JPMorgan Predicts Bitcoin Halving Already Priced In, Is A Major Correction Ahead?

7Ary...USep

24 Feb 2024

As the Bitcoin (BTC) price continues to flirt in the range of $50,000-$52,000, investors are eagerly awaiting a rally before the upcoming Bitcoin halving in April 2024. However, banking giant JPMorgan said that the impact of halving is already priced in.

Retail Investors Excited for Bitcoin Halving

After a brief pause in January, individual investors are re-entering he crypto space amid the recent pump up in popoluar cryptocurrencies like Bitcoin and Ethereum, said analysts at JPMorgan Chase & Co.
The data suggests that the flow of Bitcoin from smaller wallets, often associated with retail traders, has significantly surpassed that from institutional investors. This is even after accounting for inflows into new spot Bitcoin exchange-traded funds (ETFs), noted Mr. Nikolaos Panigirtzoglou and his team.
With Bitcoin poised for its sixth consecutive month of gains, investors are likely anticipating several pivotal developments within the crypto space. The JPMorgan strategists wrote:

“The revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network and the prospect of approval of spot Ethereum ETFs by the Securities and Exchange Commission in May. We believe that the first two catalysts are largely priced in, while for the third catalyst, we see only a 50 per cent chance.”

Is A Major BTC Price Correction Due?

The ongoing BTC price rally appears to be tapering off, signaling a potential downturn as Bitcoin heads towards its first week of losses in over a month. Over the last week, the Bitcoin price is trading 1.20% in the negative territory trying to stay above $51,000. Should this trend persist, it would mark Bitcoin’s first negative week since the commencement of its recent rally in late January.
However, as the April halving event, which reduces supply, looms closer, Bitcoin may soon regain its momentum. But some market analysts believe that the upside could be limited from here till the halving event.

Currently, the demand coming Bitcoin ETFs has overwhelmingly outpaced the BTC supply by 13x. With halving, this gap is only to get wider from here. Some market analysts expect the BTC price to peak to $273,000 after the halving event.
Even if the upside looks side, the downside could be 20% from here. Author of stock-to-flow model PlanB says that he doesn’t see the BTC price crashing under $40,000.

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Ripple’s Ex-Director Denies XRP ETF Speculation, Corrects Crucial Facts

Ripple’s Ex-Director Denies XRP ETF Speculation, Corrects Crucial Facts

Ripple's former director Sean McBride clarified that he never said XRP ETF coming within weeks, dispels rumors.
By Varinder Singh50 mins ago
Updated 31 mins ago

STORY HIGHLIGHTS

Ripple's former director Sean McBride dispels rumor of XRP ETF coming within weeks
Sean McBride earlier predicted XRP ETF approval in 2024 or 2025 and Ripple IPO outside the US in 2025
Brad Garlinghouse's insights on idea of XRP ETF

Ripple’s former director Sean McBride joined the XRP ETF bandwagon as multiple reports claimed asset manager BlackRock hinted at the potential launch of an XRP exchange-traded fund (ETF). McBride reacted to a post on Saturday clarifying that he never said XRP ETF coming within weeks.

XRP ETF Not Coming This Year?

Ripple’s former director Sean McBride dispels rumors of the XRP ETF coming within weeks, clarifying XRP army that he never said an XRP ETF approval is close.

No I didn’t
— Sean McBride (@seanmcbride16) February 24, 2024

However, he confirms approval of XRP ETF is likely within the next 44 weeks. On Feb 21, Sean McBride made two new predictions, one about XRP ETF approval in 2024 or 2025 and Ripple going public outside the U.S. in 2025.
Further clarifying facts on his former position in Ripple, he said “I was also a Director. No such thing as a “Lead Director”. Just want to make sure we get the facts straight here.”
The speculations of XRP ETF are high as Bitcoin ETF issuers proceed with seeking approval for spot Ether ETF after a successful launch of spot Bitcoin ETFs in the United States. Grayscale is even seeking conversion of Ethereum trust into spot Ether ETF.
Also Read: US DOJ Tightens Grip on Binance Ex-CEO Changpeng “CZ” Zhao

Ripple CEO Brad Garlinghouse on XRP ETF Possibilities

Ripple CEO Brad Garlinghouse in an interview with Bloomberg shared crucial insights regarding the potential launch of an XRP exchange-traded fund (ETF). He said Ripple remains open to the idea of an XRP ETF. However, the SEC’s ongoing lawsuit against Ripple, especially the SEC’s argument that XRP is a security contradicts the likelihood of imminent spot XRP ETF approval.
Moreover, regulatory authorities, such as the U.S. Securities and Exchange Commission, deemed the requirement of a futures market on the Chicago Mercantile Exchange (CME) for ETF approval due to sufficient surveillance against fraud and manipulation.
Also Read: Bitcoin ETF Issuer Sells Over 5000 BTC, Bitcoin Price Under Selloff Risk?

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Elizabeth Warren’s Influence Over Financial Regulators Sparks Concerns

Elizabeth Warren’s Influence Over Financial Regulators Sparks Concerns

Elizabeth Warren faces backlash for her influence on financial regulators, exacerbated by her association with Gensler amid crypto scrutiny.
By Rupam Roy2 hours ago

STORY HIGHLIGHTS

Elizabeth Warren is under fire for her sway over financial regulators in crypto regulation.
Criticism escalates with John Deaton's bid against Warren in upcoming elections.
Gary Gensler's SEC was accused of corruption, allegedly influenced by Warren's control.

Massachusetts Senator Elizabeth Warren finds herself in the eye of a storm within the crypto community, with her staunch anti-crypto stance drawing criticism, especially amid looming electoral competition and ongoing regulatory battles. Notably, the scrutiny intensifies as her association with SEC Chair Gary Gensler, equally infamous for his regulatory approach towards cryptocurrencies, comes under the spotlight.

Elizabeth Warren’s Influence On Financial Regulators

Massachusetts Senator Elizabeth Warren, often regarded as a polarizing figure in the political landscape, has recently come under heavy fire from the crypto community. In addition, the criticism escalated following the announcement by pro-XRP lawyer John Deaton to run against her in the upcoming elections.
Meanwhile, Senator Warren’s strong anti-crypto stance, coupled with her close ties to SEC Chair Gary Gensler, has exacerbated tensions within the industry. Notably, the SEC Chair Gary Gensler is also known for his anti-crypto stance.
Amid the ongoing controversy, Ryan Selkis, the founder of Messari, didn’t mince his words when he took to social media to lambast Senator Warren and SEC Chair Gensler. He accused Gensler’s SEC of corruption, alleging that Gensler operates under the de facto control of President Warren, suggesting that she wields significant influence over financial regulators.
Also Read: Flare (FLR) Price Jumps 7% Upon Decision to Reinvest 50% of Token Sales

A Closer Look at the Controversy

Ryan Selkis has made the post concerning an update from Kraken CEO Dave Ripley. Notably, Dave Ripley added fuel to the fire with revelations about their ongoing legal skirmish with the SEC.
Ripley highlighted Kraken’s testimony before Congress regarding the SEC’s regulatory overreach in the crypto space. Notably, Kraken’s stance emphasizes the need for Congress to establish clear crypto regulations while limiting the SEC’s jurisdiction.
In addition, Ripley criticized the SEC’s lawsuit against Kraken as an attempt to stifle political speech and intimidate crypto innovators. He argued that the lawsuit lacked substance and was timed to hinder legitimate advocacy efforts for better regulatory frameworks.
Meanwhile, Anthony Scaramucci, founder of SkyBridge Capital took to the X platform, urging a shift in Biden’s approach to cryptocurrency. In addition, he echoed the frustration within the crypto community, urging a change in course on crypto regulation. Besides, he directly singled out Senator Elizabeth Warren and Gary Gensler, attributing potential election losses to their stance on crypto.
As the crypto landscape continues to evolve, the clash between regulatory authorities and industry stakeholders intensifies. The outcome of this battle will not only shape the future of cryptocurrencies but also influence broader perceptions of regulatory oversight in the digital age.
Also Read: Grayscale Sees Ethereum’s (ETH) Parabolic Run Post Dencun Upgrade

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Flare (FLR) Price Jumps 7% Upon Decision To Reinvest 50% Of Token Sales

Flare (FLR) Price Jumps 7% Upon Decision to Reinvest 50% of Token Sales

Flare price receives strong boost as investors initiate measures to enhance the ecosystem's stability and foster long-term growth.
By Bhushan Akolkar2 hours ago
Updated 1 hour ago

STORY HIGHLIGHTS

FLR price reacts positively to Flare's decision of 50% reinvestment, which is approx $35 million.
Flare investors have agreed to decrease surplus liquidity of FLR tokens.
Flare investors also delayed the token vesting period limiting token sales to a maximum of 0.5%.

FLR, the native cryptocurrency of the EVM-based Layer-1 Flare Network, is up by 7% in the last 24 hours with trading volumes up by 64% to $88 million. The Flare price surge comes as the network announces some key updates to the FLR tokenomics.

Flare to Reinvest 50% of FLR Token Sales

Flare Network’s new agreement involves its initial investors reinvesting in the network’s long-term growth. This groundbreaking initiative also includes extending token vesting periods, capping sales, and committing to reinvest 50% of any token sale proceeds into Flare ecosystem projects.
At present market valuation levels, this potential reinvestment amounts to approximately $35 million. This underscores their commitment to nurturing the ecosystem’s growth and development.
The reinvestment of 50% of token sale proceeds will bolster various Flare ecosystem projects going ahead. This includes the development of lending protocols, decentralized exchanges, advancements to automated market maker protocols, implementation of cross-chain bridges, as well as the launch of native stablecoins.

Measures to Reduce FLR Liquidity

The early backers of the Flare Network have also decided to initiate measures to enhance the ecosystem’s stability and foster long-term growth. They have opted to decrease the surplus liquidity of FLR tokens, bolster capital inflows into Flare’s decentralized finance (DeFi) protocols, and stimulate fresh investments in Flare ecosystem initiatives. Earlier this month, an announcement also noted that XRP will integrate with FLR through the FXRP asset.
In October 2023, Flare introduced an additional liquidity measure, declaring its intention to burn 66 million tokens monthly until January 2026, equivalent to 2% of the token’s overall supply. Original early investors will still obtain their initially agreed-upon 2% allocation of Flare token supply; nevertheless, these revised conditions denote a 68% decrease in the upfront issuance.
These backers have voluntarily extended their token vesting period from 2024 to Q1 2026 and have agreed to restrict their token sales to a maximum of 0.5% of the 30-day average trading volume. Flare co-founder Hugo Philion said:

“Agreements over liquidity are excellent for a growing ecosystem. At this final anticipated liquidity event, I am very grateful to our early backers for continuing to be Flare’s biggest proponents and codifying a supportive, objective relationship aligned and beneficial to Flare’s growth.”

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Grayscale Sees Ethereum’s (ETH) Parabolic Run Post Dencun Upgrade

Grayscale Sees Ethereum’s (ETH) Parabolic Run Post Dencun Upgrade

Grayscale's latest analysis sheds light on Ethereum's recent price surge, attributing it to the anticipation surrounding the upcoming Dencun upgrade.
By Coingape Staff2 hours ago

STORY HIGHLIGHTS

Grayscale analysis links Ethereum's recent price spike to anticipation of the Dencun upgrade.
Dencun upgrade aims to boost Ethereum's scalability and competitiveness through innovative features.
Grayscale's strategic moves reflect confidence in Ethereum's future despite regulatory hurdles.

The recent surge in Ethereum’s price can be largely attributed to the growing anticipation surrounding the forthcoming Dencun upgrade, as highlighted in Grayscale’s recent analysis. Over the past month, Ethereum has witnessed a remarkable uptick in its trading value.
As of the latest figures, Ethereum is currently trading at $2,951.07 per unit (ETH/USD), boasting a substantial market capitalization of $354.59 billion USD. This surge in price coincides with heightened speculation and excitement surrounding the impending Dencun upgrade, scheduled to take place on March 13, 2024.
The Dencun upgrade holds significant promise for Ethereum, particularly in terms of scalability and competitiveness within the digital currency market. Investors and analysts alike are closely monitoring the developments surrounding this upgrade, as it is expected to introduce key enhancements to the Ethereum network.