Bitcoin’s Short-Lived Leap to $29K & Pennsylvania Cancels Crypto Mining Ban

Written by BTSE

October 17, 2023

Bitcoin (BTC) experienced a brief surge to almost $30,000 earlier Monday, following an erroneous post by Cointelegraph on X (previously known as Twitter), claiming the SEC had approved the first bitcoin spot ETF. This erroneous claim prompted a whirlwind of trading activity, resulting in $137.2 million worth of bitcoin liquidations within just 12 hours. The false report was swiftly refuted by financial giants like BlackRock, and Cointelegraph later issued an apology, attributing the mistake to an oversight by its social media team. By the end of Monday’s U.S. trading session, Bitcoin settled just above $28,500, marking a 5% gain.


What to Watch Out for Today


BlackRock’s Bitcoin ETF Hoax Stirs Crypto Waters: The crypto community was in for a surprise when a false report announced the SEC’s approval of BlackRock’s iShares Bitcoin Trust ETF, causing a 10% spike in Bitcoin’s price. Although debunked by both BlackRock and the SEC, Larry Fink, BlackRock’s CEO, saw the frenzy as evidence of tremendous interest in cryptocurrency. However, there’s a significant concern within the community that the SEC’s Gary Gensler might use this event to highlight the market’s vulnerability and use it as a reason to delay or deny future Bitcoin ETF approvals. With this recent turn of events, how might the SEC’s stance on Bitcoin ETFs evolve in the coming months?


Uniswap Labs Introduces New Fees on ETH, USDC Swaps: Decentralized crypto exchange Uniswap Labs will implement a 0.15% fee on certain trades, notably those involving ETH, USDC, and others. This fee will be exclusive to swaps executed via Uniswap Labs’ front end. Aimed at creating a sustainable funding route for the company’s operations, this is separate from the “protocol fee” governed by Uniswap’s community. How will traders react to this added cost, and could it potentially shift traffic to other decentralized platforms?


Pennsylvania Cancels 2-Year Crypto Mining Ban: The Cryptocurrency Energy Conservation Act, aimed at regulating energy consumption in Pennsylvania’s crypto mining sector, faced changes due to pressure from trade labor unions. Initially proposing a two-year mining ban, the ban was removed after the bill faced opposition. Democratic Representative Greg Vitali, the bill’s sponsor, mentioned pressures from the Democratic Party and labor unions opposing strict environmental measures. The modified bill now mandates a study on mining’s impact and sets new reporting standards. This comes as crypto mining firms, using various energy sources, are expanding in Pennsylvania, some employing methods criticized by environmentalists. Could this be the start of a new crypto mining boom?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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