- Bitcoin’s Plunge: Bitcoin, the leading cryptocurrency, plunged below $42,000, sparking discussion about its impact on the market.
- VanEck’s ETF Closure: VanEck has decided to close its Bitcoin Strategy ETF, reflecting the changing dynamics in the cryptocurrency ETF space.
- Cramer’s Warning: Jim Cramer warns of a long-term downturn in the cryptocurrency market and urges investors to be cautious.
Bitcoin’s tumultuous dive sparks industry concerns
In a surprising turn of events, BitcoinThe leading cryptocurrency plunged, plunging below the critical $42,000 mark. As the cryptocurrency market reacts to this sudden downturn, investors and industry enthusiasts are grappling with questions about the drivers and potential implications of this significant decline.
Current Cryptocurrency Market Snapshot: A Story in Numbers
As of the latest update, Bitcoin (BTC) is at $41,186.47, down -11.28% for the week and -3.46% for the day. The global cryptocurrency market capitalization was $1.71 trillion, a 3.09% change from the previous year. Bitcoin’s market capitalization is approximately $809 billion, accounting for a 47.32% share. Stablecoins contribute $135 billion, accounting for 7.9% of the total market capitalization.
Trump’s promise and VanEck’s ETF closure add to the mix.
Former US President Donald Trump made a bold declaration opposing the establishment of a US central bank digital currency (CBDC). At the same time, prominent asset management firm VanEck announced the closure of its Bitcoin futures exchange-traded fund. (ETF), which is frowned upon in the cryptocurrency community. ProShares, on the other hand, seeks approval for five Bitcoin ETFs with indirect exposure to BTC.
Former OpenSea manager appeals insider trading conviction
Nathaniel Chastain, previously associated with NFT platform OpenSea, is pleading insider trading convictions. His lawyers argue that prosecutors failed to establish NFT information as property, challenging its legal classification.
Yes, we are nearing the end of sentencing in United States v. Nate Chastain. It is described as the first “NFT insider trading” incident. But the loss/gain amount is less than $50,000, says defense attorney Miller (who also represents Wahi). The judge took a five-minute break before imposing his sentence. Watch this feed pic.twitter.com/KyeScdCGAP
— Inner City Press (@innercitypress) August 22, 2023
VanEck’s ETF Closing: A Sign of Changing Tides
Asset manager closes Bitcoin strategy ETF amid evolving market dynamics
Asset management giant VanEck has decided to close its futures-based Bitcoin exchange-traded fund (ETF), signaling the end of an era that lasted less than two years. The Board of Directors has approved the liquidation of the Bitcoin Strategy ETF currently traded on the Cboe BZX platform. Shareholders have until January 30 to liquidate their shares, with final delisting scheduled for February 6. This move coincides with the recent surge in spot Bitcoin ETF acceptances.
Jim Cramer’s grim outlook: The cryptocurrency market is still bottoming out.
Popular CNBC Mad Money anchor Jim Cramer has once again cast a shadow over the cryptocurrency market by sharing a warning from “Larry Williams.” Cramer predicts a long-term downturn in the cryptocurrency market, suggesting that the market is still far from reaching bottom. This marks Cramer’s second pessimistic outlook in a short period of time, amplifying concerns about near-term cryptocurrency performance.
Conclusion: Navigating Uncertainty in the Cryptocurrency Market
The value of Bitcoin remains under pressure and market participants face uncertainty as industry developments unfold. Trump’s stance, VanEck’s ETF shutdown, and Cramer’s caution add multiple layers to the already complex cryptocurrency landscape, highlighting the need for a nuanced approach in these volatile times.