Cryptocurrency Daily Thefoxposts.com

Analysts at JPMorgan have indicated a potential easing in the selling pressure on Bitcoin, as the bulk of profit-taking from the Grayscale Bitcoin Trust (GBTC) appears to be concluding. In a market report released on Jan. 25, a team led by Nikolaos Panigirtzoglou, JPMorgan’s market strategy managing director,”GBTC profit taking has largely happened already.” The assessment suggests that the primary factors influencing Bitcoin’s price fluctuations, specifically those linked to GBTC, might be diminishing. Grayscale’s fund has been trading below its net asset value since early 2021. Analysts attribute the $4.3 billion in outflows since its Jan. 11 conversion to an ETF to investors cashing in on earlier GBTC investments. This is seen as a key factor in Bitcoin’s near 20% price fall, with its value now below $40,000, coinciding with the introduction of several US Bitcoin ETFs. Notably, on Jan. 24, these funds experienced a record high in daily net ou...

A tight regulatory environment in the United States coupled with soaring interest rates is forcing crypto companies to rethink their business strategies. A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter. This environment is forcing crypto companies to rethink and adapt their business strategies. Crypto exchange Binance, for instance, is moving forward with efforts to diversify its sources of revenue amid legal challenges with regulators. The company is launching a new subscription-based cloud mining product dedicated to Bitcoin (BTC), allowing users without equipment to purchase Bitcoin hash rates via Binance’s cloud mining service. Also taking a new direction is venture capital firm Andreessen Horowitz (a16z), opening its first office outside the U.S. i...