2023-10-13 13:32

Copyrighted Image by: Reuters. The Securities and Exchange Commission (SEC) is on the brink of a crucial decision regarding Grayscale's bid to convert its GBTC into a Bitcoin spot ETF, a potential first for the US. This development comes as the deadline for the SEC to appeal a court order favoring the conversion approaches today, Friday. The US District of Columbia Court of Appeals previously deemed the SEC's denial of the conversion as "arbitrary and capricious," prompting a review of Grayscale's filing. An August court ruling overturned an initial SEC rejection, leading Grayscale and its CEO Michael Sonnenshein to propose an Ethereum spot ETF conversion, which is still awaiting approval. If the SEC does not announce a decision, Grayscale can initiate the approval process with SEC staff, according to Fox Business' Eleanor Terrett. This follows the delay of Ark Invest's similar application and comes before BlackRock's Bitcoin spot ETF proposal slated for March next year. Crypto analyst Michael van de Poppe anticipates a surge in Bitcoin price if a decision is not reached. Currently, Bitcoin trades at approximately $26,700 due to geopolitical strife in the East and heavy selling by Bitcoin miners. Crypto influencer Dan Gambardello views an appeal by the SEC as unlikely, pointing out the SEC's ongoing struggle with crypto regulation. A non-appeal might stabilize Bitcoin prices and impact the 2024 Bitcoin halving event. The SEC has faced criticism for its stance against crypto, which contrasts with other developed nations' approach. If approved, these spot ETFs could instigate mass Bitcoin ETF approvals in 2024 and would signify a defeat for SEC Chair Gary Gensler. This could also open doors for other financial giants like Blackrock (NYSE:BLK) and Fidelity to enter the crypto space. https://www.investing.com/news/cryptocurrency-news/sec-nears-decision-on-grayscales-bitcoin-spot-etf-conversion-93CH-3198603

2023-10-13 13:26

Copyrighted Image by: Reuters. In a move to connect Bitcoin to various ecosystems like Ethereum and BNB chains, decentralized exchange (DEX) UXUY has implemented a Bitcoin Lightning Node on Friday. The integration was made possible through its GasPool solution, which also operates the Lightning Network node as part of UXUY's preparation for Bitcoin DeFi Summer. Unlike centralized exchanges (CEXs) such as Binance and Bitfinex, UXUY is championing the blend of decentralized finance (DeFi) and Bitcoin. This initiative is in line with the company's plans to expand beyond the Lightning Network's current asset scale of over 5,000 BTC (US$100 million), a figure that pales in comparison to Tether's (USDT) US$86.6 billion size. The aim of this expansion was emphasized by UXUY co-founder Jordan, who noted the need for growth beyond the current scale. As part of its strategy, UXUY intends to boost Taproot Assets trading using its BLIP solution. This will be complemented by enhancing multi-chain transactions with uPool, which is expected to cut asset issuance costs in both DeFi and real-world asset (RWA) sectors while aiding project deployment. Elizabeth Stark, a well-known figure in the crypto space, supports these efforts, pointing out several potential benefits. These include establishing fiat to Bitcoin channels and leveraging Bitcoin liquidity for asset routing. According to Stark, these developments could contribute significantly to the "bitcoinization" of the dollar. https://www.investing.com/news/cryptocurrency-news/uxuy-integrates-bitcoin-lightning-node-plans-to-boost-bitcoin-defi-93CH-3198591

2023-10-13 12:56

On the coming Monday, October 16, 2023, Binance, one of the world's leading cryptocurrency exchanges, will execute a one-to-one swap of BIFI tokens to the ERC20 standard. The move is expected to cause a temporary disruption in the deposit and withdrawal services of BIFI tokens. Despite the anticipated service interruption, other functions such as spot trading, Binance Earn, and Pay are set to remain operational during the swap process. The exchange has not specified a timeline for when the deposit and withdrawal services will be resumed following the contract swap. The transition to the ERC20 standard signifies an upgrade in the blockchain technology used for BIFI tokens. The ERC20 standard is widely accepted and recognized in the cryptocurrency industry for its improved security and interoperability features. Binance has not yet provided further details regarding the exact time of the swap or how long the deposit and withdrawal services for BIFI tokens will be unavailable. As we approach Monday, customers are advised to monitor Binance's official communications for any updates regarding this matter. https://www.investing.com/news/cryptocurrency-news/binance-to-conduct-bifi-token-swap-to-erc20-standard-on-october-16-93CH-3198572

2023-10-13 12:55

Squarepoint Capital LLP, a hedge fund, has acquired over $100 million of predominantly Russian aluminum from the London Metal Exchange (LME). The acquisition took place with the metal stored in South Korean warehouses. The hedge fund has requested delivery of 50,000 tons of this metal, a majority of which was produced by United Co. Rusal International PJSC before its exchange debut. This move comes during a period of weak demand that has led to a stock build-up and a 7.6% price fall for aluminum on the LME this year. A downturn in the construction and industrial sectors is largely responsible for this slump. In response, financial firms like Squarepoint Capital are securing stocks in anticipation of potential price surges or profitable financing and warehousing deals amidst market fragility. Citigroup Inc (NYSE:C). is another financial firm adopting a similar strategy, amassing large quantities of physical aluminum and zinc from the LME. The bank aims to profit from the current low spot prices against projected future high prices. By acquiring these metals at a low cost now, they position themselves to potentially benefit from any future market recovery. https://www.investing.com/news/commodities-news/squarepoint-capital-acquires-100m-in-russian-aluminum-amid-market-slump-93CH-3198570

2023-10-13 12:26

Copyrighted Image by: Reuters In a surprising turn of events, major cryptocurrencies including Solana, Polygon, Dogecoin, Polkadot, Cardano, Ethereum, Bitcoin, Ripple, and Uniswap saw growth on Friday. This positive trend in the crypto market was reflected in the performance of the Bitwise Crypto Industry Innovators ETF and the Grayscale Bitcoin Trust, both of which also increased in value. Despite this overall upward movement in the crypto market, the Amplify Transformational Data Sharing ETF remained steady. However, Friday's morning trading session wasn't as favorable for some tech companies. Shares of Coinbase (NASDAQ:COIN) Global, NVIDIA Corp (NASDAQ:NVDA)., Advanced Micro Devices (NASDAQ:AMD), Block Inc., and Tesla (NASDAQ:TSLA) Inc. fell. On the other hand, several firms saw their shares rise. MicroStrategy, Marathon Digital (NASDAQ:MARA) Holdings, Overstock.com (NASDAQ:OSTK) Inc., PayPal (NASDAQ:PYPL) Holdings, Ebang International Holdings, and Riot Platforms all experienced an increase in their share prices. These developments unfolded amidst a broader context of market volatility and changing investor sentiment towards the tech and crypto sectors. As investors navigate this complex landscape, the fluctuations in the share prices of these companies and the performance of cryptocurrencies highlight the dynamic nature of these markets. The coming weeks will provide further clarity on whether these trends are temporary blips or indicative of a more sustained shift in market dynamics. https://www.investing.com/news/cryptocurrency-news/crypto-market-rises-while-tech-shares-falter-93CH-3198494

2023-10-13 12:20

Copyrighted Image by: Reuters Crypto investors are on edge as the SEC's decision on a Bitcoin BTC/USD ETF looms, with firms such as Fidelity, BlackRock (NYSE:BLK), and Invesco having submitted applications for Bitcoin ETFs. The approval of these ETFs could lead to a substantial influx of capital into Bitcoin. This situation was highlighted by Barron’s on Friday. Grayscale Investments, which manages a $16.6 billion Grayscale Bitcoin Trust (GBTC), is also looking to convert its trust into an ETF. The SEC has until midnight on Friday to contest its previous court defeat to Grayscale. If the court's decision holds, it could overturn the SEC's denial and send the application back for reassessment. Despite past rejections, SEC Chair Gary Gensler has stressed that they are still reviewing the court's verdict. During the largest 20,000 BTC sell-off since April, testimony from Caroline Ellison revealed Sam Bankman-Fried's concerns about Binance, a Saudi price, and Snapchat. A representative from Grayscale confirmed their readiness to convert GBTC into an ETF upon approval. Earlier on Friday, at Chainlink's SmartCon conference, Nitin Gaur from State Street (NYSE:STT) expressed optimism for the approval of Bitcoin ETFs despite challenges related to market manipulation concerns. Gaur emphasized that Bitcoin ETFs provide financial institutions with an easy way into the crypto market and an opportunity to supply liquidity. While he expects an influx of institutional capital to influence Bitcoin's price, he cautions against straying from Bitcoin's original goal of establishing an egalitarian system. On the regulatory front, Gaur advocates for an innovative approach that encourages experimentation while preventing catastrophic failures. He insists that this change depends on public sentiment communicated to elected officials, with lobbying efforts and crypto alliances playing a significant role. He pointed to MiCA in Europe, MAS in Singapore, VARA in Dubai, and FINMA in Switzerland as potential models for U.S. regulation. Amid regulatory challenges, U.S. crypto companies are prioritizing innovation over new ETFs or tokens, with some considering launching projects overseas. Gaur outlined three potential scenarios for Bitcoin: becoming a global store of value amid worsening geopolitical and economic situations; facing a coordinated regulatory crackdown similar to situations in Argentina and Turkey where the irreversible and deflationary nature of technology allowed users to bypass restrictions; or experiencing stagflation, where nothing substantial changes. https://www.investing.com/news/cryptocurrency-news/crypto-firms-await-secs-decision-on-bitcoin-etfs-93CH-3198490