2024-01-06 20:52

Copyrighted Image by: Reuters. NEW YORK - BlackRock Inc (NYSE:BLK)., the world's largest asset manager, is set to reduce its workforce by approximately 3%, impacting around 600 employees. This move comes as the company's shares have shown signs of recovery, with a 6% increase in 2023 following a 21% decline the previous year. The layoffs are part of a performance-related restructuring process. Despite the impending job cuts, BlackRock is actively pursuing new growth avenues, particularly in the digital assets space. The firm is currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC) on the approval of its iShares Bitcoin Trust, a product that could potentially start trading as early as next Wednesday if approved. BlackRock has committed $2 billion to kickstart trading for this exchange-traded fund (ETF). CEO Larry Fink has highlighted Bitcoin's potential, referring to it as a "Flight to Quality" and underscoring the company's strategic focus on digital assets. The anticipation around the SEC's decision coincides with BlackRock's expected earnings report, which is slated to be released before January 12. The outcome of the SEC's review and the forthcoming earnings report are likely to be significant factors in the company's strategy and market performance in the near term. https://www.investing.com/news/cryptocurrency-news/blackrock-to-cut-3-of-its-workforce-as-it-awaits-sec-decision-on-bitcoin-etf-93CH-3268580

2024-01-06 20:15

Copyrighted Image by: Reuters. NEW YORK - Market analysts are predicting a significant rally for Bitcoin around its next halving event scheduled for April 23, 2024. Historical data has indicated that the cryptocurrency tends to experience substantial gains following such events, with over 400% average annual returns recorded after previous halvings. This optimism is shared by many in the investment community, as they closely monitor the upcoming reduction in Bitcoin's block rewards. The halving event, a mechanism built into Bitcoin's code to reduce the rate at which new coins are created, is expected to slash the block rewards from the current 6.25 BTC to approximately 3.125 BTC at block height 840,000. This programmed scarcity has traditionally led to an increase in Bitcoin's value, and the current market sentiment suggests a similar outcome after the April 2024 halving. At present, Bitcoin's value is hovering around $43,800, and the anticipation of reduced new supply is fueling expectations of a price surge. Additionally, the investment community is keeping an eye on the U.S. Securities and Exchange Commission's (SEC) forthcoming decision on a Bitcoin spot Exchange-Traded Fund (ETF). Should the SEC approve such an offering, companies like BlackRock (NYSE:BLK) are poised to introduce their products to the market. While the potential launch of a Bitcoin spot ETF is seen as positive news, its impact on Bitcoin's price is considered to be secondary to the effects of the halving. https://www.investing.com/news/cryptocurrency-news/bitcoin-projected-to-rally-following-april-2024-halving-event-93CH-3268578

2024-01-06 10:03

Copyrighted Image by: Reuters SAN FRANCISCO - Coinbase (NASDAQ:COIN), a major cryptocurrency exchange, has announced plans to expand its services into the European Union's derivatives market. The company is set to acquire a Cyprus-based entity that holds a MiFID II license, a move that is anticipated to be completed within 2024. This strategic acquisition is poised to enable Coinbase to offer regulated futures and options trading to its customer base, marking a significant step in its European expansion efforts. Coinbase's foray into the EU derivatives market underscores its commitment to compliance and regulatory standards. The company has emphasized its focus on adhering to strict anti-money laundering (AML) and Know Your Customer (KYC) protocols, which are crucial for operating within the EU's financial markets. In addition to the planned acquisition, Coinbase is actively working to further cement its regulatory footprint in Europe. The company is seeking to secure a Markets in Crypto-Assets (MiCA) license by the end of 2024, which would bolster its capabilities and services in the region. Coinbase already possesses a French virtual asset service provider license, demonstrating its proactive approach to meeting regulatory requirements across the continent. https://www.investing.com/news/cryptocurrency-news/coinbase-targets-eu-derivatives-market-with-upcoming-cyprus-firm-acquisition-93CH-3268550

2024-01-06 09:59

HYDERABAD/MUMBAI - In a recent crackdown on cybercrime, Hyderabad police have apprehended Hitesh Goyal in connection with an online scam operated through 'dafabet.com'. The arrest followed a report from a Mumbai local who lost Rs. 70 lakh ($1 = ₹83.11), leading to the recovery of Rs. 1.40 crores, various electronic devices, and banking instruments. The scam, which has international links, is under rigorous investigation to capture all individuals involved. In a separate incident, a resident of Dhokali in Mumbai was defrauded of Rs 27 lakh through a Facebook (NASDAQ:META) cryptocurrency scam. The victim was lured by an advertisement and subsequently tricked by an impostor claiming to be from Belgium. False confirmations and a website displaying fake profits were used to deceive the victim, who was then unable to retrieve the promised returns due to a counterfeit withdrawal link. https://www.investing.com/news/cryptocurrency-news/hyderabad-and-mumbai-residents-fall-prey-to-online-scams-93CH-3268549

2024-01-06 00:08

Copyrighted Image by: Reuters NEW YORK - In a noteworthy move within the cryptocurrency investment space, VanEck, a global investment manager, has announced a long-term commitment to support Bitcoin core development. The firm has pledged to donate 5% of its profits from the proposed Bitcoin spot ETF to Brink, a non-profit organization focused on Bitcoin's technological framework. This philanthropic gesture kicked off with an initial contribution of approximately $10,000. The commitment spans over a decade, signaling VanEck's confidence in the cryptocurrency's future and its dedication to fostering a robust and secure Bitcoin network through sustained financial support. VanEck's proposed Bitcoin spot ETF is part of a broader industry trend, with several investment firms, including BlackRock (NYSE:BLK), Ark, and Grayscale, awaiting the SEC's decision on similar proposals. The anticipation within the financial community is high, as decisions on these proposals are expected soon, with one such decision on Ark's proposal slated by January 10th. https://www.investing.com/news/cryptocurrency-news/vaneck-commits-to-donating-5-of-bitcoin-etf-profits-to-brink-93CH-3268501

2024-01-05 22:22

Copyrighted Image by: Reuters NEW YORK - Bitcoin Minetrix, a company specializing in Ethereum-based cloud mining, has successfully raised over $7.5 million, signaling increasing investor confidence in the cryptocurrency sector. This fundraising comes at a time when the market is hopeful for a Bitcoin ETF approval, which is expected to propel Bitcoin's price from its current $44,000 to a potential $50,000. In recent meetings, the Securities and Exchange Commission (SEC) hinted at the possibility of an ETF approval, contributing to a more optimistic market outlook. This optimism persists despite earlier price drops and significant liquidations reported by Coinglass. Bitcoin Minetrix intends to use the majority of the raised funds to expand its mining operations and to enhance its marketing efforts. The company's cloud-mining model is designed to offer investors a way to participate in cryptocurrency mining with reduced risk, especially during periods of market volatility. https://www.investing.com/news/cryptocurrency-news/bitcoin-minetrix-secures-75-million-amid-etf-optimism-93CH-3268482