🎭 SEC Keeps Market Guessing on ETFs
In today's edition: 🎙️ New episode on Grayscale's victory, 🤯 USDT's stability, 📈 BTC: off exchanges, into wallets?, 🎯 Ethereum validators playing fair?, and more!
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What’s Poppin’?
by Samyuktha Sriram
SEC Delays Decisions on All Six Spot Bitcoin ETF Applications
The SEC has delayed its decision on whether to approve or deny spot Bitcoin ETFs from all existing applicants, including BlackRock and Fidelity.
USDT Has Been Depegging All Month: Kaiko
Kaiko believes that the USDT depegs through the month of August wasn’t bigger news because they haven’t been “as dramatic” as ones in the past in pure price terms.
Some Ethereum Staking Services Commit to 22% Self-Limit of Validators
RocketPool, Stakewise, Stader Labs and Diva Staking have agreed to limit their share of the Ethereum staking market to 22% as part of an effort to make sure the network stays decentralized.
Bitcoin on Exchanges Hits 5-Year Low
The amount of BTC held on exchanges dropped to $54.5 billion in August, a level last seen in January 2018.
On the Pod…
This week’s emphatic ruling in favor of Grayscale in its suit against the SEC to convert its massive bitcoin trust into an ETF generated plenty of hopium among the bitcoin faithful that a spot bitcoin ETF will get approved soon and open a flood of investment in bitcoin. What are the odds of that truly happening now, though, and if it did, how much additional money could wind up being invested in bitcoin as a result?
Also, which companies’ applications would get approved first and how would the various products compete with one other? Bloomberg’s senior ETF analyst Eric Balchunas separates the hype from the reality in answering these questions and more.
Daily Bits…✍️✍️✍️
⚖️ Creditors, including Gemini, accused bankrupt crypto lender Genesis Global Capital of vote manipulation in a proposed $175 million deal with defunct exchange FTX.
🚀 MakerDAO's governance token, MKR, surged over 10%, outperforming the broader crypto market, as the platform returned to profitability following adjustments to its lending rates.
💱 The Turkish Lira-backed TRYB stablecoin became the world's second-largest non-USD-pegged stablecoin, with its market cap quadrupling to $136.10 million in three weeks.
📊 An RBC analyst predicted that the U.S. Federal Reserve will adopt a cautious, incremental approach to developing a Central Bank Digital Currency (CBDC), focusing on technology improvements rather than a complete overhaul of the payment system.
⚽ Brazilian footballer Ronaldinho refuted involvement in an alleged cryptocurrency scheme named "18k Ronaldinho," which promised up to 400% returns and used his name and likeness.
🛠 Binance Pool introduced Ordinals Inscription Service, allowing users to add data to individual satoshis on the Bitcoin blockchain.
Today in Crypto Adoption...
💡 Crypto wallet Argent and Starknet Foundation collaborated to launch Hito Studios, a venture studio aimed at supporting startups building on Starknet's Layer 2 network with early-stage investment and other resources.
🔗 Swift and Chainlink successfully conducted experiments transferring tokenized value across multiple blockchains, potentially easing friction in the growth of tokenized asset markets.
The $$$ Corner…
💰 HashKey Capital's Hong Kong-regulated digital asset fund plans to invest less than half of its assets in Bitcoin and Ether, focusing significantly on altcoins.
What Do You Meme?
Recommended Reads
Stephen Palley on the clash between law and crypto
Axios: SEC chair Gary Gensler's court losses are piling up in crypto
📈 Your Market Update 📉
BTC is down 4.7%, trading at $25,993
ETH is down 4%, trading at $1,643
BTC dominance: 46.52%
Crypto market cap: $1.09 trillion
*All data as of today, 7:35 am ET
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