Author: Murtuza Merchant

VanEck’s Head of Digital Assets Research Matthew Sigel on Wednesday stated that cryptocurrency voters could swing the upcoming U.S. presidential election.

What Happened: “There’s a good chance that crypto voters are going to make the difference in this election,” Sigel said when Addressing the potential impact of the upcoming presidential election.

He observed a shift in the regulatory environment at the elected official level, with multiple Democrats supporting pro-crypto legislation. This change reflects the increasing political weight of the crypto community.

Sigel also emphasized the growing importance of regulatory treatment of Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

“Ethereum applications are going smoothly, and this might be the only time in three years that I’ve agreed with Gary Gensler about something,” he said, in an interview with Bloomberg, noting a remark by SEC Chair Gary Gensler during a recent conference.

He explained that if Ethereum-based products are permitted to trade, it would confirm Ethereum’s status as a commodity, a classification that could extend to Solana as well.

Sigel pointed out the lack of a regulated futures market for Solana, which might be hindering ETF approvals. He criticized Gensler’s approach, saying, “We think that is a Gensler psyop. He has created that condition since taking power.”

Sigel argued that various ETFs, such as those for shipping, uranium and power, operate independently of futures markets.

He expressed optimism that a slight regulatory shift in Washington could lead to approval for these digital asset ETFs.

Also Read: Why Is Bitcoin Down To $60K Today?

When discussing the competition between Ethereum and Solana ETFs, Sigel acknowledged the fiduciary responsibilities of asset managers, saying, “Fiduciaries want to pick the asset that they think is going to go up the most and then take a bet.”

He emphasized that VanEck provides extensive research to help clients make informed decisions, highlighting their belief in Solana’s potential to capture the largest market share in the blockchain space.

Sigel also mentioned the ongoing SEC filings for Ethereum ETFs, urging the regulatory body to adhere to its traditional approval process.

“It is not too late for the SEC to do the right thing and revert to its traditional first come, first serve process towards approving these ETFs. And under that framework, VanEck would go first,” he said.

What’s Next: The evolving regulatory landscape and the influence of crypto voters will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.

Image: Shutterstock

Read Next:

• Bitcoin To Hit $100K By US Election: Standard Chartered

The Bitcoin mining sector may present a promising investment opportunity despite the challenges posed by the recent Bitcoin halving, a recent 10x Research newsletter suggested.

What Happened: The report by 10x Research, authored by Markus Thielen, sees mining stocks on the verge of a significant upswing, thanks to the Bitcoin (CRYPTO: BTC) network showing resilience following the last halving event.

The halving, coupled with the launch of Runes—allowing users to mint tokens on the Bitcoin network—temporarily increased transaction fees, generating over $135 million in fees in the first week.

While this spiked the mining difficulty and reduced daily miners’ revenue from $70 million to $30 million, the industry is beginning to stabilize.

Thielen notes, “Bitcoin miners’ revenue has marginally increased to $35 million, indicating a small distress signal to investors. However, listed miners have increased their holdings from 39,000 BTC in December to 48,000 BTC, creating a substantial revenue buffer of $700 million.”

This strategic accumulation suggests that miners are better positioned than initially anticipated.

Historical patterns provide additional optimism.

“Bitcoin mining shares tended to decline or consolidate for approximately 50 days post-halving in 2020, before rallying,” Thielen explains.

If this trend holds, mining shares could begin performing better by early June.

Also Read: Biden’s Crypto Policies Are Shaking Up The Crypto Community But ‘Long Way Left To Go,’ Says Expert

Why It Matters: The report highlights a significant disparity between Bitcoin’s performance and the share prices of mining companies.

For instance, buying Marathon Digital Holdings (NASDAQ:MARA) at $20 is comparable to purchasing Bitcoin at $38,000, which could be highly advantageous if Bitcoin’s price surges above $70,000 as projected due to declining U.S. inflation.

Despite the heightened difficulty of the Bitcoin network and near all-time high hash rates, Thielen asserts, “The network is doing much better than initially feared. Bitcoin miners might come out on top of this year’s halving.”

With Bitcoin mining shares down by an average of 20% year-to-date while Bitcoin has rallied by 60%, there is a potential for significant upside in mining stocks.

The report also highlights the increasing merger and acquisition activity in the sector.

Large players like Riot Platforms (NADAQ: RIOT) are building substantial reserves to acquire smaller competitors, which could benefit shareholders in these acquisition targets.

Thielen says, “Shareholders in acquisition targets tend to benefit when large players come to hunt. This might be the case here again.”

What’s Next: Investors and industry professionals will have the chance to explore these insights further at the Benzinga Future of Digital Assets event on Nov. 19.

This event will provide a platform to discuss the evolving landscape of digital assets, including the potential of Bitcoin mining stocks in the current market environment.

Read Next: Bitcoin Spot ETFs See $48M Inflow As Ethereum Spot ETF Trading Draws Nearer

Image created using artificial intelligence with Midjourney.

Former U.S. President Donald Trump on Wednesday publicly endorsed cryptocurrency, declaring it a significant election issue—a move that contrasts with President Joe Biden‘s perceived unfamiliarity with the crypto world.

What Happened: In a series of video clips uploaded by Frank Degods, a notable NFT creator and influencer, Trump expressed his support for the crypto industry.

Addressing a group of buyers of his NFTs, Trump contrasted his approach with that of President Joe Biden: “I’m fine with it,” Trump stated, adding, “If you like crypto in any form… if you’re in favor of crypto you’d better vote for Trump.” His comments were met with enthusiasm from the crypto community.

The remarks were reportedly made during a gathering organized by Trump to meet with purchasers of his “Mugshot Edition” NFTs.

Attendees, who individually acquired over 47 NFTs priced at $99 each, were treated to dinner with the former president. Trump emphasized his role in revitalizing interest in NFTs, declaring, “We made NFTs hot again.”

Trump also addressed the issue of crypto firms leaving the US due to what he termed as “hostility” from Democrats and Securities and Exchange Commission Chair Gary Gensler. He emphasized the need to embrace these firms.

Also Read: JPMorgan Analysts Optimistic About Future Approval Of Spot Ether ETFs Despite Regulatory Hurdles

Why It Matters: This marks a significant shift in Trump’s stance on crypto, having previously dismissed Bitcoin as a scam against the dollar in 2021. He also called crypto a “disaster waiting to happen” in 2021. The former President warmed up to digital assets over time, noting in March this year that he is “having fun with crazy new currencies.”

Avichal Garg, Co-founder of Electric Capital, lauded Trump’s evolving stance on crypto, suggesting it could have implications for the political landscape. However, Trump’s campaign declined to provide further comment on the matter.

The comments come on the same day as President Biden’s announcement that he would veto a resolution seeking to repeal a Securities and Exchange Commission accounting policy, which makes it more expensive for financial institutions to custody digital assets.

What’s Next: These topics are poised to be hotly debated at Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders will discuss the evolving relationship between cryptocurrency and mainstream politics.

Read Next: Is Ethereum ‘This Cycle’s Basket Case’? 10x Research Points Out ETH’s ‘Only Bull Story’

Image: Shutterstock

In comments that have stirred the cryptocurrency community, whistleblower Edward Snowden has once again voiced his concerns over Bitcoin‘s (CRYPTO: BTC) privacy protocols.

What Happened: This reaction comes in the wake of zkSNACKs’ announcement to discontinue its CoinJoin coordination service on Wasabi Wallet, which has been instrumental in enhancing transaction anonymity on the Bitcoin network.

Snowden, a long-standing advocate for robust digital privacy, took to Twitter to express his dismay, emphasizing the necessity for Bitcoin to implement privacy at the protocol level.

“I’ve been warning Bitcoin developers for ten years that privacy needs to be provided for at the protocol level. This is the final warning. The clock is ticking,” Snowden tweeted, signaling an urgent call to action for the cryptocurrency’s development community.

This is not the first time Snowden has highlighted vulnerabilities in Bitcoin’s privacy measures.

Over the years, he has consistently pushed for greater anonymity features, pointing out the potential risks and limitations of the platform’s current privacy solutions.

Also Read: Spot Bitcoin ETFs See $34M Net Outflow On Thursday

Why It Matters: The recent developments with Wasabi Wallet underscore the broader challenges facing the cryptocurrency world in balancing regulatory compliance with user privacy.

Wasabi Wallet, known for its privacy-centric features, will cease its CoinJoin services which anonymize transactions by blending multiple coins from different users into a single transaction.

Despite this, the wallet will continue to offer services that enhance privacy to some extent, like Tor integration and custom coin selection.

As the digital asset community continues to evolve, the dialogue around privacy and security is gaining momentum, particularly in how these technologies intersect with user rights and regulatory frameworks.

What’s Next: This topic is likely to be a key discussion point at Benzinga’s upcoming Future of Digital Assets event on November 19, where industry experts will delve into the implications of these changes and explore the future of privacy in digital assets.

Read Next: MicroStrategy Unveils Decentralized Identity Service Built On Bitcoin’s Ordinals Protocol

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

As the highly-anticipated fourth Bitcoin halving approaches, a new research report highlights the evolving role of institutions and “smart money” investors in influencing price action.

What Happened: The halving will cut the block rewards for Bitcoin (CRYPTO: BTC) miners in half, impacting supply and potentially affecting demand.

“Traditionally, Bitcoin halvings have led to significant price increases in the subsequent 12 months,” said Marcin Miłosierny, a researcher at crypto analytics firm Glassnode.

“For instance, after the first halving, Bitcoin’s price surged by over 1,000%.”

However, Miłosierny emphasizes that the market landscape has matured considerably since then.

Institutional Investors And Bitcoin ETFs Reshape The Game

The rise of institutional investors and the introduction of Bitcoin exchange-traded funds (ETFs) are fundamentally changing the way supply and demand interact within the Bitcoin market.

Unlike past halvings, where new miner issuance directly impacted supply, daily ETF purchases can now significantly outweigh the amount of Bitcoin miners bring to market.

“This means ETFs are effectively absorbing a substantial portion of newly minted Bitcoin,” explained Miłosierny. “Their buying and selling activity can significantly influence market liquidity and price stability.”

Also Read: Meme Coins And The Bitcoin Rollercoaster: A Match Made In Mania?

Navigating A More Nuanced Market

Glassnode’s report, featured in the “Glassnode Q2 Guide to Crypto Markets,” underscores the need for investors to consider these evolving dynamics when formulating their strategies. Here are some key takeaways:

• Monitor ETF Activity: Closely track ETF inflows and outflows. A decrease in ETF purchases could indicate a potential market downturn.
• Watch Long-Term Holders: Increased selling by established Bitcoin investors could signal a market peak, impacting price levels.
• Beware the Hype: Be cautious of potential “sell-the-news” scenarios surrounding the halving. Strategic adjustments to investment positions might be necessary to navigate anticipated volatility.

Gaining Insights At Benzinga’s Future of Digital Assets Event

Benzinga’s upcoming Future of Digital Assets conference, taking place on Nov. 19 will be a key platform for investors to gain deeper insights into the evolving role of institutions and “smart money” in the cryptocurrency market.

Read Next: Binance To Re-Enter India After $2M Penalty, Pledges Compliance

Photo: Shutterstock

Major cryptocurrency exchanges are revving up excitement for the upcoming Bitcoin halving event with creative ad campaigns.

What Happened: Coinbase Inc. (NASDAQ:COIN) and Kraken, two of the leading US exchanges, have unveiled commercials highlighting the potential impact of the halving on Bitcoin‘s (CRYPTO: BTC) value.

Coinbase Uses Pizza Power To Illustrate Value Growth

Coinbase’s commercial takes a lighthearted approach, using pizza as a metaphor to showcase Bitcoin’s value appreciation since its launch in 2009.

Food for thought:
What if money was designed to get you more over time, not less?#Bitcoin pic.twitter.com/z8eHF8JltQ

— Coinbase (@coinbase) April 15, 2024

The ad features graphics that depict how the amount of pizza you could buy with one Bitcoin has grown significantly over each four-year halving cycle.

The commercial’s tagline, “Over time, your money gets you less; does Bitcoin?” summarizes this point effectively.

This lighthearted approach resonates with viewers and underscores the potential buying power that Bitcoin can offer.

Also Read: Is Ethereum Dead? This Bitcoin Trader Thinks So: ‘Solana Attacking From Left Flank’

Kraken Delves Deeper Into The Essence of Money

Kraken’s commercial takes a more philosophical approach, contrasting traditional fiat currency with Bitcoin’s unique properties.

The ad sparks curiosity by opening with the question, “How is paper money valued?” It then answers with a thought-provoking statement: “Someone said so.”

JUST IN: Kraken releases new #Bitcoin commercial leading up to the halving

pic.twitter.com/1Sem5yHyyh

— Bitcoin Magazine (@BitcoinMagazine) April 15, 2024

This line challenges viewers to consider the arbitrary nature of traditional currency valuation.

Kraken then positions Bitcoin as “digital gold,” highlighting its limited supply (capped at 21 million coins) and its resistance to counterfeiting.

The commercial emphasizes that unlike fiat currencies, Bitcoin’s value is driven by scarcity and demand, not by the supposed whims of central authorities.

The ad goes a step further by highlighting Bitcoin’s divisibility, a key feature that allows for microtransactions.

This functionality empowers users to make smaller purchases and gain more control over their finances, independent of traditional banking systems.

Why It Matters: Both Coinbase and Kraken’s commercials effectively capture the growing interest in Bitcoin and the potential impact of the upcoming halving event.

With the increasing adoption of cryptocurrencies, 2024 is shaping up to be a pivotal year for the digital asset space.

What’s Next: The upcoming Future of Digital Assets conference on Nov. 19 offers a valuable platform for investors of all levels to navigate this dynamic landscape.

This premier event will convene leading crypto experts to discuss market trends, investment strategies, and the evolving role of digital assets in the global financial system.

Don’t miss this opportunity to gain insights from industry leaders and equip yourself with the knowledge to make informed decisions in the exciting world of cryptocurrency.

Read Next: Arthur Hayes: ‘That Was The Dip, Now We Rip,’ Asks 490K Followers What Coins To Buy

In a packed courtroom on Thursday, the legal saga of Sam Bankman-Fried, the embattled cryptocurrency mogul, took a dramatic turn as his defense team presented a heartfelt portrayal of their client, starkly contrasting the government’s accusations.

As Benzinga’s Future of Digital Assets event approaches on Nov. 19, the case highlights the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry.

Bankman-Fried appeared in court dressed in a light brown jail uniform from MDC-Brooklyn. His post-trial legal team, led by attorneys Mark Mukasey and Torrey Young, vigorously defended his character and actions, emphasizing that despite the gravity of the financial losses involved, SBF was not the “ruthless financial serial killer” portrayed by prosecutors.

Mukasey argued, “He makes decisions with math in his head, not malice in his heart,” portraying Bankman-Fried as a principled individual who never intended to cause harm.

The courtroom, where the first row was occupied by prosecutors, witnessed Judge Lewis A. Kaplan‘s meticulous review of the case, including allegations of misusing customer funds and making speculative investments through Alameda Research.

Also Read: Bitcoin ETFs Inflows Soar, Ethereum ETF Race Heats Up: What Does it Mean For Investors?

Despite the defense’s efforts, Kaplan found the loss amount to significantly exceed $550 million, affecting investors, lenders, and customers alike, with total losses estimated at over $11 billion.

Addressing the complexity of the case, the judge acknowledged the overwhelming volume of material submitted for consideration, over 1000 pages from both defense and prosecution, as he prepared to deliver his sentencing.

The judge also addressed the sophisticated nature of the crimes, including money laundering and obstruction of justice, with Bankman-Fried found to have given perjured testimony during the trial.

Amid these serious legal proceedings, SBF’s attorney painted a picture of a man driven by altruism, from his early ethical considerations in middle school to his philanthropic efforts on Wall Street.

Described as an “awkward math nerd” with little interest in material possessions, Bankman-Fried’s commitment to positive global impact was emphasized as a key aspect of his character.

Read Next: Invest In Altcoins Now Or Wait? What Experts Say Might Surprise You

Image generated using artificial intelligence with Midjourney.

The dream of turning a small investment into a fortune is a powerful lure in the crypto industry.

But for one trader, that dream turned into a nightmare in a mere 35 minutes as he incurred a staggering loss of $138,000 trying to “snipe” a newly launched coin.

Sniping Gone Wrong

“Sniping” refers to the practice of buying a cryptocurrency immediately after it starts trading on an exchange, hoping to capitalize on a quick price surge.

However, this strategy can be extremely risky, as demonstrated by the unfortunate trader. See below.

If you don’t know how to snipe a coin, buying immediately after it opens trading is very dangerous!

This guy lost 721 $SOL($138K) in just 35 mins!

He withdrew 1,535 $SOL from #Binance before $PUNDU opened trading.

But until 2 minutes after the trading opened, he bought $PUNDU… pic.twitter.com/vx1Lsmx42d

— Lookonchain (@lookonchain) March 26, 2024

A Costly Miscalculation

According to Lookonchain, the trader withdrew 1,535 Solana (CRYPTO: SOL) tokens, worth roughly $138,000, from Binance in anticipation of a new coin, PUNDU, launching on the exchange.

The trader then used 1,485 SOL, presumably almost their entire holding, to buy PUNDU shortly after trading began.

Also Read: Justice Department Accuses Crypto Exchange KuCoin Of $5B Money Laundering Scheme

However, the price of PUNDU quickly dropped due to “sniper selling.”

This refers to experienced traders who buy a new coin listing with the sole intention of immediately selling it at a profit, often leading to a rapid price decline.

Panicked by the price drop, the trader sold all their PUNDU holdings but only managed to recover 764 SOL, resulting in a staggering loss of 721 SOL, or approximately $138,000.

The tale of this trader’s misfortune arrives at a critical juncture in the digital asset industry, as participants from across the spectrum are increasingly seeking knowledge and strategies to navigate the market’s complexities safely.

The upcoming Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, presents an opportune moment for both seasoned traders and newcomers to gain insights into effective trading practices, risk management, and the evolving landscape of digital currencies.

Read Next: Bitcoin Spot ETFs Stop Losing Streak: Is $100K Back On The Table?

Image created using artificial intelligence with Midjourney.

After a week of investor jitters, Bitcoin spot ETFs saw a significant reversal of fortune.

What Happened: Bitcoin spot ETFs recorded a net inflow of $15.7 million on Monday, March 25.

This positive shift comes on the heels of five consecutive days of net outflows. According to data from SoSoValue, the turnaround was driven primarily by Fidelity’s Wise Origin Bitcoin ETF (BATS:FBTC).

The ETF raked in a staggering $261 million in net inflows.

BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) also contributed positively, recording a net inflow of $35.48 million.

This surge in investor appetite stands in stark contrast to the sizeable net outflow of $350 million witnessed by Grayscale’s Bitcoin Trust (OTC:GBTC).

This development coincides with growing optimism surrounding Bitcoin’s future.

According to insights from QCP research, Bitcoin (CRYPTO: BTC) has surged past the $70,000 threshold, fueled by the news that the London Stock Exchange intends to commence trading Exchange-Traded Notes (ETNs) for Bitcoin and Ethereum starting May.

Also Read: EXCLUSIVE – Coinbase UK CEO Pinpoints Bitcoin’s Rise, Calls Coin A Viable Alternative For Millions In Benzinga Interview

This development underscores the surging demand for Bitcoin spot ETFs among wealth management clients.

Furthermore, asset managers are increasingly incorporating cryptocurrency into their portfolios as a diversification strategy, amid anticipations of the cryptocurrency’s value potentially reaching the elusive $100,000 mark.

Bitcoin’s ascent is bolstered by a robust demand for structured products, such as Accumulators and Fixed Coupon Notes. It indicates a broadening and deepening of the market’s infrastructure and investor base.

What’s Next: Amid these evolving market dynamics, the upcoming Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, emerges as a pivotal congregation for industry stakeholders.

This event promises to delve into the intricacies of digital asset investments. It offers attendees a comprehensive understanding of the latest trends, investment strategies, and the future outlook of cryptocurrencies.

Read Next: Bitcoin Believer From 2018 Nails It: Is He Right About $150,000?

Image created using artificial intelligence with Midjourney.