In the dynamic world of cryptocurrencies, Bitcoin price prediction remains a subject of keen interest. According to recent observations, Bitcoin is trading around $40,104, down 2.80%. The move comes amid significant events in the crypto space, including the involvement of large ETFs like Blackrock and Fidelity in Bitcoin accumulation, holding nearly $2.6 billion in BTC.
At the same time, developments such as Congresswoman Maxine Waters’ concerns about Meta’s crypto activities and the majority sale of Grayscale Bitcoin Trust shares from the FTX domain add layers to the complexity of the market. Additionally, a recent court ruling rejecting the SEC’s new discovery requests regarding XRP adds another dimension to the cryptocurrency narrative.
Waters’ Concerns About Meta’s Crypto Moves
Rep. Maxine Waters, noting the company’s five active trademark filings relating to digital asset services and blockchain technology, expressed concerns about Meta’s (formerly Facebook) continued efforts to enter the crypto space. currencies.
Waters drew attention to the disparity between Meta patent filings and its statement to the Financial Services Committee that it had no active initiatives regarding digital assets, in a letter to Meta COO Javier Olivan and CEO Mark Zuckerberg.
MP Maxine Waters questions Meta’s continued crypto effortshttps://t.co/MBhddMF3Nu
– valkyrie (@valkyrieXRP25) January 23, 2024
Regulators’ growing apprehensions about big tech’s involvement in digital assets are reflected in this review. Although this revelation is particularly relevant to Meta’s activities, increased regulatory scrutiny of large technology companies could exacerbate the general sense of caution in the cryptocurrency sector and thus impact the price of BTC.
Blackrock and Fidelity lead Bitcoin holdings
At the moment, 33,430.56 bitcoins, worth approximately $1.34 billion, are held by black rockthe world’s largest asset manager with over $9 trillion in assets under management (AUM), according to the most recent data.
In the same vein, Fidelity has increased its bitcoin holdings; Currently, the Fidelity Wise Origin spot Bitcoin exchange-traded fund (ETF) holds 30,169.54 bitcoins, worth almost $1.26 billion. These purchases by major financial institutions indicate that people’s trust and interest in Bitcoin is increasing.
—John Williams M.Ed. (@islandmotivates) January 23, 2024
The accumulation of substantial quantities of Bitcoin by these institutional players could have a favorable effect on the general perception of the cryptocurrency, prompting more investors and institutions to consider adding or increasing their exposure.
Sale of Grayscale Bitcoin Trust shares from FTX
According to sources cited by Bloomberg, the FTX domain, linked to the defunct cryptocurrency exchange FTX and hedge fund Alameda Researchreportedly sold more than two-thirds of its Grayscale Bitcoin Trust (GBTC) shares at the start of ETF spot trading, raising at least $600 million.
The estate of bankrupt crypto exchange FTX unloaded most of its shares in exchange-traded fund Grayscale Bitcoin Trust in its first three days of trading, https://t.co/s3jMzkdUZn
– Bloomberg Markets (@markets) January 22, 2024
Before the trust was converted to a cash exchange-traded fund (ETF) on January 11, the estate owned 22.28 million shares of GBTC, valued at $902 million. The massive sell-off of shares by FTX, which occurred at the same time as the Grayscale withdrawals and the BTC price decline, could have put short-term selling pressure on Bitcoin prices.
Judge’s ruling on SEC’s XRP discovery requests
The US SEC and Ripple Labs are engaged in a legal fight that has taken a new turn as Ripple challenges the SEC’s post-complaint discovery requests regarding XRP. The SEC’s requests, according to Ripple, are “inappropriate” and without merit, and the information they seek has no bearing on the court’s decision on appropriate remedies.
This legal development could add to the already high level of uncertainty in the bitcoin sector by highlighting the regulatory hurdles faced by cryptocurrency initiatives.
There are still many fears regarding #XRP…
Listen to his words. The system will be changed. XRP is in this range. Ripple is in this range. XRPL is in this approximate situation.
If that’s not enough to take a position on XRP and not worry about the short term… https://t.co/yTtGNM45IT
– Guy on Earth (@guyontheearth) January 22, 2024
Resolving this legal issue could have a significant impact on how regulators manage other digital assets, which could affect market sentiment as a whole, including that of Bitcoin. As such, traders and investors should keep a close eye on the outcome.
Bitcoin Price Prediction
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