Bitcoin News Today TheBitTimes.com

IntoTheBlock provides insights into the unexpected downturn in Bitcoin’s market, particularly following the approval of the Bitcoin ETF. Data shared in a Jan. 19 X post by blockchain analytics firm IntoTheBlock shows that Bitcoin (BTC) price s have decreased by approximately 10% in the past week, a trend that contradicts many market predictions. The firm’s Analysis reveals several key factors contributing to this trend. There has been a significant increase in Bitcoin inflows into centralized exchanges for the past six weeks, with nearly $2 billion in net deposits since December. This pattern of high exchange deposits typically indicates a selling trend, prompting the question of who is selling and why. IntoTheBlock also noted the movement of older Bitcoin, which recently saw an all-time high in average holding time before transacting. This trend was particularly pronounced on Monday and suggests that long-term holders, potentially those invested in the Grayscale Bitco...

Bitcoin (BTC) has continued to experience a sell-off since the approval of a spot exchange-traded fund (ETF), failing to live up to the hype experienced before the approval . In the wake of a regulatory nod for the product, Bitcoin retested the $49,000 mark, but the asset has corrected to currently trade above the $42,000 support zone. The sell-off has resulted in Bitcoin losing $83.91 billion in market cap within five days of the approval . On January 10, the maiden cryptocurrency held a market cap of $915.71 billion , dropping almost 10% to reach $831.8 billion by press time.  Notably, the market cap briefly peaked at $954.6 billion on January 11 before the sell-off accelerated. Bitcoin five-day market cap chart. Source: CoinMarketCap Cryptocurrency $15 billion XRP hacking attempt revealed Cryptocurrency Top 3 cryptocurrency picks for end of January Cryptocurrency Davos 2024: World Economic Forum's crypto vision...

Former executives of Citi group Inc. will offer Bitcoin (BTC)-backed securities . According to a Bloomberg report published on Jan. 4 former Citigroup executives will offer BTC-backed securities that they say do not need approval from US regulators. The brazen move will see the issuer startup what is known as a “Receipts Depositary Corporation, or RDC. The securities will be Bitcoin Depositary Receipts that function similar to American Depositary Receipts representing foreign stocks. According to the company, the BTC DR offering will provide institutions with access to securities through the US regulated market infrastructure and will be cleared through Depository Trust Co. The key difference from a Bitcoin ETF will be that depositary receipts offer direct ownership of BTC to qualified institutions, which RDC says will be the first of its kind to do so. You might also like: Survey: Approval of Bitcoin ETF could boost investment from non-crypto users According to the is...

Crypto exchange Coinbase has received the green light from the National Futures Association (NFA) to offer crypto futures to eligible customers in the US.  The company’s subsidiary, Coinbase Financial Markets Inc., will operate as a futures commission merchant (FCM) and offer access to crypto futures from its platforms.  The approval , described as a “critical milestone” by Greg Tusar, Coinbase’s vice president of institutional product, allows the exchange to directly offer traditional spot crypto trading alongside regulated and leveraged crypto futures for verified customers. Tusar also emphasized that the global crypto derivatives market accounts for roughly 75% of crypto trading volume worldwide, making it a vital access point for traders. You might also like: Coinbase launches Stand With Crypto alliance Coinbase’s move into the futures market began with the acquisition of FairX, now known as the Coinbase Derivatives Exchange, last...