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Peter Davis

An writer at FOMOdrive

  • Oct 06, 2023
  • 3 min read

K33 Research calls for a “return to Bitcoin” again

Bitcoin once more was unable to remain above $28,000.

The ex-head of BlackRock declared when spot Bitcoin ETFs will be authorized.

Ethereum's stagnation was explained by Glassnode.

JPMorgan stated that there has been a significant decrease in institutional enthusiasm for cryptocurrencies.

In Japan, a monument will be constructed to commemorate the Dogecoin symbol.

On Thursday, Bitcoin attempted to climb above $28,000, yet was unable to remain at this level.

K33 Research suggests that investors should turn their attention back to Bitcoin, as the low trading volumes of recently launched Ethereum futures ETFs have been unexpected. This implies that the demand for ETH is not as high as anticipated.

Santiment has reported that Ethereum reserves on crypto exchanges have hit a five-year low. Despite the decrease in supply, the demand for ETH is not high enough to cause a rise in its price.

Glassnode has observed a surge in the popularity of stETH in comparison to ETH, with demand for the latter stagnating. This has resulted in approximately 7% of the Ethereum supply being replaced by the derivative from Lido Finance, and this figure is still increasing. The liquid staking of Lido on Ethereum is having a significant impact on the second largest cryptocurrency.

Stephen Schonfield, former BlackRock managing director, has predicted that the US Securities and Exchange Commission (SEC) will register the first spot Bitcoin ETF within the next three to six months. He noted that the SEC's decision to not reject all applications, but instead request comments, is a positive sign. Schonfield is of the opinion that the regulator will eventually "give the green light" to all applications for exchange-traded funds simultaneously.

JPMorgan reported that large clients of the bank are interested in tokenizing traditional assets, but their enthusiasm for cryptocurrencies has decreased. Additionally, some clients are reluctant to enter the crypto market, while others plan to wait until the situation improves. This is due to the numerous bankruptcies of crypto companies in the past year, as well as the end of the period of large profits from Bitcoin investments.

Eight Chinese companies and their 14 employees have been targeted by the US Department of Justice in criminal cases for the distribution of drugs using cryptocurrencies.

Twelve jurors have been chosen by a New York court to preside over the criminal trial of Sam Bankman-Fried, the ex-chief of the now-defunct FTX exchange.

Elliptic has reported that since 2020, criminals have laundered an unprecedented $7 billion through decentralized exchanges (DEXs) and exchange services.

A monument of the Shiba Inu dog Kaboshu, the symbol of the Dogecoin cryptocurrency, is to be built in Sakura, Japan, close to her usual walking spot.

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