARK Innovation ETF (ARKK). As of December 7, Ark holds 6.7 million shares of Coinbase in ARKK, over 949,000 shares in ARKF, and 1.3 million shares in ARKW.

Coinbase dominates as the top holding in each of these funds, according to their respective pages.

Ark had also unloaded Coinbase shares in the previous week, selling approximately $15 million of stock as the price benefited from the recent surge in Bitcoin. Despite reaching towards its 52-week high of $147 during the week, the stock is currently around $135 at the time of publication, closing at $134 on Wednesday. Year-to-date, the stock has gained roughly 284%.

It’s worth noting that Ark’s last purchase of Coinbase shares occurred in June after the US Securities and Exchange Commission filed a lawsuit against the crypto exchange, causing a decline in its share price.

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Digifinex Labs: Bitcoin’s Price Movement Rally to $44,000, Analysts Predict Upside Potential and Key Resistance Levels

Bitcoin recently surpassed $44,000 before experiencing a slight dip and stabilizing around that level. Analysts anticipate potential upward movement by the end of the year, citing various factors that could contribute to Bitcoin’s positive trajectory in 2024.

The recent surge in Bitcoin’s price is attributed to factors such as optimism regarding the approval of spot Bitcoin ETFs, Binance’s settlement with the US government, and easing inflation, among others.

Analysts, including LMAX Group market strategist Joel Kruger, believe that the potential approval of a spot Bitcoin ETF could trigger a significant positive market response. The Securities and Exchange Commission (SEC) is expected to make a decision on a spot Bitcoin ETF proposed by Ark Invest and 21Shares, among others, by January 10.

Kruger suggests that Bitcoin’s price could reach $50,000 by the end of 2023, emphasizing the importance of key resistance zones between $48,000 and $53,000.

Julius de Kempenaer, senior technical analyst at StockCharts.com, identifies $48,000 as the next expected level of resistance, set at the end of March 2022. He anticipates Bitcoin could reach this level by the conclusion of 2023, with $38,000 serving as a support level in case of a price dip.

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Digifinex Labs: DOGE-1 Moon Mission, Funded by Dogecoin, Receives NTIA Approval

Scheduled for launch on December 23 as part of Astrobotic’s Peregrine Mission One, the mission includes the first physical Dogecoin token set to land on the moon. The collaborative effort involves payloads from various esteemed entities, including NASA, and aims to diversify Dogecoin’s utility beyond speculative trading.

In addition to its lunar ambitions, the Dogecoin community has made a positive impact on Earth. The community’s generosity, evidenced by the donation of a bronze statue, was acknowledged by the Mayor of Sakura City. This act of goodwill has not only enriched the city’s cultural landscape but also turned the statue into a significant tourist attraction.

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Digifinex Labs: Bitcoin ETF Speculations Drive Record-Breaking Crypto Inflows Since 2021

Bitcoin dominated the inflows, with $312 million recorded last week. The total inflows for 2023 so far have reached $1.5 billion. The report attributes the surge in inflows to the heightened excitement surrounding the potential approval of Bitcoin exchange-traded funds (ETFs).

Industry leaders, including Dan Morehead from Pantera Capital, have emphasized the significance of a Bitcoin ETF in establishing the cryptocurrency as an asset class. Morehead noted that the existence of an ETF is a crucial step, and once it is established, not having exposure could be seen as effectively being short.

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Digifinex Labs: MicroStrategy (MSTR) and Coinbase (COIN) Reach Highest Prices Since 2022

After a challenging 2022 marked by market declines of over 50% amid geopolitical tensions and industry challenges, crypto-related companies and assets faced difficulties at the start of 2023. However, as optimism returned to the market, both Coinbase and MicroStrategy saw a positive trend.

Entering 2023 with COIN at $34 and MSTR at $145, the new year brought renewed optimism. Both companies’ stocks experienced a notable upward trajectory alongside the broader market. While COIN took six months to surpass $100, a subsequent market retracement impacted its momentum. Nonetheless, positive market performance in October and November propelled COIN to its highest price in well over a year, reaching $115.

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Digifinex Labs: U.S. Prosecutors Seek to Prevent Binance Founder CZ from Leaving Country Until February Sentencing

The motion comes after Zhao pled guilty on Tuesday to one count of causing Binance to fail in maintaining an effective anti-money laundering program. The prosecutors argue that Zhao, with substantial wealth outside the U.S. and minimal ties to the country, poses a serious flight risk.

Zhao is proposing to return to the UAE “pursuant to an appearance bond of $175 million, secured by $15 million in cash held in trust and three responsible persons who pledged property or cash.”

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Digifinex Labs: Ethereum Price Faces Hurdles in Recovery — Key Obstacles to Watch

Bears intensified pressure, pushing the price beneath the $1,950 support and the 100-hourly Simple Moving Average. Despite this, Ethereum managed to hold above the $1,920 support level, forming a low around $1,930 and currently making an attempt at a fresh increase.

Although Ethereum breached the 23.6% Fibonacci retracement level of the recent decline from the $2,068 swing high to the $1,930 level, it is still below $2,000 and the 100-hourly Simple Moving Average.

On the upside, resistance looms around the $1,990 zone, accompanied by a significant bearish trend line forming resistance near $1,990 on the hourly chart of ETH/USD. The initial key resistance stands near the $2,000 level, coinciding with the 50% Fib retracement level of the recent downturn from the $2,068 swing high to the $1,930 level.