Bitcoin ETF Delays
The U.S. Securities and Exchange Commission (SEC) is reviewing several Bitcoin ETF applications and the decision is expected in early 2024. This development holds the attention of the market, as approval could significantly impact Bitcoin’s trajectory. Additionally, the SEC has put the Invesco Galaxy Ethereum ETF on hold, delaying its decision until February 2024. This reflects the cautious approach of the regulator towards integrating cryptocurrencies into mainstream finance.
Crypto Regulation Challenges
Coinbase has taken legal action against the SEC for what it perceives as a lack of clarity in crypto regulation. The company’s Chief Legal Officer announced intentions to approach the Third Circuit court following the SEC’s refusal to provide the requested regulatory guidance. The Chairman of the U.S. Commodity Futures Trading Commission (CFTC) asserted that most cryptocurrencies are commodities, urging for clearer legal guidelines. Binance and its former CEO, Changpeng Zhao, have launched a counteroffensive against the SEC, challenging the authority of the commission and its jurisdictional reach in the crypto environment.
Market Trends and Predictions
XRP is nearing the end of a six-year symmetrical triangle pattern, with predictions suggesting a potential breakout. This could lead to a significant increase in its value, with targets reaching as high as $22 in the coming months. CreditCoin (CTC) saw a remarkable surge in value, rising to $0.73 following its listing on South Korean exchange Upbit. The Terra Luna Classic (LUNC) ecosystem achieved a major milestone by successfully burning 85 billion LUNC, with Binance contributing significantly to this effort.
Additional Notable Events
The cryptocurrency industry faced another security breach with the Ledger Connect hack, leading to a loss of $484,000. SafeMoon filed for Chapter 7 bankruptcy amid allegations of fraud and mismanagement, causing its market value to plummet. El Salvador announced the launch of the “Volcano Bond,” a Bitcoin-backed bond aimed at funding the development of Bitcoin City and reducing national debt.
Hot Take: The Week in Crypto
Overall, the past week in crypto reveals a complex interplay of regulatory developments and market trends, highlighting the dynamic and evolving nature of the digital finance landscape.