Bitcoin Cash Leads Crypto Gains This Month, Up 132.30%
Bitcoin Cash (COIN:BCHUSD) was the best performer among digital assets this month, with a gain of 132.30%. The increase was driven by the listing on EDX Markets and increased trading activity on Upbit in South Korea. BCH outperformed Bitcoin (COIN:BTCUSD) in terms of gains. The perceived lower regulatory risk of Bitcoin blockchain forks and liquidations were noted as key factors for BCH’s outperformance. Other tokens, such as the FTX Token (COIN:FTTUSD), and Compound (COIN:COMPUSD), also made significant gains. For the month, FTT was up 109.18%, while COMP was up 54.37%.
Litecoin price rises ahead of halving in 33 days
With the Litecoin (COIN:LTCUSD) halving approaching in about 33 days, the price of LTC has risen by over 15% in the last 24 hours. The halving will cut the block reward in half from 12.5 LTC to 6.25 LTC. Litecoin is designed to be deflationary, with a total supply of 84 million coins.
Fidelity presents documentation for Bitcoin ETF again
Fidelity Investments (NYSE:FNF) has again submitted documentation for its Wise Origin Bitcoin Trust, a spot bitcoin ETF. This move came after BlackRock (NYSE:BLK) registered the iShares Bitcoin Trust, also a bitcoin spot ETF. Fidelity had tried to launch the Wise Origin Bitcoin Trust in 2021, but the SEC rejected the application in 2022. After BlackRock’s filing , other companies such as Invesco and WisdomTree also filed similar applications.
SEC deems U.S. Bitcoin ETF applications inappropriate
Recent applications for Bitcoin exchange-traded funds (ETFs) in the US have been deemed inappropriate by the SEC, which could result in a longer wait for approval. The SEC informed the Nasdaq and Cboe that the exchanges’ filings were not clear and comprehensive enough. Exchanges should have provided detailed information about surveillance sharing agreements with Bitcoin exchanges. Investment managers have the option to resubmit applications after clarifying this information. In Canada, spot Bitcoin ETFs are now available.
Vitalik Buterin expresses solidarity with blockchain projects affected by SEC regulatory actions
Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), expressed solidarity with blockchain projects like Solana (COIN:SOLUSD) affected by recent SEC regulatory actions against cryptocurrency exchanges. He stated that Ethereum does not seek a dishonorable victory over other blockchains, but faces competition from an expanding centralized world. “ In the long run, it’s probably not even a win. This is especially true as the real competition is not other chains, it is the rapidly expanding centralized world that is imposing itself on us as we speak ,” said Buterin responding to a question about his opinion on the US policy approach to crypto. The Solana Foundation and Polygon Labs have disputed the SEC’s claims, defending the decentralized nature of their tokens.
South Korean government passes new crypto law to protect investors
The South Korean government passed a new crypto law to protect cryptocurrency investors. The legislation aims to regulate unfair trading practices and impose penalties for illicit activities in the crypto sector. Virtual asset service providers must now take responsibility for user deposits and provide insurance. Violation of the new rules can result in imprisonment and heavy fines. The move comes amid the collapse of the Land of Do Kwon ecosystem and allegations of financial fraud.
Survey reveals concerns about government control of UK CBDC
A Trezor survey revealed that 75% of respondents are concerned about the control the UK government could have over funds through Central Bank Digital Currency (CBDC). Responses indicated concerns about time limits on transactions and properties. The survey reflected general caution towards CBDC. 73% are concerned about government control over funds, 67% about time constraints and 59% believe the digital pound would be used to restrict the use of cash by specific individuals.
Universities adopt decentralized data storage using Filecoin
Academic institutions are adopting decentralized data storage models to protect and democratize access to critical information. Universities like MIT, Harvard and others are using Filecoin technology (COIN:FILUSD) to store and preserve important datasets on the blockchain. Additionally, the University of Utah is working with the Seal Storage platform, powered by Filecoin, to complement its centralized infrastructure and democratize access to large scientific datasets. While challenges remain, academic institutions are leading the way in the adoption of decentralized technologies, driving innovation and collaboration in various areas of research.
Celsius gets permission to distribute payouts to creditors in Bitcoin and Ethereum
Celsius was granted permission to liquidate its altcoins and distribute payouts to creditors in bitcoin (BTC) and ether (ETH). The decision was approved by bankruptcy judge Martin Glenn following discussions with the Securities and Exchange Commission (SEC) on the regulation of cryptographic tokens. The company is in ongoing dialogue with the SEC and other regulatory agencies to ensure compliance with federal and state laws. The move reflects recent SEC actions against major exchanges, highlighting the need for regulatory compliance for specific tokens.
OKX expands sponsorship deal with Manchester City
Crypto exchange OKX has expanded its sponsorship deal with Manchester City, with the OKX logo being promoted on the sleeves of the club’s men’s and women’s kits, as well as training kits. City Football Group CEO Ferran Soriano expressed pride in the deal. While the UK has restricted the sale of crypto derivatives and there are concerns about advertising restrictions, OKX sees the partnership as a way to connect with Manchester City’s global fans.
Saber56 wins consulting contract for new Bitcoin mining data center
Sabre56, a leading Bitcoin mining consulting and hosting provider, has entered into a consulting agreement with Arkon Energy to manage its new data center in Hannibal, Ohio. Saber56 will be responsible for data center logistics, sourcing, equipment procurement, design planning and cost management. Both companies are excited about the partnership and see opportunities for future expansion in the US. The collaboration builds on previous successful projects, including the acquisition of a Norwegian facility. This deal comes at a time of rising optimism in the crypto market.
Citigroup reviews digital asset custody partnership with Metaco
Citigroup (NYSE:C) is reviewing its digital asset custody partnership with Metaco and is in informal talks with other providers. Ripple’s acquisition of Metaco for $250 million may be related to this review. Custody of digital assets has become a hot topic in the crypto industry, with several companies ending partnerships with custodians. Metaco also has partnerships with BNP Paribas and Societe Generale. Ripple (COIN:XRPUSD) plans to expand beyond payments by offering tokenization and escrow services.
Former Goldman Sachs executive joins Circle Internet Financial Board
Craig Broderick, a former Goldman Sachs (NYSE:GS) executive, has joined the Board of Directors of Circle Internet Financial, the issuer of the stablecoin (COIN:USDCUSD). With more than three decades of experience at Goldman Sachs, Broderick oversaw many aspects of risk management during his time at investment banking. His appointment will strengthen Circle’s efforts to make USDC the safest and most transparent digital currency. Broderick also holds leadership positions at other financial institutions and will bring his expertise to help Circle reach its potential. The hire reflects the company’s continued pursuit of regulatory clarity in the US.