Coinbase's Bitcoin Reserves Drop, BlackRock's Progress Labeling, and Senator Elizabeth Warren's Crypto Concerns
Summary:
Coinbase's Bitcoin holdings have reached their lowest point in a decade. Meanwhile, BlackRock's latest Bitcoin ETF spot ad has characterized Bitcoin as "progress". Massachusetts Senator Elizabeth Warren expressed concerns about potential heavy spending by pro-crypto lobby groups on her 2024 re-election bid. Further, there's a debate over the nature of recent large Bitcoin transfers off Coinbase, with some viewing it as preparation for an anticipated price surge. BlackRock has labelled Bitcoin as not a currency but "progress" in advertising for its new ETF. Lastly, Senator Warren highlighted potential challenges from pro-crypto interest groups in her upcoming Senate race.
The Bitcoin (BTC) reserves of Coinbase have seen a decrease, reaching the lowest point in the past ten years. BlackRock's most recent advertisement for their Bitcoin ETF spot has coined Bitcoin as "progress". In Massachusetts, Senator Elizabeth Warren, expressed concern over the possibility of pro-crypto lobby groups investing large sums of money to jeopardize her potential re-election in 2024.
CryptoQuant reports that approximately $1 billion worth of Bitcoin, around 18,000 BTC, was moved off Coinbase over the last weekend by cryptocurrency whales, with transaction values ranging from $45 to $171 million. The public order book of Coinbase now holds close to 394,000 BTC, valued around $20.5 billion, marking the lowest point since 2015.
The transfer of BTC holdings by whales away from centralized exchanges is seen as a positive indicator as it reduces the amount of Bitcoin available for sale. However, the purpose of these transactions is a topic of debate among social media users. Some speculate that the funds are being shifted to custodial wallets in preparation for a potential price increase, fueled by the approaching Bitcoin halving in two months that could result in a supply shock. Meanwhile, others suggest that the transferred money might be used as liquidity in over-the-counter trades.
In the latest media campaign for its newly launched Bitcoin exchange-traded fund, BlackRock referred to the digital asset not as a currency but as "progress". Unlike its competitors, BlackRock has adopted a more subdued approach in marketing its IBIT fund.
The super PACs' potential to back a candidate to challenge anti-crypto lawmaker Elizabeth Warren has been suggested. She voiced her concern that pro-crypto interest groups could make significant financial investments to disrupt her, and Rep. Katie Porter's Senate campaign. During a recent interview, Warren was questioned about the possibility of “Republican crypto enthusiast” John Deaton challenging her 2024 Senate seat.
Warren revealed that her campaign did not accept contributions from "corporate PAC money", but instead relied on small donations. Citing the many gaps in the current system regarding crypto, she explained that these loopholes have resulted in crypto becoming an avenue for illicit activities. Additionally, she pointed out that those within the crypto industry who have substantial funds will hire a lobbying group to oppose the Digital Asset Anti-Money Laundering Act.
This news report doesn't contain finance or investment advice and readers should always consider potential risks and carry out their research before making any investment or trading decision.
The report was drafted by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
2/20/2024 4:00:03 PM
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