FTX UNLOADS

FTX Crypto Exchange $1 Billion BTC Sale Shakes Bitcoin Market

FTX Fire Sale: FTX, the crypto exchange that went bankrupt last year, is selling shares of the Grayscale (GBTC) Bitcoin ETF. FTX offloaded shares worth about $1 billion, contributing to substantial outflows from GBTC. This major sell-off by the bankrupt FTX may be a pivotal factor in the Bitcoin’s recent price movements.

Grayscale Drain: After converting into an ETF, Grayscale's Bitcoin Trust experienced over $2 billion in withdrawals, notably impacted by FTX reducing its holdings to zero shares of GBTC through the sale of 22 million shares.

Price Impact: The massive liquidation by FTX, unique for a bankruptcy estate, occurred alongside Bitcoin's price decline. This selling spree's conclusion might lead to a more stable Bitcoin market.

🚀 Bitcoin ETFs surpass silver, now second largest ETF type in US commodities. This rapid growth underscores Bitcoin's rising status as a key investment, reflecting increasing interest from both institutional and retail investors.

🔒 2023 saw a 29% drop in crypto crime, with $24.2 billion stolen. In 2022 there was an estimated $39.6 billion stolen. Chainalysis highlights a trend towards more stablecoin use among scammers. Scammers may be moving away from Bitcoin's previous dominance in illicit transactions.

📈 VSFG targets early 2024 for Hong Kong's spot Bitcoin ETF launch. Hong Kong may soon follow the USA in launching spot Bitcoin ETFs. This move follows regulatory changes and increasing interest from multiple asset managers in the region.

🌐 Bitcoin has the potential of being the largest TAM in the world. Its adoption, mirroring the internet's growth, could make bitcoin infrastructure a key investment, with vast opportunities across various industries.

🔗 Bitcoin faces centralization without further development. A Bitcoin Magazine contributor argues that Bitcoin’s biggest threat lies in regulatory control and fractional reserves. Despite efforts like the Lightning Network, broader community action is essential to maintain its decentralized, sovereign nature.

Fed Launches Instant Payment System Called FedNow®

Do you think the rise of Bitcoin ETFs will signal the end of traditional investments (gold, real estate, etc.) as "go to" safe havens?

👍 Yes - 43.6%

👎 No - 56.4%

👍 No - “There will always be those who will invest in gold and real estate, it's been like this through the ages. Bitcoin though will attract many "new" investors, certainly the new generation. Over time, though, Bitcoin will become the "dominant" safe-haven investment, but it won't signal the end of the more traditional investments.” - Michael

👍 No - “We have a very long way to go until we see that happen.” - Jeff

🔍 The SEC delays its decision on Fidelity's proposed spot Ethereum ETF to March, allowing more time to review the proposal. This delay follows the recent authorization of 11 spot Bitcoin ETFs, hinting at a possible favorable outcome for Ethereum ETFs.

🚀 Elon Musk's company X has launched a dedicated payments page, aligning with his vision for the company as a global financial hub. Despite a focus on fiat transactions, there's speculation about incorporating digital assets, as X acquires money transmitter licenses in the U.S.

🌍 A recent video from Nigeria shows a Bitcoin mining operation that is utilizing 100% hydro power.

🔐 Trezor hardware wallet introduces a new 'Wipe Code' feature in its latest update. This feature, set through Trezor Suite, will erase the device when a specific code is entered, serving as a security measure.

🏛️ Donald Trump has emerged as favorite for the 2024 election after winning the Iowa caucus and receiving key endorsements, including from Ron DeSantis. His previous election win significantly influenced Bitcoin prices, hinting at potential financial market impacts of a Trump win.

Explore how Bitcoin mining is powering change in rural Africa. Watch as communities gain electricity, transforming lives and fueling dreams.

200,000 - The amount of Bitcoin that Mt. Gox is set to distribute to creditors.

658,804 - The approximate amount of bitcoins held by the new U.S. Bitcoin ETFs. Most of these are held by GBTC, but iShares (IBIT) and Fidelity (FBTC) are also becoming large holders. Latest data shows IBIT with 39,925 BTC and FBTC with 34,126.6 BTC.

85 - The number of days left until the 2024 Bitcoin halving. Expected April 18, 2024.

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BitBlockBoom

• When - April 11, 12, 13, 14

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Bitcoin 2024

• When - July 25, 26, 27

• Where - Nashville, Tennessee, USA

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