Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Cathie Wood: SEC may ‘approve more than one Bitcoin ETFs at once’

  • SEC has to rule on ARK’s application for a Bitcoin ETF by August 13th.
  • Cathie Wood expects the financial regulator to extend that deadline.
  • A summary of what else she said in an interview with Bloomberg today.

The U.S. SEC will likely delay ruling on application for a Spot Bitcoin ETF that Ark Invest registered on May 15th, says Cathie Wood.

Highlights from Wood’s interview with Bloomberg

Current deadline for the financial regulator to announce its decision on the said filing is August 13th. But the famed investor anticipates that the Securities and Exchange Commission will extend that deadline.

Speaking with Bloomberg this morning, the Founder and Chief Executive of Ark Invest also alluded to the possibility that the U.S. SEC may approve a bunch of Bitcoin ETFs at once.

I think SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once. Most of these will be same, and it’ll come down to marketing and communicating the message.

Other than her investment management firm, eight others, including BlackRock Inc, have so far filed for such an exchange-traded fund.

Wood is significantly invested in Grayscale Bitcoin Trust

A Bitcoin ETF has been the front and centre of all crypto-related debates in recent months.

In fact, the possibility of one that may make it more convenient to gain exposure to BTC has largely contributed to the 80% year-to-date rally in Bitcoin. Wood also said on Monday:

We’ve been putting out our Bitcoin monthly for the last year. We’re now starting a Bitcoin brainstorming session. We’re trying to get the word out there that our research is deep.

Note that the third largest holding in her Ark Next Generation Internet ETF at writing is Grayscale Bitcoin Trust. Wood refrained from commenting, though, on what she plans on doing with her investment in GBTC if a Spot Bitcoin ETF gets a nod from the financial regulator.

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Bitcoin revisits $28.8k as crypto sees huge outflows

  • Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
  • Equities also showed signs of uncertainty with mixed trading recorded.
  • Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

BTC hovers at key level amid huge outflows

On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

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Block reports a 34% increase in its second-quarter Bitcoin revenue

  • Block reports market-beating results for its fiscal second quarter.
  • It attributed nearly half of its quarterly revenue to Bitcoin sales.
  • Shares of the fintech still ended nearly 15% down on Friday.

Block Inc ended nearly 15% down on Friday even though it reported market-beating results for its second financial quarter.

Bitcoin made up half of Block’s Q2 revenue

The financial technology company saw continued interest in digital assets in Q2.

Its Bitcoin revenue went up 34% on a year-over-year basis to $2.40 billion and made up nearly half of its total quarterly revenue. Block also revealed in a letter to shareholders today:

As of June 30th, fair value of our investment in BTC was $245 million based on observable market prices, which was $142 million greater than carrying value after cumulative impairment charges.

The multinational attributed $44 million worth of gross profit in its recently concluded quarter to Bitcoin sales – up 7.0% versus a year ago. Block shares are now down nearly 30% versus their year-to-date high.

Notable figures in Block’s Q2 earnings print

  • Lost $123 million versus the year-ago $208 million
  • Per-share loss narrowed from 36 cents to 20 cents
  • Adjusted EPS printed at 39 cents as per the press release
  • Sales went up 26% year-on-year to $5.53 billion
  • Consensus was 36 cents a share on $5.1 billion in revenue
  • Square and Cash App gross profits climbed 18% and 37%
  • Gross payment volume increased 12% to $59.01 billion

Block now forecasts $1.5 billion in full-year adjusted EBITDA. Its previous guidance was for $1.36 billion. The conglomerate also said in its letter to shareholders:

In early 2023, we incorporated Gen AI as a strategic priority because we believe the tech can create new features and efficiencies for our customers.

Wall Street currently has a consensus “overweight” rating on Block stock.

The post Block reports a 34% increase in its second-quarter Bitcoin revenue appeared first on CoinJournal.

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Miami mayor to accept presidential campaign donations in BTC

  • Miami Mayor Francis Suarez, a Republican, announced his candidacy for the 2024 presidential election in June.
  • Miami has currently been trending for all the right reasons from Lionel Messi mania to the mayor accepting BTC donations.
  • The mayor has also said that he would ban a central bank digital currency (CBDC).

Bitcoin-friendly Miami Mayor Francis Suarez has said that he will accept Bitcoin (BTC) donations for his presidential campaign.

Speaking on a popular media TV outlet, Suarez said:

“Officially, my campaign is accepting bitcoin,” Suarez explained. “This is a process of developing technologies that will create democratising opportunities for wealth creation and will not be manipulated by a human being’s ulterior motives, political goals, and so on.”

According to Suarez, supporters can now donate as little as 0.00034BTC, or the equivalent of $1, at his campaign website.

Suarez’s view on CBDCs

Suarez, who is known to advocate for Bitcoin, has said that he would ban a central bank digital currency (CBDC).  He said that people do not want the federal government to know where they have their money and how much money they have.

Suarez launched the MiamiCoin (MIA) in 2021, which he hoped would be used to pay a recurring Bitcoin stimulus (similar to dividends) to Miami citizens.

The mayor has criticized the current US administration led by Joe Biden. Castigating the government, Suarez said:

“The biggest mistake that this administration has made is they don’t understand crypto so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules. You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets.”

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Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

Key takeaways

  • Bitcoin is still trading around $29k per coin and could dip lower in the near term.

  • Shiba Memu’s presale has hit %1.5 million after selling more than 52 million SHMU tokens. 

Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

BItcoin Stays Around $29k

The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

What is Shiba Memu?

Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale hits $1.5M

Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu today?

Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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