23/10/2023. Weekly CryptoNews Digest (October, 16 – October, 22)

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And now with the introductions out of the way let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from October, 16 to October, 22, 2023. I will be covering some mostly positive news that drove markets crazy last week leading to the higher prices across the crypto industry and generally positive outlook. That has been badly needed after a prolonged period of stagnation which might be well over pretty soon. So, what actually made BTC go through the roof last week? Read below to find out, guys.

BITCOIN PRICE OVER $30K ON ETF APPROVAL EXPECTATIONS

Bitcoin’s price briefly spiked to $30,000 on October 21, 2023, following false reports that the Securities and Exchange Commission (SEC) had approved BlackRock’s spot Bitcoin ETF. The news spread like wildfire on social media, prompting a flurry of buy orders that drove the price of Bitcoin to its highest level since mid-July.

However, the SEC quickly denied the rumors, and Bitcoin’s price fell back to around $28,000. Despite the setback, the move back above $30,000 was seen as a positive sign for the cryptocurrency market, which has been struggling in recent months.

The prospect of a US-listed spot Bitcoin ETF has been a major driver of interest in the cryptocurrency market this year. A spot ETF would allow investors to buy and sell shares of an ETF that tracks the price of Bitcoin, without having to actually own any Bitcoin themselves. This would make it easier for traditional investors to gain exposure to Bitcoin, and could lead to a significant influx of new capital into the market.

The SEC has not yet approved a spot Bitcoin ETF, but it is facing increasing pressure from the industry and investors to do so. In June 2023, the SEC declined to appeal a court ruling that went against Grayscale Investments, a cryptocurrency asset manager that has been seeking to convert its flagship Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

The SEC’s decision was seen as a victory for the cryptocurrency industry, and it raised hopes that the regulator is finally moving closer to approving a spot Bitcoin ETF. If the SEC does approve a spot Bitcoin ETF, it would be a major milestone for the cryptocurrency market, and could lead to a significant increase in the price of Bitcoin.

COINBASE CONFIDENT ON BTC ETF APPROVAL DESPITE SETBACK

As you may now that at this particular moment the price of BTC has reached the $31K mark while the whole crypto market last week was positively affected by not only rumors, but predictions about the BTC future approval coming from the highest circles in the crypto industry.

For instance, on October 19, 2023, Coinbase’s Chief Legal Officer, Paul Grewal, expressed confidence that a U.S. Bitcoin (BTC) exchange-traded fund (ETF) will be approved by the Securities and Exchange Commission (SEC) in the near future. This statement comes after the SEC lost a court case against Grayscale Investments, which had been seeking to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

In its ruling, the court found that the SEC had not provided a valid basis for denying Grayscale’s application. The SEC has since chosen not to appeal the ruling, which further increases the likelihood of a Bitcoin ETF being approved in the coming months.

Grewal highlighted that the SEC’s recent court setback, combined with the fact that several prominent financial institutions have submitted robust ETF proposals, suggests that progress is being made in the regulatory landscape. He also noted that Coinbase is hopeful about the approval of ETF applications due to their compliance with existing laws governing financial services.

The approval of a Bitcoin ETF in the United States would be a major milestone for the cryptocurrency industry. It would provide investors with an easy and convenient way to gain exposure to Bitcoin without having to purchase the cryptocurrency directly. This could lead to a significant influx of new investors into the Bitcoin market, which could boost the price of the cryptocurrency.

However, it is important to note that the SEC has not yet approved any spot Bitcoin ETFs. The agency has cited concerns about market manipulation and fraud as reasons for its reluctance to approve such products. It is also possible that the SEC could face further legal challenges if it approves a Bitcoin ETF.

Despite these challenges, Coinbase remains confident that a Bitcoin ETF will be approved in the United States in the near future. The company has been a vocal advocate for Bitcoin ETFs and has invested heavily in building infrastructure to support the launch of these products.

If a Bitcoin ETF is approved in the United States, it would be a major victory for Coinbase. The company is the largest cryptocurrency exchange in the United States and stands to benefit greatly from increased demand for Bitcoin.

JPMORGAN BETS ON BITCOIN ETF APPROVAL WITHIN MONTHS

Coinbase’s opinion which may result in skyrocketing prices for Bitcoin and other cryptocurrencies was not the only one that positively affected the marker last week. Thus, JPMorgan Chase & Co., one of the largest investment banks in the world, has said that the US Securities and Exchange Commission (SEC) is likely to approve a spot Bitcoin ETF in the next few months.

In a research report published on October 20, 2023, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote that the timing of spot Bitcoin ETF approvals remains unclear but should happen within months and most likely before January 10, 2024. This is the final deadline for the Ark Invest and 21Shares applications.

The analysts cited the SEC’s decision not to appeal a recent ruling in the case brought against it by Grayscale Investments as a key reason for their optimism. The ruling found that the SEC had not provided a valid basis for denying Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

JPMorgan also noted that the SEC has recently signaled that it may be more open to approving a spot Bitcoin ETF in the future. In a speech in June 2023, SEC Chairman Gary Gensler said that the agency is “open-minded” about approving a Bitcoin ETF, but that it needs to be properly structured and regulated.

FERRARI ACCEPTS CRYPTO AS PAYMENT FOR CARS

Another good news concerning the wider than before acceptance of cryptocurrencies comes this week from the auto market. Ferrari announced on October 16, 2023 that it will now accept cryptocurrency payments for new cars in the United States. The company will accept Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).

Ferrari is one of the first luxury automakers to accept cryptocurrency payments. The company’s decision is a sign of the growing popularity of cryptocurrencies and the growing interest in cryptocurrencies from wealthy investors.

Ferrari’s decision to accept cryptocurrency payments is also a sign of the company’s commitment to innovation. Ferrari is always looking for new ways to improve its customer experience, and the acceptance of cryptocurrency payments is one way to do that.

Ferrari customers who want to pay for their new car with cryptocurrency will be able to do so through a partnership with the cryptocurrency payment processor BitPay. BitPay will convert the cryptocurrency payments into fiat currency on behalf of Ferrari’s dealers. This will protect the dealers from any price swings in the cryptocurrency market.

Ferrari’s decision to accept cryptocurrency payments is a positive development for the cryptocurrency industry. It shows that major companies are starting to accept cryptocurrencies as a legitimate form of payment. This could help to further legitimize cryptocurrencies and make them more appealing to a wider range of people.

However, it is important to note that Ferrari is still a luxury brand, and its cars are still very expensive. Even though Ferrari is now accepting cryptocurrency payments, it is unlikely that the average person will be able to afford to buy a Ferrari with cryptocurrency.

BINANCE TO SHUT DOWN EUROPEAN VISA DEBIT CARD SERVICES

Binance, the world’s largest cryptocurrency exchange, announced on October 20, 2023 that it will be shutting down its Visa debit card services in the European Economic Area (EEA) on December 20, 2023.

The move comes after Binance’s card issuer, Contis Financial Services, decided to discontinue its services to Binance. Contis is a Lithuanian-based electronic money institution that provides card issuance and other financial services.

Binance said in a statement that it is “disappointed” by Contis’ decision, but that it will respect it. The company also said that it is working on finding a new card issuer for its European customers.

In the meantime, Binance customers in the EEA will still be able to use their existing Visa debit cards until December 20, 2023. However, they will not be able to apply for new cards or renew their existing cards after that date.

Binance’s decision to shut down its Visa debit card services in the EEA is a setback for the company’s expansion plans in Europe. However, it is important to note that Binance is still able to offer a variety of other services in the EEA, such as cryptocurrency trading, fiat currency deposits and withdrawals, and peer-to-peer trading.

It is also worth noting that Binance is not the only cryptocurrency exchange that is facing challenges in Europe. In September 2023, Mastercard announced that it was terminating its partnership with Binance. This decision was reportedly made in response to concerns about Binance’s compliance with anti-money laundering and know-your-customer regulations.

The challenges that Binance and other cryptocurrency exchanges are facing in Europe are a reminder that the regulatory landscape for cryptocurrencies is still evolving. It is important for investors to be aware of the risks involved before investing in cryptocurrencies.

US SUING TOP CRYPTOCURRENCY FIRMS FOR ONE BILLION DOLLARS

On October 19, 2023, the New York Attorney General (NYAG) filed a lawsuit against three high-profile cryptocurrency firms: Gemini, Genesis, and Digital Currency Group (DCG). The lawsuit alleges that the firms defrauded investors of more than $1 billion.

The NYAG’s lawsuit alleges that Gemini, a cryptocurrency exchange, misled investors about the risks of a high-yield investment product called Gemini Earn. The product promised investors returns of up to 8% on their cryptocurrency deposits. However, the NYAG alleges that Gemini failed to disclose that it was lending the deposited cryptocurrency to Genesis, a cryptocurrency lender. Genesis was struggling financially at the time, and the NYAG alleges that Gemini knew this but failed to disclose it to investors.

The NYAG’s lawsuit also alleges that Genesis and DCG, which is DCG’s parent company, engaged in accounting fraud to conceal the true financial condition of Genesis. The NYAG alleges that Genesis and DCG misrepresented the value of their assets and liabilities in order to make Genesis appear more solvent than it actually was.

The NYAG is seeking a number of remedies in its lawsuit, including injunctive relief, restitution for investors, and civil penalties. The lawsuit is still in its early stages, and it is not yet clear what the outcome will be.

However, the lawsuit is a significant development in the cryptocurrency industry. It is the first time that a major state regulator has accused high-profile cryptocurrency firms of fraud. The lawsuit could have a chilling effect on the cryptocurrency industry, as it could make investors more wary of investing in cryptocurrency products and services.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week, and there will be all the latest developments and news covered. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check it out next Monday.

As there is nothing to cover on HYIPs this week that will be it for tonight, guys. I hope your business week will be fruitful and productive and I will be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!