#bitcoin

Grayscale Investments is gearing up for a potential positive outcome in its lawsuit with the SEC, as it begins hiring for its ETF team. The firm is on the lookout for a "Senior Associate, ETFs" to bolster its ETF business development. This move comes as the crypto community eagerly awaits a court decision on Grayscale's proposal to convert its GBTC fund into a spot bitcoin ETF. The outcome could set a precedent for other asset managers seeking approvals for spot bitcoin funds, influencing the future of crypto ETFs.

The issuer of USDT has resolved to end support for Kusama, Bitcoin Cash SLP, and Omni Layer. This move follows an in-depth analysis of the functionality, safety, and stability of these particular blockchains. Notably, Omni Layer, Tether's first transport layer since its inception in 2014, was instrumental during its early days. However, it has witnessed a decline in popularity due to rising competitive solutions. Though minting of USDT on the aforesaid platforms will be terminated, the redemption process will stay in place for a duration extending at least a year.

Quantum Blockchain Technologies (QBT), a research company, has unveiled an innovative bitcoin mining method that utilizes artificial intelligence. According to the company's statement, this new approach to hash verification, as opposed to random selection, boosts the chances of finding a winning hash by approximately 260%.

The current market landscape marks an unprecedented decline in liquidity, according to Bloomberg Intelligence's senior macro strategist, Mike McGlone. If this pattern holds throughout 2023, he warns of a potential sharp descent in Bitcoin prices, which would ripple through Ethereum, XRP, and the general cryptocurrency domain. “What should be early indications of recessionary times? The best indication should be bitcoin and that’s where I’m looking for the bleeding occasion from bitcoin and it’s still kind of showing what I expected.” “Picture December: Recession looms, Fed hesitates on easing due to inflation,” said McGlone.

Kevin Kelly, Delphi Digital's co-founder, suggests the crypto market is entering a new cycle. He highlights the consistency in crypto market timings, from peak-to-trough bottoms to recovery durations. Using Bitcoin as a reference, Kelly describes a typical cycle: a new all-time high, an 80% drawdown, a recovery to the previous high in two years, and a rally to a new peak. This cycle aligns with broader business cycles. Kelly also draws parallels between Bitcoin's price peaks and the ISM Manufacturing Index. Despite potential short-term setbacks, Kelly remains optimistic about the market's outlook for the next 12-18 months.

acobi Asset Management Lists Europe’s First Spot Bitcoin ETF on Euronext Amsterdam Exchange. “It is exciting to see Europe moving ahead of the US in opening up Bitcoin investing for institutional investors who want safe, secure access to the benefits of digital assets,” says the company’s CEO, Martin Bednall. Well, now it’s the USA’s turn!

Statistics from Coinglass indicate liquidations of $1 billion in the last 12 hours, with $483 million in BTC and $300 million in Ethereum. Some market analysts are identifying potential incidents that may have instigated this downfall: The Wall Street Journal has noted that SpaceX liquidated $373 million in Bitcoin across 2021 and 2022, and Tesla has divested more than 30,000 BTC (75% of its stake) for $936 million in Q2 of 2022. The investment holding company China Evergrande Group has filed for bankruptcy. It was rumored that Tether had backed a portion of its USDT using commercial papers from this entity. Sellers sprang into action shortly after. With Bloomberg announcing that the SEC is slated to approve the first-ever Ethereum-based ETF futures by October, Ethereum's market value promptly surged by 11%.

According to Kaiko, BTC and ETH have recorded their lowest 90-day price volatility compared to oil in many years, a mark last reached in 2016. Right now, Bitcoin's volatility sits at 35%, Ethereum's at 37%, while oil's is higher at 41%. Experience tells us that after such periods of quiet , a significant move often follows. Judging by Bitcoin's recent dynamics, it appears such a shift might be kicking off.