After several weeks of lack of any major developments in the crypto industry, the past few days saw an increased number, mostly surrounding the potential launch of a spot Bitcoin ETF in the States. Naturally, this impacted the asset’s price quite a lot.
It all started on Tuesday when Grayscale – the largest crypto asset manager – won a court battle against the SEC. A US judge sided with the crypto company and ordered the Securities and Exchange Commission to “vacate” its decision to reject the review of Grayscale’s application to turn its GBTC into a spot BTC ETF.
The cryptocurrency reacted with an immediate price uptick that pushed it north by over two grand. This resulted in a two-week peak at just over $28,000.
While the community was preparing the champagne in anticipation of the actual approval of a spot Bitcoin ETF, the securities regulator made a somewhat expected move and delayed the decision on all current applications, including BlackRock’s.
This, along with the declining hype and other potential warning signs, led to a price dump for BTC and the rest of the market. Bitcoin, for one, plummeted by $1,000 on Thursday and more than $1,500 in the past 24 hours. Consequently, the asset erased all of the Grayscale-induced gains and even fell to a new two-week low at $25,600 hours ago.
Most altcoins followed suit during the mid-week pump but have lost traction. As such, ETH, BNB, XRP, ADA, SOL, DOT, SHIB, LTC, and UNI are all in the red on a weekly scale.
In contrast, TONCOIN has stolen the show and has soared by 31% over the past seven days. MKR and BCH are next, with 16% and 8%, respectively.
Market Data
Market Cap: $1.08B | 24H Vol: $49B | BTC Dominance: 46.4%
BTC: $25,732 (-0.3%) | ETH: $1,631 (-0.6%) | BNB: $213 (-1.1%)
This Week’s Crypto Headlines You Can’t Miss
BTC Exchange Net Flows Soared to Monthly Highs as Bitcoin Dumped Below $26K. Speaking of signs that could have predicted the massive price plunge for BTC, a report by Glassnode informed that the net flows to exchanges in the past day or so have soared to a 4-month high, thus increasing the selling pressure.
SEC Delays Upcoming ETF Decision For Blackrock and Others. As mentioned above, the US securities watchdog delayed its decision to approve or reject all spot Bitcoin ETF applications by another 45 days.
10 Crypto Ideas That Should be Developed in Bear Market, According to Coinbase’s Brian Armstrong. The CEO of Coinbase outlined 10 of his favorite ideas in the crypto industry that could be the next game-changing trends, including flatcoins, on-chain ads, L2 privacy, and more.
Bloomberg ETF Experts Predict 75% Chance for Spot Bitcoin ETF Launch in 2023. After Grayscale’s win over the SEC, the hype was real, and Bloomberg ETF experts predicted that there’s a 75% chance a spot BTC ETF will see the light of day this year and a 90% chance about next year.
Judge Dismisses Uniswap Scam Token Case in Another Crypto Court Victory. A crypto company notched another court victory this week when a US judge dismissed the lawsuit against Uniswap, its CEO, and its venture capitalist backers.
DCG and Genesis Forge Agreement for Up to 90% Recoveries for Creditors: Report. Digital Currency Group and its subsidiary Genesis reached an agreement that would allow the latter’s creditors to receive up to 90% of their assets in USD equivalent.
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