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The US to fine for social media boosting: How crypto bloggers may suffer

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The U.S. Federal Trade Commission has banned fake reviews and recommendations. What does it mean for crypto?

According to the latest news, the decision introduces financial and administrative restrictions on individuals who “sell or buy fake social media influencer indicators.”

The FTC leadership unanimously supported the introduction of the new rules. They will take effect 60 days after publication in the Federal Register:

Fake reviews not only waste people’s time and money, but pollute the marketplace and divert business away from honest competitors.

Lina M. Khan, FTC chair

The new policy also applies to crypto influencers. With the release of the latest ban, unfair methods to boost a channel or page on a social network will lead to fines and sanctions from the authorities. The FTC will also prohibit using tools that use artificial intelligence technologies for such purposes.

At the same time, the ban only applies to cases where the account owner specifically ordered or otherwise facilitated such a service. The rules also mention that fines will be imposed if the mentioned methods are used to obtain benefits for commercial purposes.

Social media investment scams continue to grow

Recently, the FTC has noted a sharp increase in social media investment scams, especially in cryptocurrency. These include fake messages promising guaranteed high returns with little or no risk.

FTC consumer education specialist Andrew Raio noted that scammers are increasingly targeting social media users on major platforms with fraudulent investment opportunities, especially crypto:

If you reply, the scammer will say they’ve made lots of money investing in Bitcoin or another cryptocurrency. And they can get you a unique opportunity that guarantees significant returns with little or no risk. But these are all lies designed to convince you and get your money.

The victim is redirected to a fake investment site or app where their investment account looks profitable. However, once the scammer has squeezed out as much money as possible, they disappear, leaving the victim with nothing.

Crypto romance scams

The FTC has also warned about cryptocurrency scammers offering investment advice under the guise of romantic partners.

The regulator noted that scammers build an emotional connection with you, making you more likely to believe they are experts in investing in cryptocurrency.

The scam usually begins with an unsolicited social media contact. The scammer carefully studies the victim’s profile to establish trust and a connection. Once a relationship is established, the conversation turns to investments, with the scammer claiming their top priority is the victim’s financial security.

More restrictions for the crypto sphere are coming

In addition to crypto influencers, betting platforms have previously come under the scrutiny of the U.S. authorities.

Earlier in August, the U.S. Congress called on the Commodity Futures Trading Commission to ban political bets. Authorities noted that they could influence the outcome of the U.S. presidential election.

Five senators and three members of the House of Representatives sent an open letter to CFTC Chairman Rostin Benham. They stated that such mechanisms could undermine public confidence in the electoral system.

The initiative is also aimed at the Polymarket betting platform, where crypto community members guess the presidential election’s outcome. According to the latest data, the bet volume has exceeded $606 million. Vice President Kamala Harris is in the lead — users estimate her chances of winning at 53%, and 44% of people who placed a bet believe in former President Donald Trump’s triumph.

Source: Polymarket

At the same time, the total political section on the platform in terms of funds exceeds $1 billion. Polymarket participants bet on hundreds of events.

U.S. politicians have suddenly fallen in love with cryptocurrencies

Despite the statements of individual regulators and government officials, politicians have also increased their interest in cryptocurrencies in the run-up to the presidential elections. In particular, Trump, who in 2018 instructed the U.S. Treasury to end Bitcoin (BTC), and in 2021, called it a fraud and asked for regulating the industry.

Although the Democrats have not explicitly stated their support for digital assets, they have not recently called for increased regulation or a ban. In addition, with the approval from above, the Securities and Exchange Commission would have approved even one of the documents required to list the Ethereum ETF.

Therefore, it is evident that American politicians have taken a course on a loyal attitude towards cryptocurrency.

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Theo Crypto News

Altcoin

Spot Bitcoin ETFs witness inflows of $11.11m, Ether ETFs break 3-day inflow streak

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Spot Bitcoin exchange-traded funds in the United States saw positive flows again, in contrast to spot Ethereum ETFs, which saw substantial outflows, ending their three-day run of gains.

Data from SoSoValue reveals that on Aug. 15, the twelve U.S. spot Bitcoin ETFs registered a collective inflow of $11.11 million, ending their short-lived negative flow witnessed the previous day.

Fidelity’s FBTC led the charge with inflows of $16.2 million followed by Grayscale’s Bitcoin mini trust and Biwise’s BITB which saw $13.7 million and $6.2 million inflows, respectively. Grayscale’s GBTC was the only offering to see outflows of $25 million on the day, bringing its total net outflows to $19.57 billion since its launch. The remaining seven Bitcoin ETFs reported no changes in their inflows or outflows for the day.

Spot Ether ETFs see substantial outflows

Conversely, the nine Ethereum ETFs collectively saw $39.21 million in outflows on Aug. 15, a flip from the previous daily inflows of $10.8 million and $24.3 million. Leading the outflows was Grayscale’s ETHE, with continued outflows of $42.5 million and accumulating total outflows of $2.38 billion since its inception.

Meanwhile, Fidelity’s FETH and BlackRock’s ETHA saw modest inflows of $2.5 and $0.8 million, respectively, on the day. The remaining seven Ethereum ETFs showed no significant activity. Despite these outflows, Ether ETFs experienced a jump in trading volume, totaling $240.58 million, higher than the previous day. These funds have seen a cumulative net outflow of $405.11 million to date.

Leveraged fund attracts investor focus

Meanwhile, the U.S. Securities and Exchange Commission has recently given the green light for the launch of a new leveraged fund, MSTX, by Defiance, a U.S.-based ETF issuer. The fund aims to provide investors with 175% daily long exposure to MicroStrategy, enabling them to gain leveraged exposure to innovative companies without the need for a margin account.

On its debut trading day, MSTX generated $22 million in volume, which might set a new record, according to Bloomberg’s Senior ETF Analyst, Eric Balchunas.

Despite this development and the introduction of IBIT, another ETF, the broader crypto market has shown a tepid response. Most major cryptocurrencies have remained stable or recorded minimal increases. Bitcoin (BTC) had only gained 0.77%, while Ethereum (ETH) managed an even lower increase of 0.16%, per data from crypto.news.

Bitcoin dipped temporarily under the $57,000 mark but has since managed to climb back up to $58,442 at the time of writing. Aptos (APT) and Celestia (TIA) have taken the biggest hit among the top ten by market cap on the daily timeframe and are down 4.9% and 3.8%, respectively.

It remains to be seen if the bulls or the bears get the upper hand now, but analyst Rekt Capital noted in an Aug. 15 post on X that Bitcoin is currently retesting the bottom of its trading channel as support, indicated by a green circle on the chart. They also emphasized that maintaining price stability at this level could favorably impact the cryptocurrency’s potential for a future upward trend continuation.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Spot Bitcoin and Ethereum ETFs record second day of joint inflows streak

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Spot Bitcoin and Ethereum exchange-traded funds in the United States continue their streak with a second consecutive day of positive inflows this week.

According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded a total inflow of $38.94 million on Aug. 13, representing a nearly 40% increase from the $27.87 million recorded the previous day.

BlackRock’s IBIT fund led with $34.6 million in inflows, bringing its total since launch to $20.36 billion. It was the only Bitcoin ETF to see inflows for two consecutive days.

Other notable inflows included $22.6 million into Fidelity’s FBTC and $16.5 million into Bitwise’s BITB. These gains helped to counterbalance a $28.6 million outflow from Grayscale’s GBTC, which has seen total outflows of $19.49 billion since its inception.

The remaining Bitcoin ETFs did not record any activity on that day.

Trading volumes for Bitcoin ETFs were slightly lower at $1.18 billion, down from $1.3 billion on Aug. 12. The cumulative net inflows into spot Bitcoin ETFs stood at $17.4 billion.

In contrast, the nine spot Ethereum ETFs saw a significant uptick in investor interest, with net inflows reaching $24.3 million on Aug. 13, a notable increase from the modest $5 million recorded the previous day.

According to data from SoSoValue, BlackRock’s ETHA led the charge once again, with $49.1 million in inflows following a day of no flows.

Fidelity’s FETH and Invesco Galaxy’s QETH also saw inflows of $5.4 million and $0.8 million, respectively. This was the first day of inflows for Invesco’s Ethereum ETF since its launch.

Grayscale’s ETHE fund saw an outflow of $31 million, bringing its total outflows to $2.32 billion since launch.

Despite the inflows, the trading volume for Ethereum ETFs dropped significantly to $190.76 million. Overall, these funds have experienced cumulative net outflows of $376.67 million to date.

At the time of writing, Bitcoin (BTC) was exchanging hands at $60,786, while Ethereum (ETH) stood at $2,726.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Spot Bitcoin ETFs see $27.87m inflows, outpacing Ethereum ETFs by wide margin

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Spot Bitcoin exchange-traded funds in the United States began the week with net inflows that were more than five times greater than those of spot Ethereum ETFs.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw inflows of $27.87 million on Aug. 12, a flip from the $45.14 million outflows recorded on Aug. 9.

Interestingly, ARK 21Shares’s ARKB led the lot with $35.4 million, bringing its total inflows since launch to $2.45 billion. BlackRock’s IBIT followed with $13.4 inflows, being the only one to record a second consecutive day of inflows.

Grayscale’s Bitcoin mini trust fund raked in the least inflows, with $79 million flowing in.

These inflows managed to offset the $11.8 million leaving Grayscale’s GBTC, which has shed over $19.46 billion since launch. The remaining ETFs saw no flows on the day.

Trading volume for these offerings jumped to $1.3 billion, lower than the $1.27 billion seen on Aug. 12. Cumulative net inflows into spot BTC ETFs stood at $17.37 billion.

In contrast, the nine spot Ethereum ETFs saw smaller net inflows totalling $4.93 million on the same day, marking an end to three days of net outflows.

Fidelity’s FETH led the charge with $4 million in inflows, followed by Bitwise’s ETHW and Franklin Templeton’s EZET with $2.9 million and $1 million respectively

Meanwhile, VanEck’s ETHV recorded its first day of outflows since launch, with $2.9 flowing out. Flows into the other offerings remained neutral.

However, the nine Ether ETFs saw a big jump in trading volume to $285.96 million. To date, these funds have seen cumulative net outflows of $401.01 million.

At the time of writing, Bitcoin (BTC) was exchanging hands at $59,105, while Ethereum (ETH) stood at $2,641.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Spot Bitcoin ETF inflows surge four-fold, Ether ETF outflows slow down

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Spot Bitcoin exchange-traded funds in the U.S. saw a notable surge in inflows while spot Ether ETFs outflows slowed down.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw inflows of $192.56 million on Aug. 8. This was a surge of over four times compared to the $45.14 million recorded the previous day.

BlackRock’s IBIT led the lot with $157.6 million, bringing its total inflows since launch to $20.3 billion. WisdomTree’s BTCW followed with $118.5 inflows — its highest since its debut.

These funds were the only ones to record a second consecutive day of inflows. 

Additional inflows went into FIdelity’s FBTC and ARK 21Shares’s ARKB, which logged $65.2 million and $32.8 million respectively. Meanwhile, VanEck’s HODL fund raked in the least inflows, with $3.4 million flowing in.

These inflows managed to offset the $2.9 million leaving Grayscale’s GBTC, which has shed over $19.3 billion since launch. Flows into the other offerings remained neutral.

Trading volume for these offerings jumped to $2.02 billion, eclipsing the $1.79 billion seen the previous day. Cumulative net inflows into spot BTC ETFs stood at $17.43 billion.

Ethereum ETFs saw net outflows of $2.9 million on Aug. 8, led by Grayscale’s offering, with $19.8 million leaving the ETHE fund. Fidelity’s FETH recorded its first day of outflows since launch, with $2.6 flowing out.

BlackRock’s ETHA, Grayscale’s Ether mini trust, and Bitwise’s ETHW were the only ETH ETFs to log inflows of $11.7 million, 5 million, and 2.8 million on the day. The other ETFs saw zero flows.

This marked the second consecutive day of outflows from these offerings, which was notably lower than the $23.7 recorded the previous day.

However, the nine Ether ETFs saw a slight jump in trading volume to $338.49 million. To date, these funds have seen cumulative net outflows of $390.23 million.

At the time of writing, Bitcoin (BTC) was exchanging hands at $60,914, while Ethereum (ETH) stood at $2,688.

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Theo Crypto News

Bitcoin

Crypto trading volume jumps 19% for first time in four months: CCData

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Crypto trading volume surged 19% in July, hitting $4.94 trillion, marking its first increase in four months, according to CCData.

In July, global crypto trading volumes on centralized exchanges rose 19% to $4.94 trillion, marking the first increase in four months, per CCData latest research report. The firm attributes the surge in volume to the launch of spot Ethereum exchange-traded funds in the U.S. and positive sentiment expressed by U.S. political figures at the Bitcoin conference in Nashville, Texas.

Aggregate monthly spot volumes | Source: CCData

The report indicates that both spot and derivatives trading volumes on centralized exchanges saw significant growth, with spot trading volumes rising 14.3% to $1.44 trillion and derivatives trading volumes increasing by 21% to $3.50 trillion. The share of the derivatives market climbed to 70.9%, the highest level since December 2023.

Monthly AA-A spot exchanges volumes | Source: CCData

CCData says Bybit emerged as a top performer in July, with its spot trading volume increasing by nearly 23% to $132 billion, the third-highest monthly volume in the exchange’s history. This boost in trading activity helped Bybit achieve a record market share of 9.18%, cementing its position as the second-largest spot exchange.

Despite this, Binance retained its position as the largest spot exchange with a market share of 28.1%, though this represents a decline of 4.9% from the previous month, the report reads.

In the derivatives market, Binance also maintained its dominance with a 43.5% market share, followed by OKX at 19% and Bybit at 15.1%. The report also highlights a significant spike in volatility in early August, which led to the second-highest daily spot trading volume since May 2021, a time when China’s ban on Bitcoin (BTC) mining disrupted global markets.

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Theo Crypto News

Phân tích

Spot Ethereum ETFs see $48m in inflows, crypto market rebounds

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Spot Ethereum exchange-traded funds in the United States have started the week with inflows as the cryptocurrency market recovered from a local trench.

According to data provided by Farside Investors, spot Ethereum (ETH) ETFs saw $48.8 million in net inflows on Monday, Aug. 5. Most of the inflows, worth $47.1 million, came from BlackRock’s ETHA fund, helping the ETF’s total inflows surpass the $750 million mark.

VanEck’s ETHV and Fidelity’s FETH funds also recorded double-digit inflows of $16.6 million and $16.2 million, respectively. 

The Grayscale mini ETH ETFs and Bitwise’s ETHW witnessed $7.6 million and $7.2 million in inflows, per Farside Investors’ data. Franklin Templeton’s EZET fund recorded roughly $900,000 worth of inflows as well.

On the other hand, Grayscale’s ETHE fund continued its outflux again and saw $46.8 million in outflows on Aug. 5. So far, the ETHE ETF has registered $2.16 billion in outflows since the investment products launched in the U.S.

Meanwhile, spot Bitcoin (BTC) ETFs recorded $168.4 million in net outflows as the week started. 

The Grayscale Bitcoin Trust (GBTC), ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) ETFs saw $69.1 million, $69 million and $58 million in outflows on Aug. 5. 

Grayscale mini BTC fund’s VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin ETF registered $21.8 million, $3 million and $2.9 million in inflows, respectively. 

The remaining spot BTC ETFs stayed neutral as the crypto market wandered in FUD (fear, uncertainty and doubt). 

Data from CoinGecko shows that the global crypto market capitalization witnessed a sharp rebound — increased by 8.6% over the past 24 hours and is sitting at $2.07 trillion.

Bitcoin also recovered from the $49,000 zone and is currently trading at $55,950 at the time of writing. Ethereum regained the psychological $2,500 support line after registering a 14.4% rally in the past 24 hours. 

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Theo Crypto News

Phân tích

Peter Schiff blasts Bitcoin and Ethereum ETFs; predicts a liquidity crisis

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Bitcoin and Ethereum prices are in a deep bear market amid the ongoing winding down of the Japanese yen carry trade and presidential polls in the US. 

Ethereum (ETH) has dropped by over 22% in the past 24 hours and by 32% in the last 7 days while Bitcoin (BTC) fell by 16% and 26%, respectively. 

Bitcoin vs Ethereum | Chart by crypto.news

Japanese yen carry trade

There are a few reasons for the ongoing crypto sell-off. However, the most important one is the ongoing winding down of the Japanese yen carry trade after the country’s central bank hiked interest rates by 0.25% last week.

This was an important decision since Japan has a history of maintaining low interest rates. Most recently, it was the last central bank to exit negative interest rates.

It was also a crucial decision because it came as other central banks are considering rate cuts. The Bank of England, European Central Bank, and Swiss National Banks have all slashed rates while the Fed has hinted that it will cut in September. 

Therefore, traders are winding down a carry trade that has existed for years. A carry trade happens when investors borrow from low-interest-rate countries to invest in higher rate countries. Over the years, borrowing from Japan and investing in the US has been a great trade.

Bitcoin, Ethereum, and other altcoins dropped after polls showed that Kamala Harris has a higher chance of beating Donald Trump. While Polymarket has Trump with a 53% chance of winning, Kamala has narrowed his lead in the $500 million bet. PredictIt has Kamala Harris beating Trump.

They have also dropped because of the ongoing geopolitical issues in the Middle East, rising chances of a US recession, and weak technicals.

Peter Schiff blasts Ethereum and Bitcoin ETFs

In a series of X posts, Peter Schiff, a well-known crypto bear and gold bull, warned that Bitcoin and Ethereum Exchange Traded Funds could have a liquidity crisis on Monday. 

He argues that the ETFs will have to account for the weekend losses and those happening on Monday. As a result, if ETF investors sell, then liquidations would overwhelm the spot market. 

Peter Schiff has a long history of being negative on Bitcoin and Ethereum, which he believes are worthless assets. However, historical data shows that the two assets have outperformed gold – his favorite asset – by far.

Despite the ongoing sell-off, Bitcoin has risen by 21% this year while gold is up by 15%. In the last five years, BTC has risen by 360% while gold is up by less than 80%.

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Theo Crypto News

Altcoin

Bitcoin ETFs hold inflows by string, Ethereum’s outflows start again

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Spot Bitcoin and Ethereum exchange-traded funds in the United States have recorded poor results this week as bears dominate the market sentiment.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded a net inflow of roughly $300,000 yesterday, July 31. BlackRock’s iShares Bitcoin Trust (IBIT) saw $21 million in inflows, continuing its third consecutive month without any outflows.

On July 31, Grayscale also launched its spot Bitcoin Mini Trust, with the BTC ticker, on NYSE Arca. The newly-born ETF registered $18 million in inflows on its debut day. However, the inflows into these two ETFs were neutralized by the outflows coming from Fidelity’s FBTC, Bitwise’s BITB, and Ark 21Shares’ ARKB, worth $38.7 million in total. The remaining investment products stayed neutral. 

Data from Farside Investors shows that spot Ethereum (ETH) ETFs saw $77.2 million in net outflows on July 31. Expectedly, the outflows came from Grayscale’s ETHE fund, worth $133.3 million. So far, the ETHE fund has registered $1.97 billion in net outflows since its launch on July 23.

On the other hand, Grayscale’s Mini ETH fund recorded $19.5 million in inflows yesterday. Fidelity’s FETH followed with $18.8 million in inflows while BlackRock’s ETHA fund saw only $5 million in inflows. VanEck’s ETHV, Bitwise’s ETHW, and Ark 21Shares’ CETH ETFs also registered $4.8 million, $4.7 million, and $3.3 million in inflows, respectively. Invesco’s QETH and Franklin Templeton’s EZET remained neutral.

The bearish sentiment around spot BTC and ETH ETFs comes as the broader cryptocurrency market takes a downturn. According to data from CoinGecko, the global crypto market capitalization dropped by 3.1% over the past 24 hours and is currently sitting at $2.41 trillion.

Bitcoin is down by 3.2% in the past 24 hours and is trading at $64,275 at the time of writing. Ethereum plunged 4.6% over the past day and is currently changing hands at $3,170.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News