From Spot BTC ETF trading volume reaching $4B in a day to Vanguard banning its ETF trading, here is a 2-minute breakdown of everything important that happened in crypto today.
The long-awaited Bitcoin spot ETFs have finally launched, ushering in a new era of mainstream crypto adoption. While most platforms embraced the historic debut with open arms, processing over $4 billion in first-day trading volume, one popular platform had other ideas.
In a controversial move triggering many users, Vanguard banned trading of newly approved Bitcoin ETFs - claiming crypto "does not align" with their values. Multiple angry account holders reported error messages when trying to get the Bitcoin exposure.
Today we will discuss it in detail along with multiple stories making waves. Here's a lightning-fast TLDR rundown:
- Bitcoin ETFs launch to fanfare, but Vanguard blocks trading 🚫
- Massive $4.5 billion volume across new spot offerings 💰
- Near Protocol lays off 35 employees after overexpansion 👋
- Cathie Wood doubles down on $1.5 million Bitcoin price target 📈
- MicroStrategy stock sinks despite Bitcoin bounceback ⬇️
- South Korea refuses to approve crypto ETF products 🇰🇷
And now, we unpack each headline in more detail...
Here Comes the ETF Karen… 👱🏻
Just as the champagne popped on Bitcoin ETF, one finance titan opted to harsh the buzz. 😒
In a controversial move, Vanguard has banned trading of newly approved spot BTC ETFs - drawing confusion and outrage from account holders.
A spokesperson rationalized that crypto "does not align" with Vanguard's vision for long-term portfolio planning.
Multiple angry Vanguard users reported error messages and blocks when trying to board the Bitcoin train.
In protest, Yuga Cochler announced shifting his 401(k) from Vanguard to Fidelity - which embraces financial freedoms for all!
Are other platforms following Vanguard’s lead and blocking Bitcoin ETF trading? Read the full story!
Over $4 Billion Into Spot BTC Funds 💰
And as Vanguard decided to block Bitcoin ETFs, these funds launched yesterday to enormous fanfare after suffering through years of bureaucracy.
Total trading volume across all fresh spot offerings roared past $4.5 billion on Day One!
Leading the charge was Grayscale’s trust, converting its $2.3 billion GBTC into ETF.
Of course, diehard maxis will emphasize these funds merely reduce friction for mass adoption. The true pillars remain decentralization and fixed supply.
But any progress bridging traditional and crypto finance is cause for celebration!
Does high trading volume dictate a boost in Bitcoin’s price? Read the full story!
Near Protocol Slims Down 👋
The team behind NEAR took a hard look in the mirror this week - and decided a drastic makeover was in order.
After internal talks concluded the Near Foundation overextended itself across too many fronts, developers opted for aggressive downsizing.
In total, 35 employees got the pink slip - primarily from business dev and marketing units.
The core engineering team is still intact.
Is this a result of major losses? Read the full story!
$1.5 Million Bitcoin Price Target 📈
Just when you thought crypto hype had peaked - ARK Invest CEO Cathie Wood raises the bar even higher!
The celebrity fund manager now believes Bitcoin could reach up to $1.5M per coin by the end of the decade.
This revised prediction comes on the heels of Wood's cherished spot BTC ETF finally getting SEC approval this week.
Rising network fundamentals across the hash rate, active addresses and long-term holders give Cathie conviction in her outlook.
She views ETF emergence as rocket fuel accelerating Bitcoin towards mainstream adoption as a financial "public good."
Who else agrees with Cathie Wood’s prediction? Read the full story!
MicroStrategy Stock Goes Down ⬇️
While Bitcoin went ~10% high in early 2024, one crypto fan failed to keep pace this month.
MicroStrategy (MSTR) shed over 20% in January despite its identity being directly tied to BTC balance sheets.
The firm’s Bitcoin holdings are currently valued at $8.7 billion - a trove trumping MSTR's own $7.7 billion market cap!
Is this because of the approval of ETF? Read the full story!
South Korea Says No to ETFs 🇰🇷
Days after the US regulators approved spot Bitcoin funds, South Korea's FSC rained on expectations locally.
Citing "financial stability" and "investor protection," the regulator refuses to revise its crypto-related laws.
Their regulations still don't recognize crypto as a valid asset for fund inclusion.
Will the FSC eventually catch up to crypto's inevitable rise? Read the full story!
And here is our Word of the Day…
It’s ‘Derivatives’!
A derivative refers to a financial contract or instrument that derives its value from an underlying cryptocurrency asset, like Bitcoin or Ethereum. They allow investors to speculate on price movements of the underlying crypto without owning it directly. This can involve leverage to amplify gains and losses.
Popular crypto derivatives include futures contracts, options, swaps, and CFDs (contracts for difference). These can be settled in crypto or cash.
And that wraps up the key crypto news. As always, the future is unpredictable, but knowledge is power. We will see you tomorrow with more stories!
