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Fed statements hint at delayed rate hikes, shifting focus to cryptocurrencies. Bitcoin and LINK are potentially gearing up for significant rallies. Continue Reading: Cryptocurrency Markets Respond to Economic Indicators and Analyst Insights

Cryptocurrency Markets Respond to Economic Indicators and Analyst Insights

Mercado Libre, one of the biggest e-commerce platforms in Latam, has disclosed it holds over $40 million in cryptocurrency, according to its Q1 2024 filings. The company disclosed that it held 412.7 bitcoin (BTC) and 3,041.6 ethereum (ETH), by March 31. However, Mercado Libre does not own these holdings, as its CIO Richard Cathcart explained,

Latam E-Commerce Giant Mercado Libre Holds $40 Million in Crypto

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January. While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee “Bitcoin Mini Trust.” Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted. The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM). In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation. DCG Reports 11% Q1 Revenue Increase Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices. However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume. At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds. Featured image from Shutterstock, chart from TradingView.com

Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M

Michelle Murphy, 58, from Bedford, Texas, has been sentenced to nine years in federal prison for attempting to hire a hitman using bitcoin to kill her boyfriend’s lover. Charged in September 2023 and pleading guilty in December, Murphy used the dark web to orchestrate the crime, paying $10,510 in bitcoin. The transaction was traced through

Woman Sentenced to 9 Years in Prison for Crypto-Funded Murder-for-Hire Scheme

May features significant events influencing Bitcoin and overall crypto market dynamics. Jerome Powell's upcoming speeches and economic indicators are highly anticipated. Continue Reading: Key Events in May Could Impact Bitcoin and Crypto Market Trends

Key Events in May Could Impact Bitcoin and Crypto Market Trends

A closely followed crypto trader believes that Bitcoin (BTC) and two altcoin projects are gearing up for massive rallies. Pseudonymous analyst Inmortal tells his 213,200 followers on the social media platform X that, based on the historical duration of market cycles, Bitcoin has much higher to go. “We still have room for 500 more green The post Trader Says Bitcoin (BTC), Chainlink (LINK) and One Ethereum Rival Setting Up for Rallies appeared first on The Daily Hodl .

Trader Says Bitcoin (BTC), Chainlink (LINK) and One Ethereum Rival Setting Up for Rallies

Glassnode reports Ethereum lags behind Bitcoin in investor interest. Bitcoin ETF approvals significantly impact market movements. Continue Reading: Insights on Bitcoin and Ethereum’s Current Market Positions

Insights on Bitcoin and Ethereum’s Current Market Positions

Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets

Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle

A drop in the price of Bitcoin coupled with reduced mining rewards means fewer miners and a less robust network—for now, at least.

Bitcoin Mining Difficulty Is Plummeting—Here’s Why

Bitcoin did not perform as expected in May, raising valid investor concerns. Despite recent lows, analysts struggle to predict Bitcoin's next direction. Continue Reading: Bitcoin’s Performance and Future Prospects

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