Day: December 14, 2023

Bitcoin Spot ETF Applicants To Integrate Mandatory Cash Redemption Model

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Recent reports have revealed that the United States Securities and Exchange Commission (SEC) has implemented a “new regulatory standard” for all Bitcoin Spot Exchange-Traded Fund (ETF) applicants while awaiting approval from the regulatory body. Cash Redemption Model For Bitcoin ETF Applicants Top Bloomberg Analyst James Seyffart took to X (formerly Twitter) to share the latest update by the regulatory watchdog. According to him, every Bitcoin Spot ETF applicant will have to bend their knees to this new model. The SEC’s latest “Cash Redemption Model” came amid the spot Bitcoin ETF…

Bitcoin to Be Measured at Fair Value in US Under New FASB Rules

The crypto market responded positively to the FASB announcement, with Bitcoin’s price rising over 4.12% to $42,979 following the guidance release. The Financial Accounting Standards Board (FASB), the US entity responsible for detailing how companies report assets on their balance sheets, has introduced new standards allowing corporations to measure Bitcoin (BTC) and other crypto assets at fair value. FASB’s Shift Towards Fair Value Measurement This marks a departure from the previous accounting rules, known as the “indefinite-lived intangible asset accounting model,” which mandated using the original purchase price and cumulative…

Bitwise Drops 10 Predictions for Crypto in 2024

Bitwise has published 10 predictions for the crypto industry in 2024, including a fall in Ethereum transaction cost and the approval of Bitcoin ETFs. As we are coming closer to a new year, there are inevitably not only recaps of 2023 but predictions for 2024. The industry is in a very interesting place with top tokens showing signs of recovery and major milestones within view. In light of this, Bitwise has released 10 predictions they have for the crypto industry in 2024. Bitwise’s Crypto Predictions for a New Year The…

Basel Committee considers stablecoins less risky than Bitcoin

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The Basel Committee on Banking Supervision (BCBS) has proposed that stablecoins be considered less risky cryptocurrencies. According to the document, the BCBS proposes to change the criteria so that stablecoins can be considered less risky than fiat cryptocurrencies such as Bitcoin (BTC). BCBS has so far taken a hard stance on cryptocurrency, recommending a maximum possible risk weight of 1,250% for publicly traded digital assets such as Bitcoin. This means banks must issue capital to match their risks. Banks are also not allowed to allocate more than 2% of their…

Cathie Wood’s Ark Invest sells another $42.6m Coinbase shares, $1.6m in GBTC

Ark Invest, the investment firm led by Cathie Wood, has again sold a substantial portion of its holdings in Coinbase Global Inc. (COIN) as the crypto exchange’s stock value soared to a 20-month high. The latest move comes amidst a broader reshuffling of the firm’s portfolio in response to recent market dynamics. On Dec. 13, Ark Invest sold 283,104 shares of Coinbase, valued at approximately $42.6 million, across two of its funds. The sale is part of a larger trend with the firm’s weekly sales reaching $56 million, as per…

Top five blockchain ETFs that returned over 100% in 2023: Data

As the cryptocurrency community has been focused on the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some crypto-linked ETFs have already been racking up significant gains in 2023. One such ETF is the VanEck Digital Transformation ETF (DAPP), which has surged nearly 207% year to date (YTD), according to data from TradingView. Launched in April 2021, DAPP tracks the price and performance of the MVIS Global Digital Assets Equity Index, which, in turn, is based on the performance of major companies involved in…

Dow Jones Jumps 500 Points to All-Time High as Fed Keeps Rates Unchanged

With yesterday’s historic high, the Dow Jones extends its Q4 rally to more than 10%. On the other hand, the technology sector also makes a fresh all-time high. In a historic surge, the Dow Jones Industrial Average set a new record by closing above 37,000 points for the first time. The Federal Reserve’s indication of multiple rate cuts in the coming year was the major catalyst behind the move. The 30-stock Dow soared by 512.30 points, or 1.40%, finishing at 37,090.24, surpassing its previous record from January 2022. The S&P…

Cardano (ADA) Price Shoots Over 15% as DeFi TVL Crosses $450M

Cardano’s DeFi total-value-locked crosses a significant $450 million with its native stablecoin Djed contributing a significant portion. Smaller protocols like LendFi and Spectrum Finance recorded an impressive 90% surge in TVL. Cardano’s native cryptocurrency ADA has registered massive gains shooting over 15% soon after the FOMC meeting concluded on Wednesday. As of press time, the Cardano (ADA) price is trading 13.85% up at $0.6495 with a market cap of $22.9 billion. The recent price rally for ADA also comes on the backdrop of solid growth in Cardano’s decentralized finance (DeFi)…