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Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 2 min read

Bitcoin jumps above $30,000 - what's going on?

The Securities and Exchange Commission (SEC) has the ability to grant approval for multiple Bitcoin Exchange-Traded Funds (ETFs) simultaneously.

More than 60 counterfeit PayPal USD tokens have been discovered on various blockchains.

As of the start of 2023, approximately one hundred crypto funds have been shut down.

By 2023, MetaMask had become the most widely used non-custodial wallet.

Over the past 24 hours, Bitcoin has seen a surge of more than $1,000, pushing it above the $30,000 mark on Wednesday. Investors are now eagerly awaiting the approval of exchange-traded funds (ETFs) for spot bitcoin.

Cathy Wood, head of ARK Invest, believes that the US Securities and Exchange Commission (SEC) could potentially approve multiple bitcoin ETFs at the same time. However, she also believes that there is a chance that the decision could be delayed by the SEC.

Kaiko has observed that the recent large-scale sales of USDT indicate the start of the "stablecoin wars" again. Over the past few days, USDT has been trading below its intended value against the US dollar.

At least 66 fake PayPal USD stablecoins have been identified by DEXTools since the launch of the PayPal payment system's PYUSD token on Monday. The majority of these tokens are hosted on the Ethereum network.

Many crypto fans had a negative response to PayPal's initiative. However, some are optimistic about the effect of the new coin on the Ethereum blockchain and its potential for wider acceptance. Ryan Sean Adams, co-founder of Bankless, believes that Ethereum could become the "money layer of the Internet."

A report by 21e6 Capital has revealed that 97 out of the 700 existing crypto funds have closed since the start of 2023. The average profitability of these organizations for the first half of the year was only 15.2%, while Bitcoin experienced an increase of 83.3% during the same period.

In 2023, MetaMask was the most widely used non-custodial wallet, with a staggering 22.66 million installs, according to CoinGecko. Coming in second, third and fourth were Coinbase Wallet, Trust Wallet and Blockchain.com Wallet, each with at least 10 million installs.

By the end of July, only two of the ten largest holders of bitcoin had "paper" losses, as calculated by CoinGecko. The other eight were in the black.

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