“BlackRock revises spot Bitcoin ETF to enable easier access for banks”
BlackRock, the world’s largest asset manager, has taken a significant step in providing easier access to Bitcoin for Wall Street banks. The company has revised its spot Bitcoin exchange-traded fund (ETF) application to allow banking giants such as JPMorgan or Goldman Sachs to participate by creating new shares in the fund with cash rather than just crypto. This new in-kind redemption “prepay” model will permit authorized participants to circumvent restrictions that prevent them from holding Bitcoin or crypto directly on their balance sheets.
El Salvador expects to sell out Bitcoin ‘Freedom Visa’ by end of year
El Salvador’s National Bitcoin Office has seen strong interest in its $1 million Freedom Visa program since its launch on Dec. 7. The program, launched in partnership with stablecoin issuer Tether, offers a pathway to citizenship for 1,000 people willing to make a $1 million Bitcoin or Tether donation to the country. The program is limited to 1,000 slots per calendar year, and the government expects it to sell out before the end of 2023.
Sam Bankman-Fried’s lawyer says FTX fraud trial was “almost impossible” to win: Report
The criminal trial defense lawyer responsible for Sam Bankman-Fried’s defense has admitted that the case was “almost impossible” to win from the outset. During an interview, Stanford Law School professor David Mills revealed that he recommended the defense admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. He also disclosed that he agreed to lend his expertise at the behest of the FTX CEO’s parents, and described Bankman-Fried as “the worst person I’ve ever seen do a cross-examination.”
Yearn.finance pleads arb traders to return funds after $1.4M multisig mishap
Yearn.finance is appealing to arbitrage traders to return $1.4 million in funds after a multisignature scripting error led to a large amount of the protocol’s treasury being drained. The error occurred while Yearn was converting its yVault LP-yCurve into stablecoins on the decentralized exchange CoW Swap, resulting in a 63% drop in the liquidity pool value.
SEC pushes deadline for decision on Invesco Galaxy spot Ethereum ETF to 2024
The United States Securities and Exchange Commission has delayed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. The companies filed the spot ETH ETF application in September. The proposed spot crypto investment vehicle is one of many being considered by the commission, which has never approved an ETF with direct exposure to Ether, Bitcoin, or other cryptocurrencies.
Bitcoin and altcoins market update
Bitcoin (BTC) is at $42,222, Ether (ETH) at $2,250, and XRP at $0.62. The total market cap is at $1.6 trillion. The top three altcoin gainers of the week are Bonk (BONK) at 131.38%, WOO Network (WOO) at 78.34%, and Helium (HNT) at 77.66%. The top three altcoin losers of the week are Terra Classic (AWAY) at -15.84%, Six (BE) at -14.48%, and Pepe (PEPE) at -12.10%.
Prediction of the week
Arthur Hayes, former CEO of exchange BitMEX, reiterated his $1 million BTC price prediction as a result of macro tides eroding the value of national currencies. He stated, “At this point, there is no excuse not to be long crypto. How many more times must they tell you that the fiat in your pocket is a filthy piece of trash.”
FUD of the week
Ledger patches vulnerability after multiple DApps using connector library were compromised
The front end of multiple decentralized applications using Ledger’s connector were compromised on Dec. 14, with at least $484,000 in digital assets stolen. The hacker utilized a phishing exploit to gain access to the computer of a former Ledger employee. Protocols affected include Zapper, SushiSwap, Phantom, Balancer, and Revoke.cash. Ledger announced that it had fixed the problem three hours after the initial reports about the attack.
Bitcoin inscriptions added to US National Vulnerability Database
The National Vulnerability Database flagged Bitcoin’s inscriptions as a cybersecurity risk, calling attention to a security flaw that enabled the development of the Ordinals Protocol in 2022. The vulnerability could result in large amounts of non-transactional data spamming the blockchain, potentially increasing network size and adversely affecting performance and fees.
SafeMoon falls 31% in five hours after filing for Chapter 7 bankruptcy
The token of decentralized finance protocol SafeMoon has fallen 31% in five hours after the company behind it filed for bankruptcy. SafeMoon officially applied for Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” on Dec. 14, just a month after the U.S. Securities and Exchange Commission charged SafeMoon and its executives with violating securities laws.
Overall, this week saw significant developments in the cryptocurrency and blockchain space, from BlackRock’s revisions to its spot Bitcoin ETF to regulatory decisions and predictions from industry leaders. As the market continues to evolve, it remains vital for investors and enthusiasts to stay informed about the latest news and trends.