Headlines
▌Source: SEC may start issuing ETF approval notices on Friday, and trading may begin as early as next week< /strong>
Fox Business Channel learned that full-time lawyers from the U.S. SEC’s Trading and Markets Department held meetings with exchanges (New York Stock Exchange, Nasdaq and Chicago Board Options Exchange) on ETFs on Wednesday local time. Prior to the meeting, the SEC required exchanges to revise and finalize the 19b-4 documents that issuers must submit to obtain SEC permission to sell ETFs to the public.
It is reported that although a final decision has not yet been made, sources close to the approval process said that the SEC may begin issuing approval notices to issuers on Friday, and trading could begin as early as next week.
ETF analysts and issuers remain confident that the SEC will make a favorable decision on or before January 10 as the SEC continues to meet with key players on the matter.
▌The U.S. government currently holds more than $8 billion in Bitcoin
According to Blockworks, due to the market rise, The U.S. government’s current holdings of Bitcoin are worth at least $8.3 billion, up from $5 billion less than three months ago.
Between November 2020 and 2022, U.S. authorities seized a total of 207,189 Bitcoins in three separate operations linked to darknet market Silk Road, its hacker Jimmy Zhu, and crypto Currency exchange Bitfinex hacked.
The U.S. government has been seizing and selling Bitcoins over the past 10 years. If it chose to hold rather than sell, the authorities would have about 400,000 Bitcoins ($17.4 billion), almost as much as they currently have. Twice the value of the position.
Quotes
As of press time, according to coinmarketcap data:
The recent transaction price of BTC was 42,845.7 US dollars, with fluctuations during the day. Frame-0.36%;
ETH Recent The transaction price was US$2208.7, and the intraday increase or decrease-1.41%;
BNB The recent transaction price was US$316.5, and the intraday increase or decrease-0.22%;
XRP’s recent transaction price was US$0.5813, with intraday gains and losses +0.78% ;
The recent transaction price of DOGE was US$0.0820, with an intraday increase or decrease of -0.56% ;
ADA’s recent transaction price was US$0.558, with an intraday increase or decrease of -1.27 %;
SOL’s recent transaction price was US$98.41, with intraday gains and losses-3.56%.
Policies
▌Cboe approves listing registration of Fidelity Spot Bitcoin ETF, still required Waiting for SEC approval
Cboe has approved the listing registration of the Fidelity Spot Bitcoin ETF, with the stock code FBTC. Fidelity Wise Origin Bitcoin Fund filed Form 8-A, reporting approval to register its shares as securities on the Cboe BZX exchange. The Form 8-A filing, while part of the process of registering an ETF with the SEC, does not necessarily indicate that the commission will Approve the investment vehicle.
Bloomberg analyst Seyffart pointed out that Bitwise submitted a Bitcoin spot ETF registration application to NYSE Arca on December 29, but the analyst said that these two applications "do not mean that they have obtained approval or any other information”. Volatility Shares Trust filed a Form 8-A with the SEC in June ahead of the listing of its leveraged Bitcoin futures ETF shares on the Cboe BZX exchange.
▌Lawyer MetaLawMan: If the SEC rejects the application for a spot Bitcoin ETF, it may be sued by multiple companies< /p>
US lawyer MetaLawMan said that if the US SEC takes the risk of rejecting spot Bitcoin ETF applications from companies such as BlackRock, Grayscale Investment and Ark 21Shares, it is likely to be sued by multiple companies. MetaLawMan predicts that if a lawsuit is filed, the Washington, D.C., appeals court will once again rule that the SEC’s ruling against more than a dozen Bitcoin ETF applicants was “arbitrary and capricious.” The legal veteran expressed this position by drawing on precedent from last year's lawsuit between the SEC and Grayscale Investments.
Blockchain Applications
▌Mina Protocol is planned to Deploying Berkeley upgrade this year
According to the official blog post, L1 blockchain Mina Protocol plans to deploy Berkeley upgrade this year. The upgrade will bring performance enhancements and take advantage of Mina’s design without affecting scalability. sex or decentralization, with the emergence of smart contracts that fully support ZK on the main network, an unlimited number of infrastructure and application improvements are possible. The Berkeley upgrade also includes performance improvements such as slot time reduction, validator optimization, etc.
Cryptocurrencies
▌T-Rex Submits Six Leveraged and Inverse Shorts on Bitcoin ETF applications
According to public regulatory documents, T-Rex submitted six applications for leveraged ETFs and inverse Bitcoin ETFs, with respective rates of 1.5 times and 1.75 times. , 2x leveraged/inverse leveraged ETFs. Code/fee to be determined, effective date is March 18, 2024.
The documents show that these ETFs all use the yet-to-be-launched iShares Spot Bitcoin ETF as the initial reference ETF, but reserve the right to use other spot Bitcoin ETFs.
▌Sources: Goldman Sachs in talks to become an authorized participant in BlackRock and Grayscale’s proposed spot Bitcoin ETF
According to Coindesk, two people familiar with the matter revealed that Goldman Sachs may play a key role in the process of BlackRock and Grayscale planning to launch a spot Bitcoin ETF in the United States. The bank is in talks to become an authorized participant (AP) in BlackRock and Grayscale’s proposed spot Bitcoin ETF, according to people familiar with the matter. One of the most important jobs in the multi-trillion dollar ETF industry, the role involves creating and redeeming ETF shares to ensure the product trades in sync with its underlying assets.
BlackRock and Valkyrie have designated APs for their ETFs last week, namely JPMorgan Chase and Jane Street. Sources at a large trading firm said that more APs are likely to emerge, and they expect each Bitcoin ETF to eventually have between 5 and 10 APs.
▌Fidelity files with SEC for its spot Bitcoin ETF Securities registration application
Bloomberg analyst James Seyffart explained that this is just a securities registration that needs to be completed before the ETF can be launched. It does not mean that the ETF has been approved or anything else. In order to be listed, the ETF still requires 19b-4 approval and a valid/approved/complete S-1 filing is required. 19b-4 is not complete yet, S-1 is still in preliminary stages and still looking forward to next week's progress.
▌Wu Jihan: Matrixport analysts’ opinions are not subject to management interference; approval of spot ETFs is inevitable
Wu Jihan posted on social media that Matrixport analysts operate independently and express their own opinions without any influence or interference from management. This latest report has been prepared for Matrixport clients. However, its widespread dissemination in the media was not planned by Matrixport and is beyond our control. To my knowledge, Matrixport has been advising our clients to be aware of risk and leverage, especially given the market volatility surrounding expectations for exchange-traded funds (ETFs). This volatility is evident in high financing fees in perpetual markets and in the recent decline in cryptocurrency-related stocks in the stock market in the two trading sessions leading up to today.
He also emphasized: “Looking at Bitcoin’s history and future prospects, the current volatility and uncertainty of the potential approval of the Bitcoin ETF in January 2024 ultimately does not matter. In the long run , Bitcoin will always dominate. In my opinion, it is inevitable that spot ETFs receive SEC approval, which will attract new investment into Bitcoin. Bitcoin is expected to solidify its position as a store of value and risk hedging asset, Similar to gold”.
▌Coinbase will replace Hivemapper Coin HONEY is included in the currency listing roadmap
Coinbase has included Hivemapper token HONEY in the currency listing roadmap. Coinbase has previously decided that in order to improve asset transparency, it will announce in advance the assets it has decided to list and move them to the roadmap. The market situation shows that Hivemapper (HONEY) has risen in a short period of time and is now quoted at US$0.2351, with a 24-hour increase of 85.2%.
▌Pando Finance CEO: The SEC has a 98% chance of approving a spot Bitcoin ETF before January 10th
Pando Finance CEO Junfei Ren wrote that the U.S. SEC has a 98% chance of approving a spot Bitcoin ETF. There is a % chance that a spot Bitcoin ETF will be approved before January 10th, and recent developments support this. Even during the busy holiday period, the SEC has been meeting with these potential issuers to sort out final details, structure creation and redemption procedures, and guide issuers on incorporating the latest changes into their revised S-1 filings. The SEC expects issuers to conduct at least preliminary discussions with market participants and clarify issues, such as assigned roles, operating procedures, AP protocols, etc., before formal approval.
Important economic developments
▌"Fed mouthpiece": There are disagreements within the Fed, the economy continues Expansion may also result in interest rate cuts
"Fed Speaker" Nick Timiraos wrote that the minutes of the Federal Reserve meeting showed differences among some officials within the bank: Some officials believe that as the supply chain and labor market change from the The easy part of recovering from the pandemic-related disruptions is already done. This would require the Fed to keep interest rates higher than necessary to suppress economic activity. Others believe that supply-side improvements are likely to continue, but core commodity prices may rebound (suggesting that further interest rate hikes may be needed). However, the U.S. economic outlook has become quite clear in recent months as inflation and wage growth have slowed. That would give the Fed more room to quickly lower interest rates if the economy weakens more than officials expect, and could still open the door for a rate cut even if the economic expansion continues to stall.
▌Federal Reserve meeting minutes: Fed officials believe that policy will remain tight for some time
Federal Reserve monetary policy meeting minutes It shows that Fed officials believe that policy will remain tight for some time. Some officials said rates could stay at their peak longer than expected. Officials acknowledged that forecasts point to rate cuts by the end of 2024, and several participants highlighted uncertainty about how long restrictive policies will need to remain in place.
▌The Federal Reserve unanimously believed that the interest rate hike cycle may have ended, and did not discuss when to start cutting interest rates
The minutes of the Federal Reserve meeting showed that, Fed officials agreed at their December meeting that the interest rate hike cycle that began in 2022 may be over. They pointed to a moderation in inflation, especially the six-month annualized rate, and signs that supply chains are returning to normal and that the labor market is starting to loosen as more people join the workforce. They also say raising interest rates above 5% has dampened consumer demand, thereby easing inflation. They did not discuss when to start cutting interest rates. The Fed's dot plot shows the bank plans to cut interest rates three times in 2024.
Golden Encyclopedia
▌What is a miner?
In the cryptocurrency world, miners can be compared to gold diggers in the real world. Miners obtain the right to produce blocks through proof of work, add new blocks to the blockchain, and obtain considerable rewards. Miners play a key role in blockchain networks, as they are responsible for validating new transactions and recording them on a globally distributed ledger, known as the blockchain. It is important to emphasize that miners are a type of full node, which means that they verify all the rules of the blockchain and only accept blocks that comply with these rules.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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