LATEST: $4.5 Trillion Asset Manager Fidelity Pursues Bitcoin ETF Registration, Classifying as Securities

In a significant move, asset management giant Fidelity has stepped into the Bitcoin Exchange-Traded Fund (ETF) arena, filing for securities registration with the U.S. Securities and Exchanges Commission (SEC). This bold step, outlined in their form 8-A filing, aligns with the heightened anticipation for the approval of spot Bitcoin ETFs by January 10, 2024. The Fidelity Wise Origin Bitcoin Fund aims to offer shares of beneficial interest, navigating the complex debate over whether cryptocurrencies like Bitcoin should be classified as securities or commodities.

Check Out the Top Crypto Gainers of the Day

$1M – $10M MarketCap:

  1. ritestream (RITE): 192%
  2. AmazingTeamDAO (AMAZINGTEAM): 139%
  3. Ramses Exchange (RAM): 28%
  4. Solidus Ai Tech (AITECH): 20%
  5. Revoland (REVO): 2.55%

$10M – $100M MarketCap:

  1. Restake Finance (RSTK): 89%
  2. Creo Engine (CREO): 74%
  3. Kryptonite (SEILOR): 58%
  4. ApeX (APEX): 51%
  5. Calamari Network (KMA): 43%

$100M – $1B MarketCap:

  1. ConstitutionDAO (PEOPLE): 118%
  2. Power Ledger (POWR): 74%
  3. Ethereum Name Service (ENS): 38%
  4. Chromia (CHR): 28%
  5. Stratis (STRAX): 21%

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Crypto inflows tripled to $2.2B in 2023

Inflows into crypto investment products eclipsed $2.2 billion in 2023 — nearly triple the total seen the prior year.

Net inflows into such vehicles spiked sharply from the roughly $800 million seen in 2022. However, the yearly total lagged 2020 and 2021, during which crypto products notched inflows of $6.6 billion and $10.7 billion, CoinShares data shows. 

The segment’s assets under management increased by 129% during 2023, ending at $51 billion — the highest level since March 2022.

“Much of the recovery was in the final quarter where it became increasingly clear that the [US Securities and Exchange Commission] was warming up to the launch of bitcoin spot-based ETFs in the…

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Bitcoin’s ‘genesis’ block of transaction was created 15 years ago

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”

That was the message contained in bitcoin’s first-ever transaction block on Jan. 3, 2009. Today marks the 15th anniversary of that event.

The so-called “genesis” block featured what was then a 50 bitcoin (BTC) block subsidy — worth a whopping $2.1 million at today’s prices — and the message above, referring to the economic turbulence of the day when bitcoin went live. 

Months earlier, bitcoin’s pseudonymous creator, Satoshi Nakamoto, first published the protocol’s white paper, which outlined a system for digital money that didn’t rely on a trusted central administrator. The white paper’s…

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With bitcoin ETF decision imminent, industry watchers debate if SEC will delay  

Those closely following the spot bitcoin ETF saga probably already know Bloomberg Intelligence analysts put the chances of approval in the coming week at 90%.

But not all see it that way. 

Markus Thielen, head of research for crypto platform Matrixport, said Tuesday he believes all such applications “fall short of a critical requirement” — adding that US Securities and Exchange Commission Chairman Gary Gensler “still sees this industry in need of more stringent compliance.”

Read more: SEC delaying spot bitcoin ETFs ‘not impossible,’ but unlikely: Balchunas

As the SEC’s Jan. 10 deadline to rule on a proposal by Ark Invest and 21Shares approaches, other industry watchers…

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First Ever Bitcoin Duncan Yo-Yo Launches

Today, Collect & HODL Co, a subsidiary of ProSnacktive Sales LLC, in collaboration with the renowned toy company Duncan Toys, has announced the launch of a Limited Edition, first ever Bitcoin-themed Duncan Butterfly XT Yo-yo, per a press release sent to Bitcoin Magazine.

The Yo-yo, symbolizing the market’s ups and downs akin to Bitcoin’s fluctuations, aims to offer a playful representation of the Bitcoin journey. These Bitcoin-themed yo-yos are available for purchase exclusively on Walmart Marketplace.

“We’re back with a new Bitcoin item that all ages can enjoy!” said Chris Coradini, Owner of Collect & HODL Co. “We’ve worked with another…

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The Benefits of Cooperation: Nash Bargaining and Bitcoin

This article is featured in Bitcoin Magazine’s “The Primary Issue”. Click here to get your Annual Bitcoin Magazine Subscription.

Click here to download a PDF of this article.

“Economics I think is sort of like accounting — you know, it doesn’t immediately have any morals. You could go into welfare economics, you try to think of some human values or you go into variations.” – John F. Nash Jr., The University of Scranton, November, 2011.

This quotation from John Forbes Nash Jr. is taken from a lecture Nash gave on “Ideal Money and the Motivations of Savings and Thrift”, some 61 years after the publication of his first game theory paper simply named “The Bargaining…

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Goldman Sachs in talks to manage more bitcoin ETF shares: CoinDesk

Goldman Sachs is in talks to become an authorized participant for potential bitcoin ETFs to be issued by BlackRock and Grayscale, CoinDesk reported. 

A spot ETF would create regulated shares that follow bitcoin’s price without investors having to buy the asset directly. As a potential AP, Goldman Sachs would be responsible for the creation and redemption of ETF shares. 

CoinDesk’s report — citing unnamed sources — suggested that the investment bank could be interested in signing on as an AP for either BlackRock or Grayscale.

But this isn’t the first time Goldman Sachs has been mentioned alongside spot bitcoin ETFs. A Dec. 22 amendment to Hashdex’s S-1 lists Goldman Sachs…

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The future of Web3 lies in the Asia-Pacific

The Asia-Pacific (APAC) region has been a powerhouse in 2023 for Web3 innovation and adoption. From fostering capital inflow into Web3 media and investment and hosting some of the world’s largest blockchain events to spearheading the convergence of traditional finance and decentralized finance (DeFi), the APAC region has shown remarkable energy and momentum, and set the stage for the next bull market cycle in the crypto world.

APAC investment has been accelerating in a year when global investment in Web3 seemed to be slowing down. 

A prime example is Singapore-based Foresight Ventures’s acquisition of The Block — a top-tier crypto news and data provider — for a whopping $70…

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Cryptocurrency Cosmos Hub Falls More Than 10% In 24 hours

Over the past 24 hours, Cosmos Hub’s ATOM/USD price has fallen 10.86% to $9.92. This continues its negative trend over the past week where it has experienced a 17.0% loss, moving from $11.98 to its current price.

The chart below compares the price movement and volatility for Cosmos Hub over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Cosmos Hub’s trading volume has climbed 56.0% over the past week, moving in tandem, directionally, with the overall…

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