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Bitcoin Edges Higher in Asia Despite Middle East Jitters
Bitcoin rose in early Asia trading Friday while oil hovered around $100 a barrel, even as tensions with Iran showed no signs of abating.
Bitcoin climbed as much as 2.6% to briefly top $72,000, despite ongoing market angst over the conflict in the Middle East, which has disrupted trade and threatened higher inflation. The original digital asset was trading around $71,500 as of 10:30 a.m. in Singapore, while US stock index futures also pointed slightly higher.
In recent weeks, money has been returning to Bitcoin, after months of selling pushed it to roughly half the all-time high above $126,000 it reached in October. US-listed spot-Bitcoin exchange-traded funds are now on track for a third consecutive week of net inflows, the longest stretch since July. The ETFs have attracted $529 million in inflows so far this week, according to data compiled by Bloomberg.
'We Will Never Lobby Against Bitcoin': Coinbase Denies Fighting Against BTC Tax Exemption
Coinbase has denied lobbying against a de minimis tax exemption for bitcoin (BTC), despite a vehement claim by podcaster and Ten31 managing partner Marty Bent that it has.
Bent reported on March 11 that the exchange was quietly telling lawmakers that a de minimis tax exemption for BTC payments was unnecessary.
According to Bent and his “multiple” Capitol Hill sources, Coinbase lobbyists allegedly told legislators “no one is using BTC as money” and that such a tax change would be “dead on arrival.”
Ethereum Treasury BitMine, Ark Invest, Kraken Back Eightco in $125M Funding Round
Shares in publicly traded blockchain and artificial intelligence firm Eightco jumped 11.7% on Thursday following news that the firm has raised $125 million to continue its expansion into AI and blockchain.
The firm earned commitments of $75 million from leading Ethereum treasury firm BitMine Immersion Technologies and $25 million each from Cathie Wood’s Ark Invest and Payward, the parent company of crypto exchange Kraken.
BitMine’s Chairman Tom Lee will join the firm’s board of directors, while Ark’s Chief Futurist Brett Winton will be added as an advisor to the board. Eightco Chairman Dan Ives will step down as part of the transition.
Crypto Investor Turns $50 Million into $36,000 in One Botched Move
A crypto user lost roughly $50 million in a single transaction on Thursday after executing a large token swap that triggered massive slippage.
Blockchain data shows that the wallet attempted to swap $50,432,688 aEthUSDT – an interest-bearing token representing Tether's USDT stablecoin deposited into the Aave decentralized lending protocol on the Ethereum network – for aEthAAVE – similar version of Aave governance tokens – through the CoW Protocol.
The transaction executed with more than 99% slippage due to thin liquidity in the relevant trading pools, leaving the wallet with only about 327 aEthAAVE tokens, worth roughly $36,000 after the trade. The difference of the value was quickly captured by arbitrage traders and network intermediaries.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Thursday was $53.87 million. The total net asset value of Bitcoin spot ETFs is $90.47 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.45%.
The Bitcoin spot ETF with the highest net inflow on March 12 was iShares Bitcoin Trust (IBIT), with a net inflow of $46.15 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Thursday was $72.37 million. The total net asset value of Ethereum spot ETFs is $11.86 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.76%.
The Ethereum spot ETF with the highest net inflow on March 12 was Fidelity Ethereum Fund (FETH), with a net inflow of $52.02 million, according to SoSoValue.
Source: SoSoValue
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