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BlackRock Bitcoin ETF hits 69 days of inflows on ‘4/20’ halving day

Bitcoin memes keep flowing as one of the year's biggest success stories adds to the sense of fate around the 2024 halving.

Bitcoin (BTC) is supplying some classic memes this week — and it goes beyond the “4/20” halving date.

Thanks to the success of the spot Bitcoin exchange-traded funds (ETFs), market observers are celebrating a halving which has been “almost too perfect.”

BTC price action may be firmly sideways this halving, but its timing is giving some a feeling that it was all meant to be.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Wealth management firms to boost Bitcoin ETF holdings – Bitwise CEO

The forecast mirrors the growing demand for ETFs, as evidenced by recent positive inflows in the U.S. Bitcoin ETF market.

Bitwise CEO Hunter Horsley has predicted that wealth management firms will increase their Bitcoin exchange-traded funds (ETFs) in terms of holdings. The prediction comes at a time when Bitcoin ETFs are expected to gain even more traction after the halving. 

Horsley’s prediction aligns with the broader market belief that there is increasing demand for ETFs, given that Bitcoin BTC investments in the United States exchange-traded funds (ETFs) market recorded a net positive inflow right before the Bitcoin halving day following five consecutive days of drain.

BlackRock's iShares Bitcoin Trust (IBIT) is closing the gap with Grayscale’s, standing just $2 billion shy. This positions BlackRock to potentially surpass Grayscale as the world’s largest Bitcoin fund. Grayscale’s Bitcoin Trust (GBTC) experienced a 68-day period of value decline, shedding nearly $16 billion and reducing its assets to $19.4 billion.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Hong Kong investment firm Victory Securities reveals Bitcoin and Ether ETF fees

Despite the Hong Kong SFC not yet publishing an approved list of issuers, Victory Securities has disclosed its fees for Bitcoin and Ethereum ETFs.

Hong Kong-based investment firm Victory Securities has reportedly disclosed its proposed fees to investors for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) following the recent approval of cryptocurrency ETF products within the region.

The announcement comes even though the Hong Kong Securities and Futures Commission (SFC) has not yet published the list of approved ETF issuers.

If approved by the SFC, Victory Securities' customers will face proposed fees for Ethereum and Bitcoin ETF shares in the primary market, set at 0.5% to 1% of the total transaction, with a minimum fee of $850, according to an extract of a translated report shared by Wu Blockchain on April 20.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Grayscale’s Mini Bitcoin ETF ‘cheap’ fees are ‘hypothetical’ — analysts

Grayscale's new Mini Bitcoin ETF will be around ten times cheaper than GBTC's fees, but Bloomberg ETF analyst Eric Balchunas says it's too soon to get excited.

Grayscale Investments' has declared its upcoming "mini" version of the Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) will be almost a tenth cheaper than the current GBTC fees, making it the cost-effective option among the approved spot Bitcoin ETFs.

However, investors shouldn’t get their hopes up yet, according to Bloomberg analyst Eric Balchunas.

“This is pro-forma financials and as such hypothetical,” Balchunas declared in an April 20 post on X, explaining that while changes are possible before launch, the fees were intended to catch investors’ attention.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

a16z snubs crypto, Mango Markets exploiter found guilty and Worldcoin launches blockchain network: Hodler’s Digest, April 14-20

The Cyprus SEC extends FTX Europe license suspension, a16z snubs crypto investment and Worldcoin launches blockchain: Hodler’s Digest

Major Bitcoin investor Grayscale Investments saw its spot BTC exchange-traded fund (ETF) holdings drop 50% ahead of the anticipated Bitcoin halving event.

On April 16, Bitcoin holdings in the Grayscale Bitcoin Trust ETF (GBTC) shrunk by one-half from 619,220 BTC on the first day of trading on Jan. 11.

The spot Bitcoin ETF held 309,871 BTC on its 66th day of trading, down 50% of the amount since the trading debut, according to GBTC data.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Binance tax evasion trial moved to May 17 in Nigeria

Gambaryan’s lawyer, Chukwuka Ikuazom, objected, citing Nigerian law, stating he couldn’t plead until Binance, the primary defendant, was served.

The tax evasion trial in a Nigerian court involving cryptocurrency exchange Binance and two of its executives has been adjourned to May 17. This delay occurred because the exchange had not yet been formally served with the charges.

According to local news agency BusinessDay, the Federal Inland Revenue Service (FIRS) has not served Binance with tax evasion charges. The FIRS lawyer argued that Gambaryan should represent Binance as the primary defendant, had been served, given that both Binance and its executives were charged together.

However, Gambaryan’s lawyer, Chukwuka Ikuazom, objected, citing Nigerian law, stating he couldn’t plead until Binance, the primary defendant, was served. Judge Emeka Nwite adjourned the proceedings for May 17, when he will give a ruling.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

The 2024 Bitcoin halving is the “most bullish” setup for BTC price

Despite a pre-halving slump in ETF inflows, Bitcoin could resume its rally to new all-time highs as the next wave of institutional investors are preparing to gain exposure to BTC.

The fourth-ever Bitcoin halving, which occurred on April 20, could give rise to the “most bullish” Bitcoin cycle, based on historical chart patterns combined with the presence of spot Bitcoin exchange-traded funds (ETFs).

For the first time in crypto history, Bitcoin's (BTC) price reached a new all-time high of above $73,600 on March 13, before the halving event. Historically, Bitcoin price rallied to new highs in 518 to 546 days after previous halving events.

The pre-halving all-time high, combined with institutional inflows from the ten United States spot Bitcoin ETFs, created the “most bullish setup” for Bitcoin, according to Sukhveer Sanghera, founder and CEO of Earth Wallet. He told Cointelegraph:

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

USA to forge AI partnership with Nigeria for economic growth

The partnership aims to strengthen economic ties and ensure that AI deployment is safe, secure, transparent, and trustworthy.

The United States of America (U.S.A) and Nigeria are poised to engage in discussions on the digital economy, emerging technology, and the advancement of artificial intelligence (AI) to explore potential partnership opportunities.

During the closing ceremony of a four-day Workshop on National Artificial Intelligence Strategy in Abuja, Mr. Arthur Brown, the Deputy Chief of Mission at the U.S. Embassy, revealed this information. Brown stated that within two weeks, senior officials from the U.S. government would convene in Abuja for a conference organized by the U.S.-Nigeria Bi-National Commission.

Providing further details on the upcoming meeting, the deputy chief of mission said the United States aims to capitalize on the momentum generated by a four-day workshop by organizing an AI conference in Lagos.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Bitcoin halving 2024: 5 ways it’s different this time

Since the previous halving, the number of crypto users has surged 400%, not including the impact of the spot Bitcoin ETF launch in the United States.

Another Bitcoin halving has come and gone, the fourth so far, and this one was like no other before it, with institutional investment playing a key role for the very first time.

Bitcoin halvings have been historically associated with one essential similarity — a subsequent spike in BTC price, which often occurs some time after the halving.

While the community has yet to find out whether the fourth halving will follow the same path, some things are already different about the Bitcoin halving 2024.

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens

Bitcoin halving: Why it’s important for BTC scarcity

Bitcoin's most important economic mechanism, the halving, could legitimize Bitcoin as a store of value asset for the digital age, seeking more liquid assets than real estate or gold.

The fourth-ever Bitcoin halving occurred a few hours ago at the 840,000th block. The halving is considered the most important economic mechanism influencing Bitcoin (BTC) supply and creating scarcity for the asset.

The Bitcoin network’s fourth halving event, reduced block issuance rewards from 6.25 BTC to 3.125 BTC per mined block, effectively slashing Bitcoin’s issuance rate in half.

The halving is a crucial mechanism for Bitcoin’s scarcity and market valuation, according to Karim Chaib, the CEO of crypto platform Dopamine App. Chaib told Cointelegraph:

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The Runes Economy: Navigating the Booming Market of Bitcoin-Derived Tokens