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Peter Davis

An writer at FOMOdrive

  • Jan 07, 2024
  • 3 min read

Arthur Hayes told when Bitcoin will start to grow

The difficulty of Bitcoin mining has reached a new peak.

The SEC has received the final amendments to the filings from the issuers of Bitcoin ETFs.

Better Markets warns that approving spot ETFs would be a grave error.

Solana network transactions have hit a new yearly high.

The difficulty of mining the first cryptocurrency increased by 1.6%, reaching a maximum of 73.2 T. The average hashrate since the last change in value was 524.18 EH/s.

The U.S. Securities and Exchange Commission (SEC) has received updated filings on Form 19b-4 from firms such as BlackRock, Grayscale, Fidelity, VanEck, Valkyrie, Hashdex, Franklin Templeton, Bitwise, Wisdomtree, ARK Invest, 21Shares, Invesco and Galaxy. According to Bloomberg, these amendments to requests for the launch of spot Bitcoin ETFs bring their issuers to the “finish line.”

Arthur Hayes, the ex-CEO of the BitMEX exchange, has predicted that Bitcoin will drop by a minimum of 20-30% before the month of March is over. He believes that BTC will only start to rise again after the Federal Reserve meeting on March 20, when the regulator will either reduce the rate or inject liquidity.

John Palmer, the head of CBOE Digital's cryptocurrency division, anticipates a substantial influx of capital into the digital asset market once Bitcoin ETFs are approved. He believes that the arrival of these funds will draw in new institutional investors, such as pension funds and registered investment adviser funds.

A survey conducted by Bitwise Asset Management revealed that only 39% of US financial advisors anticipate the approval of spot Bitcoin ETFs this year. This outlook is in stark contrast to that of cryptocurrency analysts, who are expecting the launch of such funds in the near future. Additionally, 88% of respondents stated that they would not invest in cryptocurrencies until spot Bitcoin ETFs are approved in the US.

Kevin O'Leary, the host of Shark Tank, is sure that institutional investors will still be interested in the first cryptocurrency, no matter if the US authorities approve Bitcoin ETFs.

Better Markets has released an open letter to the SEC, urging them to reject the introduction of spot Bitcoin ETFs. The non-profit organization believes that allowing these funds to be launched would be a grave error.

Arthur Wilmarth, a professor of law at George Washington University, believes that US federal regulators have made a grave mistake by permitting banks to partake in cryptocurrency-related activities. He believes that the authorities should safeguard investors and the banking system from the crypto industry.

The Solana blockchain's daily transaction volume has skyrocketed to its highest level since October 2022, reaching a staggering $40 billion. This is an impressive 700% increase from the $5 billion recorded at the start of December 2023.

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