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Home > News
Published: 24/03/2024
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Author: Leexim
Bitcoin Witnesses a Series of Extremely Large Whale Transactions
Bitcoin has witnessed significant transactions exceeding $2.3 billion, including a $1 billion withdrawal from Coinbase amidst market shifts.
Azcnews Breaking (1)
According to Whale Alert, notable movements in Bitcoin transactions have been observed. Over the past 24 hours, wallets identified as unknown have transferred a massive amount of Bitcoin, surpassing $2.3 billion. These transactions occurred within five significant transactions, indicating volatility and activity in the cryptocurrency market.
The smallest transaction among these five transferred 4,799 BTC. Another noteworthy transaction involved the transfer of 7,452 BTC. The remaining three transactions, each transferring over 8,100 Bitcoin, with the largest transaction reaching 8,734 BTC, valued at approximately $560.8 million.
An astonishing sum of approximately $1 billion worth of Bitcoin has been withdrawn from Coinbase. These withdrawals include two main transactions of 8,172 BTC and 8,136 BTC, marking a significant shift in asset allocation. Such withdrawals indicate large whales are showing signs of accumulation in cold wallets, signaling potential long-term price increases for Bitcoin.
Whale Bitcoin
Whale Bitcoin
Analyst Ali reports that within just one day, anonymous blockchain addresses have accumulated over 25,000 BTC. This amount, valued at approximately $1.6 billion, reflects the largest capital inflow into accumulating wallets in 2024 to date. This trend demonstrates increasing interest in accumulating Bitcoin amidst market fluctuations.
Additionally, CryptoQuant has provided additional on-chain data shedding light on the current market condition. The data reveals significant asset exchanges among long-term holders, especially from wallets aged between three to five years. Around 90,000 BTC have been transferred during this period, indicating a notable shift in long-term investment strategies.
Related: Bernstein Predicts Bitcoin Price to Reach $90,000 by Year-End
Further investigation reveals that wallets involved in these activities are transactional wallets rather than exchange cold wallets.
Bitcoin and other cryptocurrencies have seen capital outflows over the past two days due to macroeconomic factors. The upcoming halving and the movement of mining reserves also play a role in Bitcoin’s price decline.
This healthy correction could propel Bitcoin in the coming months, with the bullish camp aiming to sustain pressure.
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Azcnews Breaking
News | Editor Choice | Policy & Regulations 24/03/2024
Gary Gensler Seeks Transparency From Cryptocurrency
Chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler desires transparency from the cryptocurrency industry to mitigate risks for investors.
Tokenization: Real World Assets On The Blockchain_65d5cbe8acba3.jpeg
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Home > News
Published: 24/03/2024
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Author: Kane
Gary Gensler Seeks Transparency From Cryptocurrency
Chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler desires transparency from the cryptocurrency industry to mitigate risks for investors.
Azcnews Breaking
Table of Contents
Chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler has criticized participants in the cryptocurrency industry for avoiding registration requirements with the regulatory agency.
In his concluding remarks of a speech at Columbia Law School, Gensler emphasized the importance of mandatory disclosure for market participants, referencing Justice Louis Brandeis’s quote that “sunlight is said to be the best of disinfectants.”
Gensler expressed concerns about some participants in the cryptocurrency securities market seeking to evade registration requirements, leading to a lack of mandatory disclosure.
He underscored the need for transparency in the cryptocurrency market, suggesting that some “disinfectant” measures could benefit the industry.
Related: Fake News: SEC Chairman Gary Gensler Resigns
Gary Gensler Declares War on Cryptocurrency Companies
Gary Gensler
Gary Gensler
Over the past year, the SEC has initiated numerous lawsuits against cryptocurrency companies, with Chairman Gensler consistently asserting that most cryptocurrencies should be classified as securities.
Specifically, the agency has filed civil suits against Sam Bankman-Fried, the co-founder of FTX.
In addition to the lawsuit against Bankman-Fried, the SEC has also sued other major cryptocurrency companies such as Binance, CEO Changpeng Zhao, and Coinbase.
Many within the industry and advocacy groups have called on the SEC to provide clear regulatory guidance to foster innovation domestically.
The SEC is said to have issued subpoenas to potentially classify Ethereum (ETH) as a security under its jurisdiction.
“There are still those who seek to undermine the SEC’s disclosure regime,” the SEC chairman said.
Some participants in the cryptocurrency securities market are seeking to evade these registration requirements. Not registering means not making mandatory disclosures. Many would agree that the cryptocurrency market may need a bit of ‘disinfectant.’
In recent years, the SEC has made progress in approving cryptocurrency-related exchange-traded fund (ETF) products on U.S. exchanges, including investment tools tied to ETH and Bitcoin futures contracts, along with the first physically-backed Bitcoin exchange-traded products in January.
Related: How to Participate in the Backpack Airdrop
SEC Delays Decision on ETH Futures ETF
Eth Etf
Eth Etf
In another development, the SEC has once again extended the deadline for its decision on approving the Ethereum Futures Trust ETF proposed by Grayscale.
The SEC announced that the previous deadline of March 31 would be postponed to May 30.
The ETF proposed by digital asset management firm Grayscale aims to invest in Ethereum futures contracts.
SEC’s decision to extend the deadline comes after the agency delayed a previous decision in December 2023 when they sought additional public input on whether the ETF should be listed.
James Seyffart, an ETF analyst at Bloomberg, believes Grayscale may be using this futures-based ETF registration as a strategy to influence the SEC’s decision on approving their Ether physically-backed ETF registration.
If the SEC approves Grayscale’s futures-based ETF, it could bolster Grayscale’s argument for approval of their physically-backed Ether ETF registration.
Furthermore, the SEC has also delayed its decision on whether to approve Grayscale’s physically-backed Ether ETF, opening a registration for public comment on January 25.
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#Gary Gensler
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LATEST
Azcnews Breaking (1)
News | Bitcoin | Editor Choice 24/03/2024
Bitcoin Witnesses a Series of Extremely Large Whale Transactions
Bitcoin has witnessed significant transactions exceeding $2.3 billion, including a $1 billion withdrawal from Coinbase amidst market shifts.
Tokenization: Real World Assets On The Blockchain_65d5cbe8acba3.jpeg
Editor Choice | Research 23/03/2024
Tokenization: Real World Assets on the Blockchain
Tokenizing Real-World Assets (RWA) is a crucial domain where blockchain technology can play a significant role in addressing real-world challenges.
Azcnews Breaking
Airdrops | Altcoin | News 24/03/2024
How to Participate in the Backpack Airdrop
Backpack is an advanced trading platform and wallet for xNFTs on Solana, currently hosting an airdrop program for users with rewards of up to thousands of USD. Detailed instructions can be found here!
Azcnews Breaking
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