Shiba Inu Spot ETF Finally Within Reach as SEC Deems SHIB a Commodity ZyCrypto
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German law enforcement authorities recently concluded what they term an “emergency sale” of nearly 50,000 Bitcoin (BTC). Today, the authorities revealed that they netted an unprecedented €2.639 billion ($2.88 billion) from the Bitcoin selloff. In addition, they regulators deemed the BTC price action “irrelevant” to their selloff decision.
German Officials Reveal Actual Reason Of Bitcoin Selloff
The German Bitcoin sale took place between June 19 and July 12, concluding efforts that began in January. During that time, a Bitcoin stash worth about $2.1 billion at seizure was confiscated. The confiscation was part of an investigation targeting piracy websites and money laundering, which involved individuals from Germany and Poland.
Despite the substantial windfall, the proceeds remain under custody pending the outcome of ongoing criminal proceedings. “The proceeds do not initially represent any additional income for the Free State of Saxony, but are held in custody until the criminal proceedings have finally concluded,” stated the prosecutor’s office, according to a report by Decrypt.
The sale was orchestrated through a collaborative effort involving the Saxon Police’s Central Office for the Safeguarding, Custody and Utilization of Cryptocurrencies, and the Dresden Public Prosecutor’s Office. In addition, Bankhaus Scheich, a trading firm in Germany, played a pivotal role. It was entrusted with the task of executing the sale in a fair manner and minimally disruptive to the market.
“The bank was commissioned to sell the Bitcoins in a way that was fair and gentle on the market,” emphasized the prosecutor’s office. In addition, they highlighted the delicate balance struck between liquidating the assets swiftly and ensuring market stability.
Also Read: Is Ethereum ETF Approval “Sell The News” Event Like Bitcoin ETF?
BTC Price Deemed “Irrelevant” Amid Sell Spree
Bitcoin’s price remained extreme volatile during the sale period, with prices fluctuating from around $65,000 to a low of $55,000. However, authorities maintained that market conditions were deemed “irrelevant” in their decision-making process. “The Bitcoin price and market conditions were ‘irrelevant’ in its decision to sell the BTC and that it was prohibited from waiting for prices to rise,” the prosecutor’s office clarified.
They cited legal requirements that necessitate an “emergency sale” when there is a perceived risk of significant value loss, typically defined as 10% or more. Data compiled by blockchain analytics firm Arkham Intelligence revealed that the seized Bitcoin was liquidated through centralized exchanges such as Kraken, Coinbase, and Bitstamp.
In addition, the German government depended on over-the-counter firms including Flow Traders and Cumberland DRW for the Bitcoin selloff. The specific institutions involved in the sale were detailed, with one participant remaining unidentified.
The decision to proceed with the sale despite market volatility conforms to the asset management regulations in Germany. The prosecutor’s office justified their actions based on the “enormous and extreme speed of price fluctuations” characteristic of Bitcoin. This makes it necessary to adhere to statutory provisions aimed at mitigating financial risk.
Also Read: Mt Gox News: 13K Creditors Repaid In Bitcoin & BCH, Major Selloff Imminent?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a surprising turn, a well-known Bitcoin maximalist, who goes by the username of The Bitcoin Therapist on X, has expressed bullish sentiments about the recently approved Spot Ethereum ETF. Despite initial skepticism, he sees the development as a net positive for Bitcoin. Moreover, he deemed the approval of these ETFs as “incredibly bullish” for Bitcoin.
Is Ethereum ETF Bullish For BTC?
The Bitcoin Therapist noted the approval of the Ethereum ETF as a catalyst for a “wave of capital flowing into the crypto ecosystem.” Moreover, he acknowledged the broader crypto market will benefit, signaling a green light for various digital assets. “It says we will approve your coin no matter what, as long as there is real demand,” he stated.
However, he warns of the potential risks. According to him, the influx of capital may lead to a surge in “meme coins and scamcoin fantasies.” This trend could be catastrophic for some traditional finance (TradFi) funds. “It’s going to be a disaster, yes. It could even be catastrophic for some TradFi funds,” the Bitcoin maxi noted.
Despite these concerns, he remains confident in Bitcoin’s resilience. He believes Bitcoin will ultimately benefit from the chaos. “When the cycles end and there’s blood in the streets…big daddy Bitcoin is going to absorb all of that shitcoin capital like it does EVERY SINGLE TIME,” he asserted.
Furthermore, the Bitcoin Therapist predicts a significant inflow of funds into the crypto space over the next 4-5 years. In addition, he sees this as a desperate attempt by many to secure ETF approvals. “No doubt in my mind funds are going to pump so much money into this space,” he said. Some projects may succeed, while others may fail. Regardless, he believes Bitcoin will “soak it” all in.
In conclusion, The Bitcoin Therapist views the Ethereum ETF as “incredibly long term bullish” for Bitcoin. In addition, he added, “Some will get lucky and be approved and other will get flat out wasted, but #Bitcoin will reap the real reward.”
Also Read: Spot Ethereum ETF: Approval Secured Despite Early Silence
Bitcoin ETF Inflows Continue
The Spot Bitcoin ETF market has been experiencing a significant wave of investor interest, as evidenced by a substantial net inflow of $107 million on Thursday, May 23. This marks the ninth consecutive day of positive inflows. Hence, it signals robust demand for Bitcoin exposure ETFs.
Grayscale’s Bitcoin Trust (GBTC), however, diverged from this trend, recording an outflow of $13.72 million on the same day. Despite this outflow, other major Bitcoin ETFs demonstrated strong performance. According to Farside UK data, BlackRock’s iShares Bitcoin Trust (IBIT) saw a notable inflow of $89 million. BlackRock, a dominant player in the asset management industry, continues to attract substantial capital.
Furthermore, Fidelity’s Bitcoin ETF (FBTC) reported an inflow of $19.12 million. In addition, VanEck’s HODL accounted for $9 million inflows. Moreover, Ark 21Shares’ ARKB and Invesco Galaxy’s BTCO attracted $2 million net inflow each.
Also Read: Ether ETF: Early Ethereum Investor Buys $24M ETH Ahead SEC Verdict
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Renowned investor and author Robert Kiyosaki has sparked controversy with his recent declaration that the Federal Reserve is a “criminal organization.” Expressing strong criticism, Kiyosaki noted that trusting Bitcoin (BTC), gold, and silver is better than having faith in the Fed.
Robert Kiyosaki Slams The Federal Reserve
Kiyosaki holds the Federal Reserve responsible for economic turmoil. In a bold statement, the ‘Rich Dad Poor Dad’ author criticized the Fed for fostering wealth inequality. Moreover, he emphasized that the Fed is accountable for impoverishing the middle and lower classes and favoring wealthy banking elites through its policies.
Sick and tired of hearing “experts” ask “What is the Fed doing?” The Fed is the problem. The Fed is a criminal organization. The Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banking friends.
Wake up. Pay less attention to…— Robert Kiyosaki (@theRealKiyosaki) February 15, 2024
Furthermore, Kiyosaki urged the public to scrutinize the actions of the Federal Reserve rather than blindly following its directives. In addition, he expressed support for alternative stores of value such as gold, silver, and Bitcoin. He has repeatedly emphasized the reliability of these assets, especially Bitcoin compared to traditional fiat currencies controlled by central banks.
Moreover, while concluding a post on X, Kiyosaki reiterated that he believes the Fed is a “criminal organization.” This strong stance against the Fed has drawn attention from both supporters and critics. Some have been applauding Kiyosaki’s call for financial autonomy, while others question the validity of his claims against the Federal Reserve.
Also Read: Bitcoin ETF’s $4.1 Bln Inflow Sparks Concern Over Gold Price Dip To $1.2K
Rich Dad Author Expresses Resentment Toward Jerome Powell & Janet Yellen
Earlier, Kiyosaki once again took aim at conventional finance, delivering scathing critiques of key figures including Federal Reserve Chairman Jerome Powell, Treasury Secretary Janet Yellen, and Wall Street bankers. Notably, he reaffirmed his allegiance to Bitcoin, positioning it as his weapon of choice in this ongoing financial battle.
Meanwhile, the renowned advocate for the largest crypto repeatedly defends his stance, asserting that Bitcoin stands as the ultimate defense against the erosion of wealth caused by inflation, taxation, and manipulations within the stock market.
In a post on the X platform, Kiyosaki outlined his unwavering support for Bitcoin and emphasized its role as a safeguard against the devaluation of our wealth through currency debasement. He articulated, “Bitcoin serves as a shield against the plundering of our wealth through our monetary system.”
While lauding Bitcoin’s potential as a more secure asset, he slammed Fed Chair Jerome Powell, Janet Yellen, and Wall Street financiers for perpetuating wealth extraction through practices such as inflation, taxation, and manipulation of stock prices. Furthermore, Kiyosaki boldly differentiated his financial approach from traditional investments, stating, “That is precisely why I opt to save and invest in Bitcoin, rather than stocks, bonds, and fiat currencies.”
Also Read: How Bitcoin Price 35% Monthly Surge Will Trickle Capital Down To Large And Low-Cap Altcoins
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Renowned author and financial expert Robert Kiyosaki issued a stark warning regarding the state of the American empire. He underscored the growing debt of the United States and deemed Bitcoin (BTC), gold, and silver as potential saviors. In addition, the investor drew parallels between the American Empire and the Roman Empire to emphasize why the country was in peril.
Robert Kiyosaki Advocates For Bitcoin As A Hedge Against Massive Debt Crisis
Kiyosaki pointed out that a staggering $68 billion is expected to be wagered on the Super Bowl event next week. Moreover, he noted that such huge bets come amid the nation’s record-high debt levels, which he claims are unsustainable. Since its inception, the United States has carried debt, which surged during events like the Revolutionary War, reaching over $75 million by 1791.
Furthermore, despite occasional reductions, such as in 1835 due to land sales, the debt increased dramatically during the Civil War, reaching nearly $3 billion by 1865. Moreover, throughout the 20th century, the U.S. debt steadily grew, hitting around $22 billion after World War I.
Recent notable spikes occurred due to the Afghanistan and Iraq Wars, the 2008 Great Recession, and the COVID-19 pandemic. From fiscal year 2019 to 2021, spending surged by about 50% mainly due to COVID-19. Over the past century, federal debt skyrocketed from $403 billion in 1923 to $33.17 trillion in 2023, according to fiscal data by the U.S. government.
END OF THE AMERICAN EMPIRE? This week Americans will bet $68 billion on a game. At the same time America’s debt is the highest in world history, a debt America can never back. The Roman Empire ended in the same way with massive gladiators entertaining chubby Romans while their…
— Robert Kiyosaki (@theRealKiyosaki) February 10, 2024
Drawing parallels to history, Kiyosaki suggested that excessive focus on entertainment can distract from underlying economic issues, much like in ancient Rome. Hence, Kiyosaki noted that “history repeats if stupidity repeats” and cautioned Americans against such entertainment-based investments. Kiyosaki suggested considering alternative assets such as gold, silver, and Bitcoin as better investment options.
In addition, he recently warned against the downfall of the U.S. economy. Kiyosaki advocated Bitcoin adoption and noted that the stock and bond markets might see a great fall soon. Moreover, he advised to lower trust in fiat currencies like the dollar as it could be hit by devaluation.
Also Read: Robert Kiyosaki: Rich Dad Author’s Dire Warning on Banks Failure, Bitcoin an Only Option?
End Of The American Empire?
The United States remains a dominant global force with military superiority and control over critical sea lanes. It commands about 30% of the world’s wealth and exerts significant influence over the global financial system. However, the Afghanistan conflict greatly challenged the U.S. power projection, while tensions with Russia over Ukraine strained its global influence.
The rise of China poses a significant challenge to US dominance, leading to a shift in focus from traditional Middle East conflicts to competition with China. Despite maintaining economic centrality and military scale, the U.S. faces criticism and perceptions of decline, notably evident in its struggles to stabilize regions like Afghanistan.
Turkey and Iran have also posed a threat to the country’s global influence. Turkey and Iran’s resurgent nationalisms and India’s notable economic growth underscore shifting power dynamics. Meanwhile, the U.K.’s consistent alignment with U.S. interests highlights the depth of their alliance, regardless of political shifts.
Whilst, in the US, both the Donald Trump and Joe Biden administrations faced challenges in maintaining global dominance. While Trump pursued an “America First” agenda, his administration continued traditional US policies, such as the war in Yemen and tensions with Iran.
Similarly, Biden’s presidency grapples with adapting U.S. strategies amid rising challenges from China and ongoing conflicts globally. In addition, as Robert Kiyosaki highlighted, the country’s debt trap just makes everything worse with over $33 trillion in debt.
Vladimir Putin Highlights The Downfall Of USD
On the other hand, the U.S. Dollar’s dominance is under heat. Vladimir Putin, the President of Russia, criticized the U.S. dollar’s use in economic sanctions, calling it a “strategic mistake.” In an interview with Tucker Carlson, he said, “To use the dollar as a tool of foreign policy struggle is one of the biggest strategic mistakes.”
Amid severe US sanctions after Russia’s 2022 Ukraine invasion, trade halted and prompted a shift toward the Russian ruble and Chinese yuan, which replaced the dollar in international trade. Hence, Putin suggested that these sanctions harmed the U.S. economy massively, thereby highlighting a decline in the dollar’s dominance.
Also Read: 7 Reasons Why Bitcoin Price Can Hit $100,000 In 2025
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Could Cardano Price Go to Zero After SEC Deems it a Security? Yahoo Finance
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Cryptocurrencies like Ethereum have their fair share of controversy regarding categorization. Government regulatory bodies like the Securities and Exchange Commission (SEC) and the U.S. Commodities Futures Trading Commission (CTFC) have had past battles with other digital assets.
The SEC is currently embroiled in a long-running case with Ripple Labs, with the focus on defining the XRP token as a security.
The CFTC also views all virtual currencies as commodities under the Commodity Exchange Act (CEA). However, this stance by the regulatory body is controversial since cryptocurrencies pride themselves on being decentralized.
However, in light of recently outrageous events in the crypto space, the CTFC and SEC are more determined than ever to increase regulation and proper checks.
Investors also desire more crypto coordination, transparency, and honesty to prevent future catastrophes.
CTFC Vs. Ethereum
The CTFC has labeled Ethereum as a commodity again during a recent court filing. This stance contradicts the position maintained by chief Rostin Behnam in his statement on November 30. According to Behnam, Bitcoin is the only cryptocurrency that should be classified as a commodity.
The CTFC, in its lawsuit against Sam Bankman-Fried, FTX, and Alameda research, referred to Bitcoin, Tether (USDT), and Ether as commodities under the provisions of the United States law. The body quoted the law from Section 1a (9) of the Act, 7 U.S.C. § 1a (9).
The CTFC has been internally divided on its viewpoint to group Ether as a commodity in the past weeks. Benham said that Bitcoin is the sole crypto asset that should be called a commodity. This view is in contrast to the filing.
SEC To Be Granted More Power?
Meanwhile, popular crypto skeptic Sen. Elizabeth Warren is said to be preparing a bill to grant the SEC more regulatory authority over crypto assets.
Jeffrey Sprecher, Intercontinental Exchange CEO, believes that crypto assets will eventually be called securities. During a financial services conference on December 6, Sprecher stated that this move would ensure greater consumer protections.
However, SEC Chairman Gary Gensler is currently undecided on the subject. In an interview with Jim Cramer during the Mad Money show on June 27, Gensler confirmed that Bitcoin was a commodity. “That’s the only one I’m, going to say,” he stated.
He had suggested that Ether was security after its initial coin offering (ICO). But it had become more decentralized and evolved into a commodity. In September, he also seemed to reconsider his stance during Ether’s transition to Proof-of-Stake (POS). Gensler stated that staked tokens might be considered securities under the Howey Test.
Crypto assets grouping is vital in the U.S. as the CFTC regulates commodities, while the SEC regulates securities.
The American billionaire investor, and the vice chairman of Warren Buffett’s Berkshire Hathaway, Charlie Munger presented his two cents about crypto, and it’s not a good look for the community. Today, at the Sohn Hearts and Minds conference, Munger expressed his extreme anti-crypto views, saying that he wishes cryptocurrencies had “never been invented”. He claimed the decentralized is even “crazier than the dot-com era”, swearing that he is not one to participate in the “insane” cryptocurrency boom.
“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era…I’m never going to buy a cryptocurrency. I wish they’d never been invented.”, said Munger.
Munger Believes in the Smart China over the Shallow Crypto
Furthermore, Munger praised China for its radical decision of imposing a nationwide crypto ban, asserting that the US had made a big mistake by not doing the same. He noted that the Chinese government has played it smart by cutting back on some of the “exuberances that come with capitalism”. Along with praising China’s anti-crypto move, Munger also claimed that the decentralized business is highly producer-focused. Additionally, while referring to crypto, Munger stated that he wanted to make his money by “selling people things that are good for them, not things that are bad for them”.
“I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision…I want to make my money by selling people things that are good for them, not things that are bad for them…Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
The crypto community has travelled a long way to reach a point where mainstream adoption appears to be a reality. However, no evolution comes without backlash. While countries like China have imposed a hardcore ban on crypto, there are also nations like El Salvador that are finally enjoying success of its Bitcoin Legal Tender. Amid the extreme crypto positions globally, India has decided to play it safe in the middle by merely regulating crypto, instead of a straight up ban.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Indonesian religious group Nahdlatul Ulama has issued a fatwa against the use of cryptocurrencies, claiming it to be “Haram” or forbidden under Islamic laws. The debate around the use of digital assets in the Islamic world has been going on for years now, however, many Islamic countries including Dubai and Iran have wholeheartedly accepted the use of crypto assets and currently working towards making their use legal.
The decision to issue a fatwa against the use of digital assets came after a discussion held by the organization this week, reported a local daily. According to the reports, the discussion held on digital assets got heated up and was quite dynamic as they collectively decided that the use of digital assets could undermine the financial system. Another strong reason for disowning digital assets was attributed to its issue for illegal means. The official website of the organization posted a quote that read,
“Participants of the bahtsul masail formed a view, despite crypto already being acknowledged by the government as a commodity, that it cannot be legalized under the [Islamic sharia].”
The Islamic organization might have deemed crypto assets as Haram, but Indonesia as a country is quickly adopting digital assets as the adoption rate increased by 40% within the first two quarters of 2021.
Is Crypto Really Haram?
The status of digital assets as forbidden is not a common belief among the larger Muslim fraternity and has contrasting views varying from region to region. For example, a leading Sharia compliance expert in Malaysia claimed that the use of crypto assets is not haram and it is a legit form of currency.
Leading religious organizations in Dubai also had a similar belief until the central bank and the government decided to promote the use of digital assets. Thus, it is clear that the notion of religious groups about crypto assets is not uniform and thus their fatwa against such assets doesn’t impact the use beyond a certain region.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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