John Deaton's Crypto-Silent Senate Bid; Bitcoin Exodus from Coinbase; BlackRock Labels BTC as Progress
Summary:
Pro-crypto attorney John Deaton has announced his Senate campaign to challenge Elizabeth Warren, interestingly without mentioning crypto in his launch. Meanwhile, Coinbase's Bitcoin holdings have dropped to their lowest since 2015, as whales move nearly $1 billion off the platform. In contrast, BlackRock ramps up its marketing campaign, labeling Bitcoin as "progress" in its latest advertising for its spot Bitcoin ETF.
John Deaton, a lawyer and renowned supporter of digital currency, has announced his campaign to challenge Senator Elizabeth Warren for her position, however, digital assets were not part of his announcement. Elsewhere, Coinbase’s Bitcoin holdings have plummeted to their smallest size in almost ten years. Meanwhile, BlackRock's new Bitcoin spot ETF advertisement has referred to Bitcoin as a sign of "progress".
John Deaton, a prominent advocate of digital currency and a practicing lawyer, has begun his mission to oust Senator Elizabeth Warren from her Senate seat. Strikingly, he did not touch upon cryptos or digital assets during his campaign initiation. In a video, which was published on February 20, Deaton stated that his campaign primarily revolves around targeting the dominant elites of Washington, and criticized Senator Warren for achieving little for Massachusetts. He declared his commitment to shake things up for those who need it the greatest.
Even though Deaton did not bring up digital assets during the launch of his campaign, his campaign website proudly displays his work advocating for the crypto industry as a legal representative. This includes his part in filing an amicus brief for XRP holders during the lawsuit between Ripple and the SEC. Senator Elizabeth Warren, a vocal critique of digital currency, has been a member of the Senate since 2013.
In other news, CryptoQuant data suggest that, over the previous weekend, whales moved approximately $1 billion worth of Bitcoin away from Coinbase, in transactions ranging from $45 million to $171 million. Coinbase's public order book now only contains about 394,000 BTC, which is equivalent to around $20.5 billion - the lowest level since 2015. The withdrawal of Bitcoin from centralized exchanges is generally viewed as a positive sign as it decreases the available supply of Bitcoin. Social media users have different views on the reasons behind the transactions, with some speculating that the Bitcoin is being moved to private wallets in anticipation of a price surge, while others think the funds could be used for over-the-counter (OTC) trading liquidity.
On another front, BlackRock, in its fresh advertisement for its latest spot Bitcoin ETF, describes the asset as “progress”. The new ad maintains BlackRock's rather understated approach to promoting its IBIT fund. The ad, featuring a simple design of a runway and an airplane, proclaims that "Bitcoin ETFs have landed" and encourages investors to "get your share of progress." The ad further mentions that the ETF makes handling Bitcoin as easy as dealing with stocks and bonds.
BlackRock's early advertisement for the ETF, which was released on January 11, targeted the affluent boomer market with a mature approach. Since its inception, BlackRock's IBIT fund has attracted $5.3 billion, according to Farside.
Please note, this article is not providing investment advice or recommendations. Investing and trading always carry risks. Readers should therefore do their own research before making any decisions. Writers Geraint Price, Sam Bourgi, and Felix Ng have contributed to this report.
Published At
2/20/2024 10:19:47 PM
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