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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 JPMorgan says SEC would likely be forced to approve spot bitcoin ETFs following Grayscale's win
The United States Securities and Exchange Commission (SEC) will likely have no choice but to approve multiple spot bitcoin exchange-traded fund (ETF) applications following Grayscale's victory in its case against the SEC, according to JPMorgan. Grayscale’s win implies that the SEC would have to retroactively withdraw its previous approval of futures-based bitcoin ETFs in order to defend its denial of Grayscale’s proposal of converting its bitcoin trust into an ETF.
Earlier this week, a federal court ruled that the SEC must review its rejection of Grayscale's attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. The court ruled that there was no justification for the SEC to allow bitcoin futures-based ETFs but deny spot bitcoin ETFs because fraud and manipulation in the bitcoin spot market pose a similar risk to both futures and spot products because the spot bitcoin market and the CME bitcoin futures market are so tightly correlated. Therefore, the SEC's rejection of Grayscale’s proposal was "arbitrary and capricious" because the agency failed to explain its different treatment of similar products, the court ruled.
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💰 Bitcoin ETF Applications Are Bitcoin's Best Marketing Strategy
The biggest financial houses in the U.S. are peddling Bitcoin's message and don’t even know it. You see, modern-day marketing isn't confined to catchy ads or snappy slogans. It's about how a concept is presented, the narrative that's woven and the influence it exerts on decision-making. Today, bitcoin (BTC) is more than just “magic internet money” or lines of code — it's actually reshaping the way we think about finance across the board.
At first, it might not seem like it but the recent buzz about bitcoin spot market exchange-traded fund (ETF) applications by heavyweight financial players like BlackRock, Fidelity Investments and VanEck is more than just noise — it's a strategic marketing move that's subtly rewriting the Bitcoin narrative. Isn’t it remarkable how Larry Fink, the CEO of BlackRock, did a complete U-turn on his stance on Bitcoin from years ago? In a recent interview, he pretty much said Bitcoin is on a path to fueling a revolution in finance. Let’s dive into why this ETF hoopla is a net positive for Bitcoin, regardless of whether these applications get the green light or face the red tape.
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🇺🇸 Crypto Asset Manager Grayscale Wins Lawsuit Against SEC
In a significant win for Grayscale Bitcoin Trust (GBTC), the U.S. Federal Court has ruled in favor of the crypto asset manager, ordering the U.S. Securities and Exchange Commission (SEC) to review its rejection of Grayscale Investments’ bid to convert the GBTC into a listed Bitcoin exchange-traded fund (ETF). Circuit Judge Neomi Rao, who presided over the case, deemed the SEC’s denial of Grayscale’s proposal “arbitrary and capricious” due to the agency’s failure to provide an explanation for its differential treatment of similar products.
Grayscale Investments, known for operating the world’s largest cryptocurrency fund, originally applied for the conversion of its GBTC closed-end fund into an ETF in October 2021. However, the SEC rejected the application, citing concerns related to market manipulation prevention and other issues. The court’s opinion in favor of Grayscale has broader implications, as numerous firms, including industry giants like BlackRock and Fidelity, have applied for spot Bitcoin ETFs over the past few months. Grayscale’s case against the SEC highlights the inconsistency in the agency’s stance on Bitcoin-related ETFs. While the SEC has approved Bitcoin futures ETFs, it has been reluctant to greenlight spot Bitcoin ETFs due to concerns about fraud and manipulation.
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💰 Laos Suspends Crypto Mining Operations Amid Rising Power Demands
Situated in Southeast Asia, Laos, surrounded by nations like Myanmar, China, Vietnam, Cambodia, and Thailand, has reportedly halted its crypto mining. Interestingly, Laos relies on hydropower for a significant 95% of the country’s electricity generation. Over the first half of 2023, EDL’s hydropower stations have been overwhelmed with electricity consumption. The scorching heat is a major factor driving this soaring demand. But that’s not all; the Laos government states that regional mining activities haven’t cleared their dues.
As highlighted by Vietnam Plus, back in September 2021, the Laotian government green-lighted six companies to dive into crypto mining and trading. Fast forward to January 2022, the Bank of Laos endorsed two crypto trading platforms, Lao Digital Assets Exchange (LDX) and Bitqik, setting them apart as the nation’s sole regulated entities offering comprehensive cryptocurrency services. By May 2022, Laos inaugurated a dedicated cryptocurrency mining venture in its Champasack Province. This landmark event was spearheaded by Lao Crypto Mining in collaboration with AIF Group. As of August 2022, projections showed Laos raking in nearly $190 million in tax revenues from crypto-related operations by year’s end.
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💰 Binance’s Feeless BTC Trading Update Arrives September 7th
Binance has announced an upcoming update to its no-fee BTC trading package. One of the key adjustments in this update involves the calculation of taker fees for BTC/TUSD trading pairs and leveraged spot trading pairs. Binance will now determine taker fees based on the user’s VIP level, offering a tailored fee structure that aligns with the user’s trading activity and engagement on the platform. This personalized approach aims to reward active traders while promoting higher trading volumes.
Binance is ensuring that users continue to benefit from its commitment to a user-friendly environment. The exchange will maintain its zero pending order fee discount for BTC/TUSD spot trading pairs. This means users can still engage in spot trading activities without incurring any pending order fees, fostering a cost-effective trading experience. The update doesn’t solely focus on traditional trading. Binance’s commitment to catering to various trading preferences is evident through its zero pending order fee activity for leveraged trading pairs. Traders utilizing leverage through the zero pending order fee activity will continue to enjoy a fee-free advantage, further encouraging participation in leveraged trading strategies.
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💰 Crypto Miners Are Attempting to Diversify Into Other Business Areas: JPMorgan
Bitcoin (BTC) miners are moving into new business areas, including offering high performance computing (HPC) services to the fast growing artificial intelligence (AI) market, to reduce their dependence on crypto, JPMorgan (JPM) said in a research report Wednesday, Some bitcoin mining firms have rebranded to reflect the diversification, with Hive Blockchain Technologies (HIVE) becoming Hive Digital Technologies, and Riot Blockchain (RIOT) changing its name to Riot Platforms.
It’s not just miners of the world’s largest cryptocurrency, bitcoin, that are looking for new revenue streams. Former ether (ETH) miners have also shown a tendency to offer HPC services, the bank said, noting that since the Ethereum blockchain Merge, there has been a high supply of graphics processing units (GPUs) for sale in the secondary market because GPUs used for ether mining “lost their utility.”. Some ether miners sold their GPUs to salvage their investment, while some repurposed their machines for gaming, image and video rendering services, and mining other proof-of-work cryptocurrencies such as ethereum classic (ETC), ravencoin (RVN) and ergo (ERG), the note said.
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💰 JPMorgan Observes Bitcoin Miners Embrace AI Amidst Halving Anticipation
Ahead of the halving event, a report by JPMorgan reveals that cryptocurrency miners are strategically diversifying their operations toward the burgeoning artificial intelligence (AI) sector. JPMorgan analysts, led by Nikolaos Panigirtzoglou, highlight this trend in a recent report, showcasing the evolving landscape of crypto mining. As the halving event approaches, cryptocurrency miners are strategically positioning themselves to capitalize on the rapid expansion of the AI sector.
The convergence of cryptocurrency mining and AI entails the utilization of cutting-edge computer chips, essential for both endeavors. To this end, Applied Digital has emerged as a prominent player, launching an AI cloud service and inking a substantial $460 million agreement for hosting AI cloud computing within its data centers. This move demonstrates the inherent profitability miners envision in aligning with the AI domain. Notably, Iris Energy has revamped its managed HPC services strategy, coinciding with the heightened interest in AI. This shift showcases the increasing awareness among miners of the potential profitability tied to AI ventures.
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📊 CME Group And CF Benchmarks Launch New BTC And ETH Reference Rates For Asia-Pacific
CME Group and CF Benchmarks today announced plans to launch two new reference rates exclusively for Asia-Pacific for bitcoin and ether on September 11. Reference Rates, namely CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP). These two rates will provide a once-daily reference rate for the USD prices of the two digital assets, announced at 4pm Hong Kong/Singapore time. These new reference rates are designed to meet the evolving needs of global participants in the growing digital asset space.
According to CME Group, 37% of total crypto volume at CME Group was traded outside of US hours, with 11% of trades coming from the APAC region. CME Group enables clients to trade futures, options, cash and OTC markets, optimize portfolios and analyze data – empowering market participants worldwide to manage Manage risks and seize opportunities effectively. In addition, CF Benchmarks is a leading provider of cryptocurrency benchmarks, authorized and regulated by the UK FCA under EU BMR. Consisting of market data from six constituent exchanges, its benchmark indices are made available through transparent governance and public methods, to monitor, price and address risk in products. electronic financial products and services.
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🇪🇺 Jacobi Asset Management Launches Europe’s First Sustainable Bitcoin ETF On Euronext Amsterdam
London-based Jacobi Asset Management has successfully introduced Europe’s inaugural Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam exchange, securing the go-ahead from the Guernsey Financial Services Commission. What sets this ETF apart is its adherence to Article 8 of the European Sustainable Finance Disclosure Regulation, presenting a decarbonized digital asset fund. In a pioneering move, it incorporates a verifiable Renewable Energy Certificate (REC) solution, aligning investors’ goals with environmental, social, and governance objectives.
Despite initial delays prompted by the Terra ecosystem’s collapse and the FTX crypto exchange’s bankruptcy, the Jacobi FT Wilshire Bitcoin ETF is now in full swing. Managed by Fidelity Digital Assets and served by Flow Traders as market makers, the ETF entails an annual management fee of 1.5%. This innovative ETF introduces a distinct perspective on environmental sustainability. By quantifying Bitcoin’s energy consumption within the ETF, it procures equivalent RECs as opposed to relying on traditional carbon offsetting mechanisms. Custodial services are entrusted to Fidelity Digital Assets, while Flow Traders functions as the ETF’s market maker. Jane Street and DRW, as Authorized Participants, contribute to the fund’s operational structure.
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🇨🇦 Canada’s RCMP Spearheads Innovative Digital Asset Solution Amid Rising Crypto Challenges
The Royal Canadian Mounted Police (RCMP) and the Canadian Shared Services Center (SSC) are collaborating to create a digital asset solution to streamline the confiscation and secure storage of encryption from various public blockchains encompassing cryptocurrencies and Non-Fungible Tokens (NFTs). The bid announcement has been unveiled, setting the bidding deadline for September 21, 2023, at 14:00 (US Eastern Time). The RCMP has outlined 17 stipulations for the prospective repositories.
These requirements encompass the capability to process transactions involving the top 20 cryptocurrencies based on market capitalization and the scalability to accommodate emerging blockchains. Access to data for authorized users is also a pivotal aspect. Essential features of the repository include stringent security measures like safeguarding private keys, a secure disposal process, and automated daily verification. Additionally, a native Android mobile application is set to be developed. Hence, there is a pressing need for the RCMP to have a secure mechanism to house these confiscated digital assets until the conclusion of legal proceedings. Establishing a centralized repository not only facilitates the seizure process but also bolsters security to avert asset theft during storage.
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🪙 Bitcoin prices must break $100,000 for crypto miners to stay profitable
Considering what lies ahead, mining farms, especially those whose shares are listed on bourses in the United States, including Riot and Marathon, are at a critical juncture. There could be a shake-up unless there are changes in hash rate, difficulty, or electricity costs in light of scarce BTC. While Bitcoin’s volatility has been tapering and prices pinned below $31,800 registered in late H1 2023, stocks of Riot, Marathon Digital, and other popular mining farms have more than doubled in the last few months.
Usually, the performance of crypto mining stocks is closely linked to the performance of Bitcoin in the secondary market. When Bitcoin prices rise, crypto mining stock prices tend to soar and vice versa. However, this trend has been broken due to the divergence between crypto miner stocks and BTC prices in the better part of 2023. In light of the upcoming halving event where miners’ rewards will be halved, questions are being floated on how much the BTC price needs to rise for miners to be profitable. The report says BTC prices must surge above $100,000 for these miners to stay in business long-term. This 6-digit price prediction factors in the crypto mining dynamics and how these farms operate.
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🇺🇸 Revolut Stops Supporting Crypto In The US From September 2 Due To Harsh Regulations
According to Decrypt, British digital bank Revolut has declared the suspension of its cryptocurrency services in the United States due to regulatory shifts and uncertainties within the U.S. crypto market. Effective September 2, 2023, U.S. customers will no longer be able to place cryptocurrency orders on the platform. The delisting process will conclude by September 18, followed by more extensive restrictions beginning October 3, 2023. This subsequent stage will enforce a complete ban on U.S. customers accessing cryptocurrencies via Revolut.
The move reflects the company’s response to the regulatory environment, particularly the stance of the U.S. Securities and Exchange Commission (SEC), which has categorized many cryptocurrencies as securities, subjecting them to investor protection rules. The SEC has intensified its stance, asserting that a significant portion of cryptocurrencies are to be treated as securities, thus making them subject to investor protection regulations. Revolut’s quick response included the removal of Cardano (ADA), Solana (SOL), and Polygon (MATIC) after the SEC’s classification of these tokens as securities. The company’s actions are aligned with broader industry discussions and actions in response to evolving regulatory pressures.
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💰 Genesis Digital Assets launches three new bitcoin mining data centers in South Carolina
Bitcoin mining company Genesis Digital Assets, also known as GDA, has added three new data centers for bitcoin mining in western South Carolina. The move is part of a broader data center expansion across the United States, as the nation now contributes 2% of the Bitcoin network total hash rate. GDA also intends to use South Carolina's renewable energy to power its new data centers. One facility near Anderson will use dry-type distribution transformers and have a total capacity of 18 MW.
"The opening of these new data centers is perfectly in line with our commitment to expand our fleet on clean energy resources," said GDA CEO Andrey Kim in a statement. "Our goal is to be industry leaders and show the world that Bitcoin mining can be very ESG-friendly.” GDA is a large scale crypto mining firm with 20 mining farms across North America, Europe and central Asia, surpassing 400 MW in total power capacity, according to a company release. GDA also intends to use South Carolina's renewable energy to power its new data centers. One facility near Anderson will use dry-type distribution transformers and have a total capacity of 18 MW. Another near Pacolet will be run on hydroelectric energy.
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🇵🇪 Peru Takes Action Against Crypto Money Laundering and Terror Financing
In a bid to tackle the growing concerns of money laundering and terrorist financing related to cryptocurrencies, the government of Peru has taken a significant step forward by issuing a new decree that mandates the regulation of the crypto industry. The decree, which closely follows the recommendations of the Financial Action Task Force (FATF), requires all crypto exchanges operating in Peru to comply with stringent anti-money laundering (AML) regulations, according to Coingraph.
Under the new regulations, virtual asset service providers, including individuals and companies within Peru, are now obligated to report crucial information to the Financial Intelligence Unit (UIF-Peru). This move is aimed at bolstering the country’s financial system and safeguarding it from illicit activities that might exploit the anonymity often associated with cryptocurrencies. One of the key focal points of the decree is the FATF’s “travel rule,” which underscores the need for implementing robust Know Your Customer (KYC) standards within the cryptocurrency ecosystem. By adhering to the travel rule, exchanges are required to collect and share customer data, thereby enhancing transparency and thwarting potential financial crimes.
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📣 Bitwise Suddenly Withdraws ETFs Application Amid Market Tension
Bitwise Trust Fund has taken a surprising turn by withdrawing its application for a Bitcoin and Ethereum Market Cap Weight Strategy exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC). Bitwise initially filed its application for the ETF on August 3, but in an unexpected twist, they have now withdrawn it. The application stated that the fund aimed to provide investors with capital appreciation but cautioned that there were no guarantees of achieving this objective.
The company clarified in its withdrawal statement that it no longer intended to seek effectiveness for the fund and that no securities of the Fund were or would be sold. This decision is surprising, especially considering that its Chief Investment Officer, Matt Hougan, had previously urged the SEC to approve all pending ETF applications, believing it would foster competition, lower prices, and produce better products. In recent months, there has been growing interest from asset managers in cryptocurrency ETFs, with companies like BlackRock and Bitwise filing applications for Bitcoin spot ETFs. However, the SEC has delayed its decision on these applications, citing the need for more time to assess rule changes and related concerns. The earliest possible decision date is now set for October.
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🪙 Canaan losses mount despite record Q2 Bitcoin mining revenues
Canaan's Bitcoin mining revenues hit record highs in Q2 after selling more computing power compared to Q1, according to its unaudited second-quarter results. The company reported 43.3% growth in Bitcoin mining revenues to $15.9 million in Q2 compared to Q1, up 105.1% on the same period last year, driven by bitcoin's price recovery and increased computing power and rewards. It sold 6.1 million Thash/s worth of computing power, a 44.2% increase from last quarter and 11.7% higher than Q2, 2022.
Canaan's total revenues were up too, climbing 33.9% to $73.9 million compared to Q1, though this is down 70% from the $245.9 million generated in the same period last year. "Despite the relatively stagnant bitcoin price in the second quarter, our endeavor to drive sales across various fronts, including major clients, channels and retail, yielded encouraging results," Canaan Chairman and CEO Nangeng Zhang said. "Our mining revenue further set a new historic high in the second quarter of 2023. Recently, we have expanded into new mining projects in Africa and South America.". This included inventory write-down and impairment of property and equipment.
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📣 HashKey Exchange Just Launched BTC/USD And ETH/USD Trading Pairs For Retail Investors
HashKey Exchange, the first licensed Virtual Asset Platform by the Hong Kong Securities Regulatory Commission, has announced that it has officially opened BTC/USD and ETH/USD trading pairs to retail investors. HashKey Exchange also states that they do not exercise voting rights regarding virtual assets on behalf of their users and that users wishing to exercise any voting rights regarding their virtual assets must withdraw their respective assets from the platform.
Recently, HashKey Exchange, part of HashKey Group, became the first company to be licensed in Hong Kong after the policy of allowing crypto trading was applied in Hong Kong from June 1, 2023. The platform also previously planned to go live on August 28, 2023. Retail investors can invest in Bitcoin and Ethereum and will limit investment in virtual assets to no more than 30 % of total assets. The coins that are allowed to be traded on HashKey Exchange include BTC, ETH, USDT, USDC, and only Spot trading. This aligns with Hong Kong’s strict licensing criteria, which only allow a small number of coins to be listed, mainly large-cap coins such as BTC, ETH, BCH, LTC, etc. Previously, HSBC was the first bank to allow customers to buy and sell Bitcoin and Ethereum ETFs.
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💰 Ark Invest and Glassnode collaborate on new metric for bitcoin analysis
ARK Invest and Glassnode unveiled a new metric for analyzing bitcoin supply and demand dynamics in a report released Thursday. Called "Cointime Economics," the framework paints "a more accurate picture of the real economic weight of each bitcoin in the network" and includes a measure of the last time each bitcoin was transacted. "The importance of a single bitcoin should vary based on the last time it moved," the report said.
The report described current industry-standard frameworks as leading to "analyst-made decisions that may be prone to inaccuracies." Adjusted supply and free-float supply were highlighted as potentially leading to analyst errors. The new framework uses a unit of measurement called a Coinblock, which looks at the number of blocks produced during the period in which a bitcoin remained unmoved. "It provides a more precise version of the market-value-to-realized-value (MVRV) ratio. It gives a more accurate measurement of bitcoin’s inflation rate over time, its volume, and its time-weighted cost basis," the report added. "The information value of a bitcoin that had been unmoved for 10 years is more important than one that had been unmoved for one week."
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🥇 Nearly 90% of Bitcoin Short-Term Holders Are Underwater, Onchain Data Show
Bitcoin's (BTC) short-term holders, which tend to be sensitive to short-term price gyrations, are largely underwater on their coin holdings after the recent price slide, according to onchain data. The leading cryptocurrency by market value fell over 10% to $26,200 last week, registering its worst performance since November. In other words, of the 2.56 million bitcoin ($66.5 billion) held by short-term holders, around 2.26 million bitcoin have an acquisition cost higher than the going market rate.
With the sell-off, 88.3% of the supply controlled by short-term holders (STHs) or entities owning wallets that do not hold coins for over 155 days, has dropped into unrealized losses, according to data tracked by Glassnode. "Sharp upticks in STH Supply in Loss tend to follow 'top heavy markets' such as May 2021, Dec 2021, and again this week. Out of the 2.56 million BTC held by STHs, only 300,000 BTC (11.7%) is still in profit," Glassnode's weekly newsletter published Monday said. "This week, we saw the largest loss dominance reading since the March sell-off to $19,800. This suggests that the STH cohort are both largely underwater on their holdings and increasingly price sensitive," Glassnode noted.
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💰 Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko report
According to the report, Europe is home to nine of the 10 least profitable countries for Bitcoin mining, based on household electricity costs. A significant worldwide contrast exists in household electricity expenses for individual Bitcoin miners. While producing one Bitcoin in Italy costs $208,560, in Lebanon, it’s roughly 783 times cheaper, according to a recent report.However, solo Bitcoin miners find themselves at odds with the worldwide average of household electricity costs.
The report identified Italy as the costliest country for household Bitcoin mining at $208,560 per Bitcoin. At the time of publication, this suggests the cost of mining one Bitcoin in Italy is equivalent to the value of approximately eight Bitcoin. Meanwhile, Lebanon’s household electricity rates allow individual miners to generate one Bitcoin for just $266. Based on this data, this is approximately 783 times cheaper than the cost to mine a Bitcoin in Italy. Iran followed, with a production cost of $532 per Bitcoin. However, despite Iran legalizing Bitcoin mining in 2019, the country has since banned legal operations on several occasions, citing stress on energy grids during winter.
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🇺🇸 Grayscale vs. SEC Lawsuit Still No Verdict, BTC Holds $26,000
The U.S. Court of Appeals has yet to reach a verdict on the Grayscale vs. U.S. Securities and Exchange Commission (SEC) case regarding GBTC’s transition into a Bitcoin ETF, as stated by Bloomberg ETF analyst James Seyffart. All eyes are now on the impending Grayscale vs. SEC decision this Friday, poised to provide a critical market trajectory. The prospects of a Bitcoin ETF’s approval this year hinge on the company’s triumph in this legal battle. Surprisingly, GBTC remains resilient even amid Bitcoin’s price fluctuations.
The outcome of this lawsuit, regardless of its eventual resolution, holds the potential to shape the future of digital asset transactions. In this protracted legal conflict, Grayscale, a global frontrunner in digital currency asset management, challenges the SEC’s decision to curb its Bitcoin investment’s conversion into a spot ETF. Contrarily, the SEC remains resolute in its rationale, asserting investor safeguarding against crypto’s volatility and potential market manipulation as the basis for its stance. Recent market turbulence saw the crypto realm facing over $1 billion in liquidations within 24 hours. Despite initial speculations attributing this to SpaceX’s Bitcoin sales and Evergrande’s bankruptcy filing, traders and whales now attribute it to weak market structure and liquidations.
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🇺🇸 Bittrex Global targets those 'wary of US regulatory uncertainty' after SEC settlement
Bittrex Global aims to attract market participants wary of U.S. regulatory uncertainty after settling with the United States Securities and Exchange Commission. On Wednesday, Bittrex Global CEO Oliver Linch assured those "who are increasingly wary of having any connection to the United States, given its regulatory uncertainty, that if they want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for you."
According to Bittrex Global's press release, the company will not have to pay to settle the enforcement action. "What makes this result so unusual and gratifying is that our client, Bittrex Global, will put this matter behind it without paying a penny in settlement," Bittrex Global's legal counsel Andrew Michaelson said. “While this is good news for Bittrex Global, now is not the time for a victory lap. Instead, with this matter behind us, we can concentrate on building our vision for the future of crypto, as a regulated, mature, and sophisticated part of the wider financial ecosystem," Linch added. The U.S. arm of the crypto exchange agreed to settle with the regulator for $24 million.
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🇺🇸 SEC Seeks New Comments On Proposed ARK 21Shares Bitcoin ETF Rule Change
The SEC seeks written comments on the listing and trading of shares of the ARK 21Shares Bitcoin ETF. The comments will help determine approval or disapproval. The Securities and Exchange Commission has recently requested new written comments on a proposal for the listing and trading shares of the ARK 21Shares Bitcoin ETF. Cboe BZX Exchange, Inc. filed the proposed rule change under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, and the shares will be registered with the Commission using the Trust’s registration statement on Form S-1.
The Commission has historically approved or disapproved exchange filings to list and trade series of Trust Issued Receipts, including spot-based Commodity-Based Trust Shares, based on whether the listing exchange has in place a comprehensive surveillance sharing agreement with a regulated market of significant size related to the underlying commodity to be held. The Commission is now soliciting comments on the proposed rule change from interested persons, as modified by Amendment No. 3. The comments will help the Commission determine whether to approve or disapprove the proposed rule change. The decision will have far-reaching implications for the cryptocurrency market, particularly for investors looking to invest in Bitcoin.
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🥇 Bitdeer’s Bhutan Mining Facility Completed, Achieving Remarkable Growth In Bitcoin Operations
Bitdeer Technologies, a Singapore-based Bitcoin mining company founded by Jihan Wu, has achieved a significant milestone by completing the construction of its mining facility in Bhutan. The firm announced that power-on testing is currently in progress at the facility. In their latest update for July, Bitdeer reported advancements in both operational and infrastructure aspects. The company demonstrated steady growth in its total hash rate, which expanded year-over-year and monthly.
Kong highlighted the company’s proactive approach to power usage in its Texas data center. By curbing power consumption during the intense local heat, Bitdeer contributed to stabilizing Texas’ electric power grid. The company’s proprietary hash rate surged to 7.9 EH/s by the end of July, propelled by the arrival of new mining machines in Bhutan. Approximately 23,000 newly-purchased mining machines were delivered to the Gedu Datacenter as of the end of July, with an additional 7,000 machines en route. The construction of the Gedu Datacenter has been successfully concluded, with power-on testing underway. This progress not only signifies Bitdeer’s commitment to growth but also positions them as a prominent player in the evolving landscape of cryptocurrency mining.
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💰 Global X Joins Bitcoin ETF Race With Dynamic Strategy Amidst Regulatory Scrutiny
Global X has submitted an application for a spot Bitcoin exchange-traded fund (ETF), following a trend of industry players seeking to provide Bitcoin-based investment options, according to recent filings. Additionally, Global X has filed to launch an ETF that will dynamically allocate between Bitcoin futures and its recently introduced Treasury bill ETF, Financial Times reported. The latter, launched this year, has already gathered $42 million in assets.
Global X has enlisted Coinbase as its surveillance-sharing partner, a strategy also adopted by pending applicants like Fidelity and BlackRock. This move addresses prior SEC concerns about surveillance-sharing agreements and market manipulation. The first U.S. Bitcoin futures ETF, ProShares Bitcoin Strategy ETF, launched in 2021, followed by similar offerings from VanEck and Valkyrie. Despite this, several issuers have sought to launch spot Bitcoin ETFs, with concerns about potential manipulation and surveillance leading the SEC to reject these applications. BlackRock’s recent application for a spot Bitcoin ETF initiated a wave of new applications from firms like VanEck, Valkyrie, Fidelity, Invesco, WisdomTree, Bitwise, and Ark Invest.
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💰 CleanSpark Shines Bright In Bitcoin Mining With 575 Bitcoins Mined
CleanSpark, a prominent Bitcoin mining company, has released its unaudited update for July 2023, showcasing impressive growth and performance in the Bitcoin mining industry. In addition to mining, the company also made strategic sales, selling 43 Bitcoins at an average price of $29,300 each, resulting in approximately $1.3 million in proceeds. As of July 31, CleanSpark holds a total of 1,061 Bitcoins, solidifying its position as a key player in the Bitcoin ecosystem.
CleanSpark’s CEO, Zach Bradford, expressed his enthusiasm about the company’s remarkable growth and achievements. He highlighted their recent accomplishment of bringing 2.3 EH/s of mining capacity online in less than a month and emphasized their unwavering dedication to Bitcoin and its infrastructure. The company aims to further expand its operations and reach a hashrate of 16 EH/s within the next six months, demonstrating its commitment to staying at the forefront of the rapidly evolving Bitcoin mining sector. The company’s fleet currently comprises an impressive 87,936 units, and their month-end fleet efficiency was reported at an impressive 29 J/TH. The company remains optimistic about realizing the full value of its month-end hashrate in the upcoming monthly update for August.
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🇺🇸SEC Asks Coinbase To Stop Trading All Cryptocurrencies Except Bitcoin
Coinbase CEO Brian Armstrong told the Financial Times that the US SEC had asked Coinbase to stop trading all cryptocurrencies other than bitcoin. Armstrong revealed that the SEC told him at the time that “we believe all assets other than Bitcoin are securities.” Although Armstrong asked how the SEC came to this conclusion when all of the company’s assets would be delisted, they have yet to receive an answer. If Coinbase agrees, it could set a precedent leading to the majority of US crypto businesses outlawing unless they register with the commission.
The report said the SEC declined to comment on the settlement regarding Coinbase’s delisting of all tokens other than Bitcoin and its impact on the rest of the industry. Strong action by the SEC could lead to a greater movement in the crypto industry for all tokens and crypto service providers in the market. As mentioned earlier, the SEC sued Coinbase in early June, alleging that the cryptocurrency trading platform simultaneously acts as a broker, exchange, and clearinghouse for unregistered securities – specifically, 13 different cryptocurrencies that the SEC alleges met the requirements of the Howey Test, a 1940s precedent set by the US Supreme Court. So far, both sides have not shown any concessions before the opponent.
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🇳🇱 Crypto.com Gains Official Approval In The Netherlands
Crypto.com proudly announced today that it has achieved registration approval from De Nederlandsche Bank (DNB) to offer crypto services in the Netherlands. The registration confirmation signifies a significant achievement for Crypto.com, demonstrating its unwavering commitment to responsible engagement with regulators and compliance with regulatory standards. By collaborating closely with regulatory bodies, the platform seeks to propel the crypto and blockchain industry forward responsibly.
This crucial milestone comes as a result of a thorough evaluation of Crypto.com’s business operations and compliance measures, aligning seamlessly with the stringent guidelines of the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Kris Marszalek, the CEO of Crypto.com, expressed the company’s dedication to upholding compliance and fostering a constructive relationship with regulators. He stated, “Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com. This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”
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🇯🇵 Japanese Prime Minister Fumio Kishida Embraces Web3’s Game-Changing Potential at WebX Conference
Japanese Prime Minister Fumio Kishida took center stage at Asia’s largest global conference, “WebX,” hosted and organized by CoinPost Corporation. Web3 carries immense potential to reshape the traditional framework of the Internet and instigate far-reaching societal changes. Recognizing the power of this emerging technology, Prime Minister Kishida and his administration are committed to fostering an enabling environment that propels the promotion of Web3 and its myriad possibilities.
Prime Minister Kishida expressed his earnest hope that major Japanese corporations would seize the opportunity presented by the WebX conference to unveil ambitious projects aimed at establishing a valuable economic zone within a diverse space. Such endeavors hold the promise of not only driving economic growth but also amplifying Japan’s global presence in the ever-evolving digital realm. Web3 industry stands poised to reclaim its position at the forefront of innovation and capture renewed attention and vitality. As the Japanese government actively endeavors to facilitate the growth of this groundbreaking sector, the stage is set for an array of novel and ambitious projects to come to fruition.
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