2024-01-18 17:14

Copyrighted Image by: Reuters. NEW YORK - BlackRock Inc (NYSE:BLK).'s iShares Bitcoin ETF has achieved a significant milestone, surpassing $1 billion in total inflows, bolstered by a substantial single-day increase. The fund experienced a remarkable $371 million inflow on Wednesday, underscoring the growing investor interest in cryptocurrency-related financial products. Rachel Aguirre, a representative from BlackRock, highlighted that the ETF is drawing a wide array of investors, ranging from individual retail participants to large institutional entities. This diversity is indicative of the varying degrees of crypto investment readiness across the market spectrum. BlackRock is actively engaging in educational initiatives aimed at both clients and financial advisors through its iShares division to enhance understanding of Bitcoin and its potential role within investment portfolios. As of now, BlackRock does not intend to incorporate Bitcoin directly into its model portfolios. However, the ETF's holdings are substantial, with ownership exceeding 25,067 BTC. https://www.investing.com/news/cryptocurrency-news/blackrocks-bitcoin-etf-crosses-1-billion-in-inflows-93CH-3277604

2024-01-18 17:12

WASHINGTON - Former President Donald Trump and Florida Governor Ron DeSantis have voiced strong opposition to the potential creation of Central Bank Digital Currencies (CBDCs) in the United States. The two high-profile Republican figures have cited concerns about government overreach and the potential for increased surveillance as key reasons for their stance. Trump has specifically pledged to combat any efforts to de-bank individuals based on their political views, a position that resonates with a segment of his political base. This commitment aligns closely with Governor DeSantis' viewpoint, who has also made clear his intention to prevent the implementation of a public digital dollar in the United States. While the concept of CBDCs has been a subject of discussion within the Federal Reserve, no formal proposal for a digital dollar has been put forward. The discussions have instead focused on the potential roles that regulated financial institutions might play, how consumer privacy could be protected, and the legal obligations related to reporting that might arise from such a digital currency. This shared opposition from Trump and DeSantis comes at a time when the idea of CBDCs is gaining attention globally, with several countries exploring or implementing digital versions of their national currencies. https://www.investing.com/news/cryptocurrency-news/trump-and-desantis-oppose-us-central-bank-digital-currency-plans-93CH-3277601

2024-01-18 13:45

SAN FRANCISCO - Ethereum co-founder Vitalik Buterin and Taiko's Daniel Wang have put forward a proposal to classify layer-2 scaling solutions to enhance clarity in the Ethereum ecosystem. The discussion, which took place today, introduced a distinction between "strong" rollups and "light" validiums, terms aimed at navigating the trade-offs between security and scalability within the network. The proposed classification system comes as the Ethereum community gears up for the Ethereum Merge upgrade, an initiative designed to bolster network performance. According to the conversation between Buterin and Wang, rollups are considered "strong" due to their method of posting full transaction data on the Ethereum chain, thus prioritizing security. On the other hand, "light" validiums focus on scalability by employing zero-knowledge proofs and storing only a hash on-chain. With the Ethereum Merge on the horizon, the distinction between different types of layer-2 options is expected to play a significant role in the upgrade's success and the future scalability of the Ethereum network. https://www.investing.com/news/cryptocurrency-news/ethereum-leaders-propose-classification-for-layer2-solutions-93CH-3277438

2024-01-18 11:50

Copyrighted Image by: Alpha Footage NEW YORK - The recent approval of spot bitcoin exchange-traded funds (ETFs) has led to a notable decrease in demand for cryptocurrency mining stocks, with shares of companies like RIOT Blockchain and CleanSpark (NASDAQ:CLSK) experiencing a downturn. Notably, the WGMI Index, which tracks mining stocks, has seen a significant drop of 38% this year. Despite the current bearish sentiment, Bernstein, a prominent research firm, has maintained a positive outlook on these stocks. The firm suggests that the upcoming Bitcoin halving event in April could signal a short-term bottom for Bitcoin's price, potentially creating a lucrative buying opportunity for investors. Bernstein's analysts recommend that investors keep their long positions in mining stocks like RIOT and CLSK, anticipating potential gains from the next price inflection point. In line with this perspective, JPMorgan, a leading global financial services firm, has updated its rating for RIOT Blockchain to Neutral. The bank also holds a neutral stance on CleanSpark, reflecting a cautious but not pessimistic view of the sector's prospects. Both RIOT and CLSK, along with other mining stocks, appear to be at a crossroads, with the market sentiment mixed due to the new dynamics introduced by the spot bitcoin ETFs. However, Bernstein's advice suggests confidence in the resilience and future performance of these companies as the halving event approaches. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approval-impacts-mining-stocks-bernstein-remains-bullish-93CH-3277195

2024-01-18 09:22

Copyrighted Image by: Reuters Investing.com - The U.S. dollar slipped lower during early European trading Thursday, but remained near a one-month high after robust U.S. retail sales data spurred more doubts over early rate cuts by the Federal Reserve. At 04:20 ET (09:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 103.107, after reaching 103.69 on Wednesday for the first time since Dec. 13. Resilient U.S. activity boosts dollar The dollar received a boost overnight after U.S. retail sales came in stronger than expected, providing support for recent comments from a number of Fed officials that the central bank will keep rates higher for longer. There is more U.S. data to digest Thursday, including weekly jobless claims, building permits and housing starts for December, as well as the Philly Fed manufacturing index for January. U.S. economic activity has tended to surprise with its resilience, providing another reason for policymakers to move slowly. Data from the U.K., released on Wednesday, showed that the annual inflation rate sped up for the first time in 10 months in December. The next U.S. CPI release is scheduled for Feb. 13. “Investors will probably want to wait for this release before, for example, looking to rebuild short dollar and long risk positions,” said analysts at ING, in a note. Sterling supported by sticky inflation In Europe, GBP/USD rose 0.1% to 1.2685, continuing Wednesday’s rally after data showed inflation unexpectedly accelerated in December, reinforcing expectations the Bank of England will be slower to cut rates than its peers. “The inflation data also helped GBP/USD hold support at 1.2600 yesterday and 1.26-1.28 looks a likely near-term range until the broader dollar trend resolves itself,” ING added. EUR/USD traded largely unchanged at 1.0880, after bouncing from a one-month low on Wednesday following ECB President Christine Lagarde pointing to summer as the most likely time for the central bank’s first interest rate cut, later than market expectations for a spring cut. Yen awaits key inflation data In Asia, USD/JPY traded 0.2% lower to 147.84, with the yen just above a more than one month low ahead of key consumer price index data due on Friday, which is expected to show a sustained decline in inflation. The reading is expected to provide the Bank of Japan with little impetus to begin tightening its ultra-loose policy, which bodes poorly for the yen. USD/CNY traded largely flat at 7.1964, after the yuan sank to its lowest level in nearly two months. The outlook for the yuan remained dour, as the PBOC grappled with sluggish growth and limited headroom to keep supporting the currency. https://www.investing.com/news/forex-news/dollar-edges-lower-but-remains-supported-by-economic-resilience-3276955

2024-01-18 07:06

Copyrighted Image by: Mundo Crypto PR MUMBAI - Nikhil Mahajan, an executive of Katalyst Entertainment, has been detained by India's Enforcement Directorate (ED) due to his alleged involvement in a multi-billion rupee Bitcoin fraud case. The special court in Mumbai has ordered Mahajan to remain in custody until January 25, following his apprehension over connections to a ₹6,606 crore Bitcoin scam. The scam, which has been linked to Variabletech PTE Ltd and the late Amit Bhardwaj along with his brother Ajay Bhardwaj, operated as a Ponzi scheme that falsely promised investors high returns on their investments. According to the ED, Mahajan played a role in promoting this fraudulent scheme by hosting seminars in Dubai and, as a result, received a payment of 40 Bitcoins for his services. Investors suffered considerable financial losses as their funds were channeled into opaque online wallets, a common tactic in Ponzi schemes to obscure the flow of money and complicate recovery efforts. The case continues to unfold as the authorities delve deeper into the fraudulent activities associated with the Bhardwaj brothers and their associates. https://www.investing.com/news/cryptocurrency-news/enforcement-directorate-arrests-katalyst-executive-in-bitcoin-scam-93CH-3276908