913 Things Bitcoin and Cryptocurrency Investors Should Follow in the Week of October!
On October 44, the Court of Appeals for the Southern District of New York announced that the U.S. Securities and Exchange Commission had denied the U.S. Securities and Exchange Commission's request to file an interlocutory objection in the Ripple case, and that the SEC's request had also been denied on the grounds of lack of practical significance.
On October 6, former BlackRock executive Martin Bednall suggested in a speech at the CCData Digital Assets Summit that the SEC could possibly approve all physically backed Bitcoin ETF applications at the same time.
On October 3, Bitwise Asset Management officially announced the launch of two Ethereum futures ETFs, the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF.
The Bitcoin market is coming off a turbulent week; What news will investors focus on next week? Volatility may rise!
What Happened in the Crypto World Last Week?
The Bitcoin and cryptocurrency world encountered turbulent events last week. Although the Bitcoin price tried to hold on to the $28,000 resistance throughout the week, it has not yet succeeded. Let's take a closer look at what's happening in the crypto world!
Judge Rejects SEC's Objection to Mediator in Ripple Case
On October 4, the Court of Appeals for the Southern District of New York announced that the U.S. Securities and Exchange Commission had denied the U.S. Securities and Exchange Commission's request to file an interlocutory objection in the Ripple case, and that the SEC's request had also been denied on the grounds of lack of practical significance. The hearing of this case will begin on April 23, 2024. The court maintains the view that this case falls outside the category of objective and reasonable buyers who obtain expected profits by purchasing Ripple tokens. The SEC emphasized that the Terraform decision is not inconsistent with this case; Terraform distributed tokens to retail investors, claiming additional profits, whereas Ripple's profit-making promotional materials were made available only to institutional buyers.
Former BlackRock Executive Predicts SEC May Approve Bitcoin ETFs at the Same Time On October 6, former BlackRock executive Martin Bednall suggested in a speech at the CCData Digital Assets Summit that the SEC could possibly approve all physically backed Bitcoin ETF applications at the same time. Steven Schoenfeld, CEO of VanEck's MarketVector Indexes, supported this idea and stated that the approval process could be completed in 3 to 6 months. This expectation appears to stem from the SEC's recent approach to seek feedback on ETF applications rather than rejecting them outright. Schoenfeld added that the SEC's latest defeat in the Grayscale case means that the Grayscale Bitcoin Trust may require converting into a physically backed Bitcoin ETF.
UBS Launches First Tokenized Money Market Fund on Ethereum
On October 2, UBS, one of the world's largest asset management firms, launched 'Project Nexus', the first tokenized money market fund pilot on the Ethereum blockchain. This fund is part of the 'Guardians Programme' run by the Monetary Authority of Singapore (MAS). Pilot allows UBS to review various fund activities on Ethereum, including subscriptions and redemptions. Bitwise Announces Launch of Two Ethereum Futures ETFs: AETH and BTOP
On October 3, Bitwise Asset Management officially announced the launch of two Ethereum futures ETFs, the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ethereum Equal Weight Strategy ETF. For the first time, investors can now access Ethereum futures investments through widely used and regulated ETF formats. However, trading volume on listing day was remarkably low.
ProShares, VanEck ve Bitwise, Toplam
It has a transaction volume of $1.92 million
They introduced six Ethereum futures ETFs.
VanEck's fund has the lowest expense ratio
(0.66%), expense ratios of two Bitwise funds
is 0.85% and the expense ratio of the ProShares ETF is
%0,95.
Brazilian Government Introduces Blockchain-Based Digital ID CardOn October 1, the Brazilian government introduced its blockchain-based digital ID card. The states of Rio de Janeiro, Goiás and Paraná will be the first to issue identity documents using a private blockchain developed by Brazil's National Data Processing Service (Serpro). According to a decree published on September 25, the national distribution of identity documents through blockchain technology must be completed by November 6, meaning that more than 214 million Brazilians will be able to use blockchain technology for digital identity verification in the near future.
El Salvador Establishes First Bitcoin Mining Pool: Lava Pool
On October 5, Volcano Energy announced a new partnership with Luxor Technologies to establish the 'Lava Pool', El Salvador's first Bitcoin mining pool. Volcano Energy is building Bitcoin mining facilities using wind and solar power, producing a capacity of 241 megawatts of renewable energy; Part of this will be used for Bitcoin mining, while also providing affordable electricity to local communities. In June, Volcano Energy had secured a $1 billion investment commitment to develop renewable energy and Bitcoin mining operations in the country, of which $250 million has already been deployed. 23% of the company's net revenue is contributed to the government of El Salvador as part of its public-private partnership initiative. Volcano Energy is co-led by 23-year-old Bitcoin advocate Josue Lopez and Max Keiser, an advisor to the President of El Salvador.
Many MPI Licenses Issued in Singapore
• Coinbase Singapore Receives Major Payment Institution License (MAS) by the Monetary Authority of Singapore (MAS): On October 2, Coinbase announced that Coinbase Singapore has received the Major Payment Institution License (MPI) by the Monetary Authority of Singapore (MAS). Coinbase Singapore has developed products specifically tailored to the Singapore market and will implement training and Employment initiatives at the Singapore Technology Centre. Previously, Coinbase achieved VASP registration in Spain, Italy, Ireland and the Netherlands.
• Coinbase Singapore, Major Payments Institution by the Monetary Authority of Singapore (MAS)
Receives License: On October 2, Coinbase announced that Coinbase Singapore has been granted a Major Payment Institution License (MPI) by the Monetary Authority of Singapore (MAS). Coinbase Singapore has developed products specifically tailored to the Singapore market and will implement training and Employment initiatives at the Singapore Technology Centre. Previously, Coinbase achieved VASP registration in Spain, Italy, Ireland and the Netherlands.
Ripple Subsidiary Awarded Major Payments Institution License by MAS: On October 4, Ripple's Singapore subsidiary, Ripple Markets APAC Pte Ltd, was awarded the Major Payments Institution (MPI) license by the Monetary Authority of Singapore (MAS), which means the company has a regulated digital platform in the country. allows it to offer asset token services.
Sygnum Singapore Receives Major Payment Institution License (MPIL) from MAS: On October 3, Swiss crypto bank Sygnum Singapore, a Subsidiary of Sygnum, was granted a Major Payment Institution License (MPIL) by the Monetary Authority of Singapore (MAS), which allows the company to operate in Singapore. It allows it to offer cryptocurrency brokerage services to eligible investors and institutions. Additionally, the company plans to expand its regulated products in other Asia-Pacific (APAC) markets, including Hong Kong.
Chainalysis Announces Nearly 150 Layoffs and Focuses on Government Initiatives: According to Forbes on October 3, Michael Gronager, CEO of blockchain analytics company Chainalysis, announced a workforce reduction of approximately 150 people in an email to employees. This reduction, a cut of just over 15% of the company's 900 total employees, occurs in 2022, when the company has a current valuation of $8.6 billion. Chainalysis has reduced its investments in the private sector and focused its business on government institutions, which account for 70% of the company's revenue.
Critical developments of next week
Next week, the crypto world will focus on 3 important developments in the USA. No news or developments that may create volatility for Bitcoin and cryptocurrencies are expected on Monday and Tuesday.
On Wednesday, PPI data in the USA will be announced, and then the FED's FOMC meeting minutes will be published. Bitcoin may face high volatility on Wednesday. Following Wednesday, inflation data in the US will be announced on Thursday. These data may also create volatility for the Bitcoin market.
Chainalysis Announces Nearly 150 Layoffs and Focuses on Government Initiatives: According to Forbes on October 3, Michael Gronager, CEO of blockchain analytics company Chainalysis, announced a workforce reduction of approximately 150 people in an email to employees. This reduction, a cut of just over 15% of the company's 900 total employees, occurs in 2022, when the company has a current valuation of $8.6 billion. Chainalysis has reduced its investments in the private sector and focused its business on government institutions, which account for 70% of the company's revenue.
Critical developments of next week
Next week, the crypto world will focus on 3 important developments in the USA. No news or developments that may create volatility for Bitcoin and cryptocurrencies are expected on Monday and Tuesday.
On Wednesday, PPI data in the USA will be announced, and then the FED's FOMC meeting minutes will be published. Bitcoin may face high volatility on Wednesday. Following Wednesday, inflation data in the US will be announced on Thursday. These data may also create volatility for the Bitcoin market.