Last Week in Review: Bitcoin ETFs, BlackRock and the SEC, what’s going on?
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
🟠 The latest on Bitcoin ETFs
- The SEC said late last week it wants BlackRock and others to revise and resubmit their bitcoin ETF applications.
- “The notion of a spot bitcoin ETF is very emotionally charged for some people, but it’s not unusual for the SEC to send applications back and ask for clarifications,” said Sean Tuffy, a financial regulatory expert.
- “I see this as very encouraging news as the SEC did not just go ahead and turn it down,” Vivian Fang, a finance professor at Indiana University, told The Block. “It basically kicked it back and said, work on the application and there is a chance that this may get approved.” The companies are busy rewording their applications and will resubmit soon.
📈 South Korean traders drive Bitcoin Cash rally
- The Bitcoin Cash price more than doubled in a week, topping $300 for the first time since April 2022, as reported by BeInCrypto.
- “Over the past 24 hours, South Korea’s largest crypto exchange Upbit has recorded huge trading volumes on the BCH/KRW pair. More than $350 million in volume has accounted for almost a quarter of the total volume for BCH for the period, said industry analyst Colin Wu.
- “BCH has been benefiting from the launch of EDX Markets alongside rising trading volumes and social media interest, according to crypto research firm Santiment,” according to CoinDesk.
🌍 The best crypto hubs around the world, according to new list
- The Crypto Hubs 2023 ranks the top 15 global crypto hubs dotted around the world.
- Zug, the town in Switzerland where Ethereum was born, ranked first, while Silicon Valley placed eighth.
- The “hubs” are ranked based on weighted data for eight different criteria ranging from regulatory friendliness, digital infrastructure to quality of life.
👀 USDC issuer eyes Hong Kong
- Jeremy Allaire, Circle’s CEO, recently commented to Bloomberg that Asia is a big focus for the company at the moment.
- Hong Kong put into effect new rules related to crypto exchanges on 1 June, drawing the attention of many US crypto firms looking for friendlier regulatory climates than the one on home soil.
- “Hong Kong is clearly looking to establish itself as a very significant centre for digital assets markets and stablecoins and we are paying very close attention to that,” Allaire said.
Crunching the numbers
🔺 25% – The increase in the bitcoin price since large institutional investors announced plans to file bitcoin ETFs.
↗️ 11% – By how much the price of bitcoin has increased in July during the last decade, a historically strong month for the market leader.
2% – The Fed’s target inflation rate. The lack of progress towards this mark will likely lead to another interest rate hike in July, say analysts. Minutes from the Fed’s June meeting will be released on Wednesday 5 July.
💰 12,000 – The amount of BTC MicroStrategy bought over the last two months, bringing its total bag to 152,000 bitcoin.
Ever seen BTC referred to as XBT? There’s a story behind this, and it has something to do with bitcoin being a decentralised currency. Find out more, HERE.