his week was filled with exciting developments and major events in the crypto space. From the approval of the Spot Bitcoin ETF by the Securities and Exchange Commission to significant updates from various companies, there's a lot to catch up on. Let's dive in and explore the highlights of the week.
SEC Issues Warning Against FOMO Ahead of Spot Bitcoin ETF Approval
The week started with the Securities and Exchange Commission (SEC) issuing a warning against FOMO (Fear of Missing Out). In a tweet, regulators advised cautious investors not to make impulsive investment decisions based solely on high speculations. This warning came just before the approval of the Spot Bitcoin ETF, which generated significant anticipation and resulted in a temporary surge in Bitcoin's price.
BlackRock Announces Workforce Reduction
Amidst the speculations surrounding the Spot Bitcoin ETF approval, financial giant BlackRock made a significant move by announcing a reduction in its workforce. Approximately 600 employees were affected by this decision, as the company seeks to reallocate resources and keep pace with technological changes.
ETF Filings Updates by Valkyrie, Ark/Share, and Others
Several companies, including Valkyrie, Ark/Share, and others, submitted updated S1-filings to the SEC for the launch of Bitcoin spot exchange-traded funds (ETFs). This move came as the countdown to the Spot Bitcoin ETF approval reached its final stages. The revised applications addressed concerns raised during the initial commentary phase and showcased reduced fees.
SEC Twitter Account Hack Creates False Approval News
In a surprising turn of events, the SEC's Twitter account was hacked, leading to the circulation of false news that Bitcoin had been approved. The hack caused confusion and shocked the crypto industry. However, it was later confirmed that the news was false, emphasizing the importance of verifying information from official sources.
All Spot Bitcoin ETF Applications Approved by SEC
After a period of chaos and debate, the Securities and Exchange Commission approved all eleven (11) spot Bitcoin ETF applications. Companies such as ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton had their applications approved. This landmark decision opens up new opportunities for investors and further legitimizes Bitcoin in the financial world.
South Korea Continues Crypto Ban Despite Spot Bitcoin ETF Approval
While the approval of the Spot Bitcoin ETF garnered significant attention within the crypto industry, South Korean regulators remained firm in their crypto ban. They expressed concerns about potential short-term benefits that could pose risks to investors, such as illegal fund outflows, money laundering, and the speculative nature of cryptocurrencies.
Do Kwon Requests Delay in SEC Fraud Case
Do Kwon, the co-founder of Terraform Labs, requested a trial delay in the United States District Court. The trial date, originally set for January 29, was shifted to March 2024. Kwon cited the desire to stand trial in person as the reason behind the delay.