[ad_1]
Bitcoin overtakes Silver, Solana will launch its second smartphone and Elon Musk reveals his personal crypto holdings. These stories and more, this week in crypto.
Bitcoin Slips After ETF Approval
Bitcoin price fell by more than 15% since the introduction of US cash ETFs last week. Analysts have reported $1.5 billion outflows from the Grayscale Trust, speculating that investors who previously benefited from GBTC discounts are now exiting the Bitcoin market altogether rather than reinvesting in the new ETFs. With estimates of an additional $1.5 billion invested in GBTC in secondary markets, additional profit-taking could put further pressure on the price of Bitcoin.
Bitcoin overtakes money
Following SEC Approval, Bitcoin ETFs Now Hold Nearly $30 Billion in assets, far surpassing silver ETFs which total assets of approximately $11 billion. Although Bitcoin is often referred to as the digital version of gold, the one commodity that remains the most popular is, well… gold – with approximately $95 billion in funds across 19 ETFs.
BlackRock recovered most of the Bitcoins
As investors flock to new Bitcoin spot funds, CC15Capital reports As of Friday, the nine new ETFs have purchased nearly 81,000 Bitcoins, currently worth nearly $3.5 billion, since their launch. BlackRock is leading the way, raising over 28,000 BTC for its iShares fund. Even after liquidating over 50,000 bitcoins to cover the previously mentioned outflows, Grayscale continues to manage the most Bitcoin among ETFs with its substantial holdings of 567,000 BTC.
New crypto smartphone from Solana
Solana plans to launch its second crypto smartphone, following its first phone, Saga. The new phone will feature new hardware and a cheaper price, and aims to placate the secondary market for the limited supply of existing Saga phones. Initially struggling to find a market, Saga gained traction when traders discovered it contained BONK tokens, after which the phones quickly sold out within a week.
Jamie Dimon rejects Bitcoin in Davos
Artificial intelligence stole the show in Davos, supplanting cryptos as the dominant topic of conversation at the World Economic Forum. This shift highlights increasing investment in AI, as the world's largest companies expand their AI products and services. On the forum, Jamie Dimon, CEO of JPMorgan Chase, took the opportunity to once again dismiss Bitcoin, recognizing the potential of blockchain while emphasizing that Bitcoin does nothing.
Coinbase legal battle resumes
In a case closely watched by the crypto industry, Manhattan judge questions Coinbase and SEC on their conflicting definitions of titles. Justice Katherine Polk Failla heard arguments from both sides, focusing on the legal precedent defining securities. Coinbase has requested the dismissal of the lawsuit filed by the SEC.
Crypto crime is decreasing
Illicit cryptocurrency activity is declining overall despite an increase in ransomware incidents and cybercriminals receiving cryptocurrency payments, according to new research. Chainalysis released its 2024 crypto crime trends report that highlighted a decrease in funds sent to illicit cryptocurrency addresses, while noting an increase in funds sent to sanctioned entities using stablecoins.
Musk reveals his personal crypto holdings
Elon Musk revealed his personal crypto holdings, as its social media platform X has received another money transfer license, in a bid to revolutionize payments. Musk confirmed that he still owns Dogecoin, revealed that SpaceX continues to hold Bitcoin, and that Tesla also owns just over 10,000 bitcoins worth almost $500 million.
This is what happened this week in crypto, see you next week.
[ad_2]
Source by [author_name]