Two years have passed since the first eleven spot bitcoin ETFs timidly began their existence in the U.S., and now a twelfth, issued by a bank of such magnitude that its assets tower at $1.9 trillion, may make its debut on a Wednesday, a day chosen, perhaps, for no reason other than the whim of fortune.
The noble price, that fickle barometer of esteem, wandered below the illustrious threshold of $100 in March, and though fortune is not always the most constant of companions, the breach of that figure has not afforded comfort to the speculating gentleman or the discerning investor.
On the illustrious day of April 7, the FDIC took it upon themselves to approve a proposal that would bring the great GENIUS Act to life. What, pray tell, is this GENIUS Act? Well, it is but a mere set of rules to ensure that stablecoin issuers shall now be bound by all manners of regulations. These regulations, including such delightful concepts as reserves, redemptions, capital, and the ever-popular risk management, are now under the watchful eye of the mighty FDIC.
In a recent letter to investors, Jamie Dimon explained that the war is likely to significantly change how goods are produced and delivered worldwide. We’re already seeing problems with energy supplies, commodities, shipping, and agriculture because of the conflicts in Iran and Ukraine.
A Sudden Spike in Fortune
On April 10, nearly 38 billion RAIN tokens are set to spill into the market-a tidy 3.37% of the circulating supply. Naturally, traders, like villagers who heard the wrong rumor, did not wait. The panic began early, with sales cascading downwards as if someone had shouted “fire!” in a theater.
Bitcoin has entered a volatile phase as the current market cycle approaches its expected bottom.
SEC Chair Paul Atkins, that brisk man with a tally for every moral, confirmed the harbor proposal he laid on the table last month has found its way to the White House for review. It now rests in the care of OIRA, an outfit inside the Office of Management and Budget that tests federal rules the way a tailor tests a coat before it goes to market.
Tom Lee, research head at Fundstrat Global Advisors, explained his optimistic outlook on cryptocurrency in a CNBC interview with Scott Wapner. He presented his case at the Future Proof conference during a time of market instability, global political concerns, uncertainty about the Federal Reserve, and a falling Bitcoin price. He intentionally timed his comments, as his reasoning is designed for challenging market conditions like these.