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What happened in the past week? ETFs, both BTC and ETH, are we still waiting for it? It was even a rumour of some mystical XRP ETF, proven to be false. Hong Kong is making some power moves to become a crypto hub. Tether decided to become a BTC miner. What else? Read below:
- Bitcoin: Bitcoin mining revenue reached a yearly high, some thinking this is related to the potential US BTC EFTs being close to being approved. But, let’s be serious, they have been close to being approved for the last 4 years. In Hong Kong this time, you can qualify for an investment visa buying Bitcoin. The country’s pro-crypto policies align with Hong Kong’s goal to become a crypto and web3 hub in Asia. The Bitcoin Open Interest spiked by 27% in October, signalling a bull market. Tether (USDT) wants to become a major BTC mining player, planning to use half a billion to become a mega miner, with their aim to control 1% of the BTC’s hashrate power. In a shocking move (no, not really), the SEC delayed once again its decisions about the BTC ETF. In Argentina, Javier Milei, a Bitcoin supporter has been elected president, and he seems to be a pro-free market, slamming the central bank and even thinking of replacing the peso with the dollar. Interesting times!
- Ethereum: CBO Digital, a US-regulated exchange, will launch margin futures trading for ETH and BTC in January 2024. Decentralized exchange Vertex will run its liquidity bootstrapping auction on Arbitrum, with 368% APY in LP rewards and additional VRTX. In a similar way to the Bitcoin story, the SEC postponed its ruling on another crypto ETF application, this time for a proposed ETH futures ETF. BlackRock formally applied to the SEC for a Spot ETH ETF. Liquid staking tokens (LST)-backed stablecoins are emerging as a new model, with tokens like Lido’s stETH being used as collateral. The main advantage is that you can use stablecoins while still receiving yield from the ETH position.
- Altcoins and stablecoins: JPMorgan launches programmable payments on JPM Coin, meanwhile they were also saying that no huge bags of new money will flood into funds…
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