Need to know what happened in crypto today?

Need to know what happened in crypto today?

12th Jan, 2024

Stay updated on today's crypto developments with the latest news covering daily trends and events influencing Bitcoin prices, blockchain advancements, DeFi, NFTs, Web3 innovations, and regulatory updates.

Creditors of FTX Push for Crypto Repayments "In-Kind" Instead of Settling for 2022's Low Prices

FTX creditors are urging for repayments "in-kind" amid concerns of missing out on the recent bullish market trends. Spot Bitcoin ETFs saw a substantial influx of billions of dollars on January 11 during their debut on major exchanges. Despite this, reports indicate that a particular asset manager is not allowing its clients to access these newly introduced exchange-traded products.

FTX's intention to reimburse customers in U.S. dollars, based on cryptocurrency prices at the November 2022 bankruptcy filing, faces opposition from creditors. They are advocating for an "in-kind" repayment method, enabling investors to capitalize on the recent surge in the bull market.

The values of three key cryptocurrencies held by FTX customers—Bitcoin (BTC), Ether (ETH), and Solana (SOL)—have experienced substantial increases since the declaration of FTX's bankruptcy.

Vanguard Customers Consider Closing Accounts Following the Firm's Decision to Restrict Access to Spot Bitcoin ETFs

Vanguard's reported stance of not permitting the acquisition of spot Bitcoin exchange-traded funds (ETF) on its platform appears to be prompting some customers to consider leaving. As per The Wall Street Journal's report on January 11, Vanguard stated that it would not include the new spot Bitcoin ETFs on its brokerage platform, citing misalignment with its conventional offerings.

Vanguard confirmed to the WSJ that spot Bitcoin ETFs would not be accessible for buying on its platform. The company stated, “We also have no intentions to provide Vanguard Bitcoin ETFs or any other crypto-related products.” Vanguard explained that their perspective is rooted in the belief that such products don't align with their focus on asset classes like equities, bonds, and cash, which they consider essential components of a well-balanced, long-term investment portfolio.

Spot Bitcoin ETFs Achieve Over $4.5 Billion in Total Volume on Inaugural Trading Day

On the inaugural day of trading for a set of new Bitcoin (BTC) exchange-traded funds (ETFs), major players such as BlackRock, Grayscale, and Fidelity dominated in terms of trading volumes. According to aggregated data from Yahoo Finance, according to Cointelegraph, the total volume for ten spot Bitcoin ETFs surpassed $4.5 billion on the first day of trading.

BlackRock's iShares Bitcoin Trust (IBIT) emerged as the top performer among the newly listed funds, managing over $1 billion in volume, constituting 22% of the group's total volume according to Yahoo Finance data.

Following closely was Fidelity's spot Bitcoin ETF (FBTC) with a day one trading volume of approximately $685 million.

Grayscale's Bitcoin ETF (GBTC) recorded a total volume of $2.2 billion, although it's important to note that this investment vehicle is a conversion of its existing Bitcoin Trust.


Felix @mecnix

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