Bitcoin News and Finance: What You Need to Know

Core Scientific has received the go-ahead from bankruptcy court for its reorganization, paving the way for the bitcoin mining giant to relist its shares on Nasdaq. Core Scientific Set for a Major Turnaround Core Scientific, Inc., a major bitcoin miner, is about to emerge from Chapter 11 bankruptcy. In a press release on their website, Core Scientific announced that the Southern District of Texas bankruptcy court has green-lighted its reorganization plans, setting the stage for the company to relist its shares on Nasdaq by the month’s end. The company’s reorganization strategy involves full repayment of its existing debt, with current shareholders receiving approximately 60% of the new company’s equity. Speaking about the recent approval of their plan, Adam Sullivan, CEO of Core Scientific, emphasized that the company is set to emerge stronger by the end of the month. He continued: With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating val...

Following a serious exploit in the Socket protocol that drained $3.3 million, the company has halted specific operations and urged users to revoke all approvals as a precautionary measure. Socket Responds to $3.3 Million Security Breach With Swift Action and Transparency Socket, a cross-chain protocol, confirmed the loss of $3.3 million due to an exploit. This incident was acknowledged in a social media post on January 16. Socket, a component in today’s interconnected blockchain ecosystem, facilitates cross-chain interactions and is used in several Web3 applications, including Synthetix, Lyra, Kwenta, Superform, Plasma Finance, and Level Finance. The exploit targeted users who had granted infinite approvals to Socket contracts. In a post on X the company stated, “Urgent. Socket has experienced a security incident which affected wallets with infinite approvals to Socket contracts.” Socket also swiftly paused the affected contracts to mitigate further damage. Blockchain security f...

The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar. Treasury Yields Surge, Dow, Nasdaq, and S&P 500 Tumble Market sentiment remains wary regarding the U.S. Federal Reserve’s strategies for 2024, with anticipation growing around a potential rate cut by March. This outlook comes in the wake of remarks made by Federal Reserve Governor Christopher Waller during an address at the Brookings Institution in Washington. Waller acknowledged the possibility of a rate reduction occurring within the year, yet emphasized that the Fed is not in a hurry to initiate this change. “I see no reason to move as quickly or cut as rapidly as in the past,” Waller s...

In a groundbreaking move, NYSE Arca Inc. has submitted a proposal to amend its rules to enable options trading on commodity-based trust shares, specifically targeting bitcoin-based ETFs. This initiative, detailed in the 19b-4 filing with the SEC, marks a significant advancement in the financial products available for crypto investors. The NYSE’s proposal aligns with the surging interest in bitcoin ETFs, which saw a trading volume of $9.6 billion within just three days of their introduction. NYSE Arca Eyes Options Trading for Bitcoin ETFs in Finance Sector Breakthrough The filing by the New York Stock Exchange (NYSE), under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, seeks to amend a rule to permit options trading on commodity-based trust shares such as the new BTC-based financial instruments. This move comes as the crypto market witnesses a rapid evolution, with spot bitcoin ETFs rapidly gaining traction among investors. Notably, this development follo...