The Nasdaq filing disclosed BlackRock’s intention to list the ETF, a product that will require regulatory approval. The revelation comes after the registration of the corporate entity “iShares Ethereum Trust” in Delaware, bearing the name of BlackRock’s ETF division, iShares.

BlackRock’s foray into the crypto space includes not only an Ethereum ETF but also a previously sought-after bitcoin ETF. These endeavors signify a broader strategy to make cryptocurrency more accessible to average investors. CEO Larry Fink, once skeptical, has emerged as a vocal supporter of the crypto industry.

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This surge was triggered by the revelation of a corporate entity called “iShares Ethereum Trust,” which had been officially registered in Delaware, a state known as the legal domicile for numerous U.S. businesses. This scenario mirrors what occurred in June when BlackRock’s iShares Bitcoin Trust filed for an ETF shortly after its Delaware corporate registration.

In a moment on Thursday, following the Delaware filing, a Nasdaq submission confirmed BlackRock’s intentions to introduce an ETF centered on ether. As a result of the BlackRock ETH news, Bitcoin reached a new 18-month high, approaching $38,000 from approximately $35,000 during a short squeeze in the early morning. However, BTC experienced a swift reversal, dropping to around $36,300.

Over the past 24 hours, ETH demonstrated a remarkable 10% increase, while BTC posted a more modest 3% gain. This development highlights the dynamic shifts within the cryptocurrency market, with Ethereum seizing attention and BlackRock’s ETF plans impacting both Ether and Bitcoin prices.

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In the third quarter of 2023, Bitcoin mining company Marathon Digital Holdings experienced an astounding 670% year-on-year revenue growth, driven by a nearly five-fold rise in Bitcoin production. According to the financial results filed on November 8th, Marathon achieved a quarterly profit, with a net income of $64.1 million.

The notable improvement in financial performance can be attributed, in part, to a remarkable 467% surge in Bitcoin (BTC) production, increasing from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023. Simultaneously, Marathon’s hash rate witnessed a remarkable 403% increase over the same period.

Marathon’s CEO and chairman, Fred Thiel, acknowledged this “significant progress,” which has further fortified the company’s financial position in preparation for the upcoming Bitcoin halving event scheduled for April 2024.

Furthermore, in September, a successful $417 million note exchange substantially reduced Marathon’s long-term debt by 56%, generating over $100 million in cash savings for shareholders.

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Gensler’s remarks came shortly after the conclusion of the criminal trial of former FTX CEO Sam Bankman-Fried, who was found guilty on all counts of defrauding investors. The SEC had filed a lawsuit against Bankman-Fried late the previous year, and since then, the agency has initiated legal proceedings against various crypto companies and individuals.

When asked about how the SEC decides to pursue enforcement actions and how the involvement of the courts impacts their decisions, Gensler explained that they need to carefully consider their available resources. This is due to the sheer volume of complaints, many of which involve bad actors. Gensler emphasized the importance of accountability and holding individuals responsible. The SEC also focuses on high-impact cases and examines the roles of gatekeepers in their enforcement actions.

In the fiscal year 2022, the SEC initiated 760 enforcement actions and bolstered its Crypto Assets and Cyber Unit. A report detailing the enforcement actions and initiatives for fiscal year 2023 is expected to be released as early as this month.

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Both bills have successfully cleared the Republican-led House Financial Services Committee during the summer but still await a vote in the full House before advancing to the Senate.

Former committee chair Rep. Maxine Waters, a Democrat from California, expressed concerns about one provision that would grant state regulators the authority to approve stablecoin issuance without input from the Federal Reserve. She also voiced reservations about the comprehensive digital asset market structure bill, believing it could lead to increased confusion and fewer consumer protections.

Rep. Nickel, speaking at DC Fintech Week, offered a glimmer of optimism regarding the prospects of these bills. He indicated that lawmakers were not too far apart when it came to the relationship between state and federal regulators. Nickel mentioned that adjustments would be made to garner support, even from Rep. Waters.

Regarding the stablecoin bill, Rep. Nickel explained that there would be refinements to clarify the definition of a robust federal standard. As for the broader market structure bill, he emphasized a willingness to collaborate across party lines to address concerns and refine the legislation.

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In 2021, Circle had previously agreed to go public by merging with a Special Purpose Acquisition Company (SPAC) called Concord Acquisition Corp. However, this arrangement ultimately fell through. A spokesperson for Circle shared, “Becoming a publicly listed company in the United States has always been an integral part of Circle’s strategic vision, but we refrain from commenting on speculations,” in response to the rumors.

Notably, Circle has garnered investments from prominent financial giants such as Goldman Sachs, Fidelity, and BlackRock. It’s also worth mentioning that the USDC stablecoin, which once had a market cap close to $56 billion, experienced a significant decline starting in June 2022.

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Bitcoin has been struggling to break free from the $35,000 level, maintaining a relatively flat trading pattern for the past 24 hours. Over the course of the past week, it has shown a modest 2% increase.

However, Bitcoin’s journey over the last day has not been without turbulence, as evident in the price chart below.

The chart illustrates a rollercoaster-like ride in the past 24 hours, with neither sellers nor buyers decisively taking control, leaving Bitcoin at its current position, essentially unchanged from yesterday.

Nonetheless, Bitcoin’s dominance in the cryptocurrency market continues to decline and now stands below the 50% mark. This declining dominance is creating opportunities for altcoins to thrive, taking advantage of Bitcoin’s indecision and making notable gains.

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A recent report from Bitfinex Alpha sheds light on an interesting metric known as Coin Days Destroyed (CDD) and how it provides unique insights into the current market conditions. CDD measures the level of economic activity within the Bitcoin network, offering a more nuanced perspective than simply analyzing transaction volume.

This metric reflects the unwavering confidence of long-term holders (LTHs) in Bitcoin’s value proposition and future potential. Even amidst the excitement of the ongoing rally, these steadfast supporters seem reluctant to part with their holdings.

Bitfinex Alpha also points out the current market’s low sell-side liquidity, with significant Bitcoin holders refraining from selling. This suggests that they anticipate further price increases or are content with holding their positions for an extended period.

Notably, wallets holding 1,000–10,000 BTC have shown reduced activity, as evidenced by the declining Spent Output Value Bands (SOVB) metric, indicating a possible stabilization or even a bullish sentiment. Conversely, entities holding smaller amounts of Bitcoin in the 10–100 BTC range are witnessing noticeable upticks in the SOVB metric, implying that smaller holders may be contributing to the selling pressure.

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It’s hardly surprising that many analysts anticipate at least some negative short-term effects in the event of SEC rejections, but what might unfold after the initial knee-jerk reaction?

Laurent Kssis, a crypto trading advisor at CEC Capital, suggests, “We might witness a downward move, with a target potentially falling below $30,000.” However, Kssis underscores that any decline should be weighed against other bullish factors, like the upcoming halving. He adds, “A drop to $25,000 is improbable unless the SEC firmly denies the proposal. I believe it would be more of a back-to-the-drawing-board situation, with hope persisting in the back of everyone’s minds.”

Martin Leinweber, a product strategist at MarketVector Indexes, also comments on the situation, saying, “If the ETF doesn’t receive approval, it could be a significant disappointment for the market. The spot Bitcoin ETF is often seen as a symbol of institutional recognition and integration into the broader financial landscape.”

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Throughout the week, the price of BTC remained trapped within the $34,000 to $35,000 range. Despite several attempts to surge beyond this range, including a nearly successful push towards a new yearly high of almost $36,000 early on Thursday, heavy selling pressure thwarted these efforts, causing a dip in BTC’s value.

In the midst of Bitcoin’s struggles, larger-cap tokens associated with layer 1 networks (L1), such as Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT), managed to surge by 10% to 15% over the same period. Solana (SOL) experienced a remarkable 14-month high on Wednesday, and by Friday afternoon, it still maintained a 25% gain over the previous seven days.

Decentralized finance (DeFi) tokens emerged as the standout performers within the CoinDesk Market Index sectors, with the CoinDesk DeFi Index (DCF) surging by nearly 10% in just a week. This remarkable growth was primarily driven by double-digit rallies in the tokens of decentralized exchange platforms like UniSwap (UNI) and SushiSwap (SUSHI), as well as the native token of the lending platform Aave (AAVE).

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This development comes almost a year after Judge Sallie Kim, presiding over the U.S. District Court for the Northern District of California, rejected Coinbase’s request to move the dispute to arbitration, as outlined in an opinion from December 2022. Arbitration is often favored by companies due to its cost-efficiency and quicker resolution process.

The case revolves around two distinct contracts: one that supports arbitration as a means of dispute resolution and another that mandates the involvement of a California court.

David Suski, a Coinbase user, among others, participated in Coinbase’s Dogecoin Sweepstakes in June 2021 and consented to a user agreement, which included an arbitration provision. Subsequently, Suski also opted into separate “official rules” for the sweepstakes, which contained a clause specifying that California courts would have “exclusive jurisdiction over any controversies related to the sweepstakes,” as noted in Judge Kim’s opinion.

Coinbase contended that the user agreement should take precedence over the official rules, but the California judge ultimately disagreed with this interpretation.

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In his statement, Finzer mentioned, “Today, we bid farewell to a number of our valued OpenSea team members.” This decision is a vital component of the company’s ambitious “OpenSea 2.0” initiative, which places a strong emphasis on enhancing product technology, reliability, speed, quality, and user experience.

Finzer acknowledged that OpenSea’s redirection stems from feedback received from users, who perceived the company as more of a “follower than a leader.” He emphasized the company’s desire to move swiftly, with a focus on quality and conviction, to make more substantial contributions. Finzer also assured the community that while they embark on this rebuilding phase, they will continue to support their existing products and progressively test OpenSea 2.0 in the public domain, remaining adaptable, attentive, and dedicated to their mission.

To support the affected employees during this transition, OpenSea will provide four months of severance pay and additional benefits. The company’s new organizational structure will be flatter, with fewer middle managers.

OpenSea’s decision to transform its operations comes as it aims to regain lost market share to competing NFT platforms like Blur.io. Previously holding over 73% of the NFT marketplace volume in October 2022, OpenSea’s market share has dwindled to 18% as of November 3, according to data from The Block’s Data Dashboard.

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The S&P 500 and Nasdaq equity indexes also extended their gains for the second consecutive day. This comes as investors are digesting Federal Reserve Chair Jerome Powell’s moderately dovish statements made on Wednesday and the decision to maintain interest rates for the second consecutive month. This decision aligns with indications of easing inflation and declining labor costs.

Caleb Franzen, the founder of Cube Analytics, had a noteworthy piece of advice for crypto traders who believe that a bull market is on the horizon for both cryptocurrencies and equities. He suggested that focusing on bitcoin mining stocks could potentially generate the most substantial returns. This advice was shared in a post on Twitter.

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Notable Twitter user Chris Burniske is also among those who believe a new all-time high could be on the horizon. However, he has issued a cautionary note, suggesting that after reaching this peak, BTC might face “a final wipeout.”

Burniske draws parallels between Bitcoin’s current performance and the trends observed in the first half of 2019 when the price was consistently heading upwards before experiencing a significant drop in the first quarter of 2020, coinciding with the global COVID-19 pandemic’s shock to the world.

There were mixed reactions from the Twitter community, with several users expressing their disagreement with this assumption. Some foresee Bitcoin making even greater gains after the first quarter of 2024, with expectations hinging on the potential approval of BlackRock’s spot Bitcoin ETF or the next halving event.

Another analyst who recently weighed in on the matter is Twitter user Josh Olszewicz. They suggested that Bitcoin could maintain its upward momentum in the remaining two months of the year and potentially reach $38,000 by the end of 2023.

On the other hand, Luke Broyles displayed a considerably more bullish outlook, speculating that the asset could skyrocket to an astonishing price of $3 million per coin. This projection is based on the potential growth trajectory that parallels the early expansion of the Internet.

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Just over a month ago, the company disclosed in a filing that it had acquired 5,445 bitcoins for $147.3 million, with an average price of $27,053 per bitcoin, between August 1 and September 24. This strategic move placed MicroStrategy in a favorable position as the price of bitcoin surged in October, coming close to reaching $35,000 at one point. Bitcoin is currently trading just below this threshold, with growing anticipation that spot bitcoin exchange-traded funds (ETFs) may soon receive regulatory approval, opening the door for increased investor participation in this new financial instrument.

MicroStrategy’s Chief Financial Officer, Andrew Kang, emphasized the company’s unwavering commitment to acquiring and holding bitcoin, particularly in light of the potential for increased institutional adoption.

In its earnings report, MicroStrategy revealed that it had added 6,067 bitcoins for $167 million at an average cost of $27,531 per bitcoin since the end of the second quarter. Despite these strategic investments, the company reported a net loss of $143.4 million in the third quarter, a significant increase from the $27 million net loss in the same period the previous year.

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SOL, which is the seventh-largest cryptocurrency by market capitalization, surged by 17% in the past 24 hours, briefly hitting $46, its highest value since August 2022, before retracing some of its gains. This token outperformed the majority of the crypto market, which has largely been trading in a narrow range. The CoinDesk Market Index (CMI), tracking a variety of digital assets, only saw a 0.6% increase over the same 24-hour period.

The price recovery in SOL can be attributed to increased blockchain activity, a substantial inflow of funds into Solana-focused digital asset portfolios, and a recent technological upgrade. At the same time, concerns about the FTX estate, which is currently under bankruptcy protection and the potential for it to flood the market with tokens, have thus far proven to be exaggerated.

Nevertheless, recent activity in wallets owned by FTX indicates that some selling pressure may be on the horizon. A report from digital asset manager 21Shares highlights that the FTX-Alameda bankruptcy estate has recently transferred $35 million worth of SOL tokens to exchanges, possibly indicating an intention to sell them.

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The year 2022 witnessed a regulatory crackdown on cryptocurrencies in the United States, largely in response to events like the FTX exchange’s issues and other scandals. Consequently, several American firms scaled back their involvement in the crypto space. As reported earlier in May, both Jane Street and Jump Trading had reduced their crypto trading activities due to the increased regulatory scrutiny.

Assuming that the U.S. Securities and Exchange Commission grants approval to one or more of the roughly twelve bitcoin ETF applications, including BlackRock’s submission (coming from the world’s largest asset manager), it could mark a significant turning point for U.S.-based companies looking to engage with the cryptocurrency market. These ETFs, which trade on traditional stock exchanges, require a high level of sophistication and automation, making it an arena where only a select few companies possess the necessary expertise and infrastructure.

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During the initial half of October, Bitcoin had been trading around the $27,000 mark. However, this sentiment shift resulted in a substantial price increase, propelling Bitcoin to reach a 17-month high at $35,000. As we approach the Federal Reserve’s upcoming interest rate decision, Bitcoin currently hovers just above the $34,000 mark. The consensus among market participants is that the Federal Reserve is likely to maintain the current interest rates.

This remarkable rally wasn’t limited to Bitcoin alone; it had a ripple effect across the broader cryptocurrency market. This bullish sentiment is evident in the performance of the CoinDesk Market Index (CMI), which tracks a diverse range of digital tokens. The CMI surged by 22% throughout October, reflecting the overall positive sentiment in the cryptocurrency space. The total market capitalization of all cryptocurrencies increased by nearly 19%, reaching $1.255 trillion, as per TradingView data. This surge represents the most significant increase in crypto wealth since the remarkable 33% jump observed in January.

The potential approval of ETFs holds immense significance for Bitcoin. ETFs are considerably more accessible to the average investor compared to buying the cryptocurrency itself or investing in existing Bitcoin products like the Grayscale Bitcoin Trust (GBTC), which currently manages assets worth $21 billion. While the U.S. Securities and Exchange Commission initially rejected the conversion of GBTC into an ETF, recent court rulings have cast doubt on that decision, increasing the likelihood that the SEC will have to reconsider its stance. This, in turn, raises the prospects of ETF applications from industry giants such as BlackRock, the world’s largest asset manager, receiving approval.

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In response to this unfortunate incident, the protocol announced, “We have identified a token approval exploit originating from our new router and have taken the necessary measures to suspend its operations in order to contain the issue. Any funds lost as a result of this vulnerability in our new router will be fully reimbursed. Rest assured, your keys and wallets remain secure.”

The Unibot token has suffered a sharp decline of almost 25%, now trading just above $42. At its zenith in mid-August, the token’s price had soared to nearly $220. During this peak period, the protocol had been generating a substantial amount of revenue, which had garnered the keen interest of investors.

#btc #sec #etf #digifinex #eth #btcetf

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It was on October 31, 2008, that the Bitcoin white paper emerged, marking its 15th anniversary today. Immersed in the world of traditional finance, I, like many in what we now refer to as Traditional Finance (TradFi), failed to recognize the birth of the cryptocurrency revolution. After all, the conventional financial system seemed to be disintegrating, and our focus was directed there.

Though Satoshi Nakamoto’s paper did not explicitly declare the necessity for a peer-to-peer system to supplant Wall Street’s giants due to their untrustworthiness and impending collapse, this sentiment permeated the atmosphere as people caught onto the concept and transformed the Bitcoin blockchain and bitcoin (BTC) into a tangible cryptocurrency.

The wheels were set in motion; BTC mining commenced, and events began to unfold, albeit on a modest scale initially. Bitcoin was used to purchase everyday items, and a website transitioned from a platform for trading Magic: The Gathering cards to a major cryptocurrency exchange, albeit falling victim to a severe hacking incident. Other cryptocurrencies made their debut, broadening the horizons of blockchain technology. Crypto prices surged to astonishing heights as visionaries who embraced the principles of decentralization and the elimination of financial intermediaries breathed life into Satoshi’s concepts, turning them into reality. (Naturally, a fair share of opportunists and scammers joined the fray as well.)

#btc #sec #etf #digifinex #eth #btcetf

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