bitbank
bitbank is one of the largest cryptocurrency exchanges in Japan, which holds more than 600,000 users and 31 available trading pairs, with approximately 20~30% spot-volume share domestically. Users can trade cryptocurrencies in spot markets on exchange and on OTC basis. bitbank has also partnered with Mitsui Sumitomo Trust Holdings Inc., one of the largest specialized trust bank groups in Japan, to establish a certified digital asset trust custodian company, Japan Digital Asset Trust Preparatory Company, Inc. (JADAT), in Japan. bitbank is ISMS certified and abides by every financial regulation standard prescribed by the Japanese FSA.
Feb 13, 2024
Written by Yuya Hasegawa
Bitcoin jumped to $50k for the first time since December 2021 on Monday. The surge was led by Ethereum’s Ether (ETF), which, in these days, has been buoyed by anticipation for the next major network upgrade called “Dencun”. The Dencun upgrade, which is slated for March, will dramatically decrease Ethereum’s transaction cost and is expected to boost its adoption.
Ethereum has also been grabbing the attention of the crypto NFT community lately, as Pandora announced a new token standard: ERC-404. ERC-404 introduces what is called “fractionized NFT”, which will allow multiple wallets to own a fraction of one NFT.
The spot bitcoin ETFs in the states have also surprised the market as BlackRock and Fidelity’s bitcoin ETFs are now the top two ETFs in the past 30 years in terms of AUM growth during the first month of their launch. Furthermore, the total AUM of the nine bitcoin ETFs, excluding Grayscale’s GBTC, have exceeded the amount of bitcoins held by none other than Microstrategy, which has been buying bitcoin since 2020.
Tuesday’s U.S. CPI could still be a negative surprise for the market due to the rise in oil prices in January, and it could put pressure on bitcoin, but if the annual CPI decreases from December’s 3.4% to 2.9% as the market anticipates, it will bring a relief for the market. The next target for bitcoin will likely be $52k in the short term.
The price may be ripe for some minor correction within a week or so, but its upward trend will likely continue due to improved demand through ETFs and technical sentiment.
Disclaimer
I confirm that I have read and understood the following: The information contained in this article is strictly the opinions of the author(s). This article was authored free from any form of coercion or undue influence. The content represents the author's own views and does not represent the official position or opinions of CrossAngle. This article is intended for informational purposes only and should not be construed as investment advice or solicitation. Unless otherwise specified, all users are solely responsible and liable for their own decisions about investments, investment strategies, or the use of products or services. Investment decisions should be made based on the user’s personal investment objectives, circumstances, and financial situation. Please consult a professional financial advisor for more information and guidance. Past returns or projections do not guarantee future results. This article is provided by CrossAngle’s third-party research partners. CrossAngle does not have any editorial control over this article and does not warrant the accuracy and timeliness of the information contained herein. This article may contain links to third-party websites, over which CrossAngle disclaims any control or responsibility.
Xangle or its affiliated partners own all copyrights of the written or otherwise produced materials and content provided on the platform. Any illegal reproduction of such content, including, but not limited to, unauthorized editing, copying, reprinting, or redistribution will result in immediate legal actions without prior notice.