Bernstein Sees Bitcoin Reaching $150,000, 332 Billion SHIB Moved to Robinhood Address, Coinbase Hits Back at SEC: Crypto News Digest by U.Today

Here are the top three news stories presented to you by U.Today.

Bernstein sees Bitcoin reaching $150,000

In a recent note to its clients, Bernstein, a global asset management firm, stated that the price of Bitcoin is heading toward the $150,000 mark and urged investors to consider buying Bitcoin miners, pointing to the current bullish trend on BTC's market. According to the company, the current decline in the price of Bitcoin miner stock offers a great chance to invest before the impending halving event, which is anticipated to significantly increase the price of the flagship coin. Bernstein's analysis points to Bitcoin miners as the most viable equity option for participating in the ongoing rally. Gautam Chhugani, the firm's analyst, has a strong belief that Bitcoin will hit the $150,000 mark. Significant inflows into Bitcoin have supported this optimism; $9.5 billion came into Bitcoin ETFs in the first 40 days after their launch in January. According to Chhugani, this is just the start of Bitcoin's integration into mainstream investment portfolios. After the halving, it expects more institutional investment.

332 billion SHIB moved to Robinhood address, what's happening?

As reported by Whale Alert crypto data tracker, on March 11, 332,427,690,902 SHIB worth $10,858,584 were transferred from Cumberland to an unknown wallet. The further analysis via Etherscan revealed that the description of the receiving address is "Robinhood 2." The massive size of the transfer, coupled with the potential identities of the sending and receiving addresses, have ignited speculation regarding the motive behind the move. Since Cumberland primarily serves institutional investors in the financial industry via its institutional over-the-counter liquidity in various cryptocurrencies, various possibilities exist. The transfer might be part of a larger trend of institutional interest in SHIB, with Robinhood potentially increasing its portfolio as it offers SHIB trading to its millions of users. Alternatively, this could be an action taken by a whale who may be positioning itself for a major market play. As of now, the exact reason behind the transfer is still unknown.

Coinbase hits back at SEC, files opening brief in appeals process

In a recent development, Coinbase has filed an appeal against the SEC, poring criticism over the regulator's denial of its rulemaking petition and challenging the SEC's authority over the digital asset space. Coinbase CEO Paul Grewal has underlined the company's frustration with the SEC's "perfunctory denial" and unclear reasoning in a recent X thread. He emphasized the inconsistency in the SEC's stance on its regulatory authority over digital assets. According to Coinbase, the absence of a clear regulatory framework makes it difficult for current laws pertaining to digital assets to be implemented and also prevents the industry from receiving the necessary guidance. This undermines the legal and operational foundations of the digital asset market.