The past week has been a thrilling and unpredictable journey. Get ready for an exhilarating ride as we explore the captivating news stories that have been captivating the crypto community.
From the latest buzz surrounding ETF anticipation to jaw-dropping hacks, Celsius's remarkable comeback, and the ever-evolving moves of institutional players, we've got you covered on all the hot topics in the crypto space. So, grab your favourite beverage and get cozy.
Bitcoin ETF Decision Looms Large
The crypto world is holding its breath as the Securities and Exchange Commission (SEC) gears up to potentially approve spot Bitcoin exchange-traded funds (ETFs). If the SEC gives the green light, it could be a game-changer, propelling Bitcoin further into mainstream financial services and, of course, potentially influencing its price. Insiders and analysts are eyeing the November 17 deadline as the make-or-break moment, anticipating the issuance of 19b-4 approval orders.
The SEC is reportedly open to approving multiple Bitcoin ETFs simultaneously, but there's a plot twist. The looming risk of a U.S. government shutdown could throw a wrench into the timely approval process. If Uncle Sam decides to take a break, it might mean delays in crucial decisions regarding financial instruments like Bitcoin ETFs.
Crypto Wallet Takes a $27 Million Hit in Hack
In a less cheerful note, a crypto wallet found itself in the crosshairs of hackers, resulting in a staggering loss of $27 million. On-chain analyst ZachXBT was the first to sound the alarm. The stolen Tether coins quickly made a tour through Ethereum and services like FixedFloat and ChangeNow and eventually found their way into Bitcoin via the THORChain protocol. Interestingly, this wallet has a history – it's linked to a previous attack on the Poloniex cryptocurrency exchange that saw losses exceeding $124.5 million.
It's a harsh reminder of the cybersecurity challenges haunting the crypto landscape, with $51 million in damages from hacking incidents just last month.
Celsius Network Gets the Green Light to Rise from the Ashes
Celsius Network has received the nod from a U.S. bankruptcy court to exit bankruptcy in a plot twist fit for a crypto drama. The crypto lender faced the music when it filed for Chapter 11 protection in July 2022 after freezing customer accounts. Now, with the court's approval, Celsius is set to restructure, returning cryptocurrency to customers and birthing a new company owned by Celsius creditors.
Managed by Fahrenheit LLC, a consortium with Arrington Capital, this reimagined entity will focus on mining new Bitcoin and earning "staking" fees by validating blockchain transactions. Customers are in for a partial repayment of their deposited cryptocurrency assets, and around $2 billion in cryptocurrency is set to make its way back to account holders.
Hold on to your hats; the post-bankruptcy Celsius is ready to take on the crypto world.
Institutional Crypto Moves and Market Fluctuations
As Bitcoin danced from $35,000 to nearly $38,000 this week, the crypto market witnessed major financial institutions making bold moves. Robinhood is set on the European Union and the UK for launching cryptocurrency trading services. Custodia Bank is rolling out a Bitcoin custody service targeting corporate treasurers and investment advisers.
Meanwhile, a spotlight on Hong Kong reveals considerations for spot crypto exchange-traded funds (ETFs) to attract retail investors and establish the region as a key player in the digital asset space.
As if that wasn't enough, CCData's Exchange Review report showed a surge in spot trading activity on centralized exchanges, hitting the highest volume since March. But perhaps the pièce de résistance is BlackRock, the behemoth of asset management, filing to launch a spot Ether ETF. This move allows investors to dip their toes into ETH without the hassle of managing private keys.
Final Thoughts
It's been a wild week! The world of cryptocurrencies is constantly evolving, and staying up to date with the latest developments is key to navigating this exciting digital realm. Whether you're a seasoned crypto investor or just dipping your toes into the water, we encourage you to stay curious, keep learning, and stay tuned for more thrilling updates in the ever-changing world of crypto.
