Bitcoin, Ethereum, Dogecoin Trade Mixed As Speculation Builds Around BTC ETF Ads On Google: Analyst Says ‘Real Impact’ Of ETFs Will Propel King Crypto To $500K
Major cryptocurrencies showed mixed trading on Sunday evening as traders monitored the inflows into the recently launched Bitcoin exchange-traded funds and anticipated the Bitcoin halving in April.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)Bitcoin BTC/USD +0.66%$42,201Ethereum ETH/USD -0.75%$2,,265Dogecoin DOGE/USD -1.99%$0.078
What Happened: Bitcoin has shown a steady upward trend over the weekend, suggesting sustained interest from bullish investors.
On Monday, Google is reportedly poised to implement updated policies that will permit the advertising of certain cryptocurrency products on the major search engine. The revision is expected to open the doors for the promotion of Bitcoin and exchange-traded funds.
Google will revise its advertising policy to accommodate ads from advertisers offering Cryptocurrency Coin Trust targeting the United States.
According to data presented by Bloomberg analyst James Seyffart on Jan. 26, the assets under management of BlackRocks iShares Bitcoin Trust (IBIT) have surpassed the $2 billion milestone.
On Thursday, investors infused approximately $170 million into IBIT, leading to the acquisition of nearly 4,300 Bitcoin. Consequently, the total tokens held by the fund surged to 49,952, coinciding with the surge in the price of bitcoin, which escalated beyond the $40,000 mark early Friday.
This growth elevated the assets under management (AUM) to over $2 billion. Notably, with AUM surpassing $2 billion, IBIT now ranks as the third highest in asset accumulation among the 600 ETFs launched in the past year.
The next fund anticipated to exceed the $2 billion threshold is Fidelitys Wise Origin Bitcoin Fund (FBTC), which as of Jan.25, held just under 44,000 bitcoin.
The global cryptocurrency market cap now stands at $1.56 trillion, showing a 0.48% increase in the past 24 hours.
U.S. stock futures experienced a broad decline Sunday night as Wall Street prepared for the release of several mega-cap tech earnings reports and the Federal Reserve's rate policy decision. Futures linked to the Dow Jones Industrial Average fell by 86 points, or 0.2%. Similarly, S&P 500 and Nasdaq 100 futures saw decreases of 0.2% and 0.3%, respectively.
In the previous trading week, all three major averages recorded gains following positive economic data. The fourth-quarter economic growth surpassed expectations, while the core inflation rate on a yearly basis was lower than anticipated, indicating a potential slowdown in price increases. However, the market's gains were more subdued compared to the previous weeks surge, attributed to disappointing earnings reports from notable companies such as Intel and Tesla.Loading… Loading…
The Federal Open Market Committee (FOMC) is scheduled to commence its two-day policy meeting on Tuesday. Market observers are highly confident that the central bank will maintain stable rates. Traders involved in the Fed funds futures market have assigned an almost 97% probability that the Fed will not cut rates at the upcoming meeting, according to the CME Group.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe has suggested that Bitcoin is likely to consolidate within the range of $37,000 to $48,000 in the months ahead.
"In this period, Altcoins will have their time. The real impact on the ETF is going to come in the next few years, resulting into a price of Bitcoin going to $300,000-500,000."
Crypto analyst Benjamin Cowen predicts a significant correction for Ethereum, anticipating a sharp decline to below the $1,000 mark.
"What I'm suggesting is that sometime in the next few months, ETH/BTC breaks down. After ETH/BTC breaks down, ETH/USD breaks down. One of the things about ETH/USD that you might notice is that it doesn't tend to just put in a low and then never test the integrity of that low. Look at all the prior examples So at some point, I think Ethereum will test the integrity of that low, back down below $1,000. But, history would also suggest that it won't test it until after ETH/BTC breaks down. And history also suggests that ETH/BTC probably won't break down in January because normally January is a good month for Ethereum."
On-chain analytics firm Santiment reported that Bitcoin has surpassed the $42K mark, while altcoins have not yet followed suit. Interestingly, the SP500 achieved a new all-time highs just yesterday, fueling the bullish argument for crypto.
Photo by Matt Benzero on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter UsersLoading… Loading…
Israel will resume negotiations with Hamas for the release of all hostages captured during the October 7 attack, Benjamin Netanyahu has said – but its military will continue its Gaza City offensive despite international outcry.
Talks will also be with a view to ending the war, but Mr Netanyahusaid it must be on “terms acceptable to Israel”.
In the meantime, the Israel Defence Forces (IDF) have begun calling medics and international organisations in northern Gaza to encourage them to evacuate to the south ahead of the expanded operation in Gaza City.
Many of Israel’s closest allies have urged the government to reconsider. Some Israelis fear it could doom the remaining 20 or so living hostages taken by Hamas-led militants in the 7 October 2023 attack which ignited the war.
Speaking to soldiers near Israel’s border with Gaza, Mr Netanyahu said he was still set on approving plans for defeating Hamas and capturing Gaza City.
“At the same time I have issued instructions to begin immediate negotiations for the release of all our hostages and an end to the war on terms acceptable to Israel,” he said.
“These two things – defeating Hamas and releasing all our hostages – go hand in hand,” he added.
The latest ceasefire proposal drawn up by Egypt and Qatar is almost identical to an earlier one that Israel accepted before the talks stalled last month.
The proposal would include the release of some hostages in exchange for Palestinian prisoners, a pullback of Israeli forces and negotiations over a lasting ceasefire.
Image: An Israeli strike on a tent camp in Deir Al-Balah. Pic: Reuters
‘Don’t tell us where to build’
Israeli strikes killed at least 36 Palestinians across Gaza on Thursday, according to local hospitals, including at a tent camp in Deir al-Balah.
Meanwhile, Israel’s ambassador to the UK, Tzipi Hotovely, was summoned to the Foreign Office in response to a controversial West Bank settlement plan which has been given final approval.
The project, known as the E1 settlement, would effectively cut off the occupied West Bank from East Jerusalem and divide the territory in two.
The UK and 21 international partners have released a statement to condemn the decision “in the strongest terms” calling it “a flagrant breach of international law” and “critically undermining a two-state solution”.
Ms Hotovely gave Sky News her response to the meeting: “I said we wouldn’t tell the British where to build in London. Don’t tell us where to build in Jerusalem, our capital. We see E1 as part of Greater Jerusalem.”
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11:50
What would a two-state solution look like?
UK warns of ‘horrifying starvation’
The UK has also responded to comments from the head of the UN Palestinian refugee agency UNRWA that famine in Gaza is “deliberate” and being used as an “instrument of war”.
Minister for the Middle East, Hamish Falconer, has called for a “comprehensive [peace] plan to end this misery and get to a long-term settlement”.
“Israel must immediately and permanently lift all barriers preventing aid reaching the people of Gaza to prevent the horrifying starvation in the Strip continuing,” he added.
The Media Freedom Coalition, which includes the UK and 50 other countries, has called on Israel to allow foreign media access into Gaza.
In a joint statement, the coalition, which is a partnership of countries working to defend media freedom, urged Israel to “allow immediate independent foreign media access” and “afford protection for journalists operating in Gaza”.
They said this was in light of the “unfolding humanitarian catastrophe in Gaza”.
On the 10th anniversary of the Shoreham air disaster, the families of some of those killed have criticised the regulator for what they describe as a “shocking” ongoing attitude towards safety.
Most of them weren’t even watching the aerobatic display overhead when they were engulfed in a fireball that swept down the dual carriageway.
Image: A crane removes the remains of the fighter jet that crashed on the A27. File pic: Reuters
Jacob Schilt, 23, and his friend Matthew Grimstone, also 23, were driving to play in a match for their football team, Worthing United FC.
Both sets of parents are deeply angry that their beloved sons have lost their lives in this way.
“It obviously changed our lives forever, and it’s a huge reminder every 22nd of August, because it’s such a public anniversary. It’s destroyed our lives really,” his mum, Caroline Shilt, said.
“It was catastrophic for all of us,” Jacob’s father, Bob, added.
Image: Jacob Schilt died in the Shoreham disaster
Image: Matthew Grimstone on his 23rd birthday, the last before he died in the Shoreham disaster
‘They had no protection’
Sue and Phil Grimstone argue that the regulator, the Civil Aviation Authority (CAA), has not been held accountable for allowing the airshow to take place where it did.
“At Shoreham, the permission given by the CAA did not allow displaying aircraft to perform over paying spectators or their parked cars,” they said.
“But aircraft were permitted to fly aerobatics directly over the A27, which was in the display area, a known busy road.
“This was about ignoring the safety of people travelling on a major road in favour of having an air show. They had no protection.”
Image: Sue and Phil Grimstone say the CAA has not been held accountable
Image: A programme for a memorial for Jacob Schilt and Matthew Grimstone
Image: Caroline and Bob Schilt
A series of catastrophic errors
The crash happened while the experienced pilot, Andy Hill, a former RAF instructor, was attempting to fly a loop in a 1950s Hawker Hunter jet.
But he made a series of catastrophic errors. His speed as the plane pitched up into the manoeuvre was far too slow, and therefore, he failed to get enough height to be able to pull out of the dive safely. The jet needed to be at least 1,500ft higher.
Mr Hill survived the crash but says he does not remember what happened, and a jury at the Old Bailey found him not guilty of gross negligence manslaughter in 2019.
Image: Andrew Hill arrives at the Old Bailey in London in 2019.
Pic: PA
When the inquest finally concluded in 2022, the coroner ruled the men had been unlawfully killed because of a series of “gross errors” committed by the pilot.
The rules around air shows have been tightened up since the crash, with stricter risk assessments, minimum height requirements, crowd protection distances, and checks on pilots.
But Jacob and Matt’s families believe the CAA still isn’t doing enough to protect people using roads near airshows, or other bystanders not attending the events themselves.
Image: Emergency services attend the scene on the A27.
Pic: PA
The families recently raised concerns about the Duxford airshow in a meeting with the CAA.
While aircraft are no longer allowed to fly aerobatics over the M11, they do so nearby – and can fly over the road at 200ft to reconfigure and return. If the M11 has queuing traffic in the area, the display must be stopped or curtailed.
The Grimstones believe this demonstrates accepting “an element of risk” and are frustrated that the CAA only commissioned an independent review looking at congested roads and third-party protection earlier this year.
“We feel the CAA are still dragging their feet when it comes to the safety of third parties on major roads directly near an air show,” they said.
The family have complained about the CAA to the parliamentary ombudsman.
Image: A memorial for the Shoreham Airshow victims on the banks of the Adur in Shoreham
‘There are still question marks’
Some experts also believe the CAA has questions to answer about a previous incident involving Mr Hill, after organisers of the 2014 Southport Airshow brought his display to an emergency stop because he had flown too close to the crowd, and beneath the minimum height for his display.
In its investigation into the Shoreham disaster, the Air Accident Investigation Branch (AAIB) later found that while the CAA inspector present had an informal discussion with the pilot, no further action was taken, and the incident was not reported to the AAIB.
Retired pilot Steve Colman has spent many years looking into what happened at Shoreham, and he believes the CAA failed to fulfil their statutory obligation to fully investigate and report the incident at Southport.
“You have to ask the question – if the Southport incident had been investigated, then was Shoreham more likely or less likely to have occurred?” he said. “I think there can only be one answer – it’s less likely to have occurred.”
Tim Loughton, who was the MP for Shoreham at the time, believes a balance must be struck.
“We don’t want to regulate these events out of existence completely. A lot of the smaller air shows no longer happened because they couldn’t comply with the new regulations […], but certainly there are still question marks over the way the CAA conducted and continues to conduct itself. I would welcome more parliamentary scrutiny.”
Image: Shoreham air crash victims (from clockwise top left) Matthew Grimstone, Graham Mallinson, Tony Brightwell, Mark Reeves, Matt Jones, Maurice Abrahams, Richard Smith, Jacob Schilt, Daniele Polito, Mark Trussler, Dylan Archer
Rob Bishton, chief executive at the CAA, said: “Our thoughts remain with the families and friends of those affected by the Shoreham Airshow crash.
“Following the crash, several investigations and safety reviews were carried out to help prevent similar incidents in the future. This included an immediate review of airshow safety and a full investigation by the Air Accidents Investigation Branch. All recommendations and safety improvements from these reviews were fully implemented.
“Airshows continue to be subject to rigorous oversight to ensure the highest possible safety standards are maintained.
“At a previous airshow in 2014 the pilot involved in the Shoreham accident was instructed to abort a display by the show’s flying director. This incident was investigated by the UK Civil Aviation Authority and regulatory action was taken.”
Mr Bishton added: “As part of the work to review the safety oversight of airshows following the tragic Shoreham crash, the actions taken by the regulator following such a stop call were enhanced.”
But the families of those killed still believe much more could be done.
One of the UK’s last remaining steel companies has been pushed into compulsory liquidation – and will fall into government control.
Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire.
Behind Tata Steel and British Steel, it is the third-largest steel producer in the country.
Sky News reported that negotiations had been underway for a deal to rescue the firm, however, they seem to have been rendered unsuccessful.
The government-run Insolvency Service confirmed it will be acting as the liquidator. It added that Teneo Financial Advisory Limited would be assisting in running the company from now on.
While the GFG Alliance, the holding company, says it is disappointed by the decision, local politicians and unions are highly critical of the group.
The government is taking over – but it doesn’t want to own SSUK
The collapse of Speciality Steel UK (SSUK), the UK’s third-largest steel producer, did not come as a surprise to government officials, who have in recent days been planning for this outcome.
After all, the business has been limping on for some time, weighed down by financial mismanagement and a mounting debt pile. Problems began in 2021 for GFG Alliance – the holding company, which is a conglomerate run by the metals magnate Sanjeev Gupta. Its main lender, Greensill Capital, collapsed with £3.7bn of loans to GFG still outstanding. Administrators for Greensill are still trying to recover the money.
There have been legal claims and probes since then, although GFG denies any wrongdoing. The true scale of SSUK’s financial woes are not even known because the company has not filed audited accounts for more than five years. Sanjeev Gupta is being prosecuted for failing to file accounts for many of his other businesses too.
SSUK’s creditors pushed for the company’s liquidation, but the government was braced to step in. However, the development does little to provide certainty for the business’s 1,500 workers in South Yorkshire.
The government will cover wages and costs for now but, as a letter sent by the Department for Business and Trade made clear earlier this month, the government has no intention to “own SSUK”. As with British Steel, which collapsed back in April (albeit for different reasons), the government is stepping up, but is hoping a new buyer will be found soon.
The government says wages will continue to be paid by the liquidator. A spokesperson adds that the government is still “committed to a bright and sustainable future for steelmaking and steel-making jobs in the UK”.
Financial assistance was not able to be given to SSUK by the government due to its existing financial and corporate challenges, including ownership and management.
In a statement today, GFG’s chief transformational officer, Jeffrey Kabel said: “The decision to push Speciality Steel UK into compulsory liquidation, especially when we have support from the world’s largest asset manager to resume operations and facilitate creditor recovery, is irrational.
“The plan that GFG presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight.
“Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution.
“Liberty has pursued all options to make its SSUK viable, including efficiency improvements, reorganisations, customer support, several attempts to find a buyer for the business and intensive negotiations with creditors to restructure debt liabilities. Liberty’s shareholder has invested nearly £200m, recognising the vital role steel plays in supplying the UK’s strategic defence, aerospace and energy industries.
“GFG will now continue to advance its bid for the business in collaboration with prospective debt and equity partners and will present its plan to the official receiver. GFG continues to believe it has the ideas, management expertise and commitment to lead SSUK into the future and attract major investment. GFG’s other significant business interests in the UK remain unaffected.
“Despite many challenges facing the group and the difficult market conditions, GFG has invested over £2bn into the UK economy since 2013, ensuring the survival of many GFG businesses despite operating losses and safeguarding thousands of jobs that would otherwise have been lost.”
Image: Sanjeev Gupta in front of a the Liberty Steel Group sign. File pic: PA
Sarah Champion, the Labour MP for Rotherham, said GFG’s statement was “full of hollow promises”.
She added: “We know Liberty is a golden goose, but one they have starved for years.
“The speciality steel we make is unique and in high demand, it makes no financial sense that GFG furloughed the plant for nearly two years.
“Strategically, the government cannot allow Liberty Steel to fail. I am confident they will do all in their power to let it flourish.”
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Charlotte Brumpton-Childs, the national officer for the GMB union, also attacked GFG.
She said: “This is another tragedy for UK steel – and the people of South Yorkshire – this time brought on by years of chronic mismanagement by the owners.
“But this represents an opportunity for the UK government to take decisive action – as it did with British Steel – to protect this vital UK industry.”
A government spokesperson said: “We know this will be a deeply worrying time for staff and their families, but we remain committed to a bright and sustainable future for steelmaking and steel-making jobs in the UK.
“It is now for the independent Official Receiver to carry out their duties as liquidator, including ensuring employees are paid, while we also make sure staff and local communities are supported.”