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Peter Davis

An writer at FOMOdrive

  • Oct 18, 2023
  • 4 min read

Mike Novogratz said when the SEC will approve a spot Bitcoin ETF

Despite increasing tensions in the Middle East, Bitcoin is still above the $28,000 mark.

More than 80% of all BTC is held by Hodlers.

Fidelity submitted a revised request to the SEC to establish a spot exchange-traded fund (ETF).

It is possible that the regulator will give the green light to the first Bitcoin Exchange Traded Fund (ETF) by the end of 2023.

Rules for the exchange of cryptocurrency tax data have been agreed upon by the European Union.

Bitfinex reports that 80.34% of Bitcoin's total supply is now held by long-term investors. This accumulation trend has been growing stronger since the end of 2022, and the exchange supply of BTC has been decreasing since around the same time.

Fidelity, a major investment firm, has submitted a revised request to the US Securities and Exchange Commission (SEC) to launch a Bitcoin ETF. This time, the company has taken into account the issues that the SEC had previously raised, and the new application provides more transparency, liquidity, and security.

Mike Novogratz, CEO of Galaxy Digital, has predicted that the SEC will approve the first exchange-traded fund (ETF) based on the BTC spot price by the end of 2023. This follows a court decision in late August that granted Grayscale Investments' petition against the SEC for the regulator's refusal to convert GBTC into a Bitcoin ETF. Reports have indicated that the Commission will not be appealing the decision.

Heath Tarbert, the former head of the Commodity Futures Trading Commission (CFTC), has urged authorities to expedite the creation of regulations for stablecoins in order to bolster the US dollar. He believes that stablecoins can modernize the US financial system and enhance the efficiency of payments.

Berenberg Capital Markets believes that reports of Hamas using cryptocurrency to raise funds for terrorist attacks in Israel could potentially counteract Coinbase's attempts to push for market-friendly legislation in the United States. This situation is further complicated by the continuous pressure from American regulators on the exchange.

The EU has come to a consensus on regulations for the exchange of cryptocurrency tax information. Companies dealing with cryptocurrency in the EU must submit their customers' assets to be shared with tax authorities.

The authorities of El Salvador declared that the adoption of the first cryptocurrency as legal tender in 2021 was a major factor in the nation's recovery from the pandemic crisis, and it has been instrumental in reviving the country's financial and economic sectors.

According to Chainalysis, the United Kingdom has become the largest crypto economy in Europe, ranking third in the world in terms of cryptocurrency transactions, behind only the United States and India.

Roblox has refuted reports that it allows payments in Ripple's XRP token for in-game items, calling the information "inaccurate." The online gaming platform clarified that it does not support payments in the cryptocurrency.

Michelle Bowman, a member of the Federal Reserve Board of Governors, has expressed doubts about the possibility of creating and releasing a digital dollar, as a state-owned stablecoin may not be able to compete with existing options, such as the Fednow instant payment system.

Vitalik Buterin, co-founder of Ethereum, addressed the news about the movement of funds in his wallet, stating that he has not sold ETH for his own benefit since 2018. He further clarified that any sales he has made have been "almost always for charitable or other non-profit purposes".

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