SEC in ‘Enforcement-Only Mode’ for Crypto, Commissioner Peirce Says at ETHDenver


Since joining the SEC in 2018, Peirce, a lawyer, has openly advocated for crypto in the face of skepticism from many of her colleagues, including current Chair Gary Gensler. While prefacing her remarks with a “these views are my own” disclaimer, Peirce spoke openly about her frustration with the regulator’s willingness to seemingly pass judgment on crypto as an asset class.

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Record high realized cap shows unprecedented economic investment in Bitcoin


Bitcoin’s realized cap is a nuanced and innovative metric for assessing the valuation of Bitcoin that differs significantly from traditional market capitalization.

Unlike the market cap, which simply multiplies the current market price of Bitcoin by the total number of coins in circulation, the realized cap offers a more granular and economically meaningful insight into the Bitcoin market.

It does this by aggregating the value of all Bitcoins at the price they were last moved rather than the current price. This approach can provide a more stable view of the market’s valuation, less prone to the volatility associated with speculative trading and short-term market movements.

To calculate the realized cap, one must take the value of each Bitcoin at the time it last moved and then sum these individual values across all Bitcoins. This means if a Bitcoin was last moved when its value was $10,000, that specific Bitcoin contributes $10,000 to the cap, regardless of the current market price.

The realized cap reveals things about the Bitcoin market that are not immediately apparent through the market cap.

Firstly, it can provide insights into the investment behavior of Bitcoin holders. For example, a rising realized cap suggests that Bitcoins are moving at higher prices, indicating positive sentiment among investors. Conversely, a stable or declining realized cap can signal that most Bitcoins are not changing hands, possibly implying holder conviction or a lack of new investment at higher price levels.

Moreover, it can serve as a proxy for the invested capital that is less sensitive to speculative swings. In periods of high volatility, the market cap can fluctuate wildly, but the realized cap tends to move more smoothly, as seen in the graph below, reflecting a more grounded assessment of the Bitcoin market’s worth. This stability makes it a valuable tool for investors looking to gauge the market’s underlying health beyond the noise of daily price movements.

Graph comparing the fluctuations of Bitcoin’s market cap and realized cap from March 2021 to February 2024 (Source: Glassnode)

Bitcoin’s realized cap reached its all-time high on Feb. 28, topping at $473.8 billion. This signifies that, on average, the Bitcoin network and its participants have never been as economically invested in BTC as they are now, based on the prices at which most Bitcoins were last transacted.

Reaching an ATH in the realized cap indicates a broadening and deepening of the market’s foundation.

Unlike market cap, which can rapidly inflate with speculative fervor, the realized cap grows as a result of transactions that reflect actual transfers of wealth and, by extension, a more durable belief in Bitcoin’s value. Therefore, this ATH could be seen as a more meaningful indicator of Bitcoin’s increasing acceptance and integration into the financial portfolios of a wider array of investors.

Bitcoin realized cap ytd
Graph showing Bitcoin’s realized cap from Jan. 1 to Feb. 28, 2024 (Source: Glassnode)

The Realized Cap HODL Waves data provides a fascinating insight into the behavior of Bitcoin holders and their contribution to the realized cap’s increase. By analyzing the changes in the distribution of Bitcoin holdings across different time-held cohorts in the past three days, we can determine which group is the most active and how their actions influenced the realized cap.

On Feb. 25, the distribution was as follows:

  • Bitcoins held for less than 24 hours accounted for 0.856% of the realized cap.
  • Bitcoins held between 1 day and 1 week contributed 5.8%.
  • The 1-week to 1-month cohort represented 15.571%.
  • Bitcoins held for 3 to 6 months made up 6.318%.
  • The 6-month to 1-year group accounted for 11.818%.
  • Finally, Bitcoins held for 1 to 2 years contributed 12.438%.

By Feb. 28, there was a notable shift:

  • The share of Bitcoins held for less than 24 hours surged to 5.828%.
  • Holdings between 1-day and 1-week dropped to 4.851%.
  • The 1-week to 1-month cohort decreased significantly to 8.543%.
  • The 3- to 6-month group was slightly reduced to 6.209%.
  • The 6-month to 1-year holdings fell to 11.338%.
  • The 1-year to 2-year cohort decreased to 11.975%.
realized cap HODL waves 3y
Graph showing the realized cap HODL waves from March 2021 to February 2024 (Source: Glassnode)

From this data, the most significant shift occurred in the under-24-hour cohort, which dramatically increased from 0.856% to 5.828%. This suggests a substantial influx of new investment or trading activity, where a large volume of Bitcoin changed hands quickly and was likely sold or transferred at higher prices, contributing to the rise in the realized cap. Such short-term holding indicates speculative trading or immediate responses to market conditions.

The decrease in percentages for the 1-day to 1-week and 1-week to 1-month cohorts, alongside slight declines in the longer-term holding categories, suggests a consolidation or a shift from these groups into either the very short-term holding (<24h) due to trading or into longer-term holdings not specified here. This could indicate a reallocation of assets within the market, where some short to medium-term holders decided to take profits or reallocate their investments, contributing to the realized cap increase.

Therefore, the rise in the realized cap appears to be significantly influenced by short-term market activity and trading rather than long-term holding strategies, as evidenced by the dramatic increase in the <24h cohort. While there is activity across all cohorts, the predominant contribution to the realized cap’s rise in this period comes from those engaging in short-term trading.

This behavior reflects a market where price movements and immediate trading opportunities influence the realized cap more than the accumulation strategies of longer-term investors.

The post Record high realized cap shows unprecedented economic investment in Bitcoin appeared first on CryptoSlate.

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Bitcoin ETF-Shunning Vanguard CEO Tim Buckley Is Retiring. Will His Replacement Embrace Them?


Whether it even needs to bother is another question. Bloomberg analyst James Seyffart noted Thursday that one of Vanguard’s ETFs, VOO, which tracks the S&P 500 Index, has attracted $15.7 billion in net new money so far this year, double what BlackRock’s spot bitcoin ETF, IBIT, has collected.

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StarkWare Plans New ‘Stwo’ Cryptographic Prover for Cheaper Transactions


A prover is a key component for layer-2s, since they generate proofs that are then posted to the base layer blockchain – a crucial process in linking the networks and sharing the security. With a faster prover, processing transactions costs should be lower, which in effect then will also lower fees for users and speed up transactions, according to the StarkWare team.

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Cybernetics Expands Cybersecurity Solutions for Recovering Stolen Cryptocurrencies


Cybernetics, a crypto recovery services provider, has extended its expertise to assist potential users in recovering stolen cryptocurrencies. The company's expertise and experience in blockchain and cryptocurrency has enabled them to provide tailored and forensic solutions to address the specific needs of their clients.

With the recent update, Cybernetics' data security solutions have encompassed a range of protective measures that can be tailored to address the specific challenges posed by crypto trading platform. This may involve implementing robust encryption protocols, establishing communication channels, strengthening access controls, and deploying advanced threat detection and prevention mechanisms.

Cybernetics' team possesses extensive knowledge in fields such as crypto recovery, blockchain technology, claims, disputes, AML compliance, and asset recovery comprising skilled legal and forensic experts. They offer comprehensive services in these areas, catering to clients worldwide.

Cybernetics provides the support of skilled data security professionals who are part of their team for the deployment of their data security solutions. These experts possess in-depth knowledge and experience in handling various security challenges, including those related to crypto trading platforms. They can guide organizations and offer direction and assistance at every step.

The team is capable of rewriting or customizing their solutions as needed to better align with the requirements of organizations affected by crypto trading platform crimes. This may involve modifying existing security protocols, developing new features, or integrating additional technologies to enhance protection and assist those impacted by crypto trading platform crimes.

For more information, please visit their website.

About Cybernetics:

Cybernetics is a technology firm that provides a variety of services to aid cybercrime victims in reclaiming their stolen funds. The company's team of professionals has extensive expertise in identifying and recovering funds from online transactions by employing sophisticated technologies and tactics. Cybernetics is devoted to delivering a transparent service to its customers, and it collaborates closely with financial institutions and law enforcement agencies to help that those responsible are held accountable.


Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

Vanguard CEO to retire but firm unlikely to change anti-crypto stance


Vanguard CEO Tim Buckley announced he will retire at the end of the year, but his departure is unlikely to shift the firm’s stance toward Bitcoin and crypto products.

The company is seeking replacements from both internal and external candidates. It has also promoted its Chief Investment Officer (CIO), Greg Davis, to the position of President.

Vanguard recently attracted attention over its decision to not support spot Bitcoin exchange-traded funds (ETFs). Buckley expressed the firm’s stance in October 2023, stating in a CNBC interview at the time that he does not believe crypto has any intrinsic value.

Vanguard and its CEO have long been a critic of crypto and Bitcoin. Buckley made similar statements to CNBC in 2018, at which time he said that Vanguard would never offer a Bitcoin fund.

Anti-Bitcoin stance extends across Vanguard

Though Buckley expressed those views, it seems that the company’s attitude toward spot Bitcoin ETFs and related products is unlikely to change alongside its leadership as the sentiment is upheld by other executives in the firm.

Two of the firm’s executives — — Janel Jackson, Global Head of ETF Capital Markets and Broker and Index Relations, and Andrew Kadjeski, Head of Brokerage & Investments — explained the firm’s reasoning in a Jan. 24 note to investors

Jackson wrote that Vanguard sees crypto as “more of a speculation than an investment” because it lacks maturity as an asset class and has no economic value or cash flow. She also warned that crypto can “create havoc within a portfolio.”

Meanwhile, Kadjeski said that Bitcoin’s volatility makes crypto trading tempting to investors, but Vanguard’s strategy is to focus on long-term investments and savings.

The executives also revealed that Vanguard has no plans to launch its own Bitcoin ETF or to offer existing crypto-related products on its brokerage.

Vanguard’s CIO and soon-to-be President, Greg Davis, has been less negative about the industry in the past and called blockchain “quite compelling” in 2022. He also revealed that the investment firm uses blockchain technology to receive certain index data.

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Bitcoin (BTC) Price Gained 45% in a Month. It Could Run Higher, Analysts Say


“We haven’t even begun to reach the heights this is likely to go.” Alex Thorn, head of firmwide research at Galaxy, said in a market analysis posted on X (formerly Twitter) Thursday. He argued that the U.S. spot bitcoin ETFs are a “game changer,” providing steady – and recently accelerating – demand for BTC. Meanwhile, some 75% of bitcoin’s supply is owned by long-term holders, who have been unwilling to sell so far at recent price levels.

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Rayan Walaa, a pioneering sports entertainment risk protection company, is in discussions with top global financial institutions and sports clubs to potentially secure a $20 million investment


On February 27, in the fast-paced lives, people always seek a haven for stress relief and pure entertainment. Sports entertainment has become an indispensable part of our lives, igniting a global entertainment frenzy. Recently, Rayan Walaa is negotiating with the world's leading financial institutions and sports clubs to introduce an investment of up to $20 million for strategic deployment in global sports event risk management, which has sparked international debate.

Founded in London, UK, in 2023, Rayan Walaa has, through years of stable operation, developed its unique sports entertainment risk protection business. The company is fully licensed and strictly adheres to local and international regulatory standards. It operates with a high sense of responsibility and a philosophy of reasonably controlling user transaction risks. With 130 professional technical staff responsible for risk control management and rule design, the company's customized sports and entertainment protection products employ multi-level and multi-dimensional risk control measures to ensure the safety and integrity of customer funds.

As a sports event risk protection platform, Rayan Walaa has established close cooperative relationships with several internationally renowned football clubs and has reached business consensus with several century-old insurance groups in the UK. These partnerships not only provide more financial planning for the platform but also bring exclusive information and broader development opportunities to Rayan Walaa. The company's intention to deepen these interactions is undoubtedly positive news for the platform and sports enthusiasts.

From its inception, Rayan Walaa has adhered to the principle of reasonably controlling risks to serve its users. Before undertaking any risk control business, the platform conducts comprehensive risk assessments and due diligence using AI and big data technologies. By providing real-time market data analysis services, it offers users the latest industry trends and market dynamics, helping users to control risks reasonably, ensuring a rational risk-reward ratio, and unlocking new profit potentials.

Rayan Walaa is acutely aware of users' emphasis on security and returns. Therefore, the platform spares no effort in providing high-quality risk protection services. The introduction of this $20 million investment will further strengthen this approach, offering risk reduction through the innovation of its products and technology hedges. With strict management systems and effective risk control measures, the platform provides an ideal environment for traders and sports enthusiasts to confidently engage in transactions of any scale.

In this digital age, a new chapter in sports entertainment has begun, and Rayan Walaa may have pointed out a new direction. Only by ensuring the safety and reliable growth of customer assets can a company win the trust and support of its clients. The platform will always stand from the customer's perspective, creating a more secure and reliable risk control system.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. 

Grayscale lobbying for regulatory approval of options for spot Bitcoin ETFs


Grayscale is lobbying for the US SEC to approve options on its spot Bitcoin exchange-traded fund (ETF), Reuters reported on Feb. 29.

Grayscale CEO Michael Sonnenshein said:

“It is vital to the interests of GBTC and all spot Bitcoin [exchange-traded product] investors to access exchange-listed options on GBTC and other spot Bitcoin ETPs.”

The SEC approved Grayscale’s spot Bitcoin ETF (GBTC) in January. Unlike most of the other newly approved spot Bitcoin ETFs, GBTC was converted to an ETF from an existing fund.

Options could enhance regulation

According to Sonnsenshein, the SEC’s rejection of options on GBTC would unfairly discriminate against shareholders because the regulator has approved options on Bitcoin futures ETFs.

He added that options could also support spot Bitcoin ETF investment more broadly as they could provide price discovery, assist market condition navigation, and support hedging and income generation.

Furthermore, options would bring BTC within the regulatory perimeter, allowing more market participants, including contract merchants and broker-dealers, to trade the funds.

Grayscale’s letter was reportedly prompted by the SEC’s decision to open comments on options for its ETF on Feb. 23. The regulator’s notice also opened comments on Bitwise’s equivalent ETF and other NYSE-listed trusts that hold Bitcoin.

Previously, in January, the SEC opened comments on options for BlackRock’s Nasdaq-listed spot Bitcoin ETF and various Cboe-listed spot Bitcoin ETFs.

Grayscale is a key ETF player

Grayscale’s communications with the SEC are critical because its past efforts have contributed to approvals. After the SEC dismissed Grayscale’s spot Bitcoin ETF application, the firm initiated a legal case against the regulator and won a victory that compelled the SEC to re-address the matter.

SEC chair Gary Gensler cited that outcome in his agency’s approval of spot Bitcoin ETFs, noting that the legal result made approval the “most sustainable path forward.”

The company and other asset managers have also applied for spot Ethereum ETFs. Grayscale’s application recently gained support from Coinbase on Feb. 21.

While Grayscale’s latest letter does not compel the SEC to act in any way, the company’s past significance means that its comment could influence future outcomes.

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Two Binance Executives Are Detained After Flying Into Nigeria: Reports


According to Cardoso, Nigeria’s anti-corruption agency, police and national security adviser had started investigating crypto exchanges, the FT reported. The agencies want to see a list of past and present Binance Nigeria users, a person familiar with the matter told the newspaper.

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