From rejection to communication, the SEC weighs the BTC spot ETF proposal. Gensler, director of the US Securities and Exchange Commission (SEC), said: The SEC is still communicating with companies applying for BTC spot ETFs, and the SEC is weighing the BTC spot ETF proposal. After ARK and Invesco resubmitted the revised spot BTC ETF prospectus, today the asset management giant Fidelity also resubmitted the BTC spot prospectus. The SEC has gone from rejection to communication.
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The European Securities and Markets Authority said that investors will not be protected by the EU's crypto-asset market rules until at least the end of 2024, and even then they should be prepared to lose all their funds. The EU is the first jurisdiction in the world to approve a comprehensive set of rules to regulate the crypto-asset market, which came into effect in June and will be fully implemented in December 2024. The Basel Committee, a global banking regulator, proposed a standardized format requiring major banks to disclose their crypto-asset holdings from January 2025 to support market discipline by providing investors with a complete picture. Banks are also required to provide accounting classification details of their crypto-asset and crypto-liability risk exposures. The U.S. Federal Trade Commission (FTC) issued a consumer alert warning that crypto assets are not covered by the Federal Deposit Insurance Corporation (FDIC). If a cryptocurrency company goes bankrupt, your funds deposited with a cryptocurrency financial service provider will not be insured or protected by the FDIC. BTC's market share rose to a new high since April 2021, temporarily reported at 49.31%; ETH's market share was 16.72%; USDT's market share was 7.43%. OKLink data shows that ETH Gas fees have dropped to 5 Gwei, the lowest since October 2022.
A spokesperson for the ETH Foundation announced a USDC transfer worth $15 million, saying it was just a transfer from Vitalilk's charity wallet. FTX Debtors announced the settlement of customer property disputes as part of its pending Chapter 11 case. FTX Debtors estimated that by the second quarter of 2024, customers will receive more than 90% of the distributable value with the approval of the bankruptcy court. Bloomberg analyst James Seyffart said that BTC surged more than 10% driven by the rumor that "BlackRock BTC spot ETF has been approved by the U.S. Securities and Exchange Commission (SEC)", which is like a preview, letting the market know what will happen if the spot ETF is really approved, and providing traders with a script. CryptoQuant analysts said that if the United States approves the spot BTC ETF, the market value of the cryptocurrency market will increase by $1 trillion. The event will lead to the next wave of institutional investors adopting the asset class. Given this historical relationship, analysts expect that if $150 billion floods into the market, in terms of price, this means an increase of 82-165%, and BTC will reach $50,000-73,000. From rejection to communication. The discount rate of Grayscale's Bitcoin Trust Fund GBTC continued to narrow to 12.98%. The historical high was close to 50%. The negative premium of GBTC can be seen as a "barometer" of the market's confidence in whether the Bitcoin spot ETF will be approved.
Gensler, director of the SEC, said: The SEC is still communicating with companies applying for BTC spot ETFs, and the SEC is weighing proposals for BTC spot ETFs. After ARK and Invesco resubmitted revised prospectuses for spot BTC ETFs, asset management giant Fidelity also resubmitted its BTC spot prospectus today. ETF analyst James Seyffart said that more evidence shows that potential spot BTC ETF issuers are communicating with the SEC about the changes/revisions required for the agency to consider approving, which is a positive sign. The minutes of the Federal Reserve (composed of 12 local Fed banks) discount rate meeting showed that only the Cleveland Fed board members of the 12 local Fed banks supported raising the discount rate by 25 basis points at the last interest rate meeting, while the other 11 Fed banks were in favor of keeping the discount rate unchanged. In the past few weeks, Fed members have made a lot of comments suggesting that the rise in U.S. Treasury yields has led to a tightening of the financial environment and that further rate hikes may not be necessary. The rate hike cycle is destined to end, and the cyclical nature of the big cake has surfaced. Recently, many people say that the big cake is sucking blood from the cottage. A common phenomenon in the early stages of a bull market is that the market share of Bitcoin has increased. In the last cycle, Bitcoin's market share rose from a low of 50% in early 2019 to nearly 70% in September 2019, and then fell all the way to 54% in August 2020. At the end of 2020, Bitcoin's market share briefly rose to 73% during the process of breaking through its historical high, and fell to a low of 40% in the bull market of 2021. (The opposite is true for copycats)
The market share of the altcoins has increased as Bitcoin sucks blood from the altcoins. This phenomenon is more obvious in the early stages of the bull market (including the previous bear market). Among cryptocurrencies, Bitcoin is the easiest and the first to receive capital inflows. The pursuit of funds has led to a higher increase in price and market value than the altcoins in the early stages. Bitcoin, which is at a high level, has seen profit outflows to Ethereum and many other crypto projects, causing the altcoins to surpass Bitcoin in market value in the middle and late stages of the bull market, and the bubble has expanded further. In the last cycle, the old man also wrote about the order of capital flow, the traditional routine (Bitcoin leads the way in the early stages, and the altcoins share the pie in the middle and late stages). If you think that Bitcoin is currently rising alone and the altcoins are being sucked by Bitcoin, then this may be a traditional early bull market phenomenon, and the gears of fate are starting to turn and repeat themselves cyclically. (Old investors are more concerned about Bitcoin's market share, which is currently 50% and 38% at the beginning of the year) #etf #bnbgreenfield #BTC
