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Peter Davis

An writer at FOMOdrive

  • Aug 03, 2023
  • 2 min read

Grayscale called the conditions for the growth of Bitcoin

The Litecoin network underwent a halving, resulting in a decrease in the price of LTC.

Since November 2020, activity in the Bitcoin market has reached its lowest point.

The probability of a Bitcoin ETF being approved has been increased to 65% by Bloomberg.

Binance's CEO lambasted the USDT stablecoin.

Applications have been submitted to the SEC by six companies to initiate Ethereum-ETF futures.

Since November 2020, trading activity in the Bitcoin spot market has been at its lowest, according to Santiment. Major players have not yet ventured into the exchanges, and this pattern may persist in August.

Zach Pandl, director of research at Grayscale Investments, stated that Bitcoin will only increase in value if there is low inflation and a strong growth of the US economy, which would enable the Federal Reserve to reduce interest rates.

Mike Novogratz, CEO of Galaxy Digital, believes that BlackRock's filing to launch a Bitcoin ETF is part of an "acceptance cycle" that will enable the first cryptocurrency to reach all-time highs. He stated that the head of BlackRock having faith in Bitcoin is the most significant event of the year in the crypto market.

James Seyffart, a Bloomberg analyst, has stated that the likelihood of the US Securities and Exchange Commission (SEC) approving a bitcoin ETF application has risen to 65%, up from his previous estimate of 50% two weeks ago and 1% a few months ago.

Seiffart believes that the SEC case against Ripple and the Grayscale lawsuit concerning the transformation of GBTC into an ETF will be crucial for the bitcoin ETF.

In the past week, six companies have submitted applications to the SEC to initiate Ethereum-ETF futures, as reported by Coindesk. This is the first time the regulator has received applications for such funds, despite there being approximately ten of them.

In July, MicroStrategy, founded by Michael Saylor, purchased an additional 467 Bitcoin worth $14.4 million. As of July 31, the company holds 152,800 Bitcoin, valued at approximately $4.53 billion at a rate of $29,672 per coin.

Changpeng Zhao, CEO of Binance, has expressed his disapproval of the USDT stablecoin, referring to it as a "black box" with an uncertain level of risk. He has also stated that he, like many others, has not seen any audit reports of Tether.

On Wednesday, the Litecoin (LTC) network experienced its third-ever cryptocurrency halving, reducing the block reward to 6.25 LTC. Currently, 87.5% of the total supply of LTC has been mined. In response, the altcoin saw a decrease, with its lows for the month reaching around $86.

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