BlackRock has received funding from a seed investor for its Bitcoin exchange-traded fund (ETF), according to a filing yesterday.

The worlds largest fund manager received $100,000 in capital from the investor who bought shares from the iShares Bitcoin Trust on October 27, the filing shows.

A seed capital investor initially funds an ETF to get it off the ground and trading on a stock exchange.

BlackRock is the biggest and most prestigious Wall Street firm that has applied to the U.S. Securities and Exchange Commission to release its own spot Bitcoin ETF. The regulator currently has a number of applications to review.

An ETF is a fund that allows investors to buy shares that track the price of an underlying asset like gold, foreign currencies or crypto. A spot Bitcoin ETF holds Bitcoin and gives investors exposure to the digital asset.

One has yet to start trading in the U.S., though: the SEC has always denied applications for such an investment vehicle, often citing the potential for market manipulation as the reason.

But BlackRock sent shockwaves through the crypto world when it applied back in June; analysts said that the move was a game changer because it meant traditional investors were calling for crypto exposure and BlackRock rarely gets ETF applications denied. Bitcoins price shot up following the announcement.

Billionaire BlackRock CEO Larry Fink then praised Bitcoin in television interviews, calling it an international asset that is digitizing gold.

ETF analysts now bet that the SEC will soon approve a spot Bitcoin ETF for trading in January.

Edited by Guillermo Jimenez

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BlackRock Bitcoin ETF Receives $100,000 in Seed Funding - Decrypt

While the U.S. equity market pulls closer to new highs, investors are also bidding up the centuries-old asset of gold and the new digital coins that have been touted as the yellow metal's replacement. Both gold and bitcoin kicked off the week by hitting new milestones spot gold hit a record high above $2,100 per ounce, and bitcoin briefly topped $42,000 to hit its highest level since April 2022. The recent gains have been more dramatic in bitcoin, which is now up more than 150% for the year. The digital currency appears to have broken through key technical levels and could continue to rally through the end of the year, according to Joel Kruger, market strategist at LMAX Group. "In October, we saw this big breakout above $32,000, and then it started to slow down. I think the latest push through [$40,000] now kind of opens the door for potential acceleration, with limited setbacks, into the next target area, which I believe you want to be looking at the $48,000 to $53,000 area," Kruger told CNBC. BTC.CM= YTD mountain Bitcoin hit a new 2023 high on Monday. One of the main drivers for the renewed excitement around bitcoin is the potential approval of new ETFs. The Securities and Exchange Commission has long opposed such funds, but the regulator recently lost a court case against Grayscale, which wants to convert its Bitcoin Trust ( GBTC ) into an ETF. The SEC met with Grayscale and asset management giant BlackRock last week about their bitcoin ETF applications, and many in the financial industry expect a fund to be approved in early 2024. The arrival of a bitcoin ETF could open up new avenues of demand for crypto and make it a more broadly popular asset, Bernstein digital assets analyst Gautam Chhugani said in a Monday note to clients. "A Bitcoin ETF allows easy access to Bitcoin via broker accounts, RIAs and wealth/private banking channels. Think of Bitcoin ETF as the largest pipe ever built between traditional financial markets and crypto financial markets," the note said. "We expect 10% of Bitcoin in supply to be managed by ETFs, equivalent to $300 [billion] of AUM by [the end of 2028]. As close to 10 asset managers get approved for Bitcoin ETFs, we expect a strong marketing blitzkrieg, that would elevate Bitcoin as a recognized household asset, just like people are aware of Gold," Chhugani continued. While the eventual approval of a bitcoin ETF could be a "sell the news event," that reversal would likely be short-lived, Chhugani said. "Yes, the market will take a pause, post approval of the ETFs, since it would take a while for the ETF flows to start building momentum. Our expectation is continued strength and rally into ETF approval in [January], pause post approval and then market takes cues based on ETF flows," Chhugani wrote. Tied to rates Another factor in bitcoin's favor is the recent tumble for Treasury yields . Bitcoin has traditionally traded like a high-growth tech stock, and those perform well when interest rates are low. However, bitcoin has shifted in 2023 to be less correlated to tech stocks, according to Kruger, the LMAX strategist. "When you look at correlations with traditional assets, there really has been a breakdown in a very refreshing way. Because if you are a portfolio manager and you're looking to take on exposure to bitcoin, it's very attractive that it's an uncorrelated asset. And that has proven to be the case in 2023," Kruger told CNBC. The downward move in Treasury yields could also be helping gold, but not for the same reason. Gold is typically seen as a more defensive asset, and the tumble in bond yields is likely due in part to an expectation by some traders that the U.S. economy will fall into a recession in 2024. Citigroup's 2024 commodities outlook from Maximilian Layton, published on Monday, said the increased demand for gold could be a sign that investors are looking to protect against an economic downturn and that the metal still has upside from here. "We remain bullish GOLD (to $2,150/oz, +5%) and SILVER (to $30/oz, +20%) by mid-2024, as we forecast strong demand for gold and silver as a hedge against downside risks in developed market equities and property, and in part reflecting our US economists call for a US recession by mid-2024. Gold should also be supported by robust central bank buying activity," Layton said in the note. Gold struggled to keep its momentum on Monday, with prices falling about 2% on the day and losing the $2,100 level after setting a record high in Sunday evening trading. Oanda senior market analyst Craig Erlam said in a note to clients on Monday that the overnight move may have been a trading blip. XAU= 5D mountain Gold retreated from the record high reached on Sunday evening in New York. "Perhaps the combination of pending orders above the previous high and an illiquid moment in the markets contributed to the extremely volatile move, with the yellow metal now trading back around the previous record highs," the note said. Even with Monday's retreat, spot gold is still up about 11% for the year.

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Bitcoin and gold are smashing through key levels. Here's what's driving the moves - CNBC

Bitcoin (BTC) price has scraped the $44,000 psychological level as the fear of missing out (FOMO) continues to drive the cryptocurrency market.

Effectively, themove has seen BTC break above the midline of a supply zonestretching from $40,517 to $46,972 on the weekly timeframe. Typically, a break and close above the midline of such a supply barrier confirms the continuation of the primary trend. Investors should watch for a close.

Meanwhile, the odds continue to favor the upside. The Relative Strength Index (RSI) remains inclined to the north, suggesting momentum is still rising.

Increased buying pressure above current levels, therefore, could see Bitcoin price overcome this supply barrier, flipping it into a bullish breaker, in a move that could set the tone for Bitcoin price to target $50,000 next. Such a move would constitute a 10% climb above current levels.

BTC/USDT 1-week chart

Nevertheless, considering BTC is already massively overbought, investors should not be surprised if a pullback happens. Experts evaluatethe potential for a correction to the $30,000 psychological level even as markets continue to front-run spot BTC exchange-traded fund(ETFs) approvals.

Also Read:Altcoin plays for traders as Bitcoin crosses $42,000

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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Breaking: Bitcoin price breaks $44,000: Is $50K next as BTC confirms a move above a weekly supply zone? - FXStreet

The former president of FTX US dishes the dirt on his falling out with former Jane Street colleague Sam Bankman-Fried and predicts the spot Bitcoin ETF will far outshine the record-breaking success of the Bitcoin Futures ETF.

The ex-president of FTX US, Brett Harrison, tells Magazine that he didnt say a single word to Sam Bankman-Fried during the two-month notice period after he resigned, which was only months before the whole exchange blew up. Even getting a message to SBF to say he was resigning in the first place was hard work.

I had to talk to other people in the company to formally resign. I wrote one text to Sam and I got back a single heart emoji. That was the last I heard from him, Harrison declares.

Harrison and Bankman-Fried had been colleagues years earlier at quantitative trading firm Jane Street, where Harrison saw his potential while teaching SBF in a course on programming for traders. But things went south real quick between them at FTX.

Harrison claims it was due to Bankman-Frieds inflated ego and his reluctance to accept any feedback or advice.

Sam hated criticism and, as a result, refused to communicate with me. It drove my decision to quit even further, he says.

Yet, Harrison says he had no clue of the storm about to engulf the company with FTX declaring bankruptcy only a few months after he bailed from the U.S. arm of exchange.

The rest of us, especially in the U.S., were blindsighted. We were working with regulators, top lawyers, and to have the whole organization fail because of one persons greed, will stay with us for the rest of our life.

However, he feels justice was done in the recent fraud trial against his former boss.

I do feel the result was absolutely just, and Im glad that justice was served quickly; I think it was essential that Sam was held accountable for his actions, he declares.

Meanwhile, Harrison wasted no time diving into a new project.

He co-founded Architect.xyz, a DeFi platform that focuses on bridging all the different opportunities in the digital asset space for both institutional and retail investors.

Harrison is a bit of a brainiac and has a computer science degree focused on artificial intelligence (AI) from Harvard University. So, who better to ask about the potential for AI to take over the world?

I do not think AI is a threat to humanity, he declares, pointing out that AI has been in development for much longer than people think:

Lots of people are now seeing AI for the first time, they dont appreciate the decades of progress that has gone into it.

Harrison is more concerned about humans using AI to pull off scams and swipe identities more effortlessly.

It truly is just linear algebra, he says. The idea that linear algebra is some existential threat to our survival just feels somewhat fanciful to people who have been practitioners in the field for a long time.

Harrison is a smart guy who drops interesting stuff on social media that people seem to dig.

But lets not dance around the fact that the FTX connection is what blew up his follower numbers, with his count hitting its highest weekly peak when FTX took a nosedive in November 2022, when he gained 2,140 followers, according to data from Social Blade.

Back in January, his long rant about his departure from X got nearly 3 million eyeballs. He said he wasnt canned from the FTX gig; it just wasnt his dream job, and SBF was an insecure, prideful manager.

If you scroll through Harrisons timeline over the years, youll notice his glam lifestyle has toned down considerably since the FTX days.

Back then, he was often seen hanging out with celebs and former prime ministers.

Nowadays, its way more low-key. Besides throwing in some market talk, Harrisons been sharing snippets about his family life lately.

Hes even flexing about saving toys from the FTX US office that somehow dodged the whole bankruptcy drama.

Harrison loves the blend of genius and goofiness on Crypto X getting a daily fix of humor and high intellect.

One of the things I love about Crypto Twitter is the perfect mix of highly intellectual cerebral, either Market structure or political commentary, and degenerate memes.

However, when we asked about the accounts hes into, hes not that forthcoming.

After doing some light digging, it turns out hes following 2,100 accounts, and guess whos in the mix? None other than Bankman-Frieds pal Tiffany Fong.

Harrison used to avoid making predictions, saying hed never have predicted the events that happened to him. But that was when things were going too smoothly, and thats all changed.

Harrison declares there is a very high probability that a spot Bitcoin ETF will get approved in the first quarter of 2024.

As for price predictions? Harrison isnt tossing out any six-figure numbers right away.

In Q1 assuming there is an ETF thats approved. I think something in the $50,000 to $55,000 range feels pretty probable, he states.

He doesnt see Bitcoin hitting six figures until toward the end of 2024 or early 2025 at the earliest.

He points to the first day of Bitcoin Futures ETF as just a little hint of how optimistic he is about the spot Bitcoin ETF:

If you remember the day when a Bitcoin Futures ETF was listed the inflows were some of the highest ever seen in the history of ETFs. I think were going to see even more records broken for a spot Bitcoin ETF.

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Ciaran Lyons is an Australian crypto journalist. He's also a standup comedian and has been a radio and TV presenter on Triple J, SBS and The Project.

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Expect 'records broken' by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame - Cointelegraph

12/04 update below. This post was originally published on December 2

BitcoinBTC has rocketed higher in recent weeks as hype builds around bitcoin's "worst-kept secret."

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster ahead of next year's historical bitcoin halving!

The bitcoin price has surged toward $40,000 per bitcoin, up more than double where it was this time last year and helping ethereum, XRPXRP and other major cryptocurrencies to rally, as fears emerge dollar dominance is facing "a crypto-yuan hostile takeover" from China.

Nowafter ethereum's founder revealed a surprise crypto-based AI planSecurities and Exchange Commission (SEC) documents have revealed the approval window for bitcoin spot exchange-traded funds (ETFs) filed by Wall Street giants that manage a combined $17 trillion (just as some think China and the Fed are gearing up to "flood the world" with trillions).

Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"[Bitcoin spot ETF approval] window is officially January 5 to January 10," Bloomberg Intelligence ETF analyst James Seyffart posted to X.

"Really this means that any potential approval orders are going to come on either Monday, January 8, Tuesday, January 9, or Wednesday, January 10. Mark your calendars people."

12/04 update: The bitcoin price has surged higher, breaking above $40,000 per bitcoin for the first time since early 2022 as expectations soar a fully-fledged U.S. bitcoin spot ETF is just around the corner.

"Bitcoins rally to $40,000 signals a paradigm shift in the financial markets. Bitcoin has become accepted as a legitimate, transformative force in the financial markets, up over 60% since September as anticipation of bitcoin approvals builds on the cusp of the new year," Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments.

"Bitcoin ETFs promise to catapult bitcoin into even broader mainstream acceptance, bringing digital assets firmly into the fold of the traditional financial ecosystem. With escalating geopolitical conflicts, bitcoin is a particularly appealing investment now as a decentralized digital currency that exists outside the jurisdiction of any single government."

The SEC is currently weighing around a dozen bitcoin spot ETF applications from some of the world's biggest asset managers, including BlackRockBLK and Fidelity. Meanwhile, crypto asset manager Grayscale is working to convert its flagship bitcoin trust into a bitcoin spot ETF, scoring a legal victory that dramatically raised expectations that it will be successful.

"If [bitcoin spot ETF approval] doesn't happen in this window, either [SEC chair Gary] Gensler and SEC have gone nuclear [or] they just aren't ready and have somehow convinced Ark and 21Shares to withdraw their filing with some sort of future assurances," Seyffart said, referring to Cathie Wood's Ark and 21Shares' joint bitcoin spot ETF application, adding he and fellow analyst Eric Balchunas put this at a less than 10% chance.

One influential bitcoin and crypto investor has called the arrival of a long-awaited U.S. bitcoin spot ETF is a rare example of a "buy the rumor, buy the news" event, with it being regarded as a watershed moment for institutional bitcoin, ethereum, XRP and crypto adoption.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

"[Bitcoin spot ETF approval] is important for institutional adoption; many asset allocators and asset managers look at vehicles like ETFs to use in the allocation process," Anthony Rousseau, head of brokerage solutions at TradeStation, said in emailed comments.

"There is still a long road for education on how this would fit into a 60/40 portfolio but will likely be worked out by all the math wizards. This event would be considered a net positive for new capital inflows into the asset class"including ethereum, XRP and other major cryptocurrencies.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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Mark Your CalendarsBitcoin Rockets Past $40,000 As Date Reveals Huge $17 Trillion Bitcoin ETF Countdown Has Suddenly Begun, Heralding Ethereum, XRP...

Lugano, Switzerland, has broadened its tax and community fee payment options to include the option to pay in cryptocurrencies, including Bitcoin (BTC) and Tethers USDT stablecoin, according to a Dec. 5 statement.

The transactions will be facilitated by Bitcoin Suisse, a Swiss crypto gateway provider, that would enable citizens and institutions to settle invoices issued by the city using either of these two leading digital currencies.

Previously, crypto payments in Lugano were limited to transactions made on the citys online portal. However, this update expands the settlement option to encompass all invoices, regardless of their nature or amount.

This move aligns with Luganos broader Plan B effort to transform the citys financial system using Tether and Bitcoin technology. The Plan B program includes the citys plan to integrate blockchain technology into daily life. The city is partnering with Tether to achieve this goal.

Bitcoin Suisse helps the city streamline the technical aspects of crypto payments. Notably, the platform employs QR-Bill technology, allowing Luganos residents to scan the QR code on their invoices to make payments. Subsequently, individuals and institutions can select their preferred cryptocurrency and wallet after scanning the QR code.

Armin Schmid, the Chief Product Officer at Bitcoin Suisse, expressed enthusiasm about the citys adoption of Bitcoin technology, stating:

It is great to see that more and more Swiss municipalities are offering payments in cryptocurrencies as an option available to both citizens and companies, complementing traditional payment methods such as post-office counters and e-banking platforms.

Tether has yet to respond to CryptoSlates request for comment as of press time.

Meanwhile, Lugano is not the first Swiss city with a pro-crypto disposition. Bitcoin Suisse is playing an active role as the technical infrastructure provider for crypto payments services in the City of Zug, the Canton of Zug, and the municipality of Zermatt.

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Swiss city Lugano to accept Bitcoin, Tether for tax payments - CryptoSlate

Yuri Molchan

Vocal Bitcoin supporter Samson Mow issued major Bitcoin prediction, warning that 'this time is different, pay attention'

Jan3 CEO and early Bitcoin adopter Samson Mow has taken to Twitter/X to get his important message about what is happening to BTC at the moment across to the crypto community.

In a recent X post, Mow opined that the reasons for Bitcoin going up and people accumulating heavily is happening under different circumstances than last time, and he advises the Bitcoin community to pay attention to what is happening now.

Samson Mow has published several X posts to share his message to the Bitcoin community. In one of them he stated that the current Bitcoin bull run is quite different from the previous one. In particular, the Jan3 chief executive shared that the previous bull run was powered by a lot of quantitative easing money getting injected into the economy.

Unlike then, now a lot of quantitative tightening is taking place, and the U.S. Federal Reserve keeps raising interest rates. However, investors are buying Bitcoin in large amounts despite that circumstance. Pay attention, Mow warns Bitcoin holders.

Mow also warned: We're about to see what happens when demand shock meets supply shock, referring to Bitcoin again here. In theory, a demand shock meeting a supply shock should propel an assets price up.

Aside from that, over the past few years, a large portion of Bitcoin held in self-custody has not been sold. According to VC investor and finance podcaster Anthony Pompliano, over the past year, around 70% of the circulating Bitcoin supply has been held in cold wallets and not traded by long-term investors.

He added that BTC's market capitalization value has surpassed $800 billion that is more than the market value of Berkshire Hathaway, created and run by the legendary investor Warren Buffett, who is known as the Oracle of Omaha and a vocal Bitcoin critic. Currently, Buffett is the fifth wealthiest man in the world.

The above-mentioned Anthony Pomp Pompliano has pointed out in an X post that there may be an important reason behind the multiple U.S. Wall Street hedge funds that have filed to get permission to launch a Bitcoin spot ETF from the SEC regulatory agency.

Pompliano believes that they likely expect to have their filings approved at more or less the same time. Therefore, they are preparing now for that, and each of them is updating their application. These hedge funds include BlackRock, Fidelity and Ark Investment. Once they receive approval, Pompliano continues, these funds will start competing for billions in AUM (assets under management) and this will kick off one of the most insane marketing blitzes in financial markets history.

Since Sunday, the flagship cryptocurrency Bitcoin has added 6.27% to its price and at the time of this writing is changing hands at $42,000 on the Bitstamp exchange.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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Crucial Bitcoin (BTC) Prediction Made by Samson Mow, Hold Tight - U.Today

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Bitcoin whales resume accumulation, signaling confidence in market rally - CryptoSlate

Coinbase Global stock was ticking higher with Bitcoin. Both shares and the cryptocurrency notched 20-month intraday highs in Monday trading.

Shares of the cryptocurrency exchange tend to move with the well-known digital asset.

And indeed, on Monday morning, Coinbase stock soared to $146.30, its highest level since April 2022. Bitcoin gained...

Coinbase Global stock was ticking higher with Bitcoin. Both shares and the cryptocurrency notched 20-month intraday highs in Monday trading.

Shares of the cryptocurrency exchange tend to move with the well-known digital asset.

And indeed, on Monday morning, Coinbase stock soared to $146.30, its highest level since April 2022. Bitcoin gained for its fifth trading day in a row, reaching $40,728, its highest intraday level also since April 2022, according to Dow Jones Market Data. Shares and Bitcoins gains later eased but remained significantly higher.

Bitcoin has climbed sharply over the past few months, and multiple factors may be responsible for that rally. One is that investors are hoping regulators will soon approve the first spot Bitcoin exchange-traded fund. Another is expectations that the Federal Reserve will cut interest rates multiple times next year, and lower rates tend to benefit riskier investments such as Bitcoin and tech stocks, Barrons previously reported.

Write to Emily Dattilo at emily.dattilo@dowjones.com

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Coinbase Stock and Bitcoin Are Soaring Together - Barron's

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Bitcoin's illiquid supply hits 10-year high, signaling strong investor conviction - CryptoSlate