Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Coinbase’s Bitcoin (BTC) holdings have fallen to their lowest level in nearly a decade, BlackRock’s latest spot Bitcoin ETF ad has labeled Bitcoin as “progress,” and Massachusetts Senator Elizabeth Warren has warned that pro-crypto lobby groups could spend vast sums of money to spoil her re-election bid in 2024.
Whales move $1B off Coinbase
According to CryptoQuant, whales moved 18,000 Bitcoin worth nearly $1 billion off Coinbase over the weekend, with transfer values ranging from $45 million to $171 million. Coinbase’s public order book now holds around 394,000 BTC, which is estimated to be worth $20.5 billion – the lowest level since 2015.
Whales moving their BTC holdings away from centralized exchanges is considered a bullish sign as less Bitcoin is available for sale. However, users on social media are divided over the nature of the transfers.
Some believe the funds are being moved to custodial wallets in anticipation of a price surge, with the upcoming Bitcoin halving, just two months away, creating a supply shock. While a few others believe that the moved funds could be used for liquidity for over-the-counter (OTC) trades.
BlackRock labels BTC as ‘progress’ in latest spot Bitcoin ETF ad
BlackRock has ramped up its media advertising campaign for its recently launched spot Bitcoin exchange-traded fund, labeling the asset not as a currency but as “progress.”
In its latest advertisement, the world’s largest asset manager maintained its relatively “boring” approach to advertising its IBIT fund at least compared to its competitors.
However, BlackRock has added the caption: “Get your share of progress.”
The firm also mentions how the ETF standardizes BTC so it is just like stock and bonds in a portfolio.
BlackRock’s first ETF advertisement, released on Jan. 11, also took a mature approach, targeting the affluent “boomer” market. Since the product launched, BlackRock has seen an inflow of $5.3 billion for its IBIT fund, according to Farside.
Super PACs could fund potential challenger to anti-crypto lawmaker
Anti-crypto lawmaker Elizabeth Warren has warned that pro-crypto interest groups could “spend any amount of money needed” to disrupt her and Rep. Katie Porter’s Senate runs.
In a Feb. 18 interview, Warren was questioned on whether the “Republican crypto enthusiast” John Deaton was considering challenging her seat in 2024.
“Your push to regulate [crypto] has seemingly attracted a potential challenger to you in your Senate race,” interviewer Jon Favreau said. “That could mean a flood of money from crypto Super PACs [Political Action Committees] like the one attacking Katie Porter here in California’s Senate race.”
Warren said her campaign never accepted “corporate PAC money” and instead relied on small donations in her Senate race.
“There are all these gaps in the system when it comes to crypto, and the consequence of that is that crypto has become the place to go for the drug traffickers, the human traffickers, the rogue nations, the terrorists,” she said. “There are some crypto folks who have giant buckets of money to spend, and so, they hire this lobbying army to go out [against the Digital Asset Anti-Money Laundering Ac
