sounding last weekthe values of market leaders Bitcoin and Ethereum have remained relatively inert for the past seven days.
However, market leader Bitcoin (BTC) has hit a a year long after crossing the $31,000 threshold on Monday on news that the world’s largest asset manager, BlackRock, is refill its application to the SEC for a Bitcoin spot ETF-a regulated investment vehicle that, if approved, will give investors exposure to Bitcoin without the risks of buying it directly.
The SEC stated doubts about BlackRock’s first filing last month, which said broadly that none of the many applicants for a Bitcoin spot ETF were specific enough about how they would integrate a “surveillance -sharing agreement” to prevent fraud and manipulation. Such agreement will allow the applicants to monitor the trading activity of the market and clearing activity and verify the identity of the customer.
BlackRock named Coinbase as its partner to monitor its refill market. Two days ago, the crypto-focused asset manager Valkyrie also refiled its ETF application and, echoing BlackRock, it named Coinbase as a market surveillance partner.
In another strong sign for Bitcoin fans, the crypto ATM operator Bitcoin Depot has become the first company of its kind publicly listed on NASDAQ on Monday.
However, the headlines are not enough to make Bitcoin price rise in a sustained rally. The largest cryptocurrency by market capitalization dipped below $31,000 on Tuesday, then briefly recrossed the threshold early Thursday before dipping below $30,153.
Bitcoin volatility settled over the weekend. It’s currently changing hands at $30,252—about one percent less than this time last week.
Holders of Ethereum (ETH) suffered a small loss. The world’s second largest cryptocurrency fell by 2.8% to enter the weekend at $1,861. It moved in step with Bitcoin, which posted intraweek highs near $2,000 on Monday and Thursday.
The prices of most of the top thirty cryptocurrencies have remained flat for the past seven days. The biggest increase was observed in Solana (SOL), which exploded by 20% to hit $22.85 on Saturday, nearly 20% for the week.
Remarkably, Solana thrived despite the news that the popular trading app Revolut it has been delisted—along with Polygon (MATIC) and Cardano (ADA)—after them called securities of the SEC in its ongoing cases against Binance and Coinbase.
Litecoin (LTC) and Ethereum Classic (ETC) holders felt a huge loss. The former fell 11% to $98, while the latter fell 12.5% to $19.06.
Ethereum forked from Ethereum Classic in 2016 after a notorious DAO smart contract hack that allowed thieves to escape $55 million in ETH. The Ethereum community voted that illegal transactions be deleted from the blockchain and continue under the name Ethereum. The original ledger that recorded these transactions continues as Ethereum Classic.
Regulation in Asia and UK
On Monday, Singapore announced the two new consumer protection measures as the island nation’s regulators continue to build a regulatory framework for its burgeoning crypto industry.
The Monetary Authority of Singapore (MAS)—the country’s chief financial regulator—will enforce a ban on lending and staking for retail customers (individual traders, as opposed to institutional clients).
MAS also now requires that exchanges move customers’ digital assets into a trust before the end of the year to prevent an FTX-style scenario where their funds are commingled or sold.
Coincidentally, the Securities and Exchange Commission of Thailand also announced the ban on “storage services that offer backfired of depositors and lenders,” thereby directly prohibiting exchanges from offering lending and staking services.
On the other side of the world on Tuesday, the Financial Conduct Authority (FCA) for the United Kingdom announced that companies promoting cryptocurrencies to UK customers must prepare to comply with the regulator’s financial promotion regime before October 8, 2023.
The rules govern all communications that may be considered “financial promotion,” including websites, social media posts, mobile apps, and online advertising. Crypto companies must register with the FCA to obtain authorization and, if approved, they must also pay.
