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Central Banks Warn Trillion-Dollar Debt Hammering US Dollar, Reveal Plans To Increase Chinese Yuan Holdings

Central Banks Warn Trillion-Dollar Debt Hammering US Dollar, Reveal Plans To Increase Chinese Yuan Holdings

Central banks around the world no longer look at the US dollar with the same certainty they did just years ago, according to a new survey. Institutional asset manager Invesco surveyed 57 central banks and found they’re concerned America’s behavior on the geopolitical stage, plus its surging debt levels, are threatening the reliability of the […]

The post Central Banks Warn Trillion-Dollar Debt Hammering US Dollar, Reveal Plans To Increase Chinese Yuan Holdings appeared first on The Daily Hodl.

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Monochrome revises filing for spot Bitcoin ETF at Aussie stock exchange

The CEO believes investors will be inclined to seek exposure to Bitcoin in a more familiar, structured and protected regulatory environment.

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

The ETF — Monochrome Bitcoin ETF — will be able to offer retail Australian investors direct exposure to Bitcoin and Ether (ETH), according to the firm’s July 14 announcement.

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors would be exposed to Bitcoin within a formidable regulatory landscape:

“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

“So that is the benefit, I guess, compared to, say, unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner,” is authorized under an Australian Financial Services Licence to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Related: Bitcoin ETF is the needed ‘seal of approval’ for BTC — Mike Novogratz

Spot Bitcoin ETF applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms, including Fidelity, Invesco, Wisdom TreeValkyrie and the $10 trillion asset management firm BlackRock.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books

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Cboe refiles 5 Bitcoin ETFs to include Coinbase surveillance agreements

The surveillance-sharing agreements are a measure recommended by the SEC in March, which says they can prevent fraud and protect investors.

Exchange operator Cboe Global Markets has amended five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications to include a surveillance-sharing agreement (SSA) with Coinbase.

On July 11, Cboe amended filings with the United States Securities and Exchange Commission (SEC) for the ETFs from Invesco, VanEck, WisdomTree, Fidelity and the joint fund by ARK Invest and 21Shares.

Cboe said it had "reached an agreement on terms with Coinbase" to enter into the SSA's which were settled on June 21. The initial filings for the ETFs stated the parties were "expecting to enter" an SSA prior to potentially offering the ETFs.

The SSAs are an attempt to meet the SEC's standards aimed at preventing fraudulent conduct and protecting investors, as outlined by the regulator on March 10:

“[An exchange needs] a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets.”

Spot Bitcoin ETF applications have been a focus point for the industry lately. The filings by Fidelity, Invesco, Wisdom Tree and Valkyrie follow the $10 trillion asset management firm BlackRock which also filed an ETF for SEC approval.

Related: Why a Bitcoin ETF approval would be a big deal

On June 29, the U.S. stock exchange Nasdaq also refiled its application to list BlackRock's ETF, similarly inclusive of an SSA with Coinbase.

Cboe's filings pushed Coinbase (COIN) shares up nearly 10% on June 11, the highest price it's reached since August 16, according to Google Finance.

Coinbase’s share price jumped nearly 10% with the latest SSA-related filing amendments. Source: Google Finance

Despite the involvement with Bitcoin ETF applications, Coinbase is currently battling out a lawsuit with the SEC for allegedly offering cryptocurrencies the regulator considers to be unregistered securities.

Magazine: Asia Express: HK crypto ETFs on fire, Binance warns on Maverick FOMO, Poly hack

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Bitcoin remains ‘primary focus’ for investors amid year highs: CoinShares

Bitcoin investment products have experienced $310.6 million in inflows over the last two weeks.

Bitcoin (BTC) has been the “primary focus” for institutional investors over the last two weeks, according to Coinshares, as the cryptocurrency continues to hit new prihighs for 2023.

In a July 3 report from CoinShares’ Head of Research James Butterfill, the analyst noted that Bitcoin-related products saw $310.6 million of inflows over the last two weeks, representing the vast majority of crypto product inflows.

“Bitcoin remained the primary focus of investors [...] with the last 2 weeks inflows representing 98% of all digital asset flows,” said Butterfill.

Bitcoin weekly inflows. Source: CoinShares

The last two weeks of inflows are a reversal from the previous nine consecutive weeks of outflows. Short Bitcoin products also experienced a minor outflow of $0.9 million over the last week.

It’s the second time this year that Bitcoin products have accounted for 98% of inflows into cryptocurrency investment products, and comes amid a surge in Bitcoin’s price and dominance.

Bitcoin accounted for 98% of digital asset investment product inflows over the last fortnight. Source: CoinShares.

Much of this surge has been pinned on BlackRock’s June 15 spot Bitcoin ETF application, followed by similar filings from the likes of Fidelity, Invesco, Wisdom Tree and Valkyrie.

Since the filing, the price of Bitcoin has increased 25.2% to $31,131 at the time of writing. Bitcoin's dominance — which is a measure of its market cap relative to the total market cap of all cryptocurrencies — has risen to 51.46%, according to data.

Meanwhile, Ethereum investment products inflows came in at $2.7 million last week, the second week of inflows that have reversed a lengthy outflow trend.

Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure

Speaking to Cointelegraph on June 26, Fireblocks CEO Michael Shaulov said there has been a “fair amount of interest” from institutional investors in core assets such as Bitcoin and Ethereum, but less so in alternate cryptocurrencies.

“The narrative around Ethereum is pretty much the understanding that future ecosystems of tokenizeation are likely to be EVM-based. And if they’re EVM based, then Ethereum is going to play out as utility.”

Shaulov said the narrative around Bitcoin has been less specific, but notes that most investors see the need to hold the cryptocurrency.

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss

With spot Bitcoin ETFs filings helping boost the price of Bitcoin, some suggest the “window to front-run institutional demand is closing.”

Recently renewed optimism for an approved Bitcoin (BTC) spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits.

Over the past week, Fidelity, Invesco, Wisdom Tree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s 19% price surge to $30,240 since June 16.

Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, stated on June 21 that he believe“The Great Accumulation” of Bitcoin has begun between institutions and retail investors.

He suggested that buying Bitcoin prior to the ETFs hitting the public market is akin to that of a pre-Initial Public Offering purchase and suggested that the “floodgates” for buying Bitcoin are “closing fast.”

MicroStrategy Chair Michael Saylor weighed in on the subject in his own post, suggesting that retail investors may soon be pushed aside by increasing institutional demand:

“The window to front-run institutional demand for Bitcoin is closing.”

Bitcoin is currently trading hands for $30,240, while the Crypto Fear and Greed index has skyrocketed from 49 (Neutral) to 65 (Greed) in just the last two days.

Bitcoin Fear and Greed Index at 65 as of June 22. Source: Alternative.me

In a June 21 interview with CNBC, Bitcoin investor Anthony Pompliano said he expects a tug-of-war to play out between retail investors and Wall Street:

“We have institutions and individuals scrambling to try to get their share of the 21 million Bitcoin that will ever be in existence. The retail investor for 15 years now has a head start and has accumulated all the Bitcoin that’s been mined and put into circulation, but 68% of that hasn’t moved in a year.”

“People forget that bitcoin went from $0 to nearly $1 trillion market cap with almost no institutional participation,” said Pompliano in a June 21 Twitter post.

So when “Wall Street and BlackRock show up to the market,” Pompliano expects Bitcoin to become “highly illiquid” because retailers “don’t want to sell to Wall Street,” he added during the CNBC interview.

Related: Grayscale Bitcoin Trust nears 2023 highs on BlackRock ETF filing as buyers step up

Meanwhile, Dylan LeClair, a Bitcoin analyst and founder of 21st Paradigm explained that Bitcoin’s price is now “extremely inelastic” — “more so than ever” — amid the recent ETF filings, which are serving as a “catalyst” for large amounts of new flows into the market.

However, LeClair predicts that no ETF application will be approved by the SEC until January or February 2024 at the earliest.

Magazine: Hall of Flame: William Clemente III tips Bitcoin will hit six figures toward end of 2024

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Invesco Strategist Warns the Fed Is ‘Playing a Dangerous Game’ That Could Lead to ‘Significant Recession’

Invesco Strategist Warns the Fed Is ‘Playing a Dangerous Game’ That Could Lead to ‘Significant Recession’The chief global market strategist at Invesco, a global investment firm with $1.3 trillion under management, has warned that the Federal Reserve is playing “a dangerous game” with its 75-basis-point rate hikes. She noted that the Fed’s action could lead to “a significant recession.” Invesco’s Chief Strategist on Recession and the Fed’s Efforts to Fight […]

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz

Metaverse Startup Ready Player Me Raises  Million in Series B Led by Andreessen HorowitzThe AI-generated avatar creation cross-platform for the metaverse, Ready Player Me, has raised $56 million in a Series B funding round led by Andreessen Horowitz (a16z). The startup’s co-founder and CEO Timmu Tõke says the funding will be used to scale the cross-platform metaverse avatar system. Investors Inject Ready Player Me With Fresh Capital, CEO […]

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Report: Investment Management Giant Invesco Launches Metaverse Fund

Report: Investment Management Giant Invesco Launches Metaverse FundThe investment management giant Invesco has launched a metaverse fund that will invest in a myriad of startups focused on metaverse technology, a Citywire report detailed on Monday. “We will seek to capitalise on these opportunities through a highly selective, valuation-conscious approach,” Tony Roberts, Invesco’s fund manager, explained. Invesco Reveals Metaverse Fund — Investment Manager […]

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

$1,610,000,000,000 Investment Manager Launches New Metaverse Fund: Report

,610,000,000,000 Investment Manager Launches New Metaverse Fund: Report

Atlanta, Georgia-based investment-management giant Invesco is unveiling an equity fund focused on the metaverse, according to a report by UK publication Citywire. The report says that Invesco is setting up a fund that will invest in metaverse-focused firms ranging in size from small-cap to large caps. The firms in the immersive virtual world sector that […]

The post $1,610,000,000,000 Investment Manager Launches New Metaverse Fund: Report appeared first on The Daily Hodl.

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’

Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 Banks

Cambridge Centre for Alternative Finance Launches Digital Assets Research Project With 16 BanksOn Tuesday, Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School announced a new research initiative focused on the “growing digital asset ecosystem.” According to CCAF, the newly launched collaborative effort involves 16 financial institutions such as the Bank for International Settlements (BIS), Accenture, EY, Goldman Sachs, and more. CCAF Launches 2-Year Research […]

Analyst Issues Altcoin Warning, Says Black Swan Event Could Trigger ‘Very Last Shakeout’