Elon Musk, the billionaire entrepreneur and CEO of Tesla and Spacex, called to invest in Argentina after meeting with Argentine President Javier Milei. Musk and Milei met for the second time in less than a month after Milei participated in the Milken Institute Forum, an event that gathers important entrepreneurs, bankers, CEOs, and investment funds. […]
Bitcoin News
Ethereum Steals the Spotlight — SEC’s Approval of 11 Bitcoin ETFs Meets Tepid Market Reaction
In a landmark decision, the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), a move long anticipated by crypto enthusiasts. Despite this historic regulatory nod, the price of bitcoin witnessed stale action over the past 24 hours. In striking contrast, ethereum rallied, marking a 9.1% rise on Wednesday, overshadowing bitcoin’s underperformance.
Ethereum Rises as Bitcoin Sees Muted Impact After ETF Approvals
The SEC’s decision marks a significant turn in the regulatory landscape for cryptocurrencies. Six years after the Winklevoss Bitcoin Trust became the first Bitcoin ETF to be rejected in March 2017, the approval of these 11 ETFs represents a watershed moment. However, the market’s response was unexpectedly muted. While such approvals typically fuel bullish sentiments, bitcoin’s price movement remained tepid, suggesting a more complex market dynamic at play.
Experts have been pondering the reasons behind bitcoin’s underwhelming performance, attributing it to various elements. The role of two erroneous announcements is highlighted: Cointelegraph’s incorrect report regarding Blackrock’s ETF and the SEC’s mistaken social media post on platform X. Additionally, the prolonged wait for the SEC’s nod might have led to a “buy the rumor, sell the news” effect, with the market possibly having anticipated the approval.
In stark contrast, ethereum has seen a remarkable surge, pointing to the dynamic and changing nature of the cryptocurrency market. This variance in the trajectories of bitcoin and ethereum following the ETF approval sparks crucial inquiries about the future trends in the crypto world. ETH rose to a high of ,527 per unit almost immediately after the SEC approved the spot bitcoin ETFs.
Moreover, there’s a growing expectation of an imminent spot-based Ethereum ETF. This shift illustrates changing investor attitudes and the maturing market. The crypto realm’s ongoing transformation highlights the fascinating relationship between regulatory decisions and market responses. In light of the numerous misleading events the crypto community has faced, it seems a significant amount of speculative excitement has dissipated.
What do you think about bitcoin’s lackluster price performance? Share your thoughts and opinions about this subject in the comments section below.
Crypto Chaos Meets BONK Bliss: 15% Rally Bucks The Trend
In a market dominated by red arrows, one Solana-based meme coin is swimming against the tide. BONK, the self-proclaimed “first Solana dog coin,” has soared a staggering 15% in the past 24 hours, emerging as a beacon of green amidst a sea of plummeting peers.
While Dogecoin and Shiba Inu wallow in double-digit losses, BONK has bucked the downtrend, leaving investors wondering if this canine crusader has the bite to back its bark.
But BONK’s bullish gallop isn’t an isolated thing. This week has seen the meme coin rise 10%, propelling its value to .00001363 – a testament to its impressive medium-term momentum.
Positive Forecast For BONK
Analysts predict this positive trajectory to continue, especially if tomorrow’s highly anticipated decision by the US Securities and Exchange Commission (SEC) on Bitcoin ETFs paves the way for a broader market bull run.
In such a scenario, BONK’s potential for disproportionate gains, even eclipsing Shiba Inu’s, is a tantalizing prospect for risk-tolerant investors.
Fueling BONK’s ascent is a potent cocktail of positive factors. Its social engagement has nearly doubled, sparking a buzz that translates into tangible market momentum.
Trading volumes have skyrocketed 130%, reaching a staggering 5 million in the past day – more than twice that of Shiba Inu, showcasing the surging interest from retail investors.
This surge in activity has catapulted BONK’s market cap past 0 million, cementing its place as the 81st largest digital asset, a remarkable feat for a relatively young project.
Further driving BONK’s appeal is its upcoming listing on OKX, a leading global cryptocurrency exchange. This strategic move promises to broaden BONK’s reach and expose it to a wider audience, particularly within the Solana ecosystem.
The potential surge in investor interest this listing could trigger could be a significant catalyst for future price appreciation.
BONK Technical Overview
Technical indicators add to the optimistic picture. BONK currently dances above both the 10-day and 200-day Simple Moving Averages (SMAs), signaling robust buying pressure.
The 20-day Exponential Moving Average (EMA) sits comfortably above the 50-day EMA, reinforcing the upward trend. And for good measure, the Chaikin Money Flow index flashes a bullish .20, painting a picture of healthy and sustained buying interest.
However, as with any cryptocurrency, caution is paramount. Meme coins are notorious for their volatility, and BONK’s recent gains are no guarantee of future glory.
Regulatory uncertainties surrounding the SEC’s decision further cloud the outlook. Additionally, BONK’s fortunes remain tied to the overall health of the cryptocurrency market.
Despite these caveats, BONK’s performance stands out like a sore thumb in the current market landscape.
Its technical indicators, combined with its growing social buzz and strategic moves like the OKX listing, present a compelling case for the meme coin’s continued ascent.
Whether BONK dethrones Shiba Inu to become the king of meme coins remains to be seen, but one thing’s for sure – this Solana underdog is barking loud enough to turn heads in the crypto arena.
Featured image from Freepik
SEC Meets With Major Exchanges to Discuss Spot Bitcoin ETFs — Analysts Expect Imminent Approval
The U.S. Securities and Exchange Commission (SEC) has met with officials from major exchanges to discuss spot bitcoin exchange-traded funds (ETFs). Sources close to the proceedings say the securities regulator could begin notifying issuers of spot bitcoin ETF approval on Friday and trading could begin as early as next week. “SEC is giving final comments as we speak,” a Bloomberg analyst described, adding that this is “as close to ‘done’ as we’ve been.”
SEC Meeting With Exchanges to Discuss Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC)’s staff attorneys from the Division of Trading and Markets reportedly held meetings with officials from major exchanges, including the New York Stock Exchange (NYSE), Nasdaq, and Chicago Board Options Exchange (CBOE), on Wednesday. Fox Business reporter Eleanor Terrett shared on social media platform X:
The SEC is holding meetings today with the exchanges (Nasdaq, CBOE, NYSE) to finalize comments on the 19b-4s submitted by the BTC spot ETF issuers.
The securities regulator specifically asked the exchanges to “revise and finalize” their 19b-4 filings, which they submitted on behalf of spot bitcoin ETF issuers, Fox Business conveyed, adding that these filings “must receive SEC clearance before the ETF can be sold to the public.”
While noting that the final decision has not been made, the news outlet reported: “Sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday with trading beginning as early as next week.”
On Thursday, Techcrunch reporter Jacquelyn Melinek shared on X:
Heard from sources extremely close to the matter that the bitcoin spot ETF is going to be approved by the SEC for *multiple* firms’ applications … expecting something tomorrow.
Meanwhile, Bloomberg analyst James Seyffart believes that the SEC will make an announcement regarding spot bitcoin ETF approval early next week. “January 8th – January 10th has been the window I’m watching and will remain the window I’m focused on,” he detailed on X Wednesday.
Moreover, the number of spot bitcoin ETF applicants filing to register their funds as securities (8-A filings) with the SEC has surged. While noting that “8-A forms don’t equal approval,” Bloomberg ETF analyst Eric Balchunas emphasized on X: “They are part of the normal prep process so that’s good.” Commenting on whether a spot bitcoin ETF approval is imminent, he said:
Pretty much imminent yes.
“SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after. So I mean this is def as close to ‘done’ as we’ve been but no official approval as far as I know,” Balchunas added on Thursday.
Do you think the SEC will approve spot bitcoin ETFs soon? Let us know in the comments section below.
Blackrock Meets With SEC 4 Times to Discuss Spot Bitcoin ETF Application
Blackrock, the world’s largest asset manager, has met with the U.S. Securities and Exchange Commission (SEC) for the fourth time recently to discuss its spot bitcoin exchange-traded fund (ETF) application. SEC Chairman Gary Gensler said this week that the securities regulator is “taking a new look” at spot bitcoin ETF filings.
Blackrock Holds Another Meeting With SEC
The expectation of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) has intensified this week as several spot bitcoin ETF issuers engage in discussions with the securities regulator regarding their applications. Notably, Blackrock, the world’s largest asset manager, has held its fourth recent meeting with the SEC concerning its spot bitcoin ETF proposal.
According to a meeting memorandum dated Dec. 14, filed with the SEC, staff from the Office of the Chair met with three individuals from Blackrock. The memorandum details: “The discussion concerned the Nasdaq Stock Market LLC’s proposed rule change to list and trade shares of the Ishares Bitcoin Trust under the Nasdaq Rule 5711(d).” Once approved, Blackrock’s spot bitcoin ETF will trade under ticker IBTC.
Bloomberg’s senior ETF analyst Eric Balchunas commented on X Friday:
Gensler’s staff met with Blackrock yesterday to talk IBTC but it wasn’t normal crew, more public policy folks including Blackrock’s Public Policy Director Ben Tecmire who by the way used to be senior counsel at the SEC’s Division of Investment Management.
Another Bloomberg analyst, James Seyffart, pointed out on X that Blackrock is not the only company meeting with the SEC’s Office of the Chair, noting that Hashdex, another company seeking approval to launch a spot bitcoin ETF, did the same in November. Before the latest meeting, Blackrock met with the SEC on Nov. 20, Nov. 28, and Dec. 11 regarding its spot bitcoin ETF filing.
The SEC staff also recently held meetings with several other companies that have filed to launch spot bitcoin ETFs, including Fidelity, Franklin Templeton, and Grayscale Investments.
Among the topics spot bitcoin ETF applicants discussed with the SEC is the use of cash creation method versus in-kind creation method for their spot bitcoin ETFs. The securities regulator is reportedly in favor of the cash creation method. However, Blackrock, Fidelity, and a few others have expressed their preference for using the in-kind method. Blackrock even proposed a revised in-kind method to resolve the SEC’s concerns.
SEC Chairman Gary Gensler said this week that the securities watchdog is “taking a new look” at spot bitcoin ETF filings following court rulings from the Grayscale case. Gensler emphasized that the SEC acts according to its authorities and how the courts interpret them. There are currently 13 spot bitcoin ETF applications pending at the SEC. Bloomberg’s analysts have predicted a 90% chance of the securities regulator approving a spot bitcoin ETF by Jan. 10.
What do you think about Blacktock meeting with the SEC four times recently regarding its spot bitcoin ETF application? Do you think Blackrock will be among the first filers to be approved by the SEC? Let us know in the comments section below.
SEC Meets With Blackrock, Fidelity, Franklin Templeton, and Grayscale to Discuss Their Spot Bitcoin ETF Applications
The U.S. Securities and Exchange Commission (SEC) has held multiple meetings with spot bitcoin exchange-traded fund (ETF) issuers regarding their applications. “The SEC is busier than Santa’s elves,” said a Bloomberg ETF analyst, noting that Blackrock, the world’s largest asset manager, recently met with the SEC three times.
More Spot Bitcoin ETF Issuers Meeting With SEC
The U.S. Securities and Exchange Commission (SEC) recently held meetings with four different issuers regarding their spot bitcoin exchange-traded fund (ETF) filings.
Bloomberg analyst James Seyffart shared on social media X Tuesday that Blackrock, the world’s largest asset manager, returned to the SEC on Monday for the third time in recent weeks to discuss its spot bitcoin ETF application. He noted that the securities watchdog also held meetings with Fidelity Investments, Franklin Templeton, and Grayscale Investments. According to meeting memorandums posted on the SEC website, Grayscale and Franklin Templeton met with the SEC on Dec. 8, Fidelity Investments on Dec. 7, and Blackrock’s latest meeting with the SEC was on Dec. 11.
Eric Balchunas, a senior Bloomberg ETF analyst, commented on X Tuesday:
The SEC is busier than Santa’s elves. Blackrock’s third meeting with them yesterday is the most notable IMO as everyone is waiting to see if they can convince SEC to allow in-kind creations in the first run of approvals.
Nothing groundbreaking to report but 4 different issuers have met with the SEC regarding their #Bitcoin ETF filings in last few days. @BlackRock met with them yesterday for the third time in as many weeks. While @Grayscale, Franklin, and @Fidelity each had meetings last week pic.twitter.com/5gwBk83m0o
— James Seyffart (@JSeyff) December 12, 2023
“As you can see from the screenshots — both the [SEC] Division of Trading & Markets and the Division of Corporate Finance were present at each of these meetings. Those are the two divisions that will ultimately decide if & when the 19b-4’s & S-1’s would be approved or denied,” Seyffart noted.
Spot bitcoin ETF issuers have filed Form 19b-4 and S-1 with the SEC. The former is used by covered self-regulatory organizations (SROs) to record a rule change with the SEC while the latter is a registration statement.
One of the issues Blackrock, and other spot bitcoin ETF issuers, discussed with the SEC concerns the use of the in-kind creation model instead of the cash creation model for their spot bitcoin ETFs. While the SEC favors the cash model, Blackrock and other issuers advocate for in-kind creation. To address the regulator’s concerns, Blackrock has proposed a revised in-kind model. In its latest spot bitcoin ETF filing update, Blackrock addressed the potential classification of bitcoin as a security by the SEC.
Bloomberg has predicted a 90% chance of the SEC approving spot bitcoin ETFs by Jan. 10. There are currently 13 applications that the securities watchdog is considering. Skybridge Capital founder Anthony Scaramucci has predicted a massive capital inflow from Wall Street into BTC following spot bitcoin ETF approvals while Galaxy Digital CEO Mike Novogratz expects the price of the cryptocurrency to be “significantly higher.”
What do you think about all these spot bitcoin ETF issuers meeting with the SEC multiple times? Do you think the regulator will soon approve spot bitcoin ETFs? Let us know in the comments section below.
Latam Insights: Colombian President Meets Blockchain Experts, Brazil Passes 15% Tax for Foreign Crypto Investments
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Colombian president met with a group of blockchain proponents, the Brazilian Senate passed a law taxing investments in foreign exchanges, and the Fintech Chamber proposed a tokenization framework in Argentina.
Colombian President Gustavo Petro Held a Meeting With Blockchain Experts
Gustavo Petro, president of Colombia, recently met a group of blockchain experts to examine the possibilities of adopting this tech in state projects and its benefits.
Different blockchain proponents, including JAN3 CEO Samson Mow, JAN3 Marketing Director Raul Velasquez, JAN3 CMO Edwin Rivas, RSK Labs co-founder Diego Gutierrez, Bingx International Operations Consultant Cristian Quintero, and Tropykus co-founder Mauricio Tovar discussed the implementation of systems leveraging this tech in health billing and land registry applications.
Petro also hinted at utilizing bitcoin to finance free work cooperatives in popular areas, stating that these tools “can be promising for the prosperity of the people.”
Brazilian Senate Passes Law Taxing Cryptocurrency Purchases Made Using Foreign Exchanges
The Brazilian Senate approved Bill 4,173/2023, which defines certain taxes that must be applied to Brazilians investing abroad, including cryptocurrency purchases. The proposal, now pending presidential sanction, modifies the current cryptocurrency income tax gain rate, taking it to 15% for any amount of income perceived.
However, the bill is still somewhat broad in the eyes of experts, who still have doubts about the bill’s applicability and which exchanges will be considered offshore.
Maria Carolina Sampaio, head of the tax area and partner at GVM Advogados, told O Globo that the bill is broad and unclear, given that it does not define which assets will be taxed and does not define what constitutes a foreign investment.
Fintech Chamber Presents Tokenization Regulation Proposal in Argentina
The Argentine Fintech Chamber revealed a set of proposals focused on regulating the tokenization of real-world assets (RWA) in the country. In a document presented to Argentine President Javier Milei, the organization proposes to adopt a limited sandbox to test the functionalities of the tokenization approach for several use cases.
In the same way, the chamber proposes to include the processes to confirm that the issued tokens are linked to the promoted assets, letting issuers know the taxes and processes needed to complete the tokenization of these assets. This would include allowing notaries to provide physical examination services for these assets.
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What do you think about this week’s Latam Insights report? Tell us in the comment section below.
Ethereum Technical Analysis: ETH’s Bullish Streak Meets Oscillator Caution
Ethereum’s price action remains in the spotlight as it navigates above the ,000 threshold, with key indicators suggesting a mix of neutrality and bullish signals. The digital currency’s recent upsurge reflects a growing bullish consensus among investors, despite some calls for caution by specific technical indicators.
Ethereum
Ethereum’s price has remained above the K zone with a 24-hour trading range between ,031 and ,072. ETH is up 8% in seven days, and 32.5% in 30 days against the U.S. dollar. In the realm of oscillators, ethereum presents a mostly neutral stance, with the relative strength index (RSI) at 72.2 and the Stochastic reading at 76.0, both indicating a possible halt in momentum but not a clear sell signal.
However, the commodity channel index (CCI) at 126.3 leans towards a sell action, suggesting that ether may be entering overbought territory. This divergence in oscillator readings may imply a potential consolidation phase as traders weigh their next move amidst an overarching uptrend.
Moving averages (MAs) show a unanimous bullish trend across all time frames. Shorter-term exponential moving averages (EMAs) and simple moving averages (SMAs) for ten days stand firmly above the current price, suggesting strong buying pressure. This pattern is consistent through to the 200-day metrics, which also underscore a sustained positive outlook for ether from a moving averages perspective.
The EMA data provides further substantiation of this trend, with values from the 10-day (,986) to the 200-day (,743.9) comfortably supporting a bullish scenario. The robustness of the longer-term EMAs, especially, confirms that Ethereum’s uptrend has been building momentum over time, as reflected by the steady climb above both shorter and longer-term historical prices.
SMA figures parallel the EMA’s optimistic sentiment, with a 10-day average of ,977.8 to a 200-day average of ,779.8. The gap between the short-term and long-term SMAs indicates increasing trader confidence and a potential accumulation phase. In summary, the collective wisdom of moving averages suggests that ether’s trajectory is poised for continued upward movement, although vigilance is advised given the mixed signals from oscillators.
Bull Verdict:
Considering the strength of the moving averages and the moderate readings on the RSI and Stochastic indicators, the verdict for Ethereum is bullish. The consistent performance above key EMA and SMA levels confirms a strong buyer’s market.
Bear Verdict:
Despite the optimistic view from moving averages, the oscillator warnings cannot be overlooked. The elevated RSI and Stochastic levels close to their respective upper bounds warn of a possible retracement, as historically these levels precede downturns.
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What’s your opinion about ethereum’s market action on Monday? Share your thoughts and opinions about this subject in the comments section below.
Crypto World Meets Boris Johnson: A Match Made In Heaven Or Hell?
Former Prime Minister of the United Kingdom, Boris Johnson, has now pivoted into the crypto space. Johnson who had pulled out of the race for the prime minister seat has now taken to speaking engagements that have seen him booked for a crypto speaking engagement in December.
Johnson Heading To Singapore
Earlier in the week, it was reported that former UK prime minister Boris Johnson will be one of the keynote speakers at a crypto conference in Singapore. The International Symposium on Blockchain Advancements being held on Dec. 2 at the 5-star InterContinental hotel is said to be “provoking meaningful questions and discussions” in an effort to drive the migration to a digital economy, according to the information on its website.
This conference will mark Johnson’s first speaking engagement in the crypto space and could possibly mark the start of a deeper involvement in the industry for him. However, it is unclear what stance the ex-PM will take during his speech.
Johnson has been known to take an ‘on the fence’ stance as he did with his Brexit document published a few days before the referendum. However, given that he is no longer the prime minister of the UK, it is possible to see a positive take from him during this time.
Former US vice president, Dick Cheney, is also expected to join Boris at the crypto conference. Cheney will be a featured guest speaker at the day-long gathering as Boris makes his crypto debut. Johnson who has been jet-setting around the world since resigning as PM looks to continue as he begins accepting crypto speaking engagements.
Total market cap at 3 billion | Source: Crypto Total Market Cap on TradingView.com
Not Just Speaking For Crypto
Johnson’s speaking engagements have rolled in since he stopped being the UK PM. He reportedly received a 0,000 (£130,000) payment to appear at an event for the Council of Insurance Agents and Brokers in Colorado, where he gave a 90-minute speech and engaged in a ‘fireside chat’.
Boris has also expressed an interest in attending the Cop27 climate summit being held in Egypt on account of being “invited by the Egyptians.” However, it is unclear if Johnson is seeking payment for this, and current UK Prime Minister Rishi Sunak is reportedly attending the climate summit.
Speaking engagements are not the only thing the ex-PM has shown an interest in though. Johnson has also indicated that he might return to journalism and complete a biography of Shakespeare he had begun years ago before he became PM.
Boris Johnson is still a Member of Parliament (MP) for Uxbridge and South Ruislip. His influence on crypto is still yet to be determined but shows a growing interest in crypto among the world’s elite.
Featured image from NBC News, chart from TradingView.com
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When Art Meets Automobile
Since their inception, cars have captivated artists. Cars have been featured in studios and galleries worldwide as objects of love, hate, and even as a fetish. And, more often than not, this is because artists are self-proclaimed fans of the art they create.
With Web3 being a powerhouse of revolution, art has taken a whole new direction. NFTs are the new canvases auctioned and sold off on digital marketplaces within seconds. Artists genuinely have a new way of expressing themselves, and the sky’s the limit.
Traditional artists like Phillipe Pasqua have taken the NFT route with beautiful collections that have been sold out in seconds. Philippe Pasqua is a modern French painter, sculptor, and draughtsman recognized for his paintings, sculptures, and drawings.
He is a self-taught artist well renowned for his Portrait paintings and is regarded as one of his generation’s greatest painters. Phillipe has had two collection drops on his website, both of which sold out in minutes.
“Vanity by Philippe” was his debut collection, a collection of the most beautiful human skulls; it was an instant hit. Those are now very expensive, ranging from 3 to 7 ETH.
The second collection was no exception—a magnificent combination of 8 rare numbered images of living butterflies landing on a human skull covered in paint, hence the name Papillon (French for “butterfly”). The collection took off with a floor price of 2.2 ETH.
Phillipe is back with another beautiful collection that is a fantastic investment and a massive potential for participants to win something exciting after two considerable successes.
Philippe Pasqua’s third collection is titled WEN? A Lamborghini Gallardo Superleggera, coated in Hermès leather and tattooed by Philippe Pasqua, will be given away free to the owner of this fantastic collection. During a private sale at the Hôtel des Ventes de Monte-Carlo in 2014, the Lamborghini was sold for over 800 000 dollars (605 295 dollars minus costs). This Lamborghini was created to be fixed on a wall, positioning it right between a relief painting and a mural sculpture.
It’s a Lamborghini, to be precise!! It’s not just any Lambo; it’s one that Phillipe himself has tattooed; the design is based on his general aesthetic, and owning one would be a dream come true!
There will be 222 NFTs for the third collection. 5 NFTs of the third collection will be given away to the holders of the first and second collections.
Not only that, but those who hold all three collections will receive a framed Philippe Pasqua lithograph. Each NFT is basically a Golden Ticket for Philippe Pasqua’s planned Funny Death Maze, a physical and virtual maze.