This week was full of buzz, anticipation, and excitement as several major developments came to light and one of the major events that attracted attention was the approval of the Spot Bitcoin ETF by the SEC. This approval news was widely circulated on social media despite several other major things happening in the cryptocurrency space this week. So, in this article we will learn about the most prominent news of this week.
The SEC issued FOMO
The week started with news from the Securities and Exchange Commission Issued FOMO warning, right before Spot Bitcoin ETF approval. In a tweet on Friday, regulators issued a FOMO warning to investors wary of making any investment based solely on high speculation. There has been great anticipation among investors this week due to Bitcoin ETFs, and this has also led to a temporary spike in the price of Bitcoin which recently crossed nearly $48K during the time of approval.
Upbit Singapore is a MAS secured license
South Korea's largest cryptocurrency exchange Upbit has received a Major Institutional (MPI) license from the Monetary Authority of Singapore (MAS). The news was announced on January 8 on the Upbit website. An MPI license will make it easier for institutions to provide services related to cryptocurrencies and fiat currencies. This has proven to be a significant expansion for Upbit while enhancing security.
BlackRock decided to lay off 600 employees
While in high speculation mode for the immediate approval of Bitcoin ETF, financial giant Blackrock took a massive step by announcing a workforce reduction of nearly 3% which unfortunately affected 600 employees. This was part of the company's strategy to reallocate resources and maintain the speed of technological changes.
Valkyrie, Ark/Share and 10 others update their ETF filings
Valkyrie, Wisdomtree, Invesco/Galaxy, iShares, Ark/21Shares, and VanEck have filed an updated S1 filing with the US Securities and Exchange Commission (SEC) to launch Bitcoin exchange-traded funds (ETFs). This comes as the final countdown to Spot Bitcoin ETF approval begins. That same week, BlackRock and VanEck submitted their revised application for a spot Bitcoin ETF. The revised request consists of several requests raised during the initial comment phase. Many of them reduced their fees during this time when BlackRock was charging 0.3%.
Standard Chartered Bank expects trade flows of $50 to $100 million
When the approval of the Bitcoin ETF approached, many industry experts and prominent analysts predicted its significant rise and some of them warned investors to be cautious during that time due to high volatility. Standard Chartered also expects Bitcoin inflows to range from $50 million to $100 million. The reason behind this expectation is that the approval of spot Bitcoin ETFs provides institutional investors with a regulated and safe way to invest in Bitcoin, and another reason is that the approval facilitates a way for retail investors to invest in Bitcoin.
The US CPI inflation rate rose to 3.4% in December
United State Consumer price index The Consumer Price Index (CPI) rose significantly, reaching 3.4% in December. This figure exceeds the previous month's high of 3.1%, representing a significant rise in inflation that caught the attention of financial markets.
SEC Twitter Account Hack
When everyone in the cryptocurrency industry was holding their breath and anxiously waiting for the immediate Bitcoin ETF approval. Then there was fake news that shocked the entire cryptocurrency industry as Bitcoin was approved and after some time, it was confirmed that the SEC's Twitter account had been hacked. The news that was published was false, and this news shocked the entire industry.
All instant Bitcoin ETF orders are approved
On January 11, the Securities and Exchange Commission approved all applications for Bitcoin ETFs after a long chaos and endless debate. Once consent All eleven (11) spot orders placed by ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
South Koreans continue to ban cryptocurrencies
Spot Bitcoin ETF approval has gained massive popularity in the cryptocurrency industry, but this has not impressed Korean regulators as they continue to ban cryptocurrencies. The reason behind this crucial step is that regulators said they do not want any short-term benefits that might threaten investors' investments. They cited concerns such as illegal money outflows, money laundering, and the speculative nature that leads to false hope.
Is Kown asking for delay in SEC fraud case?
This news came as a new development as Do Kwon, co-founder of Terraform Labs, requested a postponement of his trial in the US District Court, changing the original date from January 29 to March 2024. The reason behind the postponement request is that he made it clear that he wanted to be tried in person.
The department files for public subscription
The creator of the stablecoin USDC has filed for an IPO. The company has filed a draft S-1 document with the U.S. Securities and Exchange Commission (SEC), paving the way for a potential initial public offering (IPO).
So, these are all the breaking news of the week, and among them is the approval of the Spot Bitcoin ETF that has created a buzz in the cryptocurrency world.
