Dear Bitruers,
Today, we are excited to share a new article about Cryptocurrency Markets Recent Developments!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
The holiday spirit seems to linger as the EU and US stock markets remain closed, setting a relaxed pace in the crypto sphere. However, some significant events have caught attention. Bitcoin's price is currently fluctuating within a $1000 range.
FTX, under scrutiny due to delayed customer payments, faces concerns akin to the MTGOX case. Amidst the bankruptcy, FTX proposed a separate deal for its stock swap platform, Embed, yet refund payment dates remain unclear, causing skepticism among experts regarding potential sales and resolution.
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SEC Sets December 29 as Deadline
The United States Securities and Exchange Commission (SEC) has set a deadline of December 29 for firms aiming to launch spot Bitcoin Exchange-Traded Funds (ETFs). Recent discussions involving representatives from BlackRock, Grayscale Investments, ARK Investments, and 21 Shares indicate a potential approval by early January, provided these firms finalize their ETF filings by month-end. These filings pertain to critical in-kind/redemption issues pivotal for ETF launch.
Spot Bitcoin ETFs Could Eliminate Bitcoin
Arthur Hayes, former CEO of BitMEX, expressed concerns in a blog post, suggesting that spot Bitcoin ETFs might constrain Bitcoin's value. He theorizes that ETFs, by holding Bitcoin in institutional custody wallets, could dampen its market movement, potentially capping its value. However, opposing views argue that in a scenario where institutional wallets hoard most of the supply, Bitcoin's price might surge into the six-figure range, making reduced volatility inconsequential for the majority of investors.
Hayes' notion of a spot Bitcoin ETF monopolizing circulating Bitcoin supply seems extreme and unrealistic. His perspective, criticized as absurd since BlackRock's June application for a Spot BTC ETF, doesn't resonate well within the industry due to its seemingly irrational nature.
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