Welcome to the March 18, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
March 18, 2024 Genfinity News Recap
Bitcoin
According to 10X Research and reported by CoinDesk, spot Bitcoin exchange-traded funds (ETFs) in the U.S. saw significant inflows last week, totaling $2.6 billion, with the majority occurring from Monday to Wednesday, driving Bitcoin to new highs. However, the following days saw reduced demand, leading to a decline in Bitcoin’s price below $65,000 over the weekend.
Analysts anticipate further downward pressure if ETF inflows continue to weaken, suggesting a potential retracement to $59,035, about a 10% drop from current levels. Despite this, 10X Research maintains their opinion that the crypto bull market remains intact, with the possibility of Bitcoin climbing higher in the coming months.
In another CoinDesk report, since their launch in January, spot Bitcoin exchange-traded funds (ETFs) have attracted billions of dollars, reflecting a surge in sentiment towards the cryptocurrency. Surprisingly, much of this investment is coming from retail investors rather than institutional players, according to experts.
Bloomberg Intelligence’s Eric Balchunas notes that the iShares Bitcoin Trust (IBIT) from BlackRock, the world’s largest asset manager, is witnessing significant retail involvement, with an average trade size of $13,000 indicating nonprofessional investors, or retail investors.
Despite some uncertainty around early ETF investors due to trades executed by authorized participants and market makers, these products are making it easier for individuals to invest in Bitcoin without directly holding the asset. Among the various ETFs, BlackRock’s IBIT stands out, attracting over $14 billion in assets in just two months, benefiting from its high liquidity, low fees, and reputable brand. Overall, most Bitcoin ETFs have seen strong performance since their launch, despite the need for substantial assets to break even on low fees.
Regulation
Rep. French Hill of Arkansas, a Republican known for his support of cryptocurrency, aims to chair the House Financial Services Committee, succeeding Chair Patrick McHenry of North Carolina, who plans to retire in 2025. Hill’s interest in the position was reported by PunchBowl News, and summarized by The Block, with his communications director confirming discussions with colleagues about his candidacy.
With decades of financial services experience, Hill is actively pursuing the chairmanship, having led the House Financial Services subcommittee on digital assets and also contributing to crypto-related legislation. The outcome of the chairmanship race depends on Republican control of the House post-election.
John Deaton, a prominent advocate for XRP, has announced his candidacy for the Massachusetts Senate race, challenging incumbent Senator Elizabeth Warren. Deaton has invested $500,000 of his own money into the campaign and aims to raise an additional $500,000 from supporters, emphasizing the importance of standing up for freedom. Reported by Cointelegraph, notable figures like Charles Hoskinson, founder of Cardano, have pledged their support for Deaton’s campaign, citing the need to confront establishment interests that may hinder the crypto industry.
MetaMask
CoinLedger, a cryptocurrency tax reporting software platform, has partnered with MetaMask, a Web3 self-custody wallet provider, to enhance interoperability and functionality for MetaMask users. Through this collaboration, users can easily import their transaction history into CoinLedger’s software with a single click, simplifying the tax reporting process. Reported by Cointelegraph, this partnership enables users to sync their portfolio and generate tax forms seamlessly. This partnership with the exchange addresses the growing complexity faced by digital asset owners and traders, particularly with the approaching tax reporting deadline of April 15.
We hope you enjoyed our March 18, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary and please leave a comment below.
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