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.
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.
— 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.
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.”
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
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.”
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."
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.”
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.
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.
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.
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.
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.
Join Waterfall Protocol for the testnet launch and prepare to earn rewards on the mainnet!
Waterfall is the most decentralized BlockDAG protocol currently available 🚀
🔑 Key Features:
📌 This decentralized platform has the potential to attract much more validators than other protocols.
📌 Minimal hardware requirements: Dual-Core CPU, 4GB RAM ( your cellphone has 2-4 times more than that).
📌 High performance and scalability, thanks to parallelism in BlockDAG.
📌 Compatible with EVM and Ethereum API.
They have been rigorously testing technology since 2021.
Be among the first validators
Join their communities for this exciting journey:
https://t.me/waterfall_network
https://twitter.com/waterfall_dag
https://discord.gg/xeDEdEpy
Waterfall is the most decentralized BlockDAG protocol currently available 🚀
🔑 Key Features:
📌 This decentralized platform has the potential to attract much more validators than other protocols.
📌 Minimal hardware requirements: Dual-Core CPU, 4GB RAM ( your cellphone has 2-4 times more than that).
📌 High performance and scalability, thanks to parallelism in BlockDAG.
📌 Compatible with EVM and Ethereum API.
They have been rigorously testing technology since 2021.
Be among the first validators
Join their communities for this exciting journey:
https://t.me/waterfall_network
https://twitter.com/waterfall_dag
https://discord.gg/xeDEdEpy
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.
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.
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.
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.
SEC delays decisions on Hashdex and Grayscale Ethereum-focused ETFs
The Securities and Exchange Commission further punted decisions on whether to approve or disapprove applications for a number of proposed Ethereum focused ETFs. The agency on Monday said it was "instituting proceedings" for the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures Trust, asking for public input on whether the exchange-traded funds should be allowed to list, according to filings.
Later on Monday, the SEC also delayed decisions on the VanEck Ethereum ETF and the ARK 21Shares Ethereum ETF — and asked for public input. While the SEC has approved an ether futures-based ETF before, it has not given the greenlight to a spot ether or mixed fund. In October, nine futures-based products were approved at the same time, marking their debut. The crypto industry is anxiously waiting to find out whether the SEC will approve of spot bitcoin ETFs, as firms have met with the agency's staff over the past month to go over details. The SEC previously delayed a decision on the Hashdex Nasdaq Ethereum ETF last month.
The Securities and Exchange Commission further punted decisions on whether to approve or disapprove applications for a number of proposed Ethereum focused ETFs. The agency on Monday said it was "instituting proceedings" for the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures Trust, asking for public input on whether the exchange-traded funds should be allowed to list, according to filings.
Later on Monday, the SEC also delayed decisions on the VanEck Ethereum ETF and the ARK 21Shares Ethereum ETF — and asked for public input. While the SEC has approved an ether futures-based ETF before, it has not given the greenlight to a spot ether or mixed fund. In October, nine futures-based products were approved at the same time, marking their debut. The crypto industry is anxiously waiting to find out whether the SEC will approve of spot bitcoin ETFs, as firms have met with the agency's staff over the past month to go over details. The SEC previously delayed a decision on the Hashdex Nasdaq Ethereum ETF last month.
Korea's Crypto Frenzy: Bitcoin Premiums Hit the Roof, Signaling Retail Investor Surge!
In the heart of South Korea's vibrant crypto scene, the Korea Premium Index (KPI) is taking center stage as the ultimate mood indicator! CryptoQuant reveals that the 'Kimchi Premium,' measured by the KPI, is painting a fascinating picture of the market sentiment in this crypto-savvy nation.
The KPI, a beacon of insight, acts as a crypto weather vane, with higher values indicating a bullish market full of retail investors flexing their buying power on local exchanges. This surge in demand propels crypto prices to new heights within South Korea, creating a thrilling wave of excitement!
On the flip side, a lower KPI signals a bearish undertone, hinting at a potential rise in selling activity. The 14-day moving average for the Korean Premium Index is echoing levels reminiscent of Bitcoin's peak in late 2021, adding an intriguing layer to the current market narrative.
In the heart of South Korea's vibrant crypto scene, the Korea Premium Index (KPI) is taking center stage as the ultimate mood indicator! CryptoQuant reveals that the 'Kimchi Premium,' measured by the KPI, is painting a fascinating picture of the market sentiment in this crypto-savvy nation.
The KPI, a beacon of insight, acts as a crypto weather vane, with higher values indicating a bullish market full of retail investors flexing their buying power on local exchanges. This surge in demand propels crypto prices to new heights within South Korea, creating a thrilling wave of excitement!
On the flip side, a lower KPI signals a bearish undertone, hinting at a potential rise in selling activity. The 14-day moving average for the Korean Premium Index is echoing levels reminiscent of Bitcoin's peak in late 2021, adding an intriguing layer to the current market narrative.
Spot Bitcoin ETF Surge: SEC Flooded with Registrations as Decision Deadline Nears!
In a flurry of activity, asset managers are making bold moves, filing for the registration of their spot bitcoin exchange-traded funds (ETFs) as securities with the U.S. Securities and Exchange Commission (SEC). With the first spot bitcoin ETF decision deadline set for January 10, anticipation is building, with many industry insiders predicting an earlier ruling from the SEC.
Filing Frenzy: Vaneck, Valkyrie, Grayscale, Fidelity, and Bitwise Join the Race!
The latest filings come from heavyweights in the industry, with Vaneck, Valkyrie, and Grayscale Investments throwing their hats into the ring just last Thursday. Fidelity made their move on Wednesday, while Bitwise had already filed the previous week. It's a dynamic lineup, showcasing the industry's eagerness to pioneer the way for spot bitcoin ETFs.
Exchange Showdown: NYSE Arca, Cboe BZX, and Nasdaq in the!
The battle for exchanges is heating up as Grayscale and Bitwise plan to list their spot bitcoin ETFs on the NYSE Arca. On the other hand, Vaneck and Fidelity are set to grace the Cboe BZX Exchange. Valkyrie, ever the contender, is eyeing a spot on Nasdaq. The stakes are high, and the choice of exchange adds an extra layer of excitement to the unfolding narrative.
Fidelity's Vision: Wise Origin Bitcoin Fund Takes Center Stage!
Fidelity, a major player in the game, has outlined their vision in the filing: "The securities to be registered hereunder are shares ... of the Fidelity Wise Origin Bitcoin Fund." The trust's shares are primed for listing, with approval secured from the Cboe BZX Exchange, Inc. This move positions Fidelity as a significant contender in the evolving landscape of spot bitcoin ETFs.
In a flurry of activity, asset managers are making bold moves, filing for the registration of their spot bitcoin exchange-traded funds (ETFs) as securities with the U.S. Securities and Exchange Commission (SEC). With the first spot bitcoin ETF decision deadline set for January 10, anticipation is building, with many industry insiders predicting an earlier ruling from the SEC.
Filing Frenzy: Vaneck, Valkyrie, Grayscale, Fidelity, and Bitwise Join the Race!
The latest filings come from heavyweights in the industry, with Vaneck, Valkyrie, and Grayscale Investments throwing their hats into the ring just last Thursday. Fidelity made their move on Wednesday, while Bitwise had already filed the previous week. It's a dynamic lineup, showcasing the industry's eagerness to pioneer the way for spot bitcoin ETFs.
Exchange Showdown: NYSE Arca, Cboe BZX, and Nasdaq in the!
The battle for exchanges is heating up as Grayscale and Bitwise plan to list their spot bitcoin ETFs on the NYSE Arca. On the other hand, Vaneck and Fidelity are set to grace the Cboe BZX Exchange. Valkyrie, ever the contender, is eyeing a spot on Nasdaq. The stakes are high, and the choice of exchange adds an extra layer of excitement to the unfolding narrative.
Fidelity's Vision: Wise Origin Bitcoin Fund Takes Center Stage!
Fidelity, a major player in the game, has outlined their vision in the filing: "The securities to be registered hereunder are shares ... of the Fidelity Wise Origin Bitcoin Fund." The trust's shares are primed for listing, with approval secured from the Cboe BZX Exchange, Inc. This move positions Fidelity as a significant contender in the evolving landscape of spot bitcoin ETFs.
SEC's Bitcoin ETF Greenlight: Don't Mistake for Crypto Love!
After a series of red lights, the SEC has finally hit the gas on spot bitcoin ETFs. But before you rev your engines, Gary Gensler, the man at the wheel, has a word of caution to share.
The SEC's thumbs-up does not equate to a bear hug for Bitcoin or crypto. This approval is just a nod to the market's growth, not a cuddle session with crypto assets. Keep those emotions in check, folks!
Gensler's clear-cut stance: most crypto tokens fall under the securities umbrella. It's a regulatory rainstorm out there, and not all crypto kiddos have their legal raincoats on.
Spotting the Fine Print: SEC's recent move ain't the Commission's crypto crush confession. Investors, stay alert! Bitcoin's shiny, but it comes with a slippery risk slope.
In conclusion, the SEC's wink at spot bitcoin ETFs is just regulatory business, not a love letter to Bitcoin. Investors, keep your hearts and wallets in check – crypto’s still a roller coaster ride!
After a series of red lights, the SEC has finally hit the gas on spot bitcoin ETFs. But before you rev your engines, Gary Gensler, the man at the wheel, has a word of caution to share.
The SEC's thumbs-up does not equate to a bear hug for Bitcoin or crypto. This approval is just a nod to the market's growth, not a cuddle session with crypto assets. Keep those emotions in check, folks!
Gensler's clear-cut stance: most crypto tokens fall under the securities umbrella. It's a regulatory rainstorm out there, and not all crypto kiddos have their legal raincoats on.
Spotting the Fine Print: SEC's recent move ain't the Commission's crypto crush confession. Investors, stay alert! Bitcoin's shiny, but it comes with a slippery risk slope.
In conclusion, the SEC's wink at spot bitcoin ETFs is just regulatory business, not a love letter to Bitcoin. Investors, keep your hearts and wallets in check – crypto’s still a roller coaster ride!
Synthetix nets $20M from Web3 quant trading firm.
Derivatives liquidity protocol Synthetix seals new partnership with DWF Labs, landing a $20 million investment from the quantitative trading firm.
Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs.
The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges.
Synthetix’ perpetual futures will be integrated into DWF Labs’ trading business as part of the deal. DWF Labs has also committed to purchase another $5 million worth of SNX tokens once the integration of Synthetix’ services has been completed.
Synthetix allows users to tokenize a variety of real-world assets into derivatives called Synths, which provide exposure to a range of different assets. Holding SNX tokens allows users to create Synths by locking tokens into a smart contract and minting Synths against the corresponding value.
Users can trade Synths using Synthetix’ pooled collateral model, with trades between Synths generating fees for SNX collateral providers.
The creation of on-chain synthetic assets tracks the value of real-world assets, which includes synthetic fiat currencies or commodities like Gold and financial instruments like equity indices.
DWF Labs managing partner Andrei Grachev highlighted the partnership’s provision of streamlined trading mechanisms in the Decentralized Finance (DeFi) space:
"By leveraging Synthetix's deep liquidity and composability, platforms can now deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases.”
Synthetix’ V2 platform surpassed $400 million in perpetual swap daily trade volume in March 2023 according to data from Dune Analytics.
Derivatives liquidity protocol Synthetix seals new partnership with DWF Labs, landing a $20 million investment from the quantitative trading firm.
Tokenized asset issuance platform Synthetix has secured a $20 million investment through a new partnership with Web3 investment and quantitative trading firm DWF Labs.
The market making and algorithmic trading company acquired $15 million worth of Synthetix’ native token SNX paid for with USD Coin (USDC) in March 2023. DWF Labs will be tasked with increasing SNX token liquidity and market making across centralized and decentralized exchanges.
Synthetix’ perpetual futures will be integrated into DWF Labs’ trading business as part of the deal. DWF Labs has also committed to purchase another $5 million worth of SNX tokens once the integration of Synthetix’ services has been completed.
Synthetix allows users to tokenize a variety of real-world assets into derivatives called Synths, which provide exposure to a range of different assets. Holding SNX tokens allows users to create Synths by locking tokens into a smart contract and minting Synths against the corresponding value.
Users can trade Synths using Synthetix’ pooled collateral model, with trades between Synths generating fees for SNX collateral providers.
The creation of on-chain synthetic assets tracks the value of real-world assets, which includes synthetic fiat currencies or commodities like Gold and financial instruments like equity indices.
DWF Labs managing partner Andrei Grachev highlighted the partnership’s provision of streamlined trading mechanisms in the Decentralized Finance (DeFi) space:
"By leveraging Synthetix's deep liquidity and composability, platforms can now deliver better trades with lower slippage, allowing for innovative hedging strategies and unique use cases.”
Synthetix’ V2 platform surpassed $400 million in perpetual swap daily trade volume in March 2023 according to data from Dune Analytics.