https://en.cryptonomist.ch/2023/11/27/positive-forecast-bitcoin-etf-nyse-president/

Former NYSE chairman Tom Farley‘s forecasting anticipate an influx of capital into the cryptocurrency world with the US Securities and Exchange Commission’s (SEC) approval of spot exchange-traded funds (ETFs) on Bitcoin. 

Specifically, Farley pointed out that the approval will make it easier to buy because many people believe in Bitcoin, calling it a “great invention.” In addition, he thinks this approval will greatly facilitate access and interest in the cryptocurrency industry. Let’s see all the details below. 

ETFs: forecasting on how Bitcoin could drive a new flow of liquidity

As anticipated, former New York Stock Exchange (NYSE) President Tom Farley reviewed the predictions of the approval of Bitcoin spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). 

He also talked about the prospects of the upcoming cryptocurrency bull run during an interview with CNBC last week. Farley, who led the NYSE Group from 2014 to 2018, currently serves as CEO at cryptocurrency exchange Bullish.

Farley’s optimism about Bitcoin is rooted in the fact that all U.S. regulators, including the SEC, have declared that BTC is not a security. 

Not surprisingly, SEC Chairman Gary Gensler has repeatedly stressed that, in his view, all cryptographic tokens except Bitcoin are considered securities.

The reason for Farley’s enthusiasm is the possibility that an ETF on Bitcoin will be approved quickly, leading to a significant influx of money into the industry. 

He also pointed out that the ease of purchase and investor confidence in Bitcoin make the approval of an ETF a positive point for the entire cryptocurrency industry.

Analyzing the current state of the cryptocurrency market, Farley said he believes the bull run has already begun, highlighting the importance for exchanges to be reliable, compliant, and supportive of the digital asset industry.

Bullish, Farley’s cryptocurrency exchange, was launched in 2021 and has gained support from well-known investors, including Peter Thiel, Alan Howard, and Mike Novogratz. 

Recently, the exchange acquired Coindesk, a media outlet specializing in cryptocurrencies, in an all-cash deal.

Bitcoin’s recent rise amid optimism for ETFs and some analyst doubts

After a remarkable jump from $26,750 on 12 October to $34,667 on 31 October, the price of Bitcoin (BTC) continued to rise in November. 

In fact, the value surpassed $36,500, reaching support at $37,400 when Grayscale Investments confronted the SEC regarding the Bitcoin ETF.

However, volatility has increased this month, with BTC heading toward $38,000 while Bitcoin ETF investors are still holding their breath ahead of possible future SEC approval. 

This could suggest growing bear confidence, while bullish investors may be losing momentum as they await SEC approval.

However, Off The Chain Capital President Brian Dixon does not anticipate a big rally immediately after approval of the Bitcoin ETF, saying there could be a short-term rise followed by a decline, but a more significant rise once operational.

This outlook is shared by Peter Schiff of Euro Pacific Capital, who warned that the approval will mark the peak of the rally, predicting a possible sell-off before it goes live.

Mads Eberhardt, an analyst at Steno Research, also criticizes excessive optimism about the Bitcoin ETF, anticipating more selling pressure in the near term. JP Morgan analysts agree, calling BTC’s rally “exaggerated” in a recent note.

Technical analysis shows signs of bearish divergence, with Bitcoin’s RSI marking a divergence from November’s green candles, widening the bearish delta as we approach December.

JPMorgan’s view on the potential impact of Bitcoin ETFs

As anticipated, JPMorgan, a prominent global investment bank, shared a cautionary note regarding the possible approval of Bitcoin Exchange Traded Funds (ETFs) by the U.S. SEC, expressing concerns about the influence it could have on BTC prices. 

The bank’s analysts, led by Nikolaos Panigirtzoglou, project possible downward pressure on Bitcoin in the event of a green light for Bitcoin ETFs from the SEC. 

Panigirtzoglou laid out his predictions on LinkedIn, highlighting confidence in the SEC’s upcoming approval of spot ETFs on bitcoin.

Panigirtzoglou’s caution focuses mainly on the potential outflow of capital from the Grayscale Bitcoin Trust (GBTC) during the transition into a Bitcoin ETF. 

It points out that many speculative investors could capitalize on profits made during the purchase of GBTC shares at significant discounts to the net asset value (NAV) in anticipation of conversion to an ETF.

JPMorgan estimates a possible outflow of about $2.7 billion from GBTC, warning that such a move could put significant downward pressure on Bitcoin prices. 

However, Panigirtzoglou indicates that if most of these funds were reinvested in other bitcoin instruments, especially in the planned spot ETFs, the negative impact would likely be smaller.

Nevertheless, the analyst remains cautious, indicating that the balance of risks for Bitcoin prices is tilted to the downside, with some of the funds potentially exiting the Bitcoin space entirely.

https://en.cryptonomist.ch/2023/11/23/coinbase-cites-sec-against-kraken-exchange/

Coinbase recently used the SEC’s legal action against crypto exchange Kraken as leverage to promote the need for clearer regulation in the cryptocurrency industry. 

Specifically, the letter dated 22 November argues that only through the use of mandamus will it be possible to push the SEC to finally acknowledge that Coinbase’s application for regulation has long been blocked. See below for all the details. 

Coinbase defies the SEC: the call to action against the Kraken exchange

As anticipated, US-based cryptocurrency exchange Coinbase has renewed its request to force the Securities and Exchange Commission (SEC) to respond to the company’s petition to establish clear regulations on cryptocurrencies. 

It did so by using the SEC’s recent action against Kraken as an argument in support of its claims.

In a document filed 22 November with the US Court of Appeals for the Third Circuit, Coinbase’s lawyers responded to a letter from the SEC dated 21 November. 

In the latter, the regulator stated its intention to provide a status report on the petition by 15 December. 

Coinbase’s petition, filed in July 2022, asks the SEC to propose and adopt rules to govern the regulation of securities offered and traded through native digital methods, with subsequent responses indicating delays in the process.

The letter submitted by Coinbase argues that only a court order will prompt the SEC to act, noting that the agency’s fear of a court ruling has only led to further delays. 

The SEC’s recent enforcement action against Kraken, filed 20 November, was cited by Coinbase as evidence of the commission’s lack of regulatory clarity.

Hence, the push for regulation intensifies as the SEC nears a decision on a Bitcoin-related exchange-traded fund (ETF) for pricing on US markets. 

Approval of such an ETF could represent a significant step toward mainstream adoption of cryptocurrencies.

Coinbase’s Brian Armstrong supports decision to comply with US laws

Recently, Brian Armstrong, CEO of cryptocurrency exchange Coinbase, defended his company’s decision to comply with U.S. money transmitter licensing laws in response to recent reports of rival Binance‘s legal involvement.

In a 21 November social media post, Armstrong commented on Binance’s guilty plea in response to the criminal charges. 

In addition, he expressed his satisfaction with Coinbase’s decision to obtain money transfer licenses, despite the fact that this resulted in a competitive disadvantage. 

Armstrong emphasized the need to embrace compliance to ensure the company’s longevity over time, highlighting his team’s hard work in obtaining licenses, training compliance and legal teams, and maintaining conduct in line with the rules.

Although Armstrong acknowledged that this strategy has slowed Coinbase’s growth, citing the difficulty and costs associated with adopting a compliant approach, he emphasized the correctness of this approach because of the belief in the rule of law. 

Not only that, he also criticized the lack of regulatory clarity in the United States, which he believes is driving users to unregulated exchanges abroad such as Binance. 

Armstrong did, however, predict that the resolution of the legal case against Binance could serve as a catalyst for greater regulatory clarity.

Despite the Securities and Exchange Commission’s allegations against Coinbase, Armstrong stressed that these do not relate to violations of the Bank Secrecy Act or licensing issues for money transmitters. 

In fact, he pointed out that the lack of regulatory clarity in the United States has pushed most crypto transactions abroad and said that 95% of them occur outside the United States.

The SEC’s new charges against Kraken: all the details 

As we know, the US SEC announced Monday that it has filed new charges against cryptocurrency exchange Kraken, a few months after settling past legal disputes with the company.

Specifically, the SEC alleges that Kraken’s parent companies operated the trading platform as an unregistered exchange, broker, dealer and clearing agency. 

Pressingly, the agency alleges that Kraken commingled client funds with corporate funds, including paying corporate bills from an account that contained client funds, creating a “significant risk of loss” for investors, according to the auditor.

The SEC’s complaint indicates that a number of cryptocurrencies, including Cardano (ADA), Algorand (ALGO), Cosmos (ATOM), Filecoin (FIL), Flow (FLOW), Internet Computer (ICP), Decentraland (MANA), Polygon (MATIC), Near (NEAR), OMG Network (OMG) and Solana (SOL), are considered securities.

Gurbir S. Grewal, director of the SEC’s enforcement division, said Kraken chose to raise money from investors rather than comply with securities laws. 

In doing so, he argued, he created a business model rife with conflicts of interest that put investors’ funds at risk. In response, Kraken announced its intention to vigorously defend its position, stressing that it does not list securities.

A Kraken spokesman expressed disappointment about the SEC’s regulatory methodology, noting that it harms American consumers, hinders innovation, and undermines U.S. competitiveness globally. 

Kraken believes that congressional action is the most appropriate way to address the lack of regulatory clarity in the United States. Recall that the SEC had previously charged Kraken for its staking services, which the exchange agreed to end and settle with a $30 million payment.

https://en.cryptonomist.ch/2023/11/22/10101-art-revolutionizes-banksy-art-thanks-to-nft/

NFT news: 10101 Art is scheduled to debut on 27 November, offering the opportunity to fractionally own Banksy famous work “Turf War.” 

Now, through the use of fractional ownership, blockchain technology and Non-Fungible Tokens (NFT), anyone can become a co-owner of original works by such caliber artists as Picasso, Dali, Warhol and many others. 

See below for all the details. 

NFT: the new way to invest in Banksy works

As anticipated, after making official its first collaboration with a Dubai gallery, the art tokenization platform, 10101.art, introduces the sale of Banksy’s work “Turf War.” 

This iconic piece, named in honor of the celebrated artist’s first major exhibition in 2003, will be accessible for purchase as a fragment through tokenized digital asset technology, including NFTs. 

The presale phase is scheduled for 27 November, offering a limited number of pieces at the discounted price of $60, a 40% discount. The main sale will follow immediately after the presale, with the remaining pieces available at $100.

10101.art presents itself as a revolutionary ecosystem that brings the classic art market into the digital age, removing barriers for collectors. 

In fact, through its system of fragmented ownership, blockchain technology and Non-Fungible Tokens (NFTs), it enables anyone to become a co-owner of original works by prestigious artists such as Picasso, Dali, Warhol and others, allowing them to collect, create a portfolio, grant access and even sell them.

The process is completely secure and legally protected by a blockchain certificate, ensuring the authenticity of information about artworks without the possibility of forgery. 

In other words, 10101.art emerges as an innovative and revolutionary force, opening new accessible doors to iconic works of art.

Recall that Banksy’s “Turf War,” one of his earliest and most famous works, is a stencil depicting Winston Churchill, known as “The British Bulldog” during World War II, with a green crest that transforms him into a dissident punk rock figure. 

All paintings from the 10101.art collection are now on display for public viewing at the Monada Art gallery in DIFC, Dubai, with additional galleries scheduled to open worldwide in 2024.

More NFT news: Nike and the collaboration with RTFKT

Nike has played a leading role in accelerating the adoption of NFT-related fashion through its 2021 acquisition of crypto startup RTFKT.

Indeed, while in the past buying real-world footwear linked to NFTs required the possession of expensive digital tokens, Nike’s recent partnership with RTFKT has changed everything. 

On Monday, Nike launched a public pre-sale for its new RTFKT Dunk Genesis sneakers, allowing anyone to purchase them without the need to own an RTFKT NFT. 

The Nike x RTFKT Dunk Ghost Edition and Dunk VOID Edition are available for $222 each, and the purchase includes a T-shirt with both brands’ logos and the words “Oops, You Stepped Into the Future” on the front.

Despite the absence of a mandatory NFT for purchase, both sneakers are still connected to the NFTs. 

In fact, there is an NFC chip inside the shoes called the RTFKT World Merging chip, which allows owners to obtain a digital collectible and link it to the physical product.

VOID Edition sneakers are scheduled to ship by 31 July 2024, while Ghost Editions will ship by 31 August 2024. Prior to the public sale, Nike and RTFKT have organized an exclusive pre-order window for existing NFT owners.

Despite the lack of clarity on the chain used to coin the associated NFTs, we know that RTFKT has previously used Ethereum. Nike, on the other hand, has its digital platform on Polygon, an Ethereum scaling network.

This new collaboration follows the launch of the RTFKT x Nike Air Force 1 earlier this year, which required the purchase of NFT to redeem real-world sneakers. 

RTFKT is also known for Clone X, a collection of valuable NFT profile images, which generated trades totaling $852 million and saw secondary market prices starting at 1.4 ETH, about $2,850.

https://en.cryptonomist.ch/2023/11/22/prices-latest-crypto-news-atom-sand-chainlink/

Crypto news: In the various market turmoil, how are Cosmos (ATOM), Sandbox (SAND) and Chainlink (LINK) coins performing? See below for an in-depth look at prices and the latest news involving them. 

Cosmos (ATOM): price analysis and optimistic outlook in a bullish environment 

The price of Cosmos is currently above the bullish zone, showing a positive trend. 

The transaction volume for this cryptocurrency in the past 24 hours is 117.094 million, while its market capitalization is 3.545 billion. 

In the past seven days, ATOM’s price has seen a modest decline of 1.00%, but it has achieved a remarkable gain of 47.28% in the past month.

Moreover, currently, Cosmos is showing robust bullish momentum, evidenced by the breakthrough of the 50-day and 200-day moving averages. 

The future outlook for the price of the Cosmos cryptocurrency looks positive, with the possibility of a new uptrend and further gains if buying demand persists. 

Cosmos’s technical indicators clearly point to a robust bullish trend. In fact, the MACD, RSI, and super trend line support the cryptocurrency’s growth. 

The MACD line is above the signal line, suggesting bullish momentum, while the RSI is above 66.12, indicating positive momentum. The super trend line, on the other hand, is below price, confirming a bullish trend. 

All these indicators suggest that ATOM is currently in a powerful bullish trend and could continue to rise.

Finally, based on the weekly charts, we see that Cosmos is close to a potential critical breakout, which occurs when the price breaks above the 50-day moving average (EMA). 

However, buyers are defending the cryptocurrency from $9.00 support. The RSI, which is near 55, shows an increase from the neutral zone, indicating buyer interest in previous trading sessions. 

The Sandbox’s boom: partnership with Gucci pushes SAND token to the top of the Metaverse

Recent on-chain analysis for SAND focuses on the impact of the recent partnership between The Sandbox and fashion giant Gucci on demand for SAND tokens. 

By overtaking Axie Infinity, The Sandbox claims the top spot as the most valuable project in the metaverse. The question now is whether the partnership with Gucci will continue to catalyze significant increases in SAND prices.

Since The Sandbox announced its latest partnership with Gucci on 8 November, crypto whales have shown aggressive interest in buying SAND. 

In fact, according to on-chain data, the rise in SAND prices following the announcement has been predominantly driven by a group of strategic crypto whales. 

Between 11 and 16 November, the whales, with wallets containing 100,000 to 1 billion SAND, acquired a sizable total of 30 million tokens, bringing the whales’ cumulative balances from 749 million to 779.30 million in a single week since the Gucci partnership.

The current value of these 30 million tokens, calculated at a market price of $0.44, is around $13.2 million. 

The intense buying pressure from the whales has clearly exerted an upward pressure on the price of SAND. 

The timing of this buying trend confirms that the partnership has significantly boosted investors’ confidence in the price prospects of The Sandbox. 

With other strategic retail investors following the whales’ lead, a further push toward the $0.50 mark for the SAND token is on the horizon.

Chainlink’s price outlook: comparison with ATOM and SAND crypto assets

In a recent analysis on X, expert Ali pointed out the possibility of a breakout in LINK’s price chart. The technical pattern in question is the “bull flag,” so named because of its resemblance to a flag on a pole.

This pattern occurs when the asset price undergoes a pullback after a significant rally and stabilizes in a certain area. The initial trend serves as the “pole,” while the parallel trend lines in the consolidation area form the “flag.”

The length of the flag, that is, the distance between the parallel trend lines, is always at most half the length of the rod. If this proportion is not respected, the pattern does not correspond to a bullish flag.

Within the flag, price experiences resistance on the upper line and support on the lower line. A successful break of the resistance zone usually suggests that the asset is ready to continue the initial bullish trend.

In the case of Chainlink, as demonstrated by the analyst, it had previously consolidated into a presumed bullish flag. However, with the recent rise in prices, the asset experienced a break in the pattern.

At the time Ali shared the chart, LINK was trading just below $15. The analyst indicated the possibility of a retest of the breakout zone, located around $14.

Since then, the cryptocurrency has indeed retested with a slight retracement in price. 

Ali suggests that there could be a further rise toward the $20 mark, continuing the current bullish momentum. This potential jump would imply gains of about 42% for Chainlink from the current price.

It remains to be seen whether the bullish flag pattern will be confirmed for this cryptocurrency and whether a return to the bullish trend will occur.

https://en.cryptonomist.ch/2023/11/22/grayscale-sec-etf-details/

Grayscale recently held a discussion session with the SEC to examine aspects related to the Bitcoin-based Exchange Traded Fund (ETF). 

In the meeting, Grayscale executives and lawyers explored the possibility of making rule changes to allow the Grayscale Bitcoin Trust (GBTC) to be priced. See below for full details. 

Grayscale executives work with SEC to list Bitcoin ETF

As anticipated, executives from cryptocurrency manager Grayscale recently attended a meeting with the Securities and Exchange Commission (SEC) to go over the details of their main Bitcoin trust. 

As a reminder, the company is pursuing the goal of converting this trust into a spot Exchange-Traded Fund (ETF) on Bitcoin.

According to an SEC memo dated 20 November, executives including CEO Michael Sonnenshein, chief legal officer Craig Salm and ETF head Dave LaValle, along with legal representatives from Davis Polk, met with the SEC’s Division of Trading and Markets. 

Discussions focused on proposed rule changes submitted by NYSE Arca, Inc. to list and trade shares of the Grayscale Bitcoin Trust (BTC) in accordance with NYSE Arca Rule 8.201-E.

In addition, Grayscale announced that it has signed a transfer agency and service agreement with BNY Mellon. This bank will act as agent for the Grayscale Bitcoin Trust (GBTC), facilitating the issuance and redemption of shares and managing shareholder accounts.

Analysts optimistic about future of GBTC price on NYSE Arca

Bloomberg ETF analyst James Seyffart pointed out that the SEC’s Trading and Markets Division is responsible for approving or denying 19b-4s, the form used to inform the SEC of a proposed rule change by a self-regulatory organization.

In addition, ETF Store President Nate Geraci pointed out that the term “uplisting” was used to define the ‘conversion’ of GBTC, stressing that it does not indicate any problem with conversion to ETFs. 

Geraci suggested that Grayscale could dominate the ETF category if it succeeds in listing GBTC on NYSE Arca at the same time as other issuers launching spot ETFs on BTC, competing effectively on fees.

Recall that Grayscale filed a Form S-3 registration statement with the SEC in October, expressing its intention to list GBTC’s shares on NYSE Arca under the symbol GBTC.

Meanwhile, a US appeals court has ordered the SEC to review its decision to reject Grayscale’s bid to convert GBTC into a spot ETF. 

Grayscale, as we know, is competing with other major asset managers, including BlackRock and Fidelity, for approval of spot ETFs on Bitcoin at the SEC. 

Seyffart pointed out that the odds of approval appear to remain stable, with an estimated 90% chance of an ETF being approved by 10 January 2024.

Grayscale’s analysis of Javier Milei’s election in Argentina 

The recent ascension of libertarian leader Javier Milei to Argentina’s presidency could trigger a significant change in the country’s approach to cryptocurrencies, according to an analysis by Grayscale. 

In particular, Javier Milei’s bold proposals to reform monetary policy and even close Argentina’s Central Bank are paving the way for potential consequences in the mainstream financial and cryptocurrency spheres.

In fact, we see that since Milei’s triumph in the leadership race in South America’s second largest economy, the value of Bitcoin has peaked in over a year and a half, standing at nearly $38,000. 

Indeed, we emphasize that the politician’s unique vision of using Bitcoin as a “return of money to the private sector” could redefine Argentina’s economic landscape.

https://en.cryptonomist.ch/2023/11/22/crypto-news-bnb-coin-fluctuations/

Crypto news: after the announcement of the agreement between the DOJ and Binance, the value of BNB coin showed a sudden rise followed by a subsequent decline. 

Specifically, the BNB token experienced the most significant market fluctuation of the day yesterday, highlighted by a rally marked by high volumes, leading its price to touch a high of $271.90, the highest in five months. Let’s see all the details below. 

The impact of the DOJ settlement: the unpredictable price changes of BNB coin in the crypto market 

As anticipated, the rise in the price of BNB coin (BNB) peaked at $271.90, marking a period of five-month highs. 

All this comes at the same time as news of the U.S. Department of Justice’s plan to announce a $4.3 billion settlement with Binance, ending its legal case. 

The Wall Street Journal also reported that Changpeng “CZ” Zhao, founder of Binance, had reportedly agreed to step down as CEO of the cryptocurrency exchange.

Then, BNB’s intraday fervor, which reached five-month highs, was quickly reversed when more information emerged about the DOJ’s deal with Binance.

Although the exact details of the settlement are still pending until the Nov. 21 press conference, crypto market participants seem to interpret the end of Binance’s legal dispute with the Commodity Futures Trading Commission, the U.S. Securities and Exchange Commission, and the Department of Justice as a positive development, with possible bullish impacts on the cryptocurrency market.

Indeed, historically, crypto markets react negatively to enforcement actions and the prospect of new regulations. 

However, Coinglass data indicate that BNB volumes, open interest, and options volume have been on the rise over the past 24 hours.

Despite the peak at $271.90 reached ier, BNB’s price has retraced significantly, suggesting the persistence of the news buying and selling strategy in the cryptocurrency sector.

Changpeng “CZ” Zhao accepts resignation and pleads guilty in 4.3 billion settlement with US DOJ

Recently, Binance CEO Changpeng “CZ” Zhao agreed to resign from his position at the world’s largest cryptocurrency exchange, admitting his guilt for violating U.S. criminal anti-money laundering requirements as part of a settlement with the U.S. Department of Justice. 

In addition, Zhao is preparing to enter his guilty plea before a federal court in Seattle and plans to pay a significant fine to resolve the DOJ charges.

As anticipated, the Wall Street Journal report reveals that CZ-led Binance will face a $4.3 billion fine, simultaneously resolving disputes with the DOJ and the Commodity Futures Trading Commission. 

However, the settlement does not affect the pending lawsuit with the U.S. Securities and Exchange Commission (SEC), focusing on allegations of investor protection violations.

The outcome of Zhao’s settlement with the DOJ is reminiscent of the earlier case against BitMEX executives, where the former CEO, Arthur Hayes, pleaded guilty and received a two-year probation sentence. 

While Zhao’s agreement allows him to retain his majority stake in Binance, it also prevents him from holding future executive roles in the company.

https://en.cryptonomist.ch/2023/11/21/ark-invest-bitcoin-etf-files-changes-sec/

ARK Invest, under the leadership of Cathie Wood, has filed a revised version of its Bitcoin spot ETF with the SEC, suggesting preparation for SEC approval, according to a Bloomberg analyst. 

See below for all the details. 

ARK Invest’s new version of the Bitcoin ETF submitted to the SEC: the details 

As anticipated, ARK Invest, a company under the leadership of Cathie Wood, recently resubmitted its Bitcoin ETF with a third amendment to the S-1 document, demonstrating commitment and care in refining the prospectus. 

This development, while initially surprising, is viewed positively as a sign of dedication in bringing the proposal in line with the Securities and Exchange Commission’s (SEC) regulatory expectations. 

Indeed, each revision of the document reflects progress toward regulatory compliance, underscoring ARK’s importance in ensuring accuracy and completeness in the presentation of its Bitcoin Spot ETF. 

The crypto community welcomes these iterative improvements, perceiving them as a proactive move to increase transparency and address any SEC concerns. 

In addition, ARK’s persistence in refining the S-1 could have a significant impact on the cryptocurrency market, opening up new investment opportunities and influencing overall regulatory sentiment toward digital assets. 

Investors and enthusiasts are closely following these developments, knowing that the approval of a Bitcoin Spot ETF could represent a milestone in the integration of traditional finance and cryptocurrencies. 

The frequent iteration of the S-1 indicates ARK’s ready response to regulatory standards and confirms its commitment to advancing new investment opportunities in the cryptocurrency sector. 

With anticipation for SEC approval, the community looks forward to ARK’s potential success in introducing a Bitcoin ETF to the exchange-traded fund landscape.

Cathie Wood: optimism for approval of Bitcoin ETFs, crucial deadline 10 January 2024

ARK Invest founder and CEO Cathie Wood recently expressed confidence in the imminent approval of an exchange-traded fund (ETF) on the Bitcoin (BTC) spot market by the U.S. Securities and Exchange Commission (SEC). 

In an interview with Yahoo Finance, Wood reveals that the SEC is finally interacting with Bitcoin ETF spot applicants, marking a significant change. 

Wood, who filed the application in conjunction with 21Shares, emphasizes the complexity of the SEC’s applications, interpreting them as a positive sign of involvement by the agency.

In addition, the CEO anticipates possible approval, indicating that the SEC has a deadline set for 10 January 2024 to make a decision on their application. 

Wood suggests that the orchestrated deadline could lead to a final verdict, stating the following: 

 “They will either approve or deny on January 10.” 

He also points out that the SEC could approve multiple applicants at once.

However, Wood acknowledges a possible complication related to Grayscale, as the company wants to convert an existing Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

The threat of a lawsuit by Grayscale against the SEC adds an element of uncertainty to the landscape, and Wood reflects on the possibility that this could influence the decision-making process before the 10 January deadline.

The Bitcoin ETF market: $100 billion growth prospects and regulatory challenges

The Bitcoin (BTC)-based exchange traded fund (ETF) market could soon reach an impressive $100 billion valuation, according to recent estimates by Bloomberg Intelligence. 

Galaxy Digital, an investment giant, held a call with more than 300 financial professionals to discuss capital allocation in BTC ahead of the planned ETF launch.

Considerable institutional interest in Bitcoin appears to be growing in anticipation of ETF approval, as highlighted by Jeff Janson of Summit Wealth. 

Not surprisingly, the prospect of imminent approval by the Securities and Exchange Commission (SEC) has sparked debate about how it might affect the investment landscape.

Chuck Cumello, CEO of Essex Financial Services, pointed out that high net worth investors have expressed strong interest in a Bitcoin ETF, seeing it as a “game changer” for ease and convenience of investment transactions.

However, despite the positive expectations, some experts, including BitGo CEO Mike Belshe, foresee possible rejection by the SEC in the short term. 

Indeed, Belshe highlighted the need to separate exchanges from custody, a perspective also supported by SEC Chairman Gary Gensler. 

In conclusion, regulatory challenges could be an obstacle before the Bitcoin ETF market can enjoy full institutional support.

https://en.cryptonomist.ch/2023/11/20/news-fidelity-requests-spot-etf-eth-bitcoin/

Important news from financial giant Fidelity, which, after applying for a spot ETF on Bitcoin, is now advancing its application for an ETF on Ethereum. In the event of a positive outcome regarding approval, this could significantly change crypto investments in the United States. See below for all the details. 

News: Fidelity moves forward with an ETF on Ethereum after proposals for Bitcoin

As anticipated, Fidelity, the asset management giant, has officially advanced a request to create a spot ETF related to Ethereum, following the example of its previously filed request for a spot ETF on Bitcoin.

According to the filing, approval of an ETH Spot ETP at this time would represent a significant victory for U.S. investor protection in the cryptocurrency arena. 

It is also argued that investors are currently exposing themselves to significant risk without the availability of such products as they seek alternative and riskier avenues to gain exposure to the sector.

The filing referred to the recent court decision regarding Grayscale, noting that the court held that the SEC failed to provide a coherent justification for rejecting spot crypto ETFs when it allowed futures-based products.

Grayscale’s victory against the SEC over Bitcoin ETF

A court recently scored a victory for Grayscale Investments in its legal battle against the Securities and Exchange Commission (SEC) regarding its application for a spot exchange-traded fund (ETF) on Bitcoin. 

According to the verdict, the SEC is required to review Grayscale’s ETF proposal, as indicated by Jenn Rosenthal, Grayscale’s head of communications.

In the detailed opinion, the court specifically addressed the SEC’s differential treatment of spot ETFs on Bitcoin versus Bitcoin futures ETFs. 

In fact, Grayscale demonstrated that its proposed Bitcoin ETF was similar to the already approved Bitcoin futures ETFs, both in terms of underlying assets and surveillance sharing arrangements. 

Therefore, the court held that Grayscale should be “the same probability of detecting fraudulent or manipulative behavior in the Bitcoin and Bitcoin futures market.”

In addition, the court stated that the rejection of Grayscale’s proposal was arbitrary and capricious because the Commission failed to provide an adequate explanation for its different treatment of similar products. 

In response, Grayscale welcomed the court’s decision, stating that the recognition of their petition overrules the order denying the proposal.

A Grayscale spokesperson said this decision is a monumental step for U.S. investors, the Bitcoin ecosystem, and all those who have sought exposure to Bitcoin through an ETF. 

SEC delays crucial decisions on crypto ETFs: why? 

The U.S. Securities and Exchange Commission (SEC) recently delayed critical decisions on important applications in the cryptocurrency exchange-traded fund (ETF) industry. 

These include Hashdex‘s proposal to convert its Bitcoin Futures ETF to a spot ETF and Grayscale’s new application for a futures-based Ether ETF.

In an interview with CoinDesk, Quinn Thompson, Maple’s head of growth and capital markets, explained the delay strategy adopted by the SEC. 

According to Thompson, the delay is an organizational move to coordinate multiple ETF applications, seeking a simultaneous launch in January. 

This coordination is likely related to seeking clarity, especially in view of concerns about a possible government shutdown.

Thompson pointed out: 

“The SEC intends to prepare all filings for a collective launch, similar to what it saw with the Ethereum Futures ETF last month.

This means that if one application, like BlackRock’s, faces delays, others, like Hash Dex’s, also face delays.

This is primarily an administrative strategy, perhaps influenced by the assurance that there will not be a government shutdown.”

Despite the benefits that large companies could reap from this coordination, Thompson points out the challenges that smaller entities could face. 

However, he also highlights the overall positive impact on the industry, with growing support from institutional finance teams for cryptocurrency allocation among investors and asset allocation.

In any case, as the market anxiously awaits the SEC’s decision on a spot ETF on Bitcoin within an eight-day window, signs of active dialogue between the SEC and crypto exchanges are emerging. 

Eric Balchunas, senior ETF analyst at Bloomberg, highlighted ongoing discussions about the need for changes, indicating a progressive dialogue in the cryptocurrency regulatory landscape.

https://en.cryptonomist.ch/2023/11/20/bitcoin-price-rising-javier-mileis-victory-argentina/

The Bitcoin price is returning near all-time highs in Argentina after Javier Milei, crypto advocate and recent winner of the presidential election, was elected as the country’s new president last night. 

Argentina’s newly elected president has previously expressed favorable views toward Bitcoin, describing it as “the return of money to its original creator: the private sector.” See below for all the details. 

Impact of elections: Bitcoin nears record price levels in Argentina

As anticipated, the price of Bitcoin in Argentina is again approaching record highs following the victory of Javier Milei, a supporter of the prestigious crypto, in the country’s presidential election last night.

Specifically, Bitcoin surged 2% from about 13 million to 13.2 million Argentine pesos after the announcement and then stabilized. It currently stands at 13.17 million Argentine pesos, according to CoinGecko data.

However, despite the price increase, Bitcoin has not yet reached new all-time highs in the country, set at 13.37 million Argentine pesos on 16 November. 

That figure had been set in conjunction with the strong rise of Milei, which became the favored candidate on the decentralized forecasting platform Polymarket.

Moreover, the current rise is not comparable to that which occurred when Milei triumphed in the summer primaries on 13 August, leading Bitcoin to rise more than 20% to 10.2 million Argentine pesos in just 24 hours.

In the past 24 hours, Bitcoin has also surged 1.5% in U.S. dollar terms, currently trading at around $37,215 according to price data from The Block.

Javier Milei: “Bitcoin as an alternative to economic decline”

Recently, Javier Milei, the winner of the recent presidential election in Argentina, expressed support for Bitcoin’s potential as a monetary alternative, calling the central bank a “scam.” 

However, despite similarities with El Salvador’s president Nayib Bukele, who legalized Bitcoin in his country, Milei seems not to be leaning toward its adoption as legal tender, but rather toward replacing Argentina’s central bank and dollarizing the economy.

Milei stressed that Bitcoin represents the possibility of returning control over the currency to the private sector, countering the central bank’s alleged deception. 

Although Bitcoin can compete with other currencies, the president-elect believes that governments will not easily give up their legal currencies.

In addition, Milei’s victory has generated mixed reactions in the cryptocurrency world, with industry members congratulating him and emphasizing the hope Bitcoin represents for Argentina. 

However, some express concern about the possible economic and social consequences his presidency could bring. Milei will take office on 10 December, raising expectations and uncertainties about Argentina’s future direction.

Bitcoin rises again to $37,000 after changes in Argentina 

The cryptocurrency market has experienced a remarkable rise, with Bitcoin (BTC) surpassing $37,000 today, according to CoinGecko data. 

As we have already mentioned, this improvement is attributed to the victory of Javier Milei, a pro-Bitcoin candidate, in Argentina’s presidential election.

In fact, Javier Milei, known for his radical economic positions and support for Bitcoin, emerged victorious in the Argentine elections, indicating a desire for economic change in the context of high inflation and crises. 

The effect of his victory was positively reflected in the price of Bitcoin, which rose significantly according to financial analyst Holger Zschaepitz.

In addition, Argentina, already scarred by economic instability, has seen increased interest in cryptocurrencies as a means of hedging against inflation. 

With Milei’s rise to power, there is the prospect of more cryptocurrency-friendly policies, strengthening Argentina’s position as one of the most Bitcoin-friendly nations in the world and paving the way for further adoption in the country’s financial system.

https://en.cryptonomist.ch/2023/11/20/crypto-news-prices-singularitynet-agix-stellar-hex/

What are the latest crypto news involving the coins SingularityNET (AGIX), Stellar (XLM) and HEX? Let’s take a closer look at current and future prices below. 

AGIX: technical analysis and bullish trend outlook

The AGIX token has recently shown potential to initiate a bullish trend by breaking above the daily resistance level. However, investors still need to pay attention to the support zone. 

In fact, careful monitoring of stop zones is essential.

Analyzing the daily technical chart of AGIX, we see that it is moving above the $0.285 resistance level. If AGIX closes daily above this resistance, it could aim to sustain a bullish move toward $0.34.

After closing above $0.285 resistance, spot buying in the support range between $0.2605 and $0.267 could be considered if it declines. 

If AGIX advances beyond this support range, its targets could extend to $0.34 and $0.37.

Also, for investments from the spot buying zone, the stop zone is defined with daily closes below the $0.245 level. A stop below $0.245 could hence indicate an extension of the downtrend toward the $0.21 support.

The awakening of Stellar (XLM): recovery and growth in the blockchain ecosystem

The blockchain protocol Stellar (XLM), known for its payment capabilities, has shown a remarkable recovery from previous lows, highlighting the community’s strength and resilience in the coin’s history. 

Currently, according to CoinMarketCap data, Stellar is up 4.3% to $0.122. 

However, it should be noted that Stellar’s rebound is not yet fully established, as the coin’s performance still shows some bearish trends in the previous week, with a decline of 4.99%.

We emphasize that Stellar takes a sound approach to sustain its ecosystem, differentiating itself from many crypto projects that implement “burn” campaigns and other deflationary tokenomics. 

In contrast, Stellar relies primarily on its utility to drive demand for XLM and subsequent price increases.

Stellar’s significant achievements during the year, focused primarily on its role as a payment alternative, include a partnership with Moneygram International, a fintech company. 

This partnership, announced in September, aims to enhance cryptocurrency payment capabilities through the creation of a crypto wallet. 

The Stellar Foundation also made a strategic investment in Moneygram, earning a seat on the company’s board of directors.

In addition, over the past year, Stellar has expanded its presence on key platforms, such as Robinhood, increasing its overall accessibility to users.

The price of crypto HEX: how it compares to AGIX and Stellar 

In recent times, the value of crypto HEX has experienced intense bullish sentiment, drawing buyers’ attention near immediate resistance levels. 

This positive momentum has been fueled by the steady upward trajectory in recent weeks, following the restoration of the market’s “Uptober” trend. 

Crossing the $0.004 threshold, HEX generated significant buying momentum, manifesting itself in an exponential rise. 

Previously, the market was heavily influenced by the decline in investor interest and fake news about ETFs, causing the price of HEX to consolidate in a bearish region. 

Moreover, recently, the price also faced intense buying pressure, breaking through various resistance levels after Bitcoin’s bullish surge above $35.

We see that technical assessment suggests that the current bullish momentum may soon taper off as bears try to turn the tide of the next resistance at $0.012. 

However, bulls are struggling to prevent the price from falling below the $0.005 support level. 

The price of HEX is expected to try to break through the 23.6% Fibonacci level to reach short-term bullish targets of around $0.01. 

Should the bears fail to push the price below the current Fibonacci region at $0.038, a bullish outlook could emerge for the future.

https://en.cryptonomist.ch/2023/11/20/latest-crypto-news-litecoin-cosmos-terra/

The latest news for Litecoin (LTC), Cosmos (ATOM) and Terra (LUNA) crypto assets: including recent news and a present and future price analysis, all the details below. 

Litecoin sees record transaction count, but faces challenges in token growth

The daily transaction count on the decentralized peer-to-peer network Litecoin (LTC) recently exceeded twice that of those on the Bitcoin (BTC) network, according to on-chain data retrieved by Santiment. 

Specifically, on 14 November, Litecoin set a record with 1.01 million transactions per day, the highest since its creation in 2011.

On the same day, the number of unique addresses involved in LTC transactions reached 1.16 million, showing a 46% increase from the previous day, highlighting a significant increase in activity. 

However, despite the surge in network activity, the price of the native LTC token has not experienced proportional growth. 

In fact, at the moment, the coin’s price is around $70.10, down 5% in the last week according to CoinMarketCap data.

LTCs price has remained within a narrow range since 5 November, mainly due to continued profit-taking activities. 

Despite a double-digit increase in the previous month during the overall market rally, traders who now hold the coins above cost basis have chosen to sell their holdings.

Assessment of the profitability of daily LTC transactions indicates that for every loss-making transaction, 1.16 transactions end in profit, prompting more coin holders to give up LTC. 

In addition, the coin’s Relative Strength Index (RSI), observed on a daily chart, stands at 48.80 below the center line, indicating that selling activity has outpaced accumulation among LTC spot traders.

Finally, LTC’s Money Flow Index (MFI) shows a downward trend, signaling a steady decline in buying momentum. 

Cosmos (ATOM): challenges and opportunities in the uptrend toward the $10 area

The price of crypto ATOM has recently shown a remarkable rebound from the demand zone at $6.00, quickly pushing toward the supply zone at $10 in recent trading sessions. 

Despite the buyers’ assertive approach, ATOM has encountered resistance at $10, initiating a rejection candle that highlights the strong presence of sellers. 

Hence, the challenge now is to overcome this obstacle to consolidate gains and advance toward the promising $12 area.  

At the moment, the price of Cosmos (ATOM) is about $9.55, with an intraday decline of 3.22% highlighted by the refusal to cross the $10 resistance threshold. 

Trading volume increased 6.57% to $259.91 million, while the ATOM/BTC pair was at 0.000264 BTC. 

ATOM’s market capitalization stands at $3.16 billion, with analysts maintaining a buy rating and suggesting a bullish outlook for the coming sessions.

Analyzing the daily chart, ATOM recorded a double minimum pattern and broke through the neckline at $8.00, near the obstacle of the 200-day EMA. 

The price has shown a rebound from the demand zone at $6.00, exceeding the 50% Fibonacci retracement and approaching the upper Bollinger band. If buyers can break through resistance at $10, a rise toward $12 could be imminent.

Finally, the RSI curve has remained in the overbought zone, showing a positive divergence and suggesting an optimistic bullish outlook for the coming sessions. The MACD also confirms ATOM’s bullish trend.

The price of the crypto Terra (LUNA): comparison with Litecoin and Cosmos

Terra (MOON) currently shows interesting patterns in technical analysis, oscillating between the first support level at $0.6429 and the first resistance level at $0.7676. 

The MACD level stands at -0.0016, suggesting a potential change in trend direction. With an RSI at 40.046, LUNA is in a neutral position, showing no signs of overbought or oversold.

Should the $0.7676 threshold be breached, Terra (LUNA) could target the second resistance level at $0.8468. 

A sustained move, accompanied by rising MACD and RSI crossing the midline, would indicate increasing bullish momentum. 

If market sentiment remains positive and buying pressure grows, LUNA could even target the third resistance level at $0.9714. For this to occur, it is crucial that both SMAs and EMAs show an upward trend, thus reaffirming the positive momentum.

On the other hand, if Terra (LUNA) fails to hold support at $0.6429 and falls below this level, it could test second support at $0.5974. 

A negative crossover in the MACD, combined with a drop in the RSI below 40, would indicate increasing bearish pressure. Should selling intensify, LUNA could slide to the third support level at $0.4728. 

In addition, if the SMAs and EMAs show a downtrend, it would further confirm the bearish outlook, suggesting that Terra (LUNA) could embark on a downtrend.

https://en.cryptonomist.ch/2023/11/18/crypto-news-prices-ordi-the-graph-cronos/

What are the latest crypto news and price trends of the week for ORDI, The Graph (GRT) and Cronos (CRO) coins? Let’s see below all the details and some insights on them.  

ORDI: record growth and positive outlook in an expanding NFT market

Recently, the price of crypto ORDI has risen significantly, especially in the last week, reaching its highest level since May this year. 

Specifically, the coin peaked at $28.37, marking an impressive 845% increase from its lowest point of the year. Its total market capitalization exceeded $524 million, solidifying it as one of the most dynamic tokens in the world.

Furthermore, we can see that ORDI’s meteoric growth has been driven by the growing demand for Bitcoin Ordinals. 

In fact, the total volume of these NFTs, according to CryptoSlam, has exceeded $20 million in the last 24 hours, even surpassing Ethereum’s volume by more than $11 million. 

This marks a remarkable change from a few months ago, when Ethereum‘s NFTs were considered difficult to surpass.

Further data indicate that total open interest in futures related to the ORDI token has reached a record high, touching $124 million in the past 24 hours. We also emphasize that most of this interest has been generated by the OKX, Binance, and Bybit platforms.

In addition, chart analysis shows that the price of the ORDI token has recently broken through the 50-day and 25-day moving averages. At the same time, the relative strength index (RSI) has reached overbought levels, approaching significant resistance at $29.50, the highest point in May.

Finally, we see that the short-term outlook for ORDI is favorable, with a focus on the key $30 level. This rally looks set to persist until other cryptocurrencies follow the trend.

The Graph (GRT): new vision and challenges in the Web3 ecosystem

In a recent development, The Graph (GRT), a project at the forefront of the Web3 ecosystem, unveiled an ambitious roadmap that will have a significant impact on the crypto and blockchain communities.

Specifically, the new roadmap outlines a revolutionary vision for the future of The Graph, identifying key initiatives that will shape the project in the coming years. 

However, despite its bold vision, investors did not greet this news with enthusiasm, as The Graph’s price went down 4.67% to around $0.1315.

In any case, the proposed roadmap focuses on five key objectives, each designed to improve and expand the protocol’s capabilities.

First, The Graph aims to expand its data services beyond subgraphs, creating a data-rich marketplace on the network to cater to a variety of use cases and practitioners, including data scientists. 

This will involve integrating multiple data sources, introducing new query languages and supporting Large Language Models (LLM), the technology that powers OpenAI’s ChatGPT.

Second, the protocol aims to empower developers through DevEx and advanced tools, introducing simplified billing, clear pricing models, a new free query plan, and reduced gas rates. 

Finally, The Graph plans to make improvements to make the protocol more resilient, flexible, and easy to use, including updates to delegation to improve overall robustness.

Focus on Cronos (CRO) pricing: how it compares to cryptos ORDI and The Graph 

Cronos crypto (CRO) has recently been on a robust and steady bullish trajectory, showing considerable momentum in recent weeks. Over the past few days, in fact, its steady rise has reached a solid high, a level not touched in months.

With a significant 7% increase and a remarkable 57% rally over the past few weeks, according to Coingecko‘s report, Cronos is not only capturing attention, but also establishing itself as a major player in the current market dynamics. 

In particular, the CRO token has broken through the downward trend line connected to the highest points recorded since February. 

This positive momentum underscores Cronos’ current strength and bullish momentum, indicating a significant shift in its market dynamics.

The perception that the asset may be overvalued is suggested by the significantly elevated Relative Strength Index (RSI) at 97.45, placing it firmly in the overbought zone. 

This could indicate a potential retracement or consolidation in the near future. However, in the short term, the cryptocurrency shows a solid bullish trend, as indicated by the 50-day exponential moving average positioned at $0.0630.

Looking at the key resistance point at $0.10, buyers are likely to maintain the coin’s upward trend. The ADX indicator is steadily rising, and the stochastic oscillator has reached the overbought point.

https://en.cryptonomist.ch/2023/11/17/regulation-germany-bitcoin-legal-tender/

Great crypto news on regulation coming from Germany: MP Joana Cotar recently proposed a legal framework for the recognition of Bitcoin as legal tender. 

See below for all the details. 

Germany: the new proposals for Bitcoin on the regulatory plan

As anticipated, German MP Joana Cotar is currently spearheading an initiative with potential significant impacts in the cryptocurrency world, seeking to establish Bitcoin as a legal tender in Germany. 

According to reports, Cotar, a member of the German Bundestag, has indicated her intention to initiate a “preliminary examination” aimed at building a legal framework that would recognize Bitcoin as an official currency in the country. 

His main motivation is to ensure legal security for both businesses and citizens by addressing possible risks such as money laundering, tax evasion and other illicit activities associated with Bitcoin.

In the course of her advocacy, Cotar launched the “Bitcoin in the Bundestag” initiative, focusing on promoting the libertarian aspects of Bitcoin, such as privacy protection, security standards and the prevention of over-regulation. 

Excluding other cryptocurrencies, the congresswoman announced plans to establish an official Bundestag commission dedicated to exploring the technological differences between Bitcoin and other digital assets. 

Hence, Cotar, known for her criticism of the European Central Bank’s proposals on digital currencies, is thus contributing to the ongoing debate on digital currencies in Europe.

Consequently, her push for Bitcoin to gain recognition as a legal tender in Germany is part of a global debate on the role of cryptocurrencies in mainstream finance. 

Finally, we emphasize that his specific interest in Bitcoin, neglecting other cryptocurrencies, reflects the perspective of many advocates who see Bitcoin as the most promising digital asset.

Historic record for Bitcoin options open interest: surpassed $16 billion 

Over its 15-year existence, Bitcoin (BTC) options open interest has reached an unprecedented high, surpassing the $16 billion mark according to recent data from Glassnode. 

Recall that open interest measures the number of option contracts that have been traded but have not yet closed or expired, and its increase suggests a highly liquid BTC futures market with a large number of participants.

We also note that the increase in open interest coincided with Bitcoin’s price recovery to $37,000 during the 15 November intraday trading session.

In fact, after a strong rise recorded in October, the cryptocurrency consolidated its position in a narrow range in early November, facing resistance at $37,000. 

At the moment, BTC is trading at around $37.446, a level not seen since May 2022, according to CoinMarketCap data, and has seen a 5% increase in the past 24 hours.

Hence, the price of BTC, previously confined to a narrow range at the beginning of the month due to slowing accumulation and increased profit-taking, has changed significantly. 

Many traders in the futures market opened short positions in anticipation of a price decline, but BTC maintained momentum above $36,000 by liquidating these short positions. 

Moreover, as of 9 November, short liquidations amounted to $128 million, surpassing long liquidations.

Finally, the recent rally above $37,000 led to the liquidation of short positions worth $51 million, the second highest value in the past 15 days, according to Glassnode data.

https://en.cryptonomist.ch/2023/11/16/moma-revolution-new-york-nft-art-arrive/

The Museum of Modern Art (MoMA) in New York recently included artworks in the form of NFT in its permanent collection. 

Specifically, the acquisition of these NFTs represents a significant step forward, marking the museum’s first participation in on-chain and AI. See below for full details. 

MoMA New York embraces NFTs in its collection

As anticipated, the Museum of Modern Art (MoMA) in New York recently attracted attention for the acquisition of two innovative artworks. 

Specifically, we are talking about Refik Anadol‘s “Unsupervised – Machine Hallucinations” (2022) and last year’s edition of Ian Cheng‘s “3FACE” project, respectively. 

These two works represent the first ever contributions made by artificial intelligence (AI) and non-fungible tokens (NFTs) to MoMA’s collection, which already includes masterpieces such as Andy Warhol‘s famous soup cans and Vincent Van Gogh‘s “Starry Night.”

These new acquisitions are part of MoMA’s legacy of pioneering exhibitions exploring the intersection of technology and art, starting with the 1968 exhibition “The Machine as Seen at the End of the Mechanical Age” to the current “Signals: How Video Transformed the World.”

The announcement of the new works is accompanied by a presentation of MoMA’s programming for the upcoming fall and winter seasons, which includes the debut of “HANDMADE” (2023), the latest work by video artist Leslie Thornton. 

It also includes an online exhibition in collaboration with Feral File scheduled for early next year. Previously, MoMA unveiled its on-chain postcard project.

The museum statement underscores MoMA’s long-term commitment to supporting artists exploring emerging technologies to expand their visual languages and foster creative exploration. 

Cheng, one of the acquired artists, recently stated the following: 

“I am very proud to have been included. MoMA had already acquired my ‘Emissaries’ simulation trilogy in 2017. Their openness and enthusiasm for dynamic digital art is rare for an institution.”

Generative art and artificial intelligence: a new chapter in art history?

Carrying forward the legacy of previously controversial and pioneering art forms such as photography, generative art has pushed the current generation of artists to reconsider the criteria that make art authentic and valuable.

In particular, reflecting on the future of art powered by artificial intelligence, Cheng pointed out that the ultimate goal of generative tools is to create a new immediacy between thought and visual expression: 

“Just as writers build novels without intermediaries, generative art allows filmmakers to create films without depending on third parties. The artist’s freedom is limited only by his imagination, taste, quality of questions asked, courage in pursuing nuanced truths, and understanding of human behavior.”

Anadol and Cheng, both AI art artists, work primarily with data, and the emergent properties of their processes raise questions about the very definition of art history. 

For example, works such as “Unsupervised” raises the question of how to quantify a complex human psyche, while “3FACE” exploits the concept of the ledger as more than just a means of transaction.

As we know, some renowned museums, such as the Los Angeles County Museum of Art and the Centre Pompidou, began collecting NFT during the boom, and MoMA’s decision to give recognition to such works marks a significant turning point.

In addition, Cheng shared his idea that although artificial intelligence art may seem experimental right now, in 10 years it may emancipate itself from the label of experiment. 

In fact, he argues that the ease of producing visually refined expressions could open the door to greater artistic participation from a wider variety of people, representing a positive shift in the artistic landscape.

More news for NFTs: Dairy Queen and Weirdo Ghost Gang set up pop-up NFT store in China 

According to the latest news, Dairy Queen has partnered with local non-fungible token project Weirdo Ghost Gang (WGG) to open a pop-up NFT store in Chengdu, China.

The temporary store, called “Ice and Snow Season,” will be open from 15 November to 31 December, offering a wide range of co-branded products, including Dairy Queen’s WGG-themed ice cream. 

In addition, WGG NFT holders will enjoy exclusive benefits as part of this collaboration. The project has already gained a large following among users in the Asia-Pacific region.

The WGG collection includes 5,555 “Lil Ghosts” NFTs created by ManesLab of Hong Kong Web3 in 2021. Since inception, the trading volume of the collection has exceeded 21.510 Ether (ETH), or $43.5 million, with a current minimum price of 0.485 ETH, equivalent to $995.2. 

Not only that, in September, WGG launched the “City Party Map – Shanghai Station” event in partnership with local retailer Jiujiu Duck Neck, offering discounts to NFT holders in more than 500 of its retail stores. 

Still, last month, the project announced the “Ghost Season” event at Beijing’s affluent shopping mall, The Box, presenting its NFT art on 3D screens for shoppers.

https://en.cryptonomist.ch/2023/11/16/cardano-ada-advances-voltaire-crypto-era/

Crypto news: Cardano (ADA) has revealed the next stage of its on-chain governance system, marking a crucial step for blockchain as it enters the Voltaire era. 

At this stage, the call to ADA holders is clear: actively participate in shaping the future decision-making process for blockchain. See below for all the details. 

Voltaire: the crucial phase that transforms Cardano (ADA) and engages the crypto community in on-chain governance

As anticipated, Intersect, an organization founded on stakeholder participation in the Cardano ecosystem, introduced the Cardano Ballot event, aimed at all ADA holders to voice their opinions on future blockchain decision-making.

Indeed, after six years of initial development and feature enhancement, Cardano has reached a remarkable milestone: the Voltaire era. 

Characterized by a principles-based approach and community leadership, this new phase promotes inclusive accountability for all players in the ecosystem. Hence, the time has come for a community decision on future direction.

The proposal, outlined in Cardano’s “CIP-1694” enhancement, aims to implement viable on-chain governance by granting every ADA holder a role in determining Cardano’s future. 

Recall that CIP-1694 is the most active improvement proposal in Cardano’s history, with more than 400 comments on Github, 50 global workshops in 24 countries and more than 1,000 participants.

SanchoNet: innovative governance on Cardano, phase 5 and upcoming challenges

In addition, this year, SanchoNet, the testnet for Cardano’s innovative governance capabilities, was launched and is already in Phase 5 of development.Distinguishing itself from other testnets, SanchoNet is a vibrant, inclusive, community-driven platform. 

In November, SanchoNet GovTool will be available in beta, making participation more accessible to the broader Cardano community through a friendly user interface.

Voting control on CIP-1694 will be managed through Cardano Ballot, developed in collaboration between the Cardano Foundation and Input Output Global. 

Once CIP-1694 is confirmed, the governance of Cardano will pass completely into the hands of the community. 

This means that ADA holders will have the opportunity to create proposals for Cardano’s future, submit them for a vote and, if approved, implement them.

CIP-1694 represents a significant advancement in Cardano’s on-chain governance framework, aiming to improve and enrich the inclusive nature of governance itself, giving the community a stronger voice in shaping the fate of the blockchain.

As a reminder, ADA holders who wish to participate in the voting must have staked their ADAs on a Stake Pool Operator (SPO) by 20 November. 

Voting will open on 1 December, at the Cardano Ballot, and close two eras (10 days) later, on 11 December. Results are expected on 16 December.

Cardano sets a new record: more than 78 million transactions processed

Recently, the Cardano network reached a significant milestone, processing 78.3 million transactions since its creation in 2017. 

Although it has come under criticism in the past for its productivity, the Cardano network’s longevity and stability are unquestionable. 

In fact, unlike many newer blockchains, Cardano has demonstrated stable performance with no downtime in more than six years of existence. Increased decentralization through new applications on Cardano has contributed to the recent increase in transactions. 

In addition, on-chain analysis reveals that the network has handled more than 78 million transactions to date, with the goal of reaching 10 million addresses in the next two years.

In the past seven days, the Cardano network has processed 1.29 million transactions, with an effective count per second (TPS) of 2.13. 

Although the maximum TPS is 6.1, this indicates that the network could easily handle more than six transactions per second, demonstrating a capacity for growth.

This milestone comes at a time when Cardano is experiencing an increase in user and developer activity, placing it at the top of the top networks for development activity, along with Ethereum and Polkadot. At the same time, the total value of blocked assets in Cardano-based DeFi protocols has surpassed the Bitcoin network, solidifying its position in the blockchain ecosystem.

https://en.cryptonomist.ch/2023/11/15/crypto-news-prices-polygon-cardano-celestia/

What is happening and what are the latest performances of Polygon (MATIC), Cardano (ADA) and Celestia (TIA) crypto assets? Let’s see below all the details about them and some insights into their prices. 

Polygon (MATIC): price increase reflects leadership in blockchain games

Recently, the price of the Layer-2 Polygon (MATIC) protocol has been on the rise, driven by a report that pointed to it as the main driver of growth in the blockchain games industry. 

Specifically, the dominant position has greatly increased the attractiveness for investment in the prestigious crypto. 

We see that Polygon registered a 10% increase to $0.97. This rally was triggered by Game7 DAO‘s research, which designated Polygon as the leading edge in Web3 games.

Indeed, although most play-to-earn titles are built on Layer-1 chains such as Ethereum, Polygon has revolutionized the landscape by hosting new blockchain games and outperforming rivals such as Binance Smart Chain and Ethereum in game development.

Competition among Layer-2 solutions is growing steadily, and Polygon’s dominance in the games industry gives it a significant advantage for adoption and increased demand. 

Not surprisingly, Polygon’s persistent leadership in blockchain game development could amplify bullish expectations for the MATIC token.

Polygon is also preparing for the next upgrade to POL, an event that could further boost price performance. Meanwhile, the integration between Polygon and Immutable is expected to expand, capitalizing on each other’s complementary strengths in the gaming industry.

Finally, we see that its superior performance is fueled by growing institutional investment, signaling the increasing legitimacy of cryptocurrencies and Web3. Hence, Polygon’s rally reflects its solid position to capitalize on the growing interest in blockchain evolution.

Cardano (ADA): adoption growth and price consolidation challenges 

At present, Cardano’s price is in a consolidation phase after failing to break through $40 resistance last week. 

Despite the ongoing correction, the Cardano ecosystem continues to see a significant influx of new users, as evidenced by IntoTheBlock, which highlights a continued high adoption rate over the past week.

Specifically, the monthly peak adoption rate of new ADA users, recorded on 9 November at 32.3%, has remained consistently above 30% in the five days since. 

This result, which has occurred only eight times in the past three months, indicates a robust influx of new participants during the price correction phase.

Recall that the adoption rate metric assesses the%age of addresses in the blockchain network that make their first-ever transaction on a given day. 

This offers an indication of the speed with which new users join the Cardano network, suggesting that newcomer transactions have played a key role in sustaining the ADA price around the $35 support level over the past week.

Moreover, using Global In/Out of the Money (GIOM) data, which categorize current ADA holders by their entry prices, a positive picture emerges. 

In fact, bullish holders have established a solid wall of support around the $0.35 area, with 203,400 holders buying 1.79 billion ADA at an average price of $12.24. 

However, if the bears manage to break through this wall of buying, the price of ADA could head toward $0.30. 

In conclusion, the situation remains dynamic, and it will be interesting to see how investors respond to this consolidation phase and the growing adoption outlook.

Focus on the price of Celestia (TIA): comparison with crypto assets Polygon and Cardano 

Recently, the value of Celestia has shown remarkable momentum, registering an increase of about 200% since its introduction.

In particular, the price of TIA has experienced a significant upward trend following the announcement of its departure from the traditional monolithic blockchain model. 

In addition, Celestia has seen a significant flow of transactions, reaching a value of $852,850,435 in the past 24 hours, with a circulation of 141,043,528 units resulting in a valuation of more than $835 million in the crypto market. 

After several unsuccessful attempts, Celestia’s price finally managed to break through its main resistance, generating new momentum that allowed it to break through several price barriers. 

However, the price of TIA found resistance at $5.5314, subsequently suffering a 15% correction.

We see that the Celestia token has faced resistance at $6.4525, and the price has stabilized near this level, with predictions of a possible attempt to break through it in the near future, although the outcome remains uncertain.

Hence, should the bullishists maintain their strength and push the price above the $6.4525 resistance level, this could lead to a strengthening of the price of TIA, with the prospect of testing the upper resistance level at $7.00 within the current month.

On the other hand, should the bears prevail, the currency could lose momentum, with a likely test of the support level at $5.5314. 

Not only that, but should bear dominance persist, we could see further declines, with a test of the lower support level at $5.0898 in the coming days.

https://en.cryptonomist.ch/2023/11/15/disney-revolutionizes-world-nfts-dapper-labs/

Big news: Disney is introducing its new NFT platform in collaboration with Dapper Labs. Under the name Disney Pinnacle, this innovative NFT platform will be accessible by the end of the year. See all the details below. 

Disney embraces NFT technology with Dapper Labs

As anticipated, Disney recently announced a collaboration with Dapper Labs, a blockchain and metaverse company, to create a non-fungible token (NFT) platform. 

The announcement, dated 14 November, reveals that Disney plans to tokenize its iconic cartoon characters from the last century through the NFT platform called Disney Pinnacle. 

In addition, the platform also includes characters from Pixar and the Star Wars universe, presented in a unique style similar to collectible and exchangeable digital pins.

Roham Gharegozlou, CEO of Dapper Labs, explains that fans around the world will be able to collect dynamic pins on their mobile devices and exchange them instantly and securely, regardless of their geographical location. 

The NFT platform is scheduled to launch later this year and will be available on Apple’s App Store for iOS, the Google Play Store for Android, and online. 

Currently, only a waiting list and a ‘landing’ site can be found on the platform’s official page.

Disney Pinnacle is based on the layer-1 Flow blockchain, developed by Dapper Labs, the same blockchain on which Ticketmaster decided to coin tickets for NFT events. 

Recall also that earlier this year, Disney shut down its metaverse division as part of a larger restructuring plan aimed at reducing operating expenses by $5.5 billion and laying off 7,000 employees in two months. 

On the other hand, Dapper Labs, founded in Vancouver in 2018, received a $15 million investment from Hong Kong-based Web3 maker Animoca Brands. 

In July 2023, Dapper Labs announced its third round of staff layoffs since the beginning of the year. The company is known for its NFT brands such as CryptoKitties and NBA Top Shot.

Optimism in NFTs: a crescendo of sales and positive outlook

In the weeks leading up to November 2023, data on non-fungible tokens (NFTs) reveal a steady increase in weekly sales. Although far from the 2021 peak, industry leaders are confident that the upward momentum will continue.

Specifically, on 6 November, data from Nansen, a blockchain analytics firm, indicated an increase in NFT sales from $56 million in the week to 9 October to $129 million in the week to 6 November.

Jonathan Perkins, co-founder of NFT marketplace SuperRare, expects this trend to persist in the months ahead. He also states that the worst is over and anticipates upward movement in the near future, underscoring a change in market sentiment.

In fact, for Perkins, the previous decline in NFTs was mainly “sentimental.” He stressed that there has been nothing inherently wrong with NFTs over the past 18 months, viewing them as a key advance for the Internet.

According to Perkins, in the long run, NFTs will be an essential part of the online economy, predicting volumes that will exceed those of the previous cycle. A view shared by Sonia Shaw of CoinW digital asset exchange, who sees NFTs as a broader interest beyond art and collectibles.

Shaw believes NFTs will revolutionize sectors such as real estate, finance, identity management and supply chain logistics. However, he warns that despite the revolutionary potential, it is essential to address regulatory issues, environmental impact and security challenges.

Oscar Franklin Tan, CFO of NFT platform Enjin, also supports NFTs as a digital asset separate from cryptocurrency. 

He notes that investors, primarily interested in NFTs in 2021, could bring the renewed interest in Bitcoin and Ethereum to high-grade NFTs as well, including those related to games.

Ripple XRP Ledger (XRPL): the upgrade for NFT security and integrity

Ripple XRP Ledger (XRPL) is about to undergo a significant update thanks to the approval of the “fixNFTokenRemint” amendment. 

This amendment, which is crucial to optimize the operation of non-fungible tokens (NFTs) on the platform, won broad support from the community with 27 out of 34 votes in favor. 

The activation is scheduled for 27 November and aims to solve a critical problem in the NFT world: preventing sequence number collisions during the creation of NFTs.

In addition, the update is notable for the introduction of two key new elements: a “AccountRoot” field and a persistent “FirstNFTSequence.” 

These additions play a key role in recalibrating the generation of NFT sequence numbers, eliminating the risk of reproducing existing NFTs with identical sequence numbers. 

The formula for computing the sequence of a newly minted NFT will now be “FirstNFTSequence + MintedNFTokens,” with an increment of “MintedNFTokens” of one. 

This new approach increases the security of the NFT ecosystem on the XRPL and promotes greater integrity in the tracking and ownership of NFTs.

Finally, the update strengthens the security of user accounts by restricting the ability to delete accounts, thus providing an additional layer of protection for XRPL users.

https://en.cryptonomist.ch/2023/11/14/moons-reddit-crypto-stands-out-increase/

The Moons token, associated with Reddit crypto community, recently experienced a significant 130% increase following an announcement by moderators.

Specifically, the latter unveiled a “plan forward” for Moons, which includes the implementation of a hard limit on bidding.

In addition, Reddit administrators declared a “renunciation of the Moons contract,” thus proceeding to fully decentralize the token and burn a portion of its offering.

See below for all the details.

Moons’ “plan ahead”: new prospects for Reddit’s crypto

As anticipated, the Moons token associated with Reddit’s crypto community marked a remarkable 130% increase following an announcement by community administrators about a “plan forward” for the token.

Specifically, this plan includes imposing a hard limit on supply. Currently, MOON’s price is just below $0.13, up 133% on the day, as reported by CoinGecko.

In detailing the update, the moderating team reported that “Reddit admins will give up on Moons contract,” a process set to be completed by the end of the month.

As a result, this waiver will mean that new Moons cannot be generated, keeping prices unchanged and making Moons “fully decentralized” after the contract is sent to a burn address.

Moderators also clarified that no one will have actual control over the contract, neither Reddit nor the moderating team.

All Moons in the Community Tank will be burned, reducing the total supply to just over 83 million. As a result, the token will stop being inflationary and, should a MOON be burned in the future, will become deflationary.

Not only that, the moderating team also announced collaboration with the community to create a plan for Moons, which will include the distribution of the remaining Moons held in the community’s portfolio.

Finally, consideration will be given to burning or distributing Moons from banner ad rentals and community-led AMAs.

The migration of Reddit’s Community Points to Arbitrum Nova

Reddit’s Community Points, originally minted as ERC-20 tokens on the Ethereum network, recently underwent a move to the Arbitrum Nova scaling network.

In October, in fact, Reddit surprised by announcing the suspension of its cryptocurrency-based rewards program, citing the need for resources to support the program and citing the “regulatory environment.”

This news had a significant impact on MOON’s prices on Reddit crypto and BRICK, with MOON plummeting 80% in a single day.

Although today’s price increase allowed for a partial recovery, the value remains 78% below its all-time high of just under $0.58, reached in July 2023.

For the sake of clarity, recall that Arbitrum One is a widely used scaling solution on Ethereum’s layer-2, which allows for faster and more convenient transactions than Ethereum’s mainnet.

However, recognizing the importance of even more convenient transactions for specific applications, Offchain Labs, the creator of Arbitrum, some time ago introduced a second blockchain called Nova.

A Reddit user’s curious experiment: $5 a day invested in Bitcoin becomes income

Recently, a Reddit user undertook a unique investment experiment, highlighting the potential benefits of the strategy of consistently investing small amounts or adopting the average dollar cost per Bitcoin.

The Reddit user, known as u/Gorillahair2000, started the experiment to test the effectiveness of investing only $5 a day in Bitcoin, carefully noting progress over an entire year.

After 365 days of daily investment of $5, the user accumulated a total of 0.075 Bitcoin. The average purchase price stood at $24,108.58, while the current price of Bitcoin has risen significantly.

Total spending over the year was $1,825, and the current value of the investment is about $2,585.75, a net change of +41.68%.

The user noted a spread of 0.5-1.0% on each purchase, pointing out that the gains were made after the commission adjustment.

The Reddit investor followed a strategy of buying via Strike, a well-known Bitcoin Lightning wallet, and a subsequent transfer of Bitcoins to a hardware wallet, in accordance with industry best practices.

In conclusion, this experiment turned his ‘daily spending’ into a current value of $2,500, generating a $750 gain in a single year.

https://en.cryptonomist.ch/2023/11/14/cboe-leveraged-bitcoin-futures-trading-january/

News: CBOE will introduce leveraged Bitcoin futures trading starting in January.

This move consolidates CBOE Digital’s position as the first regulated crypto exchange in the United States, offering a unified platform to facilitate spot and leveraged derivatives trading. See below for full details.

CBOE redefines the Bitcoin futures landscape

As anticipated, CBOE Digital recently announced its plans to introduce margin futures trading and clearing on Bitcoin, beginning January eleventh, 2024.

This initiative positions CBOE Digital as the first regulated exchange in the United States focused on facilitating spot and leveraged derivatives trading on a unified platform.

The initial offering will include financially regulated margin contracts on Bitcoin, with the goal of diversifying the product range to include physically delivered products in the future, subject to the necessary regulatory approvals.

This margin model is designed to improve capital efficiency by allowing clients to participate in futures trading without the requirement to pledge the entire collateral up front.

In addition, the unified spot and derivatives trading platform provided by CBOE Digital aims to simplify clients’ access to both markets, opening up opportunities to increase capital and improve operational efficiency.

All companies in support of CBOE Digital

The upcoming launch of futures on margin will be supported by several companies in the cryptocurrency and traditional finance sectors, including B2C2, BlockFills, CQG, Cumberland DRW, Jump Trading Group, Marex, StoneX Financial, Talos, tastytrade, Trading Technologies, and Wedbush.

CBOE Digital President John Palmer expressed gratitude for the support of industry partners, stating that the upcoming launch represents a significant milestone for CBOE Digital.

He also highlighted the support of a remarkable group of partners who share a commitment to building reliable and transparent crypto marketplaces. Palmer indicated that offering futures on margin is a key step in expanding access to hedging tools in digital asset markets.

The launch plan is in tune with CBOE Digital’s current offerings, which include Bitcoin, other cryptocurrencies, and stablecoin trading on its cryptocurrency spot market.

Contractual margin requirements for new futures will be made public daily on CBOE Digital’s website, accompanied by risk parameter files compatible with standardized portfolio risk analysis (SPAN) for replicable margin calculations.

Record Open Interest in Bitcoin futures: all the growth trends

Over the past few days, Open Interest in Bitcoin futures has risen significantly, following the positive price trend of BTC.

On Nov. 10, according to data from Glassnode, Open Interest for Bitcoin futures on the CME hit a new record high, reaching $4 billion, corresponding to 27% of total Open Interest.

In addition, Coinglass data reported that on 10 November, the total volume of Open Interest in Bitcoin futures exceeded $16 billion across all exchange platforms.

Looking at Open Interest Futures on the CME, we see that on 10 November it had reached about $4.06 billion, later rising to about $4.19 billion.

Binance followed closely, recording an Open Interest of $3.84 billion on 10 November, securing its position as the exchange with the second highest Open Interest.

Recall that in the context of Bitcoin futures, Open Interest represents the total number of contracts not yet settled in the market. It thus indicates the cumulative number of contracts that are open but yet to be closed through an opposite transaction.

An increase in Open Interest suggests an influx of capital into the market, with new positions being created, often indicating growing interest or confidence in the current trend.

Conversely, a decrease in Open Interest might indicate that traders are closing their positions, suggesting a potential reversal or weakening of the current trend.

https://en.cryptonomist.ch/2023/11/14/blackrock-denies-xrp-etf-rumors/

Asset management firm Blackrock recently categorically denied rumors regarding the launch of an exchange-traded fund (ETF) linked to XRP. 

The fake news of such a prospect temporarily pushed up the value of XRP by more than 10%, but the token subsequently pulled back those gains. See below for all the details. 

BlackRock has no plans for an ETF tied to XRP: all the details 

As anticipated, Blackrock recently debunked news of its alleged attempt to launch an exchange-traded fund (ETF) tied to XRP, stating that it is not pursuing such an initiative, as announced by the asset manager on Monday. 

Specifically, a spokesperson clarified that a regulatory document misinterpreted as a step toward the XRP ETF is false, debunking rumors circulating on social media. 

Moreover, despite XRP’s initial rise in value by more than 10%, the cryptocurrency has since corrected its intraday price, returning to around 65 cents.

Blackrock, which is known for filing applications with the US Securities and Exchange Commission (SEC) for Bitcoin and Ether ETFs, had previously submitted documents regarding a Delaware entity as a corporate vehicle. 

However, the documents filed Monday, which mimicked the structure of such applications, were not actually submitted by the asset management giant.

Unfortunately, the abuse of Delaware’s corporate registration process is nothing new. 

In fact, in 2021, similar documents suggested that Grayscale, a subsidiary of Digital Currency Group (CoinDesk’s parent company), would launch trust vehicles for two tokens, news later denied. 

Similarly, on Monday, some ETF observers helped spread the false deposit, while some media companies helped amplify it, generating buying pressure on XRP.

However, other informed observers raised doubts about the plausibility of Blackrock, which is considered conservative in the cryptocurrency sector, considering the creation of an ETF for XRP, especially considering the ongoing dispute with the SEC. 

Moreover, it has been noted that unlike Bitcoin and Ether, XRP does not enjoy a large regulated futures market in the United States. 

BlackRock challenges SEC on crypto ETFs: why the distinction between futures and spot market is arbitrary

As we know, BlackRock is currently facing the US Securities and Exchange Commission (SEC). 

Specifically, the company argues that Exchange Traded Funds (ETFs) based on the Bitcoin (BTC) and Ethereum (ETH) spot market do not differ substantially from futures-based ETFs.

Indeed, in a recent statement, BlackRock said that the SEC should approve spot market cryptocurrency ETFs, considering that it has already granted approval to futures-based ETFs: 

“Since the Commission has given the green light to ETFs that track ETH futures, whose prices are based on the underlying ETH spot market, we believe the Commission should also extend approval to Exchange-Traded Products (ETPs) that track direct ETH, such as the Trust.”

BlackRock accuses the SEC of inappropriately applying the Investment Company Act of 1940 to spot ETFs, arguing that the additional protections offered by the law do not address the risks associated with the underlying assets or the markets in which the ETFs hold assets, such as the potential for fraud or manipulation.

The firm also asserts that the 1940 Act’s restrictions do not specifically address an ETF’s underlying assets, whether ETH futures or spot ETH, or the markets that determine the price of those assets, including the CME ETH futures market or spot ETH markets.

BlackRock concludes that the distinction made by the SEC between futures-based ETFs and spot market ETFs is arbitrary: 

“The firm believes that the difference between the registration of ETH futures ETFs under the 1940 Act and the registration of spot ETH ETPs under the 1933 Act is meaningless in the context of ETH-based ETP proposals.”

BlackRock investigates an Ethereum ETF

BlackRock recently expressed interest in expanding its presence in the cryptocurrency sector through a recent paper suggesting the possibility of launching an Ethereum-based Exchange-Traded Fund (ETF).

The world’s largest asset manager is preparing the ground for a potential spot ETF on Ethereum, as indicated by the application for an iShares Ethereum (ETH) Trust, which recently appeared on the Delaware Department of State website. 

With approximately $9 trillion in assets under its management, BlackRock is considering filing a proposal for an ETF on Ethereum with the US Securities and Exchange Commission (SEC). 

However, no proposal has been formally submitted to the SEC at this time.

This move follows BlackRock’s previous foray into cryptocurrency ETFs, with the submission of a spot ETF on Bitcoin to the SEC on 15 June. So, too, the initial disclosure for the iShares Bitcoin Trust had appeared on Delaware’s website a week earlier.

BlackRock’s possible entry into the Ethereum ETF market occurs at the same time as a significant increase in the price of Ether, which has reached about $2,030. 

If BlackRock proceeds with the Ethereum spot ETF, it would join a number of other financial institutions that have undertaken similar initiatives. Companies such as Ark Invest, 21Shares and VanEck have also sought to offer ETFs that hold Ether directly.

In addition, Grayscale Investments has already started the process on 2 October to turn its Ethereum Trust into an Ether spot fund. Similarly, companies such as Hashdex and Invesco have filed documents with the SEC to launch their own spot Ether products.

https://en.cryptonomist.ch/2023/11/13/crypto-news-ftx-recover-935-million-bybit/

Crypto news: A recent lawsuit brought by authorities overseeing the FTX bankruptcy process aims to recover the sum of $935 million from Bybit. 

Specifically, it is alleged that this considerable sum was transferred to Bybit‘s investment arm and other claimants shortly before FTX filed Chapter 11 in November 2022. 

In addition, Bybit is accused of exploiting FTX’s assets deposited on its platform as leverage, with the intent of forcing the transfer of about $20 million. Let’s see all the details below. 

Investment arm of crypto exchange Bybit involved in financial dispute with FTX

As anticipated, a new lawsuit, filed by the entities overseeing FTX’s bankruptcy process, accuses Mirana Corp, an investment arm of crypto exchange Bybit, of exploiting its “VIP” status to receive the predominant portion of the $935 million transferred shortly before the Chapter 11 filing. 

Specifically, the lawsuit alleges that these transfers were made with the intent to hinder, delay, or defraud FTX’s current or future creditors.

FTX’s bankruptcy trustees argue that multiple transfers to Mirana Corp, Time Research and various individuals should be considered fraudulent under Section 548(a)(1)(A) of the Bankruptcy Code. 

These fraudulent transfers form the legal basis for a claim for restitution of the full amount transferred, plus interest, for the benefit of the debtors’ bankruptcy estate.

According to the lawsuit, Mirana Corp received assets worth $837,815,847, while Time Research got $47,995,279. 

The claim against both entities may be subject, in part, to a ‘new subsequent value,’ but this will depend on the remaining deposits in FTX accounts after the preferential transfers.

The allegations made against Bybit 

In addition, the lawsuit not only accuses Bybit’s investment arm of fraudulent preferential treatment, but also alleges that the crypto exchange platform refuses to honor transfer requests from FTX debtors. 

Instead, it appears that Bybit would seek the release of about $20 million that Mirana Corp failed to withdraw before FTX disabled withdrawals on 8 November 2022.

Bankruptcy trustees say FTX, through entities under its control, holds $125 million in assets at Bybit. 

Although FTX’s ownership of these funds is not in dispute, the lawsuit alleges that Bybit is withholding these assets hoping to influence the bankruptcy process.

In order to ensure the transfer of the funds to the debtors’ assets, FTX bankruptcy trustees have stated that they are prepared to pursue judicial enforcement of their rights in accordance with the Bankruptcy Code.

Backpack exchange launch by some former FTX executives 

Some former FTX executives, including former general counsel Can Sun, a key player in the case against Sam Bankman-Fried, have started a new crypto platform called Backpack. 

The platform, run by Dubai-based startup Trek Labs, aims to introduce a secure and transparent trading model, learning from past mistakes, with a beta version planned for launch.

Backpack Exchange takes an innovative approach to trading, requiring multi-party approval for transactions, giving users more control and visibility over their assets. 

In addition, the platform focuses on “self-custody” portfolios using multiparty computing to provide greater security.

The exchange, led by Sun and another former FTX employee, Armani Ferrante, aims to achieve a valuation in excess of $100 million for a 10% stake. 

In addition, other former FTX employees, including Claire Zhang, Sun’s former deputy, have key roles in the new platform.

Sun, who worked with Dubai regulators and signed a non-prosecution agreement with U.S. authorities after the FTX debacle, helps lend credibility to the initiative. 

Ferrante, meanwhile, who heads the holding company registered in the British Virgin Islands, brings his experience from FTX and his work with digital currency portfolios to the new project, despite the loss of funds in FTX’s collapse.

https://en.cryptonomist.ch/2023/11/13/nft-news-buying-etherrock-95-100-ethereum-eth/

NFT news: EtherRock 95 captures the attention of the blockchain industry with a sale at 100 Ethereum (ETH), or $209,990, as also confirmed on social X (formerly Twitter). 

See below all the details of the news. 

Ethereum: the NFT frenzy continues with EtherRock 95 

As anticipated, in the tumultuous world of non-fungible digital assets (NFTs), one virtual stone, known as EtherRock 95, recently caught the attention of the community with an extraordinary sale at 100 ETH, equivalent to $209,990. 

This enigmatic purchase raised questions about the increasing valuation of NFTs and the perception of value in the cryptocurrency market. It also shows how investors are willing to pay stratospheric prices for unique digital pieces. 

We emphasize that this virtual stone, among the first issued on the Ethereum blockchain, has now set a new record for spending in the NFT arena.

However, while some see these transactions as a form of digital artistic expression, others raise concerns about excessive valuations in the NFT market. 

The purchase of EtherRock 95 underscores the growing popularity and volatility of this sector, opening a debate about how much the world is willing to pay for uniqueness and rarity in the digital realm.

Brief history on the NFT EtherRocks phenomenon 

EtherRocks, so-called “domestic pet rocks,” are an NFT collection that originated back in 2017. As mentioned above, the collection is one of the first issued on the Ethereum blockchain, born shortly after the launch of CryptoPunks in June 2017. 

Each EtherRock features a static image of a stone, with tokens identical in shape and size, differing only in color.

Only 100 EtherRocks were minted, with smart contracts implemented on Dec. 25, 2017. Moreover, Etherscan data indicate that the first EtherRock was sold on Dec. 26, 2017 for 0.099 ETH, equivalent to about $300 at the time.

In the following years, only about 20 rocks were sold, but the following explosion of the NFT market then triggered the price surge. 

Indeed, after steady sales in the first half of 2021, investors rushed to acquire the remaining EtherRocks, driving prices on secondary markets from 31 ETH ($96,100) to an incredible 626,262 ETH (about $1.9 billion).

CryptoPunks: the resurrection of NFTs and the new vitality of the market

The non-fungible token (NFT) sector has gone through a period of declining trading activity since the beginning of the year, but it currently appears to be experiencing a noteworthy positive transformation. 

One of the key elements that is driving this recovery, according to on-chain data, is the CryptoPunks non-fungible token collection. As we know, CryptoPunks, a series of 10,000 unique pixel art characters on the Ethereum blockchain, has enjoyed wide acclaim and fervent collector attention for several years. 

However, in recent months, the collection has seen relatively low interest in conjunction with the general downturn in the NFT market. But now something has changed. 

According to data from IntoTheBlock, a blockchain analytics firm, trade volume for CryptoPunks’ NFT collection has increased significantly, from $200,000 to over $3 million in the previous week.

Recall that trade volume is a critical metric for measuring market interest, trading activity, and liquidity of a collection of non-fungible tokens. 

Therefore, high trading volumes often suggest increased liquidity and growing demand for NFTs within a collection. Hence, the resurrection of CryptoPunks could be a sign of new vitality in the NFT market.

In addition, the increase in transaction volume for the CryptoPunks collection has led to a remarkable 1,000% increase in sales volume. 

According to statistics provided by CryptoSlam, this collection ranks at the top of Ethereum-based NFT collections in terms of sales volume.

Another indicator of the growing demand for CryptoPunks non-fungible tokens is the steady increase in the minimum price. Currently, the minimum value of this NFT collection has risen to about 59.4 ETH, registering an increase of about 27% over the past seven days.

https://en.cryptonomist.ch/2023/11/13/philippine-metaverse-digital-alliance/

Recently, DWorld and Impero announced a strategic collaboration aimed at creating the Philippine Metaverse, with the goal of developing a unique and immersive digital universe featuring unprecedented vibrant innovation. See below for full details. 

DWorld and Impero join forces to create a Philippines metaverse

As anticipated, DWorld, a company specializing in immersive experiences and virtual reality technologies, has partnered with Impero, an innovative digital development company. 

Together, they are announcing a joint venture aimed at creating the Philippines Metaverse, an unprecedented compelling and vibrant digital universe.

Specifically, during the “Ready Marketing One” event organized by the Philippines Marketing Association on 8 November, the CEOs of DWorld and Impero gave a joint presentation to introduce the Philippines Metaverse. 

Also announced was the first fully virtualized Philippine resort in DWorld’s Metaverse: El Nido in Palawan, known as the Philippines’ last frontier, with 45 islands in Bacuit Bay. 

This location, famous for its pristine beaches, towering limestone cliffs, mysterious caves and rich corals, will become an opportunity to attract global attention through the Metaverse.

Manila Di Giovanni, CEO of DWorld, emphasized the following during the event: 

“We thank the Philippines Marketing Association for this opportunity. We will demonstrate how the Metaverse can revolutionize tourism promotion and foster a new digital economy in an innovative way.

The partnership between DWorld and Impero combines creativity, technology and innovation. It combines DWorld’s expertise in advanced virtual reality experiences in cities with Impero’s pioneering vision of the Metaverse, creating a unique experience where technology and imagination will shape an extraordinary digital future.”

Finally, a reminder that since DWorld will become the official Metaverse platform of the Philippines Marketing Association, all Philippine member companies will be able to access the platform with significant benefits and favorable terms. 

More news in the Metaverse: Mauritius discovering financial virtual reality

Recently, the Financial Services Commission (FSC) of Mauritius looked into the possibility of incorporating the metaverse into its payments system, planning to take advantage of the benefits of digitization. 

Specifically, in a document, the FSC outlined its perspectives on the potential uses and critical issues related to connecting blockchain-based digital worlds. 

To gain further clarity on this proposal, the FSC launched a month-long public consultation, inviting stakeholders and academics to participate through seven key questions.

The questions addressed by the FSC range from the immediate impact of the metaverse on the financial sector to possible challenges in providing financial services in this digital environment. 

The answers provided will form the basis for future regulatory frameworks that will guide the integration of the metaverse into Mauritius’ financial system.

Participants have until 30 November to submit their responses, while the FSC plans to establish a “multidisciplinary working group” to pursue its ambitious goals. 

The FSC has identified several use cases for the metaverse, highlighting the possibility of setting up virtual showcases, creating immersive experiences and providing opportunities to simulate financial scenarios.

According to the FSC, complex financial models can be visualized in 3D, enabling better understanding and more informed decisions. 

However, despite the obvious benefits of the metaverse, the paper takes a balanced approach, emphasizing potential risks related to vulnerabilities in digital assets, cybersecurity, server outages, content moderation, and the spread of false information.

In addition to public consultation, the FSC aims to compare its initiatives with models adopted by foreign jurisdictions, recalling key initiatives from the European Commission, Dubai, the United Kingdom, South Korea, Singapore, China and Indonesia, aiming to uphold the core values of consumer protection and individual empowerment.

https://en.cryptonomist.ch/2023/11/11/crypto-news-binance-charity-donates-italian-hospital/

Crypto news: Binance’s nonprofit foundation, Binance Charity, recently conducted a significant philanthropic project based on blockchain technology. 

Specifically, the initiative aims to support the establishment of the Clinical Nutrition Center at the capital’s main hospital. In addition, under this program, four scholarships were awarded to study coordinators. See below for all the details. 

Latest crypto news from Binance Charity: over 500 thousand euros donation to Policlinico Gemelli 

As anticipated, Binance, the leading global ecosystem of blockchain infrastructure and services, has taken a significant step in the field of charity by making the first donation on blockchain technology to an Italian hospital through Binance Charity, its philanthropic foundation. 

The donation, exceeding 500,000 euros, went to the Agostino Gemelli Irccs University Polyclinic Foundation, the first Italian hospital to open its doors to donations through Web3.

This initiative allowed Binance Charity to support in a transparent, efficient and timely manner the construction of the new Clinical Nutrition Center, along with the establishment of four scholarships dedicated to young study coordinators. 

We emphasize that the blockchain-based donation made the entire process traceable, secure and immutable.

The new clinics, focused on combating malnutrition in excess or deficiency, which is related to various diseases such as obesity, cancer and chronic inflammatory bowel disease, were inaugurated in conjunction with NutritionDay (nDay) on 9 November. 

This international day on nutrition involves more than 8,000 departments in 71 European nations sharing the results of an audit conducted internationally to monitor nutrition practices within hospitals.

Binance Charity revolutionizes global charity with Web3 and blockchain

Gianluigi Guida, general manager of Binance Italy, had the following to say on the matter: 

“As part of our ongoing commitment to the local communities and ecosystems of which we are part, we are proud to have contributed with our donation to the creation of a cutting-edge clinical center to support one of the crucial global challenges of our time, such as of nutrition. 

For years, Binance Charity has been dedicated to promoting philanthropic initiatives through the use of blockchain, leveraging the intrinsic characteristics of this technology to improve the security, transparency and efficiency of charitable projects. 

We are proud to see this long-standing commitment materialize today also in Italy with this project, which realizes the first blockchain-based donation to an Italian hospital. 

The Gemelli hospital embodies the dedication and commitment to excellence that Binance seeks to support and promote: we hope that this will help pave the way for an ever-increasing number of public and private entities that are able to open up to this technology, to benefit from the potential of blockchain to serve the community.”

In other words, it highlights how the recent donation made by Binance reflects the exceptional potential for impact of Web3 and blockchain technology in the social sphere. 

Indeed, Web3, an inclusive and open environment for all, proves accessible even in countries that are still developing, where traditional financial systems are limited. 

In this context, Binance Charity emerges as the world’s first decentralized charity platform, embracing the concept of “blockchain for social good.” 

Through an instant, traceable and secure donation process, 100% of donations directly reach the ultimate beneficiary, revolutionizing the donation system globally.

Binance’s enduring commitment to social good and global innovation 

In addition, Binance Charity’s recent charitable initiatives in Italy include the donation of $100,000 to the Italian Red Cross to support relief operations during the last flood that hit Emilia-Romagna.

Over the years, Binance Charity has implemented more than thirty charitable projects through the blockchain, donating a total of $23 million and reaching 2 million beneficiaries in more than 54 countries worldwide. 

In addition, the platform has raised over $60 million through cryptocurrency donations from its community.

Guida, in this regard, concluded as follows: 

“Over the years, Binance has played a key role in the evolution of blockchain, including in Italy. Despite the challenges, the company continues to grow and work to become a point of reference in the local Web3 landscape. 

This objective will be achieved through investments in education, collaborations with regulatory authorities and constant attention to the user community to meet their needs, with the aim of transforming Web3 technologies into a pillar of future innovation and, together , making these same technologies increasingly accessible and within everyone’s reach.”

https://en.cryptonomist.ch/2023/11/10/ubs-bank-clients-able-trade-crypto-etf/

Wealthy clients of Swiss bank UBS now have the ability to trade certain ETFs on crypto in Hong Kong, Bloomberg reports. 

This information comes a day after HSBC, one of the world’s largest banks, announced its plans to launch a custody service for digital assets aimed at institutional clients. 

See below for all the details. 

Swiss bank UBS responds to client needs: new trading opportunities with crypto ETFs 

As anticipated, according to a report by Bloomberg, which cites a well-informed source, wealthy clients of Swiss bank UBS now have the opportunity to access three crypto-related exchange-traded funds (ETFs) via the bank’s Hong Kong-based platform. 

The said ETFs, named Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures, are all licensed by the Securities and Futures Commission (SFC), Hong Kong’s securities regulator. 

Collectively, the three products boast assets of about $72 million.

This news is particularly significant as it comes on the heels of the announcement by HSBC, one of the largest global banks, of its intention to launch a custody service for digital assets aimed at institutional clients.

Recently, Hong Kong has taken steps to allow retail investors to purchase Exchange Traded Funds (ETFs) linked to spot cryptocurrencies and participate primarily in tokenization. 

Hence, this development seems to represent another step in Hong Kong’s ambitions to emerge as a hub for virtual assets. 

Indeed, last June, the city implemented new regulations, accepting applications for licenses for cryptocurrency trading platforms and issuing the first permits in August, allowing exchanges to serve retail clients as well.

In addition, it should be noted that UBS was recently selected among the six commercial banks involved in a central bank digital currency pilot project (CBDC) in collaboration with the Swiss National Bank (SNB).

Finally, recall that in March this year, UBS stepped in to support Credit Suisse after its financial crisis. Soon after, the price of Bitcoin rose above $28,000.

News also from SNB: New pilot project for central bank digital currency (CBDC)

The Swiss National Bank (SNB) recently launched an innovative pilot project for its central bank digital currency (CBDC), focused on regulating interbank transactions in both primary and secondary markets.

Involving several commercial banks, including UBS, Zurcher Kantonalbankk, Commerz Bank, Hypothekarbank Lenzburg, and Banque Cantonale Vaudoise, the pilot project called Helvetia Phase III builds on two previous studies with the cooperation of the Bank for International Settlements (BIS) and the SIX Digital Exchange (SDX).

In the new project, the SNB will rely on the SDX for technical direction, hosting the studies on its distributed ledger technology (DLT)-based platform and acting as a “trusted gateway” for participants.

The SDX in this regard stated the following: 

“The objective of the pilot project is to test, in a live production environment, the settlement of primary and secondary market transactions in wCBDC. Participating banks will be able to issue digital bonds in Swiss francs, which will be settled against the wCBDC on a delivery versus payment basis.”

This new phase of the wholesale CBDC pilot project will focus on digital bond transactions, following promising results obtained in previous studies. Going forward, Helvetia Phase III will explore the feasibility of CBDCs in repo transactions, using digital bonds to secure transactions.

SDX executive David Newns emphasized the leading role taken by Switzerland in this technological evolution, predicting that the initiative will usher in a new era of digital finance and shape the trajectory of the global financial sector. 

In addition, the European nation has been progressively advancing financial tokenization, collaborating with entities such as Japan’s Financial Services Agency (FSA), the UK’s Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS). 

According to Reuters, the pilot project is expected to begin in December, extending until mid-2024.

https://en.cryptonomist.ch/2023/11/10/nft-authorization-challenge-roblox-metaverse/

In a recent TV interview, the CEO of the Roblox metaverse, David Baszucki, discussed the vision of “objects and NFTs transiting fluidly between different platforms,” and also presented an example of theoretical usage.  

In addition, another Roblox executive hinted at the possibility of introducing NFTs on the platform by 2022. 

Let’s see all the details below. 

The role of NFTs in the metaverse according to the CEO of Roblox

As we know, Roblox currently generates hundreds of millions of dollars each quarter through the sale of its digital currency, which is used by players to acquire assets within its closed platform. 

However, founder and CEO, David Baszucki, is contemplating the idea of opening up the Roblox ecosystem to allow the use of non-fungible tokens (NFTs) on both his platform and others.

In fact, during an interview with CNBC, Baszucki shared his “dream” regarding objects and NFTs that can move freely between different platforms, emphasizing the importance of interoperability. 

Although it is unclear whether Baszucki was expressing a vision shared by the company, he illustrated a potential scenario, suggesting that celebrities such as Elton John could create and sell beneficial objects on Roblox, which would subsequently become NFTs and circulate outside the platform.

In addition, interoperability would allow digital assets, including NFTs, to operate on different platforms, breaking the closed ecosystem model in which an object or avatar is bound to a specific platform. 

Baszucki indicated that should interoperability for NFTs on Roblox be successful, creators such as Elton John or companies such as Nike would have a significant role and some control in the process.

In this regard, Baszucki mentioned Nike as an example of a company that has invested in NFTs, highlighting the decent success it has achieved through the sale of limited edition shoes through the use of specific tokens.

Roblox and NFTs: a perspective that remains in the background

Following the news, recall that this is not the first time a Roblox executive has hinted at the possibility of introducing NFTs on the platform. 

In fact, in 2022, the then Chief Business Officer, Craig Donato, spoke of NFTs as something destined to work on the platform, almost considering them inevitable. 

However, he later emphasized that, at the time, the move to NFTs did not seem to be of primary importance. Donato subsequently left Roblox earlier this year.

Despite the potential positive impact on NFT adoption, considering that Roblox now has more than 70 million daily active users, it appears that the push to embrace NFTs may lack urgency for some time. 

Recall also that the platform continues to experience significant growth in its user base and earn substantial profits from the sale of its currency.

During the third quarter of this year, the company announced that it generated bookings worth $839.5 million, showing a 20% increase over the same period last year. 

Roblox defines “reservations” as the revenue generated when users purchase “Robux,” the platform’s in-app currency.

Roblox: stock recovery and quarterly performance on the rise

Roblox has gone through an up-and-down period in the stock market in recent months, falling to $25 per share in September after a peak of $45 earlier in the year. 

However, the stock has made a remarkable recovery, gaining further momentum.

Specifically, shares of the well-known video game developer surged 19% at market open on 8 November, following the disclosure of third-quarter results that exceeded analysts’ expectations in terms of earnings and profits. 

Roblox. specifically, reported a loss per share of 45 cents for the third quarter, below the estimate of 51 cents per share.

Adjusted revenues, or bookings, reached $839 million for the period, exceeding Wall Street’s forecast of $830 million, recording a 20% year-over-year increase. 

In addition, the number of average daily active users (DAUs) grew 20% year-on-year to 70.2 million in the third quarter. Similarly, players spent more than 16 billion hours on Roblox during the quarter, a 20% year-on-year increase.

Roblox’s net loss in the third quarter was $3 million, down sharply from the $277.2 million recorded in the same period last year.

Finally, in its 8 November letter to shareholders, Roblox highlighted significant revenue growth in East Asia and Western Europe, with the United States and Canada continuing to drive bookings growth.

https://en.cryptonomist.ch/2023/11/09/latest-news-bitcoin-etf-approval-future-prospects/

Latest news on Bitcoin ETF: possible launch delay was recently indicated following SEC approval. A total of 12 fund managers have filed with the US SEC for a spot ETF on Bitcoin, with the first phase of SEC evaluation beginning yesterday. 

In addition, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is an eight-day period between 9 November and 17 November during which the SEC could grant approval to all 12 spot ETF on Bitcoin. See below for all the details. 

Bitcoin ETF delays and prospects: analysis of SEC approval

With the opening of the window for US Securities and Exchange Commission (SEC) approval regarding the spot ETF on Bitcoin, analysts note that although the SEC grants approval, there will be a delay of about a month before the actual launch.

The expected launch delay, should the SEC potentially grant approval, is due to the complex two-step process to launch an ETF. 

In fact, to launch an ETF on Bitcoin, an issuer must obtain SEC approval from both the Trading and Markets Division for its 19b-4 filing and the Corporate Finance Division for its S-1 prospectus.

The main focus of the Corporate Finance division is on details of fund transactions and risk disclosure.  So far, out of twelve applications for Bitcoin ETFs, nine issuers have submitted revised prospectuses showing that they have communicated with Corporate Finance. 

In addition, analysts believe the launch of the Bitcoin ETF could be delayed if the SEC approves the 19b-4 applications before the prospectus documents are finalized.

According to Bloomberg ETF analyst James Seyffart, even if 19b-4 is approved, S-1 approval could take weeks or months between approval and actual launch.

The SEC has an eight-day window, from 8 November to 17 November, to approve the first spot ETF on Bitcoin. 

Although industry professionals raise the odds of approval to 90%, they believe it will take time, perhaps until early next year, before approval is final.

Recall that the SEC previously extended the deadline for comments on the Bitcoin spot ETF to 8 Novmebr for the consultation period.

We also recall that the rush to ETFs on Bitcoin in the United States began when the world’s largest asset manager, BlackRock, filed its application. 

Although Fidelity and other asset managers have also made applications for ETFs on Bitcoin, most have suffered rejections or withdrawn their applications. 

The 2023-2024 cycle has led many market observers to predict a likely approval of the Bitcoin ETF, estimating the chances at 90%.

SEC considers approval of all 12 Bitcoin ETFs

As anticipated, the US Securities and Exchange Commission could approve all twelve pending spot exchange traded fund (ETF) applications on Bitcoin (BTC) within the next eight days.

According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, the SEC has a window of time, starting 9 November in the US, to review and approve all 12 spot ETF documents on Bitcoin, including Grayscale’s conversion of the GBTC trust product, before 17 November. 

However, they stress that this is only a possibility. Seyffart, in particular, mentioned that the SEC has issued delay orders for a group of applications from BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie simultaneously. 

On 8 November, Seyffart said on X (formerly Twitter) that “this is the first available window” after the confirmation of Grayscale’s court victory.

The reason for this short time window was because of the SEC’s comment period deadline, set for 8 November, regarding a group of pending documents related to spot ETFs on Bitcoin.

Although the comment period for three filings will restart on 17 November, including Global X Bitcoin Trust, Hashdex Bitcoin ETF and Franklin Bitcoin ETF, it means that the approval or rejection of these applications will not take place until 23 November at the earliest.

Although the deadline for acceptance of the 12 documents is 17 November, Seyffart indicated that the SEC could make technical decisions on nine of the 12 applications by 10 January. 

Moreover, although approval of a spot ETF on Bitcoin is not guaranteed, both Seyffart and Balchunas predict a 90% probability of approval by 10 January of the following year.

Grayscale in talks with SEC to transform GBTC into ETF on Bitcoin

According to a report by CoinDesk today, Grayscale, a well-known cryptocurrency manager, has begun discussions with the Securities and Exchange Commission (SEC) regarding its request to transform its GBTC trust product into a spot ETF on Bitcoin.

Sources familiar with the situation revealed that Grayscale has been in contact with both the SEC’s Division of Trading and Markets and Division of Corporate Finance after it won a legal victory against the regulator on 29 August.

We emphasize that as the perceived likelihood of approval of an ETF on Bitcoin has increased, optimism in the cryptocurrency market has risen, with Bitcoin rising more than 30% in the past three months. 

This surge has also positively affected other major assets. In fact, in the past month, Solana (SOL) has surged a remarkable 93% due to improvements in scalability, while Ripple (XRP) and Ether (ETH) have grown 36% and 20%, respectively.

Although many industry experts express confidence about an endorsement that could usher in an upcoming bullish market, some analysts doubt that such a surge will have a lasting impact.

https://en.cryptonomist.ch/2023/11/09/immutable-ubisoft-web3-gaming/

Recently, Immutable and Ubisoft’s Strategic Innovation Lab joined forces in a partnership to develop an unhindered Web3 gaming experience. Let’s see below all the details and what this news will entail. 

Developing a frictionless Web3 gaming experience: the union between Immutable and Ubisoft

As anticipated, Immutable, the prominent Web3 gaming platform, has made official a new partnership with Ubisoft, a major player in the game creation and publishing industry, to develop an extraordinary gaming experience that will further unlock the potential of Web3. 

This partnership is part of Immutable’s ambition to offer digital ownership to gamers, while Ubisoft continues to explore decentralization through its Strategic Innovation Lab.

The first step in this synergy will define how both companies will combine their expertise: Ubisoft will leverage its established experience in developing high-quality games, combining with Immutable’s extensive ecosystem, technology and experience in building the leading Web3 gaming platform.

In this regard, Nicolas Pouard, vice president of Ubisoft’s Strategic Innovation Lab and head of the Blockchain initiative, remarked: 

“As the platform of choice for many leaders within the Web3 community, Immutable offers both cutting-edge technology and a unique expertise in seamlessly integrating decentralized technologies into games. We’re excited to partner with them and look forward to bringing that level of fluidness within a full-fledged game, so players only have to focus on the fun of the experience.”

In other words, this partnership represents a significant milestone for Immutable, following the successful TestNet launch of their zk roll-up gaming solution, the Immutable zkEVM, and successful demonstrations for their flagship games, including Guild of Guardians, Metalcore, Shardbound and Infinite Victory. 

James Ferguson, CEO and co-founder of Immutable, also said the following on the matter: 

“Partnering with Ubisoft is a defining landmark for Immutable. We couldn’t be more excited to explore with Ubisoft the benefits of web3 and digital ownership for players. We plan to bring the full weight of our ecosystem to bear to ensure the partnership’s success. We are confident that we will bring to life a fresh new experience that players will love.”

More news for Immutable: new games on the Immutable zkEVM network

A trio of upcoming blockchain-based games, specifically GensoKishi Online, Cursed Stone and Sailwars, were recently announced as part of the offerings on the Immutable zkEVM network.

As a reminder, Immutable zkEVM, a scalable Ethereum network that focuses on games, was built using Polygon‘s zkEVM technology and is fully compatible with the Ethereum virtual machine. 

These scalable networks enable games and other applications to handle a higher volume of transactions at a lower cost than Ethereum’s core network.

Genso Kishi Online, developed by Metap, is billed as a “native metaverse reincarnation” of the popular game Elemental Knights Online, which was released in 2008 and has reached more than 8 million downloads on all platforms to date.

GensoKishi Online was previously scheduled to be launched on Polygon’s sidechain network. 

Recently, the game held a collaborative event with Symbiogenesis, a Polygon-based game from renowned publisher Square Enix, engaging users in a treasure hunt on Discord, offering them the chance to earn free NFTs.

Cursed Stone, on the other hand, is a 3D open-world MMORPG (massively multiplayer online role-playing game) that will allow players to own and trade dynamic NFT resources. 

Immutable states that an “innovative role-playing system” will ensure the uniqueness of each NFT.

Finally, Sailwars is a Web3 game inspired by both naval battles and great fantasy poems such as “Lord of the Rings” and “The Chronicles of Ice and Fire,” according to the developers. 

Players will be able to convert their game items into NFTs to trade them on the open market and earn tokens by playing in various game modes.

Other games based on Immutable zkEVM include Shardbound, Metalcore and Space Nation, a science fiction game backed by director Roland Emmerich (“Independence Day”). 

Binance launches its new Web3 wallet 

Recently, the world’s largest crypto exchange, Binance, announced the launch of its newest Web3 wallet.

The new Binance Web3 wallet represents a self-contained custodian that offers users access to a carefully chosen selection of decentralized finance (DeFi) applications, simultaneously enabling token exchange, earning and staking.

To participate in transactions such as staking and lending, users will first need to create a wallet using the Binance app. 

According to a Binance blog post, consumers will have complete control over their funds through the use of a self-storage wallet.

In addition, to eliminate the need to store seed phrases, the wallet will also employ multiparty computing (MPC), which splits a private key into three “key shares,” two of which are managed by the wallet owner.

Through the Binance app, users will be able to access the wallet directly and move between DeFi apps and the company-controlled exchange.

https://en.cryptonomist.ch/2023/11/09/regulation-clash-sec-over-control-crypto/

News: the US House spending bill seeks to prevent the SEC Gensler from quickly implementing regulation on crypto. 

Specifically, members of Congress approved an amendment submitted by Tom Emmer, an influential House representative and cryptocurrency advocate, to include a blocking clause against the SEC in the government spending bill. 

See below for all the details. 

Crypto and the US spending bill: the battle with the SEC for sovereignty in regulation

As anticipated, as the US House of Representatives is considering the upcoming annual spending legislation, an amendment was introduced on Wednesday that aims to cut off funding for the US Securities and Exchange Commission’s (SEC) oversight actions against crypto companies. 

Specifically, Majority Whip Tom Emmer (R-Minn.), known to be a strong advocate for the industry on Capitol Hill, proposed this move targeted by SEC Chairman Gary Gensler. 

Emmer has criticized Gensler for his preference toward supervisory actions rather than a policy approach to guide the cryptocurrency industry.

The House appropriations bill, called the Financial Services and General Government Appropriations Act of 2024, underwent several revisions Wednesday, including the inclusion of Emmer’s amendment. 

In addition, this amendment, one of more than 100 proposed, was vocally approved by members.

Emmer’s amendment: all the details 

According to Emmer, his amendment prevents the SEC from using funds for supervisory action on digital asset transactions until Congress passes legislation granting the SEC jurisdiction over this asset class. 

This, according to Emmer, is necessary to rein in Chairman Gensler, whom he believes is inefficient and incompetent, while Congress works to allow this industry to grow and develop in the United States.

The House appropriations package will require support from the Senate, which is controlled by Democrats more in line with Gensler. 

Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, and others actively support Gensler’s use of enforcement actions against crypto companies.

In addition, former Representatives David McIntosh and Tim Ryan, co-chairs of the Blockchain Innovation Project, said the Senate should now work to find a bipartisan solution based on common sense. 

This is in order to allow blockchain technology to flourish while protecting American consumers and investors. 

Recall that McIntosh and Ryan contributed to Emmer’s amendment.

Grayscale Investments: the race to the Bitcoin ETF and the influence of the SEC

In the aftermath of its historic victory in court, Grayscale Investments has begun extensive negotiations with the U.S. Securities and Exchange Commission to transform its renowned GBTC trust into a Bitcoin spot ETF. 

This move( potentially revolutionary, could bridge the gap between traditional finance and digital assets, thus redefining cryptocurrency investment products.

Indeed, Grayscale’s crucial conversations with the SEC, involving the Division of Trading and Markets along with the Division of Corporate Finance, represent a significant step toward ETF approval.

In addition, the recent court ruling challenging the SEC’s initial rejection of Grayscale’s ETF has rekindled hopes. 

This legal success has opened the door to possible regulatory approval, paving the way for what could be the first SEC-approved Bitcoin ETF.

The result is a testament to Grayscale’s ongoing efforts and foreshadows a potential transformation in cryptocurrency-based investment products.

Craig Salm, Grayscale’s chief legal officer, expressed determination in interacting with the SEC’s Division of Trading and Markets. 

Although with few details, Salm’s comments in a recent interview suggest that despite the obstacles, the process continues.

Salm’s optimism is bolstered by the progress of other financial institutions such as BlackRock and Fidelity, both of which are competing for approval of Bitcoin ETFs.

Grayscale maintains confidence in the progress and possible success of their ETF application, indicating a shift in the regulatory framework for digital assets.