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Welcome to Thursday Folks! Yesterday, the market was on fire as a result of the Grayscale win over the SEC but has since pulled back today but remains above the 200 day SMA. Today the attention turns toward if we will get a Bitcoin ETF as a result. The price of Bitcoin is currently trading at $27,201.50. Let's dive into the news...
BTC trading volume spiked to a 2-week high following Grayscale’s victory, but Bitcoin retreats to $27.2K and holds 200-day trend line as trader predicts low is in and Bitcoin holdings on Crypto exchanges dwindle to 2M, fewest since January 2018. In addition, Fresh data suggests 40% of bitcoin’s total supply has remained stationary for more than three years.
Bloomberg analysts James Seyffart and Eric Balchunas say it’s highly likely a Bitcoin (BTC) exchange-traded fund (ETF) will launch by the end of the year, and a near-guarantee by the end of 2024; Jamie Coutts believes the same. Grayscale victory sends Bitcoin open interest surging after hitting one-year lows. SEC could prepare alternative arguments to reject spot Bitcoin ETFs according to Berenberg. Grayscale CEO Michael Sonnenshein remains uncertain about a spot bitcoin ETF refiling — despite a “huge win” against the U.S. Securities and Exchange Commission.
In laying out the bull case for ether on Wednesday, Fidelity’s digital assets subsidiary said dapps built on Ethereum are “capable of things that could not be done on Bitcoin’s network due to Ethereum’s superior programmability.” Arkham Invest identified Robinhood as the owner of the world's fifth largest Ethereum wallet, holding about 1.49 million Ethereum. Cardano (ADA) enthusiasts are eagerly watching the charts as the cryptocurrency’s price forms a distinctive triangle pattern, suggesting an imminent breakout that could mark a significant shift in its trajectory.
Binance pushes $FUSD as it confirms plan to cease BUSD support. Coinbase is set to join other crypto exchanges that have recently listed PYUSD. Optimism (OP) expands ecosystem with USDC integration.
MiCA: The good, the bad and the ugly of the EU’s crypto rules
Gemini joins two other creditor groups in objecting to Genesis' proposed agreement to resolve its bankruptcy. Sam Bankman-Fried might not stand trial in October after all, says Judge. Grayscale’s SEC victory may render Alameda’s redemptions lawsuit unnecessary, Bloomberg analysts say.
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Podcast of the Day: ETF Watch 157 - BRICS Brings Up Bitcoin | BM
Sources:
Bitcoin
- Price (CryptoPotato | Finbold | Cointelegraph | CoinDesk | Blockworks | Cryptoglobe | TB)
- Spot ETF (TDH | Blockworks | CoinDesk | Cointelegraph | NewsBTC | TDH | CoinDesk | TB | Finbold)
Altcoins
- Ethereum (Blockworks | BIC | Cointelegraph)
- Cardano (NewsBTC)
Stablecoins
- BUSD / FDUSD (Cointelegraph | CoinDesk | CryptoPotato | Blockworks | BIC)
- PYUSD (TB | TDH)
- USDC (UToday)
Legal Cases
- Genesis (CoinDesk | BIC)
- SBF (BIC | Cointelegraph | TB | Blockworks | Blockworks)
- Grayscale (CoinDesk)
