For those following the bitcoin MINING stocks (our DAPP and BLOK picks have tripled since this stack post last year!!:) here's an excellent update.
I am convinced James (ex Paternoster Square guru turned peoples bard) is the only Crypto Youtuber who actually knows what he's talking about. Everyone else is just guessing.
TSUNAMI WARNING! The current "tide" pullback is misleading. Do NOT PLAY ON THE RECEDING BEACH!
The newly-launched U.S. spot bitcoin ETFs have crossed $10 billion in cumulative trading volume in just four days, according to Yahoo Finance data compiled by The Block.
Grayscale, BlackRock and Fidelity continue to dominate, collectively accounting for about 90% of the total trading volume.
On Tuesday, the new products registered $1.8 billion in total trading volume, well below the $3 billion seen last Friday and the $4.6 billion on day one.
Today's trading volume for the spot bitcoin ETFs stands at around $1 billion so far.
BlackRock and Fidelity's ETFs also lead in terms of fresh capital flowing into the instruments, according to Bloomberg ETF analyst Eric Balchunas.
BlackRock has recorded a total of $710 million worth of inflows and Fidelity $524 million, Balchunas said. Grayscale, on the other hand, has registered $1.2 billion in outflows for its converted fund, with total net flows across the ETFs currently at $782.5 million.
The newly-launched U.S. spot bitcoin ETFs have crossed $10 billion in cumulative trading volume in just four days, according to Yahoo Finance data compiled by The Block.
Grayscale, BlackRock and Fidelity continue to dominate, collectively accounting for about 90% of the total trading volume.
On Tuesday, the new products registered $1.8 billion in total trading volume, well below the $3 billion seen last Friday and the $4.6 billion on day one.
Today's trading volume for the spot bitcoin ETFs stands at around $1 billion so far.
BlackRock and Fidelity's ETFs also lead in terms of fresh capital flowing into the instruments, according to Bloomberg ETF analyst Eric Balchunas.
BlackRock has recorded a total of $710 million worth of inflows and Fidelity $524 million, Balchunas said. Grayscale, on the other hand, has registered $1.2 billion in outflows for its converted fund, with total net flows across the ETFs currently at $782.5 million.
Pay attention. Many of you have massive gains YTD since our stack in January! Crypto still has a unique tax loophole!
Read and consider:
Tax-loss harvesting has been popular among crypto investors because of a wash sale loophole. The IRS disallows a loss for other assets if investors buy a “substantially identical” asset within the 30-day window before or after the sale. The wash sale rule doesn’t apply to crypto losses or gains for any asset.
Still, the tax gain strategy allows you to sell at a gain and pay no tax, whereas “tax loss harvesting defers future tax,” Gordon said.
It has been a strong price week for digital assets following a key legal victory for industry infrastructure provider Grayscale. Bitcoin (BTC) is up ~4.6% so far this week and Ethereum (ETH) is up ~2.9%.
Grayscale, the issuer of the Grayscale Bitcoin Trust (GBTC), had a landmark victory against the US financial market regulator the Securities and Exchange Commission (SEC). This sent markets into a buying frenzy.
On Tuesday, the DC Circuit Court of Appeals ruled that the SEC had acted "arbitrarily and capriciously" when it rejected Grayscale’s proposal to convert its Bitcoin trust into an Exchange Traded Fund (ETF).
The Grayscale Bitcoin Trust is a digital currency investment product that offers investors the opportunity to gain exposure to Bitcoin and other digital assets via a private trust that offers shares to investors. The trust holds in excess of 643,572BTC.
In 2021, Grayscale announced plans to convert GBTC into an ETF, so that it could be "like a stock on a national securities exchange, such as NYSE Arca or Nasdaq," in the words of Craig Salm, Grayscale’s Chief Legal Officer.
Grayscale’s proposal was rejected the next year. The firm challenged this denial arguing that the SEC had violated the Administrative Procedure Act by approving futures-based ETFs while rejecting spot-based ETFs without providing a reasonable explanation.
The judge ruling in Grayscale’s favor has positive implications for the wider industry. A number of major financial institutions have applied for Bitcoin ETFs including BlackRock. The SEC will now need to have a new and stronger rationale if they choose to reject these applications.
An ETF or exchange-traded fund is an investment vehicle that tracks the performance of a particular asset or group of assets. As compared to GBTC, it would be accessible on public exchanges like the NYSE Arca.
Tuesday’s court decision does not mean GBTC can be immediately converted into an ETF, but it will allow GBTC’s ETF application to be reviewed alongside other spot BTC ETF applications like the one made by BlackRock.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, simply tweeted: “Victory $GBTC” after the ruling, indicating a buoyant mood.
After news of the court victory, the price of BTC jumped to above US$28,000. It, however, pulled back to ~US$27,100 before rising and eventually settling around ~US$27,250.
REPOST: Ivermectin May Defeat Cancer and Other Common Chronic Diseases of AgingIf you think Big Pharma had good reasons to censor ivermectin during COVID-19 how about now when we know it is likely effective against all chronic diseases associated with aging?
Bitcoin rallies more than 5% as court sides with Grayscale over the SEC in crypto ETF case
**(Hey, since you're UP over 100% since this post... maybe you subscribe?? ;)**
https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html
For those following the bitcoin MINING stocks (our DAPP and BLOK picks have tripled since this stack post last year!!:) here's an excellent update.
I am convinced James (ex Paternoster Square guru turned peoples bard) is the only Crypto Youtuber who actually knows what he's talking about. Everyone else is just guessing.
https://www.youtube.com/live/RsTjIUYLiBo?si=mYjpL_H5vnmrxp9a
Update!! BTC📈$99K in 40 days, $308K in 1 Yr + Medici History 🚀
https://www.youtube.com/live/J-dS_gtZLzA?si=XfIUa1tItnvh1lWB
Michael Saylor explains how bitcoin is NUCLEAR PROOF.
https://youtube.com/shorts/eOf9-HrdYNI?si=jmBSTgvnBqtJUqN3
IRS says controversial $10k reporting rule doesn’t currently apply to crypto
https://cryptoslate.com/irs-says-controversial-10k-reporting-rule-doesnt-currently-apply-to-crypto/
TSUNAMI WARNING! The current "tide" pullback is misleading. Do NOT PLAY ON THE RECEDING BEACH!
The newly-launched U.S. spot bitcoin ETFs have crossed $10 billion in cumulative trading volume in just four days, according to Yahoo Finance data compiled by The Block.
Grayscale, BlackRock and Fidelity continue to dominate, collectively accounting for about 90% of the total trading volume.
On Tuesday, the new products registered $1.8 billion in total trading volume, well below the $3 billion seen last Friday and the $4.6 billion on day one.
Today's trading volume for the spot bitcoin ETFs stands at around $1 billion so far.
BlackRock and Fidelity's ETFs also lead in terms of fresh capital flowing into the instruments, according to Bloomberg ETF analyst Eric Balchunas.
BlackRock has recorded a total of $710 million worth of inflows and Fidelity $524 million, Balchunas said. Grayscale, on the other hand, has registered $1.2 billion in outflows for its converted fund, with total net flows across the ETFs currently at $782.5 million.
Meanwhile, dormant bitcoin worth $2 billion moved just days after the spot bitcoin ETFs started trading, according to Arkham Intelligence. https://www.theblock.co/post/273147/cumulative-spot-bitcoin-etf-volume-crosses-10-billion-on-fourth-day-of-trading
UPDATE: Silent Tsunami rolling in!
The newly-launched U.S. spot bitcoin ETFs have crossed $10 billion in cumulative trading volume in just four days, according to Yahoo Finance data compiled by The Block.
Grayscale, BlackRock and Fidelity continue to dominate, collectively accounting for about 90% of the total trading volume.
On Tuesday, the new products registered $1.8 billion in total trading volume, well below the $3 billion seen last Friday and the $4.6 billion on day one.
Today's trading volume for the spot bitcoin ETFs stands at around $1 billion so far.
BlackRock and Fidelity's ETFs also lead in terms of fresh capital flowing into the instruments, according to Bloomberg ETF analyst Eric Balchunas.
BlackRock has recorded a total of $710 million worth of inflows and Fidelity $524 million, Balchunas said. Grayscale, on the other hand, has registered $1.2 billion in outflows for its converted fund, with total net flows across the ETFs currently at $782.5 million.
Meanwhile, dormant bitcoin worth $2 billion moved just days after the spot bitcoin ETFs started trading, according to Arkham Intelligence. https://www.theblock.co/post/273147/cumulative-spot-bitcoin-etf-volume-crosses-10-billion-on-fourth-day-of-trading
Pay attention. Many of you have massive gains YTD since our stack in January! Crypto still has a unique tax loophole!
Read and consider:
Tax-loss harvesting has been popular among crypto investors because of a wash sale loophole. The IRS disallows a loss for other assets if investors buy a “substantially identical” asset within the 30-day window before or after the sale. The wash sale rule doesn’t apply to crypto losses or gains for any asset.
Still, the tax gain strategy allows you to sell at a gain and pay no tax, whereas “tax loss harvesting defers future tax,” Gordon said.
https://www.cnbc.com/2023/11/17/you-could-owe-0percent-capital-gains-tax-for-cryptocurrency-in-2023.html
RIP to a Great Guy..
James Sinclair Dies at 83
Many of you have benefitted from both his advice and introducing Martin Armstrong to the public 15 yrs back.
https://www.armstrongeconomics.com/armstrongeconomics101/opinion/james-sinclair-dies-at-83/?utm_source=Newsletter&utm_medium=Email&utm_campaign=RSS
HEADS UP Folks!!! That’s A TRIPLE (300% GAIN) on GBTC/Bitcoin since we highlighted it right here on STNN in January.
Remember, you never go broke taking a profit. Consider harvesting some, and taking your principle off the table. ENJOY!
If that’s worth a paid subscription, join us!!
https://seekingalpha.com/symbol/GBTC
Midweek Bitcoin Recap!
It has been a strong price week for digital assets following a key legal victory for industry infrastructure provider Grayscale. Bitcoin (BTC) is up ~4.6% so far this week and Ethereum (ETH) is up ~2.9%.
Grayscale, the issuer of the Grayscale Bitcoin Trust (GBTC), had a landmark victory against the US financial market regulator the Securities and Exchange Commission (SEC). This sent markets into a buying frenzy.
On Tuesday, the DC Circuit Court of Appeals ruled that the SEC had acted "arbitrarily and capriciously" when it rejected Grayscale’s proposal to convert its Bitcoin trust into an Exchange Traded Fund (ETF).
The Grayscale Bitcoin Trust is a digital currency investment product that offers investors the opportunity to gain exposure to Bitcoin and other digital assets via a private trust that offers shares to investors. The trust holds in excess of 643,572BTC.
In 2021, Grayscale announced plans to convert GBTC into an ETF, so that it could be "like a stock on a national securities exchange, such as NYSE Arca or Nasdaq," in the words of Craig Salm, Grayscale’s Chief Legal Officer.
Grayscale’s proposal was rejected the next year. The firm challenged this denial arguing that the SEC had violated the Administrative Procedure Act by approving futures-based ETFs while rejecting spot-based ETFs without providing a reasonable explanation.
The judge ruling in Grayscale’s favor has positive implications for the wider industry. A number of major financial institutions have applied for Bitcoin ETFs including BlackRock. The SEC will now need to have a new and stronger rationale if they choose to reject these applications.
An ETF or exchange-traded fund is an investment vehicle that tracks the performance of a particular asset or group of assets. As compared to GBTC, it would be accessible on public exchanges like the NYSE Arca.
Tuesday’s court decision does not mean GBTC can be immediately converted into an ETF, but it will allow GBTC’s ETF application to be reviewed alongside other spot BTC ETF applications like the one made by BlackRock.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, simply tweeted: “Victory $GBTC” after the ruling, indicating a buoyant mood.
After news of the court victory, the price of BTC jumped to above US$28,000. It, however, pulled back to ~US$27,100 before rising and eventually settling around ~US$27,250.
Donate to the Jenna Ellis Legal Defense Fund https://www.givesendgo.com/supportjenna
GREAT NEWS!!!
SPOT BITCOIN ETF MAY SOON BE HERE (you already KNOW what that means if you read this stack!)
Listen!!!!!!!!
https://www.thetayf.com/pages/podcast?wchannelid=orevmv41t6&wmediaid=6ctd11ntcj
FYI, GBTC and ETHE (DAPP and BLOK) look attractive (all can be bought like regular stocks in brokerage acct):
(((Not advice!! Do your own research!!*
"DO YOU UNDERSTAND WHAT THIS MEANS (THINK SUPPLY AND DEMAND!!)
BREAKING: First bitcoin ETF could be coming soon as court rules in favor of Grayscale "
Here's the announcement from Grayscale:
https://email.grayscale.com/dc/iGfH26mJg0AbsmwQ7gvwI5BBkXzoXzo2RbwdKz7pAomboHcYP4vJJwQfrlAWK1aQje1N2cIzXUHfHRe74a_huO7HRPJcrNAwYHlGz1wz3yfQgXuHUDFaw-xTPNkeF-mJpvgUdIuaqweDoBGAbyE8M83SdpUmlhSFTiT8mGGnYL5O5L02ShEBs6YzHOcISx1zAWECkF14b9C26YEeJH-LFKRcNlcDjO-QpDIhaVp56nU=/MDAwLUVVRS0xMjUAAAGN4NqvhNofiubvDorcGF1raCwiSy9gvziJcNP8AZWYPC0Uk6hRtICyzzfrrnsAYfrKRBfatug=
Also read:
https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html
August 29th: DO YOU UNDERSTAND WHAT THIS MEANS (THINK SUPPLY AND DEMAND!!)
BREAKING: First bitcoin ETF could be coming soon as court rules in favor of Grayscale
https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html
Here's some even BETTER news!!
REPOST: Ivermectin May Defeat Cancer and Other Common Chronic Diseases of AgingIf you think Big Pharma had good reasons to censor ivermectin during COVID-19 how about now when we know it is likely effective against all chronic diseases associated with aging?
https://www.2ndsmartestguyintheworld.com/p/repost-ivermectin-may-defeat-cancer?utm_source=post-email-title&publication_id=400535&post_id=136521714&isFreemail=true&utm_medium=email