ETFs. The U.S. Securities and Exchange Commission (SEC) has decided to delay a verdict on two physically-backed Bitcoin exchange-traded funds (ETFs)..
One week in review:
Dec. 12–18 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. SEC delays decisions on Bitwise and Grayscale's Bitcoin ETFs | | | The U.S. Securities and Exchange Commission (SEC) has decided to delay a verdict on two physically-backed Bitcoin exchange-traded funds (ETFs) until February 2022. The commission published its decision on Wednesday. | | | The two ETF applications were filed by Bitwise Asset Management and Grayscale. Whereas Bitwise aimed to introduce an entirely new spot Bitcoin ETF, Grayscale intended to create a spot offering by repurposing its current Grayscale Bitcoin Trust product. | | | The SEC has turned down multiple Bitcoin spot ETF applications in 2021. The Commission delayed one such product from WisdomTree earlier in 2021, only to deny it in December. | | #2. Just did it: Nike enters the Metaverse game following RTFKT acquisition | | | Sports apparel company Nike officially joined the Metaverse this week by acquiring virtual sneakers and collectibles brand RTFKT. | | | Prior to the move, Nike expressed strong interest in this emerging market by pursuing Metaverse-specific patent and trademark filings for its logo. The company also publicized a job search for people with specific Metaverse expertise. | | | "Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community and extend Nike's digital footprint and capabilities," Nike's CEO and president John Donahoe said. | | #3. US Senate confirms CFTC chair as President Biden announces commissioner picks | | | The Commodity Futures Trading Commission (CFTC) now has a permanent chairman following approvals by the United States Senate. On Thursday, Rostin Behnam, who had been serving as acting chairman, was given the permanent position. The CFTC is one of three U.S. governing bodies responsible for crypto industry regulatory oversight. | | | Behnam has previously commented on the crypto space, noting that the CFTC should focus more on the sector. He noted in October: "Given the size, the scope and the scale of this emerging market, how it's interfacing and affecting retail customers, and with the scale of the growth being so rapid, potential financial stability risks in the future, I think it's critically important to have a primary cop on the beat." | | | The CFTC's overall brass is also changing. In the coming months, four CFTC commissioner spots must be filled, which is a large number given that the regulatory body typically carries five commissioners. | | #4. Prediction of the week: Here's why Bitcoin traders expect choppy markets for the remainder of 2021 | | | Bitcoin's price has been on a rollercoaster the past week. The coin saw prices as high as almost $51,000, while also visiting levels below $46,000, based on Cointelegraph's BTC price index. | | | According to a report from Delphi Digital, Bitcoin's price could finish out the year trading relatively sideways. The firm noted the recent spike in stablecoin transactions as reason to be cautious. Much like the May 2021 price crash, current market conditions are defined by much higher than normal stablecoin volumes, presumably as investors exit BTC positions and enter into stablecoins. | | | The "most likely path forward" for BTC in the short term is choppy or sideways action, Delphi Digital stated. However, any major risk-off event in the broader market could negatively impact the leading digital currency. | | #5. FUD of the week: AscendEX loses $80M following ERC-20, BSC, Polygon hot wallet compromise | | | Hackers recently siphoned nearly $80 million in digital assets from crypto trading platform AscendEX. Estimates from analytics outfit PeckShield put the total number of stolen crypto assets at $77.7 million. The sum consists of $8.5 million worth of Polygon-based tokens, $9.2 million of Binance Smart Chain-based tokens and $60 million worth of Ethereum-based tokens. | | | The pillage affected the platform's hot wallet but not its cold storage amounts, as per a tweet from the crypto platform on Dec. 11. AscendEX also noted in the same tweet that customers who lost funds would be covered by the platform. | | #6. FUD of the week. UK advertising watchdog bans crypto ads for Coinbase and Kraken | | | Coinbase, Kraken and several other crypto-involved companies received backlash from the United Kingdom's Advertising Standards Authority (ASA) for certain advertisements. The ASA claimed the ads did not adequately provide viewers with proper risk warnings, and that they preyed on viewers who lacked crypto expertise. | | | One ad from Coinbase Europe noted the large profit outcome an early Bitcoin investment would have yielded if held until 2021. The ASA pushed back on the ad, essentially saying it made it look like the future would hold similar profit potential. The ASA also pointed out that the ad lacked an explanation that the future does not promise the same rewards reaped in the past. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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