Bitcoin News and Finance: What You Need to Know

Morgan Stanley has warned about the risk of the U.S. dollar losing its dominance, fueled by growing interest in digital assets, including bitcoin. Emphasizing that the U.S. dollar’s dominance “is being increasingly scrutinized,” the investment bank stated: “A clear shift towards reducing dollar-dependency is evident, simultaneously fueling interest in digital currencies such as bitcoin, stablecoins, and CBDCs.” Morgan Stanley on Dedollarization Risk Morgan Stanley published a report last week titled “Digital (De)Dollarization?” written by Andrew Peel, the investment bank’s executive director and head of Digital Asset Markets. “The U.S. dollar’s dominance as the cornerstone of the international financial system is now being reconsidered in the face of evolving geopolitical shifts and the growing U.S. twin deficits,” the executive said, adding: Notably, the recent growth in interest of digital assets such as bitcoin, growth of stablecoin volumes, and the promise of central bank di...

Congressman Tom Emmer has offered to help former U.S. President Donald Trump fight the creation of a central bank digital currency (CBDC) in the U.S. “I agree with President Trump; CBDCs pose a serious threat to Americans’ right to financial privacy. I look forward to working with him as we continue the fight against the expanding government surveillance state,” the lawmaker stated. Rep. Emmer Joins Trump in Fight for Americans’ Right to Financial Privacy House Majority Whip Tom Emmer (R-MN) has expressed support for former U.S. President Donald Trump in the fight against the creation of a digital dollar. Last week, Trump promised the American people that if he is elected president of the United States in the upcoming election, he will make sure that a central bank digital currency (CBDC) does not get created in the U.S. “As your president, I will never allow the creation of a central bank digital currency … Such a currency would give a federal government … absolute control over y...

Global investment bank JPMorgan has warned of additional outflow from Grayscale’s bitcoin fund, cautioning that it will put “further pressure on bitcoin prices over the coming weeks.” The bank’s analyst also explained that the $3 billion inflow into new spot bitcoin exchange-traded funds (ETFs) “reflects a rotation from existing bitcoin vehicles” or “from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.” JPMorgan Warns of Looming Bitcoin Selloff JPMorgan analyst Nikolaos Panigirtzoglou shared his bitcoin’s price outlook on Linkedin Friday, specifically the impact of spot bitcoin exchange-traded fund (ETF) launches and outflows from Grayscale’s bitcoin fund. Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF after the U.S. Securities and Exchange Commission (SEC) approved it along with 10 other funds on Jan. 10. “The bitcoin price declined by more than 10% since the launch of spot bitcoin ETFs last wee...

Based on the recent report from Arkham Intelligence, the launch of the satoshivm (SAVM) token two days ago saw three adept crypto traders, often referred to as ‘snipers,’ each earning a profit of $1 million. Arkham’s findings revealed that the most proficient of these sniping addresses achieved a staggering gain of over a million dollars, accomplishing this feat in under 40 minutes. Lone Sniper Hits $7 Million Jackpot, Trio of Traders Net $1 Million Apiece During SAVM Crypto Launch Crypto snipers managed to make some decent profits from the recent satoshivm (SAVM) launch, Arkham Intelligence detailed. Sniping, essentially refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage. The strategy involves pre-setting parameters for immediate purchasing upon a new token’s launch and leveraging automated trading bots. According to market data from coingecko.com, SAVM came out the gate with an initial price of $6.83 per unit and...

The U.S. Securities and Exchange Commission’s former head of internet enforcement has explained that crypto holds the key to the 2024 U.S. presidential election. He stressed that every U.S. presidential candidate should immediately appoint an internal Crypto Czar. “The stark reality is that above all else, people have always voted with their wallets,” he emphasized. Former SEC Official on Crypto and Presidential Election Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has shared his view on crypto and how it could influence the outcome of the 2024 U.S. presidential election. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official detailed on social media platform X Wednesday: The crypto movement holds the key to the 2024 presidential election. Every presidential con...

Blackrock, the world’s largest asset manager, is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer options on its spot bitcoin exchange-traded fund (ETF). The SEC has opened a comment period for a proposed rule change, filed by Nasdaq, to list and trade options on Blackrock’s spot bitcoin ETF. Since launch, Blackrock’s Ishares Bitcoin Trust has amassed 28,622 bitcoins. SEC Opens Comment Period for Options Trading on Ishares Bitcoin Trust Blackrock, the world’s largest asset manager, is seeking to offer options on its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). Nasdaq, which lists and trades IBIT, filed a proposed rule change (Form 19b-4) with the U.S. Securities and Exchange Commission (SEC) on Friday to list and trade options on IBIT. In its SEC filing, Nasdaq explained: The Exchange believes that offering options on the Trust [IBIT] will benefit investors by providing them with an additional, relatively lower cost i...

Jim Cramer, the host of CNBC’s Mad Money show, has warned of a bitcoin selloff. While cautioning investors about investing in bitcoin and the newly launched spot bitcoin exchange-traded funds (ETFs), he said: “I’m not as stridently against these new investment vehicles as Gary Gensler is … At this point, Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research.” Jim Cramer’s Bitcoin Prediction Mad Money host Jim Cramer weighed in on the bitcoin price outlook several times this week, particularly focusing on how the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds (ETFs) could affect its trajectory. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. The price of bitcoin pushed above $47K in anticipation of the SEC approving spot bitcoin ETFs. However, after the approval, it p...

An independent examiner was initially barred from delving into the FTX bankruptcy case. However, the Third Circuit Court of Appeals in Philadelphia has recently overturned this decision, mandating that the defunct crypto exchange undergo an investigation by an external party. This ruling points out that such an inquiry may intensify oversight and inform prospective investors about the inner workings of these types of operations. Court Mandates External Probe into FTX, Highlighting Potential Crypto Market Risks The U.S. government has expressed a strong desire for an independent examination of the FTX debacle. When U.S. trustee Andrew Vara, overseeing the case, requested a third-party investigation, Judge John Dorsey rejected the plea . Consequently, the government escalated the matter to the Appellate Court, seeking to reverse this decision. Ultimately, the trustee’s efforts proved successful, achieving the sought-after objective. The Third Circuit Court of Appeals in Philadelphia...

The head of India’s central bank, the Reserve Bank of India (RBI), has warned of significant risks associated with cryptocurrencies, particularly for emerging market economies. “It can impact your financial stability, currency stability, and monetary system,” RBI Governor Shaktikanta Das said. RBI Governor’s Crypto Warnings Shaktikanta Das, the governor of India’s central bank, the Reserve Bank of India (RBI), issued several warnings regarding cryptocurrency at the World Economic Forum in Davos this week. Das said: Cryptocurrencies have huge risk, particularly for emerging market economies because it can impact your financial stability, currency stability, and monetary system. “There is no underlying. It is not a currency, but it has the potential to become a currency in which event it can occupy the part of the payments system. It can impact your banking system and therefore it has very much risk involved in it,” the Indian central bank governor stressed. Commenting on the app...

U.S. lawmakers have introduced a bill “to combat the illicit use of crypto assets.” The Preventing Illicit Finance Through Partnership Act “will allow federal regulators to work with the private sector to gain insight into the often-misunderstood world of crypto to weed out bad actors without crushing an entire emerging industry,” Senator Cynthia Lummis described. Preventing Illicit Finance Through Partnership Act 2024 U.S. Senators Bill Hagerty (R-TN) and Cynthia Lummis (R-WY) introduced the Preventing Illicit Finance Through Partnership Act of 2024 on Wednesday. Hagerty and Lummis are members of the Senate Banking Committee. The bill seeks to “establish an information-sharing pilot program to combat the illicit use of crypto assets,” according to the bill’s text. The legislation targets illicit finance through enhanced communication between federal law enforcement agencies and private companies. Senator Lummis opined: There are bad actors in every industry and crypto assets are...

A bill that seeks to safeguard the cryptocurrency rights of the citizens has been introduced to the Senate of Virginia. The bill, sponsored by State Sen. Saddam Azlan Salim, would guarantee that citizens can self-custody, transact, mine, and pay with cryptocurrency, also exempting cryptocurrency transactions of less than $200 from paying state capital gains tax. Virginia State Senator Introduces Cryptocurrency Rights Bill Saddam Azlan Salim, a state senator in Virginia, has introduced a bill that aims to impede state authorities from blocking its citizens from exerting different cryptocurrency and bitcoin-linked activities. Senate Bill 339 ( SB 339 ), introduced on January 9, establishes that citizens will not require a money-transferring license to operate staking or mining equipment at the state level. Also, the bill proposes to guarantee the rights that citizens of the old dominion have to run their cryptocurrency node, transact and make payments with cryptocurrencies, and have ...

The integration of artificial intelligence (AI) and cryptocurrency is heralding a new era of technological advancement, as highlighted in a recent Grayscale Investments report by Will Ogden Moore. Grayscale’s latest report says this synergy, marked by the impressive performance of AI-related crypto assets, is expanding the scope of blockchain applications beyond traditional payment systems. Grayscale Research Report Illuminates the Collaborative Future of AI and Cryptocurrency Grayscale Investments’ research report emphasizes the potential of this intersection to address future AI-related societal challenges, including concerns over data privacy and the centralization of power. According to the Grayscale researcher, Will Ogden Moore, AI-adjacent cryptocurrencies have shown significant growth, outperforming traditional sectors within the crypto ecosystem. “Specifically, the four largest AI-adjacent crypto tokens by market cap (TAO, RNDR, AKT, WLD) are up 522% in the last year, outp...

Former U.S. President Donald Trump has promised to stop the creation of a U.S. central bank digital currency (CBDC) if he is elected president of the United States. He explained that a digital dollar would give the federal government “absolute control over your money,” warning that the government could take your money and you wouldn’t even know that it’s gone. “This would be a dangerous threat to freedom, and I will stop it from coming to America,” Trump vowed. Donald Trump Says He ‘Will Never Allow’ CBDC in the US Former U.S. President Donald Trump held a rally in the state of New Hampshire on Wednesday. Among various promises Trump made was the creation of a U.S. central bank digital currency (CBDC). The former president said: Tonight I’m also making another promise to protect Americans from government tyranny. As your president, I will never allow the creation of a central bank digital currency. “You know what they’re doing. Such a currency would give a federal government — o...

Jamie Dimon, the CEO of JPMorgan Chase, has advised investors to stay away from bitcoin. “My personal advice is don’t get involved,” he said. “But I don’t want to tell anyone what to do. It’s a free country.” T he executive added that he doesn’t care about Blackrock, the world’s largest asset manager, embracing bitcoin, insisting that the cryptocurrency’s use cases are illicit activities. JPMorgan CEO’s Bitcoin Investing Advice The CEO of JPMorgan Chase, Jamie Dimon, once again weighed in on bitcoin and crypto investing in an interview with CNBC on Wednesday. His comments came amid growing institutional interest in crypto, with major asset management firms, like Blackrock , embracing BTC following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Dimon began by stating: “Blockchain is real. It’s a technology. We use it. It’s gonna move money, it’s gonna move data, it’s efficient. We’ve been talking about that for 12 ye...

Economist and gold bug Peter Schiff has predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler “will soon introduce new onerous crypto regulations” that will result in “a sharp decline” in the price of bitcoin. Schiff expects the new regulations to focus on anti-money laundering (AML) rather than securities law. Peter Schiff’s Crypto Predictions: Onerous Regulations, Sharp Bitcoin Price Decline Economist and gold bug Peter Schiff, a vocal bitcoin skeptic, has shared his predictions on crypto regulations and BTC ’s price outlook following the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs). He wrote on social media platform X Tuesday: Since Gary Gensler was backed into a corner on spot bitcoin ETF approval, I think he will soon introduce new onerous crypto regulations that will substantially increase the cost of Bitcoin transactions, further undermining its ‘use’ case, resulting in a sharp decline in pr...

Ark Invest has transitioned $15.9 million from the Proshares Bitcoin Strategy ETF to its in-house Ark 21shares Spot Bitcoin ETF. Cathie Wood’s Ark Invest Redirects Millions to In-house Bitcoin ETF Ark Invest, led by fund manager Cathie Wood, has made several trades based around bitcoin exchange-traded products. The firm has sold its holdings in the Proshares Bitcoin Strategy ETF (BITO), a bitcoin futures ETF, and redirected these funds to bolster its holdings in its own Ark 21shares Spot Bitcoin ETF (ARKB). it begins Ark sold $BITO to buy its own spot Bitcoin ETF $ARKB in its Next Generation Internet ETF today pic.twitter.com/5WYEj564C0 — Katie Greifeld (@kgreifeld) January 17, 2024 The reshuffling involved Cathie Wood’s ARK Next Generation Internet ETF (ARKW) reducing its stake in BITO in order to increase its investment in the Ark 21shares Spot Bitcoin ETF. This move resulted in the purchase of $15.9 million worth of shares in ARKB. Following this transaction, ARKB shares...

Core Scientific has received the go-ahead from bankruptcy court for its reorganization, paving the way for the bitcoin mining giant to relist its shares on Nasdaq. Core Scientific Set for a Major Turnaround Core Scientific, Inc., a major bitcoin miner, is about to emerge from Chapter 11 bankruptcy. In a press release on their website, Core Scientific announced that the Southern District of Texas bankruptcy court has green-lighted its reorganization plans, setting the stage for the company to relist its shares on Nasdaq by the month’s end. The company’s reorganization strategy involves full repayment of its existing debt, with current shareholders receiving approximately 60% of the new company’s equity. Speaking about the recent approval of their plan, Adam Sullivan, CEO of Core Scientific, emphasized that the company is set to emerge stronger by the end of the month. He continued: With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating val...

Following a serious exploit in the Socket protocol that drained $3.3 million, the company has halted specific operations and urged users to revoke all approvals as a precautionary measure. Socket Responds to $3.3 Million Security Breach With Swift Action and Transparency Socket, a cross-chain protocol, confirmed the loss of $3.3 million due to an exploit. This incident was acknowledged in a social media post on January 16. Socket, a component in today’s interconnected blockchain ecosystem, facilitates cross-chain interactions and is used in several Web3 applications, including Synthetix, Lyra, Kwenta, Superform, Plasma Finance, and Level Finance. The exploit targeted users who had granted infinite approvals to Socket contracts. In a post on X the company stated, “Urgent. Socket has experienced a security incident which affected wallets with infinite approvals to Socket contracts.” Socket also swiftly paused the affected contracts to mitigate further damage. Blockchain security f...

The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar. Treasury Yields Surge, Dow, Nasdaq, and S&P 500 Tumble Market sentiment remains wary regarding the U.S. Federal Reserve’s strategies for 2024, with anticipation growing around a potential rate cut by March. This outlook comes in the wake of remarks made by Federal Reserve Governor Christopher Waller during an address at the Brookings Institution in Washington. Waller acknowledged the possibility of a rate reduction occurring within the year, yet emphasized that the Fed is not in a hurry to initiate this change. “I see no reason to move as quickly or cut as rapidly as in the past,” Waller s...

In a groundbreaking move, NYSE Arca Inc. has submitted a proposal to amend its rules to enable options trading on commodity-based trust shares, specifically targeting bitcoin-based ETFs. This initiative, detailed in the 19b-4 filing with the SEC, marks a significant advancement in the financial products available for crypto investors. The NYSE’s proposal aligns with the surging interest in bitcoin ETFs, which saw a trading volume of $9.6 billion within just three days of their introduction. NYSE Arca Eyes Options Trading for Bitcoin ETFs in Finance Sector Breakthrough The filing by the New York Stock Exchange (NYSE), under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, seeks to amend a rule to permit options trading on commodity-based trust shares such as the new BTC-based financial instruments. This move comes as the crypto market witnesses a rapid evolution, with spot bitcoin ETFs rapidly gaining traction among investors. Notably, this development follo...

Tesla CEO and Spacex chief Elon Musk has revealed that he still owns “a bunch of dogecoin,” affirming his commitment to keep buying and supporting the meme cryptocurrency. Musk additionally revealed that his company Spacex still owns “a bunch of bitcoin.” Elon Musk, Tesla, and Spacex Maintain Crypto Holdings Tesla CEO Elon Musk has revealed that he still owns a bunch of meme cryptocurrency dogecoin (DOGE) and his spacecraft manufacturing company, Spacex, still owns a bunch of bitcoin ( BTC ). In a discussion on X Space last week, the billionaire said: I still own a bunch of dogecoin, and Spacex owns a bunch of bitcoin. Known in the dogecoin community as the Dogefather, the Tesla CEO has long been a supporter of the meme crypto. He previously revealed that he personally owns DOGE alongside BTC and ETH . In June 2022, Musk said that he will keep buying and supporting dogecoin. Tesla and Spacex currently accept dogecoin for some merchandise and Musk’s Boring Company also acc...