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.
Just as the crypto industry experiences a few slow weeks of news—excluding of course much frothiness from the FTX/SBF trial—another week comes along with enough headlines to make up for months of slow progress. Last week, dear Ndaxer:
Cointelegraph issued a clarification and apology to readers on a story they ‘broke’ last week claiming that the SEC had approved BlackRock’s Bitcoin Spot Trust ETF bid. This unconfirmed story, posted by the outlet on social media without proper editorial approval, of course, turned out to be false, but not before sending the digital asset’s price up close to 7% in almost as many minutes, and casually evaporating $100M of short positions along the way. (This didn't stop Bitcoin from surpassing the $30K US mark toward the end of the week, and has also prompted serious dialogue on X (Twitter) over the evident pent-up demand for such a Bitcoin vehicle, but also its ostensible susceptibility to market manipulation. We hear that! Coindesk
California Governor Gavin Newsom signed into law the Digital Financial Assets Law, which many are referring to as California’s “BitLicense," and which will become effective July 1st, 2025. It mandates the creation of a regulatory framework by the Department of Financial Protection and Innovation (DFPI), which includes licensing and oversight powers for the crypto sector. The DFPI has 18 months to adapt the framework for industry trends and consumer protection. Governor Newsom acknowledged the need for further clarity in the law's terms and scope, aiming to balance consumer protection with innovation. Coindesk
In addition to passing on their opportunity to appeal a recent court decision which found that the SEC’s decision to disallow Greyscale’s bid to convert their GBTC Bitcoin Fund into an ETF was unlawful, SEC Chair Gary Gensler declined to comment on the regulator’s decision not to appeal the Grayscale court win in a Wednesday interview with Bloomberg TV. (A DC Circuit Court of Appeals judge ruled in August that the SEC allowing bitcoin futures ETFs, but blocking GBTC’s conversion to an ETF “was arbitrary and capricious.”) In light of the mounting buzz around the imminent approval of one or several Spot Bitcoin ETFs (in markets and Congress, no less) by applicants ranging from Fidelity, Ark, Greyscale, and Blackrock, notably, the current consensus—including comments by JPMorgan this week—is eyeing an approval as early as Christmas 2023, or early to mid-2024 at the latest. Blockworks
In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:
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Top Gainers at Ndax:
With all the fake Bitcoin Spot ETF Approval news—there was quite a bit of volatility in markets. BTC had a great week—and Ripple’s XRP had one of their best days in months.
Market Summary:
Performance:
As of 10/23/2023 at 1:00:00 AM EST, values in CAD.
Keep an eye on the market here 👉 Cryptocurrency Prices
Mark your calendars!
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.