Over the weekend, Bitcoin (BTC) experienced a significant upsurge, surpassing the $37K mark and balancing at $36.9K at the time of writing. Meanwhile, Solana (SOL) showcased a stellar performance, reaching a peak of $62.5, marking its highest valuation since May 2022 before steadying at $57.5. Ethereum (ETH), not to be outdone, established a new comfort above the $2K threshold, maintaining this level throughout the weekend. Is this the beginning of a new bullish cycle, as we reach the end of 2023?
Ark Invest and 21Shares to Launch Crypto ETF Suite Amid Regulatory Uncertainty: With anticipation building for spot cryptocurrency ETFs, Ark Invest and 21Shares are stepping into the spotlight next week with the debut of five ETFs built around bitcoin and ether futures. Despite arriving later than some, these actively managed funds aim to outdo simple bitcoin holding strategies over time, utilizing historical data and fundamental analysis. Their diverse offerings aim to capture the interest of investors ranging from “crypto native” to “crypto curious.” With the SEC’s decision on their spot ETF proposals expected by January 10, the crypto community is eager to see if Ark’s ‘deepest’ suite can set a new precedent. Given the tepid response to ether futures ETFs and challenging market conditions, will Ark and 21Shares carve out a significant niche with their new products?
OECD Targets 2027 for Global Crypto Tax Evasion Crackdown: In a landmark move, 48 countries have pledged to enforce the OECD’s Crypto-Asset Reporting Framework by 2027, aiming to eradicate tax evasion within crypto exchanges. This integration signifies a tightening of global financial oversight, with crypto platforms soon required to disclose taxpayer information for cross-border transparency. However, with several crypto-prominent countries, many of whom with a sizable interest in crypto, abstaining – including China, Turkey, India, and Russia, as well as the entirety of Africa – there are questions about the framework’s comprehensive efficacy. As the world edges closer to a new era of fiscal transparency, one wonders: How might this crypto crackdown affect the market?
Raft Platform Hacked for $3.3 Million in ETH: Raft experienced losses of 1,577 (Currently equivalent to approximately $3.3 million) following a hack on its platform over the weekend. In an unusual turn, the hacker who targeted the DeFi platform not only failed to profit from their $3.3 million theft, but also incurred losses. After siphoning 1,577 ETH, they ended up burning most of it, retaining a mere 7 ETH and concluding the escapade with less than they started with after expenses. Despite the losses to the hacker, Raft’s stablecoin experienced a sharp decline in value following the attack. The stablecoin, however, has since partially recovered. This incident leaves the community thinking: Will the destruction of 1,577 ETH affect the Ethereum market?
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