Stay Updated on the Latest in Crypto!
Stay ahead of the curve with the latest insights into daily trends and developments shaping the world of cryptocurrency, including Bitcoin’s trajectory, blockchain innovations, DeFi, NFTs, Web3, and regulatory dynamics.
Market Uncertainty Impacts Bitcoin ETFs
The spot Bitcoin exchange-traded funds (ETFs) in the United States witnessed a significant decline in net inflows, marking one of the lowest influxes at just $132 million on March 14. This plunge, representing an 80% drop from the previous day’s figures, reflects the prevailing market uncertainty. Notably, the Grayscale Bitcoin Trust ETF (GBTC) experienced substantial outflows, amounting to $257 million. Despite this, the VanEck Bitcoin Trust ETF and Fidelity’s Wise Origin Bitcoin Fund recorded modest inflows of $13.8 million and $13.7 million, respectively. Analysts attribute this decline to various factors, including regulatory concerns, macroeconomic conditions, and anticipation surrounding the Federal Reserve’s upcoming decisions on interest rates.
Senators Call for Caution Regarding Crypto ETF Approvals
In a recent development, two U.S. senators, Jack Reed and Laphonza Butler, have urged Gary Gensler, the chair of the Securities and Exchange Commission (SEC), to exercise caution in approving further crypto exchange-traded funds (ETFs). They emphasized the “enormous risks” posed to retail investors by thinly traded markets susceptible to fraud and manipulation. The senators’ concerns primarily revolve around the potential approval of spot Ether ETF applications and the broader implications for altcoins seeking similar ETF pathways. However, their stance has sparked criticism within the crypto community, with figures like Coinbase’s chief legal officer, Paul Grewal, contesting the validity of their claims.
UK Judge Rules Against Craig Wright’s Satoshi Claims
In a significant legal development, a United Kingdom judge, James Mellor, ruled against Craig Wright’s claims of being Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The verdict, delivered on March 14, came as part of the Crypto Open Patent Alliance’s (COPA) lawsuit against Wright. COPA, comprising 33 prominent organizations within the cryptocurrency space, aims to foster innovation and remove patent barriers. The ruling underscored allegations of Wright’s fabrication of biographical details and production of forged documents, casting doubt on his credibility.
Stay tuned for more updates on the dynamic world of cryptocurrency!
