#Bitcoin just hit a high not seen since April 2022, riding the wave of excitement over finally approved US spot ETFs. But hold on, before we celebrate prematurely, there's another story unfolding. The price took a dip after the initial surge, suggesting a "sell-the-news" scenario familiar to seasoned investors.
But why the mixed signals? Well, the rally leading up to the ETF approval was explosive, leaving some expecting fireworks that never materialized. Regardless, a multinational bank is already singing Bitcoin's praises, predicting a potential near-$200,000 price tag by next year. Their optimism hinges on continued ETF success and, potentially, a massive $50 to $100 billion cash injection into the $BTC ecosystem.
Intrigued? Dive deeper into the week's hottest crypto stories below – there's more to unfold than you might think!
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TOP CRYPTO NEWS RECAP (JANUARY 7–JANUARY 13, 2024)
●      US Approves First Spot Bitcoin ETF: Experts Predict Market Impact and Retail Adoption Surge
●      SEC's Lack of 2FA Leads to Fake Bitcoin ETF Approval in Twitter Hack
●      Circle Internet Financial Files Confidentially for U.S. IPO, Aims to Go Public
●      Former FTX CEO Sam Bankman-Fried Retains New Legal Team Ahead of Sentencing on Seven Criminal Charges
●      Ethereum Co-founder Vitalik Buterin Advocates 33% Gas Limit Increase for Improved Network Throughput
●      SEC Seeks Court Order for Ripple's Financial Statements Amid Ongoing Legal Battle
US Approves First Spot Bitcoin ETF: Experts Predict Market Impact and Retail Adoption Surge
The U.S. Securities and Exchange Commission (SEC) officially approved the first regulated spot Bitcoin exchange-traded fund (ETF). This move is expected to make Bitcoin more accessible to retail investors, with 11 Bitcoin ETFs, including those from Grayscale, BlackRock, and Fidelity, gaining approval. Experts predict significant inflows, with Valkyrie anticipating $400 million in assets within weeks. 
The approval could pave the way for a spot Ethereum ETF. While some experts believe institutions may be cautious due to associated fees, others foresee increased institutional participation, potentially boosting market liquidity. Challenges include counterparty risks and potential market price dislocations. Newly launched Bitcoin ETFs saw $1.4 billion in inflows in the first two trading sessions, aligning with earlier predictions.
SEC's Lack of 2FA Leads to Fake Bitcoin ETF Approval in Twitter Hack
The United States Securities and Exchange Commission (SEC) faced embarrassment as the X safety team revealed that the SEC's official Twitter account lacked two-factor authentication (2FA), leading to a SIM swap attack. 
A hacker gained control of the SEC's account and falsely announced the approval of a spot Bitcoin ETF. Senators and members of Congress are now demanding investigations into the SEC's cybersecurity practices, criticizing its failure to follow protocols and potentially compromising market stability.
Circle Internet Financial Files Confidentially for U.S. IPO, Aims to Go Public
Circle Internet Financial, the issuer of the USD Coin (USDC), the second-largest stablecoin, has confidentially filed for a U.S. initial public offering (IPO). The move is part of the company's strategy to become publicly traded. 
According to Reuters, Circle did not disclose the number of shares or the proposed price range. The IPO is contingent on SEC approval and market conditions. Circle had initially planned to go public in 2022 but abandoned the deal, citing timing issues. USDC is the seventh-largest cryptocurrency globally, with a market capitalization of $25 billion.
Former FTX CEO Sam Bankman-Fried Retains New Legal Team Ahead of Sentencing on Seven Criminal Charges
In a filing on Jan. 9, Torrey Young and Marc Mukasey of Mukasey Young LLP revealed their representation of Sam Bankman-Fried, the former FTX CEO, ahead of his sentencing for wire fraud, securities fraud, and other charges. 
Bankman-Fried's conviction in November 2023 is now followed by a change in legal counsel, possibly signaling an appeal. His sentencing is scheduled for March 28, 2024, amidst uncertainties surrounding the reasons for the shift in legal representation.
Ethereum Co-founder Vitalik Buterin Advocates 33% Gas Limit Increase for Improved Network Throughput
In a recent Reddit AMA, Ethereum co-founder Vitalik Buterin proposed a "modest" 33% increase in the gas limit to around 40 million. Noting the absence of a gas limit increase in nearly three years, Buterin believes the adjustment would enhance network throughput. 
The gas limit determines the maximum gas for executing transactions on Ethereum. While increasing the limit theoretically boosts network capacity, it also raises concerns about hardware load and potential network spam. The proposal aims to adapt to growing transaction demands and improve overall network performance.
SEC Seeks Court Order for Ripple's Financial Statements Amid Ongoing Legal Battle
The U.S. Securities and Exchange Commission (SEC) has filed a motion urging a federal court to compel Ripple to produce financial documents related to its enforcement action. The request specifically targets Ripple's financial statements from 2022 to 2023 and contracts governing 'Institutional Sales,' following a judge's ruling in July that categorized XRP as a security only when sold to institutional investors. 
The SEC aims to use this information to determine appropriate remedies, such as injunctions and civil penalties, after finding Ripple liable for violating securities regulations. Ripple has requested additional time to respond.
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#BitcoinETFapproved #Ethereum2024 #melega #MelegaSwap #RippleSECSettlement

The SEC and Ripple have filed new motions relating to the remedies phase of their ongoing legal battle. 
Read more on: https://thecryptobasic.com/2024/01/12/heres-the-latest-update-on-ripple-vs-sec-as-both-parties-file-new-motions/
#RippleSECSettlement #RippleVsSEC #SecGov #cryptocurrecny #CryptoNews🔒📰🚫

Ripple has filed an opposition to the SEC’s motion to compel certain post-complaint discovery. 
Read more on: https://thecryptobasic.com/2024/01/20/ripple-vs-sec-lawsuit-latest-update-ripple-cites-2-reasons-why-court-should-deny-sec-motion/
#RippleVsSEC #RippleSECSettlement #cryptocurrecny #CryptoNewsLand #CryptoNews🔒📰🚫

As the long-standing lawsuit between Ripple and the SEC enters its final stages, here are the key dates to mark on your calendar in the coming months.
Read more on: https://thecryptobasic.com/2024/01/02/crucial-upcoming-dates-in-ripple-v-sec-lawsuit-in-2024-showdown/
#RippleVsSEC #RippleSECSettlement #SECfiling #Cryptocurrrency #CryptoNews🔒📰🚫

Dizer Capital Yassin Mobarak explains why time is of the essence for the SEC in its ongoing legal tussle with Ripple. 
Read more on: https://thecryptobasic.com/2024/01/13/expert-says-time-is-not-on-sec-side-in-ripple-lawsuit/
#RippleSECSettlement #RippleUpdate #SECMeeting #cryptoleads #CryptoNewsLand

Prominent Financial expert and XRP YouTuber Zach Rector speculates that Ripple could pay over $3B in disgorgement to the U.S. SEC if Judge Torres rules ODL-related sales are securities.
Read more on: https://thecryptobasic.com/2024/01/15/expert-cites-condition-that-could-make-ripple-pay-over-3-billion-as-penalty-to-sec/
#RippleSECSettlement #RippleVsSEC #cryptoleads #CryptonewswithJack #CryptoNews🔒📰🚫

April 2024 will be a crucial month for Ripple and XRP as the crypto payments company continues its legal tussle with the SEC and Zakinov. 
Read more on: https://thecryptobasic.com/2024/01/06/heres-why-april-will-be-a-crucial-month-for-ripple-and-xrp/
#RippleSECSettlement #XRX/USDT #XRPBreakout #cryptocrurrency #CryptoNews🔒📰🚫

Attorney John Deaton says the SEC classified Ripple’s XRP sales under several categories, emphasizing that Judge Analisa Torres only ruled accordingly.
Read more on: https://thecryptobasic.com/2024/01/18/deaton-reacts-as-sec-criticizes-ripple-ruling-again-during-latest-coinbase-hearing/
#RippleSECSettlement #cryptocurrecny #CryptoNewsLand #CryptonewswithJack

With the SEC demanding a nearly $2 billion fine from Ripple, we’ve highlighted the amount of XRP the company might sell to meet this obligation if the court sides with the regulatory agency.

Read more on: https://thecryptobasic.com/2024/03/30/heres-how-much-xrp-ripple-might-sell-to-pay-sec-2b/
#RippleSECSettlement #RippleUpdateV #Crypto #CryptoNewsFlash #CryptonewswithJack