A trial unfolding this week in the UK centers on the biggest open question in the cryptocurrency world: who invented Bitcoin? Watch in for more details!

UK court's trial to uncover mystery around 'who invented Bitcoin'

Bitcoin rose to a record high on Tuesday, breaching the previous high set over two years ago. The original crypto didn't remain at its new all-time high for long, as many traders took advantage of the chance to book some profit. Bitcoin rose as much as 2.5% to $69,191.95 before retreating to around $62,000.

Bitcoin tops $69,000 to new record high

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US&nbsp;spot exchange-traded crypto products and the prospect that global interest rates may fall.

The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then traded lower and was last at $65,792.

“The bitcoin all-time high marks a turning point for crypto," said Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital. "Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market."

Bitcoin's meteoric nearly 160 per cent&nbsp;ascent since October, of which 44 per cent&nbsp;came in February alone, marks a sharp contrast to 2022, when the market was beaten into an 18-month-long crypto winter, plagued by a string of high-profile corporate bankruptcies and scandal.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-surges-beyond-68000-approaches-all-time-high-amid-record-inflows-696675">Bitcoin surges beyond $68,000, approaches all-time high amid record inflows</a>

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data.

"We've been fielding more questions from the field on bitcoin, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches," said David Wagner, a portfolio manager at Aptus Capital Advisors.

<h2>RISK ON</h2>

In addition to demand from a wider pool of investors,&nbsp;bitcoin, and crypto generally, has gotten a boost from the prospect of the Federal Reserve cutting U.S. interest rates, which often prompts investors to divert capital into assets that are higher yielding or more volatile.

“One part of (bitcoin's rally) has to do with the generally positive sentiment on risk in general," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "You can see that in the all-time high in the S&amp;P 500 and Nasdaq."

Investors have lapped up crypto, mega-cap technology stocks and investment-grade corporate bonds in particular this year.

Also on Tuesday, gold struck a record high, moving further above $2,100 per ounce in a rally sparked by growing bets for a US&nbsp;interest rate cut in June.

"(Cryptocurrencies) are now being used as an alternative to using gold when markets are looking to hedging against increased risks, higher interest rates," said Stuart Cole, chief economist at Equiti Capital. "So no surprise I think that when you see the gold price rallying, cryptos are doing the same.”

Analysts say&nbsp;bitcoin&nbsp;also benefited ahead of April's so-called halving event - a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners.

Supply of&nbsp;bitcoin&nbsp;is limited to 21 million, of which 19 million have already been mined.

Despite its recent popularity, for many investors,&nbsp;bitcoin&nbsp;is simply too volatile and lacks enough real-world applications to be anything other than a speculative asset.

Yet, in addition to the cocktail of flows of money into ETFs, the prospect of constrained&nbsp;bitcoin&nbsp;supply and an eventual decline in U.S. interest rates, some companies are adding crypto to their corporate coffers.

Also Read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-plummets-to-40000-hits-lowest-point-since-etf-debut-682753">Bitcoin plummets to $40,000, hits lowest point since ETF debut</a>

In February, software firm MicroStrategy - a long time holder of&nbsp;bitcoin&nbsp;- said it had recently bought about 3,000 more&nbsp;bitcoins for $155 million, while social media platform Reddit also said in a regulatory filing it had bought small amounts of&nbsp;bitcoin&nbsp;and ether.

On Monday, the number of dollar-pegged stablecoins issued by Tether crossed $100 billion for the first time. Tether issues a stablecoin that is designed to maintain a constant value of $1 and is widely used as a way of moving money in cryptocurrency without being exposed to price swings in other tokens such as&nbsp;bitcoin&nbsp;and ether.

The price of ether, the world's second largest cryptocurrency was last trading at $3,706, well below its record high of $4,867 that it touched in November 2021.

"Active trader positioning in&nbsp;bitcoin&nbsp;now appears fairly long. Valuations for ether and most other tokens remain below their highs from the previous crypto cycle," said Zach Pandl, head of research at Grayscale Investments.

Crypto stocks were trading lower on Tuesday, with shares in Coinbase down 2.5 per cent&nbsp;and shares in crypto miners Riot Platforms and Marathon Digital down 9.7 per cent&nbsp;and 11.1 per cent, respectively.

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall.

Bitcoin soared to a new record high on Tuesday, fuelled by investors pouring money into US spot exchange-traded crypto products and the prospect that global interest rates may fall. The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then traded lower and was last at $65,792. “The bitcoin all-time high marks a turning point for crypto," said Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital. "Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market." Bitcoin's meteoric nearly 160 per cent ascent since October, of which 44 per cent came in February alone, marks a sharp contrast to 2022, when the market was beaten into an 18-month-long crypto winter, plagued by a string of high-profile corporate bankruptcies and scandal. Also Read | Bitcoin surges beyond $68,000, approaches all-time high amid record inflows Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock's iShares Bitcoin Trust, according to LSEG data. "We've been fielding more questions from the field on bitcoin, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches," said David Wagner, a portfolio manager at Aptus Capital Advisors. RISK ON In addition to demand from a wider pool of investors, bitcoin, and crypto generally, has gotten a boost from the prospect of the Federal Reserve cutting U.S. interest rates, which often prompts investors to divert capital into assets that are higher yielding or more volatile. “One part of (bitcoin's rally) has to do with the generally positive sentiment on risk in general," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. "You can see that in the all-time high in the S&P 500 and Nasdaq." Investors have lapped up crypto, mega-cap technology stocks and investment-grade corporate bonds in particular this year. Also on Tuesday, gold struck a record high, moving further above $2,100 per ounce in a rally sparked by growing bets for a US interest rate cut in June. "(Cryptocurrencies) are now being used as an alternative to using gold when markets are looking to hedging against increased risks, higher interest rates," said Stuart Cole, chief economist at Equiti Capital. "So no surprise I think that when you see the gold price rallying, cryptos are doing the same.” Analysts say bitcoin also benefited ahead of April's so-called halving event - a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners. Supply of bitcoin is limited to 21 million, of which 19 million have already been mined. Despite its recent popularity, for many investors, bitcoin is simply too volatile and lacks enough real-world applications to be anything other than a speculative asset. Yet, in addition to the cocktail of flows of money into ETFs, the prospect of constrained bitcoin supply and an eventual decline in U.S. interest rates, some companies are adding crypto to their corporate coffers. Also Read | Bitcoin plummets to $40,000, hits lowest point since ETF debut In February, software firm MicroStrategy - a long time holder of bitcoin - said it had recently bought about 3,000 more bitcoins for $155 million, while social media platform Reddit also said in a regulatory filing it had bought small amounts of bitcoin and ether. On Monday, the number of dollar-pegged stablecoins issued by Tether crossed $100 billion for the first time. Tether issues a stablecoin that is designed to maintain a constant value of $1 and is widely used as a way of moving money in cryptocurrency without being exposed to price swings in other tokens such as bitcoin and ether. The price of ether, the world's second largest cryptocurrency was last trading at $3,706, well below its record high of $4,867 that it touched in November 2021. "Active trader positioning in bitcoin now appears fairly long. Valuations for ether and most other tokens remain below their highs from the previous crypto cycle," said Zach Pandl, head of research at Grayscale Investments. Crypto stocks were trading lower on Tuesday, with shares in Coinbase down 2.5 per cent and shares in crypto miners Riot Platforms and Marathon Digital down 9.7 per cent and 11.1 per cent, respectively.

Bitcoin reaches new record high, tops $69,000 as investors cheer ETFs, rate prospects

Bitcoin has surged to a two-year high, surpassing the $68,000 mark and nearing its previous all-time peak set in November 2021. While, global stock indexes are also hitting record levels, some analysts caution against excessive exuberance, noting the volatility inherent in the crypto market. Take a look at this next report for more.

Bitcoin hits 2-year high

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. <o:p></o:p>

According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161. <o:p></o:p>

This surge follows a 50 per cent gain in Bitcoin's value this year, primarily driven by significant inflows into US-listed Bitcoin funds, especially in recent weeks.<o:p></o:p>

"The flows are not drying up as investors feel more confident the higher price appears to go," remarked Markus Thielen, head of research at 10x Research in Singapore. <o:p></o:p>

The approval and launch of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year have played a pivotal role in attracting new large investors. <o:p></o:p>

This development has reignited enthusiasm and momentum, reminiscent of Bitcoin's run-up to record levels in 2021.<o:p></o:p>

Net flows into the top 10 US spot bitcoin funds totalled $2.17 billion in the week ending March 1, with over half of this capital directed towards BlackRock's iShares Bitcoin Trust, according to data from LSEG. <o:p></o:p>

The surge in Bitcoin's value has also influenced other cryptocurrencies, with Ethereum (ETH) experiencing a 50 per cent year-to-date increase. <o:p></o:p>

On Monday, Ethereum traded at two-year highs, marking a 2.6 per cent daily increase and reaching $3,518.<o:p></o:p>

This crypto rally coincides with records being shattered across traditional stock indexes, from Japan's Nikkei to the S&amp;P 500 and the tech-heavy Nasdaq. <o:p></o:p>

Simultaneously, volatility indicators in equities and foreign exchange have trended lower. <o:p></o:p>

Brent Donnelly, trader and president at Spectra Markets, commented on the market dynamics, stating, "In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer." <o:p></o:p>

He noted a return to a market reminiscent of 2021, where positive sentiment prevails, and all asset classes experience upward momentum.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161.

Bitcoin has experienced a remarkable rally, hitting a two-year high on Monday and surpassing the $68,000 mark, bringing it close to its all-time high. According to Reuters, the cryptocurrency reached a session peak of $68,580, with the latest recorded value standing at $68,161. This surge follows a 50 per cent gain in Bitcoin's value this year, primarily driven by significant inflows into US-listed Bitcoin funds, especially in recent weeks. "The flows are not drying up as investors feel more confident the higher price appears to go," remarked Markus Thielen, head of research at 10x Research in Singapore. The approval and launch of spot bitcoin exchange-traded funds (ETFs) in the United States earlier this year have played a pivotal role in attracting new large investors. This development has reignited enthusiasm and momentum, reminiscent of Bitcoin's run-up to record levels in 2021. Net flows into the top 10 US spot bitcoin funds totalled $2.17 billion in the week ending March 1, with over half of this capital directed towards BlackRock's iShares Bitcoin Trust, according to data from LSEG. The surge in Bitcoin's value has also influenced other cryptocurrencies, with Ethereum (ETH) experiencing a 50 per cent year-to-date increase. On Monday, Ethereum traded at two-year highs, marking a 2.6 per cent daily increase and reaching $3,518. This crypto rally coincides with records being shattered across traditional stock indexes, from Japan's Nikkei to the S&P 500 and the tech-heavy Nasdaq. Simultaneously, volatility indicators in equities and foreign exchange have trended lower. Brent Donnelly, trader and president at Spectra Markets, commented on the market dynamics, stating, "In a world where Nasdaq is making new all-time highs, crypto is going to perform well as bitcoin remains a high-volatility tech proxy and liquidity thermometer." He noted a return to a market reminiscent of 2021, where positive sentiment prevails, and all asset classes experience upward momentum. (With inputs from Reuters)

Bitcoin surges beyond $68,000, approaches all-time high amid record inflows

Bitcoin's recent rally has sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies. Watch in for more details!

Chinese state-run media warns against cryptocurrency trading

Both Bitcoin and Ethereum have soared to two-year highs, fueled by recent ETF approvals and a notable investment push from Reddit. However, amid the excitement, concerns linger regarding regulatory scrutiny and the potential risks associated with such rapid price escalation.

Bitcoin & ether lead charge with double-digit gains

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. <o:p></o:p>

The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. <o:p></o:p>

Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets.<o:p></o:p>

As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. <o:p></o:p>

Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." <o:p></o:p>

The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors.<o:p></o:p>

The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. <o:p></o:p>

Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. <o:p></o:p>

Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs.<o:p></o:p>

Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. <o:p></o:p>

Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." <o:p></o:p>

However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products.<o:p></o:p>

The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. <o:p></o:p>

Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. <o:p></o:p>

The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. <o:p></o:p>

The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million.

Bitcoin, has surged to a two-year high, blazing through $57,000 in a remarkable two-day rally, marking its most substantial gain of the year. The rally, exceeding 10 per cent over two sessions, gained momentum following the revelation from crypto investor and software firm MicroStrategy that it recently acquired around 3,000 bitcoins, investing $155 million. Bitcoin's ascent has also been fuelled by the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States, contributing to increased trading volumes and a rally in crypto-linked firms, in contrast to the uncertainties in broader markets. As of the latest data, Bitcoin is up by 4.7 per cent, reaching $57,232, while its counterpart, ether, has soared to $3,290, the highest since April 2022. Reflecting on this surge, Justin d'Anethan, Head of Partnerships in Asia at Keyrock, a digital asset market maker, remarked, "There's only so much supply ... but the demand unleashed by the US spot ETFs seems to be relentless." The recent spike in Bitcoin's value aligns with the approaching bitcoin halving event in April, designed to slow down the release of bitcoins, creating increased anticipation and demand among investors. The cryptocurrency market is witnessing a bullish February for Bitcoin, with a gain of 32 per cent, set to be its most significant one-month increase since January 2023. Beyond traditional investors, social media platform Reddit has joined the crypto wave, disclosing a small investment from its excess cash reserves in bitcoin, ether, and matic, the native token of the Polygon network. Ether has outpaced Bitcoin with a remarkable 41 per cent gain this month, increased by growing expectations of regulatory approval for spot ether ETFs. Market participants are eagerly awaiting potential regulatory approval for spot ether ETFs, viewing it as a significant development for the cryptocurrency market's maturity. Reuters cited Nick Crawley, a senior strategist at DailyFX, who said, "It represents a further maturation of the cryptocurrency market and a recognition of ethereum's role in the future of cryptocurrencies within the financial system." However, experts caution that the US Securities and Exchange Commission may adopt a cautious approach, and approval of bitcoin ETFs might not necessarily indicate a swift approval process for other crypto products. The surge in Bitcoin's value has not only impacted the cryptocurrency itself but has also provided a boost to related stocks. Crypto exchange Coinbase witnessed a 5.8 per cent increase in shares, while bitcoin miners Marathon Digital and Riot Platforms climbed 5.7 per cent and 0.7 per cent, respectively. The largest bitcoin ETF, Grayscale Bitcoin Trust, also saw a 4.4 per cent increase. The overall market sentiment suggests a positive outlook for the cryptocurrency sector, attributed to institutional interest and growing acceptance in mainstream finance. (With inputs from Reuters)

Bitcoin hits two-year high surpassing $57,000 with strong institutional interest

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. <o:p></o:p>

The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.<o:p></o:p>

According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. <o:p></o:p>

The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework.<o:p></o:p>

While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain.<o:p></o:p>

&nbsp;Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). <o:p></o:p>

Sun has vehemently denied the SEC's allegations, asserting that they lack merit.<o:p></o:p>

Circle's move to end USDC support on Tron impacts both institutional and retail users.<o:p></o:p>

Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. <o:p></o:p>

Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages.<o:p></o:p>

The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. <o:p></o:p>

With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. <o:p></o:p>

According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. <o:p></o:p>

Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. <o:p></o:p>

However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market.

Major US-based crypto firm Circle has announced its decision to discontinue support for its USDC (US Dollar Coin) token on the Tron blockchain network. The move, according to Circle, is part of its ongoing efforts to uphold the integrity and safety of USDC, one of the leading stablecoins in the market. According to a blog post by Circle, the decision to cease USDC support on Tron is effective immediately. The Boston-headquartered company emphasided its commitment to ensuring the trustworthiness and transparency of USDC, stating that it continually evaluates the suitability of blockchains supporting the stablecoin under its risk management framework. While Circle did not explicitly state the reason behind the decision, it comes amidst regulatory scrutiny surrounding the Tron blockchain. Tron, a popular platform for stablecoin transactions, has faced regulatory challenges in the United States, particularly with its founder, Justin Sun, who has been embroiled in legal disputes with the Securities and Exchange Commission (SEC). Sun has vehemently denied the SEC's allegations, asserting that they lack merit. Circle's move to end USDC support on Tron impacts both institutional and retail users. Institutional clients have until February 2025 to transfer USDC held on Tron to other blockchains or redeem the tokens for traditional currency. Retail customers, on the other hand, can transfer USDC to alternative blockchains or redeem them at various crypto exchanges and brokerages. The termination of USDC support on Tron follows Circle's earlier actions, including the closure of accounts associated with Justin Sun and his affiliated companies. With USDC being the eighth-largest crypto token globally, the move to discontinue support on Tron is expected to have reverberations in the market. According to Circle's website, approximately $335 million worth of USDC is hosted on the Tron blockchain. Tron has faced allegations in the past regarding its association with crypto transfers linked to groups designated as terror organisations. However, the platform has maintained that it does not have control over its users' activities and has refuted any direct link to the identified groups. (With inputs from Reuters)

Circle ceases USDC support on Tron Blockchain amid regulatory concerns

The value Bitcoin rose above $1 trillion for the first time since late 2021, on Wednesday. This year alone, bitcoin is up more than 21%. What's behind the Cryptocoin's resurgence and will it be able to sustain this pace? Find out here.

Gravitas: Bitcoin skyrockets to $1 trillion after two years | Is it a good investment?

Bitcoin, the enigmatic cryptocurrency, has captivated the world with its wild price swings and promises of revolutionizing finance. But with recent developments like exchange-traded funds and the looming block reward halving, the question arises: can bitcoin truly reach new heights, or is it destined for another tumble?

Why you shouldn't fall for wild crypto predictions

Decoded: Pros and cons of investing in Crypto

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022.

Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny.

The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years.

As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns.

Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months.

While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin.

Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies.

Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta.

With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets.

In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing.

(With inputs from Reuters)

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether. Sources, familiar with the matter told Reuters, that the firm allocated $200 million last year to acquire crypto tokens, evenly split between bitcoin and ether. This decision underscores the return of institutional investors to token investments, a strategy that was once highly favoured before the crypto market downturn in 2022. Founders Fund's re-entry into the crypto space represents a notable comeback for the industry, which faced significant challenges following the collapse of major players like FTX and subsequent regulatory scrutiny. The market turmoil in 2022 saw the price of bitcoin plummet to nearly $15,000, its lowest level since 2020. However, both bitcoin and ether have experienced a gradual recovery over the past year, with bitcoin recently surpassing the $50,000 mark for the first time in over two years. As one of the earliest institutional backers of cryptocurrencies, Founders Fund initially began accumulating bitcoin in 2014, a move that proved profitable when they liquidated their holdings before the 2022 crash, yielding approximately $1.8 billion in returns. Last summer, the firm resumed its crypto acquisitions, buying bitcoin when it was trading below $30,000 and subsequently expanding its portfolio with additional purchases of both bitcoin and ether over the following months. While the specific details regarding the average purchase price remain undisclosed, Founders Fund's investment strategy aligns with Peter Thiel's public endorsement of bitcoin. Thiel, known for his co-founding roles at PayPal and Palantir, has often lauded bitcoin as a store of value comparable to gold and a hedge against central banks' monetary policies. Founded in Silicon Valley, Founders Fund has gained importance for its early-stage investments in companies like SpaceX and Meta. With over $12 billion in assets under management, the firm's decision to allocate significant resources to cryptocurrency underscores its confidence in the long-term potential of digital assets. In April 2023, Founders Fund further bolstered its crypto expertise by appointing Joey Krug as a partner dedicated to crypto investing. (With inputs from Reuters)

Founders fund backs bitcoin, ether investments, reflecting renewed silicon valley interest in crypto

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. <o:p></o:p>

According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. <o:p></o:p>

At present, bitcoin is trading at $49,899, up 4.96 per cent for the day.<o:p></o:p>

Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. <o:p></o:p>

Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. <o:p></o:p>

Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum.<o:p></o:p>

Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. <o:p></o:p>

This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. <o:p></o:p>

Market analysts anticipate rate cuts as early as May, further fueling investor optimism.<o:p></o:p>

Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. <o:p></o:p>

The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities.<o:p></o:p>

Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs.<o:p></o:p>

Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. <o:p></o:p>

Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. <o:p></o:p>

Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment.<o:p></o:p>

(With inputs from Reuters)

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. According to Reuters, the world's largest cryptocurrency has witnessed a 16.3 per cent increase since the beginning of the year, reaching its highest level since December 2021. At present, bitcoin is trading at $49,899, up 4.96 per cent for the day. Reuters cited Antoni Trenchev, the co-founder of Nexo, a crypto lending platform, who described the $50,000 milestone as significant for bitcoin, especially following the introduction of spot ETFs last month. Trenchev highlighted the impact of ETFs on market dynamics, noting that despite initial skepticism, these products have contributed to bitcoin's recent surge. Crypto-related stocks, including Coinbase, Riot Platforms, Marathon Digital, and MicroStrategy, have also experienced notable gains in response to bitcoin's upward momentum. Alongside bitcoin's rally, the broader cryptocurrency market has witnessed positive momentum, with the price of ether, the second-largest cryptocurrency, rising by 4.12 per cent to $2,607.57. This surge in cryptocurrency prices coincides with gains in global stock indexes, as investors eagerly await cues on potential interest rate adjustments by the US Federal Reserve. Market analysts anticipate rate cuts as early as May, further fueling investor optimism. Matteo Greco, a research analyst at Fineqia International, attributed bitcoin's recent price appreciation to increased inflows into BTC spot ETFs. The approval of the first US spot bitcoin ETFs by the US securities regulator in January marked a significant milestone for the cryptocurrency industry, opening doors for broader adoption and investment opportunities. Greco highlighted the slowing outflows from Grayscale Investment's Grayscale Bitcoin Trust, indicating a shift towards spot ETFs. Looking ahead, investors are closely monitoring pending applications for ETFs tied to the spot price of ether, with the SEC expected to deliver final decisions by May. Additionally, anticipation is building for bitcoin's upcoming "halving" event in April, which is designed to slow the release of new bitcoins into circulation. Analysts suggest that these factors, combined with potential interest rate cuts and ETF approvals, could further bolster cryptocurrency market sentiment. (With inputs from Reuters)

Bitcoin surges past $50k mark for first time in over 2 years: Report

<o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.<o:p></o:p>

Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide<o:p></o:p>

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/valentines-day-strike-uber-lyft-doordash-drivers-demand-fair-pay-nationwide-689705">Read more here </a><o:p></o:p>

Bitcoin surges past $50k mark for first time in over 2 years: Report<o:p></o:p>

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-50k-mark-for-first-time-in-over-2-years-report-689726">Read more here</a><o:p></o:p>

EU to channel frozen Russian assets for Ukraine's reconstruction: Report<o:p></o:p>

In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/eu-to-channel-frozen-russian-assets-for-ukraines-reconstruction-report-689731">Read more here</a><o:p></o:p>

Google commits 25 million euros to empower AI skills across Europe<o:p></o:p>

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/google-commits-25-million-euros-to-empower-ai-skills-across-europe-689740">Read more here</a><o:p></o:p>

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud<o:p></o:p>

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/hp-pursues-4-bn-in-damages-in-london-lawsuit-against-autonomy-founders-over-alleged-fraud-689753">Read more here</a><o:p></o:p>

India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns<o:p></o:p>

India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/indias-retail-inflation-slips-to-3-month-low-yet-rate-cuts-unlikely-amid-lingering-concerns-689780">Read more here</a><o:p></o:p>

Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto<o:p></o:p>

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/founders-fund-backs-bitcoin-ether-investments-reflecting-renewed-silicon-valley-interest-in-crypto-689784">Read more here</a><o:p></o:p>

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul<o:p></o:p>

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/citigroup-faces-regulatory-scrutiny-amid-urgent-calls-for-risk-management-overhaul-689790">Read more here</a><o:p></o:p>

Arm holdings sees surge in investor interest amid AI stock craze<o:p></o:p>

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. <o:p></o:p>

<a href="https://www.wionews.com/business-economy/arm-holdings-sees-surge-in-investor-interest-amid-ai-stock-craze-689811">Read more here</a><o:p></o:p>

Bulgaria and Romania set to join Schengen zone: What you need to know<o:p></o:p>

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bulgaria-and-romania-set-to-join-schengen-zone-what-you-need-to-know-689826">Read more here</a><o:p></o:p>

US universities settle lawsuit over admission practices<o:p></o:p>

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-universities-settle-lawsuit-over-admission-practices-689838">Read more here</a><o:p></o:p>

IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details<o:p></o:p>

Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).<o:p></o:p>

<a href="https://www.wionews.com/business-economy/imfs-georgieva-warns-of-challenges-ahead-for-russias-war-economy-here-are-the-details-689841">Read more here</a><o:p></o:p>

US January deficit plummets amid record receipts and reduced tax refunds<o:p></o:p>

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/us-january-deficit-plummets-amid-record-receipts-and-reduced-tax-refunds-689846">Read more here</a><o:p></o:p>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Valentine's Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine's Day to demand fair pay, according to drivers' groups. Read more here Bitcoin surges past $50k mark for first time in over 2 years: Report Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price. Read more here EU to channel frozen Russian assets for Ukraine's reconstruction: Report In a significant move towards supporting Ukraine's recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday. Read more here Google commits 25 million euros to empower AI skills across Europe In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million). Read more here HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch. Read more here India's retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns India's retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data. Read more here Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether. Read more here Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser's turnaround efforts. Read more here Arm holdings sees surge in investor interest amid AI stock craze Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings' shares skyrocketed by 80 per cent since Wednesday. Read more here Bulgaria and Romania set to join Schengen zone: What you need to know Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration. Read more here US universities settle lawsuit over admission practices A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday. Read more here IMF's Georgieva warns of challenges ahead for Russia's war economy. Here are the details Russia's war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF). Read more here US January deficit plummets amid record receipts and reduced tax refunds The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday. Read more here

WION Business Wrap | Valentine's day workers' strike, Bitcoin's surge and more

Climate activists have been calling for immediate action against energy-related emissions. However, according to a recent estimate by the U.S. Energy Information Administration (E.I.A.), U.S. Bitcoin miners are using as much power as the state of Utah.

Bitcoin miners ignore climate action calls

A big showdown is underway in the United Kingdom over who's the real creator of Bitcoin. For years, an Aussie computer scientist named Craig Wright has claimed that he's the mysterious Satoshi Nakamoto, the pseudonym used by the author of the 2008 white paper behind Bitcoin.&nbsp;

However, he has failed to back his claims and people in the crypto world are not buying it.&nbsp;

Now, a group called the Crypto Open Patent Alliance (Copa), with support from Jack Dorsey's company Block and Coinbase, is taking Wright to court. They want the judge to say that Wright is not Nakamoto officially.

<h2>Why was a lawsuit needed?</h2>

Over the years, Wright's claims and the widespread scepticism around them have led to several legal clashes.

With this case, Copa hopes to stop Wright from challenging others who are working to develop Bitcoin-related projects. The trial is expected to last about a month and will be held at the high court in England and Wales.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-plummets-to-40000-hits-lowest-point-since-etf-debut-682753">Bitcoin plummets to $40,000, hits lowest point since ETF debut</a>

The Guardian quotes a Copa spokesperson as saying that the case would "conclusively show that Dr Wright is not Satoshi Nakamoto and will not be able to continue to threaten developers."

Wright, who's been saying he's Nakamoto for years, last month offered to settle the case, but Copa rejected his offer.&nbsp;

Watch |&nbsp;Bitcoin miners ignore climate action calls

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It said that the offer came with loopholes "that would allow him to sue people all over again".

Now, the trial is a big deal for anyone involved in Bitcoin projects and the wider crypto community.

<h2>Who is Nakamoto?</h2>

Bitcoin's creator, mythically known as Nakamoto, published a paper in 2008 that became the basis for the cryptocurrency. Nakamoto interacted with the first Bitcoin users but vanished in 2011. Since then, people have been guessing who Nakamoto is. Wright came forward in 2016, but he hasn't been able to prove it because he hasn't shown the private keys needed to access the original bitcoins Nakamoto mined.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/lufthansa-faces-turbulence-airlines-groundstaff-to-stage-one-day-strike-over-pay-dispute-687189">Lufthansa faces turbulence: Airlines ground staff to stage one-day strike over pay dispute</a>

The trial will dig into evidence from both sides, including Copa's claim that some of Wright's proof is fake.

This isn't Wright's first legal rodeo. In 2022, he won a case against a blogger who said his Nakamoto claim was fake, but he only got a tiny amount of £1 in damages. The current trial will tackle various cases related to the identity dispute, with Wright facing questioning for six days starting Tuesday. The verdict could affect the rules and procedures for how the Bitcoin system works, especially since Wright supports a version called Bitcoin Satoshi Vision (BSV).

Labelling the trial "a war," a spokesperson for Wright said: "Think of it as a modern-day tech battle, akin to that between Blu-ray and HD DVD or, for even older readers, Betamax versus VHS."

(With inputs from agencies)

A big showdown is underway in the United Kingdom over who's the real creator of Bitcoin. For years, an Aussie computer scientist named Craig Wright has claimed that he's the mysterious Satoshi Nakamoto, the pseudonym used by the author of the 2008 white paper behind Bitcoin.

A big showdown is underway in the United Kingdom over who's the real creator of Bitcoin. For years, an Aussie computer scientist named Craig Wright has claimed that he's the mysterious Satoshi Nakamoto, the pseudonym used by the author of the 2008 white paper behind Bitcoin. However, he has failed to back his claims and people in the crypto world are not buying it. Now, a group called the Crypto Open Patent Alliance (Copa), with support from Jack Dorsey's company Block and Coinbase, is taking Wright to court. They want the judge to say that Wright is not Nakamoto officially. Why was a lawsuit needed? Over the years, Wright's claims and the widespread scepticism around them have led to several legal clashes. With this case, Copa hopes to stop Wright from challenging others who are working to develop Bitcoin-related projects. The trial is expected to last about a month and will be held at the high court in England and Wales. Also read | Bitcoin plummets to $40,000, hits lowest point since ETF debut The Guardian quotes a Copa spokesperson as saying that the case would "conclusively show that Dr Wright is not Satoshi Nakamoto and will not be able to continue to threaten developers." Wright, who's been saying he's Nakamoto for years, last month offered to settle the case, but Copa rejected his offer. Watch | Bitcoin miners ignore climate action calls × It said that the offer came with loopholes "that would allow him to sue people all over again". Now, the trial is a big deal for anyone involved in Bitcoin projects and the wider crypto community. Who is Nakamoto? Bitcoin's creator, mythically known as Nakamoto, published a paper in 2008 that became the basis for the cryptocurrency. Nakamoto interacted with the first Bitcoin users but vanished in 2011. Since then, people have been guessing who Nakamoto is. Wright came forward in 2016, but he hasn't been able to prove it because he hasn't shown the private keys needed to access the original bitcoins Nakamoto mined. Also read | Lufthansa faces turbulence: Airlines ground staff to stage one-day strike over pay dispute The trial will dig into evidence from both sides, including Copa's claim that some of Wright's proof is fake. This isn't Wright's first legal rodeo. In 2022, he won a case against a blogger who said his Nakamoto claim was fake, but he only got a tiny amount of £1 in damages. The current trial will tackle various cases related to the identity dispute, with Wright facing questioning for six days starting Tuesday. The verdict could affect the rules and procedures for how the Bitcoin system works, especially since Wright supports a version called Bitcoin Satoshi Vision (BSV). Labelling the trial "a war," a spokesperson for Wright said: "Think of it as a modern-day tech battle, akin to that between Blu-ray and HD DVD or, for even older readers, Betamax versus VHS." (With inputs from agencies)

Who is Satoshi Nakamoto? 'War' begins in the UK court to decide on Bitcoin founder’s identity

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. <o:p></o:p>

Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30.<o:p></o:p>

Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. <o:p></o:p>

Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market.<o:p></o:p>

Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&amp;P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. <o:p></o:p>

Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs."<o:p></o:p>

Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. <o:p></o:p>

Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy."<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report.

Bitcoin, the world's premier cryptocurrency, faced a significant downturn on Monday, plunging to a seven-week low and hovering below the $40,000 mark. This is based on a Reuters report. This marked the lowest point since the launch of 11 spot bitcoin exchange-traded funds (ETFs) on January 11. As of the latest update, Bitcoin was down 3.98 per cent at $39,938.00, signalling a bearish trend following a brief recovery. Ether, the second-largest cryptocurrency, also experienced a decline of 6.37 per cent, reaching $2,328.30. Bitcoin's recent rally, fuelled by optimism surrounding the potential approval of bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), took a hit as it entered a period of decline. The cryptocurrency had surged approximately 70 per cent since August when a federal court compelled the SEC to re-evaluate its decision to reject Grayscale Investment's bitcoin ETF application. Analysts anticipated a retracement of some gains, highlighting the inherent volatility of the cryptocurrency market. Market analysts pointed to Bitcoin's struggle to compete with traditional stocks, particularly as the S&P 500 benchmark index achieved fresh record highs. Traditional financial benchmarks enjoying smoother rides to record peaks seemed to overshadow Bitcoin's performance. Antoni Trenchev, co-founder of crypto lender Nexo, metaphorically described the situation, stating, "It feels like bitcoin investors are running up a descending escalator right now as traditional financial benchmarks enjoy the easier ride to record highs." Trenchev noted that historical trends indicate similar slumps in Bitcoin's value following major crypto events, such as the initial public offering of Coinbase and the launch of bitcoin futures. Additionally, Bitcoin faced pressure from outflows from Grayscale Investment's bitcoin trust, which converted into an ETF after the SEC approved other bitcoin ETF products earlier this month. FTX, which faced bankruptcy in 2022, reportedly sold 22 million shares worth close to $1 billion in the ETF, further contributing to Bitcoin's challenges. Trenchev expressed concerns, suggesting that spot bitcoin ETFs are at risk of joining the "crypto hall of infamy." (With inputs from Reuters)

Bitcoin plummets to $40,000, hits lowest point since ETF debut

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market.

Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold.

Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. 
 
WATCH:&nbsp;Bitcoin enters its sweet sixteen

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&nbsp;

An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia.

 
ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock.

Also read: <a href="https://www.wionews.com/business-economy/us-sec-claims-its-x-account-hacked-after-giving-fake-nod-to-bitcoin-etfs-678529">US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs</a> 
 
 
Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold.

 
According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin.

 
"BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported.

 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/bitcoin-etfs-make-a-splash-on-debut-trading-at-46-billion-in-the-first-day-679243">Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day</a> 
 
Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's&nbsp; "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets".

&nbsp;

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Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/AtL0lgzI3C">https://t.co/AtL0lgzI3C</a>
— Ophelia Snyder (@OpheliaBSnyder) <a href="https://twitter.com/OpheliaBSnyder/status/1748071064578466083?ref_src=twsrc%5Etfw">January 18, 2024</a></blockquote>
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&nbsp;

<h2>How big is the 10bn volume of Bitcoin ETF? Putting things in context</h2>

"Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X.

He pointed out that 500 ETFs were launched in 2023.&nbsp;

"Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going."

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Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> alone is seeing more activity than the entire '23 Freshman… <a href="https://t.co/wV1zQFtPW1">https://t.co/wV1zQFtPW1</a>
— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1747385703971860617?ref_src=twsrc%5Etfw">January 16, 2024</a></blockquote>
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&nbsp;

 
But there's a note of caution: Bitcoin prices are still falling in the spot market.

 
The cryptocurrency fell another 4.5 per cent&nbsp;on Thursday (Jan 18) to $40,800. That's the lowest in a month.

(With inputs from agencies)

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account.

Looks like Bitcoin is called 'digital gold' not for nothing. It's now second only to gold in the exchange traded funds assets in the US stock market. Bitcoin exchange traded funds (ETF) was introduced in the US market earlier this month, after much speculation and even an alleged 'hacking' of watchdog Securities and Exchange Commission's X social media account. The cryptocurrency is on fire in the segment now, even ahead of silver and just behind gold. Just days into their introduction, bitcoin ETFs have nearly $30 billion in assets under management or AUM. Silver ETFs only have $11bn AMU, while gold still tops, with roughly $95bn. WATCH: Bitcoin enters its sweet sixteen × An exchange-traded fund (ETF) is "a basket of securities that trades on an exchange just like a stock does," as per a definition in Investopedia. ETFs will track a particular index, sector, commodity, or other asset and can be purchased or sold on a stock exchange like a regular stock. Also read: US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs Bitcoin, one of the strongest and oldest cryptocurrencies, has seen massive ups and downs in its value in the 15 years of its existence. But the ETFs of Bitcoin are now nearing the safe-haven asset: gold. According to a report on Coindesk website on Wednesday (Jan 18), the ETF inflows are near $1 billion, which is about 21,000 Bitcoin. "BlackRock's iShares Bitcoin Trust (IBIT) leads the way by adding 16,362 bitcoin, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoin. Sizable exits from Grayscale's Bitcoin Trust (GBTC), which has lost about 25,000 Bitcoin, brought down the overall industry inflow," Coindesk reported. Also read: Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day Ophelia Snyder, the co-founder of 21Shares, the world's largest crypto ETP provider, wrote on X that it's "a fantastic validation of Bitcoin’s role as a reserve product and of the demand for Bitcoin exposure in financial markets". Wow. This was way beyond my short term expectation but is a fantastic validation of Bitcoin’s role as a reserve product and of the demand for bitcoin exposure in financial markets. Onwards! #Bitcoin https://t.co/AtL0lgzI3C — Ophelia Snyder (@OpheliaBSnyder) January 18, 2024 × How big is the 10bn volume of Bitcoin ETF? Putting things in context "Let me put into context how insane $10 billion in volume is in first 3 days," wrote Eric Balchunas, a senior ETF Analyst for Bloomberg, in a post on X. He pointed out that 500 ETFs were launched in 2023. "Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going." Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1 — Eric Balchunas (@EricBalchunas) January 16, 2024 × But there's a note of caution: Bitcoin prices are still falling in the spot market. The cryptocurrency fell another 4.5 per cent on Thursday (Jan 18) to $40,800. That's the lowest in a month. (With inputs from agencies)

ETFs for Bitcoin are now second only to gold, ahead of silver: Digital gold?

We look at what next for the crypto industry after US spot Bitcoin Exchange-Traded Funds (ETFs) were approved. The US regulator has authorised Bitcoin funds. But with all the hype now being fully realised, what's next? And how will these Bitcoin funds realistically impact the digital assets industry?

Crypto: What next after Bitcoin ETF approval?

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.<o:p></o:p>

The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. <o:p></o:p>

According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes.<o:p></o:p>

While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. <o:p></o:p>

The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. <o:p></o:p>

Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin.<o:p></o:p>

The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. <o:p></o:p>

Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. <o:p></o:p>

Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management.<o:p></o:p>

Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. <o:p></o:p>

Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. <o:p></o:p>

While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community.<o:p></o:p>

The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. <o:p></o:p>

Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. <o:p></o:p>

The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products.<o:p></o:p>

Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data.

US-listed bitcoin exchange-traded funds (ETFs) experienced a robust start, with a staggering $4.6 billion worth of shares traded on the first day, as reported by LSEG data. The launch of eleven spot bitcoin ETFs, including offerings from major players like BlackRock, Grayscale, and ARK, marked a pivotal moment for the cryptocurrency industry. According to Reuters, Grayscale, BlackRock, and Fidelity emerged as key players dominating the trading volumes. While the initial trading volumes have been strong, industry experts emphasise the long-term perspective, acknowledging that this is a "longer race than just a single day's trading," as noted by Todd Rosenbluth, a strategist at VettaFi. The green light from the US Securities and Exchange Commission (SEC) came after a decade-long struggle with the crypto industry. Despite the regulatory approval, SEC Chair Gary Gensler cautioned that this move did not constitute an endorsement of bitcoin. The regulatory approval of bitcoin ETFs triggered a surge in competition among issuers, leading to the slashing of fees to gain an edge in market share. Fees for the new ETFs range from 0.2 per cent to 1.5 per cent, with several firms waiving fees entirely for an initial period or specific asset thresholds. Grayscale, already a major player in the crypto space, received approval to convert its existing bitcoin trust into an ETF, instantly creating the world's largest bitcoin ETF with over $28 billion in assets under management. Despite the optimism surrounding the approval, not all traditional financial institutions are quick to embrace cryptocurrencies. Vanguard, the largest provider of mutual funds, expressed no plans to make the new spot bitcoin ETFs available on its platform to brokerage clients. The scepticism extends beyond individual investors, with Sharmin Mossavar-Rahmani, CIO of Wealth Management at Goldman Sachs, stating that cryptocurrencies have no place in an investment portfolio. While crypto-related stocks initially climbed, they ended the day lower, indicating lingering wariness within the broader investment community. The debut of bitcoin ETFs significantly impacted the cryptocurrency market, with the price of bitcoin reaching its highest level since December 2021. Bitcoin was up 0.77 per cent at $46,303, while the second-largest cryptocurrency, ether, increased by 2.79 per cent to $2597.95. The approval of these ETFs is expected to pave the way for more innovative crypto investment products, including spot ether products. Grayscale CEO Michael Sonnenshein outlined plans for a covered call ETF, providing investors with options to generate income from its spot bitcoin product. (With inputs from Reuters)

Bitcoin ETFs make a splash on debut, trading at $4.6 billion on the first day

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. <o:p></o:p>

The move is set to kick off a fierce competition for market share among these prominent financial institutions.<o:p></o:p>

Institutionalisation of Bitcoin as an Asset Class<o:p></o:p>

The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. <o:p></o:p>

Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." <o:p></o:p>

Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. <o:p></o:p>

The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday.<o:p></o:p>

Market Dynamics: Fees, Liquidity, and Competition<o:p></o:p>

As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. <o:p></o:p>

Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. <o:p></o:p>

The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. <o:p></o:p>

Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment.<o:p></o:p>

Unprecedented Approvals Amid Social Media Controversy<o:p></o:p>

The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. <o:p></o:p>

The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. <o:p></o:p>

Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day."<o:p></o:p>

Industry Reactions and Potential Impact on Crypto Products<o:p></o:p>

Industry leaders and experts have shared their perspectives on the approval. <o:p></o:p>

Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. <o:p></o:p>

Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." <o:p></o:p>

Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. <o:p></o:p>

Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach."<o:p></o:p>

SEC's Unusual Decision and Chairman Gensler's Position<o:p></o:p>

The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. <o:p></o:p>

SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. <o:p></o:p>

Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. <o:p></o:p>

The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application.<o:p></o:p>

Investor Protection and Ongoing Scrutiny<o:p></o:p>

To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. <o:p></o:p>

However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. <o:p></o:p>

The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. <o:p></o:p>

Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report.

The US Securities and Exchange Commission (SEC) has given the green light to the first US-listed exchange-traded funds (ETFs) tracking Bitcoin. This is based on a Reuters report. The decision marks a watershed moment for the world's largest cryptocurrency and the broader crypto industry. The SEC approved 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, despite warnings about potential risks from some officials and investor advocates. The move is set to kick off a fierce competition for market share among these prominent financial institutions. Institutionalisation of Bitcoin as an Asset Class The approval of Bitcoin ETFs by the SEC is considered a game-changer for Bitcoin, offering investors exposure to the cryptocurrency without direct ownership. Reuters cited Andrew Bond, the managing director at Rosenblatt Securities, who said, "It's a huge positive for the institutionalization of bitcoin as an asset class." Analysts from Standard Chartered predict that the ETFs could attract between $50 billion to $100 billion this year alone, providing a significant boost to the crypto industry, which has faced various scandals in the past. The market capitalisation of Bitcoin stood at over $913 billion as of Wednesday. Market Dynamics: Fees, Liquidity, and Competition As the ETFs are set to begin trading, the battle for market inflows will be heavily influenced by fees and liquidity, according to analysts. Some issuers, including BlackRock and Ark/21Shares, have already adjusted their proposed fees, ranging from 0.2 per cent to 1.5 per cent, with some firms waiving fees entirely for a certain period. The success of these ETFs will depend on their ability to attract short-term speculators looking to navigate the products efficiently. Companies are gearing up for intense marketing efforts, expecting a flurry of online advertising to promote Bitcoin as a viable investment. Unprecedented Approvals Amid Social Media Controversy The SEC's approval comes on the heels of a social media controversy, where an unauthorised person posted a fake announcement on the SEC's account, claiming approval of the Bitcoin ETFs. The agency quickly rejected the post and is now collaborating with law enforcement for an investigation. Despite this incident and a confusing announcement on Wednesday, the crypto industry remains celebratory. Steven McClurg, CIO at Valkyrie, commented on the uniqueness of the situation, stating, "I've never been in a situation where 10 of the same ETF was launched on the same day." Industry Reactions and Potential Impact on Crypto Products Industry leaders and experts have shared their perspectives on the approval. Grayscale CEO Michael Sonnenshein expressed excitement at the prospect of democratising access to Bitcoin. Douglas Yones, head of exchange-traded products at the NYSE, sees this as a "milestone" for the ETF industry, while Cynthia Lo Bessette from Fidelity believes it provides "increased choice for investors." Regulatory experts suggest that Bitcoin ETFs could pave the way for other innovative crypto products. Jim Angel, associate professor at Georgetown's McDonough School of Business, stated, "Once the dam has been breached, it’s going to be really hard for the SEC to continue its ‘just say no to crypto’ approach." SEC's Unusual Decision and Chairman Gensler's Position The SEC's approval marks a significant turnaround from its previous stance on Bitcoin ETFs, citing concerns about potential manipulation. SEC Chair Gary Gensler, a well-known crypto sceptic, joined two Republican commissioners in voting to approve the products, while the agency's two Democratic commissioners voted against. Gensler emphasised that the approval does not endorse Bitcoin, referring to it as a "speculative, volatile asset" used for criminal activities. The decision is seen as a response to a federal appeals court ruling last year that criticized the SEC for rejecting Grayscale Investments' ETF application. Investor Protection and Ongoing Scrutiny To meet the SEC's investor protection standards, several exchanges had initially proposed partnering with Coinbase to monitor the underlying Bitcoin market. However, this collaboration was scrapped in favour of an existing arrangement with the Chicago Mercantile Exchange. The SEC is currently suing Coinbase for allegedly breaching US securities laws, a matter the company denies. Dennis Kelleher, CEO of investor advocacy think tank Better Markets, criticised the SEC's decision, calling it a "historic mistake" and warning that Bitcoin remains vulnerable to fraudsters. (With inputs from Reuters) WATCH WION LIVE HERE

US SEC approves Bitcoin ETFs, paving the way for Crypto market revolution

The Securities and Exchange Commission announced on Tuesday that a post from the agency's account on the social media platform X, which was formerly known as Twitter, claimed to have been "compromised" and that the regulator had authorized the trading of bitcoin-denominated exchange-traded funds.

US secretary official X account compromised

The US securities regulator said someone briefly accessed its X social media account on Tuesday (Jan 9) and posted a fake message saying it had approved Exchange Traded Funds (ETF) for bitcoin, a move eagerly awaited by the crypto industry.

The US securities regulator said someone briefly accessed its X social media account on Tuesday (Jan 9) and posted a fake message saying it had approved Exchange Traded Funds (ETF) for bitcoin, a move eagerly awaited by the crypto industry. However, the Securities and Exchange Commission (SEC) said it has not yet approved spot bitcoin ETFs and its account on X, the platform formerly known as Twitter, had been compromised briefly by an unknown party after about 4 p, Eastern time (2100 GMT). The "unauthorised access has been terminated," the agency said. It will work with law enforcement to investigate the hack and "related conduct," the SEC said. X confirmed late on Tuesday that the SEC's account was compromised and said it was because of an "unidentified individual" obtaining control over a phone number associated with the agency's account through a third party. The social media site owned by Elon Musk also said the SEC did not have two-factor authentication enabled at the time the account was compromised and the hack was not due to any breach of X's systems, citing a preliminary investigation. The unauthorised post said the SEC had granted approval for bitcoin ETFs on all registered national securities exchanges and included a picture purporting to quote SEC Chair Gary Gensler. The price of bitcoin rose after the post, which was picked up by Reuters and other news media that monitor the SEC's account. The posting came as the SEC was widely expected on Wednesday (Jan 10) to finally approve a batch of ETFs that track the price of bitcoin, in a potential watershed moment for the crypto industry. The unauthorised post surprised the industry, with insiders scrambling to find out whether it was true and why the SEC would first publish something on social media. Executives from some ETF issuers, speaking on condition of anonymity because of the sensitivity of the matter, said they were startled and surprised by the initial post on X. One executive said he was "concerned" that the SEC might delay or withhold approval for spot bitcoin ETFs as a result of the hack. Two issuers, speaking on condition of anonymity, said it was not immediately clear whether the hack would impact the timeline for approvals of the spot bitcoin ETFs. The SEC is due to deliver a decision on a joint proposal from Ark Investments and 21Shares on Wednesday. Anthony Tu-Sekine, a lawyer who heads the blockchain and cryptocurrency group at the firm of Seward & Kissel in Washington, said he did not believe the incident would change the likelihood of approvals at this late stage. Tu-Sekine said it was not clear why someone would do something like that when the approval was already widely expected. “This is really puzzling," Tu-Sekine said. Watch | Have you invested in Cryptocurrency? Know how Bitcoin is a good investment × Brief price spike By 4:11 pm ET, the post on the SEC's X account had received at least one million views. Fewer than 20 minutes later, it was no longer visible and appeared to have been deleted. The price of bitcoin shot up to around $48,000 on the fake post, before falling to below $45,000 minutes later. It was last down 3.15 per cent at $45,513 after the SEC deleted and disavowed the information. Some analysts had expected bitcoin to fall on the ETF approvals, after gaining more than 70 per cent in recent months on the expectation of a greenlight. The SEC declined to say whether authorities have begun to investigate the compromise or whether the incident will affect potential approvals. The SEC has previously rejected all spot bitcoin ETF proposals over fears of market manipulation. Accounts on X, like accounts on other social media platforms, are sometimes hijacked by stealing passwords or tricking targets into giving up their login credentials. Also read | WION Business Wrap | Bitcoin surges past $41,000, Paytm pledges to enlist 10 mn merchants & more Accounts can also be hijacked by compromising the social media platform itself. In 2020, for example, a teenage hacker and his friends broke into X's internal computer network and seized control of dozens of high-profile accounts, using the access to promote a cryptocurrency scam. Accounts belonging to Barack Obama, Kim Kardashian, Jeff Bezos and Elon Musk were among those affected at the time. A spokesperson for X did not respond to a request for comment. “We've come to depend upon this instant social media hit to find out what's going on in the world," James Angel, associate professor at Georgetown University's McDonough School of Business. "We're definitely going to be more and more vulnerable to this kind of instant misinformation."

US: SEC claims its X account hacked and gave fake nod to Bitcoin ETFs

In a week from now, the U.S. could approve bitcoin-based exchange traded funds for the first time. A Reuters report says that investment management firms, stock exchanges, & the U.S. Markets regulator have discussed final changes in their applications for bitcoin-based exchange-traded funds.

US All set to approve bitcoin-based exchange traded funds

Bitcoin has once again seized the spotlight, experiencing an almost threefold surge in value throughout 2023. Yet, the persisting criticism revolves around its perceived lack of utility. Bitcoin is merely a store of value. While environmentalists vehemently oppose bitcoin due to its energy-intensive nature, a new perspective is emerging from economists who believe the cryptocurrency's substantial market cap could serve a groundbreaking purpose: supporting climate initiatives. Can bitcoin potentially go from climate culprit to carbon champion? Take a look at this report to find out...

Analysing bitcoin and it's carbon footprint | It's bit on environment

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. <o:p></o:p>

Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. <o:p></o:p>

Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings.<o:p></o:p>

The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. <o:p></o:p>

Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. <o:p></o:p>

If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election.

El Salvador's Bitcoin investments have proven to be lucrative, riding the wave of the recent cryptocurrency rally, as revealed by Nayib Bukele, the presidential candidate seeking re-election. Bukele, who recently stepped down from the presidency to focus on his campaign, disclosed that the country's Bitcoin investments have witnessed an upswing of 2.84 per cent, translating to a profit of $3.6 million. Emphasising a steadfast commitment to a long-term strategy, Bukele affirmed that the government has no plans to divest its Bitcoin holdings. The surge in Bitcoin's value, which soared above $42,000 on Monday, marked an extension of its impressive rally, boasting a 150 per cent increase in value throughout the year. El Salvador made history in 2021 by becoming the first country worldwide to embrace Bitcoin as legal tender. Nayib Bukele, a prominent figure in Salvadoran politics, currently leads the polls in the run-up to the February presidential election. His popularity is fuelled by his tough stance on crime, notably highlighted by the detention of tens of thousands of alleged gang members. If successful in the election, Bukele would secure a second consecutive five-year term, with the inauguration slated for June. (With inputs from Bloomberg) WATCH WION LIVE HERE

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally

El Salvador's presidential candidate Nayib Bukele claims that with the recent surge in bitcoin, his investments became profitable. U.S. Cryptocurrency-related stocks are on a meteoric rise, fuelled by bitcoin's surge past $42,000, hitting a new high for the year.

President Bukele reports $3.6 million profit amid crypto surge

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. <o:p></o:p>

According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX.<o:p></o:p>

2023: A year of recovery<o:p></o:p>

As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty.<o:p></o:p>

Spot ETFs: The driving force<o:p></o:p>

The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. <o:p></o:p>

Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month.<o:p></o:p>

Mixed predictions for the future<o:p></o:p>

The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics.<o:p></o:p>

Binance's setback and continued operation<o:p></o:p>

Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement.<o:p></o:p>

Caution amidst excitement<o:p></o:p>

Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. <o:p></o:p>

Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations.<o:p></o:p>

Market snapshot<o:p></o:p>

As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively.<o:p></o:p>

(With inputs from the Associated Press)<o:p></o:p>

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In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year.

In a recent development, Bitcoin has skyrocketed beyond $41,000, marking its highest point since April 2022. According to a report by the Associated Press, this surge represents a staggering 150 per cent increase in value for the world's largest cryptocurrency in just the first half of the year. According to FactSet, Bitcoin's journey has been volatile, initially leaping from $5,000 during the pandemic to nearly $68,000 in November 2021, followed by a significant dip due to Federal Reserve rate hikes and the collapse of crypto giant FTX. 2023: A year of recovery As 2023 began, Bitcoin experienced a setback, with a single unit trading for less than $17,000 after losing more than 75 per cent of its value. However, investor confidence returned as inflation cooled, and the collapse of tech-focused banks led many to explore crypto investments amid an environment of market uncertainty. Spot ETFs: The driving force The current rally in Bitcoin prices is attributed to the growing optimism surrounding the potential approval of spot Bitcoin exchange-traded funds (ETFs). This new investment avenue, allowing investors to buy and sell Bitcoin at spot prices rather than futures, is seen as a game-changer. Analysts suggest that this could democratise crypto investments, making it more accessible to a broader audience while mitigating some of the inherent risks associated with cryptocurrency investments. Recent successes by crypto fund managers have improved the odds of regulatory approval, potentially occurring as early as next month. Mixed predictions for the future The Associated Press cited Kaiko research analyst Riyad Carey, who emphasised that while the approval of spot Bitcoin ETFs could attract a larger pool of investors, the impact on future volumes remains uncertain. This development could either significantly boost or potentially undermine Bitcoin's value, adding an element of unpredictability to the current market dynamics. Binance's setback and continued operation Amidst Bitcoin's rally, the cryptocurrency market faced disruptions, notably with the U.S. government imposing a $4 billion fine on Binance, the world's largest crypto exchange. Founder Changpeng Zhao pleaded guilty to a felony charge, yet Binance continues to operate, maintaining its market share. Analysts argue that the settlement, while a setback, removed a significant overhang, contributing to Bitcoin's gains in the weeks following the announcement. Caution amidst excitement Despite the recent enthusiasm surrounding Bitcoin, experts caution that cryptocurrencies remain a risky venture with unpredictable fluctuations. The collapse of FTX in the previous year left a lasting impact on public confidence, particularly among retail investors. Edward Moya, a former senior market analyst at Oanda, highlighted that institutional money, such as hedge funds, currently dominates the crypto investing landscape. Additionally, Carey pointed out that liquidity in cryptocurrency markets is yet to fully recover from the FTX collapse, potentially amplifying price fluctuations. Market snapshot As of 1:30 p.m. Eastern time on Monday, Bitcoin was valued at $41,709. While Bitcoin steals the spotlight, other cryptocurrencies have seen varied performances. Ethereum stood at $2,223, reflecting an 85 per cent increase since the beginning of 2023. In contrast, Binance Coin and Dash experienced declines of 5.25 per cent and 24.37 per cent, with Monday afternoon prices at around $231 and $32, respectively. (With inputs from the Associated Press) WATCH WION LIVE HERE

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy.<o:p></o:p>

Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally<o:p></o:p>

There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/bitcoin-surges-past-41000-spot-etf-approval-and-market-dynamics-drive-the-rally-666249">Read more here</a><o:p></o:p>

Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts<o:p></o:p>

A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/tokyos-inflation-slows-boj-faces-decisive-policy-crossroads-amid-economic-shifts-666275">Read more here</a><o:p></o:p>

Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025<o:p></o:p>

&nbsp;

Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/paytm-pledges-to-enlist-10-million-merchants-on-government-backed-ondc-platform-by-2025-666292">Read more here</a><o:p></o:p>

El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally<o:p></o:p>

El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values.

<a href="https://www.wionews.com/business-economy/el-salvadors-bitcoin-investments-surge-bukele-confirms-profit-amid-cryptocurrency-rally-666310">Read more here</a><o:p></o:p>

Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment<o:p></o:p>

The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/barclay-family-reclaims-telegraph-newspaper-after-abu-dhabi-aids-with-debt-repayment-666339">Read more here</a><o:p></o:p>

Ancestry website 23andMe confirms recent data breach affected 6.9 million users&nbsp;<o:p></o:p>

Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident.<o:p></o:p>

<a href="https://www.wionews.com/world/ancestry-website-23andme-confirms-recent-data-breach-affected-69-million-users-666347">Read more here </a><o:p></o:p>

Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions<o:p></o:p>

Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region.

<a href="https://www.wionews.com/business-economy/extreme-weather-halts-iphone-production-in-india-foxconn-and-pegatron-grapple-with-disruptions-666357">Read more here</a><o:p></o:p>

Israeli authorities probe suspected insider trading linked to Hamas attack<o:p></o:p>

Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7.

<a href="https://www.wionews.com/business-economy/israeli-authorities-probe-suspected-insider-trading-linked-to-hamas-attack-666374">Read more here </a><o:p></o:p>

Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial<o:p></o:p>

In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial.<o:p></o:p>

<a href="https://www.wionews.com/technology/landmark-stability-ai-vs-getty-images-copyright-lawsuit-to-move-ahead-to-trial-666377">Read more here</a><o:p></o:p>

UK discloses immigration reforms: Stricter visas aim to curb soaring migration<o:p></o:p>

Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally.<o:p></o:p>

<a href="https://www.wionews.com/business-economy/uk-discloses-immigration-reforms-stricter-visas-aim-to-curb-soaring-migration-666389">Read more here </a><o:p></o:p>

Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US<o:p></o:p>

A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4.

<a href="https://www.wionews.com/technology/intel-succeeds-in-overturning-218bn-patent-verdict-one-of-the-largest-in-us-666197">Read more here </a><o:p></o:p>

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WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022.

WION's Business Desk brings you this daily round-up of global stories from the world of business and economy. Bitcoin surges past $41,000: Spot ETF approval and market dynamics drive the rally There has been a significant surge in the price of Bitcoin, surpassing $41,000 and reaching its highest level since April 2022. Read more here Tokyo's Inflation Slows: BOJ faces decisive policy crossroads amid economic shifts A significant shift in cost-push dynamics inside Japan's economy was evident in November when core consumer inflation in the capital city of Tokyo decreased. Read more here Paytm pledges to enlist 10 million merchants on government-backed ONDC platform by 2025 Paytm, aims to bring aboard 10 million merchants onto the government-supported Open Network for Digital Commerce (ONDC) platform by the conclusion of 2025. Read more here El Salvador's Bitcoin investments surge: Bukele confirms profit amid cryptocurrency rally El Salvador's presidential candidate running for reelection, Nayib Bukele, disclosed that the country has made profitable investments in Bitcoin, capitalising on the current surge in cryptocurrency values. Read more here Barclay family reclaims Telegraph newspaper after Abu Dhabi aids with debt repayment The Barclay family has successfully regained control of the influential Telegraph newspaper in the UK, following a collaboration with Abu Dhabi-backed RedBird IMI. Read more here Ancestry website 23andMe confirms recent data breach affected 6.9 million users Data belonging to almost 6.9 million individuals has been leaked, according to confirmation from the ancestry website 23andMe, following a recent incident. Read more here Extreme weather halts iPhone production in India: Foxconn and Pegatron grapple with disruptions Foxconn and Pegatron, major manufacturing companies based in Taiwan, have temporarily suspended the production of Apple iPhones at their facilities near Chennai in southern India. This decision stems from the disruptive effects of heavy rainfall in the region. Read more here Israeli authorities probe suspected insider trading linked to Hamas attack Israeli officials are investigating claims made by American researchers that suggest some investors may have known that Hamas was planning to strike Israel on October 7. Read more here Landmark Stability AI vs Getty Images copyright lawsuit to move ahead to trial In a significant development, a UK court has decided that the copyright dispute between Getty Images and the prominent artificial intelligence (AI) firm Stability AI can proceed to trial. Read more here UK discloses immigration reforms: Stricter visas aim to curb soaring migration Following increasing pressure to tackle the unprecedented net migration figures, UK Prime Minister Rishi Sunak unveiled a slew of strict policies aimed at reducing the number of migrants entering the country legally. Read more here Intel succeeds in overturning $2.18bn patent verdict, one of the largest in US A prior decision that had awarded VLSI Technology USD 2.18 billion in a patent infringement dispute against Intel Corp. was reversed by an appeals court in the US on Monday, December 4. Read more here WATCH WION LIVE HERE

WION Business Wrap | Bitcoin surges past $41,000, Paytm pledges to enlist 10 mn merchants & more

Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found.

Billions of people across the world are struggling with shortages of fresh water, and with climate change and extreme weather events the situation may worsen in the coming decades.

<h2>How much water is too much water?</h2>

The study based on the analysis done by Alex de Vries of Vrije Universiteit Amsterdam says that Bitcoin’s water footprint has rapidly increased in recent years.&nbsp;

ALSO WATCH |&nbsp;Bitcoin's growing enviornmental problems, every bitcoin payment 'uses a swimming pool of water'

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As of 2023, Bitcoin’s annual water footprint may cross 2,200 billion litres or gigaliters (GL), according to the study in the journal Cell Reports Sustainability. According to de Vries, that is over six million times more water than a credit card swipe.&nbsp;

Between 2020 and 2021, the water footprint of Bitcoin increased by as much as 166 per cent, from 591.2 to 1,573 GL, said the study.&nbsp;

<h2>What is this water being used for?</h2>

Bitcoin uses such large amounts of water for its enormous amount of computing and with that, it burns through a lot of energy. Therefore, the systems use a great deal of water in their cooling systems to keep the bitcoin mining machines from overheating.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/heres-how-much-youd-be-worth-if-you-had-invested-in-bitcoin-on-day-1-653829">Here's how much you'd be worth if you had invested in Bitcoin on day 1</a>

In fact, Bitcoin is so power-hungry that, according to the Cambridge Centre for Alternative Finance (CCAF), it consumes only a little less electricity than the entire country of Poland, which is home to around 38 million people.&nbsp;

In his study, de Vries noted how most of the research about the environmental impact of Bitcoin mining has been focused on its energy consumption, carbon footprint, and the electronic waste it generates but given the shortage of water and the estimated use of it in the Bitcoin network it is crucial to understand the water footprint of the cryptocurrency usage.

As the amount of water that Bitcoin uses, not only can it potentially impact different countries’ climate goals, but also potentially poses an additional stress to water resources in drought-prone areas.&nbsp;

Notably, the numbers are based on the assumption that Bitcoin mines run on water-dependent cooling systems but some data centres and crypto mines also use a different system which not only keeps the computers cool but also cuts down water consumption by immersing them in a non-conductive liquid, reported The Verge.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/wall-street-awaits-100-bn-crypto-boom-with-bitcoin-etfs-report-661050">Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report</a>

The author of the study also argues that Bitcoin does not actually need this much water and it is a process of “mining” the cryptocurrency which requires an enormous amount of water since miners compete against each other and the same transaction is being worked on several times by multiple power-hungry computers.&nbsp;

“All of these machines combined are generating 500 quintillion guesses every second of the day, non stop – that is 500 with 18 zeros behind it,” de Vries told the BBC.&nbsp;

(With inputs from agencies) 
&nbsp;

Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found.

Bitcoin transactions are not only guzzling electricity, but are also thirsty for so much water that the amount used for one transaction would be enough to fill “a backyard swimming pool,” a recent analysis found. Billions of people across the world are struggling with shortages of fresh water, and with climate change and extreme weather events the situation may worsen in the coming decades. How much water is too much water? The study based on the analysis done by Alex de Vries of Vrije Universiteit Amsterdam says that Bitcoin’s water footprint has rapidly increased in recent years. ALSO WATCH | Bitcoin's growing enviornmental problems, every bitcoin payment 'uses a swimming pool of water' As of 2023, Bitcoin’s annual water footprint may cross 2,200 billion litres or gigaliters (GL), according to the study in the journal Cell Reports Sustainability. According to de Vries, that is over six million times more water than a credit card swipe. Between 2020 and 2021, the water footprint of Bitcoin increased by as much as 166 per cent, from 591.2 to 1,573 GL, said the study. What is this water being used for? Bitcoin uses such large amounts of water for its enormous amount of computing and with that, it burns through a lot of energy. Therefore, the systems use a great deal of water in their cooling systems to keep the bitcoin mining machines from overheating. ALSO READ | Here's how much you'd be worth if you had invested in Bitcoin on day 1 In fact, Bitcoin is so power-hungry that, according to the Cambridge Centre for Alternative Finance (CCAF), it consumes only a little less electricity than the entire country of Poland, which is home to around 38 million people. In his study, de Vries noted how most of the research about the environmental impact of Bitcoin mining has been focused on its energy consumption, carbon footprint, and the electronic waste it generates but given the shortage of water and the estimated use of it in the Bitcoin network it is crucial to understand the water footprint of the cryptocurrency usage. As the amount of water that Bitcoin uses, not only can it potentially impact different countries’ climate goals, but also potentially poses an additional stress to water resources in drought-prone areas. Notably, the numbers are based on the assumption that Bitcoin mines run on water-dependent cooling systems but some data centres and crypto mines also use a different system which not only keeps the computers cool but also cuts down water consumption by immersing them in a non-conductive liquid, reported The Verge. ALSO READ | Wall Street awaits $100 bn crypto boom with Bitcoin ETFs: Report The author of the study also argues that Bitcoin does not actually need this much water and it is a process of “mining” the cryptocurrency which requires an enormous amount of water since miners compete against each other and the same transaction is being worked on several times by multiple power-hungry computers. “All of these machines combined are generating 500 quintillion guesses every second of the day, non stop – that is 500 with 18 zeros behind it,” de Vries told the BBC. (With inputs from agencies)

Bitcoin transactions not only guzzle electricity, but also need ‘swimming pools’ worth of water

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