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Home > News
Published: 21/03/2024
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Author: Leexim
Bitcoin Spot ETFs Witness Third Consecutive Day of Outflows
In merely three trading sessions, United States-listed spot Bitcoin ETFs have witnessed an outflow totaling approximately $742 million.
Xrp Up
In the last three days, exchange-traded funds (ETFs) have recorded a steady trend of withdrawals, with a total of $261.5 million leaving the 10 approved funds on March 20. In total, Outflows have reached $742 million, with March 18 and 19 recording $154.3 million and $326.2 million, respectively, according to Farside Investor data.
The outflow was mainly due to a consecutive day of withdrawals by the Grayscale Bitcoin Trust (GBTC), which saw the fund lose $386.6 million, while the Invesco Galaxy Bitcoin ETF (BTCO) also saw a $10.2 million withdrawal . Both of these events obscured small inflows from eight other ETFs.
514f13d7 00be 400a b31a 14333f5d8417
Flows for all 10 U.S. spot Bitcoin ETFs, green row highlights March 20. Source: Farside Investors
BlackRock’s iShares Bitcoin Trust (IBIT) recorded its second-lowest withdrawal ever, at $49.3 million – just slightly above its daily low on February 6. Fidelity Wise Origin Bitcoin Fund (FBTC) also experienced a day with low net inflows, at $12.9 million.
Related: Bitcoin Surges to $68,000 Following Fed Interest Rate Announcement
Overall, this was the second-highest day of net inflows for the 10 ETFs, just $326.2 million less than March 19.
Meanwhile, Bitcoin’s price rose more than 3% during US trading hours and recorded a 7.5% increase in 24 hours, trading at $66,838. Last week, BTC fell from its record high on March 14, as the countdown to the blockchain’s halving event – where mining rewards are cut by 50% – entered its final month. History shows that BTC often drops in price before the halving event and this situation is no exception when the event is near, with the last 30 days before the halving event, according to CoinMarketCap data.
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Home > News
Published: 21/03/2024
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Author: Leexim
Ethereum Fund Under Government and SEC Scrutiny
According to reports, the Ethereum Foundation is currently under scrutiny by both the government and the SEC. The SEC is reportedly planning to classify Ethereum as a security.
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According to reports, the GitHub repository of the Ethereum Foundation is currently under investigation by an undisclosed government entity. This probe into the Swiss non-profit organization comes on the heels of Dencun, the largest Ethereum upgrade since the network transitioned to proof of stake (PoS), which was unveiled on March 13, 2024.
Several unspecified elements remain at this juncture concerning certain reports related to the Ethereum Foundation. GitHub’s commitment statement on February 26, 2024, explicitly stated: “We have received a voluntary investigation from a government agency, wherein security clearance is a mandatory requirement.”
The footer commitment by GitHub dated February 26 has been removed, along with the Ethereum Foundation’s assurance, in which the organization denied any engagement with “any agency in the world about undisclosed contacts.”
Ethereum Github
Ethereum Github
Moreover, the Securities and Exchange Commission (SEC) is believed to be actively pursuing legal measures to classify Ethereum, the second-largest prominent cryptocurrency, as a security.
According to U.S. companies served with subpoenas, the SEC’s investigative request requires companies to provide documents and financial records pertinent to their commitments with the Ethereum Foundation.
Related: Ethereum Faces $4.2 Million in Liquidations
The disclosure of subpoenas comes at a pivotal time for the cryptocurrency community as the deadline for Ethereum ETFs approaches. Renowned ETF analyst James Seyffart believes the SEC will ultimately reject applications before May 23.
According to a lawyer familiar with the matter, it is possible that the Swiss regulatory body has issued document requests to the Ethereum Foundation and may be cooperating with the U.S. Securities and Exchange Commission (SEC).
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Home > News
Published: 21/03/2024
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Author: Leexim
XRP Analyst Maintains $27 Price Target
A renowned analyst has upheld XRP's $27 price target, citing technical similarities to its 2017 rally.
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A prominent crypto analyst recently made a prediction that the price of the XRP Ledger’s native token, XRP, could soon reach $27 in the current market cycle. His analysis is based on the agreement between XRP’s current price chart and historical patterns observed in 2017.
Analyst at EGRAG Crypto pointed to a crossover between XRP’s 20-day and 50-day simple moving averages (SMA), a similar technical signal that appeared before the XRP boom of late 2017, before the cryptocurrency climbed to a record high above $3.
Before that, after a 350-day price consolidation period with 49 weekly candles, there was a strong price rally, taking XRP from around $0.20 to a record high of $3.84 in in less than a month. The analyst described this as “a powerful leap, like pushing a rocket ship into the air.”
The analyst also mentioned an alternative scenario in which this model could be more consistent with 2021’s bull run, which would see XRP reach around $1.90, suggesting a less drastic price increase. He emphasized that the price of XRP may be experiencing “something completely new and unexpected”.
Despite these possibilities, EGRAG proposes the first interpretation, with a focus on the possibility of significant upside based on similarities with the 2017 pattern. He further strengthens his argument by highlighting the 10x symmetry in XRP’s price compared to 2017.
As a result, EGRAG reaffirms his $27 price prediction for the cryptocurrency, which has so far failed to prove effective against the overall crypto market, and he advises XRP investors to “stay hold”.
In a technical analysis published last year, one cryptocurrency analyst predicted that XRP’s price could soon see a “super pump,” although he also advised investors to be “cautious.”
Related: XRP Lawsuit Update: Forecast and Prospects
In the article, the analyst applied a technical tool that uses moving averages and standard deviations to highlight potential price movements, called Gaussian Channels, to identify support and resistance levels. Potential resistance for XRP.
He notes that the “adjustment of support and resistance targets” within the range of the Gaussian Channel “reflects the histograms differently,” which adds to their importance. Support levels have been identified at $0.50, between $0.54 and $0.55, and at $0.60.
Currently, XRP is trading near the $0.57 mark after losing about 6% of its value since the beginning of the year. The cryptocurrency has dropped more than 16% in the past week, amid a broader correction in the crypto market.
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Azcnews (4)
News | Altcoin | Editor Choice 21/03/2024
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According to reports, the Ethereum Foundation is currently under scrutiny by both the government and the SEC. The SEC is reportedly planning to classify Ethereum as a security.
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In merely three trading sessions, United States-listed spot Bitcoin ETFs have witnessed an outflow totaling approximately $742 million.
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