Global Hive Buzz

Coinbase Expresses Confidence in U.S. Bitcoin ETF Approval After SEC's Court Setback

Coinbase, the cryptocurrency exchange, has conveyed its confidence in the approval of a U.S. BTC ET) by the SEC. Paul Grewal, the company's chief legal officer, shared this outlook in a recent statement to CNBC. While he didn't specify when such an approval might occur, he emphasized that the ultimate decision rests with the SEC.

Grewal suggested that the SEC is now likely to approve a bitcoin ETF, given its recent court defeat in attempting to prevent Grayscale from converting its GBTC bitcoin fund into an ETF.

The introduction of a bitcoin ETF would provide investors with an indirect way to own bitcoin without requiring direct purchases from an exchange.

Bitcoin has experienced a stealthy comeback in the year to date, appreciating by approximately 72%, recovering from substantial declines in 2022.

Wall Street Attracting "Smart Money" to BTC

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California 'BitLicense' Bill Signed into Law by Governor Newsom

Governor Gavin Newsom of California has signed a crypto licensing bill that is scheduled to come into effect in July 2025.

The law mandates the California Department of Financial Protection and Innovation (DFPI) to establish a regulatory framework for the cryptocurrency sector. This framework incorporates a licensing system, and it grants the department authority for enforcement and rulemaking within the crypto industry.

The DFPI has been allocated an 18-month period for the implementation of these regulations to ensure that the adopted framework can be thoughtfully adjusted to address evolving industry trends and to mitigate potential harm to consumers.

Bloomberg Analyst Cautions That Bitcoin's 2024 Halving Could Disappoint Bulls

Mike McGlone, a Bloomberg analyst, suggests that the anticipated Bitcoin halving in April 2024 may not lead to the price surge many bulls hope for. Bitcoin halvings, which happen roughly every four years, cut the rate at which new Bitcoins are created in half. Previous halvings have often preceded substantial bull markets as reduced supply, coupled with steady demand, drove prices upwards.

However, McGlone argues that the 2024 event will unfold under different circumstances. He points out that the current macroeconomic conditions could undermine the halving's typical influence. Factors such as high-interest rates and a shrinking money supply have the potential to lower the appetite for risky assets, including Bitcoin.

In his interview, McGlone expressed concern that widespread consensus among market participants anticipating a bullish outcome due to the halving may not materialize. He noted, "Things that we most anticipate generally don't happen."

In contrast, Larry Fink, CEO of BlackRock, the world's largest asset manager, expressed a more optimistic outlook. He stated that Bitcoin could serve as a quality asset, comparable to gold or US Treasuries, as more people seek a flight to quality amid market uncertainties.

Cyber Attacks Deplete $200M in Crypto Funds

In 2022, there was a staggering $2.57 BILLION reported as stolen, impacting a significant 52,091 individual investors, as per the FBI's Internet Crime Report.

These incidents are far more prevalent than you might imagine.

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