Uğur USTABAŞ

Despite hopes from the crypto community, it seems that BlackRock, the multi-trillion-dollar asset manager, has no plans to create a spot XRP ETF. This decision is likely influenced by the regulatory ambiguity surrounding XRP, as highlighted by the recent ruling that declared it an unregistered security when sold to institutional buyers. The lack of legal clarity and the potential for the SEC to appeal the ruling make it risky for asset managers like BlackRock to launch XRP ETFs. Previous speculation fueled by remarks from BlackRock's CEO only added to the disappointment. As a result, the bearish sentiment in the coin's market continues, with XRP experiencing a 4.7% drop in value over the last 24 hours, currently trading at $0.52.

In the past week, there have been several significant developments in the decentralized finance (DeFi) space. The Wormhole bridge has reclaimed $1 billion in total value locked (TVL) after nearly two years since the infamous hack. Additionally, the Hedera Governing Council has approved allocating $408 million worth of HBAR tokens for further development and decentralized governance. The top-100 DeFi tokens had a bearish week, with most of them trading in the red on the weekly charts due to the wider market bearish momentum. However, despite this, the total value locked into DeFi protocols remained above $65 billion. In other news, asset manager Fidelity predicts that an anticipated interest rate cut by the US Federal Reserve could potentially renew institutional interest in DeFi and stablecoins, assuming that the infrastructure develops further by 2024. Furthermore, the launch of Avalanche inscription tokens (ASC-20) has drawn significant investor interest, following the success of Bitcoin Ordinals and BRC-20 tokens on the Avalanche blockchain. Lastly, dYdX's Cosmos-based market surpassed one of Uniswap's markets to become the largest decentralized exchange by 24-hour trading volume on January 18th. Overall, despite the bearish week for DeFi tokens, the space continues to evolve and attract attention from both investors and institutions. We look forward to bringing you more stories and insights on the rapidly advancing DeFi ecosystem in the future.

JPMorgan analysts have expressed their skepticism about the Securities and Exchange Commission approving an Ethereum spot exchange-traded fund (ETF) in May. They believe that the probability of approval is no more than 50%. The regulatory uncertainty surrounding ETH, including the SEC's refusal to confirm its classification as a security and the lawsuits against Binance US and Coinbase, may delay the approval of an ETH spot ETF. Despite this, some experts, like Rony Szuster, anticipate a positive outcome for ETH ETF applications and predict significant price growth for Ethereum if approved. However, they also caution that a pullback in prices, similar to what happened with Bitcoin, could occur.

JPMorgan puts spot Ether ETF approval chance in May below 50% JPMorgan has cast doubt on the likelihood of the Securities and Exchange Commission (SEC) approving an Ethereum spot exchange-traded fund (ETF) in May, when the deadline to approve the ARK 21Shares application expires. The investment bank pegs the probability of approval at no more than 50%. Through a note to clients sent on Jan. 18, the investment bank showed a cautious stance towards a potential approval. “While we are sympathetic to the arguments favoring Ether's classification as a commodity, we remain skeptical of the SEC reaching such a decision by May,” wrote JPMorgan analysts. An Ether (ETH) spot ETF in the US is anticipated by the crypto community since the narrative around Bitcoin (BTC) ETFs gained traction in June last year. The expectations of approval rose after the SEC gave a green light for the exchange-traded funds indexed to BTC spot prices. However, the unclear regulatory stance by the US regulator when it comes to crypto, especially ETH, could delay the approval of an ETH spot ETF per JPMorgan analysts. On two different hearings conducted by the US Congress’ House Financial Services Committee, Gary Gensler, SEC chairman, refused to confirm if ETH is seen as a security by the regulator. Moreover, the SEC pursued the crypto exchanges Binance US and Coinbase with lawsuits in June 2023. Crypto assets similar to ETH, such as Polygon (MATIC), Cardano (ADA), and Solana (SOL), were classified as securities in both lawsuits. This adds up to the uncertainty of Ether’s regulatory outcome in the US, thus blurring predictions about a potential ETH spot ETF approval.What if? When compared to 2023 previous years, a 50% chance of an ETF indexed to a spot crypto price approval is significant. Rony Szuster, a research analyst at Brazilian exchange Mercado Bitcoin, estimates a positive outcome on ARK 21Shares and other ETH spot ETF applications, which includes BlackRock, Invesco, and Grayscale, until July 2024. “A massive approval could lead to a 32.3% price growth for ETH in 2024, and this positive impact could extend until 2026, with an 82.7% price gain for the period,” Szuster points out. However, he highlights that the same pullback happening in Bitcoin prices after its spot ETF approval could be seen with Ethereum as well.

The latest report from Chainalysis reveals a significant drop in crypto value received by illicit addresses in 2023, indicating a decrease in crypto crime. The total value sent to illicit addresses decreased by 39%, from $39.6 billion in 2022 to $24.2 billion last year. This decrease was accompanied by a dip in the share of all crypto transaction volume associated with illicit activity. Stablecoins, due to their stability and ease of use, have now surpassed Bitcoin as the preferred currency for illicit transactions. However, the dominance of stablecoins varies depending on the type of crime, with Bitcoin remaining the primary currency for darknet market sales and ransomware extortion. Scamming and stolen funds saw significant declines, while ransomware and darknet markets saw revenue increases. Sanctions-related transactions accounted for over 60% of all illicit activity. It is important to note that these figures are lower bound estimates, as new illicit addresses are constantly being discovered.

Crypto Crime in 2023: Illicit Activity Drops, Cybercriminals Target Stablecoins Scamming and stolen funds decrease; ransomware and darknet markets see revenue increases. Stablecoins surpass Bitcoin as the preferred currency for illicit transactions due to stability and ease of use. Chainalysis reports a 39% drop in total crypto value sent to illicit addresses from $39.6B in 2022 to $24.2B in 2023. Fears of rampant cryptocurrency-fueled crime may be cooling, as a new report from blockchain data platform Chainalysis reveals a significant drop in crypto value received by illicit addresses throughout 2023. Total cryptocurrency value received by illicit addresses, 2018-2023 The report reveals a 39% drop in the total value sent to illicit addresses, from a staggering $39.6 billion in 2022 to just $24.2 billion last year. This decrease was accompanied by a dip in the share of all crypto transaction volume associated with illicit activity, down from 0.42% to 0.34%. The report also highlights a changing landscape of crypto-based crime, with stablecoins now dethroning Bitcoin, once the go-to currency for cybercriminals, as the preferred currency for illicit transactions. This popularity can be attributed to its inherent stability and relative ease of use. Illicit transaction volume by crime category and asset type, 2023 However, the dominance of stablecoins varies depending on the type of crime. Bitcoin remains the primary currency for darknet market sales and ransomware extortion, while scams and transactions linked to sanctioned entities gravitate towards stablecoins. Notably, these crimes related to stablecoin activities happen to be the biggest forms of crypto crime by transaction volume. The biggest declines were seen in scamming and stolen funds, down by nearly 30% and 50%, respectively. However, despite the overall decline in crypto crime, ransomware and darknet markets bucked the trend, seeing their revenues rise in 2023. Perhaps the most surprising finding is the dominance of sanctions-related transactions, which account for over 60% of all illicit activity. While this decrease offers a welcome reprieve, the report cautions against interpreting it as a victory lap. Chainalysis emphasizes that these figures are “lower bound estimates,” meaning the true scope of crypto-crime is likely higher due to the constant discovery of new illicit addresses.

Ripple's general counsel, Stuart Alderoty, has once again criticized the SEC's approach to digital assets, stating that the SEC's current stance on crypto assets is laughable and divergent from established law. He argued that comparing investing in crypto assets to investing in an ecosystem of oranges is absurd and would have been dismissed in earlier times. While Coinbase has countered the SEC's claims, asserting that digital tokens are more like collectibles than securities, the SEC maintains that these tokens represent an investment in an enterprise and fall under securities law. The outcome of this disagreement will have significant implications for the SEC's jurisdiction over the crypto sector. Judge Katherine Polk Failla's decision will be crucial in defining the regulatory framework for the industry.

Ripple Lawyer Slams SEC for Making Laughable Legal Argument Stuart Alderoty, Ripple's general counsel, has once again criticized the U.S. Securities and Exchange Commission's (SEC) approach to digital assets. Alderoty, referencing the landmark Howey case, argued that the SEC's current stance on crypto assets is so divergent from the established law it borders on the absurd. His came in response to a recent oral argument where the SEC compared investing in crypto assets to investing in an "ecosystem of oranges," a view that Alderoty argued would have been dismissed in earlier times. The SEC's network argument The SEC's stance is that cryptocurrency tokens are not merely collectible items but rather keys to an underlying business enterprise, specifically the network or ecosystem they represent. This view was iterated during Coinbase's oral argument, with the SEC lawyer emphasizing the investment nature of these tokens. Buyers aren't just purchasing a digital asset; they're buying into the enterprise and the network it entails with the expectation that the value of their investment will grow alongside the network's success. Divergent views on digital assets In contrast, cryptocurrency exchange Coinbase has countered the SEC's claims in a legal battle that has the potential to set a precedent for the industry. The company's stance is that digital tokens are more akin to collectibles than securities, like the Beanie Babies craze of the '90s, and therefore should not be subject to the same regulatory framework as traditional investment contracts like stocks or bonds. The SEC, however, maintains that the purchase of crypto tokens constitutes an investment in the issuer's enterprise, thus falling under the purview of securities law. The outcome of this disagreement is pending as Judge Katherine Polk Failla deliberates over the arguments presented during a lengthy hearing. Her decision is anticipated to be a decisive factor in defining the SEC's jurisdiction over the crypto sector.

Grayscale CEO Michael Sonnenshein predicts that only two or three spot Bitcoin ETFs will survive in the long term. Although the approval of spot Bitcoin ETFs was a historic event, Sonnenshein believes that most of these investment vehicles will not stand the test of time. While Grayscale's ETF product has seen a massive outflow of $2.2 billion due to its pricey fees, other providers have slashed their trading fees to attract customers. Sonnenshein defends Grayscale's high fees, highlighting the company's long track record and status as the largest Bitcoin holder among spot Bitcoin ETF providers. He suggests that the marketplace will not maintain the current 11 spot products, casting doubt on the long-term commitment of other issuers to the asset class. It is worth noting that the price of Bitcoin has dropped by over 17% since the launch of the first U.S. spot BTC ETFs.

Only 2-3 Spot Bitcoin ETFs Will Survive Long-Term, Grayscale CEO Warns Grayscale CEO Michael Sonnenshein has predicted that the overwhelming majority of the spot Bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission will not stand the test of time. He also touched on Grayscale’s far-costlier fee for its ETF product. Grayscale CEO Predicts Fewer Bitcoin ETF Survivors The approval of spot Bitcoin ETFs earlier this month marked a historic event for the cryptocurrency industry. The newly launched investment vehicles already have nearly $30 billion in assets under management. This means Bitcoin has effectively eclipsed silver to become the second-largest ETF commodity asset class in the U.S., trailing only gold. Total net inflows into the spot BTC ETFs over the past five days currently stand at around $1.2 billion, with Fidelity recently joining BlackRock in the $1 billion-plus inflows club. Meanwhile, Grayscale’s ETF instrument has seen a massive outflow of $2.2 billion as investors swap between ETF products due to the product’s pricey fees. Many ETF providers slashed their trading fees ahead of the approvals to widen the gap with competitors. Bitwise currently has the lowest-cost option at 0.20% while Grayscale enforces a huge 1.5% fee. Several spot Bitcoin ETF providers will also be waiving fees for a certain amount of time. Grayscale offers no waivers. Michael Sonnenshein, CEO of Grayscale — the asset manager that converted its flagship GBTC fund into a spot ETF — has, however, warned that most of the ETFs will fail in the long run. Speaking during the annual World Economic Forum event in Davos on Thursday, Sonnenshein defended the company’s high fees, stating that only just two or three spot Bitcoin ETF products will survive eventually. He noted that Grayscale has a long track record of around 10 years and is the largest Bitcoin holder among spot Bitcoin ETF providers. Since the other issuers are essentially starting at zero, they are trying to lure new customers by reducing their fees dramatically. Grayscale’s extensive track record, according to Sonnenshein, proves the asset manager’s long-term commitment to the ascendant cryptocurrency. “I think from our standpoint, it may at times call into question their long-term commitment to the asset class […] I don’t think that the marketplace will ultimately have these 11 spot products we find ourselves having.” Notably, the price of Bitcoin has tumbled by over 17% to $40,644 at press time since the first U.S. spot BTC ETFs went live last week.

The US federal appeals court has ordered the appointment of an independent bankruptcy examiner to investigate the collapse of FTX, the cryptocurrency exchange once led by Sam Bankman-Fried, who has now been convicted. This decision comes after allegations of misappropriation of $10 billion in customer assets, shedding light on a case with significant implications for FTX's global investors and the volatile crypto industry. The court justified this ruling by emphasizing the importance of protecting debtors and creditors, particularly given the substantial losses suffered by FTX investors and the broader impact on the crypto sector. While the successor of Bankman-Fried and a committee of unsecured FTX creditors oppose this move, citing cost concerns, the appeals court has reversed a previous ruling and deemed an independent examination necessary. This development adds complexity to the legal battle surrounding FTX's collapse, especially considering the new CEO's experience in managing Enron post-bankruptcy. With Bankman-Fried scheduled for sentencing and a possible appeal, prosecutors allege that his actions contributed to FTX's collapse as he looted billions from customers to support his Alameda hedge fund.

FTX's Bankruptcy Crisis Deepens: Appeals Court Orders Appointment of Independent Examiner The US federal appeals court has ordered the appointment of an independent bankruptcy examiner to investigate the collapse of FTX, the cryptocurrency exchange once headed by the now-convicted Sam Bankman-Fried. This decision, reversing a prior ruling, followed the alleged misappropriation of a staggering $10 billion in customer assets, bringing to light a case with profound implications for FTX's global investors and the volatile cryptocurrency industry. According to a report by Reuters, the 3rd US Circuit Court of Appeals in Philadelphia justified this decision, mentioning that the appointment of an independent examiner is mandatory under the US Bankruptcy Code. This step was attributed to the significant scale of FTX's case, alongside allegations of misappropriation of funds before the collapse of the cryptocurrency exchange. Navigating FTX's Bankruptcy Proceedings Emphasizing Congress's intent, the court underscored the necessity to safeguard debtors and creditors in this case. FTX's Chapter 11 reorganization demands scrutiny, given the far-reaching implications of its collapse on the cryptocurrency industry's evolution and volatility. Judge Felipe Restrepo highlighted the significant losses FTX's investors suffered and the broader ramifications for the cryptocurrency sector. The events leading to the bankruptcy of the company have raised crucial questions about the resilience of the industry and the need for regulatory safeguards. In contrast, John Ray, the successor of Sam Bankman-Fried, and a committee of unsecured FTX creditors have reportedly opposed this move, citing duplication of efforts and high costs that would reduce the funds available for distribution. Appeals Court Reverses Decision The appeals court's decision marks a reversal of a ruling by US Bankruptcy Judge John Dorsey in February last year, which sided with FTX's argument that a probe could incur a staggering cost exceeding $100 million. Following Bankman-Fried's conviction on seven counts of fraud and conspiracy, John Ray assumed the role of the Chief Executive Officer. The legal battle surrounding FTX's collapse adds a layer of complexity to Ray's involvement, considering his experience in managing Enron post-bankruptcy. Bankman-Fried, now convicted, faces sentencing on March 28, with expectations of an appeal. Prosecutors allege that the FTX's Co-Founder looted billions from customers, contributing to the collapse, in a bid to support his Alameda hedge fund.

The Third Circuit Court of Appeals has ruled that FTX must undergo an investigation by an independent examiner. The request for an investigation was initially made by the U.S. Trustee overseeing the FTX bankruptcy, but it was opposed by FTX's CEO and denied by the Delaware bankruptcy judge. According to one of the appellate judges, a probe conducted by the current CEO is insufficient, and an independent investigation could shed new light on industry practices in the crypto world. The examiner appointed should not have any vested interest in the debtor or be connected to them in any way. The judge highlighted concerns about potential fraud at FTX and the involvement of FTX lawyers who were previously advisors to the company. The Bankruptcy Code mandates the appointment of an examiner when a debtor's debts exceed $5 million, which is the case with FTX. The judge believes that an independent investigation into FTX would be beneficial for the broader crypto industry, as it could bring attention to potential credit risks in other cryptocurrency companies. The matter has been ongoing for over a year, with the U.S. Trustee initially raising it in December 2022, only to be denied by the Delaware bankruptcy judge. The judge cited concerns about the costs of conducting two parallel investigations. It is important to note that this response is based on an article from The Block, an independent media outlet that provides news and information about the crypto industry.

The recent security breach on the SEC's Twitter account, where a false approval of a Bitcoin ETF was posted, has ignited criticism against SEC Chairman Gary Gensler. Many Wall Street and crypto companies see his actions as overreach, and some are even calling for his resignation. Gensler's ambitious agenda to enforce stricter rules for crypto, stock markets, and climate change has attracted lawsuits, putting his mandate to protect investors in question. Even though Gensler acknowledges the risks of artificial intelligence in the industry, his attempts to crack down on its use have been met with skepticism. Ripple Labs CEO Brad Garlinghouse considers Gensler a political liability due to the SEC's case against Ripple's XRP sales, which the court ruled were not unregistered securities. Gensler also suffered a defeat in a case related to a Bitcoin ETF. The SEC's mischaracterization of another cryptocurrency company further tarnishes Gensler's reputation. His future as SEC Chair may depend on the outcome of the 2024 election.

Wall Street and Crypto: SEC Chair Gary Gensler’s Days May Be Numbered The recent security breach that hacked the X account of the US Securities and Exchange Commission (SEC) to post a false approval of a Bitcoin spot exchange-traded fund (ETF) has sparked anger from crypto and Wall Street companies alike. It re-focused the public eye on what critics of chairman Gary Gensler have been calling gross overreach, with some implicitly calling for his resignation. Gensler said on Wednesday that while artificial intelligence is a net positive for the industry, it comes with undeniable risks. How SEC and Gensler Came to Target Crypto However, many on Wall Street believe that Gensler is being ambitious. At the outset of his tenure, Gensler promised to bring stricter rules for crypto, stock markets, and climate change. His quest has attracted lawsuits at the heart of the SEC’s mandate to protect investors. Gensler most recently signaled an intention to crack down on the use of AI in a webinar yesterday. He said the concentration of power in a few hands will cause risks in society and the financial sector. However, he did admit that financial regulators would not have the power to oversee the industry. ​​”I noticed that the Chief Justice of the Supreme Court, in his annual report, even spoke about AI. And so I think the awareness is raising, but I’ll stick to our lane of financial services, and particularly securities law.” Crypto Boss Calls Gensler a “Political Liability” The CEO of XRP issuer Ripple Labs, Brad Garlinghouse, recently opined that Gensler was a “political liability.” The SEC launched a case in 2020 against Ripple’s sales of XRP, one of the top five cryptocurrencies by market capitalization. “I think he’s not acting in the interests of long-term growth of the economy, and I don’t understand it.” Garlinghouse says it is insanity to keep doing the same thing repeatedly and expecting a different outcome. Gensler has taken many crypto companies and projects to task but has lost two cases that strike at the heart of arguments about the securities status of crypto. Ripple’s case, in which a court ruled that retail sales of XRP were not unregistered securities, and another case, in which a judge ruled that the SEC was wrong to deny a Bitcoin ETF based on market manipulation concerns, have dealt with Gensler’s SEC two damaging blows. Public outcry about the agency’s mischaracterization of the intentions of another cryptocurrency company, Debt Box, is also marring Gensler’s legacy. The SEC chair may be forced to exit his position if Republicans win the 2024 election. However, Gensler could complete his term until 2026 if Democrats win.

Ripple CTO David Schwartz has addressed concerns surrounding the XRP token's distribution at Genesis, shedding light on the topic. He clarified that there were no transactions included in the Genesis block and explained that out of the currently missing 32,570 ledgers, only 534 transactions were present. Schwartz also revealed that the founders received 20% of the initial supply, while the majority (99.99%) went to the company, now known as Ripple. The remaining percentage (0.013%) was allocated to Beta testers and developers. This information provides transparency on how XRP distribution was managed and the reason for Ripple's significant holdings. Currently, the company releases one billion coins monthly, with 200 million retained for operations and 800 million returned to escrow.

Ripple CTO Breaks Down XRP Distribution And Who Controlled 99% Of Supply At Genesis The initial distribution of cryptocurrencies such as XRP has always been a hot topic for investors in the crypto community. A lot of times, the discussions stem from the fact that investors believe there was some foul play at Genesis, where some people received an unfair share of the token supply. The latest coin to come under scrutiny is the XRP token, with community members asking questions about some events that took place at Genesis. As a result, Ripple CTO David Schwartz has taken it upon himself to clarify these issues. What Happened To The Genesis Block? David Schwartz first drew criticism from the Bitcoin community with a tweet earlier this week where he mocked the opinion of a Bitcoin maxi he supposedly had a conversation with. This conversation, where the Bitcoin maxi had seemingly called XRP worthless, and Schwartz mocked the opinion as worthless, would quickly devolve into a debate for XRP’s legitimacy in no time. Responding to Scwartz’s post, X user @metaman asked the Ripple CTO if there was any other blockchain that had lost its entire genesis block. Now, for those who do not know, the XRP Ledger starts at #32,569 instead of at #1 as would be expected from a blockchain. This has always been a point of contention as The Ripple CTO, however, defended the XRP Ledger by saying “The choice of what to consider the genesis block is arbitrary.” He further compared the blockchain to that of the Ethereum blockchain, saying that the second-largest cryptocurrency in the world also had similar hiccups at the start. He points to a single transaction carrying more than $6 million worth of ETH which apparently has no point of original. Schwartz explains that even Ethereum had transactions that were not on the blockchain, and he would know because this massive transaction was carried out by himself. How Was The XRP Supply Distributed At Genesis? Schwartz further went on to defend the XRP Ledger from those who asked him to provide any transactions that were included in the genesis block. According to him, there were actually no transactions included in the Genesis block. Furthermore, out of the 32,570 ledgers that are currently missing from the blockchain, the Ripple CTO revealed that there were only 534 transactions in those blocks. So now, all of those transactions are presumed to be lost with those initial blocks. Another piece of information that the Ripple CTO provides is how the total XRP supply was initially distributed at the start. Apparently, the founders had received 20% of the total supply at the start, with Jed McCaleb and Chris Larsen getting 9% of the total supply each. Then a third founder, Arthur Britto received 2%, completing the 20% allocation to founders. The vast majority of the supply would go to the company, OpenCoin (now known as Ripple), with 99.99% sent to the company’s wallets. Then then remaining 0.013% would end up going to Beta testers and developers on the blockchain. This revelation provides insight to how the XRP distribution was handled and why Ripple holds such a large chunk of the supply. Currently, the company releases one billion coins from escrow every month, with 200 million tokens kept for the cost of operations and 800 million sent back to escrow.

Former CEO of crypto mining firm IcomTech, Marco Ochoa, has been sentenced to five years in prison for wire fraud. Ochoa pleaded guilty to conspiracy to commit wire fraud related to a crypto-based Ponzi scheme at IcomTech. He was ordered to forfeit $914,000 and will begin serving his sentence on March 19. IcomTech promised investors daily returns on investment products but did not allow them to withdraw funds. Ochoa's role as CEO played a significant part in taking IcomTech to scale and causing harm to more victims.

The United States Securities and Exchange Commission (SEC) has decided to delay its decision on Fidelity's Ether exchange-traded fund (ETF) bid while more leveraged Bitcoin ETFs have been submitted for approval. The SEC is extending the deliberation period by 45 days to thoroughly consider the proposed rule change and related issues. The next date for a decision is set for March 5, but some analysts believe that the critical dates are in late May, particularly regarding VanEck's Ether ETF. There are differing opinions on the likelihood of the SEC approving spot Ether ETFs, with some experts predicting simultaneous approvals for pending spot Ether ETFs similar to the spot Bitcoin ETFs. Meanwhile, Direxion, ProShares, and REX Shares have all filed for Bitcoin ETFs with the SEC. While some experts believe there is a 70% chance of approval for spot Ether ETFs by May, others believe the SEC is still hostile towards cryptocurrencies and may classify Ether as a security rather than a commodity like Bitcoin.

The Canadian Securities Administrators (CSA) is proposing amendments to include crypto asset investments in the definition of alternative mutual fund. They are also tightening regulations to ensure investment funds only invest in crypto assets that are listed on recognized exchanges. While acquiring crypto tokens before listing can be advantageous, it involves complex processes and increased risks. The regulator aims to prevent potential market manipulation and protect investors from adverse effects. It's important to recognize the inherent risks associated with unrealistic expectations and early mover advantages.

Canadian Regulator Pushes for Investment Funds to Trade Only Exchange-Listed Cryptos The Canadian financial regulator, the Canadian Securities Administrators (CSA), have outlined that its project towards targeting amendments that reflect priority issues regarding investing in crypto assets. “We are proposing to amend the definition of “alternative mutual fund” to also include a mutual fund that invests in crypto assets,” was one of the changes brought forth. Canadian Regulator Tightens Grip on Crypto According to a recent statement, the CSA is intending to add a new section to its guidelines. This will advise investment funds that they can only invest in crypto tokens that are readily accessible to the broader general public. We are proposing to add section 3.3.01 which will provide guidance clarifying that the proposed requirement that funds only invest in crypto assets that are either listed for trading, or are the underlying interest in specified derivatives that are listed for trading, on a “recognized exchange” is not intended to restrict funds to only acquire crypto assets through a recognized exchange.” Typically, within the crypto community, acquiring a crypto token before its listing on an exchange can be potentially advantegous. However, it often involving more intricate processes such as connecting wallets and exposing oneself to heightened risks. Meanwhile, it holds the potential for profit upon the token’s exchange debut. Meanwhile, the popular memecoin SHIBA experienced substantial growth in August-September 2021, coinciding with its listing on major exchanges like Coinbase and Binance. During that period, the price of one million SHIB tokens witnessed a significant increase. The potential gain is attributed to the heightened anticipation built up by the token community. There are generally two primary reasons for the initial anticipation for a crypto token. Unrealistic Expectations from Pre-Exchange Crypto Tokens First, when the entire community believes in the potential for significant value increase upon exchange listing. Secondly, among the broader exchange audience who enter the token market on the first day of its exchange launch. Likewise, they also perceive it as an early mover advantage. However, it’s crucial to recognize that both approaches come with inherent risks. This enthusiasm stems from the historical trend of many crypto tokens experiencing substantial growth upon listing on exchanges. Meanwhile, monitoring the behavior and majority token holdings before exchange listing can be challenging. The regulator, given the significant funds at stake in investment firms, may be apprehensive about the potential market manipulation. There could be a concern that an investment firm could exploit the situation by purchasing low-market-capitalized crypto tokens before listing and swiftly selling its entire position upon listing, adversely affecting other investors. #CRYPTO #Cryptocurency #CryptoNews

@GreySt2662 "The trading dynamics described by James Seyffart reflect a rapid embrace of spot Bitcoin ETFs, with BlackRock's IBIT and Fidelity's FBTC contributing significantly to the overall robust $10 billion trading landscape."

The crypto trading landscape is witnessing a paradigm shift with the recent introduction of spot Bitcoin ETFs in the United States, catalyzing a new wave of trading dynamics. Bloomberg analyst James Seyffart revealed that the total trading volume of the US spot Bitcoin ETFs over a span of the first three days approached the $10 billion mark. This substantial volume was predominantly led by Grayscale’s GBTC, with a three-day trading volume amounting to $5.174 billion, followed by BlackRock’s IBIT at $1.997 billion, and Fidelity’s FBTC at $1.479 billion, cumulating to an aggregate trhttps://www.istockphoto.com/vi/b%E1%BB%A9c-%E1%BA%A3nh/bitcoinading volume of approximately $9.771 billion. #Bitcoin

@clevelandcop13 "Bitcoin's ability to maintain a positive premium of 16 basis points is a positive indicator of its market demand and stability. Kudos to the industry for navigating challenges successfully."

The premium percentage stood at 16 basis points, a favorable comparison to Fidelity’s -4 basis points. Market conditions continue to remain tight, which was initially a concern for cash creation, particularly in relation to wide premiums. Despite these concerns, Authorized Participants (APs) and market makers have reportedly performed exceptionally well in managing the situation, as indicated by Balchunas. #Bitcoin

The USD/Asians are expected to open with stability, mirroring a rebound in the dollar index DXY, currently standing at around 101.30 after hitting a low of 100.61 on December 30th. Market participants will closely monitor a range of U.S. economic data releases this week, with particular attention on the December jobs report, which will likely be the focal point of market activity.

COMMENT-USD/Asians to open steady, focus on US data, DXY USD/Asians should open steady, tracking a bounce in the dollar index DXY, last around 101.30 versus a 100.61 low on Dec 30. Focus on a slew of U.S. data this week, with the spotlight on the December jobs report. #ForexMarket

@bythenight Based on the information in the post, it is predicted that the price of US oil may increase and reach a range between $74.06 and $75.27.

US oil may rise into $74.06-$75.27 range #Futures

The Dogecoin standard represents a unique and inclusive approach to cryptocurrencies, with its lighthearted origins and strong community. Its accessibility and low transaction fees make it a popular choice for individuals interested in entering the crypto world. Despite the initial skepticism, Dogecoin has managed to carve out its own niche and gain recognition, proving that innovation can come in various forms. With its meme-powered momentum and widespread adoption, Dogecoin has become not only a digital currency but also a symbol of unity and the power of community-driven movements in the crypto space.

#Dogecoin standard 💯

It is disheartening to hear that Harvard University President Claudine Gay has decided to resign, especially considering she had only been in the esteemed role for a mere six months. This unexpected departure undoubtedly raises questions about the university's reputation, which now appears to be deeply affected.

Harvard President Resigns, Ackman Reacts: University's Reputation Is 'Beyond Stained' Harvard University President Claudine Gay announced her resignation on Tuesday, just six months after assuming the prestigious position. #NFTCommunity

The U.S. dollar experienced a notable surge in value, marking its largest daily increase since October, driven by rising U.S. yields. Investors are now focusing on upcoming U.S. jobs data and European inflation figures, seeking insights into potential actions by central banks. As a result, the dollar index, measuring the currency against six others, climbed by 0.67% to reach 102.05, indicating a positive outlook for forex traders.

Dollar set for biggest daily jump since October as U.S. yields rebound The dollar rose on the first trading day of the year, supported by higher U.S. yields as attention turned to U.S. jobs data and European inflation numbers this week which may provide clues on central banks’ next moves. The dollar index, which measures the U.S. currency against six counterparts, was last up 0.67% at 102.05, on track for its biggest daily percentage gain since October. #forextrader