Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, to industry news, and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday Ndaxers—Lots of news this week, so make sure to skim the extra news nuggets below the featured stories so you don’t miss out.
According to a new report by S3 Partners, a financial data firm, Bitcoin's recent rally has resulted in significant losses for crypto stock short sellers, totaling over $2.6 billion in less than three months. Since September, Bitcoin is up a whopping 75%, and as a result, Crypto stocks, including MicroStrategy, have followed suit, catching short sellers off guard. Microstrategy is up 82% since October. According to this report on Tuesday alone, setting the state for a potential short squeeze, these crypto stock short sellers lost $387M. Since January 2023? They’ve lost over $6B. Decrypt
Though many questions remain as to how useful crypto is for terror financing (figures show that crypto represents a very small fraction of funds used to launder/raise financing for terror, as compared to traditional methods), a newly introduced bill reads: "The Terrorist Financing Prevention Act of 2023, aims to prevent Foreign Terrorist Organizations and their financial enablers, including those using digital assets, from accessing U.S. financial institutions, imposing sanctions and strict regulations to counteract these activities". The bill was introduced by a bipartisan group of senators including Mitt Romney... Meanwhile, though its path to becoming ratified into law is uncertain, a pro-blockchain bill has cleared its first hurdle in the US House. The law would task the U.S. secretary of commerce to become the US official Open-For-Crypto-Business cheerleader (mascot?) and promote—hear us out here—blockchain tech in America! Coindesk
According to a new Reuters report, spot Bitcoin exchange-traded fund approvals may be on the horizon, as the SEC collaborates with asset managers to finalize crucial technical details. Among the 13 spot Bitcoin ETF applicants, 21Shares and Ark (with a proposal deadline of Jan. 10) have engaged with the SEC, prompting speculation of potential approvals... Bloomberg Intelligence analyst James Seyffart suggests that if the SEC plans to approve the applications, a series of acceptances could occur between January 8 and January 10. There is speculation that the SEC might greenlight multiple applications simultaneously, which another Bloomberg analyst Balchunas refers to as the "Bitcointucky Derby". Bloomberg analysts estimate a 90% likelihood of approval by January 10. CEO of Ark Invest Cathie Wood expressed optimism about Bitcoin ETFs, citing significant differences in the current—compared to previous—application rounds. Alongside Ark and 21Shares application, other notable applicants include BlackRock, Franklin Templeton, WisdomTree, VanEck, and most recently, Swiss-based asset manager Pando Asset, bringing the total to 13. Blockworks
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