Bitcoin News and Finance: What You Need to Know

Crypto asset manager Grayscale Investments is “constructively engaging” with the U.S. Securities and Exchange Commission (SEC) regarding its application to convert its flagship bitcoin trust into a spot bitcoin exchange-traded fund (ETF), says CEO Michael Sonnenshein. The executive believes that Grayscale has “a really nice advantage” over other spot bitcoin ETF applicants. Grayscale ‘Constructively Engaging’ With SEC Grayscale Investments CEO Michael Sonnenshein discussed his company’s plan to convert its flagship bitcoin trust (GBTC) into a spot bitcoin exchange-traded fund (ETF) in an interview with Bloomberg at DC Fintech Week on Wednesday. The SEC originally rejected the crypto asset manager’s spot bitcoin ETF application. However, a court recently ordered the securities regulator to reevaluate the company’s application. “A couple months ago, a decision did come out of the D.C. Circuit that did vacate the SEC’s denial of the GBTC uplisting to a spot Bitcoin ETF on the New Yo

The Commodity Futures Trading Commission (CFTC) has revealed that it filed a record number of crypto enforcement actions this fiscal year. “In FY 2023, the CFTC brought 47 actions involving conduct related to digital asset commodities, representing more than 49% of all actions filed during that period,” the regulator shared. Record Number of Crypto Enforcement Actions The Commodity Futures Trading Commission (CFTC) released its enforcement results for Fiscal Year 2023 on Tuesday, showing “a record-setting number of digital asset cases.” The regulator explained that its Division of Enforcement (DOE) “filed 96 enforcement actions charging fraud, manipulation, and other significant violations in diverse markets, including digital assets and swaps markets, resulting in over $4.3 billion in penalties, restitution, and disgorgement.” Noting that his agency remains “laser-focused on stopping and deterring fraud and manipulation in the U.S.,” CFTC Chairman Rostin Behnam said: I am proud

The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.” No Shortage of Naira Banknotes Says the Central Bank The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. The bank also rejected reports of cash shortages in major cities across Nigeria. All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender. #NairaBankNotes pic.twitter.com/x8WotrLp54 — Central Bank of Nigeria (@cenbank) November 8, 2023 In a statement issued on Nov. 8 via X (formerly Twitter), the bank said the laws governing its operations clearly state that all banknotes issued by the CBN “should not be rejected by anyone.” It added that CBN branches across the country have been told to continue issuing diffe

The U.S. dollar value of the cryptocurrency ether is predicted to end the year averaging $1,840 and $5,824 by the end of 2025, the latest Finder’s prediction report has said. Regulatory uncertainty and a challenging macroeconomic environment are likely to cause ether’s drop to “an average lowest price of $1,352.” ETH to Surpass $5,800 by the End of 2025 According to Finder’s October 2023 survey findings, the U.S. dollar value of ether or ETH is predicted to end this year at around $1,840. This average price, obtained from Finder’s panel of 31 crypto specialists, is $611 lower than the July prediction of $2,451. The surveyed panelists also foresee the crypto asset’s price hitting $5,824 by the end of 2025 and $14,411 in 2030. However, the figures are again lower than the July predictions of $5,845 by 2025 and $16,414 by 2030. At the time of writing (2:35 p.m. EST), the U.S. dollar value of ethereum (ETH) was $2,006 per unit. Many of the respondents cite the macroeconomic facto

The U.S. House of Representatives has approved an amendment to the Financial Services and General Government Appropriations Act that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry. “Gary Gensler is as ineffective as he is incompetent,” said Congressman Tom Emmer. “Congress will hold unelected bureaucrats accountable.” House Passes Amendment to Rein in ‘SEC Enforcement Abuses’ Against Crypto Industry The U.S. House of Representatives approved an amendment by Congressman Tom Emmer (R-MN) to limit the authority of the U.S. Securities and Exchange Commission (SEC) on Wednesday. Emmer’s amendment to HR 4664, the Financial Services and General Government Appropriations Act of 2024, “Ensures none of the funds made available by this Act may be used by the Securities and Exchange Commission to carry out an enforcement action related to a crypto asset transaction.” The congressman explained on social medi

In a significant development for cryptocurrency investment vehicles, Blackrock Inc., through its subsidiary Ishares Delaware Trust Sponsor LLC, has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list shares of the Ishares Ethereum Trust on the Nasdaq. Blackrock Dives Deeper Into Crypto With Ethereum ETF Plan Amid Regulatory Clarity After registering its Ishares Ethereum Trust with the Division of Corporations in Delaware, the world’s largest asset manager submitted a 19b-4 registration to the U.S. securities regulator. The initiative could provide U.S. investors with a regulated spot exchange-traded fund (ETF) to track the price of ethereum (ETH) . The trust is designed to mirror the performance of ethereum’s price, accounting for expenses and liabilities. The proposed Ishares Ethereum Trust will issue shares that represent fractional, undivided beneficial interests in the trust’s net assets, consisting mainly of ethereum held by the Coinbase Custody

The Keep Your Coins Act has been introduced in the Senate to allow individuals to maintain custody of their cryptocurrencies in self-hosted wallets. The bill also seeks to prohibit federal agencies from “proposing a rule that would impair a person’s ability to act as a self-custodian of digital assets.” Keep Your Coins Act Introduced in Senate Senator Ted Budd (R-NC) announced Tuesday that he has introduced the Keep Your Coins Act , which “would protect an individual’s right to conduct transactions with cryptocurrency assets without the need to utilize a third-party intermediary.” Specifically, the bill seeks to “prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person’s own use, and for other purposes.” The announcement details: “In the wake of the collapse of FTX, the Keep Your Coins Act would allow customers to maintain custody of their digital assets in self-hosted wallets and avoid third-party r

HSBC, the London-based financial institution, announced its plans to launch an institution-focused digital assets custody service in 2024. Zhu Kuang Lee, chief digital, data and innovation officer at HSBC, explained that the bank had experienced an increasing demand for these services from asset managers and asset owners. HSBC Announces Digital Assets Custody Service HSBC, a financial institution with a presence in more than 60 countries and over $3 trillion in assets, has announced that it plans to launch a service to offer custody of digital assets for institutional customers. The service, which will go live in 2024, will come to complement the digital services offering of the bank, which expects to offer a comprehensive asset management suite for its customers worldwide. The launch of this platform comes at the request of HSBC’s customers, who have been demanding these services. Zhu Kuang Lee, chief digital, data and innovation officer at HSBC, stated: We’re seeing increasing

United States Deputy Secretary of the Treasury Wally Adeyemo says the Biden administration is seeking more tools to combat the illicit use of crypto. “We’re going to work with Congress to get more tools,” he stressed, advising the crypto industry to “make sure that you’re protecting yourselves from being in a position where people are using your assets to further their either heinous acts, like what Hamas did, or digital criminals.” Treasury Working With Congress to Get More Tools United States Deputy Secretary of the Treasury Wally Adeyemo said Tuesday at the annual meeting of the Securities Industry and Financial Markets Association that the Biden administration is seeking new tools from Congress to strengthen efforts against the illicit use of cryptocurrencies, the Wall Street Journal reported. He also mentioned that the Treasury has been in discussions with both Democrats and Republicans regarding potential actions they could pursue. Citing the Oct. 7 attack on Israel, Adeyemo

Microstrategy Chairman Michael Saylor expects the demand for bitcoin to double after the halving and the approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The Microstrategy executive says the next 12 months will be “pretty auspicious for the asset class.” He also highlighted three key factors that he expects to drive the price of bitcoin to $5 million a coin. Bitcoin Demand to Double, Says Saylor Microstrategy (Nasdaq: MSTR) Chairman Michael Saylor discussed the future outlook for bitcoin in an interview with Fox Business on Monday. The pro-bitcoin executive was asked about the factors that will drive up the price of bitcoin. Saylor explained that the supply and demand for BTC “are in balance right now.” However, he emphasized that there are two events that will boost the price of the cryptocurrency: the halving in April next year when the bitcoin supply gets cut in half and the impending approvals of spot bitcoin exchange

Critics are currently roasting economist Nouriel Roubini, whose disdain for cryptocurrency is well-documented, as his company Atlas Capital announces its venture into the very market he once scorned. The firm is rolling out a crypto asset token crafted to combat the “negative effects of climate change,” marking a significant shift from Roubini’s previous stance when he labeled crypto enthusiasts as “corrupt, crooks, criminals, conmen, [and] carnival barkers.” Economist Nouriel Roubini’s Firm Reveals Climate-Focused Crypto Token Dubbed ‘Dr. Doom’ for his stark skepticism, Nouriel Roubini has maintained a consistent stance against crypto assets. In a notable mid-October 2019 clash, Roubini squared off with the well known entrepreneur and crypto evangelist Roger Ver , declaring “bitcoin or any other sh** coin” a non-starter for legitimate financial transactions. During that exchange, Ver challenged Roubini’s hesitance to embrace crypto assets asking “Why are you afraid to try it?” F

On Wednesday, November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those on the Ethereum platform, marking a historic shift during a single-day span. According to the analytics provided by cryptoslam.io, Bitcoin-based NFT transactions amounted to $17.17 million, eclipsing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period. Bitcoin’s NFT Sales Eclipse Ethereum in Single-Day Surge The trend for Bitcoin NFT transactions has seen an upward trajectory lately, and just three days ago, Bitcoin.com News highlighted that Bitcoin had secured the runner-up spot for NFT sales across a week. In a significant first, Bitcoin’s Ordinal inscriptions, its unique brand of NFTs, exceeded Ethereum’s sales over a 24-hour time frame on Wednesday. NFT connoisseur Leonidas, the founder of Ord.io, documented this unprecedented event onchain, marking the occasion when Bitcoin-based NFTs leaped ahead of their Ethereum counterparts for the fir

One of the largest banks in Germany by total assets, DZ Bank, has launched a crypto custody platform. Additionally, the bank disclosed that alongside its solution for institutional customers, it is working on “an offer that allows private customers to invest directly in cryptocurrencies.” Germany’s DZ Bank Debuts Digital Custody Platform DZ Bank, one of the largest banks in Germany, announced the launch of its own digital custody platform last week. “To operate the new custody solution, the bank has hired more than a dozen employees in IT, operations, and compliance,” the announcement detailed (translated by Google). As of the end of June, the bank’s total assets amounted to €367.50 billion ($392.35 billion), and it had a workforce of 5,411 employees. The bank explained that it had been working with blockchain technology for years before it began developing a digital custody platform for institutional clients in 2022. The announcement described: This makes the leading cooperative

The U.S. Securities and Exchange Commission’s former head of internet enforcement has predicted a “big win” for the SEC in the lawsuit involving Terraform Labs. The ex-SEC official also expects District Judge Jed Rakoff to keep rejecting the ruling by District Judge Analisa Torres regarding Ripple and XRP . Stark: ‘Expect a Big Win for the SEC’ Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared some predictions regarding the regulator’s actions against crypto firms in a lengthy post on social media platform X on Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official wrote: Prediction: Expect a big win for the SEC in the SEC/Terra litigation and a gracious (yet scathing) rebuke of the recent SEC/Ripple decision. Stark noted that both the SEC and Terraf

Financial services giant Fidelity has addressed nine common Bitcoin criticisms and misconceptions, emphasizing that some of them are “either unfounded or unlikely to be a serious concern.” They include volatility, suitability as a payment method, environmental impact, competition, lack of backing, potential code bugs, regulatory hurdles, waning public interest, and unknown unknowns. Fidelity Responds to 9 Bitcoin Criticisms Fidelity Digital Assets, a subsidiary of financial services giant Fidelity Investments, published a research study last week titled “Revisiting Persistent Bitcoin Criticisms.” In its 13-page document, Fidelity addressed nine Bitcoin criticisms and misconceptions, including updates on five that it previously addressed in November 2020. The firm revealed that the criticisms were sourced from its “regular conversations with institutional investors and observation of public commentary on Bitcoin,” adding that the responses outlined in the study “may be adapted to

Sam Bankman-Fried was convicted on all charges in the Department of Justice’s fraud case against the ex-FTX chief, but his legal woes are far from over. He is also under pressure from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which have slammed him with accusations of both securities and digital commodities fraud. Additionally, Bankman-Fried is grappling with a class action lawsuit alongside a list of celebrity FTX endorsers. FTX Boss Sam Bankman-Fried Still Faces Maze of New Legal Hurdles A year to the day after Coindesk lifted the veil on Alameda Research’s balance sheet, Sam Bankman-Fried faced his jury’s unanimous guilty verdict . The onetime cryptocurrency tycoon could spend over a century behind bars, pending the outcome of the Department of Justice’s (DOJ) fraud case. As it stands, his sentencing is set for March 28, 2024, unless there are new developments. The storm of litigation continues for Bankman-Fried with

Over 15 years have passed since Satoshi Nakamoto launched the crypto revolution with the release of the Bitcoin white paper. On the brink of January 3, 2024, the network celebrates a decade and a half of continuous activity. Though many companies folded in 2023, several of the original players remain in the game. This overview showcases some of the first crypto firms still in operation, detailing their business activities and longevity in the marketplace. 10 Companies Riding Out the Crypto Storms This year witnessed the downfall of numerous big names in the industry, with others still reeling from the impact. Nonetheless, a considerable number of seasoned cryptocurrency companies have weathered multiple storms and remain in business. A select few of these firms have surpassed a decade of operation, sailing through with minimal turbulence, while other foundational businesses have faced challenges potent enough to threaten their existence. The subsequent overview provides insight into

The U.S. Supreme Court has agreed to take up the Coinbase case concerning whether the crypto exchange can force users to settle disputes through private arbitration, rather than in court. The case stems from a dogecoin (DOGE) sweepstakes in which users accused Coinbase of false advertising. Coinbase’s Case Goes to Supreme Court The U.S. Supreme Court announced Friday that it will hear Coinbase’s appeal regarding whether the crypto exchange can force users to settle disputes through private arbitration, rather than in court. The case involved Coinbase’s sweepstakes in 2021 that offered entrants the opportunity to win prizes of up to $1,200,000 in meme cryptocurrency dogecoin (DOGE). A number of users alleged that they were deceived into paying to participate in the sweepstakes even though there was an option to participate for free. Accusing Coinbase of false advertising in violation of California law, the users filed a class-action lawsuit against the cryptocurrency exchange. The

After a quiet period post-September 15, Bitcoin transaction backlogs are surging anew, with a noticeable resurgence of Ordinal inscriptions starting October 24. The number of pending bitcoin transactions in the mempool has surpassed 157,000, prompting a rise in high-priority transaction fees to $3.38. Bitcoin Sees Renewed Congestion, With Transaction Fees Hitting New Highs As of the afternoon of November 6, 2023, precisely 157,101 transactions await confirmation at the Bitcoin network’s block height of 815,605. Following a peak in mid-September with over 700,000 pending transactions , Bitcoin miners had reduced the number to a mere 27,210 by October 3, with high-priority fees dropping to just $0.08 each. The recent spike in Ordinal inscriptions led to November 4 recording the second-highest daily total for such entries, with 440,760 additions making it one of the busiest days for Bitcoin with 698,917 transactions processed. The momentum continued on November 5, with another 403,

Cathie Wood, the founder and CEO of Ark Investment Management, has an optimistic outlook on bitcoin’s future and she recently shared her enthusiasm on Bloomberg’s “Merryn Talks Money” podcast. In the conversation, when presented with the choice between gold, cash, or bitcoin as a ten-year investment, Wood confidently declared her preference for bitcoin, saying it would be her pick “hands down.” Ark Invest CEO’s Contrarian Bet: Bitcoin to Triumph Over Gold as Deflation Hits the U.S. Last week, Cathie Wood , the CEO and founder of Ark Invest, championed bitcoin (BTC) over traditional assets like cash and gold. Her confidence in bitcoin surfaced during her interview on Bloomberg’s “Merryn Talks Money” podcast. Faced with the query of which asset she’d prefer to keep over a decade, Wood’s choice was unequivocal, “Bitcoin, hands down. Bitcoin is a hedge against both inflation and deflation—so is gold—but bitcoin is digital … gold already has its demand, it’s happened, bitcoin is new.”

Last week, lawyers representing Terraform Labs and its ex-CEO Do Hyeong Kwon (Do Kwon) moved to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In response, the SEC has countered with a motion of its own, asserting the accountability of both the company and Kwon. The commission maintains that the evidence amassed by the prosecution is “clear, undisputed and overwhelming.” SEC Files Motion for Summary Judgment Against Terraform Labs and Do Kwon On November 2, 2023, the U.S. Securities and Exchange Commission (SEC) advanced its case in the ongoing Terra litigation by filing a motion for summary judgment. The regulatory body claims to hold “undisputed” proof of the purported infractions committed by former Terraform Labs CEO Do Kwon and the company itself. The SEC’s filing alleges that “Terraform and Kwon orchestrated a fraudulent scheme that ultimately led to $45 billion in market loss, including devastating losses for U.S. investors.”