Author: Tega Odion

The preliminary data shared by Bloomberg analyst Eric Balchunas reveals that the nine recently introduced spot Bitcoin ETFs have garnered almost $4 billion in assets under management. Fidelity and BlackRock’s ETFs are in close competition for the leading position. After six complete trading days, the nine authorized spot Bitcoin ETFs now collectively hold 95,000 bitcoins, elevating the total value of their assets under management to almost $4 billion. Preliminary figures from Eric Balchunas, Bloomberg’s senior ETF analyst, indicate that the influx of capital into the nine recently launched ETFs has exceeded the outflows from the Grayscale Bitcoin Trust (GBTC). GBTC…

A recent survey indicates that nearly half of Nigerians, about 47%, are actively participating in cryptocurrency trading, integrating it into their financial activities. The research further reveals a 15% increase in crypto ownership in the country from 2020 to 2023. Hopefully they do more in 2024. Cryptocurrencies Shift from Being Viewed as Speculative Assets Analysis Shows 47% of Nigerians Actively Involved in Crypto Despite Regulatory Hurdles. As per a Coin Journal analysis, approximately 47% of Nigerians are actively participating in cryptocurrencies, viewing them as an alternative to traditional financial systems. The study also revealed a 15% growth in crypto ownership…

The U.S. Securities and Exchange Commission (SEC) has reiterated its caution about the “exceptional risks” associated with investments in crypto assets. The regulatory body emphasized that crypto-related investments remain susceptible to fraud, encompassing fraudulent coin offerings, Ponzi and pyramid schemes, and cases of outright theft where project promoters vanish with investors’ funds. SEC Issues Warnings on Crypto Investments The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy reiterated its cautions regarding investments in crypto assets, emphasizing their exceptional risk and volatility, in a post on social media platform X(formerly knows as Twitter) on Friday. The SEC’s…

Worldcoin’s Value Decreased by 6% QUICK TAKE Following the announcement of Sam Altman stepping down as CEO of OpenAI, Worldcoin’s WLD token experienced an immediate 6% decline. Over the last 24 hours, the token recorded a total drop of more than 12%, as reported by The Block’s Price Page. The value of the token associated with Worldcoin, the cryptocurrency project co-founded by ex-OpenAI CEO Sam Altman, experienced a 6% decline in response to the announcement of Altman’s removal from the CEO position at OpenAI. WLD was traded at $2.03 around 3:30 p.m. ET. Nevertheless, the coin saw a decline…

Solana’s recent bullish run has taken a downturn, with SOL decreasing by nearly 6% in the last 24 hours and trading at approximately $39.82. This decline is associated with substantial transfers of SOL from FTX-linked Solana addresses, related to the court-approved liquidation of $3.4 billion in crypto assets, including $1.16 billion in SOL, from the FTX estate following its collapse last year. The court-approved liquidation plan imposes a weekly cap of $100 million on the sale of crypto assets, creating ongoing selling pressure on Solana as long as the liquidation process continues. Despite a recent dip, Solana maintains a strong…

Trezor, the cryptocurrency hardware wallet provider, is currently investigating a recent phishing campaign reported by users who have received phishing emails. The investigation comes after an anonymous blockchain investigator, ZachXBT, raised awareness of a phishing attack aimed at Trezor customers on October 26. ZachXBT referred to a tweet from the account JHDN, which suggested that Trezor might have experienced a breach due to phishing emails sent to the email addresses used for wallet purchases. The phishing email in question, similar to past Trezor-related phishing attacks, lures users into downloading the “latest firmware update” for their Trezor devices to “resolve a…

Federal Reserve official Michael Barr emphasized the necessity of regulating stablecoins in prepared remarks on Friday. He stressed that when an asset is tied to a government-issued currency and functions as a means of payment and a store of value, it gains the trust associated with the central bank. Therefore, the Federal Reserve has a strong interest in ensuring that all stablecoin offerings operate within a suitable federal regulatory framework to safeguard financial stability and the integrity of the payments system. The Federal Reserve has heightened its focus on stablecoins and has recently announced additional measures to bolster its oversight…

Contrarian investors who decided to purchase shares in Grayscale Investment’s Bitcoin Trust (GBTC) in early January, a period of pessimism in both the cryptocurrency and crypto-related markets, have been handsomely rewarded. GBTC shares have surged by 220% to $26.79 this year, as reported by the charting platform TradingView. In comparison, Nvidia Corp (NVDA), the top-performing S&P 500 stock, has risen by 198%, while the index itself has seen a 9% increase. Bitcoin (BTC) has doubled in value this year to reach $35,000, while traditional fixed-income assets like government bonds have suffered significant losses. The strong performance of GBTC comes amidst…

Despite being characterized by a prevailing sense of “Fear” in the latter part of 2022, the current surge in optimism within the crypto sphere suggests a potential reawakening in the market. While elevated levels of greed may hint at the possibility of a market correction, analysts maintain a positive outlook on Bitcoin’s growth, given the favorable factors in play. The ongoing resurgence in the cryptocurrency market, especially Bitcoin’s robust ascent toward the $35,000 mark, has reshaped investors’ perspectives on this digital asset. The widely tracked ‘Bitcoin Fear and Greed Index,’ which serves as a gauge of overall sentiment towards the…

Coinbase Attempts to Swiftly Dismiss SEC Allegations SEC Allegations have been on the news through out the previous week. Here is what Coinbase has with regards to the SECURITY AND EXCHANGE COMMISION (SEC) Coinbase faces a Tuesday deadline to respond to the Securities and Exchange Commission’s (SEC) counterarguments challenging the company’s motion to dismiss its significant enforcement action. In this final response, Coinbase is poised to reinforce two key legal arguments: firstly, that the tokens being traded are not considered investment contracts, hence not securities, and secondly, that the SEC is infringing upon the Major Questions Doctrine, which defines…