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Welcome to another edition of our news update on the most notable developments in the crypto world. This week the market has not been idle, with notable events affecting both Bitcoin price movements and the broader adoption of crypto-assets.
We dive deeper into Bitcoin's recent surge to $44,000, with futures traders losing more than $160 million amid strong demand and optimism about U.S. ETF approval and interest rate cuts. We also examine the possible kill switch discovered in BlackRock's updated ETF submission, in which the U.S. Securities and Exchange Commission (SEC) has a close working relationship with Bitcoin ETF applicants.
Another exciting rumor circulating concerns Qatar's Sovereign Wealth Fund, which may be planning to invest as much as $500 billion in Bitcoin. This speculation comes at a time of growing optimism surrounding a possible approval of a Bitcoin spot exchange-traded fund (ETF) in the United States.
Stay with us as we dissect these developments and explore the potential implications for the crypto market:
1. Futures Traders Lose Over $160 Million in One Week While Bitcoin Rises:
Bitcoin recently jumped to $44,000, leading to losses of about $160 million for short traders. These traders bet against Bitcoin's rise and lost this significant amount in just two days. These liquidations, especially on Binance, OKX and Huobi, often point to crucial price points. The expectation of approval of a U.S. spot ETF, anticipation of U.S. interest rate cuts, and growing acceptance by bitcoin-friendly leaders are factors contributing to the recent Bitcoin price growth. Analysts expect the price could potentially reach $48,000.
2. Experts Uncover Possible 'Kill Switch' in BlackRock's Updated ETF:
The U.S. Securities and Exchange Commission (SEC) is working closely with Bitcoin ETF applicants, focusing on BlackRock's updated ETF filing. Experts are debating a possible "kill switch" in Bitcoin ETFs based on changes to BlackRock's filing. This change suggests serious implications if Bitcoin is ever classified as a security in the U.S., which could affect its tradability and market value. The implications of this "kill switch" or mere legal precaution are still unclear.
3. Qatar Sovereign Wealth Fund Ready to Invest $500 Billion in Bitcoin:
Circulating rumors point to Qatar's sovereign wealth fund's possible investment of as much as $500 billion in Bitcoin. This speculation follows Bitcoin's rise above $42,000, fueled by optimism about possible approval of a Bitcoin spot exchange-traded fund (ETF) in the US. Max Keiser believes this massive investment will push the Bitcoin price to new highs of $100,000. Although some experts doubt the rumors, such a move would be a significant milestone in the institutional adoption of crypto-assets.
The crypto world remains in flux, and we will continue to follow these developments. Stay tuned for more updates!
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