🔴 Bitcoin ETF Failed | This Week in Crypto – Jul 3, 2023

Bitcoin ETF filings fall flat, June sees crypto markets higher with some assets making notable gains, and how many countries are actively exploring a CBDC? These stories and more, this week in crypto.

Altcoins Exceed Bitcoin’s 14% Hike in June

Bitcoin added 14% in the month of June with the overall crypto market making gains as well. A couple of assets making exceptional returns were FTX’s FTT token, which climbed over 124%, and Bitcoin Cash getting attention, hitting a 14-month high while doubling in value.

SEC: Bitcoin ETF Applications are ‘Inadequate’

The SEC stated in a public response that the new spot Bitcoin ETF filings by BlackRock and other institutions are ‘inadequate’. The applications failed to address the SEC’s worries about market manipulation and lacked specific information regarding the Bitcoin spot exchanges that the asset managers intended to partner with.

Fidelity Files New Spot Bitcoin ETF

Asset manager Fidelity is also expected to file with the SEC for a spot bitcoin exchange-traded fund, joining a number of other big money managers. Over the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have all filed new applications for spot bitcoin ETFs with the U.S. regulator, sending the price of bitcoin to levels not seen in over a year.

Bitcoin Cash Doubles on EDX Markets Listing

Bitcoin Cash more than doubled in value this week, after being offered by EDX Markets, the crypto exchange backed by large asset managers like Fidelity, Charles Schwab and Citadel. The token of the forked Bitcoin network was not named a security in the SEC lawsuits against Coinbase and Binance, which also boosted its price.

MicroStrategy Buys $350M Worth of BTC

MicroStrategy, the world’s largest corporate owner of Bitcoin further increased its investment. During the second quarter, the firm allocated $347 million to acquire 12,333 BTC, bringing their total holdings to 152,333 Bitcoins. The company’s Bitcoin holdings are now worth nearly $4.5 billion, acquired over the years with an average purchase price of just below $30,000 per Bitcoin.

Celsius Allowed to Convert Altcoins

The US Bankruptcy Court has given its approval for Celsius Network, the defunct crypto lending platform, to convert its altcoin holdings into Bitcoin and Ether. Celsius faced bankruptcy in 2022 due to the failure of the Terra ecosystem and its associated tokens, Luna and TerraUSD, leaving creditors in a state of uncertainty.

Binance Is Committed to Compliance

Binance is making an effort to dispel rumors that the crypto industry overall is ‘non-compliant’. The firm detailed Binance’s efforts to work together with international regulators, challenging views that it evades the law. Binance also highlighted that it employs a Compliance team of 750 professionals with diverse backgrounds to be able to address various compliance requirements with authorities all over the globe.

130 Countries Exploring CBDCs

A new study reports that 130 countries are now exploring central bank digital currencies, with almost half in advanced development, pilot or launch stages. Significant progress over the past six months means that all G20 nations except Argentina are now in one of those phases. Those 130 countries represent 98% of the global economy.

That’s what’s happened this week in crypto, see you next week.