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It's Frriidddaayyyy Folks! Bitcoin is trading down to $26,771.92. I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, Former Voyager CEO Steve Ehrlich faced complaints from the Commodity Futures Trading Commission and Federal Trade Commission from his time at defunct Voyager Digital.(5) Today, it appears many are anticipating the potential approval of a Spot Bitcoin ETF, but will it be yet another Lucy snatching the football away?
If the SEC doesn't appeal the Grayscale Bitcoin Spot ETF by midnight, "it does not automatically mean approval says James Seyffart. SEC needs to write an approval order for that." Coinbase Institutional's David Duong argues that the price is backed in and the expected deluge of money into the spot-based ETFs will likely happen overtime.(4) SEC Chair Gensler is mum on possible Grayscale appeal ahead of midnight deadline. SEC reportedly decides not to appeal its Bitcoin ETF court loss against Grayscale.(2) Grayscale Bitcoin Trust's ($GBTC) discount has seen a dramatic shift from a daunting 43% in mid-June to a more optimistic 16.5%. The Bitcoin network hashrate has reached an all-time high further pressuring miners which are already having a tough time. Madeiran President Prince Filip of Serbia announces launch of Bitcoin business hub to foster innovation.
Ethereum's open interest might lead to enormous volatility surge. Ethereum price drops to a 7-month low as data points to more downside. Taylor Swift and Ripple? Fans can purchase concert tickets in $XRP. Hong Kong’s crypto index creator ditches $USDC to onboard $XRP. Tether promotes Paolo Ardoino to CEO role.(5)
Favorable court rulings for Grayscale and Ripple spotlight a shift towards crypto acceptance in traditional finance realms and legal and regulatory shifts, with a spotlight on Bitcoin ETF, signal an impending crypto market bull run, attracting investors. Despite global strides in crypto regulation, the US lags, potentially driving crypto firms and developers to other regions. Coinbase tells IRS it has 'serious concerns' about proposed tax rules and thinks proposed tax regulations from the IRS will impose “unprecedented, unchecked, and unlimited tracking on the daily lives of Americans.”(2)
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