Ryan Murphy

Money provides a sense of financial accomplishment and satisfaction.

[Ryan Murphy @murfpied]

The case between Coinbase and the SEC holds immense importance for the crypto industry, as the fate of 13 tokens hangs in the balance. Judge Failla's knowledge of the space and her insistence on justification from the SEC shows her understanding of the complexities involved. Her decision, whether to proceed or dismiss, will have far-reaching effects on businesses, regulation, and individuals globally. Additionally, this week's Crypto Biz covers VanEck's decision to delist its Bitcoin ETF, the IRS stepping back on crypto tax rules, the remarkable performance of Bitcoin ETFs, and Core Scientific's exit from bankruptcy. Stay informed with Crypto Biz, delivered to your inbox every Thursday.

[Ryan Murphy @murfpied]

The recent movement of $529 million worth of Bitcoin from Grayscale's trust to Coinbase has put significant downward pressure on the price of Bitcoin, pushing it below the $41,000 mark. In addition to this, there has been increased selling activity by Bitcoin miners ahead of the upcoming halving. The combination of these factors has intensified the selling frenzy and contributed to the recent downtrend in Bitcoin's price. The focus now shifts to whether Bitcoin bulls can defend the crucial $40,000 support level, as failure to do so could lead to further price declines. However, with the upcoming halving event, bullish investors remain hopeful for a potential bull run in the near future.

[Ryan Murphy @murfpied]

The price of Ethereum (ETH) has experienced a recent fall, but it is currently trading above a significant horizontal support level. Despite this decrease, ETH remains within a short-term bullish pattern, leaving the question of whether it will break out unanswered. Previously, ETH had been trading inside an ascending parallel channel since October 2023, with its upward movement resulting in a high of $2,717 on January 12. However, it subsequently fell, validating the channel as resistance and forming a bearish candlestick. Ethereum is now approaching a crucial horizontal support area. The Relative Strength Index (RSI), a momentum indicator used by traders to assess if an asset is overbought or oversold, suggests that bulls still possess an advantage, as it is currently above 50 despite falling. Analysts are divided on the future trend of Ethereum, with some emphasizing the significance of the $2,400 level in determining its path. While some analysts anticipate an OBV breakout and a bullish trend, others remain bearish, expecting further downside in the price of ETH. On the six-hour chart, Ethereum has been trading within a descending wedge pattern since its previous high. This pattern is typically seen as bullish and often leads to breakouts. Currently, ETH has bounced off the support trend line of the wedge, coinciding with the 0.5 Fibonacci retracement support level. However, the RSI is still below 50, failing to confirm a potential reversal. If Ethereum breaks out, it could reach the resistance trend line of the channel at $2,700, representing a 9% increase from the current price. However, if it closes below the support line of the wedge at $2,410, it could trigger an 8% drop to the support trend line of the channel at $2,300.

[Ryan Murphy @murfpied]

Former IcomTech CEO Marco Ruiz Ochoa has been handed a five-year prison sentence for his involvement in a crypto Ponzi-like scheme. Ochoa, who pleaded guilty to wire fraud, took advantage of the cryptocurrency hype to deceive unsuspecting investors into participating in the IcomTech pyramid scheme. The significant sentence serves as a warning to others considering following a similar path, emphasizing the serious consequences they may face. In addition to the prison term, Ochoa must serve two years of supervised release and forfeit $914,000 in criminal proceeds. IcomTech, which promised profits from crypto trading and mining, turned out to be a fraudulent operation. The company's promoters used extravagant displays of wealth to attract victims, creating an atmosphere of excitement around the schemes. When investors attempted to withdraw their funds, they encountered excuses, delays, and hidden fees. Despite complaints, Ochoa and other promoters continued to promote IcomTech and accept investments, causing the company's eventual collapse in 2019. The Commodity Futures Trading Commission (CFTC) also charged Ochoa and other IcomTech executives, highlighting the group's targeting of Spanish-speaking communities. This story serves as a reminder to exercise caution when investing in the crypto market, as fraudulent schemes can have severe consequences.

[Ryan Murphy @murfpied]

The U.S. dollar saw a slight decline on Friday, ending a streak of five consecutive gains, but it is still set to register a weekly climb. This comes as recent economic data and statements from Federal Reserve officials have tempered expectations of swift interest rate cuts. Despite an initial strengthening due to positive consumer sentiment and robust labor market and retail sales data, traders now anticipate that a rate cut announcement will likely occur in May, as expectations for a March cut have dropped below 50%. The dollar index was down 0.08% at 103.26, snapping its five-session win streak, but still up 0.8% for the week. Various Fed officials, including Governor Christopher Waller and Chicago Fed President Austan Goolsbee, have pushed back on market expectations of rapid rate reductions, emphasizing the need for cautious and methodical decision-making based on sustained lower inflation. The euro was up 0.16% against the dollar, while the yen remained flat. J.P.Morgan revised its predictions for the European Central Bank's interest-rate cuts to June from September but maintained caution due to inflation and wage growth concerns. The yen remained largely unaffected ahead of the Bank of Japan's upcoming policy meeting. Sterling weakened following UK retail sales data showing its sharpest decline in three years. Bitcoin experienced a slight gain but is on track for a second consecutive week of declines after the U.S. approved spot bitcoin exchange-traded funds, leading investors to secure profits.

[Ryan Murphy @murfpied]

Grayscale's Grayscale Bitcoin Trust (GBTC) has experienced a significant decrease in assets, amounting to approximately $5 billion in the span of a week. The decline is attributed to a combination of share redemptions and unfavorable market conditions. It was anticipated that there would be outflows from GBTC following the approval by the United States Securities and Exchange Commission (SEC) to convert the fund into an ETF. In contrast, other recently approved Bitcoin ETFs, such as BlackRock's, have seen substantial inflows, with nearly 68,500 BTC purchased by the nine approved ETFs.

In another event, a crypto trader managed to generate a profit of $6.77 million within three hours of the launch of the SatoshiVM (SAVM) token. Utilizing a banana gun sniping tool, the trader acquired the token before its official launch and subsequently sold it as its price soared, resulting in significant gains. However, the token's value plummeted by 99% shortly after the launch due to a bug during the v1 release. The development team decided to sell treasury to recover the locked liquidity pool, ensuring compensation for those involved in v1 while bearing the financial consequences.

Furthermore, Bitcoin mining company Hut 8 Corp. witnessed a substantial decline of over 23% in its share price on the same day it rang the Nasdaq's opening bell. This decline was accompanied by an unverified report from activist short-selling firm JCapital Research, suggesting potential stock dumping by insiders. JCapital Research expressed concerns about Hut 8's recent merger with U.S. Bitcoin Corp (USBTC), highlighting perceived legal issues and undisclosed related parties holding the majority of the merged company's shares.

It is important to note that this article does not offer investment advice or recommendations. Readers should exercise caution and perform their own research before making any investment or trading decisions, as every move in the market carries inherent risks.

[Ryan Murphy @murfpied]

The recent sell-off in Bitcoin has been attributed to several factors, including the failure of spot Bitcoin ETFs to boost prices and the impact of outflows from Grayscale Bitcoin Trust (GBTC). Adding to these concerns is the strength of the U.S. dollar, as evidenced by the rise in the U.S. Dollar Index (DXY). The DXY has seen a sharp recovery, reaching new highs in the 103.65-103.70 range, driven by positive U.S. economic data and a rebound in U.S. yields. From a technical standpoint, the DXY looks set to continue rising, potentially leading to an extended recovery. Meanwhile, GBTC outflows have had a significant impact on BTC price, with nearly 38,000 BTC leaving GBTC since the launch of spot Bitcoin ETFs. Despite the approval of the ETFs, the price of BTC has not seen a significant increase, according to economist Peter Schiff. Additionally, independent market analyst Ali has projected a retracement for Bitcoin to $34,000, based on the rejection from the upper boundary of an ascending parallel channel. However, market intelligence firm Santimet remains optimistic about the long-term impact of the ETFs, suggesting that the market's prices may have already priced in the approvals.

[Ryan Murphy @murfpied]

Despite the potential delay, Thailand remains committed to its $14.3 billion digital wallet scheme, aiming to provide payments to 50 million citizens through a mobile app. The use of blockchain technology in facilitating the scheme is still uncertain. While facing criticism over its funding model, the government assures the public of transparency and efficiency in implementation. The launch date remains unspecified, with a possible postponement beyond May. The funding for the cash dole will be acquired through a one-time borrowing, with an additional allocation for fostering automation and industrial innovation.

[Ryan Murphy @murfpied]

The recent approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission has propelled them to surpass silver and secure the second-largest commodity position in the U.S. ETF market, trailing only behind gold. The significant growth of bitcoin ETFs, including the Grayscale Bitcoin Trust ETF GGBTC, which now manages around $28 billion in assets, is a testament to the increasing acceptance and popularity of the digital asset. While some skeptics argue that much of this growth can be attributed to the conversion of Grayscale's existing Bitcoin trust into an ETF, it still showcases the robust appeal and mainstream appetite for bitcoin in the traditionally conventional commodities-dominated ETF market. Despite differing opinions, the fact remains that spot bitcoin ETFs have made a strong impact and are poised to continue challenging the dominance of traditional commodities in the foreseeable future.

[Ryan Murphy @murfpied]

The Securities and Exchange Commission (SEC) is seeking public comments on Nasdaq's proposal to allow options trading on BlackRock's spot bitcoin exchange-traded fund (ETF). The comment period will last for 21 days, and this move by the SEC is being seen as a faster process than usual. If the SEC decides to approve options trading, it could happen by the end of February. BlackRock's spot bitcoin ETF, the iShares Bitcoin Trust, has already received the SEC's approval, and the company saw significant inflows on Thursday. Additionally, firms like BlackRock and Fidelity are also competing for an Ethereum ETF spot. The SEC has delayed its decision on Fidelity's proposal until March 5. Fidelity cited a court ruling that questioned the SEC's rejection of spot crypto ETFs while allowing futures-based products.

[Ryan Murphy @murfpied]

Enhance your selfies at brunch or with your coffee. Tag that person who loves to travel or that person who loves selfies. Rate it from 1 to 10. Share it ☻. #photography #selfies #photoposes #bestphotos #creativephotos #photographyideas #photos #photographytips #mobilephotography #photographytutorial

[Ryan Murphy @murfpied]

When you can't wait for your friends to arrive, here's a fun idea: rate them on a scale of 1 to 10! Mention that person who loves taking photos and team up with @quieromolti. Get creative with photography, try new tips and tutorials, explore mobile photography, and capture amazing shots at home. #photography #photographytips #photographytutorial #creativephotos #photoideas #creativeideas #athomephotos #mobilephotography #androidtips

[Ryan Murphy @murfpied]

Improve your product photos and increase sales by using items we have at home. I show you the key to achieve it with the help of @Tiendanube. Watch the full video and share it with your entrepreneur friend! #iphonetips #photo #photography #androidtips #productphoto #product #deco #handmade #ideas #home #entrepreneur

[Ryan Murphy @murfpied]

Please refrain from posting an excessive amount of couple photos during your travels. Instead, try sharing captivating images of the places you visit and interesting travel tips. Show off your photography skills and inspire others to explore the world. Remember, it's not just about the people you're with, but the beauty of the destinations themselves. Share your experiences, rate them on a scale of 1 to 10, and spread the love for travel. @shotbymarcos @marta.alonso.c #photography #selfies #posingforphotos #bestphotos #creativephotos #photographyideas #travelphotos #photographytips #mobilephotography #phototutorials #travels

[Ryan Murphy @murfpied]

Use the integrated artificial intelligence on your phone to eliminate unwanted shadows in your photos. I can't believe how perfect it turned out. Tag that person who can benefit from this tip or that person who always takes photos of their food everywhere. If it helped you, rate it from 1 to 10 and share to support. #artificialintelligence #photography #mobilephotography #food #photographyideas #gastronomy #photographytips

[Ryan Murphy @murfpied]

@vanessavaquiz "Bitcoin's appeal as a store of value continues to grow, supported by its decentralized nature and limited supply, which contribute to its status as a reliable and scarce digital asset."

[Ryan Murphy @murfpied]

@dipset446 "Bitcoin's influence extends beyond the digital realm; its introduction of blockchain technology has sparked innovation in various industries, paving the way for a more secure and decentralized future."

[Ryan Murphy @murfpied]

@bythenight "Investors are eagerly awaiting Thursday's inflation report for potential market direction."

[Ryan Murphy @murfpied]

@hvy_gorilla Bitstamp experiences a surge of XRP deposits in the millions as its price skyrockets by 5%, illustrating a growing interest and confidence in the cryptocurrency market.

[Ryan Murphy @murfpied]

According to Bloomberg ETF analyst Eric Balchunas, it is improbable for a spot Bitcoin ETF to be rejected this month. However, if that were to happen, it would likely be because the Securities and Exchange Commission desires more time for evaluation rather than an outright rejection.