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05/10/2024

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UseTheBitcoin Weekly News Roundup (MAY 6th - MAY 10th, 2024)

Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.Here’s what happened in crypto this week:Grayscale Spot Bitcoin ETF (GBTC) Records...

UseTheBitcoin Weekly News Roundup (MAY 6th - MAY 10th, 2024)

Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

Grayscale Spot Bitcoin ETF (GBTC) Records First-Ever Inflow

According to data from Farside Investors, on May 3rd, GBTC recorded a net inflow of $63 million. This marked the first positive net flow for the fund since its conversion to an ETF in January when 11 new spot Bitcoin ETFs were launched in the United States.

Since its conversion into a spot Bitcoin ETF last January 11th, GBTC holders have flooded the market with daily outflows. The largest numbers surpassed the $640 million mark in two instances: on January 22nd at $640.5 million and March 18th at $642.5 million.

Fidelity Says Pension Funds Are Exploring Bitcoin And Crypto

Fidelity, a major financial services firm with over $4.8 trillion in assets under management, says pension funds are starting to explore investing in Bitcoin, particularly after the approval of spot Bitcoin exchange-traded funds (ETFs) earlier this year.

This comes after BlackRock recently mentioned having educational conversations with pension funds regarding Bitcoin ETFs. Recent 13F filings show major pension consultants have already purchased spot Bitcoin ETFs.

MoonPay Unlocks Direct Wallet, Bank, And Debit Card Crypto Trades Via PayPal

MoonPay has announced a partnership with PayPal, allowing both platforms to consolidate their flagship features, expand their services, and reach consumers. The newly forged partnership will allow MoonPay users to trade 110 types of coins and tokens using PayPal. In addition to the usual electronic wallet transfers, it will also let them fund their trades via bank transfers or debit cards.

In addition to the convenience and flexibility of the service offers, this could entice more people in the crypto community, boosting the adoption of cryptocurrencies in the retail market segment.

Michael Saylor: Ethereum, BNB, Solana, Ripple, Cardano Will Be Deemed Securities This Summer

💥NEW: Ethereum, BNB, Solana, Ripple, Cardano will be deemed a securities this summer and will never be accepted by Wall Street- Michael Saylor pic.twitter.com/1N2phnj6hI

— Radar🚨 (@RadarHits) May 3, 2024

MicroStrategy founder Michael Saylor said in a recent keynote speech that spot Ethereum exchange-traded funds (ETFs) will not be approved, alleging that the second largest digital asset is deemed a crypto asset security and not a commodity.

In addition to Ethereum, he also said that Solana, BNB, XRP, Cardano, and several other crypto assets are unregistered securities and would never be accepted by Wall Street and mainstream institutional investors as crypto assets.

The comments come as several spot Bitcoin ETF issuers have filed for similar products underpinned by Ethereum. In response, the US SEC has delayed several spot Ethereum ETF filings from issuers like BlackRock, Fidelity, and Grayscale. Furthermore, the securities regulator deployed an ongoing crackdown on Ethereum and the broader crypto industry, as proponents argue that cryptocurrencies such as ETH fall outside the purview of existing securities laws.

US Senator Elizabeth Warren Raises Alarm On Iran’s Bitcoin Mining, Posing A National Security Threat

Sen. Warren with another letter, this one with fellow DAAMLA cosponsor Sen. Angus King— focused on alleged Iranian usage of bitcoin mining for funding proxies.

Honestly at this point just feel bad for the Warren staff that has to crank 2-3 of these things out a week pic.twitter.com/eHpQ2KHEOZ

— Alexander Grieve (@AlexanderGrieve) May 2, 2024

US Senators Elizabeth Warren and Angus S. King, Jr., have issued a fresh warning to the Biden administration about the dangers of Iran’s Bitcoin mining operations to national security. The lawmakers wrote a letter addressed to key government officials, including the US Secretary of Defence, Secretary of Treasury, and National Security Adviser, while seeking answers to some vital questions.

“Cryptomining has become such a big industry in Iran that it has strained the country’s energy grid, leading the Iranian government to temporarily suspend cryptomining several times after it was blamed for massive blackouts,” the lawmakers wrote.

In recent months, Senator Warren has been increasingly vocal about the risks posed by digital assets in facilitating the evasion of sanctions and has penned multiple letters to raise concerns about the matter.

Robinhood Receives Wells Notice From The SEC In Regards To Its Crypto Trading Activities

Robinhood Markets said its US cryptocurrency trading arm received a Wells notice from the US Securities and Exchange Commission (SEC) on May 4th, which indicated the agency had made a “preliminary determination” to file an enforcement action against Robinhood Crypto for alleged violations of federal laws governing securities brokers.

Robinhood says it already made the “difficult choice” to delist specific tokens, including Solana (SOL), Polygon (MATIC), and Cardano (ADA), in response to the SEC’s lawsuits against other trading platforms. In the past, the SEC has argued that some cryptocurrencies are considered securities, which would require exchanges to register with the SEC.

What is a security? The term “security” covers investments like stocks, bonds, notes, debentures, limited partnership interests, oil and gas interests, and investment contracts.

And why does it matter? If something is considered a security under the law, it will be subject to many complex and costly rules and regulations.

So, if cryptocurrencies like Ethereum (ETH) earn the security label, institutions will typically take them more seriously.

Standard Chartered: Donald Trump Presidential Election Win Will Be Positive For Bitcoin And Crypto

According to Standard Chartered, former US President Donald Trump’s return to the White House may spell a better future for Bitcoin and the cryptocurrency market. Despite the media personality and businessman turned politician’s initially dismissive stance toward them, Standard Chartered analyst Geoff Kendrick believes his second term at the Oval Office may be more favorable for the digital assets market.

It is worth mentioning that during his initial presidency, Trump held a confrontational stance towards Bitcoin and cryptocurrencies. He argued that they should not qualify as currency due to their lack of inherent value and high volatility. Additionally, he asserted that the absence of regulatory oversight in their domain renders them susceptible to illicit use. Fast-forward to this year, though, Trump seemingly made a sharp U-turn regarding the subject.

Ohio College Graduation Speaker Gets Booed By Entire Stadium Talking About Bitcoin

Ohio State's commencement speaker was loudly booed after trying to shill bitcoin, which he said he just discovered over the past few months.

he says he took ayahuasca to write the speech

this fucking rules

(video via https://t.co/nJOzUoF62V) pic.twitter.com/oTjIXoD8Jf

— Molly White (@molly0xFFF) May 6, 2024

Thousands of students booed a speaker at Ohio State University as he delivered a Bitcoin-shilling commencement speech that he claims to have written while under the influence of a hallucinogenic drug, ayahuasca.

Chris Pan, a social entrepreneur, investor, and musician, was granted the opportunity to address the university’s spring commencement. He imparted financial guidance in his speech, asserting it as a pathway to achieving financial, emotional, and spiritual liberation.

However, he was roundly jeered by much of the 12,500-strong crowd when he began promoting Bitcoin, then launched into a long explanation about Bitcoin ETFs.

Investment Firm Susquehanna Discloses $1.8B In Bitcoin Spot ETFs

Susquehanna International Group (SIG), a global financial player, disclosed its investment holdings through an SEC filing. The report revealed significant Bitcoin spot ETF investments totaling over $1.8 billion. The filing provided a detailed breakdown of these holdings:

  • Grayscale BTC: $1,091,029,663 (17,271,326 shares)
  • Fidelity Bitcoin ETF: $83,744,633 (1,349,414 shares)
  • BlackRock Bitcoin ETF: $23,595,993 (583,049 shares)
  • ARK21 Bitcoin ETF: $536,116,328 (508,824 shares)
  • Bitwise Bitcoin ETF: $21,709,807 (560,832 shares)
  • Valkyrie Bitcoin ETF: $3,872,831 (192,391 shares)
  • Invesco Galaxy ETF: $11,801,862 (166,200 shares)
  • VanEck Bitcoin ETF Trust: $20,595,480 (256,354 shares)
  • WisdomTree Bitcoin ETF: $19,290,934 (255,814 shares)

This quarter’s filings disclose only purchases made before March 31st, meaning that more recent purchases may remain undisclosed.

FTX Says Most Customers Will Get Their Money Back

Now-bankrupt crypto exchange FTX says that nearly all of its customers will receive the money back that they are owed two years after its catastrophic crypto collapse. In a court filing, FTX said it owes its creditors about $11.2 billion. The exchange estimates it has between $14.5 billion and $16.3 billion to distribute to them.

Once the court approves the plan, FTX will begin distributing the funds within 60 days. Customers will receive the amount their assets were worth at the time of the exchange’s collapse. FTX’s lawyers said earlier this year that they expect customers to “eventually be paid in full.”

US House Votes To Overturn SEC Guidance On Crypto Policy SAB 121, President Biden Ready To Veto Legislation

The US House of Representatives has voted to pass a bill that overturns controversial Securities and Exchange Commission (SEC) guidance preventing banks from owning crypto. President Joe Biden, however, previously warned that he would veto the new bill if it were to make it to his desk, citing the potential risks of financial instability and market uncertainty.

SAB 121 stands for Staff Accounting Bulletin No. 121. It is a document issued by the US SEC staff that provides interpretive guidance for reporting entities that engage in activities for which they have an obligation to safeguard crypto assets held for their customers. The document was issued in March 2022 because the staff believed that the custodial risks associated with crypto assets are different from those of other custodial relationships.

Final Thoughts

So that’s it for this week!

To stay ahead of the game with the freshest crypto news and insights delivered straight to your inbox, consider subscribing to UseTheBitcoin’s newsletter today.

Have a fantastic week ahead!


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