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In a noteworthy development within the cryptocurrency sphere, nine recently introduced spot Bitcoin exchange-traded funds (ETFs) have collectively garnered more than $4 billion worth of Bitcoin in just seven days of trading. The total assets under management (AUM) for these ETFs now exceed 100,000 BTC, equivalent to approximately $4 billion, excluding the Bitcoin Trust (GBTC) fund, which has been converted by Grayscale. Key Players The prominent nine ETFs driving this surge in Bitcoin holdings encompass BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). BlackRock’s spot Bitcoin ETF (IBIT) takes the lead, boasting 40,213 BTC in holdings, followed closely by Fidelity’s FBTC with 34,152 BTC, according to data from K33 Research. January 23 The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC. BlackRock needed 7 trading days t...

Bitcoin and Ethereum fees dropped in a slow week as their prices remained relatively stable compared to the previous week. In a recent tweet, the market intelligence platform and advanced DeFi tools provider, IntoTheBlock, torchlights the lackluster activities of the bigwigs in the crypto market. The firm revealed that Bitcoin (BTC) and Ethereum (ETH) have seen a relatively sluggish week so far. It attributed the apparent dormancy in trading to August’s historical inactivity trend across trading landscapes. IntoTheBlock argued that the August trend’s impact was becoming noticeable in both networks’ fee structures. Both # Bitcoin and # Ethereum had a relatively slow week. August tends to be the most inactive period of the year for trading, and this could have impacted the drop in fees for both networks pic.twitter.com/BvFlHx1fiO — IntoTheBlock (@intotheblock) August 4, 2023   BTC and ETH Fees Decline IntoTheBlock attached an image to the t...

Binance is looking to incorporate the bitcoin (BTC) lightning network to address concerns regarding the speed and cost associated with BTC transactions. Binance is in high gear to adopt the Bitcoin (BTC) Lightning Network to curb issues, such as withdrawal blackouts witnessed during network congestion.  Through its official Twitter page, crypto exchange Binance has disclosed that it is gearing up for the BTC Lightning Network to make deposits and withdrawals faster and easier. #Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us! However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN — Binance (@binance) June 20, 2023 The exchange revealed that it has already rolled out new lightning nodes, as seen by some users. Nevertheless, more work is needed to make the ...

A federal judge in Texas has ordered the head of a South African firm to pay $3.4 billion in connection to a Bitcoin fraud case. Cornelius Johannes Steynberg has been asked to pay $1.7 billion in restitution to victims of the fraud scheme. Alongside, he’s supposed to pay $1.7 billion as a civil penalty. This case is CFTC’s “largest fraud scheme” ever involving Bitcoin. The CFTC  formally charged Steynberg in July 2022. According to the Commission, his firm Mirror Trading received Bitcoin online from thousands of people. This was done so to operate a commodity pool. The firm purportedly traded off-exchange, retail foreign currency with ineligible trade participants, according to the regulator. The CFTC labeled this to be an “international fraudulent multilevel marketing scheme.” Additionally, the agency claimed that MTI and Stynberg controlled the commodity pool. However, the defendants “falsely claimed” that there was a proprietary “bot” or software program involved. Sty...

In 2022, investors, traders, cryptocurrency businesses, and miners faced several challenges. The bear market persisted for an extended period and was further compounded by a series of adverse events that affected miners in particular. They had to contend with various problems, such as defaulted loans, quarterly losses, and record-high Bitcoin hashrates. These issues all impacted profitability and created selling pressure. Also read: Euler Finance Community Maps Out Plan to Distribute Recovered Funds From $200M Hack The situation has turned out to be better in 2023, with the prices of various cryptocurrencies on a positive trajectory. A recent New York Times report has unveiled some interesting facts about Bitcoin mining. Bitcoin mining and climate change Recent findings indicate that a significant portion of the energy used by miners, estimated at 85%, is derived from fossil fuels. This has resulted in the emission of a considerable amount of carbon, which is sa...

Bitcoin (BTC) has risen by almost 55% since the beginning of the year. Meanwhile, Coinbase (COIN) stock is up by over 100% in the same time frame. On the other hand, Warren Buffett-backed Nubank has gained only 26% since January 2023, far shy of Bitcoin’s (BTC) gains . Buffet’s cryptocurrency bets seem to be taking a back seat this year. Cathie Wood, the founder, and CEO of Ark Invest has invested heavily in Coinbase stocks. It appears that Wood has made better bets in the cryptocurrency space, compared to the veteran trader and investor. Did Warren Buffett make a bad bet against Bitcoin? Although Buffett’s bet is down since January of this year, during the past 12 months, his Nubank investment has performed better than COIN. Compared to COIN, which is down 61.76% as of March 17, Nubank is down 38% year over year as of that date. The Warren Buffett-backed bank almost equally matches Bitcoin’s (BTC) 37% losses over the same time frame. According to Berkshire’s most recent...

B itcoin ’s journey so far has been characterized by both ups and downs. In early 2009, the pseudonymous creator of B itcoin , Satoshi Nakamoto, formulated the genesis block. On Jan. 3 that year, the first batch of 50 BTC was mined into existence. During its initial days, BTC was viewed as an alienated asset. With time, however, people from the ecosystem started giving the asset a chance with small investments. Computer scientist Hal Finney was one of the earliest B itcoin testers who joined hands with Satoshi Nakamoto. In fact, he was also one of the first people who predicted the future price of B itcoin . Considering the total worldwide household wealth to be around $100-300 trillion, he projected the value of each coin to eventually hit about $10 million. Evidently, the said price seems to be far from attainment at the moment. However, a basic $1 investment made around that time, in 2009, is now worth $30 million. $1 of b itcoin in 2009 ...

Bitcoin and its latest rally over $21K came as a shock to many. Gold proponent, Peter Schiff, however, topped this list. Just a couple of days ago, Schiff urged investors to sell their Bitcoin as the king coin hit $19K by calling it a “better opportunity to sell.” Now, as BTC is on an upward trajectory, Schiff was back with a new prediction. Earlier today, a Twitter user called out Schiff for his advice. But, the gold bug seemed unwavering as he noted how Bitcoin could tumble below $18K in no time. He tweeted, “That was good advice. Bitcoin will be well below $18K” Time and again, Schiff has put forth a rather bearish forecast for Bitcoin. Negating its growth, Peter Schiff dismissed BTC as a speculative asset. He claims that, despite the common perception that Bitcoin has some intrinsic value beyond merely speculative demand, nobody actually knows what gives it its value. It should be noted that the persistence of the latest rally was questioned by m...

This year has typically been characterized by announcements related to bankruptcies and collapses of cryptocurrency firms within the industry. With the fundamentals weakening, asset prices found it difficult to stay afloat. As a result, 2022 almost entirely belonged to the bears. With less than a fortnight left for this year to wrap up, let’s analyze the top coins so far in 2022. LunarCrush, a social intelligence platform for cryptocurrency assets, released a list of the top-10 coins over the past year, based on their Galaxy Score. The said score measured the coin’s past performance against itself. A higher rank indicated that a particular asset is performing well from different perspectives like the social volume, market volume, price moving average, and more. Looking at the yearly frame of this metric will put things into perspective for 2022. Source: Twitter Ethereum Leads The Show Per the list, Ethereum bagged the first position. This ranking goes without sur...