Bitcoin Rockets to $35,000, Binance's UK Chief Departs, FTX Claims Surge, Ripple Exonerated, Grayscale's ETF Move and more news...
GLOBAL NEWS
Bitcoin Surges Above $35,000 Amid Growing Excitement for Spot Bitcoin ETFs
Bitcoin's price inched past the $35,000 mark, experiencing a 14.8% surge over the last 24 hours, according to CoinGecko data. This marks the first time since May 2022 that bitcoin has surpassed the $35,000 threshold, contributing to its weekly gain of 22.8%. With heightened expectations surrounding the potential approval of spot bitcoin ETFs, experts attribute the recent price surge to growing anticipation within the cryptocurrency community.
Binance UK Chief's Departure Adds to String of Executive Exits
Jonathan Farnell, who previously served as Binance's UK chief and later took charge of subsidiary Bifinity, has departed from the company, joining the list of recent executive departures. Records indicate Farnell's resignation from Binance Markets Limited in late September, following his earlier step down from a senior compliance role at Binance Europe in June. While a Binance spokesperson expressed gratitude for Farnell's contributions, the former executive has not yet responded to requests for comment.
FTX Creditor Claims Surging in Value, Indicating Positive Recovery Expectations
FTX creditor claims are now valued over $0.50, indicating an optimistic outlook for recovering almost half of users' assets. Recent investments by Anthropic, a company acquired by FTX, have fueled hopes for substantial returns, possibly leading to a complete recovery for creditors.
Binance Halts Visa Debit Card Services in the European Economic Area
Following the termination of partnerships with Visa and Mastercard earlier, Binance has announced the discontinuation of its Visa debit card service in the European Economic Area. Despite the card's initial purpose of enhancing digital currency transactions, users will be able to utilize existing cards until December 20. Binance had previously highlighted the card's utility in converting and spending cryptocurrencies at millions of stores worldwide, along with cashback bonuses for users.
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Ripple Executives Exonerated as SEC Drops Lawsuit, XRP Sees Surge
Ripple Labs' Chief Legal Officer Stuart Alderoty hailed the dismissal of all charges against Ripple's executives by the Securities and Exchange Commission (SEC), stating it as a significant victory. In response, the SEC announced the dismissal of the lawsuit against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, pertaining to their alleged involvement in illegal securities sales. The positive development led to a surge in XRP's value, which reached $0.51 following the news, as per CoinGecko.
JPMorgan Forecasts Imminent Approval of Spot Bitcoin ETFs by SEC
JPMorgan's latest report suggests that the Securities and Exchange Commission (SEC) is poised to green-light several spot bitcoin exchange-traded fund (ETF) applications, following the lapse of its appeal deadline in the Grayscale case. Analysts, led by Nikolaos Panigirtzoglou, anticipate these approvals to materialize within the coming months, possibly before January 10, 2024, marking the earliest deadline among the pending applications.
Grayscale Investments Resubmits Application for Bitcoin ETF to SEC
Grayscale Investments has made a fresh attempt to convert its Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund (ETF) following a D.C. circuit court's directive for the Securities and Exchange Commission (SEC) to re-evaluate the application. Through the submission of an S-3 filing, a condensed version of the traditional S-1 filing, Grayscale joins other prominent asset managers like BlackRock and Fidelity in the pursuit of SEC approval for spot bitcoin ETFs. Grayscale cited its eligibility to utilize Form S-3, given its shares' registration under the Securities Exchange Act of 1934 since January 2020 and compliance with other relevant requirements.
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Spotlight article:
Bitcoin Hits $35,000 for First Time Since 2022 on ETF Optimism