Bitcoin ETF Anticipation Grows as SEC Pursues SafeMoon, Worldcoin Hits Milestone
Summary:
The article details the increasing anticipation for the approval of a spot Bitcoin Exchange-Traded Fund (ETF) in the US, leading to an influx of applications to the SEC. This has indirectly boosted the Chicago Mercantile Exchange's (CME) position among derivatives exchanges. The article also explores negative developments like SEC charging SafeMoon and its executives with fraud. Circle's plan to terminate consumer accounts and the declining valuation of Elon Musk's social media platform, X, are also covered. Lastly, Worldcoin's milestone of 4 million app downloads and the popularity of its World App among emerging markets is discussed.
Anticipation is mounting in the cryptocurrency sphere, as approval for a spot Bitcoin Exchange-Traded Fund (ETF) is eagerly awaited within the United States, prompting an influx of adjusted applications submitted to the Securities and Exchange Commission (SEC). This level of expectancy has spurred the Chicago Mercantile Exchange (CME) to ascend to a higher rank among derivatives exchanges regarding Bitcoin open interest, surpassing conventional crypto exchanges. This surge underlines the desirability for a spot Bitcoin item. Recently, CME observed its cash-settled futures contracts surpass 100,000 BTC in volume. This week had its share of negative news, with the SEC indicting SafeMoon and three top executives on charges of fraud and undistributed securities sales relating to the SafeMoon token. The SEC's allegations center around SafeMoon executives withdrawing assets amounting to $200 million from the project and misappropriating investor money, despite assurances of funds being secured in a liquidity pool. Two top executives have been apprehended.
Additional news in the world of Crypto Biz includes Circle’s decision to terminate consumer accounts and the plummeting valuation of X (previously known as Twitter), a year after Elon Musk assumed control over it. Circle, a Stablecoin issuer, has decided to discontinue accounts owned by individuals, effective from the end of November. However, business and institutional accounts will continue to operate.
The CME which is a regulated derivatives exchange listing Bitcoin futures, now stands second to Binance considering open interest. The open interest of CME surged to $3.58 billion on October 30, enabling it to outperform Bybit and OKX and position itself just a few million short of Binance’s $3.9 billion.
Elon Musk’s social media platform, X, presently holds less than half of its original acquisition cost from a year ago, as an internal memo revealed. According to a report from Bloomberg, the company’s worth is now approximately $19 billion, a figured based on the value of restricted stock units recently allocated to the company's employees.
Worldcoin, an iris-scanning project, has achieved a new milestone with its mobile World App being downloaded more than 4 million times. Once CoinGecko verifies this information, the World App could hold the sixth position in CoinGecko’s list of most downloaded software wallets. Receiving verification through iris scanning rewards each user with 25 Worldcoin tokens, currently equal to around $46.50. The project has seen significant traction in developing markets like Argentina, where users have found registering and selling the coins to be a swift means of earning extra income.
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Published At
11/4/2023 3:31:39 PM
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