{"id":8849,"date":"2023-10-17T04:19:11","date_gmt":"2023-10-17T04:19:11","guid":{"rendered":"https:\/\/www.btse.com\/blog\/?p=8849"},"modified":"2023-10-17T04:34:55","modified_gmt":"2023-10-17T04:34:55","slug":"bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban","status":"publish","type":"post","link":"https:\/\/www.btse.com\/blog\/bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban\/","title":{"rendered":"Bitcoin\u2019s Short-Lived Leap to $29K &#038; Pennsylvania Cancels Crypto Mining Ban"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Bitcoin (BTC) experienced a brief surge to almost $30,000 earlier Monday, following an\u00a0<\/span><span style=\"font-weight: 400;\">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&#8217;s U.S. trading session, Bitcoin settled just above $28,500, marking a 5% gain.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>What to Watch Out for Today<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/decrypt.co\/201898\/blackrock-boss-says-bitcoin-pump-on-fake-etf-news-shows-pent-up-interest-in-crypto\"><b>BlackRock&#8217;s Bitcoin ETF Hoax Stirs Crypto Waters:<\/b><\/a><span style=\"font-weight: 400;\"> The crypto community was in for a surprise when a false report announced the SEC&#8217;s approval of BlackRock\u2019s iShares Bitcoin Trust ETF, causing a 10% spike in Bitcoin&#8217;s price. Although debunked by both BlackRock and the SEC, Larry Fink, BlackRock&#8217;s CEO, saw the frenzy as evidence of tremendous interest in cryptocurrency. However, there&#8217;s a significant concern within the community that the SEC&#8217;s Gary Gensler might use this event to highlight the market&#8217;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&#8217;s stance on Bitcoin ETFs evolve in the coming months?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.coindesk.com\/business\/2023\/10\/16\/uniswap-labs-to-charge-015-fee-on-crypto-swaps-involving-eth-usdc-other-tokens\/?_gl=1*vd9sq2*_up*MQ..*_ga*MTAxMzAzNjExMS4xNjk3NTA5NzQz*_ga_VM3STRYVN8*MTY5NzUwOTc0My4xLjAuMTY5NzUwOTc0My42MC4wLjA\"><b>Uniswap Labs Introduces New Fees on ETH, USDC Swaps:<\/b><\/a><span style=\"font-weight: 400;\"> 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\u2019 front end. Aimed at creating a sustainable funding route for the company&#8217;s operations, this is separate from the &#8220;protocol fee&#8221; governed by Uniswap&#8217;s community. How will traders react to this added cost, and could it potentially shift traffic to other decentralized platforms?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/cointelegraph.com\/news\/pennsylvania-bill-scraps-crypto-mining-ban\"><b>Pennsylvania Cancels 2-Year Crypto Mining Ban: <\/b><\/a><span style=\"font-weight: 400;\">The Cryptocurrency Energy Conservation Act, aimed at regulating energy consumption in Pennsylvania&#8217;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&#8217;s sponsor, mentioned pressures from the Democratic Party and labor unions opposing strict environmental measures. The modified bill now mandates a study on mining&#8217;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?<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">To see more daily news, join our Telegram news channel <\/span><a href=\"https:\/\/t.me\/btsenews\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><i>Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at\u00a0<\/i><a href=\"mailto:feedback@btse.com\"><i>feedback@btse.com<\/i><\/a><i>\u00a0or on X @BTSE_Official.<\/i><\/p>\n<p class=\"p1\"><i>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.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) experienced a brief surge to almost $30,000 earlier Monday, following an\u00a0erroneous 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-8849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-bytes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin\u2019s Short-Lived Leap to $29K &amp; Pennsylvania Cancels Crypto Mining Ban &#8212; BTSE Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.btse.com\/blog\/bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin\u2019s Short-Lived Leap to $29K &amp; Pennsylvania Cancels Crypto Mining Ban\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) experienced a brief surge to almost $30,000 earlier Monday, following an\u00a0erroneous 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. 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This erroneous claim prompted a whirlwind of trading activity, resulting in $137.2 million worth of bitcoin liquidations within just 12 hours. The false [&hellip;]","og_url":"https:\/\/www.btse.com\/blog\/bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban\/","og_site_name":"BTSE Blog","article_published_time":"2023-10-17T04:19:11+00:00","article_modified_time":"2023-10-17T04:34:55+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/www.btse.com\/blog\/wp-content\/uploads\/2023\/10\/Copy-of-Market-Analysis-24-1024x576.png","type":"image\/png"}],"author":"BTSE","twitter_card":"summary_large_image","twitter_creator":"@BTSE_Official","twitter_site":"@BTSE_Official","twitter_misc":{"Written by":"BTSE","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.btse.com\/blog\/bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban\/#article","isPartOf":{"@id":"https:\/\/www.btse.com\/blog\/bitcoins-short-lived-leap-to-29k-pennsylvania-cancels-crypto-mining-ban\/"},"author":{"name":"BTSE","@id":"https:\/\/www.btse.com\/blog\/#\/schema\/person\/46ad80e1bffe6cf5d79938127822f2ca"},"headline":"Bitcoin\u2019s Short-Lived Leap to $29K &#038; 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