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💰 Goldman Sachs: Don't Expect Immediate BTC Spike After Spot Bitcoin ETF Approvals
Global investment bank Goldman Sachs does not anticipate an immediate surge in BTC prices following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Mathew McDermott, head of the digital asset unit at Goldman Sachs, told Reuters this week. While emphasizing that he does not expect the approval of the ETF to trigger a “sudden immediate spike in liquidity and price,". Goldman Sachs offers cryptocurrency derivatives trading for institutional clients within the bank’s FX desk, McDermott explained, adding that the team does not trade the underlying asset itself. According to McDermott, the investment bank has also observed growing client interest in crypto derivatives trading, driven by market expectations for the imminent approval of spot bitcoin ETF applications by the SEC. He highlighted a “huge appetite” for digital assets, emphasizing that it has “grown significantly” in the last 12 months. Moreover, he noted that leveraging blockchain technology could enhance operational and settlement efficiencies, as well as contribute to the “de-risking” of financial markets.
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📣 BlockFi Wallet Withdrawal Window Will Close On December 31
BlockFi, the crypto lending platform, issues a crucial reminder to eligible users to initiate withdrawals from their BlockFi wallet accounts. The deadline for submission is set at 11:59 p.m. UTC on December 31, 2023. Users are urged to complete withdrawal applications promptly to ensure swift receipt of cryptocurrency funds. Additionally, identity verification information requests must be submitted before January 12, 2024, 11:59 p.m. UTC. Notably, unclaimed wallet distributions after the BlockFi wallet withdrawal window expires will be treated as restricted property under Section 347(b) of the United States Bankruptcy Code. Such unclaimed assets will be irretrievably returned to BlockFi, as stipulated in Article VI.C(6) of the Third Amended Joint Plan. Having successfully emerged from bankruptcy in October, BlockFi is now poised to repay creditors. This milestone enables the platform to pursue asset recovery from firms like Three Arrows Capital (also known as “3AC”) and FTX. Moreover, BlockFi can resume distributing assets to creditors and processing claims. The company emphasizes that BlockFi Interest Account (BIA) and Loan customers will gain access to withdrawal options for some assets in early 2024.
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🏦 Coinbase challenges SEC's denial of new crypto rulemaking in court
Coinbase Chief Legal Officer Paul Grewal said Friday that the crypto exchange is challenging the Securities and Exchange Commission's move to deny its request for new digital asset regulation. SEC denied Coinbase’s petition for rules for crypto," Grewal posted on X. "After 18 months of silence, we went to court to get the response the law requires. With appreciation for the Third Circuit, later today we'll again seek its help by challenging the SEC’s abdication of its duty."
Coinbase and the SEC have butted heads since the exchange asked for new rules in 2022. Grewal noted that Republican SEC Commissioners Hester Peirce and Mark Uyeda disagreed with the denial and pointed to a need for dialogue between regulators and the crypto industry. "Coinbase’s mandamus petition thus has now achieved its stated purpose of compelling the SEC to act on Coinbase’s request for rulemaking," according to the filing. "The Commission’s formal denial of that request makes explicit what its words and actions had long shown was the Commission’s position. By doing so, the SEC has cleared the path for judicial review that its unexplained inaction had long obstructed."
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📣 SafeMoon files for Chapter 7 bankruptcy after exec arrests, SEC charges
DeFi protocol SafeMoon filed for Chapter 7 bankruptcy protection on Thursday after the U.S. securities watchdog last month charged the firm for alleged fraud. SafeMoon filed the voluntary petition for bankruptcy to the United States Bankruptcy Court in the District of Utah on Thursday. The document was signed by chief restructuring officer Kenneth Ehrler. SafeMoon US LLC, has estimated assets in the range of $10 million to $50 million and estimated liabilities of $100,001 to $500,000. The news comes after the Securities and Exchange Commission last month charged the firm and its executive team for alleged fraud and unregistered offering of crypto securities. The agency said SafeMoon’s three executives — Kyle Nagy, John Karony and Thomas Smith — failed to deliver promised profits and misappropriated investor funds for their own personal use. Karony and Smith were arrested last month, while Nagy remained at large. “As alleged, the defendants lied to SFM investors concerning whether SFM’s use of ‘locked’ liquidity was inaccessible to the defendants, as well as their personal holding and trading of SFM,” prosecutors said. SafeMoon token fell 14.4% over the past 24 hours as of Friday noon in Asia, according to data from CoinGecko.
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💰 January spot bitcoin ETF approvals likely but ether is a 'completely different animal': Bloomberg ETF analyst
Bloomberg Intelligence ETF research analyst James Seyffart and his colleague Eric Balchunas have become famous on Crypto Twitter this year for their spot bitcoin ETF analysis and predictions, earlier to the call than most that approvals were likely around the corner. Seyffart reiterated that the window for a potential spot bitcoin ( BTC -2.45%) ETF approval was looking like it would fall between Jan. 8 and Jan. 10. So far, the Securities and Exchange Commission has delayed making a decision, but with regard to the Ark and 21Shares ETF, it must approve or deny one by this deadline on Jan. 10. Seyffart argues the SEC has been strategically delaying, lining up the various applications, or most at least, to be approved at the same time, so as not to give one firm an advantage — and that’s why Seyffart thinks en masse approval will happen in January. The SEC “doesn't want to be picking favorites here to win these races, whether it's getting the most assets or acquiring the most liquidity,” Seyffart said. “So if the SEC is going to approve all these things, it’s likely going to approve them all at once, because, again, it doesn’t want to play kingmaker in this case.”
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🇺🇸 SEC Chair Gary Gensler doesn't want to talk about 'crypto securities'
Securities and Exchange Commission Chair Gary Gensler didn't seem like he wanted to talk about crypto on Wednesday after a meeting focused on the U.S. Treasury market, rebuffing a reporter's question about the status of various applications for spot bitcoin ETFs. "The $26 trillion Treasury market, which is really the base of our entire capital markets. It's how we fund our government. It's how our Federal Reserve does monetary policy. It's how we maintain the dollar dominance around the globe. The U.S. Treasury market is a very consequential, very important market. Crypto securities are not only much smaller, it's not how we fund our government. It's not how we conduct monetary policy. And for many investors, they've been harmed in that market. And they're being harmed because there's too much non-compliance. It's not just non-compliance with securities laws. It's non-compliance with a raft of other laws. The SEC is currently reviewing more than a dozen applications from asset management giants including BlackRock and Fidelity for what would be the country's first spot bitcoin fund. The price of the world's largest cryptocurrency by market capitalization has surged over recent months as analysts speculate that a decision could be getting closer.
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🦊 MetaMask Portfolio Fix Deployed To Protect Users From Ledger Hack
MetaMask revealed that a recent Ledger hack has affected all users, dispelling earlier beliefs that only Ledger users were impacted. The MetaMask team swiftly responded by deploying a fix, termed the MetaMask Portfolio fix, aimed at addressing the security breach. To enhance security, MetaMask users are urged to activate the Blockaid feature in the extension before engaging in any transactions within the MetaMask Portfolio. Meanwhile, crypto hardware wallet provider Ledger confirmed a compromise in its Connect Kit library. This breach had a cascading effect on several decentralized finance (DeFi) projects, such as SushiSwap and Revoke Cash, both advising their users to abstain from interacting with their frontends until further notice. The gravity of the situation was underscored by blockchain analysis platform Lookonchain, which reported the theft of at least 4,334 Ether, equivalent to nearly $484,000, by the hacker responsible for the attack on Ledger’s connector library. Although Ledger has yet to officially confirm these figures, the potential impact of this security breach could extend into the hundreds of thousands.
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🪙 Tether Scores Second-Lowest Rank in S&P Global Stablecoin Stability Assessment
Ratings company S&P Global introduced a stablecoin stability assessment on Tuesday, assigning scores from 1 (very strong) to 5 (weak) as a measure of how capable the cryptocurrency is at keeping to its fiat-currency peg. None of the eight stablecoins assessed warranted a 1. Three – Gemini dollar (GUSD), USD Coin (USDC) and Pax Dollar (USDP) – scored 2 and Tether (USDT), the largest stablecoin by market cap, was assigned 4 (constrained). Stablecoins are often digital assets backed by real-world assets like the U.S. dollar and are meant to hold their value against those assets. Some, however, are not physically backed, and attempt to use mathematical algorithms to maintain their value. S&P's assessment considered quality risks, including credit, market value and custody risks as well as liquidation and overcollateralization among other criteria. USDT is the third-biggest crypto after bitcoin (BTC) and ether (ETH), with a market capitalization of over $90 billion, according to CoinGecko. Last November, as concerns circulated over the ability of crypto exchange FTX to continue functioning, it dropped 3% below its peg. The company attributed the drop to market volatility.
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🏦 HTX, Poloniex Assets Are '100% Safe' Says Justin Sun After $200M Hack
Crypto mogul Justin Sun has said that assets held on HTX and Poloniex are “100% safe” after last month’s hack that saw more than $200 million siphoned out of both exchanges. Both exchanges have opened withdrawals for certain assets, although several altcoins remain locked. Bitcoin (BTC) and Tron (TRX) are the two digital assets that could be withdrawn; this led to both tokens trading at a premium on Poloniex over the past few weeks. The withdrawal freeze came after hackers stole $114 million out of Poloniex’s hot wallets on Nov. 10; this was followed up by $97 million being stolen from HTX and blockchain protocol Heco Chain. “Right now, Poloniex and HTX have recovered from the hack, and we are resuming the tokens one by one,” Justin Sun, an investor in Poloniex and an advisor for HTX, told CoinDesk. “I think for HTX, we have already resumed 95% in terms of USD worth of assets. On Poloniex, we have resumed around 85% in terms of the USD value of the assets.”. “Even though in terms of exchanges itself, we need to basically earn those profits in the future. But for customer assets, it’s 100% safe.”
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🪙 KuCoin settles with New York for $22 million and agrees to block users from state: Reuters
Crypto exchange KuCoin will exit the New York market and pay $22 million to settle a lawsuit brought by the state earlier this year, according to a report from Reuters. New York Attorney General Letitia James had sued the digital asset exchange in March for violating the state's laws. The suit had named ether, along with other tokens, as unregistered securities that KuCoin had listed in the state. The settlement will see KuCoin pay $5.3 million to the state and refund $16.7 million worth of cryptocurrency to 177,800 New York investors, according to Reuters. New York has one of the most active U.S. states in terms of writing new crypto rules. Last month, the New York Department of Financial Services released guidance to strengthen how firms list or delist coins. Other crypto firms have been probed in New York as well. In 2021, crypto exchange Bitfinex and Tether settled with the New York attorney general's office for $18.5 million after a two-year dispute. KuCoin CEO Johnny Lyu announced the settlement as well on X.
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💰 Franklin Templeton Spot Bitcoin ETF Shows Promise In New Discussions With The SEC
According to reports, the U.S. Securities and Exchange Commission (SEC) engaged in discussions with Franklin Templeton on December 8 regarding its proposed Bitcoin spot ETF. This follows the SEC’s public consultation on the Franklin Templeton spot Bitcoin ETF and Hashdex spot Bitcoin ETF proposals, signaling a potential resolution in January. Recent SEC filings suggest a move to conclude the comment period on these funds, indicating progress toward a decision. Franklin Templeton, managing $1.33 trillion in assets, acknowledged the significant demand for Bitcoin. CEO Jenny Johnson emphasized that clients are keenly monitoring Bitcoin for investment opportunities, noting the distinction between Bitcoin and blockchain technology. The SEC’s consideration of the Franklin Templeton spot Bitcoin ETF is indicated by a disclosure revealing the initiation of proceedings to approve or deny the proposal. In September, the company submitted its Franklin Templeton spot Bitcoin ETF application to the SEC. If approved, the fund will be listed on the Cboe BZX exchange and entrusted to Coinbase Custody.
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💰 Google updates crypto ads policy amid January spot bitcoin ETF anticipation
Google is revising its crypto ads policy to include the advertising of “Cryptocurrency Coin Trusts” targeting the United States. The recent update, due to be enacted on Jan. 29, will enable Google-certified advertisers to promote such products, provided they meet the tech giant’s requirements. Google’s non-exhaustive example of these trusts includes “financial products that allow investors to trade shares in trusts holding large pools of digital currency,” according to the update. The policy will apply globally to all Google accounts, and advertisers must continue to comply with local laws wherever else these products are targeted, the company stated. “Violations of this policy will not lead to immediate account suspension without prior warning,” Google added. “A warning will be issued, at least seven days, before any suspension of your account.” Google’s crypto policy update is due to be enacted in the same month many anticipate the approval of spot bitcoin exchange-traded funds in the U.S. However, it is unclear if the ETFs would fall under Google’s definition of “Cryptocurrency Coin Trusts.” Google did not respond to a request from The Block asking for clarification.
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🪙 Tether Unleashes 1 Billion USDT Surge on TRON, Awaiting Authorization Impact!
Paolo Ardoino, the CEO of Tether, revealed plans for the issuance of an additional 1 billion USDT on the Tron network. This move signifies a strategic decision by Tether to bolster its presence on the Tron blockchain, a popular choice for users in the crypto space. Ardoino emphasized that this issuance is not an immediate deployment but rather an authorized but unissued transaction. The purpose behind this approach is to utilize the 1 billion USDT as inventory for upcoming issuance requests and chain swaps. The decision to leverage the Tron network for this substantial issuance indicates USDT’s confidence in Tron’s capabilities and user base. Tron has gained prominence in the cryptocurrency community for its speed and efficiency, making it an attractive choice for Tether’s strategic moves. This authorized but unissued transaction also highlights Tether’s forward-thinking approach in managing its digital assets. By maintaining a pool of USDT for future use, USDT can streamline the issuance process, ensuring a swift and responsive mechanism for meeting market demands. As USDT continues to play a pivotal role in the crypto ecosystem as a stablecoin, the announcement underlines the company’s commitment to innovation and adaptability.
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🪙 Ethereum (ETH) ETF Buzz Attracts Traditional Finance Interest: Report
The report indicates a significant shift in traditional finance as it pivots towards Ethereum, signaling a transition that has been underway for the past two months. “Tradfi” may be beginning to rotate into the ETH ETF trade after two months. As per a new report by Reflexivity Research, the annualized basis on CME has consistently increased, reaching over 18%. Bitcoin’s open interest in CME has also experienced continuous growth, surpassing $4.5 billion since the trend began two months ago. Velo Data’s analysis reveals that the futures’ basis for Ethereum on CME is currently trading at a 5% premium compared to Bitcoin, exceeding 20%. While it may be premature to confirm, there are indications that “tradfi” could be initiating a shift towards the ETH ETF trade after a two-month period. Similarly, the Grayscale discount is narrowing, dropping below 10% for the first time since July 2021. This decrease is indicative of growing demand for Bitcoin exposure and speculation regarding the potential approval of a Bitcoin ETF, along with the transformation of GBTC’s trust structure into an ETF. The report also noted a parallel trend in Grayscale’s ETHE product, as its discount to NAV is now below 15%.
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🪙 Tether Freezes 41 Crypto Wallets Tied to Sanctions
Stabelcoin issuer Tether froze 41 wallets controlled by people on the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) List on Saturday. On-chain data shows that several wallets had been using coin-mixing service Tornado Cash in the past six months. One of the frozen wallets is also associated with the $625 million Ronin Bridge attack, which, according to the U.S. Treasury Department, was executed by North Korean hacking group Lazarus Group. Several of the frozen wallets had been using Tornado Cash over the past six months. Tether described the actions as "precautionary measures" in a blog post. "By executing voluntary wallet address freezing of new additions to the SDN List and freezing previously added addresses, we will be able to further strengthen the positive usage of stablecoin technology and promote a safer stablecoin ecosystem for all users," said Tether CEO Paolo Ardoino. In October, Tether froze 32 wallets that were linked to terrorism and warfare in Ukraine and Israel. It also froze $225 million last month in relation to a human trafficking syndicate following an investigation by the U.S. Department of Justice.
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🪙 Tether Releases Letters Sent to US Senate Committee: Details
Tether, the company behind the largest stablecoin, has released the two letters it had sent to the US Senate Committee on Banking, Housing, and Urban Affairs and House Financial Services Committee. The letters are specifically addressed to pro-Bitcoin Senator Cynthia Lummis and Rep. French Hill. The main goal of Tether’s letters is to address issues raised by both Lummis and Hill regarding the alleged use of stablecoins in illicit activities, such as funding terrorism and money laundering. The company added that it is “fully committed to the fight against terrorist financing, compliance with the Bank Secrecy Act and U.S. Sanctions Laws, and meeting the highest levels of customer due diligence and rigorous transaction screening.” The letter also outlined Tether’s recently implemented policy that allows it to freeze wallets and assets supposedly linked to illegal activities. The recently appointed CEO, Paolo Ardoino, said his firm is grateful for the possibility of addressing these issues with the US government. He added that Tether aims to be a “world class partner” of US authorities as they “continue to assist law enforcement and expand dollar hegemony globally.”. Tether is the largest stablecoin issuer.
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💰 VanEck CEO Expects Bitcoin Soaring to New Heights Soon!
VanEck CEO has forecasted that Bitcoin is poised to reach new all-time highs within the next 12 months. The VanEck CEO’s optimistic outlook on Bitcoin’s future performance reflects a confidence in the resilience and potential of the leading cryptocurrency. As Bitcoin continues to assert its position as a store of value and gain wider acceptance, investors and enthusiasts eagerly await the unfolding of this anticipated bull run. The expectation of new all-time highs aligns with Bitcoin’s historical pattern of experiencing periods of significant price surges, often followed by periods of consolidation and subsequent resurgence. The CEO’s prediction adds fuel to the ongoing discourse surrounding the long-term viability and growth potential of digital assets, particularly in the context of a rapidly evolving global financial landscape.While the CEO’s statement provides a positive outlook, it is essential to approach such predictions with a measured perspective, considering the inherent volatility of the cryptocurrency market. External factors, including regulatory developments, macroeconomic trends, and technological advancements, can influence the trajectory of Bitcoin’s price.
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🪙 Chainlink Data Feeds Available on Polygon zkEVM
Developers building on Polygon’s zkEVM will be able to incorporate these data feeds into their on-chain applications. Chainlink, a blockchain data-oracle project, has made their data feeds available to developers using Polygon’s layer 2 zero-knowledge rollup. Data feeds help connect smart contracts to “real-world data such as asset prices, reserve balances, NFT floor prices and L2 sequencer health.” Developers building on Polygon’s zkEVM will be able to incorporate these data feeds into their on-chain applications, such as liquidity protocols and decentralized exchanges. Data feeds help connect smart contracts to “real-world data such as asset prices, reserve balances, NFT floor prices and L2 sequencer health.”Chainlink, a blockchain data-oracle project, has made their data feeds available to developers using Polygon’s layer 2 zero-knowledge rollup. “This functionality is set to unlock the deployment of several significant DeFi protocols on Polygon zkEVM early next year,” said Marc Borion, CEO of Polygon Labs, in a press release seen by CoinDesk.
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🇺🇸 SEC denies Coinbase petition for new crypto rulemaking, Gensler says
The Securities and Exchange Commission has denied crypto exchange Coinbase's request for new digital asset regulation, arguing that current rules already apply. "Thus, to the extent that crypto assets are offered and sold in the form of an investment contract, and to the extent that entities intermediate transactions in crypto asset securities, the federal securities laws apply," Gensler said in a statement. The two have gone head to head over the need for rulemaking, with Coinbase ultimately trying to force the agency to say yes or no. Though the agency has not proposed crypto specific rules, the SEC has proposed rules over the past year that apply to crypto. For example the SEC reopened a custody rule that would require registered investment advisors to keep crypto with a qualified custodian, and require those custodians to follow certain requirements. The SEC has also taken enforcement actions over the past year, including against Coinbase for operating as an unregistered exchange, which is ongoing. Coinbase has said the judge should throw out that case.
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🪙 JPMorgan says ether will likely outperform bitcoin next year
JPMorgan expects ether to outperform bitcoin and other cryptocurrencies in 2024, although the bank remains generally "cautious" about crypto markets in the coming year. "The main catalyst is the EIP-4844 upgrade or Protodanksharding, which is expected to take place during the first half of 2024. We believe that this upgrade will likely prove a bigger step towards improving Ethereum network activity, thus helping Ethereum to outperform." Protodanksharding is an initial step toward the full implementation of Danksharding, a more efficient form of sharding for Ethereum. Unlike the originally planned sharding technique, Danksharding avoids the complex process of splitting Ethereum into multiple shard chains. Instead, it introduces data blobs, temporary data packets attached to blocks, capable of holding more data than blocks but not permanently stored or accessed by the Ethereum virtual machine. JPMorgan analysts say factors that are seen to be bullish for bitcoin next year, including the possible approval of spot ETFs and upcoming halving, are already priced in.
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💰 Bitwise Predicts Bitcoin ETF Approval Propels Surge to $80,000 Milestone in 2024!
Bitwise Invest’s research analyst, Ryan Rasmussen, has made a bold prediction that Bitcoin ETF approval will surge to an all-time high of $80,000 in 2024. While Rasmussen didn’t pinpoint a specific month or quarter, he outlined two pivotal catalysts driving this forecast. First, the eagerly awaited launch of a spot Bitcoin ETF in early 2024, and second, the scheduled halving of new BTC supply expected around the end of April or early May. Given Bitcoin’s current trading price of approximately $42,700, Rasmussen’s projection implies an 87% climb to achieve the envisioned peak. In addition to the Bitcoin price prediction, Rasmussen shared Bitwise‘s broader outlook for 2024, including projections that the spot Bitcoin ETF will mark the most successful ETF launch in history, Coinbase’s revenue will double, and more. Notably, Rasmussen offered an ambitious estimate for the spot Bitcoin ETF market’s growth over the next five years. He anticipates that within this period, spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, translating to $72 billion in assets under management (AUM). This forecast has sparked discussions about the potential influx of $100 billion into BTC markets following regulatory approvals.
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💰 Bitcoin ‘sodlers’ dump $4B in two days as BTC sales hit 18-month high
Bitcoin speculators panic sold as the BTC price corrected toward $40,000, the latest on-chain data suggests. Figures from on-chain analytics firm Glassnode show short-term holders (STHs) offloading more than $2 billion in BTC on Dec. 12 alone. Bitcoin saw its biggest single-day drop of 2023 this week — one which at one point totaled 8.1%, data from Cointelegraph Markets Pro and TradingView confirms. Reacting, the more speculative subsection of the Bitcoin investor base followed in step, reducing their exposure in what appears to be a bout of cold feet on the market outlook. Glassnode reveals that STHs, which constitute entities holding BTC for 155 days or less, sent $1.93 billion worth of coins to exchanges on Dec. 11, followed by another $2.08 billion the day after. The last time single-day selling passed the $2 billion mark was in June 2022 — a reaction to the impending collapse of blockchain firm Celsius. In a post on X (formerly Twitter) on Dec. 12, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, noted the significance of the week’s STH movements.
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🔵 Circle Cross-Chain Transfer Protocol Unleashes Power on Polygon PoS Network!
Circle revealing the launch of its Cross-Chain Transfer Protocol (CCTP) on the Polygon PoS main network. The CCTP is now live, enabling the seamless transfer of USDC (USD Coin) across various blockchain networks. The protocol currently supports transfers between Arbitrum, Avalanche, Base, Ethereum, Noble, Optimism, and Polygon PoS, boasting an extensive network with over 42 available routes for USDC transfers. One notable aspect of this development is the comprehensive coverage of major blockchain platforms, enhancing accessibility and flexibility for users navigating the diverse crypto landscape. The ability to transfer assets across different chains fosters a more interconnected and efficient decentralized ecosystem. Circle plans to further expand the functionality of CCTP by integrating it with the official Polygon PoS bridge. This upcoming enhancement is anticipated to streamline the transfer of USDC to the Polygon PoS network, providing users with an additional avenue for efficient and secure transactions. As blockchain interoperability continues to be a focal point for the cryptocurrency industry.
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🏴 Aptos unlocks nearly 25 million APT tokens, worth over $200 million
Layer 1 blockchain Aptos, founded by ex-Meta execs, released 24.8 million tokens today — comprising 8.9% of its circulating supply, according to TokenUnlocks — worth approximately $201.7 million. The majority — some $96.4 million of the unlock — went to core contributors. $68.4 million went to investors, $26.1 million went to the community and $10.8 million went to the Aptos Foundation, TokenUnlocks data states. Following the release of the same amount of APT tokens during its Nov. 12 unlock, the price of APT fell 13.4% from $7.82 to $6.77 in the following nine days before recovering, according to The Block’s price data. The token currently trades at $8.09 — up 3.4% since the last unlock amid generally bullish crypto market conditions. Aptos is a relatively new Layer 1 blockchain based on the Move programming language developed at Meta that aims to offer a faster and more scalable alternative to other networks. However, Aptos encountered a five-hour outage in October, prompting some crypto exchanges — including Binance, OKX, and Upbit — to suspend deposits and withdrawals of APT temporarily.
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🆘 Crypto Hackers Stole $1.7 Billion From Crypto Projects In 2023
Bloomberg has reported a notable decline in losses suffered by crypto projects due to crypto hackers, plummeting by nearly 50% to approximately $1.7 billion this year. This decline is attributed to enhanced security measures and intensified law enforcement efforts. TRM Labs, specializing in financial crime detection, anticipates that even with potential hacks in December, the overall number of incidents in 2023 is expected to be “significantly lower than in 2022.” TRM’s analysis reveals that the top 10 hacks this year constituted almost 70% of the total stolen funds. Examples include attacks on Euler Finance, a decentralized lending app, a multi-chain bridge, and the Poloniex cryptocurrency exchange, with each incident resulting in a $100 million haul. Notably, infrastructure attacks, particularly private key theft facilitating unauthorized access to crypto project servers or software, contributed to nearly 60% of total thefts in 2023, as per TRM’s findings. Crypto hackers have long impeded the mainstream adoption of digital currency, with high-profile thefts on various exchanges and platforms dissuading potential investors.
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💰 Institutions Ignoring Altcoins, Betting on Bitcoin: Bybit Research
Institutional investors show little interest in Ether and altcoins, Bybit Research data reveals 50% of their portfolio is allocated to Bitcoin. According to research by Bybit, institutional traders have expressed a significant bullish sentiment towards Bitcoin, mixed sentiments regarding Ether, and a general air of skepticism towards altcoins. From December 2022 to September 2023, the study provides an insightful look into trading behaviors and asset allocation amidst significant market fluctuations. The study reveals a significant shift in the institutional traders’ approach to major cryptocurrencies. Bitcoin holdings among this group saw a substantial increase, doubling in the first three quarters of 2023. September marked a turning point, with half of institutional traders’ portfolios allocated to Bitcoin. This aligns with the positive market sentiment towards the primary crypto, fueled by expectations of regulatory advancements and the potential approval of a Bitcoin ETF. Ether’s appeal has reduced post-Shapella in April, with a decreased holding percentage across most traders. However, a surprising surge in Ether holdings by institutional traders was noted in September, suggesting a broader upbeat sentiment towards cryptocurrencies.
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🏦 HTX Outflow Reaches $258M Post-Hack
The platform, linked to Chinese entrepreneur Justin Sun, saw HTX outflow reaches $258M between resuming operations on November 25th and December 10th, according to data from DefiLlama. This exodus suggests that some customers remain wary of the exchange’s security after the breach. The hack itself resulted in the theft of $30 million in crypto tokens, prompting HTX to temporarily suspend withdrawals and deposits. Despite claims from Sun that a full investigation is underway . Despite claims from Sun that a full investigation is underway and that the exchange would compensate for losses, neither he nor HTX representatives have responded to requests for comment regarding the recent outflows. This incident adds to a string of security breaches within Sun’s crypto network. In November, both the Poloniex exchange and the HECO Bridge, a platform facilitating cross-blockchain transfers, were hacked, leading to the loss of approximately $200 million in crypto. Sun’s ventures and raises concerns about the security of his platforms. With millions of dollars flowing out of HTX, it remains to be seen how the exchange will regain the trust of its users.
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🇨🇭 Swiss City Lugano Now Accepts Bitcoin and Tether for Municipal Taxes
By incorporating crypto as a payment option, Lugano aligns itself with three other Swiss cities and cantons that already embrace crypto payments. On December 5, 2023, Lugano, a Swiss City, announced the incorporation of the cryptocurrencies Bitcoin (BTC) and Tether (USDT) for tax and other municipal fee payments. This makes part of Lugano’s collaborative plans with Tether, Plan B, fashioned to revitalize the City’s financial system using Bitcoin tech. According to the statement, Lugano citizens and companies can now pay their expenses by scanning the invoice QR code and leveraging their favorite mobile wallets. The two assets accepted based on the statement are Bitcoin (BTC) and Tether (USDT), behemoths in their respective asset classes. The statement by Bitcoin Suisse notes that the latest update is part of Lugano’s Plan B, a collaboration with Tether, to integrate BTC into daily life. This release also points out the role of Bitcoin Suisse in Lugano’s Plan B. Bitcoin Suisse will handle the technical part of the payment solution to offer a convenient option for accepting payments with BTC and USDT.
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💰 Hashdex Forecasts US Access to Spot Bitcoin ETF by Q2 2024
The crypto industry is at an unprecedented inflection point, which could serve as a “generational investment opportunity” that will be fleeting as more institutions enter the space and network effects lead to exponential growth, according to new research. Digital asset manager Hashdex, which is currently eyeing a spot Bitcoin ETF approval, believes prospects for such funds in the US are as high as ever, and as regulated investment vehicles become more common, the role of crypto in portfolios will continue to expand. Hashdex said the exact timing of a spot bitcoin ETF in the US remains unclear, but in 2023, the narrative around this product switched from a question of “if” to a matter of “when.” The asset manager predicted that US investors will have access to a spot bitcoin ETF by the second quarter of the new year, and a spot ether ETF is likely to follow. Hashdex said the crypto ETFs in the US will be a story of scaled distribution, with spot ETFs expected to unlock the retail and wealth opportunity in the country – across financial advisors, direct retail, and private banks. This alone is estimated to be a $50 trillion AUM market, which is significantly larger than Europe, Canada, and Brazil combined. Notably, these three markets already have crypto ETPs.
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💰 Fidelity and SEC meet to discuss spot Bitcoin ETF application
The United States Securities and Exchange Commission (SEC) recently met with Fidelity Investments to seek additional clarity on its spot Bitcoin exchange-traded fund (ETF) application. According to a filing published on Dec. 7, two Cboe BZX Exchange representatives, six SEC personnel and nine Fidelity personnel met to discuss the workings of the Wise Origin Bitcoin Trust. The filing incorporated PowerPoint slides used during the meeting to illustrate the operational framework of the Bitcoin ETF. Fidelity submitted a spot Bitcoin ETF application to the SEC on June 19, shortly after BlackRock and several other asset managers filed for the product. However, the SEC previously rejected Fidelity’s application for a spot Bitcoin ETF in 2022. This comes after recent news that the SEC is meeting with spot Bitcoin ETF applicants to discuss various aspects of their applications. Cointelegraph recently reported that based on industry insider knowledge, the meetings discussed “key technical details” related to U.S. exchanges listing shares of a spot Bitcoin ETF. However, memos released by the SEC in November showed the commission separately met with representatives of BlackRock and Grayscale. There has been much speculation in recent times over when a spot Bitcoin ETF will be approved.
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