Bloomberg analyst James Seyffart believes that the US Securities and Exchange Commission (SEC) could approve all applications for the instrument at once in Jan. 2024.In his opinion, this is indicated by the collection of opinions on the application to launch a spot #BTC ETF by Franklin Templeton and Hashdex, meaning that every applicant needs to be lined up for potential approval by the Jan. 10, 2024 deadline.The expert posted an update on the filing noting that while the SEC was very early on the Franklin case, in fact, they were not supposed to make a different decision until Jan. 1. Additionally, it is notable that Franklin is the only issuer that has not yet filed an updated S-1.There is still no spot #BTC Bitcoin #etf in the US. The potential launch of the tool in the future, analysts believe, could be one reason $BTC and the entire crypto market has seen notable gains in Q3 of 2023.Since early October, the cryptocurrency market has surged as traditional asset managers such as BlackRock prepared for spot Bitcoin ETFs, potentially attracting billions in investment from institutional backers into crypto markets.Expectations of a possible US spot Bitcoin ETF helped drive inflows into digital asset investment products for the ninth straight week, according to CoinShares. Recent weeks have seen a massive surge in digital asset investments, with inflows totaling $346 million, led by Bitcoin (BTC) and Ethereum (ETH).source: crypto.news

Grayscale intends to turn its #gbtc fund into a highly-anticipated spot Bitcoin ETF, pending approval by the SEC.According to market data from YCharts on Nov. 24, the Grayscale Bitcoin Trust (GBTC) discount rate has narrowed to 8.06%.The “discount” refers to the situation where the Grayscale Bitcoin Trust (GBTC) shares are trading at a price lower than their underlying net asset value (NAV).GBTC began trading at a discount in early 2021, sometime after Grayscale halted GBTC redemptions. As trading continued, the asset discount reached its lowest point at 48% in late 2022. The discount gradually began to narrow in early 2023, culminating in the current 8% discount. An 8% discount has not been seen since mid-2021.Before March 2021, GBTC was trading above its net asset value, known as a premium. However, according to a separate report from experts, it is unlikely that the fund will trade at a premium again. One expert even suggested that if Grayscale’s plan to convert GBTC into an ETF is realized, any existing premium will likely vanish.Recent developments have likely contributed to the latest change in value and the fund’s larger trend toward a 0% price difference.Over time, the general optimism about Grayscale’s proposal to transition GBTC into a spot Bitcoin ETF seems to have contributed to the narrowing of the discount. The company won a court case in June that compelled the U.S. Securities and Exchange Commission (SEC) to review its spot ETF application. Reports from October indicated that the SEC would not appeal the ruling.More recently, in late November, Grayscale said that it had entered talks with the SEC around its proposal. It also submitted an updated filing to the SEC. Additionally, Ark Invest — another company that is seeking its own spot Bitcoin ETF — sold about $10 million of GBTC shares starting in late October. Those sales may have affected the price of GBTC directly or influenced other trading activity.Source: cryptoslate.com

The British bank will provide e-CNY #CBDC services to clients and explore its future use in China's financial system.British multinational bank Standard Chartered will partake in trials of China's digital yuan central bank digital currency (e-CNY CBDC), one of the first foreign banks to do so in the country.According to the Nov. 27 announcement, Standard Chartered, through its partner City Bank Clearing Services Co., will allow its clients to purchase, exchange, and redeem e-CNY within its bank accounts. "As an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development prospects of digital Renminbi," said Xiaolei Zhang, president of Standard Chartered China.The bank will also join China's e-CNY CBDC pilot testing program, which is currently ongoing within 26 cities and provinces. Standard Chartered stated that its areas of exploration include cross-border merchant payments, trade financing and supply chain financing.Last year, Standard Chartered participated in the "Multilateral Central Bank Digital Currency Bridge" proof-of-concept test project in Hong Kong for providing cross-border payment settlement services for retail and enterprise clients. In May 2023, Standard Chartered and PricewaterhouseCoopers China jointly released the report "Central Bank Digital Currency to Create a Future Banking Ecosystem," discussing the application prospects of CBDCs in the fields of retail, trade and supply chain finance.On Nov. 25, China's central bank published a white paper titled "A cross-border e-commerce business-to-business digital renminbi application solution." The document called for commercial payment processors to integrate the e-CNY CBDC for consumer transactions. Since its inception in 2020, e-CNY transactions have surpassed 1.8 trillion Yuan ($253.6 billion), while the number of wallets has surged to 120 million. Source: cointelegraph.com

The three tokens of the Terra ecosystem — Terra (#LUNA ), Terra Classic (#LUNC ) and TerraClassicUSD (#USTC/USDT ) — have gained momentum following an update last week. The surge comes a week after Terraform Labs deployed $10 million worth of assets in three different liquidity pools. #LUNA is up by 22% in the past 24 hours and is trading at $0.83 at the time of writing. The asset’s market cap rose to $490 million, making it the 99th-largest cryptocurrency. Terra’s 24-hour trading volume also witnessed a 400% surge, reaching $485 million.According to data provided by the market intelligence platform Santiment, LUNA’s total open interest (OI) registered a 23% surge over the past day — rising from around $67.7 million to $82.4 million. Moreover, the price surge comes as Terra witnesses a 270% rally in its social activity over the past 24 hours, per Santiment. Luna Classic recorded a 42% hike in the past 24 hours and is trading at $0.00011 at the time of writing. LUNC’s market cap reached $661 million with a daily trading volume of $513 million — making it the 79th-largest crypto asset. According to the market intelligence platform, LUNC’s total OI increased by 54% in the past 24 hours — rising from $3.8 million to $5.8 million. In addition, per Santiment, Luna Classic’s social volume witnessed a 285% rally over the past day. Following the upward momentum, both LUNA and LUNC have gained a spot among the top trending cryptos on X (formerly Twitter), Telegram and Reddit, according to Santiment.Furthermore, USTC’s 268% rally in the past 24 hours helped it gain the 96th spot among the top cryptocurrencies. The asset’s 24-hour trading volume soared by 2,300%, reaching a whopping $1.1 billion over the past day. USTC is currently trading at $0.063.Following the deployment, the Terra ecosystem witnessed a 25% surge in daily transactions and a 900% surge in user activity. #ustcrepeg source: crypto.news

In a largely favorable week, the global crypto market cap rose 2.12% from $1.41 trillion at the start of the week to the current $1.44 trillion, with Bitcoin (BTC) and Oasis Network (ROSE) each making notable movements.Bitcoin #BTC , as the leading cryptocurrency, wielded significant influence over the wider crypto market in its recent movements. Starting the week on a positive note, it faced downward pressure on Nov. 21 due to reports surrounding Binance’s legal issues.The impact was notable as Bitcoin experienced a sharp drop from $37,448 to $35,735 on Nov. 21, breaching key support levels and causing a 4.56% decrease. This downturn resonated across the crypto sphere, leading to similar declines.Interestingly, the following day showcased a complete reversal. On Nov. 22, Bitcoin surged by 4.66%, recovering the losses incurred from the Binance news and even adding a marginal 0.10% gain. This bullish trend continued until Nov. 24, where Bitcoin reached a new yearly high of $38,414.Despite this peak, Bitcoin struggled to maintain the $38,000 level, closing at $37,717 on Nov. 24. Attempts to reclaim this threshold have been unsuccessful since. Nevertheless, Bitcoin has sustained its upward momentum, trading above both the 50-day EMA ($34,170) and the 200-day EMA ($29,761), marking a weekly increase of over 3.1%.Oasis Network #ROSE was one of the few assets that began this week on a bearish note, witnessing two consecutive declines on the first two days of the week. ROSE dropped 4.75% on Nov. 20 and then recorded a steeper decline of 9.55% on Nov. 21, as the broader market faced a drop.Remarkably, the asset recovered the Nov. 21 loss, surging 11.51% on the following day. The uptrend continued for the rest of the week, with #ROSE soaring 14.57% from Nov. 24 to 26. It rallied to a high of $0.0832 today before facing resistance. This represented its highest price in over nine months.To hedge against any significant drops, #ROSE/USDT needs to hold above the $0.0764 support stationed at the 0.38 Fibonacci level. On the other hand, the asset would need to conquer Fib. 618 is currently at $0.0854 for bullish continuation.Source: crypto.news

The price of Bitcoin (#BTC ) could potentially drop to $30,000 due to a looming bearish divergence, even as bulls are steaming ahead to the $40,000 mark.What Happened: Despite the excitement surrounding the potential approval of spot Bitcoin ETFs causing a Bitcoin price surge, the recent delay by the Securities and Exchange Commission (SEC) has dampened the bullish momentum, reported FXStreet.Even though “whale” investors have provided some support, indications of a significant Bitcoin rally reversal are emerging.Bitcoin’s price is currently creating higher highs, while the Relative Strength Index (RSI) is marking lower lows.This disparity, referred to as bearish divergence, denotes a weakening of the bullish momentum driving the price rise. As a result, the rally might soon come to a halt, and a correction in Bitcoin’s price would authenticate the bearish divergence.This could result in Bitcoin’s price dropping to the support levels at $36,833 and $33,901, with a high likelihood of it falling to $31,507. If it breaks this support, it could drop to the critical psychological support level of $30,000, potentially sparking a new wave of Bitcoin accumulation driving the price back up.Why It Matters: The bearish divergence will only be confirmed if the price dips. According to the Market Value to Realized Value (MVRV) ratio, investors who purchased Bitcoin in the previous month are currently enjoying a 3.4% profit. This modest profit isn’t sufficient to stimulate profit booking, which could trigger a sell-off.Instead, investors may opt to liquidate their holdings when the MVRV touches 6.7% to 16.8%.Moreover, whale addresses holding 1,000 to 10,000 Bitcoin have continued to accumulate, adding nearly 60,000 Bitcoin in the past week alone.This acquisition, valued at $2.26 billion, has increased their total holdings to 4.73 million Bitcoin.As long as profits don’t reach saturation and investors deem selling for profit as more profitable, Bitcoin’s price decline could be postponed. This context is crucial in the light of recent reports on Bitcoin’s struggle to gain momentum compared to other cryptocurrencies like Dogecoin and Ethereum.Source: Nasdaq/Benzinga