[ad_1] Some experts believe a spot Bitcoin ETF will be approved by January 10. Here’s what you should know. Spot Bitcoin ETFs are investment vehicles that provide exposure to the price of Bitcoin. They are typically aimed at institutional or traditional investors. Unlike in some investment vehicles, spot Bitcoin ETFs require the asset manager to directly hold Bitcoin as an underlying asset. This means that the first U.S. spot Bitcoin ETFs are expected to create significant demand for Bitcoin, possibly improving the price of Bitcoin and the overall cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) is responsible for…
Author: Mike Dalton
[ad_1] 1. Bitcoin’s Price Could Surpass $80,000 Though it is impossible to predict market prices with certainty, some high-standing industry members have made predictions. Bitwise anticipates that Bitcoin (BTC) will surpass its previous all-time high of $69,044, last seen in 2021, to reach $80,000.Bitwise based its prediction on multiple factors. First, the company noted that a spot Bitcoin ETF will likely be approved in 2024, a development that could greatly appeal to traditional investors and drive up demand for BTC. Second, Bitwise noted that a miner reward halving will reduce the amount of BTC issued starting in April 2024, creating relatively…
[ad_1] The crypto sector experienced several high-profile events in 2023. These are the year’s key developments. 1. Silvergate and Signature Bank Failures The banking industry saw three cryptocurrency-adjacent bank failures this spring. Signature Bank and Silvergate Bank, both known for serving corporate customers in the crypto industry, collapsed in March 2023. Silicon Valley Bank (SVB), which more broadly served a large number of tech startups, also collapsed that month. Those failures caused concerns about the stability of crypto overall. However, apart from brief losses affecting the USDC stablecoin followed by a quick recovery, the crypto sector largely adapted to the…
[ad_1] Binance has resolved various investigations and will continue to operate outside the U.S. Its CEO, Changpeng Zhao, has resigned. Binance, currently the largest cryptocurrency exchange in operation, reached agreements with several U.S. authorities starting on Nov. 22 that will allow it to end ongoing investigations and continue to operate outside of the United States. The Department of Justice (DOJ) said in an announcement that Binance failed to comply with various laws and did not register as a money transmitting business. The agency said that Binance and its CEO Changpeng Zhao allowed users to perform transactions to sanctioned individuals and…
[ad_1] BlackRock has registered a spot Ethereum ETF in Delaware. Nasdaq will list the investment vehicle if it gains approval. BlackRock, the world’s largest asset manager, began to take steps toward offering a spot Ethereum exchange-traded fund (ETF) on Nov. 9. The asset management company registered the fund, titled the iShares Ethereum Trust, through Delaware’s Division of Corporations on that date. Nasdaq also proposed an accompanying rule change through the U.S. Securities and Exchange Commission (SEC). That filing would allow Nasdaq to list and trade shares of BlackRock’s spot Ethereum ETF if the fund is indeed approved. Nasdaq’s filing indicates…
[ad_1] Sam Bankman-Fried has been found guilty of various financial crimes concerning his cryptocurrency exchange, FTX. Sam Bankman-Fried, the founder and former CEO of FTX, has been found guilty on seven counts related to fraud and conspiracy in the operation of his exchange. Reports from Bloomberg indicate that jurors deliberated for less than five hours on Thursday, Nov. 2 before finally reaching a guilty verdict. The U.S. Department of Justice (DOJ) issued a brief statement on the verdict. Attorney General Merrick B. Garland said: “Sam Bankman-Fried thought that he was above the law. Today’s verdict proves he was wrong.” He…
[ad_1] Sam Bankman-Fried, formerly the CEO and founder of FTX, is currently on trial for fraud and other crimes. Bankman-Fried allegedly lent billions of dollars between FTX and its sister firm, Alameda Research. FTX later failed to satisfy withdrawal requests from its crypto exchange customers, ultimately leading to its collapse in November 2022. In the weeks since Bankman-Fried’s criminal trial began on Oct. 4, 2023, several former FTX associates and other individuals have appeared in court as witnesses for the prosecution. The testimony of those witnesses is described in brief below. Gary Wang Gary Wang, a co-founder of FTX, described…
[ad_1] On Oct. 8, the U.K. Financial Conduct Authority (FCA) enacted new regulations that affect how crypto companies can promote and advertise their services. Those rules, generally referred to as the crypto marketing regime or financial promotion regime, are detailed in an announcement. The FCA notes that crypto companies operating in the U.K. must be registered with the FCA or have their marketing approved by an authorized firm in order to act in compliance with the new rules. The updated ruleset requires crypto companies to clearly state that investing in crypto carries risks. It also bans referral and sign-up bonuses.…
[ad_1] The Hong Kong-based exchange JPEX has gained notoriety in recent weeks. Here’s why the exchange is experiencing difficulties. JPEX has been targeted by regulators since mid-September. Though the crypto exchange has not completely collapsed, it has greatly reduced its operations, and several connected individuals have been arrested. Here’s what has happened so far. Sept. 12: Hong Kong’s Securities and Futures Commission (SFC) issues a warning in which it claims that JPEX is operating and promoting services despite being unregistered. SFC states that, among other issues, it has received complaints from JPEX customers about failed withdrawals and altered balances. Sept…
[ad_1] A look at the most important stablecoins on the crypto market. Stablecoins are dollar-pegged tokens that play an important role in crypto investing. They allow investors to “cash out” their crypto without moving it out of an exchange. In other words, investors can convert price-volatile coins like Bitcoin (BTC) and Ethereum (ETH) to a U.S. dollar equivalent without paying expensive withdrawal fees. This option is very useful during periods of price fluctuations and market uncertainty. The following stablecoins are some of the most notable on the market. Tether’s USDT is by far the largest stablecoin on the cryptocurrency market.…