Coinbase's Wrapped Bitcoin Goes Live, XRP Spikes, and Trump Launches Crypto Project - September 13, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
Coinbase: Wrapped Bitcoin goes live, expanding its crypto product offerings.
XRP: Spikes 8% as Grayscale launches its XRP Trust in the U.S.
U.S. spot Bitcoin ETFs: Break a two-day inflow streak.
Trump: Announces the launch of "World Liberty Financial."
U.S. Regulations: New bill proposes a joint SEC-CFTC committee to shape U.S. crypto regulations.
CEX.IO: Receives approval from the FCA for activities in the UK.
TADA: Integrates USDT payments via a Telegram mini-app on the TON blockchain.
Swift: Test solutions interlinking fiat currencies with tokenized assets.
Price Update
Bitcoin Tops $58K After U.S. Tech Stock Rally
Bitcoin has surged past $58,000, driven by a rise in U.S. tech stocks that moved the overall market sentiment. The crypto market followed the upward trajectory of equities. Bitcoin’s latest rally shows renewed investor optimism, but analysts remain cautious, keeping an eye on upcoming macroeconomic events, potential regulatory developments, and resistance levels.
XRP Spikes 8% as Grayscale Launches XRP Trust
XRP saw an 8% spike in its price following Grayscale’s launch of an XRP-focused trust in the U.S. This new investment vehicle allows institutional investors to gain exposure to XRP without directly holding the token, which could increase its appeal among more risk-averse players. The trust comes after a series of positive legal outcomes for Ripple in its ongoing battle with the SEC, further improving investor confidence.
Regulatory and Legal News
New Bill Proposes Joint SEC-CFTC Committee for U.S. Crypto Regulations
A new bill has been introduced in the U.S. proposing the creation of a joint committee between the SEC and CFTC to shape crypto regulations. The bill wants to bring greater clarity to the regulatory framework surrounding digital assets, particularly in areas where the jurisdictions of the two agencies overlap. The joint committee would streamline efforts to regulate crypto and ensure consistent enforcement of rules.
eToro Settles with SEC for $1.5 Million
Crypto trading platform eToro has settled with the SEC for $1.5 million over charges related to its trading practices. As part of the settlement, eToro has agreed to significantly scale back its crypto arm to comply with regulatory requirements. For eToro, the settlement marks a turning point as it refines its operations in response to the regulatory landscape.
CEX.IO Secures FCA Approval for UK Operations
CEX.IO, a popular crypto exchange, has received approval from the UK Financial Conduct Authority (FCA), strengthening its regulatory standing in one of the world’s largest financial markets. This approval will allow CEX.IO to offer compliant crypto services to UK customers, ensuring the platform operates within local regulatory frameworks.
Market Trends and Future Expectations
Survey Highlights Stablecoins’ Real-World Use
A new survey conducted by Visa, Brevan Howard, and Castle Island Ventures has revealed that stablecoins are increasingly being used in real-world applications, such as cross-border payments and remittances. The study highlights the potential of stablecoins to bridge the gap between crypto and traditional finance, offering a reliable and stable medium for transferring value.
U.S. Spot Bitcoin ETFs Break Two-Day Inflow Streak
After a two-day run of inflows, U.S. spot Bitcoin ETFs recorded $43 million in outflows, highlighting investor uncertainty. While Bitcoin’s price recently surged, market sentiment remains mixed as traders weigh macroeconomic factors and regulatory developments.
New Launches and Developments
Coinbase’s Wrapped Bitcoin (cbBTC) Goes Live
Coinbase has officially launched Wrapped Bitcoin (cbBTC), enabling users to trade and hold Bitcoin on the Ethereum blockchain. This product brings Bitcoin into the DeFi ecosystem, allowing users to earn yield, join liquidity pools, and interact with decentralized apps. The launch of cbBTC is expected to boost adoption of DeFi by making Bitcoin accessible to Ethereum-based platforms.
Trump Announces "World Liberty Financial"
Former U.S. President Donald Trump has revealed plans to launch "World Liberty Financial," a new project seeking to promote crypto adoption. The initiative focuses on using the power of blockchain technology to improve financial inclusion and innovation. The project underscores the growing importance of crypto in political discussions and the role digital assets will play in the future.
TADA Ride-Hailing Integrates USDT Payments via TON Blockchain
TADA, a ride-hailing service, has integrated USDT payments through a Telegram mini-app built on the TON blockchain. This partnership allows users to make seamless payments using the popular stablecoin directly within the Telegram app, providing a fast and efficient way to settle transactions.
Swift to Test Fiat-Tokenized Asset Integration
Swift, the global financial messaging service, is preparing to test solutions that will interlink fiat currencies with tokenized assets. The initiative wants to create seamless pathways for moving between traditional financial systems and blockchain-based digital assets, making cross-border payments faster and more efficient.
The crypto market is buzzing with activity as Bitcoin crosses $58K. Major developments like Coinbase’s Wrapped Bitcoin and Swift’s tests for tokenized assets show that the industry is continuing to innovate. On the regulatory front, the proposed joint SEC-CFTC committee and eToro’s settlement with the SEC reflect ongoing efforts to clarify the U.S. crypto landscape. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
Take a look at our website for more insights: https://blockconsulting.cc