Kategorie: Bitcoin News

• CryptoQuant forecasts Bitcoin’s market cap could hit $900 billion if Bitcoin spot ETFs are approved.
• The report also forecasts that $1 trillion could be added to the entire crypto market.
• The various spot Bitcoin ETFs may be approved by March 2024, signalling a new era of crypto adoption.

In a recent report, data analytics firm CryptoQuant revealed compelling insights into the potential impact of Bitcoin spot exchange-traded funds (ETFs) on the cryptocurrency market.

The report suggests that, if approved, these ETFs could trigger substantial growth in the crypto space, raising Bitcoin’s market capitalization to a staggering $900 billion and boosting the overall crypto market by a monumental $1 trillion.

Spot Bitcoin ETFs approval could be a game-changer

The first wave of institutional involvement in the cryptocurrency market, which occurred during 2020-2021, was characterized by institutions adding Bitcoin to their balance sheets.

CryptoQuant’s report highlights that the second wave of adoption may come from financial institutions enabling clients to access Bitcoin through spot ETFs. CryptoQuant believes that these ETFs present a significant opportunity for investors to gain exposure to the crypto market.

The Next Wave of #Bitcoin Institutional Adoption:
The Launch of Spot ETFs

– SPOT ETFS AS THE NEW WAY OF INSTITUTIONAL ADOPTION.
– IMPLICATIONS OF ETF APPROVALS FOR BITCOIN MARKET CAPITALIZATION.

Prepared by Our Head of Research, @jjcmoreno.

Link👇https://t.co/dKyd5GJJdT pic.twitter.com/ECEWMpkf0g

— CryptoQuant.com (@cryptoquant_com) October 16, 2023

Several major financial institutions in the United States have applied for regulatory approval to launch spot Bitcoin ETFs. These approvals could potentially be granted by March 2024 at the latest with some US lawmakers requesting the SEC to approve the applications. This marks a critical milestone in the evolution of cryptocurrency investment instruments.

Potential inflows and market impact

CryptoQuant’s analysis indicates that should the issuers of Bitcoin ETFs allocate just 1% of their Assets Under Management (AUM) to these ETFs, it could result in a remarkable influx of approximately $155 billion into the Bitcoin market. This influx, equivalent to nearly one-third of Bitcoin’s existing market capitalization, could potentially drive Bitcoin’s price into a range between $50,000 and $73,000.

The report also draws upon historical data, revealing that during previous bull markets, Bitcoin’s market capitalization typically expanded by a factor of 3 to 5 times more than its realized capitalization. This historical pattern suggests that for every $1 of new investment entering the Bitcoin market, the market’s capitalization could surge by $3 to $5, indicating substantial growth potential.

The market got a test after some false news about BlackRock Bitcoin ETF approval pushed Bitcoin to $30,000.

In general, the approval of Bitcoin spot ETFs holds the promise of attracting significant institutional investment and contributing to the cryptocurrency market’s expansion. Despite its volatile nature, this development could become a catalyst for further institutional involvement, bringing the crypto space closer to the $1 trillion milestone.

The post Bitcoin ETF approvals to drive $1T crypto market surge: CryptoQuant appeared first on CoinJournal.

• ESMA says MiCA will take time to be fully implemented.
• Crypto investors, therefore, remain at risk in the meantime.
• Bitcoin is trading well under the $29,000 level on Tuesday.

All eyes are on Bitcoin after ESMA – the European Securities & Markets Authority cautioned crypto investors on Tuesday.

MiCA will take time to be implemented

Earlier this year, the European Union approved an extensive set of regulations for crypto assets that it’s calling Markets in Crypto-Assets Regulation.

On Tuesday, however, ESMA warned crypto investors that it will likely take until December of 2024 for MiCA to be fully implemented.

It is also worth mentioning here that a bunch of crypto firms will be able to remain in business without an EU license in states that grant them a transitional period of 18 months – which means full protections in these EU states will not be available until July 2026.

At writing, Bitcoin is trading well under the $29,000 level.

ESMA says no cryptoassets is ‘safe’

ESMA did, however, confirm on Tuesday that it’s working closely with national regulators and is motivating them to apply Markets in Crypto-Assets Regulations rules as soon as possible.

Even with full protection, though, it recommended investors to be cautious when investing in cryptocurrencies. The EU watchdog’s statement reads:

Even with implementation of MiCA, retail investors must be aware that there will be no such thing as a safe cryptoassets.

Currently, crypto assets are unregulated under the rules laid out by the European Securities and Markets Authority. Regulating the crypto market has become a priority for ESMA ever since the collapse of FTX and Terra Luna.

The post ESMA warned crypto investors on Tuesday: find out more appeared first on CoinJournal.

• BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management.
• BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval.
• HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients.

Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.

While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.

Preparing for the imminent Spot Bitcoin ETF approval

With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.

“RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”

HeightZero acquisition by BitGo

HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.

This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.

BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.

This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.

The post BitGo acquires HeightZero to bolster crypto wealth management services appeared first on CoinJournal.

Key takeaways

• Bitcoin is trading above the $28,400 mark and could rally higher in the short term.

• Memeinator’s presale has now surpassed $700k three weeks after its launch.

The cryptocurrency market has been positive so far this week, with most coins and tokens in the green zone. Memeinator’s presale has now crossed an important milestone as the team continues to raise more funds.

Bitcoin eyes the $30k level

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well since the start of the week. It has added more than 2% to its value in the last 24 hours, and the price of Bitcoin currently stands at $28,456 per coin.

The broader cryptocurrency market has also been rallying, with the total crypto market cap now close to the $1.1 trillion mark. If the bulls remain in control, Bitcoin could test the $30k resistance level in the short term. 

What is Memeinator?

The cryptocurrency market has been performing well so far, and investors continue to enter new projects. Memeinator is one of the projects investors have been focusing on in recent weeks. 

Memeinator is a project that is riding the meme coin wave and seeks to provide numerous utilities to users. The project intends to get rid of worthless memes and become one of the leading meme tokens in the crypto space. 

There are thousands of meme token projects in the crypto space, but most of them don’t offer utility to users. 

Memeinator will differ from most of them as it will leverage AI technology to identify worthless memes, allowing investors to know them and steer clear of them. With the right level of adoption, Memeinator’s development team want the token to reach a market cap of $1 billion in the medium to long term. 

The Memeinator presale began roughly three weeks ago and has already attracted thousands of investors in the crypto space. The MMTR price began the presale at $0.01 per token, and the price will rise to $0.0485 by the end of the presale, giving early-bird investors a whopping 132% ROI at listing, which is only the start of it.

The team also plans to launch a Memeinator game at the presale’s conclusion. The Memeinator game players will get to eliminate enemy memes in a good old-fashioned shoot-em-up. 

Why is the Memeinator presale growing so fast?

Memeinator could be garnering interest from investors thanks to the project’s unique use case in the crypto market and beyond. The project is appealing to a wide range of audiences, from degens to crypto natives and speculators, giving it the opportunity to become a hit in the market. 

Memeinator is set to leverage AI to analyse and evaluate memes on the internet, identifying lower-quality memes to replace or “destroy. The project is dedicated to uplifting meme culture and quality while also championing the most imaginative and impactful content. 

The team also took its tokenomics into consideration as it seeks to provide value for the holders and participants. The MMTR token has some excellent features, such as deflationary mechanisms and rewards for holders, incentivising the project for holders in the long term. 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Click here to read more about the Memeinator presale.

Is the Memeinator a good buy? 

The Memeinator has so far raised over $700k in less than three weeks since the presale began. The project is an exciting one for investors as it will leverage AI technology to provide excellent value to investors in the medium and long term.

The team intends to grow the project to a billion-dollar market, and early investors would be the biggest winners if that happens. With the right level of adoption, Memeinator could become one of the leading meme tokens in the crypto space. 

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