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The United States Securities and Exchange Commission (SEC) has pushed its decision on the Fidelity spot Ethereum ETF from January 20 to March 5, 2024.
#SecGov
#ETFSPOT
#cryptocurrecny
#CryptoNews🔒📰🚫
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"Bitcoin in Freefall! Will It Hit the $86,707 Support Level?"
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In typical fashion, Strategy (formerly MicroStrategy) Chairman Michael Saylor suggests that the recent #Bitcoin sell-off presents an opportunity. Over the past 24 hours, the crypto market has been rocked by yet another sell-off driven by macroeconomic uncertainty and geopolitical tension. For one, Bitcoin, the largest crypto asset by market cap, has dropped as much as 5.8% from Monday, February 24, highs of $96,500 to, at one point, trade below the $91,000 price point. The losses follow growing risk-off sentiment sparked by various factors. These include labor market concerns as Elon Musk’s Department of Government Efficiency pushes federal government layoffs, worries over the AI sector as investors await Nvidia’s earnings, and trade war fears as President Donald Trump maintains that he will move ahead with tariffs on Canada and Mexico. “Bitcoin on Sale” Amidst this uncertainty, however, one notorious Bitcoin bull has, in typical fashion, suggested that the recent market sell-off presents an opportunity. “Bitcoin on sale,” Strategy (formerly MicroStrategy) Chairman Michael Saylor asserted in an X post on Tuesday, February 25, suggesting that the asset looked attractive at current levels. Historically, posts like these have often preceded fresh Bitcoin buys by Strategy as the firm has adopted a Bitcoin treasury strategy since 2020, which it has ramped up in recent months. For instance, on Sunday, February 23, the Strategy chair shared the “Saylor Tracker,” a chart showing the firm’s Bitcoin buys, asserting that it did not reflect the work he did last week. On Monday, the firm announced $2 billion in fresh Bitcoin purchases, bringing its stash just shy of 500,000 BTC to 499,096 BTC, worth over $45.19 billion at current rates. This recent purchase was funded by a $2 billion senior convertible note offering last week that gave initial buyers the option to procure an additional $300 million in convertible notes before February 27. #CryptoNewsCommunity
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Sam Bankman-Fried reappeared on social media platform X, making his first post since January 2023. Amid this development, the #FTT token, linked to FTX, saw a temporary surge of over 29%. SBF’s reappearance on social drew significant attention, especially as he shared a series of 10 posts addressing government layoffs implemented by the Trump administration. For context, the Department of Government Efficiency, approved by President Donald Trump to cut U.S. government spending, has reduced its workforce primarily through voluntary resignations. It has also dismissed probationary employees, who lack the job security of permanent staff. This approach has led to the elimination of approximately 95,000 positions. The next phase of reductions may take a more aggressive approach, potentially affecting hundreds of thousands of additional employees. Bankman-Fried Weighs in on Government Job Cuts Bankman-Fried’s comments focused on the challenges of unemployment, stating that being without a job is often more difficult than anticipated. He acknowledged that dismissing employees is a tough decision, even when necessary. He emphasized that job losses frequently stem from broader organizational issues rather than individual performance. Sometimes, businesses lack suitable positions for workers or fail to provide a compatible environment. Inefficient management can also leave entire departments without clear direction, impacting productivity. SBF pointed out that some companies had overhired, leading to entire teams with little to do. This problem, he noted, was evident within FTX as well as among industry competitors. Ultimately, SBF noted; “But there isn’t a point in keeping them, doing nothing.” #CryptoNewss
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The US SEC has acknowledged the rule change application for a Grayscale #Cardano ETF filed by the NYSE Arca, giving the chances of approval a major boost. In a Monday release, the US Securities and Exchange Commission (SEC) acknowledged the application for a Cardano ETF filed by the New York Stock Exchange (NYSE) Arca. The product, filed in asset manager Grayscale’s stead, will track the performance of ADA, the ninth-largest cryptocurrency by market cap. Cardano Sees Boost in the Altcoin ETF Race Recall that on February 10, the NYSE Arca filed a 19b-4 application with the US SEC for a Grayscale Cardano Trust. The rule change request shows the intention of the exchange list and trade shares of the Grayscale-managed Cardano ETF. The Cardano investment vehicle will provide alternative exposure to institutional and retail investors seeking exposure to ADA. Notably, the Grayscale Cardano ETF has Coinbase as a custodian and BNY Mellon as the administrator and transfer agent. Yesterday, the US SEC acknowledged it has received the application, a major step in the approval process. Notably, the latest development came after the NYSE Arca amended the earlier filing on February 20. With the acknowledgment, the regulator opened the window for public comments. The US SEC will allow comments for 21 days from the publication date, with the phase expected to close in mid-March. Meanwhile, this is just the first step in the approval process. If the application advances, the NYSE Arca would submit an S-1 filing with several amendments before the securities watchdog finally approves the Grayscale Cardano Trust. #Crypto
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"MicroStrategy Nears 500K Bitcoin! Another $2B Buy Pushes Holdings to New Heights"
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