U.S. small-cap stocks are “challenged” as Wall Street pushes out expectations for when the Federal Reserve may begin lowering interest rates due to concerns over persistent inflation, according to BofA Global Research.
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DocuSign Inc.’s stock jumped more than 15% higher in extended trading Thursday after the company racked up quarterly results that dusted analysts’ revenue and earnings estimates, as well as offering strong revenue guidance.
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Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a sharp drop below the $41,000 mark as exchange-traded funds (ETFs) for Bitcoin went live on January 12.
The subsequent profit-taking, selling pressure, and outflows from Grayscale’s Bitcoin Trust ETF (GBTC) played a significant role in the downward trend.
Grayscale’s Bitcoin Transfers To Coinbase Intensify
On Tuesday, NewsBTC reported that six days ago, Grayscale initiated the first batch of BTC outflows from their holdings to a Coinbase, totaling 4,000 BTC (approximately $183 million) over six days.
However, the asset manager resumed outflows from the Trust to the exchange on Tuesday, sending an additional 11,700 BTC (equivalent to $491.4 million) to Coinbase.
Furthermore, on Friday, data from Arkham Intelligence revealed that 12,865 BTC ($529 million) were transferred from the Grayscale Trust address to Coinbase Prime.
In total, the Grayscale Trust address has transferred 54,343 BTC ($2.313 billion) to Coinbase Prime during the opening hours of the US stock market over five consecutive trading days since January 12, which has undoubtedly contributed to the downtrend in Bitcoin’s price.
Selling Frenzy Among BTC Miners
In addition to Grayscale’s selling spree, there has been increased selling activity by Bitcoin miners ahead of the upcoming Bitcoin halving.
Crypto analyst Ali Martinez highlights that on-chain data from CryptoQuant indicates a substantial increase in selling activity by BTC miners. In the past 24 hours, miners offloaded nearly 10,600 BTC, with a value of approximately $455.8 million.
The persistent selling pressure has caused BTC to trade at $40,900, reflecting a slight 0.2% decrease over the past 24 hours.
The downtrend has been evident across various time frames, with declines of 5%, 6%, and 7% over the seven, fourteen, and thirty-day periods, respectively. However, despite these recent setbacks, Bitcoin remains remarkably positive year-to-date, with an impressive 98% gain.
Overall, the combined impact of Grayscale’s Bitcoin Trust ETF outflows and increased selling activity by miners has intensified the downward pressure on Bitcoin’s price, breaching the critical support level of $41,000.
The focus now turns to how Bitcoin bulls will defend the crucial $40,000 support level, which stands as the last line of defense before a potential dip toward the $37,700 mark.
Should this support level fail to hold, the Bitcoin market could witness further price declines, potentially pushing the price down to the $35,800 mark. However, with the Bitcoin halving scheduled for April, bullish investors are hopeful that this event will catalyze a significant bull run.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
MicroStrategy’s Bitcoin (BTC) investment is now in the green, boasting over $110 million in unrealized profits after the flagship asset jumped above $30,000 earlier today, according to CryptoSlate’s data.
Saylortracker, a dedicated platform for monitoring MicroStrategy’s BTC holdings, confirms that BTC’s current value surpasses the firm’s average purchase price.
Data from the website shows that MicroStrategy had acquired its 158,245 Bitcoin bag at an aggregate purchase price of $4.83 billion and an average of $29,870.14 per coin.
With the top cryptocurrency trading for $30,493 as of press time, the company is profiting more than $600 on each BTC as its holdings are now worth $4.84 billion.
Over the years, MicroStrategy has consistently expanded its holdings, with its most recent purchase being the acquisition of 5,455 units between Aug. 1 and Sept. 24. The company holds 14 times more BTC than the closest public company, Marathon Digital, according to data from Bitcoin Treasuries.
Michael Saylor, the business intelligence company’s chairman, remains a vocal proponent of BTC. On Oct. 21, he shared data showing that BTC has outperformed traditional assets like gold, Nasdaq, Silver, and bonds since MicroStrategy adopted the Bitcoin strategy in 2020.
Meanwhile, MicroStrategy’s MSTR stock is also performing well, rising by 1.62% to $353.67 at pre-market trading, according to Tradingview data. The asset has recorded an impressive year-to-date increase of 138.92%.
ETF buzz keeps BTC rising
Bitcoin’s recent price surge is closely tied to growing interest in spot-based Exchange-Traded Funds (ETFs) in the United States.
The leading cryptocurrency rallied past $30,000 just last week following erroneous reports that the Securities and Exchange Commission (SEC) had given the green light to BlackRock’s ETF proposal.
Market analysts view this reaction as a clear indication of investor optimism for ETF approval. According to insights from crypto research firm Matrixport, Bitcoin’s value could surpass $50,000 if the SEC approves an ETF application.
The post Bitcoin recent rally pushes MicroStrategy into over $110M in paper profit appeared first on CryptoSlate.
In the back and forth between
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United Auto Workers, Monday was Ford’s turn to return serve.
A price glitch on Gemini saw the value of Ripple’s XRP rise above $1 on Aug. 10 after the crypto exchange relisted the digital asset, according to data from the exchange.
Numerous cryptocurrency traders on the X social media platform, formerly known as Twitter, independently verified that the XRP token’s value peaked at $50 on the crypto exchange.
Market observers tied this sudden price movement to the exchange’s low market liquidity, and some fat-finger order errors. One user described Gemini’s order book as “razor-thin,” with one seller listing over 1,300 XRP for sale at $50.
Data from Coingecko further corroborates this liquidity situation, showing that XRP’s +2 market depth was lesser than $50,000 as of press time. Additionally, XRP’s total trading volume on the exchange during the last 24 hours was only $484,712.
Meanwhile, XRP’s price on Gemini has returned to parity with other crypto platforms, trading at $0.63 as of press time.
Since the court ruled that the programmatic sale of XRP does not constitute a security, several U.S.-based exchanges have relisted the token, with Gemini joining the trend on Aug. 10.
The crypto platform further added support for the XRP Ledger (XRPL) blockchain network, describing its move as “an important step on our mission to unlock the next era of financial, creative, and personal freedom.”
However, the Securities and Exchange Commission (SEC) has revealed its intention to appeal the ruling. The financial regulator recently informed the Court of its plan to file a motion for an interlocutory appeal.
Ripple said it would respond to the motion next week and has continued to assure its community that it would fight the appeal. But the renewed uncertainty about XRP’s future has resulted in its value dropping 5% over the past week, according to CryptoSlate’s data.
The post Gemini ‘razor-thin’ liquidity pushes XRP price to momentarily hit $50 appeared first on CryptoSlate.
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United States Senator Michael Bennet has urged tech companies to label AI-generated content and monitor any misleading content produced by artificial intelligence (AI).
In a June 29 letter sent to executives of major tech companies involved with AI, including ChatGPT creator, OpenAI, Microsoft, Meta, Twitter and Alphabet, Bennet stressed that users should be aware when AI was used to make content.
Bennet said fake images have disruptive consequences for the economy and trust, especially when they are politically oriented.
“Continuing to produce and disseminate AI-generated content without clear, easily comprehensible identifiers poses an unacceptable risk to public discourse and electoral integrity.“
The senator also stressed that while some companies have begun to label some AI-generated content, the policies are “alarmingly reliant on voluntary compliance.“
In the letter, Bennet asks company executives to answer concerns about standards in identifying AI-generated content, implementing those standards and the repercussions for rule violations by July 31.
The only company to respond so far is Twitter, which reportedly responded with a poop emoji.
Related: Inflection AI raises $1.3B in funding led by Microsoft and Nvidia
This same fear of non-labeled AI content leading to misinformation has been expressed by European lawmakers as well.
On June 5, Vera Jourova, the European Commission’s vice president for values and transparency, told the media that she believes companies deploying generative AI tools with the “potential to generate disinformation” should have labels on the content created to stop the spread of disinformation.
Although the U.S. does not currently have any comprehensive AI legislation in place, on June 8, U.S. lawmakers proposed two bipartisan bills targeting transparency and innovation in the AI space.
One of the bills proposed by Democratic Senator Gary Peters, and Republican Senators Mike Braun and James Lankford would require transparency from the government regarding its AI usage.
The other, from Bennet and fellow Democratic Senator Mark Warner, along with Republican Senator Todd Young, would establish an official Office of Global Competition Analysis.
Bennet also made comments in March 2023 directed toward the instability of the crypto industry after the collapse of Signature Bank.
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