Galaxy Bitcoin ETF Now Updated To Form S-1 To Respond To The SEC

Invesco Galaxy has joined the ranks of firms updating the Invesco Galaxy Bitcoin ETF prospectus in response to recent inquiries from the US Securities and Exchange Commission (SEC). This development comes shortly after Cathie Wood’s Ark Invest also made revisions to its ETF documents. The SEC recently reached out to potential issuers with questions regarding their S-1 forms, sparking a wave of updates in the ETF landscape. Invesco Galaxy has taken the initiative to address the SEC’s concerns with comprehensive adjustments to the Invesco Galaxy Bitcoin ETF S-1.

SEC’s final verdict on these filings remains pending. Nevertheless, this interaction between regulatory authorities and issuers is an encouraging sign of progress. Notably, Ark Invest’s adjustments to the Spot BTC ETF S-1 were characterized as broad rather than substantial, encompassing language refinements, additional context, and enhanced risk disclosures. In June, Invesco, boasting $1.4 trillion in assets under management, re-submitted its application for a spot Bitcoin ETF in collaboration with Galaxy Digital. The company initially filed for the Invesco Galaxy Bitcoin ETF in 2021, concurrently with Galaxy, and also pursued a Bitcoin futures ETF. However, the latter effort was abandoned in October 2021 after ProShares received approval and began trading.

Tesla Keeps Bitcoin Stash Steady in Q3

Tesla's (TSLA) bitcoin (BTC) holdings held steady in the third quarter, the U.S.-based car manufacturer’s new earnings report revealed Wednesday. The quarterly report did not mention bitcoin implying that the firm did not buy or sell any bitcoin in the three months ended September. The holding was valued at $184 million at the end of the third quarter and has remained unchanged for the fifth consecutive quarter. Tesla still has the third largest bitcoin holdings for a public company estimated to be 9,720 bitcoin.

The firm, led by crypto propounder Elon Musk, invested $1.5 billion in bitcoin in February 2021, reportedly accumulating around 43,000 tokens. In the same month, Tesla said it would begin accepting bitcoin as a form of payment. The company, however, walked back on its intentions in the subsequent months. It sold 4,320 bitcoin in the first quarter of 2021 and liquidated 75% of the remaining balance at a hefty loss last year. Tesla reported a net income of $1.85 billion for the July-September quarter, registering a 44 percent decline from a year earlier, with earnings per share falling to 53 cents from 95 cents. Shares of Tesla were down 4.78% at $242.68 on Wednesday.

JPMorgan expects spot bitcoin ETF approvals to come 'within months'

The Securities and Exchange Commission will likely approve multiple spot bitcoin exchange-traded fund applications soon, given it did not appeal a recent ruling in the case brought against it by Grayscale Investments, according to JPMorgan. "The timing of spot bitcoin ETF approvals remains unclear but should happen within months and most likely before Jan. 10, 2024, the final deadline of Ark Invest and 21Shares applications," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Wednesday.

Given that spot bitcoin ETF approval for GBTC now appears more likely, Grayscale will likely face pressure to lower the product's fees, according to the JPMorgan analysts. GBTC's discount to net asset value will also likely disappear due to the share redemption/creation arbitrage mechanism in an ETF structure, they added. "The Grayscale Bitcoin Trust is the largest bitcoin fund in the world with $17.7 billion of AUM [assets under management], and upon conversion to ETF, the discount would likely disappear, implying a $2 billion benefit to investors," they noted. The GBTC discount has been narrowing since Grayscale's court victory last month. It currently stands at around -13%, well improved from the extreme discount of close to -50% .

Ripple Joins Forces With Uphold to Improve Cross-Border Crypto Payments Liquidity

Ripple announced Tuesday that it has formed a new partnership with Uphold, a multi-asset digital currency platform that operates in over 184 countries, offering access to over 200 crypto and fiat currencies. Uphold CEO Simon McLoughlin explained that his company’s platform “features a fully automated, high-frequency trading stack” that is connected to 30 underlying trading venues. This allows Uphold to “offer deep liquidity, multiple execution paths for transactions, and exceptionally tight spreads,” he said.

Ripple’s head of payments, Pegah Soltani, commented: “Our new partnership with Uphold enables us to enhance our underlying infrastructure and Uphold’s deep liquidity expertise further underpins Ripple’s ability to offer fast and flexible cross-border payments around the world.” The crypto firm recently celebrated its victory against the U.S. Securities and Exchange Commission (SEC). Last week, the securities regulator dropped its lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. On July 13, District Judge Analisa Torres partially ruled in favor of Ripple regarding XRP. The SEC sought to appeal the decision but Judge Torres rejected the regulator’s bid for an interlocutory appeal.

DYdX Chain officially launches on mainnet as standalone Cosmos Layer 1

The "alpha mainnet" for dYdX version 4, along with the debut of its standalone Cosmos-based blockchain, was released today, signaling a notable transition for the leading decentralized derivatives platform. At 1 p.m. EST today, dYdX Chain validators created the genesis block of the dYdX Chain. The activation of the dYdX alpha mainnet marks the first phase in transitioning to dYdX version 4 and its new, community-governed Layer 1 blockchain. The transition incorporated developments across multiple testnets during this year.

"After years of development, 5 testnets involving 60+ validators and top tier trading firms, the dYdX Chain has been officially launched by the community and DAO," Charles d’Haussy, CEO of the dYdX Foundation, told The Block. "This marks a monumental leap forward for the dYdX Ecosystem representing a new chapter that’s defined by full decentralization.". At this alpha stage, the mainnet aims primarily to stress-test the network. It's in the process of onboarding over 60 validators to ensure network security. A subsequent beta launch is planned, pending approval from a community governance vote, that will eventually enable trading on the network.

Bitcoin Shows No Signs of Overheating, Despite Doubling This Year: Analysis

Bitcoin (BTC), the leading cryptocurrency by market value, has doubled this year to over $34,000. Still, the market shows no signs of overheating, a positive sign for traders anticipating unabated gains, according to blockchain analytics firm IntoTheBlock. The firm’s view is based on an on-chain indicator called the market value to realized value (MVRV) ratio, which measures the spread between bitcoin’s market capitalization and realized capitalization. The ratio currently stands at 170% or significantly lower than the 300% threshold, historically marking major market tops.

"The bitcoin market value to realized value (MVRV) ratio shows that despite reaching yearly highs, bitcoin is not as overheated yet as during previous bull markets," blockchain analytics firm IntoTheBlock said in the weekly newsletter. “Historically, bitcoin bull markets have peaked around 300%+ MVRV, which, in comparison to the current 150% value, suggests the bull market has room to run further,” IntoTheBlock added. Market capitalization refers to the total dollar value of the supply in circulation, as calculated by the daily average price across major exchanges. The realized value, considered a relatively better gauge of fair value, approximates the value paid for all existing coins by adding the market value of coins when they change hands through an on-chain transaction.

OKX Wallet Integrates with Trait Sniper, Unlocking New NFT Frontiers

— Seamless Integration for NFT Adventures

The process to unlock the potential of Trait Sniper through the OKX Wallet is simple and user-friendly. To get started, users only need to download the OKX Wallet web extension, which is readily available as an add-on for popular browsers like Chrome and Firefox. From there, users can either create a new OKX Wallet or add an existing one to begin their NFT adventure. Once their wallet is set up, connecting OKX Wallet to Trait Sniper is done via the web extension, making the entire process seamless and hassle-free. The collaboration between the two platforms aims to offer users unparalleled access to a diverse range of NFT solutions.

OKX Wallet has been making waves in the crypto space, boasting an extensive suite of products to cater to both beginners and experienced crypto enthusiasts. As a universal crypto wallet, it supports over 3,000 cryptocurrencies and more than 60 networks. Additionally, OKX Wallet provides access to thousands of DApps and boasts a one-stop decentralized NFT Marketplace, eliminating the need for users to navigate between multiple platforms.

Recent news from OKX Wallet revealed that the platform is now open source, marking a significant step in fostering transparency and community collaboration within the crypto ecosystem. The global technology giant, OKX, continues to drive the future of Web3 by partnering with top brands and high-profile athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

The collaboration between OKX Wallet and Trait Sniper stands as a testament to the rapid evolution of the NFT market. By combining the expertise of both platforms, users can now access advanced analytics and robust trading capabilities, enhancing their NFT experience and empowering them to make more informed decisions in this dynamic and fast-growing sector.

Crypto lawyer John Deaton believes Ripple has 90% chance of winning SEC lawsuit

Well-known cryptocurrency attorney John Deaton believes that the SEC only has a 10% chance of winning its dispute with Ripple, with 90% odds in the company’s favor. Deaton said that a settlement of $20 million or less would represent a significant legal triumph for Ripple, The lawsuit, which the SEC initiated against Ripple Labs in December 2020, alleged that the company conducted an unregistered securities offering by selling its native token XRP.

Deaton’s recent comments were prompted by a post from Ripple’s Chief Legal Officer Stuart Alderoty, who highlighted that the SEC faced a recent defeat in the case of the SEC versus Govil, where the U.S. Court of Appeals for the Second Circuit ruled that the SEC cannot request a substantial disgorgement award without first demonstrating actual financial harm to investors. Deaton strongly refuted the idea that the lawsuit’s outcome was an even 50/50 for the SEC, contending that it’s closer to a 90/10 advantage in favor of Ripple. His assessment resonates with the sentiment in the cryptocurrency community, which generally views a suggested $20 million settlement as a favorable resolution for Ripple.

Robert Kiyosaki Breaks Down Rich Dad's First Lesson — Says Bitcoin Provides 'Lifelong Financial Security and Freedom'

The author of Rich Dad Poor Dad, Robert Kiyosaki, explained the core concept of Rich Dad’s first lesson in a post on social media platform X on Thursday. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

“Rich Dad’s Lesson #1 ‘The rich don’t work for $,'” Kiyosaki began. “Why? Because our wealth is designed to be stolen from our fake money via taxes and inflation and the stock market.” He elaborated: “Instead, the rich work for assets that put tax-free money in their pocket, cash flow assets, such as rental properties, oil, food production.” Kiyosaki also explained why the poor and middle class get poorer. He described: “The poor and middle class want jobs that promise a steady paycheck but offer no job security. Even worse, the poor and middle class work at jobs that pay taxable fake $ income.” He added: “And then they save fake $, then invest in stocks, bonds, mutual funds, and ETFs [exchange-traded funds] which are crashing as I write this text.”

NEAR Foundation and Polygon Labs Unite in the zkWASM Collaboration

ZK experts and WASM researchers are joining forces in the zkWASM collaboration to develop a ZK prover for WASM blockchains, accessible through Polygon CDK.NEAR Foundation and Polygon Labs have formed a strategic partnership to create zkWASM, leveraging Polygon Labs’ ZK scaling technology expertise and NEAR’s WASM runtime knowledge. The zkWASM prover will be launched next year, bringing more security and interoperability to the Web3 ecosystem. This partnership was announced during NEARCON, NEAR’s annual flagship conference in Lisbon.

The zkWASM prover will allow WASM chains to tap into Ethereum’s liquidity, bringing NEAR Protocol closer to Ethereum. In the future, with the development of an interoperability layer, chains will be able to access shared liquidity within a unified ecosystem of CDK-deployed chains. The zkWASM prover enables efficient and cost-effective transaction settlements while maintaining maximum security. “We are excited to collaborate with NEAR on this groundbreaking research initiative,” said Sandeep Nailwal, co-founder of Polygon. The zkWASM prover provides developer customizability and access to liquidity when working with CDK. The zkWASM prover simplifies the role of NEAR validators, reducing validator requirements and improving scalability and decentralization for the NEAR Protocol.e

Onecoin 'Compliance' Head Pleads Guilty to Wire Fraud and Money Laundering Charges

Irina Dilkinska, the one-time head of legal and compliance at Onecoin, has pleaded guilty to “wire fraud and money laundering charges,” Damian Williams, the United States Attorney for the Southern District of New York, has said. In a Nov. 9 press release, Williams said the charges against Dilkinska relate to her role in organizing the transfer of $110 million in fraudulently obtained funds to a Cayman Islands entity.

Founded in 2014 by Ruja Ignatova, aka Cryptoqueen, and Karl Sebastian Greenwood, Onecoin operated as a multi-level marketing (MLM) network which encouraged members to recruit others to purchase cryptocurrency packages. As previously reported by Bitcoin.com News, Onecoin generated billions of dollars for founders like Ignatova but left many investors worse off. “As Onecoin’s so-called ‘Head of Legal and Compliance’ Irina Dilkinska accomplished the exact opposite goal of her position. As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits Onecoin accrued through its multi-level marketing scheme.”

Binance to start crypto exchange in Thailand through joint venture with Gulf Energy

Binance is preparing to start operating a crypto exchange in Thailand early next year through a joint venture with a unit of Gulf Energy Development. In a translated filing to the Stock Exchange of Thailand, dated Wednesday, Gulf Energy Development said Gulf Binance — the joint venture set up by Binance and Gulf Innova — obtained approval from Thailand’s Securities and Exchange Commission to commence operations.

In May, Gulf Binance obtained licenses from Thailand's Ministry of Finance to become a digital asset operator regulated by the nation’s SEC. Yesterday's filing gives it the green light to launch. “Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations,” the company said in the filing. A Binance spokesperson told The Block that the platform has initially launched as an invitation-only exchange. "Our plan is to eventually open the exchange to the general public."

Vyvo Smart Chain Announces NFT Expansion for Apple Watch at Web Summit

Vyvo Smart Chain that rewards healthy lifestyle habits, announces a significant upgrade of its proprietary Data Non-Fungible Token (Data-NFT) to allow binding with Apple Watch through the Apple HealthKit. This update enables Apple Watch devices to actively participate in Data Mining and earn $VSC using a Data-NFT. VSC unveiled this expansion during its participation in Web Summit’s Growth Startup Program in Lisbon.

Data Mining on the Vyvo Smart Chain leverages health data gathered from IoT wearable technology, which is generated by the user’s biometrics collected by sensors. VSC empowers Data Owners with decentralization, granting them control over data ownership, privacy, and the ability to monetize their health data. This strategic move positions VSC at the forefront of HealthFi. Fabio Galdi, Co-Founder and CEO of VSC, noted this about the upgrade and expansion of VSC’s Data-NFTs capabilities stating, “Our mission has always been to use blockchain to expand what is possible with technology. With this technical upgrade to our proprietary Data-NFT, we advance our ecosystem to an entirely new user base.”

Bitcoin's Anti-Censorship Ethos Surfaces After Mining Pool F2Pool Acknowledges 'Filter'

F2Pool, the third-biggest Bitcoin mining pool, drew ire on social media after a report that it might be censoring transactions from an address subject to U.S. government sanctions. F2Pool project's leaders subsequently appeared to confirm the report, stirring up controversy since "censorship resistance" is considered by many Bitcoiners to be a cardinal principle of the largest and original blockchain. At the same time, many government officials around the world have expressed concern that blockchain networks.

The Bitcoin development-focused blogger 0xB10C wrote Nov. 20 that his "miningpool-observer" project "detected six missing transactions spending from OFAC-sanctioned addresses." OFAC stands for the Office of Foreign Assets Control, a lead agency in U.S. government efforts to enforce economic sanctions. A few of the instances "are likely false-positives and not the result of filtering," the blogger wrote. A Bitcoin mining pool is where operators working to confirm transactions on the network join together to coordinate their efforts and then share any resulting rewards – typically with the goal of providing a steadier income stream.

GBTC Could Face Outflows of $2.7 Billion Upon ETF Conversion, JPMorgan Analysts Estimate

Analysts at JPMorgan are estimating that GBTC could face outflows of $2.7 billion upon its conversion to a spot Bitcoin ETF. This figure is based on the amount of GBTC shares that have been purchased since the beginning of the year, likely in anticipation of the ETF conversion. “This methodology produces an estimate of around $2.5 billion for the net cumulative flow into the Grayscale Bitcoin Trust since the beginning of the year. This number increases to close to $2.7 billion if one also adds the covering of the short interest since the beginning of the year,” they said.

“GBTC could face outflows of $2.7 billion upon ETF conversion,” the analysts wrote. “This figure could be significantly higher’ if GBTC’s current fee of 200 basis points is not lowered sharply after ETF conversion.” The Grayscale Bitcoin Trust is currently trading at a discount to its net asset value (NAV). This discount has been narrowing in recent months, as investors have become more optimistic about the possibility of the trust being converted to an ETF. However, the analysts believe that this discount could widen again once the ETF conversion is approved. This would make it even more attractive for investors to cash out of their GBTC holdings. “Once the SEC approves spot bitcoin ETFs in the U.S., we envisage a more intense competition with the average fee for bitcoin ETFs converging towards that of Gold ETFs.

November saw $343 million lost to crypto hacks and fraud cases: Immunefi

November has clocked up the highest monthly crypto losses of 2023 so far, with over $343 million lost due to hacks and fraud, according to the latest report from web3 bug bounty platform Immunefi. This month’s losses represent more than a 15 times increase from October’s exploits, which were recorded at approximately $22 million. In total, over $1.75 billion has been lost to crypto hacks and rug pulls year-to-date across 296 incidents, Immunefi said.

Notably, November saw a shift in focus for crypto attacks. Centralized finance (CeFi) platforms became the main victims, overtaking decentralized finance (DeFi) by total funds lost. During the month, DeFi accounted for 46.2% ($158.6 million) of the losses over 37 incidents and CeFi 53.8% ($184.4 million) over four, primarily led by high-profile attacks on platforms like Poloniex, HTX (formerly Huobi) and Kronos Research. This compares to 72.9% of losses attributed to DeFi exploits in Immunefi’s Q3 report. Crypto attacks over fraud, with more than $335 million lost to hacking incidents in November across 18 incidents. Some 23 fraud incidents resulted in losses worth nearly $7.5 million, according to Immunefi.

BlackRock filed a revised S-1 filings for its spot Bitcoin ETF with the US SEC

Bitwise and Blackrock filed a revised S-1 filings with the Securities and Exchange Commission (SEC) for their proposed spot bitcoin ETFs. These filings come amid ongoing discussions between the SEC and ETF issuers to address regulatory concerns and potentially pave the way for the approval of a spot bitcoin ETF. The SEC has yet to approve a spot bitcoin fund and has previously delayed all applications it has received. However, the recent filings from BlackRock and Bitwise suggest that progress is being made and that the SEC.

Analysts believe that the amended filings are a positive sign and indicate that discussions between the SEC and ETF issuers are ongoing. Bloomberg Intelligence analyst James Seyffart commented on the filings, stating, “The wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.” The updated BlackRock filing includes new language about efforts the trust administrator will take to monitor for unusual price movements. It also adds language about anti-money laundering compliance and includes an audited statement from PricewaterhouseCoopers.

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Ethereum Experiences a Massive Surge in Gas Fees

Ethereum gas fees have surged over the last month. In October 2023, Ethereum experienced a notable reduction in gas fees, reaching a new low. The decline was attributed to decreased activity in decentralized finance (DeFi), non-fungible tokens (NFTs), and various Telegram bots. Major gas spenders, including industry giants like Binance and Coinbase and Layer-2 networks such as Arbitrum, Optimism, and Base, reduced their spending by 30% in mid-October.

December 1, the introduction of the Buterin Cards NFT collection triggered a 13% increase in gas fees on the Ethereum network. Transactions associated with this collection accumulated fees totaling 318.31 ETH in the past 24 hours, equivalent to $665,670. Notably, within three hours, transactions linked to the Buterin Cards NFT project contributed to over 13% of the total Ethereum network gas fees, surpassing fees from the Uniswap universal router address and Tether’s public address, according to data from Etherscan. It shifted away from the energy-intensive proof-of-work (PoW) model, introducing staking and resulting in a noteworthy 99.9% reduction in energy consumption.

Spot Bitcoin ETF listing might witness a gap after approval, says Bloomberg ETF analyst

The upcoming spot Bitcoin Exchange Traded Funds' (ETF) approval is set to be the second biggest event in 2024 after BTC halving. But while January 10 is going to be an important day, it will not see the launch of any of the ETFs that the Securities and Exchange Commission would approve. That might take some time. According to Bloomberg ETF analyst James Seyffart, even if the SEC is to give the green light to spot Bitcoin ETF applications.

According to Bloomberg ETF analyst James Seyffart, even if the SEC is to give the green light to spot Bitcoin ETF applications, the actual listing of the investment products might take some time. Seyffart stated, This makes sense for the market as there could be some kinks that would need to be ironed out before the applicants provide their customers with the products. This could very well be either before the end of January 2024 or by early February. The regulatory body has met with four of the issuers in regard to their Bitcoin ETF filings. This includes the likes of Grayscale, Franklin Templeton, Fidelity, and BlackRock, which made the list yesterday.

Bitcoin could rise in 2024 even if spot ETFs are not approved, Matrixport says

Matrixport analyst Markus Thielen is expecting higher crypto market prices in 2024 — even if a spot bitcoin ETF is not approved by the Securities and Exchange Commission — with increased liquidity, the Bitcoin halving event and the potential for Donald Trump to be elected again providing further catalysts. Since the Covid pandemic, the amount of money in U.S. money market funds has risen from $3 trillion to $6.1 trillion, Thielen wrote in the digital assets financial services firm's latest report.

Next year is a Bitcoin halving year, when the block reward gets cut in half from 6.25 bitcoin to 3.125 BTC. The halving is expected to occur in April, with Thielen noting bitcoin prices have risen 192% on average in such years. As 2024 is also a U.S. presidential election year, Thielen added there was a "high likelihood" that former President Donald Trump will be elected again, with his policies potentially boosting the U.S. economy, alongside the stock market and crypto prices, the analyst said. Thielen noted that despite the potential for a Republican President to be back in control of the White House, Democrat SEC Chair Gary Gensler could remain in office until his term expires in June 2026.