The cryptocurrency sector has reacted positively to the UK’s Financial Conduct Authority (FCA) announcement on March 11, stating it will simplify the process for listing crypto investment products, specifically crypto exchange-traded notes (ETNs), for professional investors.
However, retail investors are still excluded from participating, reflecting a cautious stance towards broader crypto market accessibility.
Europe’s regulatory framework does not support exchange-traded funds (ETFs) for single assets like Bitcoin or Ether, positioning ETNs as the preferred exchange-traded product (ETP) in both the EU and the UK.
This recent development is seen as a step towards integrating cryptocurrency into the regulated financial market, potentially closing the gap between traditional finance and the burgeoning crypto sector.
Natalia Latka of Merkle Science highlighted the significance of this move, emphasizing its potential to foster cryptocurrency’s integration into a regulated framework.
Yet, she pointed out the ongoing exclusion of retail investors, underlining the UK’s cautious approach towards embracing crypto assets among the general public.
George McDonaugh of KR1 praised the FCA’s decision but called for further action to make the market more inclusive.
He advocated for expanding the UK’s listing regime to allow more companies access to the London Stock Exchange’s Main Market and its junior market, aiming to bolster the UK’s position as a global crypto hub.
The cautious approach of the FCA, established on October 6, 2020, reflects concerns over the valuation of crypto assets, the risk of market abuse, financial crime, and the volatility of crypto asset prices.
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Despite these reservations, the cryptocurrency market has seen significant growth, prompting discussions about revisiting regulations, especially concerning retail investors.
CryptoUK, a trade association, has voiced support for regulatory changes that provide a balanced field for all types of innovation while advocating for the reconsideration of bans on retail investor access to crypto investments.
The statement stresses the importance of proportionate regulation and investor protection without disproportionately limiting access to crypto assets.
The FCA’s current stance and the industry’s reaction underscore the ongoing dialogue between regulatory bodies and the crypto sector.
The hope is for a regulatory environment that both protects investors and supports innovation, contributing to the UK’s ambition to become a leading global hub for crypto asset technology.
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Bitcoin experienced a dip below its weekly lows before the March 15 Wall Street opening, with its value declining to $65,569 on Bitstamp, as per Cointelegraph Markets Pro and TradingView.
This downturn followed the cryptocurrency reaching new all-time highs, with the previous peak of $69,000 from 2021 failing to provide support.
Despite this, the market response remained relatively unfazed, maintaining a perspective that corrections are typical in a bullish trend.
“Bitcoin’s price retracing -10% on this move when greater than -30% corrections are normal during bull runs,” commented On-Chain College on X, highlighting that such corrections are a standard aspect of Bitcoin bull markets.
This sentiment was mirrored by the fact that over 95% of Bitcoin’s supply was in unrealized profit territory, suggesting a normal market behavior.
Credible Crypto, another prominent commentator, pointed to a potential bounce around the $64,000 level, noting a significant reduction in open interest during the price drop.
This perspective was bolstered by Jelle, who compared the current correction to historical averages, suggesting that a 20% pullback could see prices around $58,000, although he did not predict this with certainty.
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Jelle also expressed surprise at the pullback but remained optimistic about future price increases.
This optimism comes amidst a surge in liquidations, with nearly $300 million in BTC positions liquidated over 24 hours, according to CoinGlass.
Coverage continued with Skew noting the lack of panic shorting in the market, with most selling attributed to long position liquidations and profit-taking from hedges.
The minimal premium on Bitcoin futures indicated a cautious market sentiment, yet without significant moves towards short selling.
The overall market reaction to Bitcoin’s price movements reflects a seasoned understanding of its volatility, with many expecting these fluctuations as part of a larger bullish trend.
Despite the current retracement, the sentiment among traders and commentators suggests a continued belief in Bitcoin’s long-term growth potential.
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Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced a significant decrease in net inflows, with only $132 million recorded on March 14.
This represented the lowest level of net inflows in the last eight trading sessions and a drastic 80% reduction from the $684 million recorded on March 13.
The decline on March 14 followed another decrease from the previous day, contrasting sharply with the record single-day inflows of $1.05 billion seen on March 12.
Despite the notable drop, the total inflow into Bitcoin ETFs was $390 million on March 14, factoring in a substantial $257 million in outflows from the Grayscale Bitcoin Trust ETF (GBTC), leading to the net inflow figure of $132 million.
The VanEck Bitcoin Trust ETF and Fidelity’s Wise Origin Bitcoin Fund also saw inflows, albeit modest, at $13.8 million and $13.7 million, respectively.
Despite GBTC’s significant outflows, the overall ETF market managed to maintain positive net flows on that day.
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Leading the inflows, BlackRock’s iShares Bitcoin Trust ETF attracted $345 million. Cumulatively, the U.S. spot Bitcoin ETF market has seen impressive inflows, nearing the $12 billion mark after just 44 days of trading activity.
This trend of declining ETF inflows is occurring alongside a downturn in the broader crypto market, highlighted by a drop in BTC prices below $69,000.
The falling ETF inflows were mirrored by BTC price movements, which saw a new all-time high of over $73,000 on March 13 before falling to around $66,000 on March 15.
This price dip resulted in significant liquidations, with CoinGlass reporting that 193,431 traders were liquidated, totaling $682.14 million in the previous 24 hours.
Market analysts suggest that the current volatility, regulatory uncertainty, and macroeconomic considerations are prompting investor caution.
The ongoing decline in ETF inflows and BTC prices is also being watched closely in relation to the upcoming Federal Open Market Committee meeting, which is expected to provide insights into the Federal Reserve’s future interest rate decisions.
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Bitcoin’s value experienced a significant drop amidst a tumultuous day in the cryptocurrency market, leading to over $661 million in crypto liquidations and affecting nearly 200,000 traders.
The sharp decline saw Bitcoin‘s price fall by 7.5% from $72,000 to $66,500 within just a few hours of trading on March 15.
Despite a brief recovery to the $68,000 mark, the cryptocurrency faced resistance and dropped to approximately $67,500, marking an 8.3% decrease from its March 14 peak of $73,737.
The bulk of the liquidations, which accounted for 80% or $525.2 million, were long positions, while short-position liquidations amounted to $136.5 million.
This sell-off contributed to a 7.3% reduction in the overall crypto market capitalization, which fell to $2.68 trillion as around $175 billion left the market.
Greeks Live, a crypto derivatives tool provider, commented on a “recent change in market tempo” on March 14, indicating a potential shift in the trend of Exchange-Traded Fund (ETF) inflows.
Pav Hundal, a lead analyst at Swyftx, expressed concerns to Cointelegraph about the potential for a correction into the low $60,000 or high $50,000 range if ETF volumes continue to diminish.
He highlighted worries over hot inflation data and a notable 48% drop in Bitcoin ETF inflow volumes from their 14-day average, which could signify a significant market correction.
On March 14, Bitcoin ETF inflows reached a monthly low of just $133 million, according to Farside Investors.
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Crypto trader and analyst CrediBULL Crypto, addressing his 380,000 followers on X, suggested that the recent market downturn was anticipated and could lead Bitcoin to drop further to between $63,000 and $64,000.
He noted that the dip had erased most of the accumulated open interest in derivatives markets.
The downturn was seemingly hastened by the release of U.S. economic data, including above-expected Producer Price Index (PPI) figures, indicating potential for sustained high rates by the Federal Reserve.
Additionally, higher-than-anticipated Consumer Price Index (CPI) data compounded concerns about the U.S. economy’s challenges.
Following this data, Asian stock markets also saw declines, dampening hopes for imminent lower interest rates.
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A federal judge has deemed the allegations by the United States Securities and Exchange Commission (SEC) that Gemini and Genesis engaged in the sale of unregistered securities through their Gemini Earn program substantial enough to proceed in court.
The ruling came from Judge Edgardo Ramos of the New York District Court on March 13, denying motions by Gemini and Genesis to dismiss the SEC’s lawsuit in a detailed 32-page order.
The lawsuit, initiated by the SEC in January 2023, claims that the Gemini Earn program, a cryptocurrency yield-bearing product offered by Gemini and managed by Genesis, involved offering and selling unregistered securities.
Judge Ramos highlighted that the program appeared to meet the criteria of an investment contract according to the Howey test, which determines what constitutes a security.
Genesis was specifically noted for not segregating pooled assets on its balance sheet and lending these funds to institutional borrowers based on its discretion, making customers’ profit expectations reliant on Genesis’ efforts.
Furthermore, the court found reasonable the SEC’s position that the agreements underpinning Gemini Earn could be classified as notes, a type of debt security that mandates the repayment of loans with interest.
Judge Ramos stated, “At this stage, under both tests, the court finds that the complaint plausibly alleges that defendants offered and sold unregistered securities through the Gemini Earn program.”
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This ruling does not imply a judgment in favor of the SEC but allows the regulatory body to proceed with its case, requiring the collection of further evidence.
The developments follow amidst a backdrop of challenges for Genesis and Gemini, including Genesis’ bankruptcy filing after the SEC’s lawsuit and subsequent agreement to a $21 million settlement with the SEC noted in a bankruptcy court filing last month.
The controversy surrounding the Gemini Earn program, which boasted around 340,000 customers and $900 million in assets under management as of November 2022, intensified following the market turmoil caused by FTX’s bankruptcy.
This turmoil led Genesis to halt withdrawals from Gemini Earn, citing liquidity issues.
In a move to resolve customer grievances, Gemini agreed in February to return $1.1 billion to Gemini Earn customers via a settlement in the Genesis bankruptcy proceedings, coordinated with New York’s financial regulator.
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United States Senator Elizabeth Warren is known for her critical stance on the cryptocurrency industry, prompting backlash from various sectors for her actions against digital assets.
In February, the Blockchain Association, along with military and national security professionals, expressed their concerns about Warren’s proposed cryptocurrency legislation, especially her Anti-Money Laundering bill.
They argue that the bill could significantly slow down the blockchain industry’s development in the United States, potentially harming the country’s strategic position, job market, and having minimal impact on the illicit activities it aims to curb.
Kristen Smith, CEO of the Blockchain Association, shared with Cointelegraph the strong industry and congressional support following their letter to Congress, highlighting the industry’s dedication to fostering an innovative environment while addressing regulatory challenges.
Despite opposition, Warren remains steadfast in her critique of the crypto sector.
In a Bloomberg interview, she expressed a desire to work with the industry but criticized its resistance to regulatory measures aimed at curbing illegal activities, implicating the industry in facilitating transactions for drug traffickers, human traffickers, and even contributing to North Korea’s nuclear program.
The crypto community has responded critically to Warren’s regulatory approach.
Danny Lim, from MarginX, criticized the bill for its inefficiency and lack of suitability for the crypto environment, suggesting that traditional finance regulations cannot be directly applied to cryptocurrencies.
Zac Cheah of Pundi X echoed these sentiments, calling for regulations that balance innovation with effective anti-money laundering measures.
Warren’s position could be further challenged by John Deaton, a lawyer and XRP advocate, who announced his candidacy for the Senate in Massachusetts, posing a direct threat to Warren’s seat.
Deaton’s campaign has garnered support from notable figures in the cryptocurrency community, including Cardano founder Charles Hoskinson.
Deaton’s candidacy underscores the growing political influence of the crypto industry and signals a potential shift in the political landscape for those with anti-crypto platforms.
With a significant portion of Boston.com poll respondents viewing Warren as vulnerable to Deaton’s challenge, the upcoming election could mark a pivotal moment in the intersection of cryptocurrency and politics.
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With only about 34 days left until the Bitcoin halving event, which will slash the Bitcoin issuance rate by half, there’s a buzz in the cryptocurrency market.
Basile Maire, D8X co-founder and former UBS executive director, in an interview with Cointelegraph, emphasized the significant impact this event could have on supply and demand dynamics.
He said, “There seems to be more demand and less supply, so according to the old economic rules, prices have to move up.
“So the question now: is the [Bitcoin halving] priced in? Probably not to the full extent.”
‘This anticipated event is set against the backdrop of Bitcoin’s price surging past $71,000 for the first time on March 11, signaling robust market optimism.
This bullish sentiment is further echoed in the Bitcoin futures market, where expectations are steering towards a remarkable climb to the $100,000 mark by May.
Maire detailed, “The option data says that people expect Bitcoin price to be in the range of $80,000 to $100,000.
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“For instance, in May, there was quite a spike in open interest for $100,000. While it’s not a big volume [spike]. I still think this means something.”
Adding to the fervor is the upcoming U.S. presidential election, seen by Maire as a potential positive catalyst for the crypto market.
He believes measures to stabilize traditional markets will inadvertently benefit cryptocurrencies, especially with the enhanced linkage through ETFs.
The surge in Bitcoin’s value has also been partly attributed to the inflows from U.S. spot Bitcoin exchange-traded funds (ETFs), as noted by Sergei Gorev, a risk manager at YouHodler.
He highlighted the significant daily purchases by these ETFs, stating, “Spot Bitcoin ETFs buy 10 times more Bitcoin daily than miners produce each day.”
With a total on-chain holding of $60.5 billion as of March 13, and based on recent trends, Bitcoin ETFs are on track to absorb a substantial portion of the BTC supply annually, per Dune data, further underscoring the growing mainstream acceptance and investment in Bitcoin ahead of the halving event.
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On March 14, Bitcoin hit a new all-time high, reaching $73,794 on Bitstamp, as captured by Cointelegraph Markets Pro and TradingView data.
This surge came after a strong overnight rebound, dispelling any previous signs of weakness before the latest Wall Street session.
The resurgence was highlighted by Rekt Capital, a well-known trader and analyst on X (formerly Twitter), who remarked, “Bitcoin dipped again earlier this week and once again successfully retested old All Time Highs as support.”
The excitement was partly fueled by notable supply trends, particularly the impact of the United States’ spot Bitcoin exchange-traded funds (ETFs), which recorded net inflows of $683.7 billion on March 13, as reported by the UK-based investment firm Farside.
These inflows significantly outstripped the day’s outflows from the Grayscale Bitcoin Trust (GBTC), indicating a bullish momentum.
Willy Woo, a statistician and the creator of Bitcoin data resource Woobull, commented on the institutional products’ future, sharing a sentiment similar to Cathie Wood, CEO of ETF provider ARK Invest.
Woo stated on X, “The ETFs are just getting started, institutions and wealth management platforms will take a couple of months to complete due diligence before proper allocation begins.”
This anticipation is visualized in a chart showing Bitcoin network inflows, highlighting the ETFs’ contributions.
Moreover, MicroStrategy, known for holding the largest Bitcoin treasury among public companies, announced plans to acquire more than 1% of the total BTC supply.
Currently owning 205,000 BTC, the company aims to invest an additional $500 million to surpass the 210,000 BTC mark.
Despite some concerns over Bitcoin’s ability to maintain its momentum, bullish sentiment prevailed.
Charles Edwards, founder of Capriole Investments, was among the optimists predicting a significant move for BTC/USD.
He emphasized the role of ETF inflows, stating on X, “Bitcoin’s getting ready for a big move,” and added, “a billion a day keeps the dip away.”
Previously, Edwards had declared the era of “deep value” Bitcoin dip-buying over, concluding, “That ship has sailed. You had 2 years to pick up undervalued Bitcoin.
Instead, an exciting new chapter has begun,” marking a transition to a new phase in Bitcoin’s market dynamics.
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Grayscale‘s spot Bitcoin ETF, a pioneering financial product in the U.S. since its inception on January 11, has experienced a significant market share drop, marking the first time it has fallen below 50%.
According to Dune Analytics, as of March 12, the Grayscale Bitcoin Trust (GBTC) managed $28.5 billion, constituting 48.9% of the combined $56.7 billion in assets under management (AUM) across ten U.S. Bitcoin ETFs.
Initially, Grayscale dominated the market, with its fund representing approximately 99.5% of the total AUM of the first ten U.S. spot Bitcoin ETFs.
However, the landscape has shifted dramatically due to persistent daily withdrawals from GBTC, which averaged $329 million per day in the preceding week.
These outflows, particularly pronounced in the initial month post-launch, with $7 billion exiting the fund, have gradually decelerated.
Yet, a mid-February court decision enabling crypto lender Genesis to sell off approximately $1.3 billion in GBTC shares reignited the outflow trend. To date, GBTC has seen over $11 billion in outflows, as reported by Farside Bitcoin ETF flow data.
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Grayscale’s fund transitioned from a trust to an ETF following a successful legal battle with the Securities and Exchange Commission (SEC) and subsequent approvals of other spot Bitcoin ETF applications.
This transformation allowed institutional investors engaged in GBTC arbitrage to permanently withdraw or reallocate their capital to other Bitcoin ETFs offering lower fees.
The market initially reacted negatively to GBTC’s outflows. However, optimism has been renewed by significant net inflows into other ETFs, such as BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), which have collectively attracted $16.9 billion in inflows since their launch.
Market analysts attribute the substantial inflows into these new ETFs as a key factor behind the recent surge in Bitcoin’s price, which hit a record high of $72,900 on March 11.
BlackRock’s ETF now holds over 200,000 BTC, valued at roughly $14.3 billion, underscoring the shifting dynamics within the cryptocurrency investment landscape.
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Core Scientific (CORZ), a prominent player in the crypto mining industry, experienced a downturn in its annual revenue for 2023, reporting a total of $502.4 million, which marks a significant decrease of $137.9 million from the $640 million recorded in 2022, as revealed in their March 12 earnings release.
This decline in revenue was attributed to the company’s exit from the mining rig sales business and an increase in the global Bitcoin hash rate over the year.
Despite this drop in revenue, Core Scientific saw a notable improvement in its financial health, with yearly net losses reducing to $246.5 million in 2023, down from a substantial loss of $2.14 billion in 2022.
The Q4 2023 results further highlighted this positive trend, showing net losses narrowing to $195.7 million from the previous year’s $434.9 million in the same quarter.
The company also made headlines by being relisted on the NASDAQ on January 23, following a successful emergence from a bankruptcy crisis and a 13-month restructuring effort aimed at addressing $400 million in debt.
This financial turmoil was largely due to declining Bitcoin prices, escalating energy costs, and entanglements with the bankrupt crypto lender Celsius.
Core Scientific’s mining operations yielded a remarkable 13,762 BTC in the last year, positioning it as the top publicly traded mining firm in the U.S. based on Bitcoin mined.
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Despite these achievements, Core Scientific’s stock experienced a decline, closing at $3.54 a share on March 12, which further slipped to around $3.40 in after-hours trading.
This market reaction did not overly concern the company, as a spokesperson pointed out the general downturn in the market sentiment towards publicly traded Bitcoin miners, citing similar trends in peers like Marathon Digital and Riot Blockchain.
Analysts attribute the falling share prices of mining companies to investor caution ahead of the Bitcoin halving, an event that will reduce mining rewards by half, potentially affecting profitability.
However, with Bitcoin’s price reaching $72,000, predictions suggest these firms will remain profitable post-halving, assuming stable hash rates and Bitcoin prices.
Core Scientific remains optimistic about its future, especially with the upcoming Bitcoin halving. The company is updating its fleet with the latest Bitmain S21 models and aims to enhance its hash rate utilization.
This confidence is echoed by analysts and investment firms, with HC Wainright and Compass Point upgrading their ratings of Core Scientific to “buy,” reflecting a growing interest in the crypto mining sector amid a resurgence in BTC and cryptocurrency values.
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