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Crypto Daily Roundup, 09 Nov: Bitcoin ETF Buzz Fuels Crypto Surge

09-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

The top 5 crypto currency that recorded gains within the last 24 hours

TOP 5 Gainers Coins

Indices LTP Change (%)
Mina $0.7437 22.66%
Pepe $0.000001317 13.07%
Gala $0.02361 12.45%
Neo $13.75 11.87%
Sui $0.5927 11.63%

Crypto News Key Highlights:

The Grayscale Bitcoin Trust ($GBTC) discount is at its lowest since November 2021, currently at -12.26%, indicating growing confidence in the approval of the first-ever spot Bitcoin ETF in the United States. Analysts foresee multiple approvals to prevent a first-mover advantage. The low discount reflects optimism amid expectations of a Bitcoin ETF approval, with the Bitcoin price up approximately 120% compared to a year ago.

The SEC is in discussions with Grayscale Investments regarding its application to convert its flagship fund into a spot Bitcoin ETF. Grayscale filed a fresh application following a court ruling that required the SEC to re-review the proposal. The decision could impact other firms like BlackRock and Fidelity seeking spot Bitcoin ETF approval. SEC Chair Gensler explained the agency's process, involving the Division of Corporation Finance providing feedback, and the Division of Trading and Markets reviewing the filings.

U.S. lawmakers have proposed a bill to prohibit federal officials from engaging with iFinex, the parent company of Tether, as part of the government's campaign to regulate Chinese blockchain companies and address worries about Tether's ties to Chinese securities and the cryptocurrency industry.

Australian cryptocurrency exchange CoinSpot was reportedly hacked for $2.4 million due to a "probable private key compromise" in at least one of its hot wallets. Blockchain sleuth ZachXBT highlighted the incident, which involved multiple transactions, including conversions to Bitcoin. The exchange serves around 2.5 million customers and is regulated by AUSTRAC.

The Treasury is working with Congress to enhance tools for combating the illicit use of cryptocurrencies, prompted by concerns about recent events. They aim to create a regulatory framework for digital assets while urging the crypto industry to self-regulate and prevent misuse for criminal purposes.

Bitcoin has surpassed Ethereum in 24-hour NFT sales volume, marking a significant shift in the NFT market. While Ethereum maintains higher total sales, Bitcoin's lower wash percentage suggests a healthier market. Ethereum has outperformed Bitcoin over the past two weeks in terms of price movement.

Circle, the company behind USDC, is considering an IPO in early 2024. The firm, which raised funds from investors like Goldman Sachs and BlackRock, previously attempted to go public in 2022. Ripple's IPO plans may be delayed due to its legal battle with the SEC. Ripple introduced a new cross-border payments product called Ripple Payments.

In this week's newsletter, NFT sales surged to $129 million in November, led by NFT marketplace Blur and the Bored Ape Yacht Club. OpenSea laid off 50% of its staff in preparation for version 2.0. Elon Musk unintentionally supported Bitcoin Ordinals over NFTs. OpenSea investor Coatue Management marked down its stake by 90%. The Simpsons hilariously mocked NFTs in a Halloween special segment.

Also read - 24 Crypto Update, 08 Nov: Crypto Market Witnesses Bullish Stranglehold