🎉 Long-Awaited ETF Approval Is Here: What's Next?

In today’s edition: 📢 Reactions to SEC's ETF move, 🌟 Altcoins surge post-ETF, 💼 Lower fees in ETF war, 💹 91% BTC now profitable, 💰 Ripple's $285M buyback, 🛠️ RPL tokenomics revamp, and more!

Jan 11, 2024

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🎙️ Don’t Miss Today’s Unchained Twitter/X Spaces!

Join Laura, live at 12 pm EST / 9 am PT, as she discusses the groundbreaking SEC approval of the Bitcoin spot ETF with James Seyffart, Eric Balchunas and Nate Geraci. Dive into all things related to spot Bitcoin ETFs in this session!

Set a reminder, see you there!

What’s Poppin’?

by Sage Young, James Rubin, Brandy Betz, and Sam Sriram

Spot Bitcoin ETFs Finally Receive SEC Seal of Approval

The agency ended its longstanding objections to the product that is based primarily on the price of bitcoin. BTC prices did not move dramatically on the news.

What Officials, ETF Issuers, and Others Are Saying About the SEC’s Spot Bitcoin ETF Approvals

Within the U.S. Securities and Exchange Commission and outside of it, central players in the spot Bitcoin ETF approval process did not hold back their strong opinions for and against the agency’s order.

Spot Bitcoin ETF Approval Sparks Altcoin Rally

Bitcoin saw relatively modest price action compared to some popular altcoins, which saw double-digit gains after the SEC approved 11 spot BTC ETFs on Wednesday.

BlackRock, ARK/21Shares Lower Bitcoin ETF Fees Again

Fees continue to dip lower for the exchange-traded funds.

More Than 91% of Bitcoin’s Circulating Supply Is in Profit

The amount of Bitcoin circulating at profitable values is higher than it’s been since BTC reached its all-time high in Nov. 2021.

Ripple Labs Plans $285 Million Share Buyback: Report

The company behind the XRP token reportedly plans to buy back $285 million worth of shares, valuing the firm at $11 billion.

Liquid-Staking Provider Rocket Pool Looks to Revamp RPL Tokenomics

Rocket Pool, the second-largest liquid-staking provider on Ethereum, “is not keeping pace” with its top competitor, Lido, community members say.

Daily Bits…✍️✍️✍️

🌴 FTX's bankruptcy administrators are preparing to sell multiple properties in the Bahamas, including the high-end 'Orchid Penthouse' once occupied by the exchange's former CEO Sam Bankman-Fried.
🔧 Ethereum's Vitalik Buterin recommends a 33% increase in the block gas limit from 30 million to 40 million units, potentially improving network capacity.
🔻 Near Foundation announced a 40% reduction in its workforce, with cuts mainly in marketing, business development, and community teams, despite a strong treasury.
🇰🇷 South Korea said it maintains its ban on cryptocurrency ETFs, citing financial stability and investor protection, unaffected by U.S. approvals.
🔁 Social media platform X is reportedly discontinuing its feature for using NFTs as profile pictures, reverting from hexagonal to traditional circular images.
🌐 Cosmos Hub community is voting on a proposal to potentially set the minimum ATOM inflation rate to zero.
🛡️ Coinbase executives offered assistance to the SEC for improving their social media account security.
💶 A European Central Bank (ECB) board member Isabel Schnabel stated that the bank is very unlikely to ever buy bitcoin.
⚖️ TrueUSD's attestations were paused due to improper 'balances,' raising concerns over asset-liability mismatch.
🔒 UK Green Party politician Zack Polanski's X account was hacked and used to promote a crypto scam.
💰 Enigma Securities launched a service offering tokenized U.S. Treasury bonds with yield opportunities, catering to the growing demand for tokenized financial products.
🧠 Arthur Hayes, cofounder of BitMEX, joined decentralized AI project Ritual in an advisory role.

Today in Crypto Adoption...

🚀 Robinhood aims to swiftly list the newly approved 11 spot bitcoin ETFs, as announced by CEO Vlad Tenev following the SEC's landmark decision.
📜 Turkey is finalizing its crypto regulatory framework, planning to mandate licensing for cryptocurrency businesses.
📈 Cboe filed for Fidelity and Ark 21Shares accelerations ahead of the bitcoin ETF approvals to launch the funds as soon as possible.

The $$$ Corner…

🎶 Web3 music service Tune.FM closed a $20 million investment for its platform, supporting artists with its JAM token for streaming revenues.

The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn , Amazon Music, or on your favorite podcast platform.

What Do You Meme?

📈 Your Market Update 📉

BTC is up 6.4%, trading at $47,435
ETH is up 12%, trading at $2,648
BTC dominance: 48.86%
Crypto market cap: $1.89T

*All data as of today, 08:00 am ET. Source: CoinGecko

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