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Bitcoin Tests High End of Trading Range Amid Iran Optimism
Bitcoin trended toward the high end of its more than two-month trading range as risk assets rallied on optimism that the US can strike a deal with Iran to end their conflict.
The largest cryptocurrency by market value reached a four-week high, climbing as much as 4% to $76,094, the most since Feb. 4, before paring gains to trade around $74,000. Smaller tokens also advanced, with Ether up as much as 7.3% to over $2,400.
Goldman Sachs Files for Its First Bitcoin ETF Product
Goldman Sachs' asset management division plans to launch its first cryptocurrency exchange-traded fund in the coming months, according to a Tuesday filing with the U.S. Securities and Exchange Commission.
The bank unveiled its ETF, designed to offer exposure to bitcoin's price as well as to generate income from bitcoin options transactions, only days after rival Morgan Stanley launched its own spot bitcoin fund, the Morgan Stanley Bitcoin Trust ETF.
The banks are launching products in a difficult environment for cryptocurrency investments. Cryptocurrency has fallen in recent months amid weakening risk sentiment driven in part by volatility in precious metals, a broad selloff in tech shares, and the U.S.-Israeli war with Iran.
Justin Sun Says Bitcoin 'Debates,' Ethereum Forms 'Research Committees'
Tron (CRYPTO: TRX) blockchain has launched a post-quantum upgrade initiative, founder Justin Sun announced on Tuesday.
In an X post, Sun said that Tron will be the “first major public blockchain” to deploy post-quantum cryptographic signatures standardized by the National Institute of Standards and Technology—a federal agency under the Department of Commerce.
Sun assured TRON users that the platform would protect their assets from quantum threats, with a “technical roadmap” to be released soon.
“Quantum security shouldn’t be a debate. It should be a feature,” he added.
Crypto Bros Appear to be Dodging Reporting Sales to the IRS
Tyler Menzer says he’s been combing through IRS data for several years in order to learn more about crypto investors. His takeaway: They may be dodging taxes.
Menzer is an assistant professor in the accounting department at the Neeley School of Business at Texas Christian University, and he gets access to the IRS’s anonymized data on millions of tax filers to conduct research. What he and his co-authors of a recently published study have found was that at least between 2013 and 2021, not that many taxpayers reported crypto sales on their tax returns — and those who did were a very different animal versus, say, your traditional stock investor.
“Cryptocurrency owners are more likely to own meme stocks than other investors,” Menzer said in an interview. “They are younger, they may be a little bit lower income. But the takeaway from our paper is this is a distinct group of taxpayers, of investors. They were trading differently, maybe had different compliance characteristics. A lot of people were probably not reporting their holdings to the IRS.”
Deutsche Börse Takes $200 Million Stake in Crypto Exchange Kraken
Deutsche Börse AG invested $200 million in Payward Inc., the parent of crypto trading platform Kraken, as the Frankfurt stock exchange operator moves to offer access to a wider array of securities over blockchain rails.
The purchase of existing shares, which gives Deutsche Börse a 1.5% fully diluted stake in the company, is expected to close in the second quarter subject to regulatory approvals, according to a statement on Tuesday. The identity of the seller wasn’t disclosed.
The transaction values Kraken — which plans to go public as soon as this year — at around $13.3 billion, according to Bloomberg calculations. It was valued at $20 billion in a November share sale.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Tuesday was $411.5 million. The total net asset value of Bitcoin spot ETFs is $96.56 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.51%.
The Bitcoin spot ETF with the highest net inflow on April 14 was iShares Bitcoin Trust (IBIT), with a net inflow of $213.83 million, according to SoSoValue.