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Peter Davis

An writer at FOMOdrive

  • Nov 24, 2023
  • 3 min read

BlackRock is in talks with the SEC to launch a Bitcoin ETF

A single Bitcoin transaction was purchased for a staggering $3.1 million by an unidentified individual.

Jim Cramer suggested that people should "just buy Bitcoin".

GBTC's application to become an ETF has been revised by Grayscale.

The crypto market is benefitting from the agreements between Binance and the US authorities.

A motion was submitted by prosecutors requesting that Changpeng Zhao be prohibited from leaving the United States.

At a meeting between the US Securities and Exchange Commission (SEC) and BlackRock, the asset manager presented two potential redemption mechanisms for its iShares Bitcoin Trust. The details of this spot Bitcoin ETF were discussed during the gathering. A memo was released that outlined the specifics of the presentation.

Bloomberg viewed Grayscale's update of the GBTC ETF conversion application, which changed its ticker to BTC, as a new indication of the company's ongoing discussions with the SEC.

Commissioner Hester Pierce, who is known for her positive outlook on cryptocurrencies, stated that the SEC has no justification to stop the introduction of spot Bitcoin ETFs.

K33 Research believes that the approval of Bitcoin ETFs in the United States will make it easier to access digital assets and reduce the risk of a balanced investment portfolio through diversification. Since 2020, digital gold has demonstrated its worth as a strong diversification tool.

Tom Farley, the former President of the New York Stock Exchange (NYSE), anticipates that the approval of Cryptocurrency ETFs in the United States will draw a great deal of capital to the crypto market.

JPMorgan notes that the agreements between Binance and the US authorities are positive, as they help to reduce the potential systemic risk of the industry in the event of a hypothetical collapse of the platform.

A successful settlement of claims against Binance, as suggested by Bloomberg, could potentially bring the relationship between participants in the crypto industry and American regulators to a new, normalized level.

Nansen observes that the market had a negative response to the Binance scandal and Changpeng Zhao's confession of responsibility. Despite this, there was no significant withdrawal of funds from the crypto platform.

A motion was submitted by prosecutors to stop Changpeng Zhao from departing the United States until his sentencing on February 23, 2024. Prosecutors deem Zhao's risk of fleeing to be "substantial" due to his considerable wealth outside the United States and his few connections to the country.

From January 2024, Raiffeisen, an Austrian bank, will enable its clients to trade in cryptocurrencies, as it actively expands its presence in the cryptocurrency market.

Jim Cramer, host of Mad Money, has made a complete U-turn in his opinion of Bitcoin, now advising viewers to "just buy" it. This is in stark contrast to his previous criticism of the crypto industry, for which he is well-known.

A new record was set on November 23 when an unidentified user paid a commission of 83.65 BTC ($3.1 million) for the transfer of 55.77 BTC ($2.1 million). Blockchair reported that the transaction was included in block #818,087, which was mined by AntPool. No representatives from the mining pool have spoken out about the deal yet.

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