Month: August 2023

SEC delays decision on spot Bitcoin ETF applications from WisdomTree, Invesco, and Valkyrie

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The United States Securities and Exchange Commission (SEC) has postponed its decision on WisdomTree’s Bitcoin Trust first filed on Dec. 8 2021. The institutional giant refiled its ETF application on July 19, 2023 with the first deadline approaching. WisdomTree’s Bitcoin ETF proposal didn’t get the SEC’s approval in 2021. However. after BlackRock joined the spot Bitcoin ETF race, WisdomTree refiled its application as well, However, WisdomTree was not the only institutional giant making a second attempt after rejections, the likes of Valkyrie, Fidelity and Invesco have also re-filed their applications…

KC Fed tracks healthy growth of crypto ATM industry despite predatory operators

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The crypto ATM business is thriving in the United States, despite criticism for illegal or predatory behavior, according to a report released by the Federal Reserve Bank of Kansas City. Crypto ATMs have a growing customer base that could sometimes benefit from better education about crypto, the report concluded. Crypto ATMs convert Bitcoin (BTC) and often other cryptocurrencies or stablecoins into or out of fiat. Like traditional ATMs, crypto ATMs are usually placed in high-traffic locations and charge a fee for their service. That fee is one of the sources…

Here’s the bitcoin outlook for September as crypto industry turns focus on Washington

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Bitcoin is poised to end August on a down beat despite the crypto industry scoring a milestone win on the regulation front. The cryptocurrency could be mired in a range during September, market participants say. The cryptocurrency is on pace for a 10% decline this month, according to Coin Metrics. Bitcoin recently jumped 7% after a federal appeals court sided with Grayscale over the Securities and Exchange Commission in a key crypto ETF case. However, that wasn’t enough to lift the flagship crypto back to the $29,000 level. Investors are…

WisdomTree and Invesco Galaxy Spot Bitcoin (BTC) ETF Applications Delayed by SEC

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Judge Neomi Rao, writing for the unanimous court, said the SEC’s denial of the application was inconsistent with the approval of a pair of bitcoin futures ETFs, and did not explain why it viewed these types of products differently given the underlying bitcoin market had a “99.9% correlation” between spot and futures market prices. Grayscale’s argument that its proposed ETF was “materially similar” to the futures ETFs won. Original

Binance Labs launches ColLabs for founders and builders

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance Labs is launching a new platform called ColLabs, targeting web3 founders, builders, and investors. ColLabs aims to streamline venture capital operations, knowledge sharing, and professional networking. It extends Binance Labs’ ongoing incubation and guidance efforts, targeting the mentoring and funding needs of the web3 sector with unique resources like customized learning content and event access. However, there have been question about it accessibility due to the exclusivity of these resources. We’re thrilled to announce ColLabs…

Maker (MKR) Unleashed: Price Soars 12% In One Day

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In anticipation of the announcements made by the Ethereum-based Decentralized Finance (DeFi) lending platform team, the price of Maker (MKR) has experienced a remarkable surge of over 12% within hours. Now, what do these developments entail, and how will they impact the future of Maker? Maker Empowers SubDAOs? On August 28th, the Maker team made a significant announcement regarding their plans to introduce SubDAOs in South Korea. This move represents a critical evolution for MakerDAO, marking the “final effort” to unlock the potential of Decentralized Autonomous Organizations (DAOs).  According to…

Hurricane Idalia delays Ron DeSantis’ reported plans to accept crypto campaign donations

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Florida Gov. Ron DeSantis canceled a campaign event in which he was reportedly planning to announce the acceptance of cryptocurrency contributions toward his 2024 presidential run.  According to an Aug. 29 report from the Miami Herald, DeSantis canceled a cocktail-hour fundraiser for his 2024 presidential campaign in which he was expected to start accepting donations in crypto. The cancellation was due to the approach of Hurricane Idalia — a storm that hit Florida’s coastline on Aug. 30 before moving into Georgia. DeSantis appeared to abstain from campaign events in advance…

SEC Files ‘Secret’ Sealed Motion in Court Battle Against Top Crypto Exchange Binance

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The U.S. Securities and Exchange Commission (SEC) is seeking the court’s approval to submit confidential documents related to the regulator’s lawsuit against the crypto exchange Binance. On Monday, the SEC filed a sealed motion for leave to file documents under seal. If granted, the agency will be allowed to file sensitive or confidential information with the court that will be kept off the public record. John Reed Stark, former chief of the SEC’s Office of Internet Enforcement, says filing court documents under seal is a rare move by the SEC…

Analysts Observes Drop in Bitcoin Exchange Outflows Indicate Long-Term Holder Confidence

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Bitcoin held on centralized exchanges declined 4.1% reduction in August, CryptoQuant data revealed. This decline in holdings could signify a growing sense of investor confidence in the digital currency, analysts said. According to CryptoQuant data, centralized cryptocurrency exchanges concluded August with a total of 2,010,346 Bitcoin, representing an 86,305 Bitcoin decrease from the beginning of the month. This marks the lowest recorded reserve level since January 2018. This diminishing supply of Bitcoin stored on exchanges implies a heightened level of investor trust in the long-term potential of Bitcoin. Alternatively, it…

Bitcoin accumulation continues, exchange holdings hit 5-year low

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Long-term Bitcoin (BTC) holders are accumulating more coins, reading from the decreasing balances on top exchanges. On Aug. 31, data from Glassnode, a blockchain analysis firm, reveals that the amount of “HODLed” or lost coins was at a five-year peak at 7.841 million BTC, or $213 billion. The count of HODLed or lost coins involves tracking Bitcoin balances that have remained untouched for an extended period. This calculation involves subtracting the “liveliness” from one and then…