Proactive's Billy Farrington discusses recent developments in the cryptocurrency market. Despite strong earnings from major tech companies like Microsoft and Alphabet, Bitcoin has not experienced any significant gains, showing a relatively flat performance with a 3% fall against the US dollar.
The Bitcoin ETF market, especially, has seen stagnation, with BlackRock's IBIT product experiencing its first day without cash inflows in over 71 days. This stagnation is reflected in Bitcoin's spot prices, which have slightly declined. Moreover, the prospect of an Ethereum ETF remains uncertain due to the Securities and Exchange Commission's (SEC) scepticism, particularly because the SEC views Ethereum as an unregistered security rather than a commodity, unlike Bitcoin.
Recent allegations of money laundering have implicated Changpeng Zhao (CZ), former mentor to Sam Bankman-Fried, with potential prison time on the horizon for CZ due to his guilty plea.