Bitcoin News and Finance: What You Need to Know

The U.S. Securities and Exchange Commission’s former head of internet enforcement, a crypto skeptic, now believes that the SEC is likely to approve a spot bitcoin exchange-traded fund (ETF). He further expressed that “the legacy of SEC Chair Gary Gensler could be the approval of a spot bitcoin ETF,” emphasizing: “That is a mammoth victory for big crypto.” Stark Now Expects SEC to Approve Spot Bitcoin ETF Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark now believes that the securities regulator is likely to approve a spot bitcoin exchange-traded fund (ETF). 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. This week, the SEC reportedly made “rare” calls to spot bitcoin ETF filers regarding their applications. Fox Business journalist Eleanor Terrett shared on social media platform X Th...

Blackrock has revealed a plan to seed its spot bitcoin exchange-traded fund (ETF) with $10 million on Jan. 3. The world’s largest asset manager has engaged in six recent meetings with the U.S. Securities and Exchange Commission (SEC) to address its filing. In response to the SEC’s concerns, the firm has opted for the cash creation model, departing from its initial preference for the in-kind model. Blackrock Amends Spot Bitcoin ETF Filing After 6 Meetings With SEC Blackrock, the world’s largest asset manager, filed an amendment to its registration statement (S-1) for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on Friday. The firm disclosed that it plans to seed Ishares Bitcoin Trust with $10 million on Jan. 3, 2024. The amendment details that the seed capital investor, an affiliate of the trust’s sponsor, purchased seed shares worth $100,000 for the spot bitcoin ETF on Oct. 27, subject to conditions. The filing also outlines the ...

On Saturday, the smart contract platform Solana’s token, solana (SOL), eclipsed the $100 threshold, achieving a weekly growth exceeding 36% against the U.S. dollar. Throughout the year, investor sentiment toward solana (SOL) has remained overwhelmingly positive, intensifying following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023. Solana’s Market Triumph In the previous year, solana (SOL) has escalated an impressive 764% relative to the U.S. dollar, breaching the $100 milestone on Dec. 23, 2023. This price point for SOL has been unprecedented since April 2022, and the cryptocurrency has overtaken BNB to become the fourth largest by market capitalization. Currently priced at $102 per coin, SOL boasts a market value of approximately $43.58 billion. The coin’s daily trading fluctuation on Saturday ranged from $93 to $104. Over the last month, SOL has seen an increase exceeding 80%, with a near 38% rise in the past fortnight alone. SOL is up 6.6...

A petition to stop a proposed crypto ban in the U.S. has gained traction. The Chamber of Digital Commerce explained that the Digital Asset Anti Money Laundering Act, introduced by Senator Elizabeth Warren and currently supported by 19 U.S. senators, is “a crypto ban” that “threatens to stifle innovation, harm job prospects, and undermine the U.S. economy in a sector that is burgeoning with potential.” Petition to Stop Proposed Crypto Ban in US The “Stop The Crypto Ban” petition , initiated on Change.org by the Chamber of Digital Commerce on Dec. 16, has garnered nearly 10,000 signatures at the time of writing. “As concerned citizens of the United States, we need you to sign this petition to stop a proposed ban on cryptocurrency,” the leading U.S. blockchain and digital asset trade association wrote. “By signing this pledge, you agree to not support any cosponsor of the Digital Asset Anti-Money Laundering Act in any future election campaign.” The chamber added: The Digital Asset A...

Galaxy Digital CEO Mike Novogratz expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by Jan. 10 next year. Subsequently, he foresees the cryptocurrency reclaiming its all-time high of $69,000 and wouldn’t be surprised if it surpasses that price level. The executive also predicts progress in U.S. crypto regulation, expecting changes in leadership at the Treasury Department and the SEC after the upcoming presidential election. Mike Novogratz’s Crypto Predictions The CEO of Galaxy Digital, Mike Novogratz, discussed his perspectives on the crypto market and his expectations regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC earlier this week. Regarding spot bitcoin ETF approvals, the Galaxy Digital boss said: We are gonna get this ETF before January 10th. Novogratz added that spot bitcoin ETFs will likely take six to eight weeks...

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has issued warnings regarding cryptocurrency investments. “There is a lot of noncompliance in the crypto space,” he stressed, emphasizing that it “undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court.” Gensler’s warnings came as the market expects imminent approvals of spot bitcoin exchange-traded funds (ETFs). Gary Gensler’s Crypto Warnings The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, issued crypto warnings on social media platform X Thursday. The SEC chief wrote: There is a lot of noncompliance in the crypto space. It undermines confidence when so many people have been hurt and all they can do is stand in line in the bankruptcy court. Further, this can make it hard for the good faith actors to compete. His post is accompanied by a video of him on CNBC last week, elaborating on the prevalent noncompliance withi...

The U.S. Securities and Exchange Commission (SEC) has reportedly made “rare” calls to spot bitcoin exchange-traded fund (ETF) issuers and exchanges regarding their applications. A Bloomberg ETF analyst views this development as a “good sign” for the expected approvals by Jan. 10. The securities regulator has insisted on the cash creation model, rather than the in-kind model, for spot bitcoin ETFs. SEC’s ‘Rare’ Calls Regarding Spot Bitcoin ETFs The U.S. Securities and Exchange Commission (SEC) actively held meetings with spot bitcoin exchange-traded fund (ETF) applicants this week. Blackrock, the world’s largest asset manager, and several other spot bitcoin ETF applicants met with the securities watchdog on Thursday, according to filings with the SEC. Moreover, Fox Business Network’s senior correspondent, Charles Gasparino, shared on social media platform X Thursday that the SEC is “having what’s described as a rare joint conference call with prospective spot BTC ETF filers, as its...

As 2024 approaches, Bitfinex market strategists have expressed optimism for bitcoin and crypto assets in general, acknowledging their resilience amid regulatory and reputational challenges. The crypto market, according to Bitfinex analysts, is oscillating between bouts of greed and regulation and is set to witness an upward trajectory with market capitalization possibly doubling. Bitfinex Analysts Forsee a Bullish Trajectory for Bitcoin and Crypto Assets Amidst Macro Stability The year 2024 is eyed with optimism, with Bitfinex analysts suggesting a potential market cap for the crypto economy increasing up to $3.2 trillion amidst historical pullbacks and market oscillations. The latest Bitfinex Alpha report says a shift towards “extreme greed” in the crypto fear and greed index suggests mid-bull market highs for bitcoin ( BTC ), indicating a vibrant market phase. Bitfinex researchers explain that institutional investors’ rising interest in crypto assets, particularly bitcoin, is pi...

The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local media reports. Bank of China Completes First Cross Borders Precious Gold Transaction With Digital Yuan The Shanghai branch of the Bank of China announced that it has completed the first precious metal settlement using the digital yuan, the Chinese central bank digital currency (CBDC). The bank worked closely with the Shanghai Gold Exchange to transact the funds received overseas with the digital yuan. The transaction involved paying $14 million in exchange for undisclosed precious metals. According to local media, this would be the first time the Chinese digital yuan is used to complete a fine metal transaction. A spokesperson for the Shanghai branch of the Bank of China stressed the relevan...

Coinbase CEO Brian Armstrong has highlighted that crypto isn’t just here to say but it’s the future of money. Emphasizing that cryptocurrency “gives people economic freedom, ensuring access to their own money and fair participation in the economy ungated by powerful legacy institutions,” he detailed: “The industry has turned the page on the unlawful behavior that distracted from its progress; compliant growth is in.” ‘Cryptocurrency Isn’t Just Here to Stay’ The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, published a blog post titled “The future of money is here — and it’s crypto” on the company’s website Tuesday. He explained that after a “massive market correction,” crypto has witnessed a 90% increase in value this year, accompanied by a 60% surge in volume during Q4. He noted that currently, 425 million people globally own cryptocurrency and 83% of G20 countries and major financial hubs have either implemented or are in the process of establishing reg...

Galaxy Digital, a digital assets and blockchain financial services company, is seeking to score deals with defunct cryptocurrency companies to acquire their assets. According to reports, the company is eyeing FTX’s venture capital portfolio, which has a sizable stake in artificial intelligence (AI) disruptor Anthropic, among others. Galaxy Digital Aiming to Complete Bankruptcy Sales for Disgraced Crypto Businesses Galaxy Digital, a cryptocurrency and blockchain financial services company, is targeting the asset sales of crypto businesses to grow its capital. According to a recent FT report, the firm led by American billionaire Mike Novogratz would be eyeing other crypto-bankrupt companies to facilitate the sale of their assets. The company, which was selected to sell FTX’s tokens, saw its assets under management (AUM) climb from $1.7bn to more than $5bn after this. The now-defunct exchange selected Galaxy due to his “extensive experience in areas relevant to digital asset managemen...

In the wake of Bitcoin’s inscription phenomenon, Ethereum Virtual Machine (EVM)-compatible chains are experiencing a surge in similar practices, leading to unexpected service outages and a little confusion over their use. EVM Chains Face Surge in Token Inscriptions Over the past year, Bitcoin inscriptions have surged in popularity due to the advent of Ordinals, significantly impacting the Bitcoin blockchain. This controversial method has led to a sharp increase in transaction costs and a congested mempool , reigniting debates reminiscent of 2017’s block size war . The phenomenon has now extended to Ethereum and other EVM-compatible chains. Despite the initial skepticism about introducing inscriptions on smart contract-capable blockchains, the demand for EVM inscriptions has been so high that it caused a service outage on Arbitrum on Dec. 15, 2023. Summary of the Arbitrum outage and high Ethereum gas prices: – People are spamming inscription transactions on Arbitrum. These are t...

The European Union said Russian nationals from owning or controlling crypto service providers under the bloc’s twelfth package of restrictive measures against the country. According to the EU, diamonds entering its will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain. New Package Seeks to Combat Sanctions Circumvention The European Union (EU) announced on Dec. 18 that it had adopted a new package of economic and individual sanctions. The package now bars Russian nationals from owning or controlling crypto service providers. This ban is part of the EU’s attempt to “limit circumvention of the prohibition” on the provision of crypto-related services already imposed. According to the European Commission (EC), the new sanctions package seeks to fulfil the EU’s key objective of finding “a just and lasting peace, not another frozen conflict.” In the document that answers key questions about the Russian sanctions, the EC insisted that th...

A report issued by Grant Thornton, a professional services network, has revealed that family offices are eyeing crypto and blockchain to increase their investments in these areas. More than half of the family offices consulted have already invested in digital assets, with 38% allocating less than 1% of their portfolio to these technologies. Grant Thornton Report Reveals Family Offices’ Interest in Crypto and Blockchain Family offices might be considering putting more funds behind crypto and blockchain initiatives. A recent report prepared by Grant Thornton, a professional services network that operates in over 147 markets and employs over 68,000 personnel, has revealed that family offices are warming up to crypto and blockchain. 35% of these offices hope to increase their exposure to blockchain investments, while 27% expect to increase their investments in cryptocurrency. Nonetheless, these two investment tools are not new for this kind of institution, as more than half of the off...

Ripple’s president has shared her crypto predictions, stating that 2024 could mark “the breakout moment where institutional adoption for real-world utility takes off.” She emphasized: “The industry needs to build compliance tooling in a decentralized environment. It’s the next frontier of innovation in blockchain.” ‘We Reached the Tipping Point for Crypto to Be Recognized as Mainstream’ Ripple’s president, Monica Long, shared several predictions regarding the future of crypto and blockchain over the next 12 months on social media platform X Tuesday. “Within the past couple of years, we’ve seen many more traditional financial players such as Fidelity, Blackrock, Paypal, and Visa integrating or partnering with crypto-native companies to offer crypto and blockchain services and products,” she described. “The way forward is a happy marriage — blockchain will not replace banks. The ability to settle payments instantly, across borders, without the need for a middleman charging exorbitant...

In a recent development in the high-profile case of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, a request for postponement of the sentencing hearing was firmly denied by U.S. District Judge Lewis Kaplan. Bankman-Fried’s legal team had sought a four to six-week adjournment, citing the need for additional preparation time. However, the court’s refusal to grant this extension marks a significant moment in this ongoing legal saga. Sam Bankman-Fried Sentencing Date Proceeds as Kaplan Denies Delay The defense, representing Sam Bankman-Fried (SBF), submitted a formal request for the adjournment of the sentencing hearing, originally scheduled for March 28, 2024. This plea was grounded in the defense’s requirement for more time to gather necessary materials and prepare adequately for the upcoming presentence interview. The defense emphasized the importance of this additional time for a thorough and fair preparation process. “The defense requires the additional ti...

Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing $78 million to date. “The U.S. cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from the SEC) is actively moving the U.S. in the wrong direction,” said Ripple’s CEO. “The crypto industry has a large war chest now to elect pro-crypto candidates in 2024,” stated the CEO of crypto exchange Coinbase. The U.S. Cannot Afford to Continue Taking Back Seat on Global Stage Fairshake, a federal independent expenditure-only political action committee (super PAC), announced Monday that crypto and blockchain leaders have amassed $78 Million “for Fairshake Super PAC and its affiliates to support pro-innovation and pro-crypto leadership going into 2024 congressional elections.” Fairshake is registered with the Federal Election Commission (FEC) and supports candidates solely through its independent activities. The announcem...

Grayscale Investments expects the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) to allow the $30 trillion advised wealth market to gain exposure to bitcoin. “I do think there is a lot of optimism in the market,” said the crypto asset manager’s chief executive. “I think a lot of investors are adding bitcoin to their portfolios.” Grayscale’s CEO Sees Much Optimism in the Market The CEO of crypto asset manager Grayscale Investments, Michael Sonnenshein, discussed his perspective on bitcoin and the market’s expectations regarding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC and Bloomberg on Monday. “If you look back at this year, the price appreciation you’ve seen in bitcoin has really been driven by both the macro and micro forces,” he told CNBC. “On the macro front, inflationary pressure [and] rising rates have caused inves...

The Ethereum Proof of Work (ETHW) core development organization has been dissolved to help the protocol achieve full autonomy. In late November, the ETHW team pleaded for $200,000 in funding to maintain servers and recruit part-time engineers. ETHW Core team’s development approach has been criticized. Upholding PoW as the Chain’s Consensus On Dec. 18, the Ethereum Proof of Work (ETHW) core development organization was dissolved to help the protocol achieve full autonomy. A statement released by an ETHW core team member said the decision, which allows ETHW to operate independently without the Core’s support, followed “in-depth discussions and [was] based on a majority consensus.” Explaining the rationale behind the decision, the ETHW core team claimed that this has been its commitment since forking from the Ethereum blockchain in September 2022. Besides the dissolution, the core team also resolved to uphold proof of work “as the underlying consensus for the chain” as well as mainta...

As the crypto market navigates through a transformative era, Coinbase’s 2024 Crypto Market Outlook provides insights and predictions. The report, encompassing data up to November 30, 2023, delves into pivotal crypto market shifts and institutional practices. Coinbase’s 80-Page 2024 Crypto Market Outlook Suggests Brighter Days for Digital Assets Coinbase’s comprehensive 80-page report indicates that the total crypto market capitalization doubled in 2023, signaling an end to the crypto winter and the onset of a transition phase. Despite past challenges, the market’s remarkable recovery and sustained development underline the resilience and staying power of cryptocurrencies. “What’s clear, however, is that in spite of the hurdles directed towards the asset class, the developments we witnessed over the past year have defied expectations,” the Coinbase 2024 report notes. “They are evidence that crypto is here to stay. The challenge now is to seize the moment and build something better....