Bitcoin Pushes Through $50K for First Time Since Late 2021

The action of the past couple of weeks though has seen slowing outflows out of GBTC, while sizable inflows have continued into the new products. On Feb. 8, Grayscale shed just 1,850 bitcoin, while the other nine ETFs added nearly 11,000 tokens to their funds. Then on Feb. 9, Grayscale lost 2,252 coins, while the other nine ETFs added more than 13,000. For perspective, just 900 newly mined bitcoin hit the market each day (soon to decline to 450 per day when the Bitcoin halving occurs in April).

Digital Currency Group Reports Q4 Revenue of $210M, Up 59% Y/Y (Full Text)

Last week, New York Attorney General Letitia James amended her civil lawsuit complaint against Gemini, Genesis, DCG and individuals, originally filed on October 19, 2023, which broadens the lawsuit to include all Genesis creditors as victims and seeks more than $3 billion in restitution. It is important to note that this figure represents the total claims pool in the Genesis bankruptcy and we expect creditors to be paid back in full on the value of their claims.

U.S. Added 353K Jobs in January, Blowing Past Estimates

Labor market strength continued in a big way in January, with the U.S. adding 353,000 jobs versus economist forecasts for 180,000 and against December’s 333,000 (revised from an originally reported 216,000), according to the government’s nonfarm payrolls report released Friday morning. The unemployment rate held steady at 3.7% versus expectations for a rise to 3.8%.

Fed Leaves Rates Unchanged, Sounds Hawkish Note on March

The price of bitcoin (BTC) was little-changed in the minutes following today’s Fed announcement, continuing at about $43,500. Bitcoin has been volatile of late, but is roughly flat over the past several weeks. That time frame has been dominated by the run-up to the spot ETF approvals and then the initial weeks of trading for those vehicles. Bulls are hopeful that a string of rate cuts, alongside demand from the new ETFs and the upcoming April halving (at which fresh daily bitcoin supply will be reduced by 50%), could set off a fresh run to new highs.

Bitcoin Could Fall Back to Mid-$20K Area: Chris Burniske

While the long-term trend “remains robust,” he added, “we also just saw many of our first parabolas of the cycle, and they’re now breaking. Macro looks precarious on a number of levels. New product innovations are close, but not quite there yet … things still feel insular.”

Grayscale’s GBTC Has Moved More Than 100K BTC to Exchange Since Spot Bitcoin ETF Launch

The fast pace of GBTC bitcoin sales is among the factors putting pressure on the price of bitcoin, which earlier this week tumbled below $40,000 to its lowest level in nearly two months. Bitcoin at press time was at $39,800, about flat over the past 24 hours.

Bitcoin Bulls Buoyed by Report of FTX’s $1B GBTC Sale

So while the new spot ETFs have gathered more than 94,000 bitcoin and $3.9 billion in assets under management (AUM) since opening for trade (data through Jan. 19), the bears are pointing out that 53,000 of those tokens may just be GBTC holders moving their money into the lower cost vehicles. (GBTC charges a 1.5% management fee, at least 1 percentage point more than nearly all of the new funds.)

Bitcoin Slides Below $40K, Now Down Nearly 20% From Post-ETF Euphoria

A number of spot bitcoin ETFs began trading on Jan. 11, with bitcoin surging to $49,000 in the minutes after their launch. The rise was fleeting though, and the price has been heading south since, finally falling through $40,000 moments ago. Bitcoin is now at its weakest price since the beginning of December, but still more than a double from year-ago levels.

Bitcoin Plunges Below $41K as ‘Sell the Bitcoin ETF News’ Wins the Day

Looking at data updated as of yesterday, the new spot ETF issuers have added more than 68,000 bitcoin in their first week of action. Grayscale’s GBTC, however, has shed roughly 40,000 bitcoin, leaving a net addition of about 28,000 to bitcoin ETFs.

Bitcoin ETF Net Inflows Near $1B After Three Days

Of the new money, BlackRock’s iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale’s Bitcoin Trust (GBTC), which has lost about 25,000 bitcoin, brought down the overall industry inflow.

U.S. 216K Jobs Adds in December Tops Estimates for 170K

Traditional markets are off to a shaky start in 2024, with the Nasdaq, for instance, currently on a five-day losing streak, its first such string of negative days since late 2022. The 10-year Treasury yield – which plunged more than 120 basis points in the final quarter of 2023 on rate cut hopes – is up 25 basis points over the past few sessions and again topping 4%. Putting markets on edge is the idea that investors may have gotten ahead of themselves in predicting a sizable regime of rate cuts to come in 2024.

Bitcoin Spot ETF Biggest Development on Wall Street in Last 30 Years, Says Michael Saylor

Mainstream investors – whether at the individual or institutional level – to date have not had a “high bandwidth” compliant channel for putting money into bitcoin, said Saylor, and that’s all about to change with the spot ETF. This new vehicle, argued Saylor, is going to drive a demand shock for bitcoin which will soon be followed by a supply shock in the form of April’s halving event – at which point there will be just 450 bitcoin produced each day versus the current 900.

Bitcoin ETF Ad War Officially Underway With Bitwise Campaign

Bitwise is among numerous firms awaiting approval from the U.S. Securities and Exchange Commission (SEC) for launching a spot bitcoin ETF. Unlike larger players like BlackRock, Bitwise has been offering crypto ETF products for several years, a point the ad makes clear at the end, saying “ETFs backed by crypto specialists.”

TradFi mise à fond sur les baisses de taux de la Fed. Ce que cela signifie pour Bitcoin

La Rally du marché BOND a été encore plus importante, le rendement des bons du Trésor américain à deux ans ayant chuté d’environ 40 points de base depuis que la nouvelle a atteint 4,32 %, son plus bas niveau depuis mai. Avec le taux actuel des fonds fédéraux, ou taux d’emprunt au jour le jour, entre 5,25 % et 5,5 %, le taux sur deux ans à 4,32 % montre une forte conviction que des réductions de taux significatives sont bientôt à venir.

TradFi aposta tudo nos cortes das taxas do Fed. O que isso significa para o Bitcoin

A Rally no mercado BOND foi ainda maior, com o rendimento dos títulos do Tesouro dos EUA a dois anos a ter caído cerca de 40 pontos base desde que a notícia atingiu 4,32%, o seu nível mais baixo desde Maio. Com a actual taxa dos fundos federais, ou taxa de empréstimo overnight, entre 5,25% e 5,5%, a moeda a dois anos em 4,32% demonstra uma crença substancial de que cortes significativos nas taxas estão para breve.

TradFi punta tutto sui tagli dei tassi della Fed. Cosa significa per Bitcoin

Il Rally del mercato BOND è stato ancora maggiore, con il rendimento dei titoli del Tesoro USA a due anni che è crollato di circa 40 punti base da quando la notizia ha toccato il 4,32%, il livello più basso da maggio. Con l’attuale tasso dei fondi federali, o tasso di prestito overnight, compreso tra il 5,25% e il 5,5%, il denaro a due anni al 4,32% dimostra una sostanziale convinzione che presto arriveranno tagli significativi dei tassi.

TradFi Goes All-In on Fed Rate Cuts. What It Means for Bitcoin

The rally in the bond market has been even bigger, with the yield on two-year U.S. Treasuries now having plunged roughly 40 basis points since the news hit to 4.32%, its lowest level since May. With the current fed funds rate, or overnight borrowing rate, at 5.25% to 5.5%, two-year money at 4.32% shows a substantial belief that significant rate cuts are soon to come.

Federal Reserve Holds Policy Steady, but Indicates More Dovish 2024

The price of bitcoin (BTC) added just less than 1% to previous Wednesday gains, now higher by 2.2% to $42,370. A check of traditional markets finds rates tumbling, with the 10-year Treasury yield down 12 basis points to 4.08%, its lowest level since August. U.S. stock market averages have moved to session highs, the S&P 500 now up 0.6%. The price of gold is higher by just less than 1% to $2,013 per ounce and the dollar index is lower by about 0.5%.

Argentina’s Milei, So Far Shunning Bitcoin, Devalues Peso by More Than 50%

Among the moves to lower government spending, the administration announced that contracts of less than a year will not be renewed, reduced subsidies for public transportation, electricity, gas and water, and canceled government advertising for one year.

U.S. CPI Inflation Trended Lower in November, Rising 3.1% From a Year Ago

Monthly headline CPI was higher by 0.1%, in line with expectations and up from 0.0% in October. The core CPI – which strips out volatile food and energy items – rose 0.3% on a monthly basis versus 0.3% expected and 0.2% in October. Annual core CPI was higher by 4% versus forecasts for 4% and 4% in October.

Bitcoin Dips as U.S. November Job Growth of 199K Tops Estimates

Bitcoin is in the midst of a sharp 60% rally since the beginning of October, at least in part thanks to lower interest rates on investor expectations that the Fed might soon shift to easier monetary policy. To the extent that this jobs report derails the lower rate forecast, the rally could pause or be modestly reversed.

Bitcoin’s Next Move Might be Decided by Friday’s Jobs Report

Economists are expecting Friday’s report to show a job gain of 185,000 in November, with the unemployment rate flat from October at 3.9%. A sizable miss to the downside is likely to reinforce bets about lower interest rates and might provide the fuel for bitcoin’s run to $50,000. The flip side, however – jobs added of 200,000 or more – might prompt a reversal of those rate cut bets and take a chunk out of bitcoin’s recent rally.

Bitcoin ETFs Got BTC Surging, but Tumbling Interest Rates Have Helped, Too

Gold, oft-mentioned in the same breath as bitcoin for its properties as a hedge against easy (or overly easy) central bank monetary policy, has been on the move as well, rising more than 10% since the start of October, and touching a new all-time high above $2,100 per ounce earlier this week.

Bitcoin Pushes Above $37.7K on Dovish Comments From Fed’s Waller

“Something appears to be giving, and it’s the pace of the economy,” said Waller, noting October data and current forecasts for the rest of the fourth quarter as indicating an easing in activity. Inflation data, he said is also moving in the right direction.

Bitcoin and Crypto Markets Shake Off Binance News, Turn Higher for Week

Stepping away from the headlines, a number of observers have noted that the Binance settlement in essence may have cleared the decks for the U.S. Securities and Exchange Commission (SEC) to finally approve a spot bitcoin ETF. The neutering of Binance and exit of CZ, they said, might have eased the agency’s concerns regarding overseas manipulation of bitcoin prices.

Bitcoin Buffeted Than Bounces on Binance/U.S. Settlement Report

The DOJ announced “significant cryptocurrency enforcement actions,” to be unveiled later this afternoon, sending bitcoin (BTC) lower by more than 2% to $36,400 and ether down more than 3%. The broader CoinDesk Market Index (CMI) also fell more than 3%.