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Headlines
▌Kraken UK Chief: Supports Approval of Bitcoin ETF
Bivu Das, Managing Director of Kraken UK, stated in an interview at the London Digital Asset Summit that he would support the approval of a Bitcoin ETF in the UK. He believes that Bitcoin ETFs are an interesting product with potential for substantial returns that UK investors cannot currently access. Currently, the UK is preparing to allow institutional investors to purchase Bitcoin ETNs, but retail investors are banned from purchasing US Bitcoin ETFs.
▌EU Bans Encrypted Payments from Unidentified Self-Hosted Crypto Wallets
On March 19th, the EU Parliament Leadership Committee approved a ban stating that using unidentified self-hosted crypto wallets for any scale of cryptocurrency payments is illegal. The new anti-money laundering law prohibits specific thresholds for cash payments and any anonymous cryptocurrency payments. According to the regulations, any cash payment over 10,000 euros will be considered illegal, and any anonymous cash payment over 3,000 euros will also be considered illegal. The ban on using cryptocurrencies for payments will specifically target provider-operated unidentified wallets (custodial wallets), including any self-hosted wallets provided by mobile, desktop, or browser applications.
Market Analysis
As of the time of writing, according to data from CoinMarketCap:
BTC recent trading price is $64,394, with a daily change of +0.93%;
ETH recent trading price is $3,350.18, with a daily change of +0.57%;
BNB recent trading price is $558.8, with a daily change of +1.13%;
ORDI recent trading price is $62.90, with a daily change of +1.16%;
DOGE recent trading price is $0.1652, with a daily change of +5.56%;
SOL recent trading price is $175.78, with a daily change of +0.74%.
Policy
▌SEC Seeks to Increase Cryptocurrency Enforcement Resources in FY 2025 Budget
The U.S. Securities and Exchange Commission (SEC) budget request for FY 2025 indicates its desire to expand its enforcement and examination divisions by adding over 50 new positions, with cryptocurrencies being a priority. More resources will strengthen the department's ability to address key and evolving risks, such as resilience with critical market infrastructure, cybersecurity, and risks associated with cryptocurrency assets and emerging technologies. Additionally, the SEC requests to add a position for its Investor Education Office, which will primarily focus on addressing issues and complaints related to fraud involving cryptocurrency securities.
Blockchain Applications
▌Spanish High Court Orders Temporary Suspension of Telegram Services in the Country
According to sources, the Spanish High Court has ordered the suspension of the country's communication application Telegram services due to complaints from media companies about the app allowing users to upload their content without permission. Based on requests from media companies including Atresmedia, EGEDA, Mediaset, and Telefonica, Spain will temporarily suspend the use of Telegram by users starting from Monday. Telegram did not immediately respond to requests for comment. A spokesperson for the Spanish High Court did not respond to requests for comment.
Cryptocurrency
▌BTC ETF Sees Outflows Totaling $887.75 Million This Week
According to on-chain analyst Yu Jin, the BTC spot ETF saw net outflows for all five trading days this week, totaling $887.75 million in outflows, corresponding to a decrease of 13,596 BTC in holdings. On 3/22, ten BTC spot ETFs saw net outflows of $51.6 million, corresponding to approximately 807 BTC net outflows from ETF custodial addresses after the opening of US stock markets next Monday (3/25): Outflows: Grayscale (GBTC) saw outflows of approximately 2,657 BTC (corresponding to outflows of $169.94 million on 3/22); Inflows: The other nine ETFs saw inflows of approximately 1,850 BTC (corresponding to inflows of $118.34 million on 3/22). Currently, the ten BTC spot ETFs collectively hold 824,214 BTC ($527.1 billion).
▌JPMorgan: Misleading to Infer Bitcoin Market and Investment Direction Solely from ETF Flows
JPMorgan believes that inferring the Bitcoin market and investment direction solely from ETF flows is misleading. Their latest research data shows that from early 2024 to date, inflows into Bitcoin funds amounted to $10.6 billion, while physical gold ETFs saw outflows of $7.6 billion. However, this phenomenon does not necessarily indicate a transfer of funds. JPMorgan points out that the outflows from gold ETFs are mainly because individual investors are buying gold bars, while the growth of Bitcoin ETFs is mainly due to investors transferring funds from their original Bitcoin wallets, which underestimates the behavior of individual and private investors purchasing gold in the form of bars and coins, while overestimating their Bitcoin purchases.
▌Bitcoin is the Favorite Cryptocurrency for UAE Investors
According to a Chainalysis report, the UAE gained a massive capital gain of $204 million in cryptocurrency investments in 2023. Although the UAE ranks only 38th among the top 50 countries in significant cryptocurrency investment gains, it ranks second among the Gulf Cooperation Council countries. Saudi Arabia ranks first among the Gulf Cooperation Council countries, with gains of $351 million, ranking 26th among the top 50 countries.
Important Economic Trends
▌Gold Pullback Expected to Be Limited, Pound Shorts Still Not to Be Underestimated
Gold fell on Friday due to a stronger dollar, but after surging to historic highs in the previous trading day due to the Fed's interest rate cut plans, gold is expected to achieve a weekly increase. Spot gold is quoted at $2,160.63 per ounce, down 0.9%, with a weekly increase of 0. |
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Post time 2-4-2024 09:52:09
