bitcoin news

Oct 08 2021

SEC Approves ETF For Companies With Large Amounts Of Bitcoin Reserves

As the entire crypto community around the world anxiously awaits approval for Bitcoin ETF from none other than the Securities and Exchange Commission (SEC) of the United States, the regulatory body answered through an announcement which implies that they are actually moving in that direction gradually. The agency took a defining step by approving a fund which is named “Volt Bitcoin Revolution ETF.”

The fund, which is ideally managed by Volt Equity based in San Francisco, will be providing retail investors with a comprehensive Bitcoin exposure by making a portfolio that will contain a list of “Bitcoin Revolution Companies” that are holding a considerably large portion of the cryptocurrency on their respective balance sheets.

The initial application was actually filed in June, and in there Volt had mentioned that 25 percent of the assets in the fund would consist of stocks from MicroStrategy, which is a cyber security company that has been stockpiling huge amounts of Bitcoin. Tad Park, in an interview with Decrypt mentioned that the percentage could be less than the fund itself. He even stated that the fund will trade under the symbol of BTCR.

Park added that the fund will include shares in an average of 30 notable companies that include Square, Tesla, PayPal, and Coinbase. According to him, Volt has also decided to include Twitter after the company announced that Bitcoin Tipping is part of their operations now, and also a Bitcoin mining company known as Marathon, who are holding generous amounts of the cryptocurrency in their corporate treasuries.

Park even mentioned that the Bitcoin Revolution Fund will not be as volatile as the crypto market itself and the reason behind this is that even if the crypto market takes a downfall, that will not affect the shares of companies such as PayPal or Tesla that much. Moreover, like most of the other ETFs, the fees for Volt are kept at a modest range, which consists of a .85% management fee to be paid annually.

In addition to that, while the SEC has provided a green signal to the Volt fund, it is still far away from approving a pure Bitcoin ETF. However, this action does suggest that the hardline position maintained by the agency towards Bitcoin may be easing up gradually. That is because even if we look back a year ago, things were quite different and even this approval is a way bigger change from there.

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Oct 07 2021

MakerDAO Founders Are Planning To Address Climate Change

Rune Christensen, who is the founder of the MakerDAO protocol, has recently published an essay in which he has outlined the measures that could be undertaken in order to give the protocol a voice that can address the nuances of climate change.

A lengthy post that was published on the MakerDAO governance forum on the 5th of October, Christensen has asserted that it is imperative for MakerDAO to ensure that all their collateral must consist of assets which are sustainable and aligned with nature considering the lost lasting impacts of the financial activities on the already suffering environment.

Christensen has asserted with clarity that it would be beneficial if the collateral of the protocol can be properly invested into real world assets or RWAs that are entirely sustainable in their orientation, through senior credit positions existing in the projects that are engaged in building solar farms, batteries, recharging stations, wind turbines and other such renewable energy solutions that are also cost-efficient.

He also expressed his concerns stating that the company should really focus on reestablishing their commitment to decentralize the collateral, and while doing so he advocated that it would be in their best interest that the protocol goes back to relying on the Ether token and consequently the Ethereum network.

The users on the MakerDAO network deposit crypto assets into the network protocol in order to collateralize the minting of the DAI stablecoin on its network. Even though during the initial days , the protocol immensely supported the Ether network, over time they have started showing their support for other assets as well, such as the Wrapped Bitcoin, USD Coin and Basic Attention Token.

Christensen even outlined the improved environmental efficiency the network of MakerDAO would achieve through the use of the Eth2, which came into existence following the transition of Ethereum to POS or Proof-of-Stake consensus. He stated that as soon as the upgrade from Proof of work to Proof of stake is completed, Ethereum will transform into a highly energy efficient network. According to him, ETH can pose a serious threat to the supremacy of Bitcoin once the upgrade is completed.

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Oct 07 2021

Bitcoin Regains $55,000 On Strong Fundamentals

The bulls of Bitcoin have again taken Bitcoin to another astonishing level. For the first time in 5 months, the valuation of Bitcoin has reached the mark of $55,000. The month of September had been a dull phase for the cryptocurrencies. However, Bitcoin has returned with a jolt during the first week of this month with a solid $55K.

Bitcoin, the most popular cryptocurrency in the world, is now only a mere $10,000 shy from reaching the all-time record position. In April, 2021, Bitcoin surpassed $64,000 breaking all previous records.

The price of Bitcoin recently surged to $55,077.67 after witnessing a steady 6.82 percent increase in the last 24 hours. It is also important to mention that Bitcoin had already touched the $55,000 mark on Wednesday, even though it was a brief affair.

According to the expert analysts, it is difficult to point to a certain factor that might have caused the surge or dip in the prices of Bitcoin. Being the first cryptocurrency, Bitcoin’s trading history is intensely complex. There are multiple factors at play that cause rising or plunging in the price.

Furthermore, the increasing popularity of Bitcoin on prominent social media platforms could be the contributing factors behind the surge in the prices of Bitcoin. Both of these factors indicate that Bitcoin is resistant to volatile situations in the traditional market or ‘cryptocurrency never goes down.

The experts are of the opinion that there is also another reason which can be a potential contributor to this sudden surge in Bitcoin prices. Speculatively, the Securities and Exchange Commission of the United States (SEC), might approve Bitcoin ETF or exchange-traded products in the coming few weeks.

The research team at CoinDCX pointed out, Gary Gensler, Chairman of the SEC, once said that as soon as Bitcoin hits $55,000 within a span of 5 months, it’ll qualify for ETF approval. He has reaffirmed the entire global crypto community that the United States does not stand in favor of banning cryptocurrencies.

On the contrary, Gensler urged the crypto exchanges to register themselves with the SEC and also to regulate the stablecoins.

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Aug 13 2021

New Data Reveals Possibility for Bitcoin to Smash $175,000 By the End of this Year

The world’s most famous cryptocurrency, Bitcoin continues its steady rise to new highs as the trading volume keeps skyrocketing through the roof. At the time of reporting, the bears were low by an estimated 5 percent. Moreover, in the last 24 hours, it has cleared $43,000 support as well. The current price of Bitcoin sits attractively at an average of $44,500.

Just a couple of days before, the famous blockchain and crypto expert Willy Woo, stated that it is extremely important for Bitcoin to reach and smash the $53,000 mark, in order for it to address the supply and demand imbalances that have been created in the market in the past few months. He stated this while he cited the relevance and significance of Bitcoin reaching the $53,000 mark. However, as of now, it clearly seems that Bitcoin is well on its way to secure its position as mentioned above.

Bitcoin set to outperform market predictions in the long run

William Clemente, who is a popular blockchain and crypto analyst also provided his own insights into the subject in the form of a glassnode chart which serves as an attribute to the predictions made by Willy Woo. William’s analysis is indicative of the fact that Bitcoin is all set to topple the $57,000 barrier.

BTCUSD

In further breakdown of the chart that he had provided, he goes on to explain on an assertive note, that the next phase in which Bitcoin will move into will see it jump to $92,000, and what is even more interesting, is the fact that this prediction gets even better.

According to the chart provided by William, it can be clearly seen that Bitcoin will not only surpass the much-anticipated mark of $100,000 by the end of this year, but the probability is there that the oldest and the dominant cryptocurrency will eventually reach a never before seen price mark of $175,000. The chart predicts that this is the direction in which the cryptocurrency is headed right now in order to reach a position that it has never done ever since it was introduced in the market.

William stated that Bitcoin is now more than ready to reclaim the yellow middle line heading for a confirmed bullish run, which currently can be predicted to reach $57,000. According to him, if this position is confirmed, then the next target would be $92,000 which will be indicating that it has reached the delta/top (orange) position. He further added that if Bitcoin can reach this position, then according to the predictive analysis, the cryptocurrency would then haul for the next big jump, which at this point is sitting at an estimated worth of $175,000.

Ever since the beginning of August, analysts from all over the world have come up with analyses that suggest a bullish development for Bitcoin. It seems that analysts have collectively started agreeing upon the fact that bitcoin has solidified its base at an estimated $40,000. They suggest that this would enable the cryptocurrency to sustain new growths that it will gain in the future.

This analysis is extremely significant for the Bitcoin market, especially this year. This is because this predictive analysis has the potential to clear up the agitations concerning a superficial demand in the market, which, according to reports, was the primary cause of Bitcoin’s impotence to uphold a valuation of $60,000.

However, it is a matter of fact and goes without saying that the market at present is witnessing the cryptocurrency treading another high territory as the trend is going upward once again. If one can examine in detail the factors which are at play behind this upward trend for Bitcoin, then a perspective of clarity can be gained from the transactional activities of the cryptocurrency in the present scenario. In a recent twitter post, William has elaborately pointed out the obvious fact behind this prediction.

According to William, and according to his analytical observations, it is clear that many newcomers in the world of cryptocurrency are investing and buying bitcoins in an insane level of vigour. He mentioned that their holdings have been increasing exponentially as a percentage of the overall supply and also, as a percentage of the available supply which is in control of a group of individuals with a spending history that is very little in terms of transactional activities.

To conclude things, one can say, and in an extremely hopeful sense that the strength of the market at this point of time is by far and large, quite strong and bullish. Even according to reports from Glassnode, there have been no such records that imply cases of urgent selling from entities who have been long term holders. It is most certain that Bitcoin has a lot of space to thrive in this month of August.

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