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Mike McGlone said in an interview that Bitcoin could still drop to $8,000 in this prevailing bear market. The analyst said Bitcoin is still in its infancy and very volatile. McGlone says an ETF approval and influx of institutional investors may not boost Bitcoin’s price. Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, in a recent interview, said Bitcoin could still drop to a low of $8,000 amid the prolonged market slowdown. McGlone noted that despite its recent selloffs, Bitcoin is still the best-performing asset in the history of the world. He continued that the crypto is still in its infancy and very volatile. He compared the volatility with that of the stock market in its early years. According to him, Bitcoin hasn’t been showing deflationary strength like Treasury bills and gold. Thus, macroeconomic factors still affect the token’s price. He mentioned the Federal Reserve’s ongoing tightening policies as one of the factors affecting B

According to Matt Hougan , allowing the launch of multiple ETFs concurrently would be the most beneficial outcome for investors. Citing historical evidence, he highlighted the SEC’s varied approaches to ETFs in the past and stated the unpredictability of their current stance. Hougan, speaking on Bloomberg Television, emphasized that approving several ETFs simultaneously could be in market participants’ best interest. advertisement Conspiracy Theories Surrounding BlackRock’s Move BlackRock’s unexpected decision to file for a Bitcoin ETF in June, considered by many as a non-ideal time given regulatory uncertainties, has raised eyebrows. Speculations abound, with some, like Ric Edelman, founder of the Digital Assets Council of Financial Professionals, musing about possible “back-room” conversations between the SEC and BlackRock. Gary Gensler, the SEC Chair, who has faced criticism for his views on cryptocurrency, is also thought by some to have given BlackRock hin

SEC is evaluating recent court opinion on Grayscale case for subsequent actions. The U.S. regulator has approximately 45 days to seek an en banc hearing. U.S. Court of Appeals rules in favor of Grayscale against SEC. Journalist Eleanor Terrett of FOX Business took to Twitter today to unveil a statement from the U.S. Securities and Exchange Commission (SEC) about their next steps in the ongoing Grayscale case.  According to the SEC, the agency is currently evaluating the recent court opinion to determine its subsequent actions. NEW: In a statement to @FoxBusiness, the @SECGov says it's reviewing the court's decision to determine next steps in the @Grayscale case. — Eleanor Terrett (@EleanorTerrett) August 29, 2023 ETFs update specialist James Seyffart provided insights into the potential course of action for the SEC. In terms of appeals, the SEC has approximately 45 days to seek an en banc hearing involving all judges. Meanwhile, John Deaton,

In a new development in the ongoing push for a bitcoin exchange-traded fund (ETF), crypto asset manager Grayscale has won its legal battle against the Securities and Exchange Commission (SEC). On Wednesday, the US Court of Appeals ruled in favor of Grayscale, stating that the SEC must review its previous rejection of the firm’s application to convert its Bitcoin Trust into an ETF. The court vacated the rejection, ordering the agency to reevaluate the decision. Also read: Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC Grayscale’s victory could open the door for Bitcoin ETFs Source: CryptoSlate This ruling opens the door for the creation of the first bitcoin ETF, analysts said in a new report from broker Bernstein. While it does not immediately greenlight Grayscale’s GBTC product to become an ETF, it puts pressure on the SEC to approve one of the many proposed bitcoin ETF applications currently pending review. Analysts predict likely approval dates could

Crypto asset manager Grayscale recently won a legal case against the Securities and Exchange Commission (SEC) regarding a proposed spot bitcoin exchange-traded fund (ETF). Also read: Crypto Asset Manager Grayscale Wins Lawsuit Against the SEC Earlier, the SEC rejected the crypto asset manager’s application regarding the Bitcoin ETF . However, the US Court of Appeals ruled that the SEC must re-evaluate its initial rejection of Grayscale’s ETF application. Following the major win, Grayscale CEO Michael Sonnenshein recently sat down with Bloomberg News to share his views on the win. JUST IN: Grayscale now closer to a Spot # Bitcoin ETF launch after winning its lawsuit against the SEC, Bloomberg reports. pic.twitter.com/sGfsjHC17h — Watcher.Guru (@WatcherGuru) August 30, 2023 Grayscale is moving closer to a spot Bitcoin ETF During his conversation, Sonnenshein stated that yesterday’s win was the result of a year’s worth of litigation. He stated that the SEC denied GB

The GBTC share price rallied by 17% closing at $20.56 on Tuesday, August 29. GBTC has reduced its discount to the value of the fund’s underlying token holdings to around 18%. This is a significant improvement from the nearly 50% discount seen in December. advertisement The Grayscale Bitcoin Trust (GBTC) presently operates as a closed-end structure, making it susceptible to significant discrepancies from its net asset value (NAV). Transitioning into an ETF would enable the creation and redemption of shares to align with NAV, leading to increased speculation about a reduction in the discount. This renewed attention for GBTC is evident through a substantial rise in trading volume, reaching its highest level in over a year, with over 19 million shares traded, as reported by Bloomberg’s data. Among the major shareholders of the trust are Digital Currency Group, the parent company of Grayscale Investments LLC, Horizon Kinetics LLC, several funds from Morgan St

Major Indian crypto exchange CoinSwitch has laid off some members of its customer support team amid uncertain crypto regulation and stringent crypto taxation. CoinSwitch, a crypto exchange backed by Andreessen Horowitz and Coinbase Ventures, has axed 44 employees from the company’s customer support team following a reduction in customer queries, according to local news outlet Moneycontrol.  A CoinSwitch spokesperson who spoke to Moneycontrol described the layoff as right-sizing, stating that the affected members voluntarily resigned after speaking with their managers.  “We right-sized our customer support team <…> This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month.” CoinSwitch spokesperson The spokesperson said the company is ready to take the impacted employees back once volumes grow and new positions are available. Meanwhile, the startup employ

Grayscale Investments LLC moved closer to launching a spot-based Bitcoin exchange-traded fund (ETF) in the US. A three-judge appeals panel in Washington on Tuesday overturned the decision by the US Securities and Exchange Commission to block the ETF, which would be tied to the spot Bitcoin price. JUST IN: 🇺🇸 US Court paves way for first Spot #Bitcoin ETF after Grayscale wins lawsuit against SEC, Bloomberg reports. pic.twitter.com/SmmA3szHpT — Watcher.Guru (@WatcherGuru) August 29, 2023 Grayscale has been pursuing the Spot Bitcoin ETF for a year. Now, with the courts on their side, this is a major win not just for Grayscale, but for all of cryptocurrency. The SEC, however, will look to fight the decision. The Grayscale Bitcoin trust is one of the largest trusts holding Bitcoin, and its holding is also seeing a rally of over 20%. Also Read: SEC Approval of Ethereum Futures ETF Expected in October Bitcoin is now trading above $27,000, up nearly 7% in the past 24 ho

Shytoshi Kusama, the co-founder of the SHIB token, said the bridge was fixed with the help of Polygon Labs co-founder Sandeep Nailwal. Shibarium, a new layer-2 blockchain for Shiba Inu (SHIB) has surpassed 100,000 wallet s on its platform with 35,000 coming within 24 hours of Shibarium's relaunch on Aug. 28. Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, confirmed Shibarium was back up and running in an Aug. 28 blog post. At the time, Kusama noted that Shibarium tallied 65,000 wallet s across 350,000 transactions — however, those figures have rocketed upwards since, respectively increasing 55.8% and 20.2%, according to Shiariumscan.io. Shibarium’s block explorer shows that 101,277 wallets have now facilitated 420,897 transactions across 344,614 blocks, with an average block time of 5 seconds. The number of wallet addresses increased from 65,000 to over 100,000 within 24 hours of Shibarium re-opening. Source: Shiariumscan.io In a statement, Kusama said the relaun

Shiba Inu’s Shibarium relaunch sparks bullish sentiment. SHIB price faces a potential rebound amid the crypto market downturn. Massive SHIB outflows hint at strengthened investor confidence. Despite a declining trajectory in the cryptocurrency market, Shiba Inu has caught the attention of many. Over the past week, over 2 trillion Shiba Inu tokens exited exchanges, totaling a worth of approximately $15.8 million. This move indicates reduced selling pressure and appears optimistic for bullish investors. Shibarium, Shiba Inu’s layer-2 network, recently made headlines with its relaunch. The initial launch saw hiccups due to overwhelming traffic, prompting the team to hit the brakes momentarily. Analyzing the Recent Shiba Inu Trends However, after announcing its readiness, Shibarium came back stronger. This step could have acted as a beacon for investors, leading to a change in sentiment. Consequently, many might have anticipated a surge in SHIB’s prices a

Author：Colin Wu Recently, some Binance users in the Chinese community found that their accounts were temporarily suspended due to requests from some law enforcement agencies. The screenshots spread that caused a great panic in the community. Binance took the rare step of issuing two back-to -back statements . First statement on August 19: In response to the recent incidents of account blocking for assisting in the investigation, Binance Chinese Channel responded: Binance will never do anything to harm the interests of users out of self-interest, especially the recent rumors. Globally, the platform party is obliged to provide necessary assistance when law enforcement agencies in various countries put forward reasonable needs for assistance in investigations, However, some recent incidents were purely maliciously distorted and interpreted. Please treat the rumors rationally, and we will continue to pay attention. Second statement on August 24 released more information: In response to the

1. ETH’s weekly summary a. Lido releases update on v2 version progress link On April 5, Lido has released an update on the progress of its v2 version, stating that the preparation work for replacing withdrawal credentials has been completed and all credential messages have been successfully signed (from 0x00 to 0x01). The replacement of withdrawal credentials and Staking Router are the two major focuses of Lido v2. b. Lido expects withdrawal requests from users holding less than 1000 stETH to be completed within a day link On April 6, Lido announced that withdrawal requests from users holding less than 1000 stETH are expected to be completed within a day (standard Ethereum withdrawals usually take 2–6 days). Users with 1000 to 5000 stETH will need about 2 days, while those with 5000 to 10,000 stETH will require 4–10 days, and users with more than 10,000 stETH will need 2 weeks to complete their withdrawal requests. These time estimates are all conditional and assume no exit from the qu

Ex-team members steal 16 trillion PEPE worth $15M from the PEPE wallet. The stolen tokens represented 60% of the team’s total PEPE tokens. The PEPE team said it will create new official Telegram groups. In an announcement, the PEPE admin confirmed that unexpected developments occurred on Thursday, where trillions of PEPE tokens went missing. Specifically, PEPE admin revealed on X that approximately 16 trillion PEPE tokens, equivalent to around $15 million, were moved from the PEPE multisig CEX Wallet.  These tokens were transferred to several crypto exchanges, including OKX, Binance, Kucoin, and Bybit. The transfer coincided with reducing the required signer count from 3/4 to 2/8 wallets for the multi-sig setup.  Consequently, the multi-sig wallet now holds 10 trillion tokens with only one signer remaining. an announcement to the $PEPE community: Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CE

Join Our Telegram channel to stay up to date on breaking news coverage Independent Reserve, a prominent cryptocurrency exchange in Australia, has partnered with PayPal in light of increasing restrictions by Australian banks against crypto exchange payments. This partnership will enable Independent Reserve’s customers to fund their crypto accounts directly using fiat from their PayPal wallets and withdraw their funds from the exchange using PayPal. The new partnership will offer crypto investors extra choice and help mitigate future risks if the rest of the “banks decide to close ranks against industry,” said Independent Reserve CEO Adrian Przelozny in an interview with CoinTelegraph. Australian Banks Tightening Crypto Restrictions In July this year, National Australian Bank joined multiple Australian banks, including Bendigo Bank, Commonwealth Bank, Westpac, and ANZ (Australia and New Zealand Banking Group), to tighten crypto restrictions and block payments to high-risk cryp