updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Crypto stocks Strategy (MSTR), Coinbase (COIN), and Circle (CRCL) led a much-needed rise during the premarket trading hours on Monday. This comes as traders closely watch for a potential 45-day ceasefire deal between the US and Iran. However, Iranian officials refuse to reopen the Strait of Hormuz despite a ceasefire. Ad Ad Strategy’s MSTR Stock
The post Crypto Stocks MSTR, COIN, CRCL Jump Defying Iran’s Refusal to Reopen Hormuz appeared first on CoinGape.
]]>The XRP price action is now showing signs of resilience as it coils tightly around a key support level, fighting against further downside pressure. Despite recent pressure across the broader crypto landscape, XRP has repeatedly held this level. With bearish momentum fading and volatility compressing, it could be preparing for a potential reversal.
XRP is reaching a point where it refuses to go any lower. Crypto analyst Henry has noted on X that the token is whispering loudly right now, showing strength exactly where it matters, and rising clearly from its trendline support after days of bleeding.
This level has been tested, rejected, and respected with precision, but this bounce feels different as the structure looks cleaner, the moment feels calmer, and the overall price action seems controlled. Whether it breaks out this time or not, the setup is undeniably shifting fast.
Adding to the momentum narrative, Bloomberg reports that $11 trillion asset manager Vanguard will begin to allow clients to access their XRP ETFs starting from tomorrow. Meanwhile, the US spot crypto ETF flows on December 1st came in at a solid $90+ million. As a result of the setup, Henry has suggested that the next major target sits around $2.20 region if the market confirms the move.
An inverted look at the XRP chart over the last six weeks reveals a textbook 3-drive pattern, a formation that has constantly preceded major reversal events in crypto. According to Dom, the translation into a higher low has finally formed, which hints at the first sign that a trend change could be developing.
However, bulls need to regain the monthly RVWAP around the $2.22 region, and holding above this area would mark a significant shift in structure, opening the door for a continuation rally towards the $2.50 range. The order books are clear enough that, if momentum is going to flip, this is the time. If this price setup fails to hold this structure and slips back below $2.00, Don warns that the end of the year could turn less favorable.
The Co-founder of Tedlabsio, trader and investor Niels, pointed out that XRP has just flashed one of the strongest bullish signals seen in the current market cycle. Over the past two months, roughly 45% of the XRP supply held on exchanges has been withdrawn and moved off trading platforms.
A drop in exchange supply this sharp only happens when the smart money is accumulating heavily. When the supply available on the exchange reduces, the selling pressure reduces, and this is how big moves begin. Niels believes that XRP is entering that phase where most people haven’t noticed yet.
]]>A federal court may formalize the ruling on Grayscale’s ETF today, officially vacating the SEC’s refusal to convert the GBTC.
A federal court is set to formalize Grayscale Investments’ victory over the United States Securities and Exchange Commission (SEC) over the firm’s conversion of the GBTC into a spot Bitcoin exchange-traded fund (ETF). Closing the case will legally establish Grayscale’s win, especially as the SEC chose not to appeal the ruling.
Today marks the final deadline for the DC Circuit Court of Appeals, ending the seven-day deadline from the SEC’s refusal to appeal. The court may decide to close the case without any word or direct the SEC on specific steps.
Grayscale had applied to convert its Bitcoin trust to an ETF and was rejected by the SEC. Following the court win, the general expectation is that the SEC would approve the spot Bitcoin ETF application. However, this is not certain as the Commission could still deny the proposal for other reasons. In a statement, Grayscale Investments spokeswoman Jennifer Rosenthal said:
“Grayscale remains operationally ready to convert GBTC to an ETF, and on behalf of GBTC’s investors, we look forward to working collaboratively and expeditiously with the SEC on these matters.”
Grayscale is furthering efforts to turn its GBTC into a spot Bitcoin ETF and has submitted a new filing to the SEC. Upon approval, the ETF would list on the New York Stock Exchange (NYSE) Arca and trade under the GBTC ticker symbol. The announcement corroborates Rosenthal’s comment, adding that the “GBTC is ready to operate as an ETF” upon approval. Grayscale also said that it is ready to collaborate with the SEC.
In August, the court turned down the SEC’s rejections of Grayscale’s application. According to the court, the Commission could not “adequately explain” why it rejected Grayscale’s application but approved two other Bitcoin futures ETPs” (exchange-traded products). The court added that it finds the “unlike regulatory treatment” unlawful and vacated the Commission’s order.
Most people now believe that a spot Bitcoin ETF approval is only a matter of time. Following Grayscale’s victory, the consensus is that the SEC no longer has a reason to continue rejecting spot Bitcoin ETF proposals.
Galaxy Digital CEO and founder Mike Novogratz said the SEC will likely approve a spot Bitcoin ETF before 2023 runs out. In a recent interview, Novogratz said that the American public wants Bitcoin ETFs and might be putting pressure on the SEC. The CEO also added that the SEC’s loss against Galaxy Digital is the “most significant piece.” Pointing out that the court has dismissed the SEC’s rejection, Novogratz indirectly walked back a previous estimate where he put approval for February at the latest.
JPMorgan analysts also believe that the SEC will likely approve a spot Bitcoin ETF, but did not suggest a timeline. The banking giant added that the SEC would have to “retroactively withdraw its previous approvals of futures-based Bitcoin ETFs” to continue denying Grayscale’s request to convert the GBTC.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
The Gemini founders filed for the first Bitcoin ETF with the US SEC ten years ago, which was rejected for almost the same reason the recent BlackRock and Fidelity products were dismissed.
The need for a regulated Bitcoin product, including an Exchange Traded Fund (ETF), is undoubtedly mounting on the United States regulators as institutional investors, led by BlackRock Inc (NYSE: BLK) with nearly $10 trillion in Assets Under Management (AUM), pushes to enter the crypto industry. With the $1 trillion crypto market estimated to overtake that of precious metals in the coming years, amid ballooning global inflation, the demand for well-structured digital assets like Bitcoin and Ethereum can not be ignored.
As a result, the political divide between the Democrats and Republicans has increased when it comes to ways to regulate the nascent industry. According to the Biden administration, perhaps a view shared by most Democrats in Congress, most digital assets are unregulated securities, and investors should prepare for the digital dollar through FedNow soon.
On the other hand, some politicians including presidential aspirant Robert F Kennedy Jr, Bitcoin, and other crypto assets are integral parts of the financial freedom that needs to be protected. As a result, experts forecast a great rift in next year’s US presidential election on matters pertaining to crypto assets.
According to Cameron Winklevoss, one of the Gemini exchanges co-founders, the SEC has pushed American crypto investors to risky products and firms like FTX for failing to approve safer avenues to access the nascent crypto market. Notably, Gemini filed for a Bitcoin ETF ten years ago but the SEC rejected the filing.
Today marks 10 years since @tyler and I filed for the first spot Bitcoin ETF. The @SECGov‘s refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here’s why:
-“protected”… pic.twitter.com/xmK1xo1iX8
— Cameron Winklevoss (@cameron) July 2, 2023
According to the SEC, the Bitcoin market is heavily controlled by wash trading and there are no mechanisms to avoid mass fraud. However, Cameron noted that the SEC needs to cease overstepping its statutory powers in regulating the crypto industry.
“Maybe the SEC will reflect on its dismal record and instead of overstepping its statutory power and trying to act like the gatekeeper of economic life, it will focus on fulfilling its mandate of investor protection,” he noted.
Notably, the crypto investor highlighted that some investors have been forced to enter the digital asset industry through regulated and risky products like Grayscale Bitcoin Trust (GBTC), which he referred to as toxic. Worth noting that Gemini and Digital Currency Group (DCG)- backed Genesis Trading are under court supervision after failing to meet a reasonable deal on defaulted loans.
Meanwhile, the SEC has dismissed the recent Bitcoin ETF frenzy for lacking clarity and asked the respective firms to review their filings. The Bitcoin ETF frenzy significantly helped BTC price rebound from trading below $25k to as high as $30.8k in the past few weeks.
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Member of DOGE army says that by beginning to accept Dogecoin McDonald’s can go viral
Dogecoin fan @DogeDillionaire, one of the DOGE army members, believes that Elon Musk could help McDonald’s expand its customer base and go viral, at least for one of its products.
He reproached the fast food giant for its prejudice against cryptocurrencies after its recent tweet in correspondence with the Binance exchange and after Elon Musk confirmed that he is still willing to advertise its food on the U.S. TV if the company begins accepting Dogecoin.
He stressed that if Elon Musk ate a Happy Meal set on the TV, it would be watched by millions of people, and this particular product would go viral, therefore McDonald’s would greatly expand its active customer base.
Hey @McDonalds so you’re telling me that you’d rather not accept #doge for even one product to go viral? Millions upon millions of people would watch @elonmusk eat your food pic.twitter.com/y2EE95yUmI
— Doge Dillionaire (@DogeDillionaire) January 28, 2023
Initially, Musk made that offer in January 2022, but McDonald’s rejected it, suggesting that Tesla should start accepting a non-existing “Grimacecoin.”
McDonald’s recently engaged with the crypto community after a tweet by the head of Binance, CZ, who tweeted that the fast food chain missed “a lot of green candles.” In response, the company’s account tweeted: “WAGMI.” This is an acronym that stands for “we are all gonna make it,” which is currently popular within the crypto community due to the bearish market which was dominating until the start of the year.
SHIB metaverse hubs include one called “WAGMI Temple” — a piece of virtual land that will be unlocked after the launch of the project. The design of this hub was influenced by various popular temples around the world based in Japan, Africa, China and so on.
Users will be able to get an experience in this temple that is similar to that delivered by yoga, Zen and meditation principles.