📣📣 MARKET MOVING NEWS! (05/01/24)
1️⃣ Logan Paul To ‘Personally Commit’ $2.3 Million To Buy Back CryptoZoo NFTs 🤔
In a post published earlier today on X (formerly Twitter), YouTuber Logan Paul announced a buy-back program for CryptoZoo NFT project participants along with a new lawsuit against his two co-creators.
Specifically, the influencer stated that he plans to personally put in over $2.3 million to buy back Base Eggs and Base Animals NFTs from “every person who intended to play” the CryptoZoo game. NFT holders can now reportedly submit claims online until Feb. 8. However, ‘ZOO’ - the ERC-20 token associated with the project, doesn’t seem to be a part of the buy-back program.
Paul stated,
Source
2️⃣ Citi Alumni Plan Bitcoin Securities That Don’t Need SEC Approval 🚀
According to a Bloomberg report, a startup called Receipts Depositary Corporation (RDC) is planning to issue the first Bitcoin depositary receipts to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933. Notably, RDC is backed by Franklin Templeton and its team boasts of former Citigroup Inc. executives.
The Bitcoin depositary receipts are similar to American depositary receipts that represent foreign stocks. They will be offered to institutions and cleared through the Depository Trust Company (DTC). The offering is expected to go live in the coming weeks.
Ankit Mehta, the co-founder and chief executive of RDC stated,
Source
3️⃣ Grayscale, VanEck and ARK Bitcoin ETFs Register to Trade on Exchanges ⚖️
Asset managers Grayscale, VanEck, and ARK Invest have reportedly gotten approval for the shares of their spot bitcoin ETFs to trade on their respective exchanges. Notably, Grayscale Bitcoin Trust used Form 8-A to register its shares as securities listed on the New York Stock Exchange Arca, while the VanEck Bitcoin Trust and Ark Invest used Form 8-A to register their shares as securities listed on the Cboe BZX Exchange. To clarify, these filings are just part of the required paperwork. Their approval does not mean that the issuers have received the all-important green light from the Securities and Exchange Commission.
Source
4️⃣ Only 39% Of Financial Advisers Believe A Bitcoin ETF Will Be Approved In 2024: Bitwise 🔎
According to a recently published survey by ETF issuer Bitwise, only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved this year. Notably, the survey had participants from all across the country, including registered investment advisers (RIAs), financial planners, institutional investors and wirehouse representatives. The survey also found that even if the majority of advisors don’t think it’s likely a Bitcoin ETF will be approved this year, 88% of respondents interested in purchasing Bitcoin on behalf of their clients are waiting for an ETF to be available.
Source
5️⃣ Celsius to Unstake Thousands of Ether, Possibly Easing ETH Selling Pressure 🙌
Crypto lender Celsius is reportedly planning to unstake its Ether holdings as it prepares for “timely distributions to creditors.” Notably, this is expected to ease selling pressure on ETH as Celsius was previously selling staking rewards on the open market to cover costs associated with the reorganisation plan. Data from Arkham show crypto wallets linked to Celsius have staked over $151 million worth of ether, a position on which it likely earned over 4%-5% in annualised yields.
The firm stated,
1️⃣ Logan Paul To ‘Personally Commit’ $2.3 Million To Buy Back CryptoZoo NFTs 🤔
In a post published earlier today on X (formerly Twitter), YouTuber Logan Paul announced a buy-back program for CryptoZoo NFT project participants along with a new lawsuit against his two co-creators.
Specifically, the influencer stated that he plans to personally put in over $2.3 million to buy back Base Eggs and Base Animals NFTs from “every person who intended to play” the CryptoZoo game. NFT holders can now reportedly submit claims online until Feb. 8. However, ‘ZOO’ - the ERC-20 token associated with the project, doesn’t seem to be a part of the buy-back program.
Paul stated,
The buy-back is not intended to compensate those who gambled on the crypto market and lost. It’s important to remember that the Zoo Token was created to support the CryptoZoo game and its players; it was ‘not intended as an investment vehicle,’ as outlined in the original WhitePaper.
Source
2️⃣ Citi Alumni Plan Bitcoin Securities That Don’t Need SEC Approval 🚀
According to a Bloomberg report, a startup called Receipts Depositary Corporation (RDC) is planning to issue the first Bitcoin depositary receipts to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933. Notably, RDC is backed by Franklin Templeton and its team boasts of former Citigroup Inc. executives.
The Bitcoin depositary receipts are similar to American depositary receipts that represent foreign stocks. They will be offered to institutions and cleared through the Depository Trust Company (DTC). The offering is expected to go live in the coming weeks.
Ankit Mehta, the co-founder and chief executive of RDC stated,
We are really a conversion tool for asset owners today, whether they are hedge funds, family offices, corporations, large institutional investors, that want to take their Bitcoin and convert it into a DTC-eligible security and enjoy direct ownership in the US clearances.
Source
3️⃣ Grayscale, VanEck and ARK Bitcoin ETFs Register to Trade on Exchanges ⚖️
Asset managers Grayscale, VanEck, and ARK Invest have reportedly gotten approval for the shares of their spot bitcoin ETFs to trade on their respective exchanges. Notably, Grayscale Bitcoin Trust used Form 8-A to register its shares as securities listed on the New York Stock Exchange Arca, while the VanEck Bitcoin Trust and Ark Invest used Form 8-A to register their shares as securities listed on the Cboe BZX Exchange. To clarify, these filings are just part of the required paperwork. Their approval does not mean that the issuers have received the all-important green light from the Securities and Exchange Commission.
Source
4️⃣ Only 39% Of Financial Advisers Believe A Bitcoin ETF Will Be Approved In 2024: Bitwise 🔎
According to a recently published survey by ETF issuer Bitwise, only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved this year. Notably, the survey had participants from all across the country, including registered investment advisers (RIAs), financial planners, institutional investors and wirehouse representatives. The survey also found that even if the majority of advisors don’t think it’s likely a Bitcoin ETF will be approved this year, 88% of respondents interested in purchasing Bitcoin on behalf of their clients are waiting for an ETF to be available.
Source
5️⃣ Celsius to Unstake Thousands of Ether, Possibly Easing ETH Selling Pressure 🙌
Crypto lender Celsius is reportedly planning to unstake its Ether holdings as it prepares for “timely distributions to creditors.” Notably, this is expected to ease selling pressure on ETH as Celsius was previously selling staking rewards on the open market to cover costs associated with the reorganisation plan. Data from Arkham show crypto wallets linked to Celsius have staked over $151 million worth of ether, a position on which it likely earned over 4%-5% in annualised yields.
The firm stated,
Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors.
Source
📣📣 MARKET MOVING NEWS! (06/01/24)
1️⃣ North Korea Was Responsible for Over $600M in Crypto Thefts Last Year: TRM Labs 🤔
According to a recent report published by TRM Labs, groups tied to the Democratic People’s Republic of Korea (DPRK) were responsible for roughly 33% of all crypto stolen through hacks in 2023. Specifically, North Korea-affiliated hackers made off with some $600 million in funds in 2023, bringing the total to almost $3 billion over the past six years.
TRM Labs stated,
Source
2️⃣ Mango Markets Hires Representative To Handle US Regulatory Scrutiny 🇺🇸
Decentralised exchange Mango Markets is reportedly recruiting new resources to handle the ongoing scrutiny from United States regulatory authorities as they pose a wave of "inquiries" related to the October 2022 heist.
Notably, one proposal on Mango’s governance forum has proposed a budget of $250,000 in USDC to be approved by the DAO for the hiring of a representative tasked with addressing inquiries from “some regulators” concerning Mango Markets. Once approved, MangoDAO will be represented by Poland-based company Cyberbyte with a one-year term. The company is owned by crypto developer Adrian Brzeziński, who is also a contributor to Mango Markets. The representative’s responsibilities include hiring legal counsel and facilitating “amicable resolutions to the U.S. regulatory matters.”
Source
3️⃣ DCG Says It Completed Payoff Of All Short-Term Loans From Genesis ❗️
Digital Currency Group has reportedly paid off all short-term loans to institutional investor crypto broker Genesis.
The firm announced,
Source
4️⃣ Final Bitcoin ETF Application Filings Get Posted by Major U.S. Exchanges 🔎
The U.S. spot bitcoin ETFs appear to be one step closer to being launched as the exchanges that will list them filed amended 19b-4 filings on behalf of BlackRock, Grayscale, Fidelity and other issuers. Notably, more than a dozen applicants hope to launch the first spot bitcoin ETFs in the U.S.; it's likely multiple issuers will be approved simultaneously.
Source
5️⃣ Coinbase Acquiring Cyprus-Based Entity To Expand EU Derivatives Offerings 🤝
Crypto exchange Coinbase is reportedly in the process of acquiring a Markets in Financial Instruments Directive 2014 (MiFID II) licensed entity in Cyprus. The acquisition will allow Coinbase to offer cryptocurrency-based derivatives in Europe. The exchange currently only offers spot trading in the EU.
Coinbase stated,
Source
1️⃣ North Korea Was Responsible for Over $600M in Crypto Thefts Last Year: TRM Labs 🤔
According to a recent report published by TRM Labs, groups tied to the Democratic People’s Republic of Korea (DPRK) were responsible for roughly 33% of all crypto stolen through hacks in 2023. Specifically, North Korea-affiliated hackers made off with some $600 million in funds in 2023, bringing the total to almost $3 billion over the past six years.
TRM Labs stated,
North Korea’s hacking prowess demands continuous vigilance and innovation from businesses and governments. Despite notable advancements in cybersecurity among exchanges and increased international collaboration in tracking and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyber-thief.
Source
2️⃣ Mango Markets Hires Representative To Handle US Regulatory Scrutiny 🇺🇸
Decentralised exchange Mango Markets is reportedly recruiting new resources to handle the ongoing scrutiny from United States regulatory authorities as they pose a wave of "inquiries" related to the October 2022 heist.
Notably, one proposal on Mango’s governance forum has proposed a budget of $250,000 in USDC to be approved by the DAO for the hiring of a representative tasked with addressing inquiries from “some regulators” concerning Mango Markets. Once approved, MangoDAO will be represented by Poland-based company Cyberbyte with a one-year term. The company is owned by crypto developer Adrian Brzeziński, who is also a contributor to Mango Markets. The representative’s responsibilities include hiring legal counsel and facilitating “amicable resolutions to the U.S. regulatory matters.”
Source
3️⃣ DCG Says It Completed Payoff Of All Short-Term Loans From Genesis ❗️
Digital Currency Group has reportedly paid off all short-term loans to institutional investor crypto broker Genesis.
The firm announced,
DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due. With this milestone behind us, we're looking forward to the next chapter of DCG and the future growth of our industry.
Source
4️⃣ Final Bitcoin ETF Application Filings Get Posted by Major U.S. Exchanges 🔎
The U.S. spot bitcoin ETFs appear to be one step closer to being launched as the exchanges that will list them filed amended 19b-4 filings on behalf of BlackRock, Grayscale, Fidelity and other issuers. Notably, more than a dozen applicants hope to launch the first spot bitcoin ETFs in the U.S.; it's likely multiple issuers will be approved simultaneously.
Source
5️⃣ Coinbase Acquiring Cyprus-Based Entity To Expand EU Derivatives Offerings 🤝
Crypto exchange Coinbase is reportedly in the process of acquiring a Markets in Financial Instruments Directive 2014 (MiFID II) licensed entity in Cyprus. The acquisition will allow Coinbase to offer cryptocurrency-based derivatives in Europe. The exchange currently only offers spot trading in the EU.
Coinbase stated,
Adding such a license to our international portfolio would further support the strong interest we’ve seen in our derivatives offerings and help us capture more of the ~75% of the global crypto market claimed by derivatives.
Source
📣📣 MARKET MOVING NEWS! (07/01/24)
1️⃣ Bitcoin’s First Wallet Receives $1.17M In Surprise Transaction 🕵️♂️
An unknown Bitcoin user sent 26.9 BTC worth $1.17 million to the network’s Genesis wallet — the first ever wallet on the Bitcoin network set up by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Specifically, the Bitcoin transaction occurred on Jan. 5 at 1:52 am Eastern Time accompanied by a transaction fee of $100, notably higher than the average. According to blockchain analytics platform Arkham Intelligence, most of the funds originated from a wallet associated with Binance. Notably, Coinbase director Conor Grogan tweeted that the transaction was either Nakamoto waking up and depositing BTC from Binance or someone burning over $1 million. He also suggested that the anonymous transfer could be a weird spot Bitcoin exchange-traded fund marketing scheme.
Source
2️⃣ Crypto-Skeptical Nonprofit Better Markets Urges SEC To Deny Spot Bitcoin ETFs 🧐
The non-partisan nonprofit Better Markets has reportedly submitted a comment letter to the Securities and Exchange Commission (SEC) urging the agency to deny several pending applications for a Bitcoin-trading ETF.
Notably, Better Markets' CEO and co-founder Dennis M. Kelleher argues in the letter that the SEC's approval of a spot Bitcoin ETF would pose a "grave threat" to investors by unleashing a “speculative, volatile, and socially useless financial product” on American investors and retirees. He further stated that the SEC's approval of the product would set a dangerous precedent.
Kelleher wrote,
Source
3️⃣ Blackrock Layoffs Coming As Firm Matures, ESG Pullback And Bitcoin ETF Approval 🔎
According to a Fox Business report, the world's largest asset manager Blackrock is planning to reduce its global workforce by around 3% in the coming days. The report estimates that this means around 600 people will lose their jobs as part of the firm’s “routine internal adjustments.” The report also reveals that BlackRock is expecting approval from the Securities and Exchange Commission for its new Bitcoin "spot" ETF on Wednesday, i.e., Jan 10th – the last day of the window in which the SEC can approve all spot Bitcoin ETF issuers at the same time.
Source
4️⃣ Grayscale Drops MATIC, Adds AVAX, XRP In Funds Rebalance 💰
Asset manager Grayscale has reportedly rebalanced weights for three of its crypto funds - Digital Large Cap Fund (GDLC), DeFi Fund and Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). Specifically, it removed tokens such as MATIC and added AVAX and XRP. Notably, the new allocations are part of Grayscale’s quarterly review which optimizes the fund’s performance according to the prevailing market conditions, risk assessments and investment objectives.
Source
1️⃣ Bitcoin’s First Wallet Receives $1.17M In Surprise Transaction 🕵️♂️
An unknown Bitcoin user sent 26.9 BTC worth $1.17 million to the network’s Genesis wallet — the first ever wallet on the Bitcoin network set up by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
Specifically, the Bitcoin transaction occurred on Jan. 5 at 1:52 am Eastern Time accompanied by a transaction fee of $100, notably higher than the average. According to blockchain analytics platform Arkham Intelligence, most of the funds originated from a wallet associated with Binance. Notably, Coinbase director Conor Grogan tweeted that the transaction was either Nakamoto waking up and depositing BTC from Binance or someone burning over $1 million. He also suggested that the anonymous transfer could be a weird spot Bitcoin exchange-traded fund marketing scheme.
Source
2️⃣ Crypto-Skeptical Nonprofit Better Markets Urges SEC To Deny Spot Bitcoin ETFs 🧐
The non-partisan nonprofit Better Markets has reportedly submitted a comment letter to the Securities and Exchange Commission (SEC) urging the agency to deny several pending applications for a Bitcoin-trading ETF.
Notably, Better Markets' CEO and co-founder Dennis M. Kelleher argues in the letter that the SEC's approval of a spot Bitcoin ETF would pose a "grave threat" to investors by unleashing a “speculative, volatile, and socially useless financial product” on American investors and retirees. He further stated that the SEC's approval of the product would set a dangerous precedent.
Kelleher wrote,
The potential for fraud in the spot bitcoin market is so great that the rules of an exchange cannot permit the listing and trading of a spot bitcoin ETP and still be consistent with the requirement that the exchange’s rules be designed to prevent fraud and manipulation and protect investors and the public interest.
Source
3️⃣ Blackrock Layoffs Coming As Firm Matures, ESG Pullback And Bitcoin ETF Approval 🔎
According to a Fox Business report, the world's largest asset manager Blackrock is planning to reduce its global workforce by around 3% in the coming days. The report estimates that this means around 600 people will lose their jobs as part of the firm’s “routine internal adjustments.” The report also reveals that BlackRock is expecting approval from the Securities and Exchange Commission for its new Bitcoin "spot" ETF on Wednesday, i.e., Jan 10th – the last day of the window in which the SEC can approve all spot Bitcoin ETF issuers at the same time.
Source
4️⃣ Grayscale Drops MATIC, Adds AVAX, XRP In Funds Rebalance 💰
Asset manager Grayscale has reportedly rebalanced weights for three of its crypto funds - Digital Large Cap Fund (GDLC), DeFi Fund and Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). Specifically, it removed tokens such as MATIC and added AVAX and XRP. Notably, the new allocations are part of Grayscale’s quarterly review which optimizes the fund’s performance according to the prevailing market conditions, risk assessments and investment objectives.
Source
🚨New Video Alert!! 🚨
As bullish as the crypto market has been, there has been no shortage of bearish crypto factors lurking around in the background. Obviously, a lot of these have to do with regulations.
The one bearish macro factor that’s been brewing lately relates to DeFi regulations. Basically, an unaccountable an unelected international organisation called IOSCO is trying to coordinate a crackdown.
The craziest part about all of this is that it seems to suggest that regulators not only go after the founder of DeFi protocols, but also the governance token holders, and even the cryptos they exist on.
This is a video you need to watch until the end!
As bullish as the crypto market has been, there has been no shortage of bearish crypto factors lurking around in the background. Obviously, a lot of these have to do with regulations.
The one bearish macro factor that’s been brewing lately relates to DeFi regulations. Basically, an unaccountable an unelected international organisation called IOSCO is trying to coordinate a crackdown.
The craziest part about all of this is that it seems to suggest that regulators not only go after the founder of DeFi protocols, but also the governance token holders, and even the cryptos they exist on.
This is a video you need to watch until the end!
📣📣 MARKET MOVING NEWS! (08/01/24)
1️⃣ ARK's ETF Rebalancing Continues With $20.6M Coinbase Sale 💰
Cathie Wood’s ARK Invest reportedly sold another 133,823 Coinbase shares (COIN) worth $20.6 million on Friday across three of its exchange-traded funds (ETFs). Notably, ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. This explains ARK’s consistent sales of COIN which more than doubled in price in the last three months of 2023. Its largest weighing of Coinbase stock is in its Innovation ETF (ARKK), which holds over $850 million worth of COIN. The latest selling spree has brought its weighting down to 10.04%, suggesting the sales from ARKK could be coming to an end, unless we see another pump in Coinbase's share price.
Source
2️⃣ Honduras Special Zone Officially Recognizes Bitcoin as A Unit of Account ⚖️
Próspera, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin as a unit of account. This means that BTC can now be used to measure the market value of goods and services. Notably, the move comes less than two years after Próspera adopted Bitcoin as legal tender. Jorge Colindres, the acting manager and tax commissioner of Próspera Zone for Employment and Economic Development (ZEDE) who spearheaded the development stated that the motive was to offer more financial freedom to individuals and businesses operating in the area.
Source
3️⃣ Someone Spent $66,000 To Inscribe 9MB of Data onto Bitcoin 🔎
An anonymous Bitcoiner has reportedly spent 1.5 BTC (~$64,000) in fees to inscribe nearly 9 megabytes of encrypted data on the Bitcoin blockchain. The wallet used the fees to create 332 inscriptions at around 11:20 am UTC on Jan. 6. Interestingly, the encrypted data includes a range of English, Greek and mathematics symbols. Another notable detail is that two of the 332 inscriptions are marked with a digital pepperoni pizza - this means it contains sats from the 10,000 BTC used to purchase two Papa John’s pepperoni pizzas from Early Bitcoin contributor Laszlo Hanyecz on May 22, 2010.
Source
4️⃣ Japan’s E-Commerce Giant Mercari Plans to Accept BTC Payments: Report 🤑
According to local media reports, Japan’s digital flea market platform ‘Mercari’ is planning to allow users to purchase products with Bitcoin by June this year. Specifically, Mercari will use its Tokyo-based blockchain subsidiary ‘Mercoin’ to facilitate the BTC payments. Mercoin will serve as an intermediary that transfers bitcoin to the seller in yen, imposing transaction fees similar to those in sales made in fiat currency. It remains unclear if users would be charged the same amount of fees.
Source
5️⃣ Crypto Gateway CoinsPaid Hacked For Over $7.5M — Cyvers 🥶
According to Web3 security firm Cyvers, unauthorised transactions of nearly $7.5 million have been detected on crypto payment gateway CoinsPaid. Specifically, Cyvers’ artificial intelligence system detected multiple irregular transactions on Jan. 6, allowing the withdrawal of $6.1 million worth of digital assets in USDT, ETH, USDC and CoinsPaid’s native token CPD. It also identified unauthorised transactions involving BNB worth more than $1 million, bringing the total amount stolen close to $7.5 million. The attacker has reportedly moved the funds to externally owned accounts (EOAs) and crypto exchanges MEXC, WhiteBit and ChangeNOW.
Source
1️⃣ ARK's ETF Rebalancing Continues With $20.6M Coinbase Sale 💰
Cathie Wood’s ARK Invest reportedly sold another 133,823 Coinbase shares (COIN) worth $20.6 million on Friday across three of its exchange-traded funds (ETFs). Notably, ARK Invest has a target of no individual stock surpassing 10% weighting of an ETF's value. This explains ARK’s consistent sales of COIN which more than doubled in price in the last three months of 2023. Its largest weighing of Coinbase stock is in its Innovation ETF (ARKK), which holds over $850 million worth of COIN. The latest selling spree has brought its weighting down to 10.04%, suggesting the sales from ARKK could be coming to an end, unless we see another pump in Coinbase's share price.
Source
2️⃣ Honduras Special Zone Officially Recognizes Bitcoin as A Unit of Account ⚖️
Próspera, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin as a unit of account. This means that BTC can now be used to measure the market value of goods and services. Notably, the move comes less than two years after Próspera adopted Bitcoin as legal tender. Jorge Colindres, the acting manager and tax commissioner of Próspera Zone for Employment and Economic Development (ZEDE) who spearheaded the development stated that the motive was to offer more financial freedom to individuals and businesses operating in the area.
Source
3️⃣ Someone Spent $66,000 To Inscribe 9MB of Data onto Bitcoin 🔎
An anonymous Bitcoiner has reportedly spent 1.5 BTC (~$64,000) in fees to inscribe nearly 9 megabytes of encrypted data on the Bitcoin blockchain. The wallet used the fees to create 332 inscriptions at around 11:20 am UTC on Jan. 6. Interestingly, the encrypted data includes a range of English, Greek and mathematics symbols. Another notable detail is that two of the 332 inscriptions are marked with a digital pepperoni pizza - this means it contains sats from the 10,000 BTC used to purchase two Papa John’s pepperoni pizzas from Early Bitcoin contributor Laszlo Hanyecz on May 22, 2010.
Source
4️⃣ Japan’s E-Commerce Giant Mercari Plans to Accept BTC Payments: Report 🤑
According to local media reports, Japan’s digital flea market platform ‘Mercari’ is planning to allow users to purchase products with Bitcoin by June this year. Specifically, Mercari will use its Tokyo-based blockchain subsidiary ‘Mercoin’ to facilitate the BTC payments. Mercoin will serve as an intermediary that transfers bitcoin to the seller in yen, imposing transaction fees similar to those in sales made in fiat currency. It remains unclear if users would be charged the same amount of fees.
Source
5️⃣ Crypto Gateway CoinsPaid Hacked For Over $7.5M — Cyvers 🥶
According to Web3 security firm Cyvers, unauthorised transactions of nearly $7.5 million have been detected on crypto payment gateway CoinsPaid. Specifically, Cyvers’ artificial intelligence system detected multiple irregular transactions on Jan. 6, allowing the withdrawal of $6.1 million worth of digital assets in USDT, ETH, USDC and CoinsPaid’s native token CPD. It also identified unauthorised transactions involving BNB worth more than $1 million, bringing the total amount stolen close to $7.5 million. The attacker has reportedly moved the funds to externally owned accounts (EOAs) and crypto exchanges MEXC, WhiteBit and ChangeNOW.
Source
🚨New Video Alert!! 🚨
Welcome back to another week in the wild world of crypto. What better way to start it than a recap of what happened last week! After all, it gives a sense of what’s to come in these tense times.
Obviously this is a reference to the spot Bitcoin ETF and all the anticipation around it. Hundreds of millions of dollars of liquidations await BTC in both directions as Wednesday comes closer.
At the same time there are big questions about what ETH and altcoins will do in response to the Bitcoin ETF news and the inflation print the next day. It’s safe to say that we’re in for a very volatile week.
This is one you need to watch until the end!
Welcome back to another week in the wild world of crypto. What better way to start it than a recap of what happened last week! After all, it gives a sense of what’s to come in these tense times.
Obviously this is a reference to the spot Bitcoin ETF and all the anticipation around it. Hundreds of millions of dollars of liquidations await BTC in both directions as Wednesday comes closer.
At the same time there are big questions about what ETH and altcoins will do in response to the Bitcoin ETF news and the inflation print the next day. It’s safe to say that we’re in for a very volatile week.
This is one you need to watch until the end!
📣📣 MARKET MOVING NEWS! (09/01/24)
1️⃣ BlackRock, VanEck Hand in Amended S-1 Forms for Spot Bitcoin ETFs To Address Final Comments ⚖️
Asset managers BlackRock and VanEck have reportedly filed amended S-1 forms for their respective spot bitcoin ETF applications to address final comments from the Securities and Exchange Commission. The forms filed today show minor changes, including language on what happens if an authorised participant or bitcoin trading counterparty suffers insolvency and other potential conflicts of interest.
However, the most notable details in the filing are the various issuers’ respective fee structures. Specifically, multiple providers are offering zero fees for a limited amount of time, with Bitwise offering the lowest fixed fee of 0.24%, followed by Ark/21Shares with 0.25%, and BlackRock with 0.3%.
Source
2️⃣ Jim Cramer Now Says Bitcoin Is 'Topping Out' 🙌
Former hedge fund manager and host of CNBC’s Mad Money Jim Cramer, who is known for making predictions that go the opposite way, declared that bitcoin was “topping out” during a TV segment on Monday. Notably, Bitcoin added as much as 8% on Monday before giving back some gains, reaching as high as $47,100 for the first time since April 2021.
He stated,
Source
3️⃣ South Korean Upbit Exchange Secures License In Singapore 🚀
South Korean crypto exchange Upbit has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Notably, the MPI license allows Upbit to provide regulated digital payment token (DPT) services to its clients in the city-state. Upbit had previously acquired in-principle approval from the MAS in October last year. The exchange stated that it is "poised to expand its range of offerings" in the country.
Source
4️⃣ North Korean Lazarus Group Moves BTC Around After Weeks Of Inactivity 🧐
According to blockchain intelligence platform Arkham Intelligence, North Korean hacking group Lazarus moved 27.371 BTC (worth $1.2 million) on Jan. 8 after weeks of inactivity. The BTC was sent in two transfers from what the analysts took to be a cryptocurrency mixer. Lazarus Group then sent 3.343 BTC, worth $150,582, to an inactive address they had used before. The Lazarus Group wallet now holds $79 million in wallets tagged by Arkham, including $73 million worth of BTC and $3.4 million worth of ETH.
Source
5️⃣ DeFi Identity Should Be Focus of U.S. Policymakers, CFTC Says 🔎
In a recent report published by the Commodity Futures Trading Commission (CFTC), the U.S. agency has urged policymakers to prioritize finding ways to identify individuals involved in DeFi. Specifically, it stated that policymakers needed focus on digital identity, know your customer (KYC) and anti-money laundering (AML) regimes as well as calibration of privacy in DeFi.
The report stated,
Source
1️⃣ BlackRock, VanEck Hand in Amended S-1 Forms for Spot Bitcoin ETFs To Address Final Comments ⚖️
Asset managers BlackRock and VanEck have reportedly filed amended S-1 forms for their respective spot bitcoin ETF applications to address final comments from the Securities and Exchange Commission. The forms filed today show minor changes, including language on what happens if an authorised participant or bitcoin trading counterparty suffers insolvency and other potential conflicts of interest.
However, the most notable details in the filing are the various issuers’ respective fee structures. Specifically, multiple providers are offering zero fees for a limited amount of time, with Bitwise offering the lowest fixed fee of 0.24%, followed by Ark/21Shares with 0.25%, and BlackRock with 0.3%.
Source
2️⃣ Jim Cramer Now Says Bitcoin Is 'Topping Out' 🙌
Former hedge fund manager and host of CNBC’s Mad Money Jim Cramer, who is known for making predictions that go the opposite way, declared that bitcoin was “topping out” during a TV segment on Monday. Notably, Bitcoin added as much as 8% on Monday before giving back some gains, reaching as high as $47,100 for the first time since April 2021.
He stated,
Let’s stop fooling around. You want bitcoin, buy bitcoin. (But) I think bitcoin is topping out.
Source
3️⃣ South Korean Upbit Exchange Secures License In Singapore 🚀
South Korean crypto exchange Upbit has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Notably, the MPI license allows Upbit to provide regulated digital payment token (DPT) services to its clients in the city-state. Upbit had previously acquired in-principle approval from the MAS in October last year. The exchange stated that it is "poised to expand its range of offerings" in the country.
Source
4️⃣ North Korean Lazarus Group Moves BTC Around After Weeks Of Inactivity 🧐
According to blockchain intelligence platform Arkham Intelligence, North Korean hacking group Lazarus moved 27.371 BTC (worth $1.2 million) on Jan. 8 after weeks of inactivity. The BTC was sent in two transfers from what the analysts took to be a cryptocurrency mixer. Lazarus Group then sent 3.343 BTC, worth $150,582, to an inactive address they had used before. The Lazarus Group wallet now holds $79 million in wallets tagged by Arkham, including $73 million worth of BTC and $3.4 million worth of ETH.
Source
5️⃣ DeFi Identity Should Be Focus of U.S. Policymakers, CFTC Says 🔎
In a recent report published by the Commodity Futures Trading Commission (CFTC), the U.S. agency has urged policymakers to prioritize finding ways to identify individuals involved in DeFi. Specifically, it stated that policymakers needed focus on digital identity, know your customer (KYC) and anti-money laundering (AML) regimes as well as calibration of privacy in DeFi.
The report stated,
The pseudonymity and disintermediation provided in most DeFi systems presents serious concerns for policymakers focused on ensuring AML and countering the financing of terrorism (AML/CFT) regimes are effective and provide appropriate protections and victim recourse for consumers.
Source
🚨 New Video Alert!! 🚨
There is a lot to look ahead in 2024.
Recently, Jessica interviewed Sandeep Nailwal, one of the original founders of the Polygon Network. They spoke about Polygon 2.0, zkEVM, Layer 2s, MATIC and everything about the future of the project and crypto in general.
Not only did Sandeep tell us about some exciting projects they are building but also he gave his take on Vitalik’s “Making Ethereum Cypherpunk Again” post.
All this and more in today’s video!
Enjoy!
There is a lot to look ahead in 2024.
Recently, Jessica interviewed Sandeep Nailwal, one of the original founders of the Polygon Network. They spoke about Polygon 2.0, zkEVM, Layer 2s, MATIC and everything about the future of the project and crypto in general.
Not only did Sandeep tell us about some exciting projects they are building but also he gave his take on Vitalik’s “Making Ethereum Cypherpunk Again” post.
All this and more in today’s video!
Enjoy!
📣📣 MARKET MOVING NEWS! (10/01/24)
1️⃣ Bitcoin Jumps, Then Dumps to $45K as Fake News About Spot Bitcoin Approval Liquidates $50M 😵💫
Earlier today, the price of BTC saw a rally of 2.5% to a fresh 19-month high of $47,900 after the official SEC X account (formerly Twitter) shared news about the Bitcoin spot ETF being approved.
However, it appears the tweet was the result of an attacker compromising the agency’s X account. As news of this was revealed to be false, bitcoin sharply declined nearly 6% to as low as $45,100. Notably, this resulted in nearly $90 million worth of BTC long and short positions to be liquidated – approximately $50 million in longs and $36 million in shorts.
Source
2️⃣ X Reveals SEC Account Breach Stemmed From Unprotected Phone Number 🥶
According to a preliminary investigation conducted by the safety team of X, the recent compromise of the U.S. Securities and Exchange Commission’s X account was due to a sim swap attack – i.e., someone obtained control over a phone number associated with the account. The SEC reportedly did not have two-factor authentication enabled for its account.
The X team stated,
Source
3️⃣ Apple India Blocks Binance, 9 Other Crypto Exchanges Weeks After FIU Notice ❗️
According to reports, the Apple App Store in India has removed the applications of crypto exchanges Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC from its marketplace. Notably, the move comes just weeks after the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a noncompliance notice against nearly a dozen off-shore crypto exchanges. New users in India who wish to download these applications will no longer be able to access them via the official app store. However, users are still able to access these apps on Google’s Play Store and web versions.
Source
4️⃣ Fox Corp, Polygon Release Blockchain-Powered Tool 'Verify' to Weed Out Deepfakes 🚀
Fox Corporation, a media corporation managing brands such as Fox News, Fox Sports and Tubi Media Group, has reportedly collaborated with the software development firm Polygon Labs to launch Verify - an automated tool that helps to authenticate bona fide articles and images. Notably, Verify is expected to help combat against AI-generated media stories or deepfakes.
Polygon Labs tweeted,
Source
5️⃣ Celsius Creditors Who Withdrew 90 Days Before Bankruptcy Are Asked To Send Money Back ⚖️
Celsius bankruptcy administrators have reportedly filed an intent to notify account holders who withdrew more than $100,000 in the 90 days prior to July 13, 2022, of having to return part of the funds, or face legal action. Specifically, letters will soon be sent to these accounts, instructing them to make a payment of 27.5% of what they withdrew in the affected period. If they comply, they will be eligible for future distributions under the reorganisation plan.
Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog law firm, stated
Source
1️⃣ Bitcoin Jumps, Then Dumps to $45K as Fake News About Spot Bitcoin Approval Liquidates $50M 😵💫
Earlier today, the price of BTC saw a rally of 2.5% to a fresh 19-month high of $47,900 after the official SEC X account (formerly Twitter) shared news about the Bitcoin spot ETF being approved.
However, it appears the tweet was the result of an attacker compromising the agency’s X account. As news of this was revealed to be false, bitcoin sharply declined nearly 6% to as low as $45,100. Notably, this resulted in nearly $90 million worth of BTC long and short positions to be liquidated – approximately $50 million in longs and $36 million in shorts.
Source
2️⃣ X Reveals SEC Account Breach Stemmed From Unprotected Phone Number 🥶
According to a preliminary investigation conducted by the safety team of X, the recent compromise of the U.S. Securities and Exchange Commission’s X account was due to a sim swap attack – i.e., someone obtained control over a phone number associated with the account. The SEC reportedly did not have two-factor authentication enabled for its account.
The X team stated,
Based on our investigation, the compromise was not due to any breach of X’s systems, but rather due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party.
Source
3️⃣ Apple India Blocks Binance, 9 Other Crypto Exchanges Weeks After FIU Notice ❗️
According to reports, the Apple App Store in India has removed the applications of crypto exchanges Binance, KuCoin, Bitget, Huobi, OKX, Gate.io and MEXC from its marketplace. Notably, the move comes just weeks after the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a noncompliance notice against nearly a dozen off-shore crypto exchanges. New users in India who wish to download these applications will no longer be able to access them via the official app store. However, users are still able to access these apps on Google’s Play Store and web versions.
Source
4️⃣ Fox Corp, Polygon Release Blockchain-Powered Tool 'Verify' to Weed Out Deepfakes 🚀
Fox Corporation, a media corporation managing brands such as Fox News, Fox Sports and Tubi Media Group, has reportedly collaborated with the software development firm Polygon Labs to launch Verify - an automated tool that helps to authenticate bona fide articles and images. Notably, Verify is expected to help combat against AI-generated media stories or deepfakes.
Polygon Labs tweeted,
With the rise of AI tools and AI-generated media, distinguishing truth from lies is difficult. Proving provenance and authenticity of any given piece of content is now more important than ever. That’s where Verify, by Fox Corporation (built on Polygon PoS), comes in.
Source
5️⃣ Celsius Creditors Who Withdrew 90 Days Before Bankruptcy Are Asked To Send Money Back ⚖️
Celsius bankruptcy administrators have reportedly filed an intent to notify account holders who withdrew more than $100,000 in the 90 days prior to July 13, 2022, of having to return part of the funds, or face legal action. Specifically, letters will soon be sent to these accounts, instructing them to make a payment of 27.5% of what they withdrew in the affected period. If they comply, they will be eligible for future distributions under the reorganisation plan.
Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog law firm, stated
This notice is giving folks who have preference exposure above $100k – meaning that they withdrew $100k or more within 90 days of the filing date – to preemptively settle with the Estate for 27.5% of the amount they withdrew, without getting sued. They still have to vote to accept the plan and not opt-out of the releases. People who do not comply with the above could potentially be sued to recover the preferences they received.
Source
🚨Rally Report🚨
ETHEREUM NAME SERVICE
The price of ENS has rallied by 34% in the past 24 hours.
WHY?!
📈 Part of a broader market rally following the recent approval of a spot Bitcoin ETF in the United States. The bullishness surrounding ENS could also be due to recent speculation of the United States approving a spot Ethereum ETF in the coming months.
🚀 Notably, Ethereum founder Vitalik Buterin described ENS as a "super important" service just one week ago. Vitalik argued that layer-2 blockchains should incorporate ENS domains to improve the user experience across DeFi.
If you want to buy or trade ENS, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
ETHEREUM NAME SERVICE
The price of ENS has rallied by 34% in the past 24 hours.
WHY?!
📈 Part of a broader market rally following the recent approval of a spot Bitcoin ETF in the United States. The bullishness surrounding ENS could also be due to recent speculation of the United States approving a spot Ethereum ETF in the coming months.
🚀 Notably, Ethereum founder Vitalik Buterin described ENS as a "super important" service just one week ago. Vitalik argued that layer-2 blockchains should incorporate ENS domains to improve the user experience across DeFi.
If you want to buy or trade ENS, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
📣📣 MARKET MOVING NEWS! (11/01/24)
1️⃣ Bitcoin Price Rises Above $47,000 After SEC Approval of Spot BTC ETFs 📈
According to a document uploaded on the SEC website, the U.S. Securities and Exchange Commission has approved proposals for 11 spot bitcoin ETFs on an accelerated basis. The 11 spot bitcoin ETFs approved by the SEC are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
While the price of BTC did not immediately react to the Securities and Exchange Commission's approval, it ticked back up above $47,000 in late-day trading. Notably, the shares of the Grayscale Bitcoin Trust (GBTC) (the largest closed-end bitcoin fund which now has permission to convert into an ETF) rose to $40, their highest price since December 2021.
Source
2️⃣ Bitcoin ETF Frenzy Brings Windfall Volume to Decentralized Predictions Platform PolyMarket 🚀
Decentralised betting platform Polymarket emerged as a surprising beneficiary of the U.S. Securities and Exchange Commission’s recent approval of several spot bitcoin exchange-traded funds. Notably, the betting platform experienced a windfall of $5.7 million in trading volume on Wednesday. For context, the daily average trading volume in December was $300,000.
PolyMarket tweeted,
Source
3️⃣ SEC Says It’s Coordinating with FBI To Investigate ‘Compromised’ ETF Tweet 👮♂️
The United States Securities and Exchange Commission is reportedly working with the Federal Bureau of Investigation (FBI) to investigate the recent incident involving a tweet that was issued from the SEC’s compromised Twitter account on Jan. 9.
The SEC also stated that the tweet published by the attacker wasn’t a draft tweet previously made by the agency. This statement follows speculation about the same on Crypto Twitter, with many noting that the language used in the tweet was so closely tailored to Gensler’s typical way of speaking.
Source
4️⃣ Ripple To Buy Back $285M Of Its Shares, Valuing Company At $11B 💰
According to a Reuters report, Ripple Labs is planning a tender offer to buy back a $285 million stake in the company at a valuation of $11.3 billion from early investors and employees. Ripple stated that it plans to spend $500 million in the planned buyback to cover the costs of converting restricted stock units into shares and taxes. Early investors will reportedly be limited to being able to sell as much as 6% of their holdings. Ripple chief executive Brad Garlinghouse confirmed that the company plans to do more share buybacks regularly to provide liquidity for investors and has no plan to go public in the United States any time soon due to regulatory uncertainty.
Source
5️⃣ Twitter Gives Up on NFT Profile Pics, Killing Ethereum Feature for Paying Users ❗️
Social media giant X (formerly Twitter) has reportedly removed support for NFTs from its premium subscription page. Previously, users of the platform could turn their circular profile picture into a hexagon by linking an NFT they owned. While it appears to have been functional as late as Jan. 1, the shape of the display has now been modified back to the standard circle. Twitter has yet to comment publicly on the decision.
Source
1️⃣ Bitcoin Price Rises Above $47,000 After SEC Approval of Spot BTC ETFs 📈
According to a document uploaded on the SEC website, the U.S. Securities and Exchange Commission has approved proposals for 11 spot bitcoin ETFs on an accelerated basis. The 11 spot bitcoin ETFs approved by the SEC are Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
While the price of BTC did not immediately react to the Securities and Exchange Commission's approval, it ticked back up above $47,000 in late-day trading. Notably, the shares of the Grayscale Bitcoin Trust (GBTC) (the largest closed-end bitcoin fund which now has permission to convert into an ETF) rose to $40, their highest price since December 2021.
Source
2️⃣ Bitcoin ETF Frenzy Brings Windfall Volume to Decentralized Predictions Platform PolyMarket 🚀
Decentralised betting platform Polymarket emerged as a surprising beneficiary of the U.S. Securities and Exchange Commission’s recent approval of several spot bitcoin exchange-traded funds. Notably, the betting platform experienced a windfall of $5.7 million in trading volume on Wednesday. For context, the daily average trading volume in December was $300,000.
PolyMarket tweeted,
Underrated winner of the Bitcoin ETF approval? Prediction markets. Polymarket did more volume than OpenSea today.
Source
3️⃣ SEC Says It’s Coordinating with FBI To Investigate ‘Compromised’ ETF Tweet 👮♂️
The United States Securities and Exchange Commission is reportedly working with the Federal Bureau of Investigation (FBI) to investigate the recent incident involving a tweet that was issued from the SEC’s compromised Twitter account on Jan. 9.
The SEC also stated that the tweet published by the attacker wasn’t a draft tweet previously made by the agency. This statement follows speculation about the same on Crypto Twitter, with many noting that the language used in the tweet was so closely tailored to Gensler’s typical way of speaking.
Source
4️⃣ Ripple To Buy Back $285M Of Its Shares, Valuing Company At $11B 💰
According to a Reuters report, Ripple Labs is planning a tender offer to buy back a $285 million stake in the company at a valuation of $11.3 billion from early investors and employees. Ripple stated that it plans to spend $500 million in the planned buyback to cover the costs of converting restricted stock units into shares and taxes. Early investors will reportedly be limited to being able to sell as much as 6% of their holdings. Ripple chief executive Brad Garlinghouse confirmed that the company plans to do more share buybacks regularly to provide liquidity for investors and has no plan to go public in the United States any time soon due to regulatory uncertainty.
Source
5️⃣ Twitter Gives Up on NFT Profile Pics, Killing Ethereum Feature for Paying Users ❗️
Social media giant X (formerly Twitter) has reportedly removed support for NFTs from its premium subscription page. Previously, users of the platform could turn their circular profile picture into a hexagon by linking an NFT they owned. While it appears to have been functional as late as Jan. 1, the shape of the display has now been modified back to the standard circle. Twitter has yet to comment publicly on the decision.
Source
🚨 New Video Alert!! 🚨
Solana vs. Ethereum. It’s a question that’s been on everyone’s minds ever since SOL started outperforming the market, and it's been a burning one since ETH has been underperforming.
As most of you will know, almost all of us here at the Coin Bureau hold both ETH and SOL as part of our personal crypto portfolios. We reckon this means that we can give these crypto projects a fair shake.
So today we’re comparing Solana and Ethereum in a series of 5 rounds to determine which one will be the champion in 2024. Spoiler alert: the answer will surprise you (it definitely surprised us!).
You’ll have to stick around to find out…
Solana vs. Ethereum. It’s a question that’s been on everyone’s minds ever since SOL started outperforming the market, and it's been a burning one since ETH has been underperforming.
As most of you will know, almost all of us here at the Coin Bureau hold both ETH and SOL as part of our personal crypto portfolios. We reckon this means that we can give these crypto projects a fair shake.
So today we’re comparing Solana and Ethereum in a series of 5 rounds to determine which one will be the champion in 2024. Spoiler alert: the answer will surprise you (it definitely surprised us!).
You’ll have to stick around to find out…
🚨Rally Report🚨
SUI NETWORK
The price of SUI has rallied by 11% in the past 24 hours.
WHY?!
🎉 The DeFi ecosystem on Sui appears to be growing rapidly. Sui's TVL has crossed the $250M mark and currently sits at $269M. That’s an increase of over 90% in 1 month, +500% in 3 months and +1350% in 6 months.
🚀 Notably, the Sui team recently announced that it had partnered with Karrier One to bring DePIN services powered by the Sui blockchain, including the launch of a Karrier One Decentralized Wireless (DeWi) network token on Sui.
If you want to buy or trade SUI, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
SUI NETWORK
The price of SUI has rallied by 11% in the past 24 hours.
WHY?!
🎉 The DeFi ecosystem on Sui appears to be growing rapidly. Sui's TVL has crossed the $250M mark and currently sits at $269M. That’s an increase of over 90% in 1 month, +500% in 3 months and +1350% in 6 months.
🚀 Notably, the Sui team recently announced that it had partnered with Karrier One to bring DePIN services powered by the Sui blockchain, including the launch of a Karrier One Decentralized Wireless (DeWi) network token on Sui.
If you want to buy or trade SUI, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
👉➡️ https://www.coinbureau.com/deals/trading/bybit-cb/
1️⃣ CoinShares Exercises Option to Acquire Valkyrie Funds Following Spot Bitcoin ETF Approval
Investment firm CoinShares has reportedly exercised the option to acquire Valkyrie Funds - an investment advisory business focusing on spot bitcoin ETFs from Valkyrie Investments. Notably, the move comes after Valkyrie's spot bitcoin ETF received SEC approval and started trading on Thursday.
CoinShares CEO Jean-Marie Mognetti stated,
Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S., offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space.
Source
2️⃣ South Korean Financial Regulator Says U.S. Bitcoin ETFs May Violate Local Law
South Korea’s Financial Services Commission (FSC) has stated that the recently-listed U.S. Bitcoin ETFs could potentially violate Korean law. Specifically, the financial regulator stated that the domestic brokerage of a U.S.-listed bitcoin spot ETF by Korean securities firms may potentially conflict with the country’s Virtual Asset User Protection Act and the Capital Markets Act.
Several major South Korean securities firms have suspended the brokerage services of spot bitcoin ETFs, including those from Canada and Germany, as a pre-emptive measure following the cautionary announcement from the country’s financial watchdog.
Source
2️⃣ Bitcoin ETFs Start With a Bang: $4.5 Billion on Day One of Trading
The first day of trading for the much-awaited spot BTC ETFs recorded more than $4.5 billion in total volume across ten spot Bitcoin ETFs. According to Yahoo Finance data, Grayscale’s ETF, the Grayscale Bitcoin Trust (GBTC), was the top performer of the newly listed funds, handling $2.3 billion in volume, followed by BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), with around $1 billion in day one trading volume and Fidelity's Wise Origin Bitcoin Trust (FBTC) ranked third with $688 million traded in spot BTC ETF on the first day of trading.
Source
4️⃣ Terra Founder Do Kwon Asks Court to Delay SEC Trial For Personal Appearance
Terraform Labs co-founder and former chief Do Hyeong Kwon’s legal defence team has reportedly asked a U.S. court to push back the Securities and Exchange Commission trial against him as they do not know when he will be extradited from Montenegro. In the event the Court declines to postpone the trial, Kwon’s counsel has asked that the jury be instructed that his absence and inability to testify be viewed as “not unduly prejudicial to him.”
Source
5️⃣ Vanguard Users Threaten to Close Accounts After Firm Blocks Spot Bitcoin ETFs
Asset manager Vanguard, one of the largest asset managers in the world, has reportedly stated that it won’t offer the new spot Bitcoin ETFs on its brokerage platform as they do not align with its traditional offerings.
Vanguard stated,
Spot bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products. Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.
Source
6️⃣ FTX Creditors Seek ‘In-Kind’ Crypto Repayments Instead Of 2022 Low Prices
Several FTX clients have reportedly requested a United States bankruptcy judge to prevent the defunct crypto exchange from valuing their cryptocurrency deposits based on 2022 prices. Notably, they argued that FTX’s approach is hindering them from capitalising on the recent rise in crypto prices.
The filing reads,
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If the court determines that cryptocurrency deposits are not property of the estate then such cryptocurrency (which has appreciated more than $5 billion since the petition date) must be returned to customers in kind and may not be used to pay, among other things, administrative claims.
Source
SUI NETWORK
The price of SUI has rallied by 16% in the past 24 hours.
WHY?!
If you want to buy or trade SUI, we have an exclusive $40K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
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