BlackRock’s Bitcoin ETF Surpasses Gold ETF in Size

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@newsontheblockchain, 09/11/2024

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 762

• Market Cap: $2.59T (+3.24%)

• 24h Volume: $124.34B (-5.00%)

• Bitcoin Dominance: 58.42%

• Ethereum Dominance: 13.82%

• ETH Gas Price: 5.52 Gwei

• Fear & Greed Index: 73 (Greed)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $6.84B (5.50% of total market volume)

• Stablecoins Volume: $114.31B (91.93% of total market volume)

• Coin with highest % change: APEDEV (+39.21%)

🔥Heat Map:

📈 Preview On Today’s News:

1. - BlackRock’s Bitcoin ETF Surpasses Gold ETF in Size

2. - Ethereum Foundation Reports $970 Million Treasury

3. - XRP's Partner Predicts Massive Growth in Cross-Border Payments by 2030

Keep reading for more!

Today’s Important News:

1)

BlackRock’s Bitcoin ETF Surpasses Gold ETF in Size

BlackRock’s iShares Spot Bitcoin ETF (IBIT) has surpassed its Gold ETF (IAU) in assets under management (AUM), reaching $33.1 billion compared to $32.9 billion. This surge has been driven by increased interest in Bitcoin, particularly following the US elections, where Bitcoin prices soared. The ETF’s rapid growth is notable, accumulating over $10 billion in just two months—something that took the Gold ETF two years. The Bitcoin ETF has also generated significant unrealized profits, holding about $1.8 billion, with a low turnover rate of just 0.28% of its holdings. Additionally, analysts predict that Bitcoin's value may continue to rise, with some forecasting a short-term price of $80,000.

• BlackRock’s Spot Bitcoin ETF (IBIT) now has $33.1 billion in AUM, surpassing its Gold ETF (IAU) at $32.9 billion, fueled by the US election and rising Bitcoin interest.

• The Bitcoin ETF amassed over $10 billion in assets within two months, significantly faster than Gold ETFs, with $1.8 billion in unrealized profits and a low turnover rate.

2)

Ethereum Foundation Reports $970 Million Treasury

The Ethereum Foundation has released a 2024 report revealing a $970 million treasury, composed of $788.7 million in cryptocurrency holdings and $181.5 million in traditional investments. The foundation’s treasury, heavily dominated by Ethereum (ETH), is primarily used to support the Ethereum ecosystem through team initiatives and grants. Despite the large portion of assets being in ETH, which constitutes 99.45% of the treasury, concerns have arisen due to the limited ETH supply. The foundation continues to bolster ecosystem engagement with its conflict of interest policy and grant support for projects like Argot Collective and Geodework.

• The Ethereum Foundation's 2024 report shows a $970 million treasury, mostly in cryptocurrency, with 99.45% of it held in ETH.

• The foundation supports Ethereum ecosystem initiatives and grants while managing concerns over the ETH supply and asset allocation.

3)

XRP's Partner Predicts Massive Growth in Cross-Border Payments by 2030

A partner of XRP, Tranglo, predicts that the global cross-border payments market will surge to $290 trillion by 2030, marking a 53% increase from its current $190 trillion value. The B2B segment, a major driver of this growth, is expected to rise by 43% to $56.1 trillion. This growth is fueled by the digital transformation of businesses and increased cross-border activities, with a focus on improving payment efficiency, transparency, and reducing costs. Companies need to select the right payment partners to overcome challenges like high fees and delays in transactions, ensuring better liquidity and smoother operations.

• XRP partner Tranglo forecasts $290 trillion in cross-border payments by 2030, driven by B2B e-commerce growth and digital transformation.

• To address challenges in cross-border transactions, businesses must partner with reliable payment services to reduce fees, improve efficiency, and ensure timely payments.

4)

Record Inflows into Bitcoin and Ethereum ETFs Drive Market Optimism

Investor confidence in Bitcoin (BTC) and Ethereum (ETH) ETFs is growing, with significant net inflows seen recently. The U.S. election results have positively impacted the global economy, including the crypto market, causing notable price upticks. Bitcoin ETFs have reached new highs, with over 17k BTC purchased recently, signaling strong market confidence and potential for further price gains. Ethereum ETFs also saw record inflows, surpassing $56 million. This surge in ETF investments suggests continued growth for both Bitcoin and Ethereum, with bullish indicators pointing to further price increases.

• Bitcoin and Ethereum ETFs see record net inflows, with Bitcoin ETFs surpassing 17k BTC in purchases, and Ethereum ETFs reaching over $56 million in inflows.

• U.S. election results drive positive market sentiment, contributing to price increases for both Bitcoin and Ethereum, with bullish market indicators signaling potential continued growth.

5)

Crypto's Growing Political Influence Post-2024 Elections

Following the 2024 U.S. elections, the cryptocurrency industry has emerged as a significant political force. The election results ushered in a Republican majority in both the presidency and Congress, marking a pivotal shift in power. This change has generated enthusiasm within the crypto community and revealed weaknesses in the Democratic Party's approach to the sector. Industry leaders, advocating for regulatory transparency, have long engaged with lawmakers. The new administration is expected to introduce substantial regulatory changes, including potential oversight shifts from the SEC to the CFTC under proposals like FIT21. While the sector anticipates a more favorable regulatory environment, challenges remain in balancing innovation and the safeguarding of fundamental rights to ensure sustainable growth.

• Key Takeaway 1: The 2024 elections brought a Republican majority that could lead to clearer and more supportive crypto regulations, addressing longstanding industry demands.

• Key Takeaway 2: Proposals like FIT21 may transfer regulatory oversight from the SEC to the CFTC, sparking discussions on balancing innovation with rights protection and the long-term impact on the industry.

6)

Crypto's Growing Political Influence Post-2024 Elections

Following the 2024 U.S. elections, the cryptocurrency industry has emerged as a significant political force. The election results ushered in a Republican majority in both the presidency and Congress, marking a pivotal shift in power. This change has generated enthusiasm within the crypto community and revealed weaknesses in the Democratic Party's approach to the sector. Industry leaders, advocating for regulatory transparency, have long engaged with lawmakers. The new administration is expected to introduce substantial regulatory changes, including potential oversight shifts from the SEC to the CFTC under proposals like FIT21. While the sector anticipates a more favorable regulatory environment, challenges remain in balancing innovation and the safeguarding of fundamental rights to ensure sustainable growth.

• Key Takeaway 1: The 2024 elections brought a Republican majority that could lead to clearer and more supportive crypto regulations, addressing longstanding industry demands.

• Key Takeaway 2: Proposals like FIT21 may transfer regulatory oversight from the SEC to the CFTC, sparking discussions on balancing innovation with rights protection and the long-term impact on the industry.

7)

Tether Aids in Swift Recovery of Stolen Funds Through Collaboration with Law Enforcement

Tether has demonstrated its commitment to supporting law enforcement agencies by assisting in the recovery of stolen funds. Recently, the Ontario Provincial Police (OPP) praised Tether for helping recover approximately 10,000 Canadian dollars in stolen Tether stablecoins. This collaboration highlights Tether's ongoing efforts to combat cybercrime and freeze illicitly obtained digital assets, a practice it has been engaged in since 2020. With its continued cooperation with law enforcement, Tether aims to ensure swift action against cybercriminals and safeguard victims.

• Tether cooperated with the Ontario Provincial Police to recover stolen funds and praised for its swift action in aiding the investigation.

• The stablecoin issuer has a long history of freezing stolen funds and collaborating with law enforcement to combat cybercrime.

8)

FTX Seeks to Recover $11M from Crypto.com amid Bankruptcy Proceedings

FTX, through its subsidiary Alameda Research, is attempting to recover over $11 million in assets held in a Crypto.com account since 2022. The firm claims that Crypto.com has locked the account following FTX's bankruptcy filing and has refused to return the assets. This action is part of ongoing efforts in the aftermath of FTX's bankruptcy, where funds from various exchanges have been frozen or locked. Alameda's bankruptcy complaint highlights the need for Crypto.com to return the assets, while related cases are still in progress, including other fund recovery actions and criminal proceedings against FTX executives.

• FTX, via Alameda Research, is seeking to recover $11.4 million from a locked Crypto.com account, citing refusal from the exchange to return the assets.

• This effort is part of ongoing bankruptcy proceedings and criminal cases involving FTX and its executives, with further fund recovery actions underway.

9)

South Korea Tackles Surge in Crypto Scams

South Korea is addressing a significant rise in cryptocurrency fraud, including a high-profile Bitcoin mining scam where perpetrators stole over $1.6 million from victims. Authorities arrested 81 individuals involved in the scam, which targeted users with promises of high returns on Bitcoin mining leases. With a growing number of crypto users, the government is focusing on regulation to combat fraud and ensure safer trading. The scam involved fake offers and false assurances, with victims losing amounts ranging from $2,143 to $214,200.

• South Korea's government is working on stricter regulations to combat the rise in crypto fraud, with 81 arrests linked to a $1.6 million Bitcoin mining scam.

• Authorities warn the public to stay vigilant against scams offering "easy returns" and emphasize reporting suspicious activities.

10)

Crypto Community Divided Over Wall Street Lawyer Potential SEC Chair

The cryptocurrency community has reacted with mixed opinions to the news that Wall Street lawyer Richard Farley might replace Gary Gensler as SEC chair under the Trump administration. While some, like economist Timothy Peterson, are optimistic that Farley's experience in traditional finance could bring balanced oversight and foster crypto regulation, others, such as venture capitalist Adam Cochran, view him as an anti-crypto choice. Farley's background as a banking lawyer has raised concerns about potential negative impacts on crypto, although some speculate his pragmatic approach might offer thoughtful frameworks for crypto regulation.

• Mixed Reactions: The crypto community is divided over Richard Farley potentially becoming SEC chair, with some fearing his traditional finance background could harm crypto, while others hope his regulatory experience will benefit the sector.

• Support for Farley: Some experts, like economist Timothy Peterson, believe Farley’s experience could lead to balanced crypto regulation, fostering innovation while maintaining market stability.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.