Cryptocurrencies have been rallying over the last seven days as hopes of a Bitcoin Spot Exchange-Traded Fund (ETF) in the United States continue to rise. Crypto investors became more optimistic about the prospects of an ETF last Monday when the United States Court of Appeals directed the Gary Gensler-led SEC (Security and Exchange Commission) to review an ETF application filed by asset manager Grayscale following a previous court ruling that labeled SEC’s rejection as “capricious and arbitrary.”
Among the Bitcoin holders enjoying the current rally is MicroStrategy. The cloud software firm, which is the largest institutional whale, saw its $5 billion investment in BTC turn green last week. @Rohmeo.eth was the first crypto fan to share the news on X.
BlackRock Set to Seed Its Bitcoin Spot ETF
Last Tuesday, Bloomberg Exchange-Traded Fund analyst Eric Balchunas noticed an interesting amendment in BlackRock’s latest ETF filing. On his X handle, Balchunas said BlackRock’s new application included plans to seed the ETF. For starters, Seeding an ETF involves a broker dealer or a bank providing initial funding for buying creation units (BTC) in exchange for ETF shares. Note that these shares can be traded immediately after the ETF starts trading.
That day, crypto analytics company Pillage Capital reported an increase in inflows into Bitcoin-related products. The firm noted that over $144 million has been invested in Bitcoin this month. That figure represents a 10% jump from the previous month.
On Wednesday, on-chain observer ZachXBT disclosed a massive Bitcoin transaction from the defunct Abraxas darkenet marketplace. The over 4,500 BTC have been inactive since the platform exit scam in mid-2015. According to ZachXBT, the team behind Abraxas moved the Bitcoins to a crypto mixer in an effort to obscure their movements. It is worth mentioning that the BTC holding has appreciated by $142 million from the time it was stolen from Abraxas users eight years ago.
DTCC Lists BlackRock’s Bitcoin Spot ETF
Later that day, cryptocurrency news reporter Joe Light said he had noticed a ticker for IBTC, BlackRock’s Bitcoin spot ETF, on DTCC (Depository Trust & Clearing Corporation), one of the biggest clearing and settlement firms that clears trades on NASDAQ. Balchunas saw Light’s post and commented that the ETF listing on DTCC was part of the wider plan to bring IBTC to the US market. However, DTCC quickly refuted the ETF analyst claims, saying the ticker had nothing to do with regulatory approval, and that has been there for the last two months.
Meanwhile, BlockFi, a fallen cryptocurrency lender, announced it had emerged from bankruptcy. This means a bankruptcy court approved the company’s bankruptcy plan, which involves processing claims from customers and recovering the firm’s assets from other companies like Three Arrow Capital and FTX. BlockFi is urging its customers to start submitting withdrawal requests. The crypto lender filed for bankruptcy last November after it reported exposure to FTX and its subsidiary Alameda Research. BlockFi is looking to recover $1.2 billion from the two companies founded by fallen crypto guru Sam Bankman-Fried.
Pro-Crypto Policymaker Shows Support for Trump’s Presidential Bid
On Thursday, crypto-friendly Republican lawmaker Tom Emmer took to X to express his unwavering support for former US President Donald Trump in his bid to challenge incumbent President Joe Biden in the 2024 Presidential elections. Emmer is among the US policymakers who have rejected the idea of a Fed-issued stablecoin, arguing that Biden’s administration will use it to monitor Americans’ spending habits.
That day, @OldRowViral shared a video of a young man explaining how scammers were using AI to rob people. In the video, the man said he received a call from someone who sounded just like her mother and told him she was kidnapped and that her kidnappers wanted $5,000 in Bitcoin for her release. He hung up the phone and called his actual mother, who said she was fine. It was at that moment he realized the scammers had recreated his mom’s voice using AI in an attempt to rob him.
On Friday, news broke that the court had ordered Jeremy Cahen and Ryder Ryder Ripps to pay Yuga Labs $1.5 million in damages after the Judge found the two guilty of infringing Yuga Labs’ Bored Ape Yacht Club trademark.
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