ANTHONY SCARAMUCCI HITS BACK AT CRITICS OF BITCOIN ETF PERFORMANCE

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5 Feb 2024

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By Mutuma Maxwell
February 4, 2024

2 mins read

1. The debate over Bitcoin ETF performance
2. Industry caution and outlook
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TL;DR

Anthony Scaramucci criticizes The Economist’s negative portrayal of Bitcoin ETFs, highlighting a $5 billion initial investment as a sign of market confidence.
Scaramucci disputes comparing the potential impact of Bitcoin ETFs and historical gold ETFs.
The launch of Bitcoin ETFs, approved by the SEC after years of anticipation, represents a pivotal moment for cryptocurrency’s role in the broader financial ecosystem.

Anthony Scaramucci has come out swinging against what he perceives as unfair assessments of the newly launched Bitcoin ETF market. This response was specifically aimed at an article from The Economist, which cast a skeptical eye on the success of Bitcoin ETFs following their approval by the SEC. Scaramucci, a well-known cryptocurrency enthusiast, disputed the negative portrayal, highlighting the significant initial capital infusion into the Bitcoin ETF space as evidence of its promise.

The debate over Bitcoin ETF performance

The crux of Scaramucci’s argument lies in interpreting the success of the debut of Bitcoin ETFs. According to him, the launch, which saw an impressive $5 billion in initial investment, is a positive indicator of market acceptance and potential.
This stance directly opposes the narrative presented in The Economist, which had painted a less rosy picture of the market’s reaction to these ETFs. The publication pointed to a 7% decline in Bitcoin’s price post-approval and an almost equivalent exchange of funds between the new ETFs and the existing Grayscale Bitcoin Trust as signs of a tepid market reception.
The article compared the impact of Bitcoin ETFs against the historical backdrop of gold ETFs, suggesting that Bitcoin ETFs may not replicate the transformative effect seen in the gold market. Such comparisons have stirred controversy among cryptocurrency advocates, who see the ETFs as a significant milestone for Bitcoin’s mainstream financial integration.

Industry caution and outlook

Adding to the discourse, Bloomberg reported on the cautious approach taken by Rob Pettman, EVP of Wealth Management Solutions at LPL Financial. Pettman has advocated for a three-month review period before considering including these new spot Bitcoin ETFs in LPL’s offerings. This caution reflects a broader industry hesitancy, balancing the excitement over a new investment vehicle against concerns over its long-term viability.

Despite the skepticism from some quarters, the launch of Bitcoin ETFs marks a pivotal moment in the cryptocurrency’s journey towards mainstream financial acceptance. The SEC’s approval of 11 Bitcoin ETF applications was a long-awaited development after years of regulatory hurdles and growing interest in digital currencies. The mixed market reactions underscore the complex dynamics as investors and financial institutions navigate the nascent landscape of cryptocurrency-based financial products.
As the debate over the success and impact of Bitcoin ETFs continues, the market’s evolution will be closely watched by proponents and critics alike. Anthony Scaramucci’s defense of the ETF launch highlights the divergent views on what success looks like in this emerging sector. With significant initial investments and ongoing discussions about their potential, Bitcoin ETFs remain at the forefront of a broader conversation about the role of cryptocurrencies in the global financial system.
The coming months will be crucial in determining the trajectory of Bitcoin ETFs as more data becomes available on their performance and as the market responds to the broader economic environment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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GENESIS GLOBAL CAPITAL SEEKS PERMISSION TO SELL OVER $1 BILLION IN BITCOIN TRUST SHARES

By Nick James
February 4, 2024

2 mins read

1. Genesis hatches urgent strategy amid market fluctuations

2. Ownership limbo over additional GBTC shares

3. Market impact

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TL;DR

Genesis Global Capital wants to sell $1.4 billion in Bitcoin shares to fix financial issues amid cryptocurrency market troubles.
Gemini faces a legal tangle over an extra $1.2 billion in Bitcoin shares pledged to them by Genesis.
The market watches closely as the sale could affect Bitcoin prices and Genesis’ financial health.

Genesis Global Capital, a subsidiary of Genesis Global Holdco, has made a bold move to seek permission from the U.S. Bankruptcy Court for the Southern District of New York to conduct a substantial sale of assets. The company aims to liquidate approximately $1.4 billion worth of Grayscale Bitcoin Trust (GBTC) shares in a bid to maximize estate value and effectively manage its assets amid the cryptocurrency market’s turbulent times.

Genesis hatches urgent strategy amid market fluctuations

The urgency of the firm’s motion is palpable, as it aligns with a concurrent request to expedite proceedings, scheduled for a court hearing on February 8, 2024. The cryptocurrency market’s ongoing volatility necessitates swift action, and the company sees the sale of GBTC shares as a key strategy to stabilize its financial situation.
Genesis Global Capital holds a substantial number of GBTC shares, representing a specific portion of Bitcoin (BTC). These shares provide investors with a regulated means to participate in Bitcoin’s price movements.

Ownership limbo over additional GBTC shares

In addition to the proposed $1.4 billion sale, there is another point of contention involving an extra 31.2 million GBTC shares, valued at around $1.2 billion. These assets are pledged to Gemini but are currently in a legal limbo regarding ownership, adding complexity to the situation.
Gemini, the recipient of the pledged GBTC shares, has taken a cautiously optimistic stance. The company views Genesis Global Capital’s motion as a significant advancement, particularly after GBTC received approval as an exchange-traded product earlier this year.

Market impact

Selling such a substantial quantity of GBTC shares, which approximates 3.2% of Bitcoin’s total circulating supply, has the potential to ripple through the broader cryptocurrency market. Market observers are closely watching this development, as it could influence Bitcoin’s price dynamics and market sentiment.
Genesis Global Capital’s plans for asset liquidation extend beyond GBTC shares. The company also intends to liquidate assets linked to Ethereum (ETH) and Ethereum Classic (ETC). This diversified approach aligns with Genesis’ goal of increasing liquidity and facilitating creditor remuneration.
Genesis Global Capital’s move to seek court permission for the sale of over $1 billion in GBTC shares is a significant development in the cryptocurrency world. As the company navigates its financial challenges, the outcome of this endeavor could have far-reaching implications for both Genesis and the broader cryptocurrency market. With the court hearing just days away, the industry awaits the decision that will shape the future of these assets and their impact on the digital currency landscape.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Nick James

Nick is a technologist with a special interest in Blockchain technology and cryptocurrencies. He has actively participated in the industry for several years. His main passion is sharing news within the crypto community.

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TEAM SMG DROPS UNDEFEATED ALL-FEMALE VALORANT ROSTER

By Lacton Muriuki
February 4, 2024

3 mins read

1. A new direction for women in competitive Esports

2. Team SMG’s bold move

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TL;DR

Team SMG released their all-female VALORANT roster.
The roster had an undefeated streak but placed 4th in a major championship.
The players plan to stay together and explore new opportunities.

Team SMG, a prominent name in the VALORANT esports scene, has sent shockwaves through the community with the unexpected release of its all-female pro roster. The team, known for their remarkable performance, expressed gratitude to their departing players for their historic contributions.
The roster, comprising Kelly “shirazi” Jaudian, Alexandria “Alexy” Francisco, Camille “Kamiyu” Enriquez, Odella “enerii” Abraham, and Ryona Shannen “Tarathiel” Tan, had been on an impressive 34-game undefeated streak leading up to the VALORANT Game Changers Championship in Sao Paulo, Brazil, where they competed against formidable opponents but ultimately placed 4th overall.
This move comes shortly after Abigail “Kohaibi” Kong, also part of the Game Changers roster, left Team SMG, choosing not to renew her contract.

A new direction for women in competitive Esports

For Kelly “shirazi” Jaudian, the release of the all-female roster represents a new direction for women in competitive esports. She believes this decision will open up fresh opportunities for female athletes in the competitive gaming scene, allowing them to explore new horizons.
Shirazi, who previously played for local organizations in the Philippines such as Bren Esports Victress and TC Arise, expressed her optimism about the situation. She shared that the news of their release didn’t come as a surprise, and rather than feeling disappointed, she sees it as a chance for personal and professional growth. Shirazi also disclosed that the organization had informed the team about their impending free agency.

Despite the release from Team SMG, Shirazi, Alexy, Kamiyu, enerii, and Tarathiel have decided to stay together. They are eager to explore potential offers from different organizations, expressing their desire to continue their journey together as a unit.
Shirazi commented on their plans:

“We are still planning to stick together after the news! There’s no offer yet since the statement was released that we’re free agents now. We hope to get an offer in time for APAC Game Changers.”

In a heartfelt message to fans, Shirazi expressed her gratitude to the gaming community in the Philippines and the Asia-Pacific VALORANT community for their unwavering support. She assured fans that they should stay tuned to the team’s social media pages on Instagram and Twitter for all future updates.

Team SMG’s bold move

The decision by Team SMG to release their all-female pro roster has raised eyebrows within the VALORANT community. The team had gained recognition for their exceptional skills and outstanding performance, especially during their undefeated streak leading up to the VALORANT Game Changers Championship. While no official explanation for the roster’s release has been provided, the move signifies a significant change for the organization and the players involved.
In their statement, Team SMG acknowledged the historic contributions of their all-female roster. This group of talented players had made a name for themselves and played an essential role in breaking barriers and paving the way for women in esports.
The all-female roster’s impressive 34-game undefeated streak showcased their skill and determination. Competing against top-tier teams like G2 Gozen and Team Liquid Brazil in the VALORANT Game Changers Championship demonstrated their capability to go head-to-head with some of the best in the world. Although they fell short in the lower bracket semifinals against Team Liquid Brazil, their 4th place finish in the global tournament remains a remarkable achievement.
Before releasing the all-female roster, Team SMG saw the departure of Abigail “Kohaibi” Kong, who had also been part of the Game Changers roster. Kohaibi chose not to renew her contract with the organization, marking another transition for Team SMG’s VALORANT division.
As the all-female roster of Kelly “shirazi” Jaudian, Alexandria “Alexy” Francisco, Camille “Kamiyu” Enriquez, Odella “enerii” Abraham, and Ryona Shannen “Tarathiel” Tan embarks on their journey as free agents, they are poised for a new chapter in their esports careers. Their resilience, determination, and commitment to their craft have not gone unnoticed, and the esports community eagerly awaits the next step in their journey.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.