Dilara Sönmez

Money provides a sense of financial control and responsibility.

[Dilara Sönmez @dilo_gs]

The price recovery of Bitcoin is currently at risk due to the strength of the U.S. dollar and the selling of Grayscale Bitcoin Trust (GBTC). The recent launch of spot Bitcoin exchange-traded funds (ETFs) failed to boost the price as expected. The U.S. Dollar Index (DXY) has experienced a sharp recovery, rising 2.71% from its recent low. This recovery is attributed to positive U.S. economic data, including retail sales and manufacturing index growth. The dollar's rebound is also influenced by improved U.S. yields in response to reduced expectations of interest rate cuts. Technical analysis suggests that the DXY could further rise, impacting the BTC price negatively. Additionally, GBTC has witnessed significant outflows since the launch of spot Bitcoin ETFs, resulting in Grayscale liquidating a large amount of Bitcoin holdings. The outflows from GBTC seem to have limited impact on the overall BTC market, according to economist Peter Schiff. An independent market analyst predicts a retracement for the BTC price, projecting a decline to $34,000. However, some market experts remain optimistic about the long-term impact of spot Bitcoin ETFs.

[Dilara Sönmez @dilo_gs]

Former IcomTech CEO Marco Ruiz Ochoa has been sentenced to five years in prison for his involvement in a crypto Ponzi-like scheme. Ochoa took advantage of the cryptocurrency hype to deceive investors into participating in the IcomTech pyramid scheme, which promised high returns. This sentence serves as a strong message to others considering similar actions, highlighting the serious consequences of such activities. Ochoa was also given two years of supervised release and ordered to forfeit $914,000 in criminal proceeds. The prosecution revealed that IcomTech's crypto trading and mining business did not actually exist, and investor funds were used for personal expenses and other fraudulent activities. Promoters of the company created an atmosphere of success, appearing at events with luxury items to generate excitement. When investors attempted to withdraw their funds, they were faced with delays, hidden fees, and excuses. Despite complaints, Ochoa and other promoters continued to attract investments until the collapse of IcomTech in 2019. The Commodity Futures Trading Commission also filed charges against Ochoa and other executives in May, accusing them of targeting Spanish-speaking communities. It is important to note that this article is for informational purposes only and should not be relied upon as legal, tax, investment, financial, or other advice.

[Dilara Sönmez @dilo_gs]

The recent rise of spot bitcoin ETFs in the U.S. ETF market, surpassing silver and securing the second position behind gold, showcases the increasing mainstream interest in digital assets. With the approval of spot bitcoin ETFs by the SEC, these funds now hold approximately $28 billion in assets under management, compared to the $11 billion of silver ETFs. While gold remains the leader with around $95 billion in AUM, the rapid growth of bitcoin ETFs signifies its acceptance and popularity. It's important to note that the significant increase in trading volume within the first few days of trading was largely influenced by the conversion of Grayscale's Bitcoin trust into an ETF. Some market analysts argue that this shouldn't be seen as a surprise, as the majority of the growth was driven by the GBTC conversion. Nevertheless, this milestone is still noteworthy, especially considering the unique challenges faced by a brand new ETF compared to a converted one.

[Dilara Sönmez @dilo_gs]

Despite the potential for a delay, Thailand remains committed to its $14.3 billion digital wallet scheme, with up to 50 million citizens set to receive payments through a mobile app. The use of blockchain technology in facilitating the scheme is yet to be determined. While there have been concerns over the funding model, Prime Minister Thavisin assured the public that the project's viability is supported by data and that the implementation will be transparent and free from corruption. The government plans to secure the necessary funds through a one-time borrowing and also intends to allocate 100 billion baht to a capacity-building fund for automation and industrial innovation.

[Dilara Sönmez @dilo_gs]

The Ethereum price is currently battling at a crucial support level of $2,400. Despite the recent decrease, there is still a possibility for a breakout as ETH continues to trade within a short-term bullish pattern. The RSI indicator gives a mixed reading, with the indicator falling but still above 50. Analysts are divided on the future trend, with some emphasizing the importance of the $2,400 level while others remain bearish. The six-hour chart shows a descending wedge pattern, which is typically bullish and can lead to breakouts. If ETH breaks out, it could reach the resistance trend line at $2,700, a 9% increase from the current price. However, if ETH closes below the support line at $2,410, it could trigger an 8% drop to the channel's support trend line at $2,300.

[Dilara Sönmez @dilo_gs]

The U.S. dollar has edged lower but remains on track for a weekly gain as hopes for early rate cuts diminish. Recent economic data and comments from Federal Reserve officials have dampened expectations of rapid interest rate reductions. Despite a strong start with positive consumer sentiment, labor market, and retail sales data, expectations for a rate cut in March have fallen below 50%. Traders now anticipate a rate cut announcement in May. Fed officials have been pushing back on market expectations, emphasizing the need for caution and more data to assess inflation trends. The dollar index is slightly down but still up on the week. The euro is up against the dollar but down for the week. The yen remains flat against the greenback. In cryptocurrencies, bitcoin has gained but is on track for a second straight week of declines.

[Dilara Sönmez @dilo_gs]

The recent transfer of Bitcoin from Grayscale's holdings to Coinbase, totaling over $529 million, has contributed to the sharp drop in Bitcoin's price below $41,000. This, combined with increased selling activity by BTC miners and the upcoming Bitcoin halving, has intensified the downward pressure on its price. The focus now lies on whether Bitcoin bulls can defend the crucial support level of $40,000, as failure to do so could lead to further price declines. However, with the Bitcoin halving approaching, optimistic investors are hopeful for a potential bull run in the future.

[Dilara Sönmez @dilo_gs]

Grayscale Bitcoin Trust (GBTC) has experienced a $5 billion decrease in assets over the past week due to share redemptions and unfavorable market conditions. On the other hand, a crypto trader made an astonishing $6.77 million profit during the SatoshiVM (SAVM) token launch, using a banana gun sniping tool to acquire and sell the token. At the same time, Hut 8 Corp., a Bitcoin mining firm, saw its share prices drop by 23% amidst accusations from short-sellers and the release of an unverified report suggesting potential insider activity. It is important to note that this article does not provide investment advice and individuals should conduct their own research before making any financial decisions.

[Dilara Sönmez @dilo_gs]

The Securities and Exchange Commission (SEC) has opened a comment period for public input on a proposal by Nasdaq to allow options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days, suggesting that the SEC is moving quickly on the proposal. BlackRock recently received SEC approval to list its spot bitcoin ETF, which has already seen significant inflows. Additionally, BlackRock and Fidelity are both competing for approval to launch Ethereum ETFs, with the SEC delaying its decision on Fidelity's proposal until March 5. The proposal references a court ruling that criticized the SEC for rejecting spot crypto ETFs while allowing futures-based products without a coherent reason.

[Dilara Sönmez @dilo_gs]

The case between Coinbase and the SEC holds significant implications for the crypto industry, as it will determine the fate of 13 tokens. Judge Katherine Polk Failla showed a deep understanding of the crypto space during the court hearing, pressing the SEC to justify the classification of tokens as securities. Coinbase argues against labeling networks and crypto communities as a common enterprise and rejects comparisons of tokens to stocks. The judge's decision will have far-reaching effects on businesses, regulation, and individuals. Additionally, this week's Crypto Biz covers VanEck's decision to delist its Bitcoin Strategy ETF, IRS changes on crypto tax rules, the strong performance of Bitcoin ETFs, and Core Scientific's exit from bankruptcy and relisting of shares.

[Dilara Sönmez @dilo_gs]

In a recent interview, JPMorgan CEO Jamie Dimon reiterated his skepticism towards Bitcoin and advised investors to stay away from it. While acknowledging the potential of blockchain technology, he dismissed Bitcoin as a pet rock with limited use cases, primarily associated with illicit activities. Despite his personal advice against getting involved with Bitcoin, Dimon defended individuals' right to participate in the market, highlighting the freedom in decision-making. He also expressed indifference towards major asset managers like Blackrock and Fidelity entering the Bitcoin market, implying that opinions diverge within the industry. Dimon's comments generated discussion on social media, with contrasting views from advocates like Michael Saylor, who emphasized the benefits of digital money and the security provided by blockchain technology.

[Dilara Sönmez @dilo_gs]

Former US President Donald Trump, during a rally in New Hampshire, promised to protect Americans from what he sees as government tyranny by blocking the creation of a central bank digital currency (CBDC) in the United States. Trump believes that a CBDC would grant the federal government absolute control over individuals' money, posing a dangerous threat to freedom. His skepticism towards CBDCs is shared by many lawmakers, and Rep. Tom Emmer has even introduced a bill to prohibit the Federal Reserve from using CBDCs for monetary policy or providing services directly to individuals. While the Federal Reserve is exploring the implications of a digital dollar, they have not made a final decision on whether to proceed, emphasizing the need for extensive analysis and building public confidence in this matter over the next couple of years.

[Dilara Sönmez @dilo_gs]

Legal expert Bill Morgan asserts that Ripple has the right to sell any amount of XRP it owns, as there is no inherent restriction preventing them from doing so. He compares it to any entity selling an asset it possesses. The argument arose when a user questioned whether Ripple had unrestricted rights granted by the U.S. court to sell XRP, provided they follow a programmatic framework. Morgan explains that the key issue is whether Ripple needs to register its sales and offers of XRP with the SEC. If Ripple chooses to sell XRP programmatically, as it has in the past, it may not be required to register these sales. This is due to a previous legal judgment that classified such sales as not falling under investment contracts, particularly because they involve distributing XRP through open market channels. A victorious ruling in July 2023 affirmed that programmatic sales were not securities offerings and did not violate any legal provisions. Despite this, Ripple has continued to conduct regular sales of XRP, with data from their API showing that they marketed around $142 million in XRP in December 2023 alone.

[Dilara Sönmez @dilo_gs]

Bitcoin price is currently experiencing a downward trend, struggling to stay above the $40,000 support zone. It has failed to recover above key resistance levels such as $43,250 and $42,100. The price is trading below the 100 hourly Simple Moving Average and there is a bearish trend line forming on the chart. If the price fails to break above the resistance zone, it could continue to decline towards the $40,000 support level. Immediate support on the downside is near $40,750, followed by a major support level at $40,000. Technical indicators, such as the MACD and RSI, are showing bearish signals. Thus, it is crucial for bulls to protect the main support at $40,000 to prevent further losses.

[Dilara Sönmez @dilo_gs]

MetaMask, the popular crypto wallet provider, has launched a new staking service that allows Ethereum users to operate their own validator node directly from the platform. With a deposit of 32 Ether, or roughly $78,752 at current prices, MetaMask will securely run the node on behalf of stakers, eliminating the need for pooling or hardware. This service not only streamlines staking rewards and reduces the risks of slashing and downtime but also addresses concerns related to centralization from large liquid staking providers. While the platform currently offers a yield of 3.8% per year, it does charge a 10% commission on validator rewards, which some users find unattractive compared to other options available.

[Dilara Sönmez @dilo_gs]

Zeeve, an automation platform for managing blockchain infrastructure, has integrated one-click access validator node infrastructure for Provenance Blockchain, making it faster and more cost-effective for financial institutions to operate a node. COTI Protocol is transitioning to Ethereum Layer-2, enabling faster and more secure privacy solutions, with the COTI Foundation allocating $25 million to support privacy-focused initiatives. Matter Labs and iCandy are collaborating on a dedicated zkSync gaming and AI-focused hyperchain called zkCandy, while Safary has closed a $2.4 million pre-seed round to develop its marketing attribution platform. Minima has achieved total decentralization by running its layer-1 blockchain on user nodes, and Mantle EcoFund has invested $10 million in six DeFi projects to boost its yield offering.

[Dilara Sönmez @dilo_gs]

The Office of the President in South Korea has urged the financial regulator to reconsider the possibility of approving a local spot bitcoin exchange-traded fund (ETF), showing potential openness to launching spot crypto ETFs. However, Singapore and Thailand have stated that they have no plans to consider spot bitcoin ETFs. Experts suggest that Hong Kong might be the next hub in Asia to introduce a local spot crypto ETF, with several fund managers exploring the possibility. It is important to note that this information is for informational purposes only and should not be considered as financial advice.

[Dilara Sönmez @dilo_gs]

Donald Trump is using Bitcoin Ordinals to boost sales of his Mugshot Edition NFTs. Users who purchase 100 or more Mugshot NFTs will receive a One-of-One trading card as a Bitcoin Ordinal. This limited edition NFT will only have 200 unique pieces and can only be obtained by spending at least $9,900 on the Mugshot NFTs. The Mugshot collection was launched on the Polygon network and cannot be traded until December 2024. In other news, the Pudgy Penguins NFT collection reached a new all-time-high floor price of 19.05 ETH, while NFT trading volumes declined by $14.5 billion in 2023 compared to the previous year.

[Dilara Sönmez @dilo_gs]

Ripple CEO Brad Garlinghouse expresses his bullishness on Bitcoin exchange-traded funds (ETF), citing the recent milestone of Bitcoin ETF surpassing silver as the second largest commodity ETF. He sees this as a significant validation from institutions and government entities. Garlinghouse emphasizes his optimism for Bitcoin ETFs, especially after the United States Securities and Exchange Commission's approval of 11 spot Bitcoin ETF applications. He notes that the Bitcoin ETF allows investors to gain exposure to Bitcoin without the complexities of direct ownership. He also mentions Grayscale's conversion of almost $30 billion from its Bitcoin Trust into an ETF, highlighting the staggering amount of assets in the Bitcoin ETF. Garlinghouse believes that the crypto industry is committed to adhering to regulatory guidelines, despite his criticism of US government regulators. He comments on the ongoing legal dispute between the SEC and Coinbase, arguing that regulators should align with public interests rather than pursuing personal agendas. Garlinghouse acknowledges the growing integration of these technologies and applauds countries like Japan, the UK, and Switzerland for establishing regulatory frameworks. Although Gold still holds the top position with approximately $95 billion, Garlinghouse remains optimistic about the future of Bitcoin ETFs and their role in the cryptocurrency industry.

[Dilara Sönmez @dilo_gs]

Here's a 10-20 word response for the Twitter post you mentioned:

Great idea for when you're eager to hang out with friends! Rate from 1 to 10 and tag that camera-loving friend. Join forces with @quieromolti for creative photography tips! #photography #photoideas #mobilephotography