💥 Top Stories This Week 💥

Bitcoin ETFs See Surge in Trading, Monero Removed from Binance, and ARK to Stake Ethereum ETF Shares.

In this week’s Hodler’s Digest Bitcoin ETFs attracting a lot of attention, Binance removing Monero, and ARK’s plans to stake Ether.

🚀 ‘Big volume day’ for BlackRock as Bitcoin ETFs notch $1B volume

On February 7th, the total daily trading volume for spot Bitcoin exchange-traded funds (ETFs) surpassed a billion dollars, with BlackRock leading the way. Bloomberg Intelligence analyst James Seyffart described it as a “big volume day” for BlackRock’s iShares Bitcoin Trust, which saw a daily trading volume of $341.2 million. This exceeded the volume of the Grayscale Bitcoin Trust, which had $296.5 million. Fidelity’s FBTC fund came in third with $200 million in volume, while the remaining seven funds collectively had $188 million in daily volume. With over a billion dollars traded in a single day, it’s clear that Bitcoin ETFs are gaining significant traction.

📉 Monero hits 5-month low as Binance plans delisting

Monero (XMR) suffered a drop to a five-month low following the announcement by Binance that it plans to delist the cryptocurrency on February 20, 2024. Binance will remove all trading pairs involving Monero, including those against Bitcoin, Ether, Tether, and Binance Coin. Withdrawals for XMR tokens will be suspended after May 20, 2024. Binance’s decision to delist Monero is based on factors such as its contribution to the health of the crypto ecosystem, ethical conduct, and responsiveness to due diligence requests. This news highlights the importance of regulatory compliance and due diligence for cryptocurrencies.

🔄 ARK 21Shares refiles spot Ethereum ETF with cash creates, adds staking

ARK 21Shares has refiled its spot Ether exchange-traded fund (ETF) application to adopt a cash creation model, similar to its approved spot Bitcoin ETF. This new filing also proposes adding a staking element to the ETF, which would generate additional income. Under the cash creation model, ARK 21Shares would purchase Ether equivalent to the order amount and deposit it in the trust’s account with the custodian. The ETF would then stake Ether from the trust’s cold vault balance, with the staking rewards treated as income for the trust. This innovative approach aims to provide more opportunities for investors looking to gain exposure to Ethereum.

💰 FTX, Alameda transfer $39M to exchanges in 37 days

Since January 2024, crypto wallets linked to the defunct FTX exchange and its sister company, Alameda Research, have transferred over $38.8 million in digital assets to various crypto exchanges. These fund movements occurred as FTX went through restructuring efforts and expressed its commitment to fully repay its customers. It’s worth noting that while the exchange has stated that repaying customers is an objective, it is not guaranteed. The transfer of significant amounts of digital assets demonstrates FTX’s efforts to fulfil its obligations and regain the trust of its users.

• The Pros and Cons of Buying Bitcoin with a Credit Card 💳
• XRP Ledger: A Quarter of Growth and Milestones
• 🚀 Ether Price Surges Above $2,450: Is $2,800 Within Reach? 🚀

🎭 AI-generated fake IDs claimed to pass crypto exchange KYC are selling for $15

A new service is claiming to use artificial intelligence to create fake driver’s licenses and passports that can pass Know Your Customer (KYC) checks on multiple crypto exchanges. These realistic fake documents are available for only $15 and can be paid for using multiple cryptocurrencies. The popularity of this service raises concerns about the effectiveness of KYC processes on crypto exchanges. It also emphasizes the importance of strengthening identity verification systems to prevent fraudulent activity in the crypto space.

❓ Additional Topics of Interest ❓

🤔 How do Bitcoin ETFs work?

Bitcoin ETFs (exchange-traded funds) allow investors to gain exposure to Bitcoin without needing to directly own and manage the cryptocurrency themselves. These funds buy and hold Bitcoin on behalf of investors, who can then buy and sell shares of the ETF on a regulated stock exchange. This provides a convenient and regulated way for institutional and retail investors to invest in Bitcoin. However, it’s important to understand the specifics of each ETF and their underlying assets before investing.

😮 What are the implications of Monero’s delisting?

Binance’s decision to delist Monero raises questions about the regulation of privacy-focused cryptocurrencies. While Monero’s privacy features have legitimate use cases, they can also be attractive to criminals seeking to conduct anonymous transactions. Delisting Monero may help mitigate potential risks associated with illicit activities, but it could also impact the privacy rights of legitimate users. This situation highlights the ongoing challenge of striking a balance between privacy and regulatory compliance in the cryptocurrency industry.

📈 What are the potential benefits of staking in ETFs?

The addition of staking to ARK 21Shares’ Ether ETF offers several potential benefits. Staking allows investors to earn additional income on their Ethereum holdings by participating in the network’s consensus mechanism. This can potentially increase the overall returns for investors in the ETF. Additionally, by staking Ether from the trust’s cold vault balance, the ETF strengthens the security of the network by contributing to the consensus process. Staking provides a way for investors to actively support the Ethereum network while earning passive income.

💡 How can investors protect themselves from fraudulent activities?

The prevalence of AI-generated fake IDs highlights the need for robust security measures and due diligence when it comes to identity verification in the crypto space. To protect themselves from fraudulent activities, investors should choose reputable exchanges that have strong KYC processes in place. They should also remain vigilant and skeptical of suspicious offers or services that claim to bypass regulatory requirements. Educating oneself about the risks and best practices in the crypto industry is essential for making informed investment decisions.

🚀 Future Outlook and Investment Recommendations 🚀

Looking ahead, Bitcoin ETFs are likely to continue attracting significant trading volume as more institutional and retail investors seek exposure to Bitcoin. The success of BlackRock’s iShares Bitcoin Trust and other ETFs indicates growing mainstream interest in the cryptocurrency asset class. Additionally, the addition of staking to Ethereum ETFs, as proposed by ARK 21Shares, reflects evolving strategies for generating additional income from cryptocurrency holdings. This integration of staking with ETFs may become a popular investment approach as more networks adopt proof-of-stake consensus mechanisms.

Investors should carefully consider their investment goals, risk tolerance, and the specific features of each ETF before making investment decisions. Conducting thorough research and consulting with financial advisors can help investors make informed choices. Furthermore, staying updated on regulatory developments and industry trends will be crucial for navigating the evolving landscape of cryptocurrency investments.

🔗 Reference Links: – Bitcoin instantly topped Silver ETF market trails gold among commodities – Binance is delisting Monero (XMR) and other tokens – ARK 21Shares has amended its spot Ether exchange-traded fund (ETF) application – Crypto wallets linked to FTX exchange and Alameda Research – AI-generated fake IDs claimed to pass crypto exchange KYC – Features: Why are crypto fans obsessed with micronations and seasteading? – Features: DeSci: Can crypto improve scientific research?

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