Fourth Consecutive Net Inflow into US Spot Bitcoin ETFs
US spot Bitcoin ETFs are seeing positive net inflows for the fourth consecutive quarter, indicating continued investor interest. This trend suggests that Bitcoin is gaining traction as a long-term investment vehicle despite market volatility. The inflows are thought to be driven by Bitcoin’s potential as a hedge against inflation and its increasing mainstream adoption. The performance of these ETFs may also be affected by regulatory developments and institutional involvement.
Former Alameda CEO Caroline Ellison Sentenced to Two Years in Prison
Former Alameda Research CEO Caroline Ellison has been sentenced to two years in prison for her role in the financial collapse of FTX. The incident marks a significant moment in the legal ramifications that have followed the fall of FTX. Ellison’s involvement and subsequent conviction highlight the regulatory and legal challenges facing the crypto industry. This case could set a precedent for future prosecutions of executives involved in financial misconduct in the crypto space.
BlackRock Crypto Head Says “Bitcoin Is Not a Risky Asset”
BlackRock’s crypto chief has stated that Bitcoin should not be classified as a ‘risky asset.’ This perspective challenges the widely held belief that Bitcoin’s value is too volatile and speculative. The executive’s statement reflects a deeper understanding of Bitcoin’s potential role in diversified investment portfolios. The reclassification suggests the possibility of Bitcoin being used as a hedge rather than a speculative asset, based on its increasing adoption and perceived stability during periods of economic uncertainty.
BlackRock, Coinbase Revoke Bitcoin ETF Due to Custody Concerns
BlackRock has proposed changes to its Bitcoin ETF following concerns over Coinbase’s custody practices. These changes aim to address transparency issues raised by investors and provide greater clarity and security in the management of Bitcoin assets. The move highlights the importance of custody integrity and the need for strict oversight in the crypto market. By making these adjustments, BlackRock aims to increase investor confidence and reinforce the credibility of its Bitcoin ETF proposal.
Sky Postpones Plan to Shut Down Wrapped Bitcoin
Sky, formerly known as MakerDAO, has decided to pause its plans to shut down Wrapped Bitcoin (WBTC). The decision was made following discussions with the CEO of BitGo, WBTC’s custodian. The pause reflects the resolution of concerns regarding the transparency and security of Bitcoin, which underpins WBTC. The development highlights the importance of collaboration and communication in the decentralized finance (DeFi) space to ensure the stability and integrity of digital assets.
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BITCOIN (BTC)
BTC is priced at $64,275 with a 0.02% loss in value as of the morning hours. On the 4-hour chart, it has entered an upward trend by breaking the falling trend line. However, although the middle resistance at 65,000 has been tested, this level has not been broken and the price is currently consolidating below this level. In the current situation, it seems difficult for the uptrend to continue unless a break above the 65,000 resistance occurs. Otherwise, the price may retreat towards the support point at 56,600. This region stands out as an important support area where the price can experience a recovery. The lowest region in terms of support levels has been determined as 52,555. Breaking the 65,000 resistance is key for the continuation of the rise.
ETHEREUM (ETH)
ETH is priced at $2626.2 with a 1.01% loss in value as of the morning hours. It is progressing in an uptrend on the 4-hour chart. The upper resistance at 2,820.00 has been tested, but this level could not be broken. The price is currently consolidating below this level. In the current situation, the 2,820.00 resistance must be broken for the continuation of the rise. If this resistance cannot be overcome, the price is likely to fall back to the important support at 2,466.47. The 2,373.44 level also stands out as an additional support area to be followed in the medium term. In downward movements, the strongest support is at 2,168.07.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5895 with a 0.25% loss in value. It is trading at 0.5855 on the 4-hour chart and is showing a sideways trend. The price tested the middle resistance at 0.6100 but could not break this level and is currently consolidating below this resistance. Breaking the 0.6100 resistance is critical for the continuation of the rise. If this resistance is not overcome, the price is likely to fall back to the additional support point at 0.5500. If this support level is broken, the risk of falling back to the stronger support area at 0.5100 may increase.
AVALANCHE (AVAX)
AVAX is priced at $27.77 with a 2.39% loss in value as of the morning hours. It is traded at 27.17 on the 4-hour chart and is progressing in an uptrend. The price tested the upper resistance at 28.00, but could not break this level and is currently consolidating below this resistance. In order for the rise to continue, the 28.00 resistance must be broken. Otherwise, the price is likely to fall back to the important support at 24.69. In case of falling below this support level, additional support at 22.82 should be followed. The strongest support point at lower levels appears to be 21.88.
SOLANA (SOL)
SOL is priced at $150.88 with a 1.22% loss in value as of the morning hours. It is traded at 146.43 on the 4-hour chart and is progressing in an uptrend. The price tested the middle resistance at 155.00, but could not break this level and is currently consolidating below this resistance. In the current situation, the 150.00 resistance must be broken for the rise to continue. Otherwise, the price may fall back to the support point at 142.00. In the event of falling below this support level, the stronger support area at 129.50 may come to the fore. Above, the upper resistance at 163.70 stands out as a target to be watched in possible increases.
OUNCE GOLD
The ounce of gold is priced at $2658 with a 0.03% increase in value as of the morning hours. ATH was refreshed on the 4-hour chart and the level of 2670 was seen. $2600 – $2620 works as a major support. $2680 can be seen in the continuation of the rise. In pullbacks, $2660 – $2630 seems to be a strong support.
OUNCE SILVER
Silver is priced at $31,837 with a 0.77% loss in value as of the morning hours. On the 4-hour chart, the price broke the 31.19 resistance level. It is likely to encounter resistance at 32.50 and pullback. In a possible pullback, the price is expected to fall towards the 31.20 and then 28,700 support levels. If the rising band is broken upwards, the rise will likely continue.
