Grayscale Demands Meeting with SEC for Bitcoin ETF Approval
In a recent court case victory against the SEC, Grayscale is seeking a meeting with the regulator to discuss the approval of its Bitcoin ETF proposal. A letter sent to the Securities and Exchange Commission states that the Trust should not be treated differently from ETPs that invest in bitcoin futures contracts. Grayscale is confident that there are no further arguments against the Bitcoin ETF product, as evidenced by the Commission’s previous rejection of spot Bitcoin Rule 19b-4 filings.
Marathon’s BTC Mining Rate Drops in August
Marathon Digital Holdings, a US-based crypto mining operator, experienced a 9% drop in Bitcoin production in August compared to July. However, the company’s output was still five times higher than in August 2022. Marathon also increased its US operational hash rate by 2% with the upgrade to more efficient Bitmain Antminer models.
Bitcoin’s Price Volatility
Following these developments, Bitcoin prices began to exhibit greater short-term volatility. Price fluctuations ranged between $25.68k and $25.84k on September 5. While experts suggest a potential drop to $25.5k, Bitcoin’s price remains within a symmetrical triangle pattern. Traders should be aware of the possibility of a downward spiral if the support area fails.
Opportunities in Presales
During uncertain times, many crypto users seek safer investment opportunities, such as presales. Bitcoin BSC (BTCBSC) has emerged as a new presale option, offering a green BEP-20 version of Bitcoin built on the BNB Smart Chain. The presale for BTCBSC is ongoing, and it has already raised a significant amount of funds. Interested buyers can purchase BTCBSC using BNB, ETH, or USDT.
Hot Take: The Intersection of Regulation, Mining, and Investment Opportunities
The recent events surrounding Grayscale’s demand for a meeting with the SEC, Marathon’s drop in BTC mining rate, and the emergence of BTCBSC presale highlight the dynamic nature of the crypto market. As the regulatory landscape evolves, it is crucial for investors to stay informed about potential opportunities and risks. The demand for Bitcoin ETF approval, the performance of mining operations, and the availability of alternative investment options all contribute to the complex and ever-changing crypto ecosystem.
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