Week Full of Major Developments in Cryptocurrency
This week was full of hustle, anticipation, and excitement as many major developments came into existence in the crypto space. The major eye-capturing event was the approval of Spot Bitcoin ETF by the Securities and Exchange Commission. This approval news circulated tremendously on social media sites, and it drove temporary surge in Bitcoin price which recently crossed almost $48k during approval time.
SEC Issues Warning Against FOMO
The week started with the news of the SEC which issued a warning against FOMO, right ahead of Spot Bitcoin ETF approval. Regulators tweeted a warning no go to “FOMO” to cautious investors not make any investment just based on high speculations.
Upbit Singapore Secures License from MAS
The largest crypto exchange in South Korea Upbit secured a major institution license (MPI) from the Monetary Authority of Singapore (MAS). The MPI license will facilitate institutions to provide crypto and fiat-related services. This proved to be a major expansion of Upbit with enhanced security.
BlackRock Lays off 600 Employees
Financial giant Blackrock took a massive step by announcing a workforce reduction of approximately 3% which sadly affected 600 employees. This was part of the company’s strategy to reallocate resources and maintain speed with technological changes.
Valkyrie, Ark/Share, and 10 others update their ETF filing
Valkyrie, Wisdomtree, Invesco/Galaxy, iShares, Ark/21Shares, and VanEck, updated S1-filing to the U.S. Securities and Exchange Commission (SEC) for the launch of Bitcoin spot exchange-traded funds (ETFs). Many of them reduced their fees during this time.
Standard Chartered Predicts $50 to $100 Million Trading Inflows
Standard Chartered also anticipated that Bitcoin inflows could be $50 million to $100 million. The reason behind this prediction was approval of spot bitcoin ETFs provides institutional investors with a regulated and secure way to invest in Bitcoin.
US CPI Inflation Surges to 3.4% in December
The United States Consumer Price Index (CPI) has recorded a substantial uprise, reaching 3.4% in December, marking a significant uptick in inflation that has caught the attention of financial markets.
SEC Twitter Account Hack
False news that Bitcoin had been approved shocked the whole crypto industry. It was confirmed that the SEC’s Twitter account had been hacked.
All the spot Bitcoin ETF Applications were approved
On January 11 Securities and Exchange Commission approved all Bitcoin ETF applications after long chaos and endless debate. At once approved all eleven (11) spot applications that were filed by ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
South Koreans Continue Ban On Crypto
Spot Bitcoin ETF approval gained tremendous popularity within the crypto industry but this has not impressed Korean regulators as they continue the crypto ban.
Do Kown Request for Delay in SEC Fraud Case
Do Kwon, co-founder of Terraform Labs, requested a delay of his trial in the United States District Court, shifting the original date from January 29 to March 2024.
Circle Files for IPO
Circle creator of USDC stablecoin filed for IPO and the company filed a draft S-1 document with the U.S. Securities and Exchange Commission (SEC), paving the way for a potential initial public offering (IPO).
Hot Take
All these developments made for an eventful week in the crypto industry. One major event that captured the attention was the approval of Spot Bitcoin ETF, which led to a lot of speculation and anticipation. Even with this significant event, other key developments such as market predictions, regulatory actions, and institutional expansions added to the excitement of the week.
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