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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 3 min read

Bitcoin (BTC) is in no hurry to rise amid the latest SEC decision

A decision on two applications to launch a spot Bitcoin ETF has been postponed by the SEC.

Matrixport anticipates that the regulator may give approval to multiple funds simultaneously.

Bloomberg has reported that Ethereum has the potential for significant growth with the introduction of PYUSD.

Ripple has the belief that XRP could potentially become the global reserve currency.

The court is being asked by Elon Musk once more to dismiss the class action lawsuit concerning Dogecoin insider trading.

The US Securities and Exchange Commission (SEC) has delayed a ruling on the applications to introduce a spot bitcoin ETF from ARK Invest and 21Shares. The regulator has asked for additional "comments, opinions and arguments" on the documents, which must be submitted within 21 days.

Matrixport believes that the SEC is likely to approve multiple exchange-traded funds (ETFs) based on the first cryptocurrency all at once. If the regulator delays its decision on the applications, then a BTC correction could be expected in mid-September.

Bittrex has consented to paying a $24 million penalty to resolve allegations from the SEC. The SEC charged the crypto exchange with not registering and offering unregistered securities.

The US Commodity Futures Trading Commission (CFTC) has alleged that Fundsz has committed fraud against its customers, as well as engaging in sham trading of cryptocurrencies and precious metals.

Genesis Trading believes that the crypto derivatives market is poised for a substantial rise in trading volumes due to the liquidity issues in the spot trading market and its subsequent flow into derivatives.

According to its second-quarter report, SoFi Bank, based in San Francisco, has a balance sheet of $166 million in cryptocurrency, with $82 million in Bitcoin, $55 million in Ethereum, and $5 million in DOGE. The bank serves over six million customers.

Bakkt, an American institutional crypto platform, saw its revenue for the second quarter increase 25-fold year-over-year to $348 million, while trading volume plummeted 51%.

Boyaa Interactive, based in Hong Kong, has allocated $5 million for the acquisition of Bitcoin and Ethereum in 2021.

A lawyer for billionaire Elon Musk has filed a second petition in a federal court in New York to have the Dogecoin insider trading class action lawsuit dismissed.

Bloomberg Intelligence believes that the launch of PayPal's stablecoin (PYUSD) on the Ethereum network could have a major impact on the entire ecosystem of the second largest cryptocurrency by market capitalization. Even if only a small portion of PayPal's customer base starts using the PYUSD stablecoin, it could lead to huge growth potential for ETH.

Bank of America stated that, although the introduction of PYUSD will enhance the efficiency of payments and enhance the customer experience, it is unlikely to be adopted on a large scale.

David Schwartz, the Chief Technology Officer of Ripple, is sure that crypto assets such as XRP can be used as international reserve currencies, providing an alternative to the US dollar.

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