SEC’s approval of Bitcoin ETF might be bad for the market, JP Morgan claims

SEC’s approval of Bitcoin ETF might be bad for the market, JP Morgan claims

According to strategists at JP Morgan, an approval of Bitcoin exchange-traded funds (ETFs) in the U.S. could be bad for the price of Bitcoin in the short term.

The strategists claim that an ETF could see massive outflows from Grayscale’s crypto trusts and this could lead to a short term bearish market for Bitcoin.

Grayscale is currently the largest crypto hedge fund, having over $20 billion in crypto assets under management. An investment outflow from the company could be really bad for the crypto market. Analysts at JP Morgan had earlier said that Grayscale’s investment in Bitcoin and its massive appetite to accumulate the digital asset was preventing it from correcting.

As reported by Bloomberg, the strategists led by Nikolaos Panigirtzoglou wrote:

A cascade of GBTC outflows and a collapse of its premium would likely have negative near-term implications for Bitcoin given the flow and signaling importance of GBTC.

Meanwhile, a recent tweet from Grayscale revealed that its asset under management (AUM) has declined by over 13% from last week. After reaching a record high of over $28 billion last week, Grayscale’s AUM dropped to $24.5 billion on January 11.

Moreover, with claims that crypto-savvy Gary Gensler would be named the new SEC chairman, the approval of Bitcoin ETFs might be closer than ever.

Read more

Bitcoin Entrepreneurship through Regulatory Sandboxes and Government Initiatives

Bitcoin Entrepreneurship through Regulatory Sandboxes and Government Initiatives

As the potential of Bitcoin and blockchain technology becomes increasingly apparent, governments worldwide are recognizing the importance of fostering vibrant startup ecosystems to drive innovation and economic growth. By implementing initiatives such as incubators, accelerators, and regulatory sandboxes, governments can create supportive environments that encourage the development and growth of

By John Williams
Pandora Chain: A Strong, High-Performance Public Blockchain Needed for Large-Scale Web3 dApps

Pandora Chain: A Strong, High-Performance Public Blockchain Needed for Large-Scale Web3 dApps

The advent of blockchain theory aims to mitigate the constraints of centralization in Web2 applications, allowing developers worldwide to create scalable applications while returning data and privacy rights to users. Achieving this vision necessitates robust infrastructure support, with the cornerstone being the construction of a high-performance public blockchain. Web2 Lacks

By John Williams