Last Week in Review: Bitcoin ETF conversations, inflation and BTC NFTs

The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place

News from the block

Google changes crypto ads policy as Bitcoin ETF conversation continues

• The update will allow institutions to advertise “coin trust” products on Google, a coin trust being defined as “financial products that allow investors to trade shares in trusts holding large pools of digital currency.”
  
  
• Google explained to Blockworks that crypto trusts are funds “that only invests in cryptocurrency, such as Bitcoin. These funds are closed-end. They own bitcoins for investors, and their shares are traded over-the-counter.”
  
  
• “The language used by Google could suggest that spot bitcoin ETF advertising is allowed, if the US Securities and Exchange Commission gives the 13 bitcoin ETF applications a green light,” Blockworks reported. 

Inflation data from the US paints a long road to recovery

• The latest employment numbers from the US came in higher than expected, possibly signalling a long road ahead in curbing inflation.
  
  
• “The job market continues to be resilient after a year of dodging recession fears,” Daniel Zhao, lead economist at job ratings site Glassdoor, told CNBC.
  
  
• While the latest numbers have allayed recession fears, it also indicates that the Federal Reserve Bank has a way to go before it can confidently start lowering interest rates, its key monetary policy tool in the fight against inflation. 
  

Bitcoin NFT art sold for 10.4 BTC

• One of the earliest inscriptions on the Bitcoin blockchain sold for around $450,000 in Bitcoin on an NFT marketplace.
  
  
• The inscription is part of the Honey Badger collection. “Ordinals is not about one sale,” said the purchaser, who goes by OG General on X. “It’s about where we’re going.” 
  

BlackRock and Bitwise’s ETF updates signal ongoing conversations with regulator

• The two large institutions both updated their Bitcoin ETF applications, possibly signalling ongoing conversations with the Securities and Exchange Commission, who is yet to approve any of the spot-ETF applications, reported The Block.
  
   
• “The wheel is still turning,” Bloomberg Intelligence analyst James Seyffart wrote on X. “Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.”
  

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TL;DID read

December is usually a quiet time for markets as the world goes into holiday mode and even serious traders take time off from their graphs and graft. But interest rates and other market-moving events march on regardless. 

Here are the ones to keep an eye on in December. 

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Crunching the numbers

10.4 BTC – The sale amount of one of the first Bitcoin ordinals, a type of NFT on the Bitcoin network. 

3.7% – The level to which unemployment fell in the US, instead of the expected 3.9%, indicating a stronger than expected US economy. This could possibly spell a longer period of heightened interest rates. 

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Crypto trivia

CoinDesk’s 50 most influential in crypto 

Among the dignitaries on the list are Casey Rodarmer, who wrote the code that enables ordinals on Bitcoin, Gary Gensler, the pugnacious head of the Securities and Exchange Commission, and Sam Altman, the co-founder and face of OpenAI, the company at the forefront of artificial intelligence development.

As CoinDesk notes, “CoinDesk’s Most Influential recognises the people, who, for the better, and sometimes the worse, defined the year in digital assets and Web3.” Read here who made the list. 

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Protect your crypto 

Ensuring the safety of your investments is not just good practice, it’s essential. While we do all we can to secure your account, you can help by activating these key security features available in the app. 

?️ A guide to essential security features

*This information should not be construed as a solicitation to trade. All opinions, news, research, analysis, prices or other information is provided as general market commentary for information purposes only and is not investment advice or recommendation. Luno always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.