Kenyan Parliament Urges Worldcoin Shutdown; Grayscale Seeks Spot Ether ETF Approval and Crypto Prices Surge
Summary:
Kenya's parliament has called for the cessation of Worldcoin's iris-scanning operations over privacy concerns. In other developments, Grayscale is seeking SEC approval to convert its Grayscale Ethereum Trust into a spot Ether exchange-traded fund. Additionally, Bitcoin and Ethereum have seen a sudden increase in value, aligning with the traditionally bullish October ("Uptober") in the crypto world. The article also advises readers to conduct individual research before making investment decisions.
Kenya's parliament has voiced serious worries about the Worldcoin iris-scanning initiative. Meanwhile, Grayscale, a crypto asset management company, has submitted a request to the U.S. Securities and Exchange Commission (SEC) to transform its existing Ethereum Trust into an Ethereum spot exchange-traded fund (ETF). In line with crypto market trends, Bitcoin and Ethereum experienced a sudden spike in value, echoing the typically positive October performance ("Uptober").
The Kenyan government's parliamentary committee is lobbying for an immediate halt to Worldcoin operations in Kenya. The move comes as the company continues to collect personal data of Kenyan citizens, despite being ordered to stop in May. The parliamentary report found Worldcoin's actions invasive and urged the government to design a more comprehensive strategy for regulating digital assets.
In other news, as the first Ether futures exchange-traded fund (ETF) gets the green light, Grayscale Investments plans to change its Grayscale Ethereum Trust into a spot Ether ETF. The proposal was lodged with the U.S. SEC on October 2 by the New York Stock Exchange Arca. Grayscale CEO Michael Sonnenshein announced their intent to increase exposure to cryptocurrency assets through conventional investment products. The Ethereum Trust is currently worth $4.9 billion, representing roughly 2.5% of ETH in circulation. Grayscale reports that approximately 250,000 investor accounts have stakes in the trust.
In a surprise twist, Bitcoin (BTC) and Ether (ETH)'s value skyrocketed, causing $70 million in crypto shorts to be liquidated suddenly. Bitcoin's value surged by 3% within a span of 15 minutes, pushing it over the $28,000 mark. Ether's value also spiked by nearly 4.7%, reaching $1,755. This unexpected surge is believed to be part of "Uptober" - a term implying that October generally witnesses an upward trend in crypto value. October has only twice registered a negative return since 2013.
Finally, Matrixport's lead researcher, Markus Thielen, in a correspondence dated October 2, mentioned the possibility of the BTC surging to $30,000 in the short term if it breaks past the $28,000 resistance. Readers are advised to conduct their research before making investment decisions as they always involve certain risks.
Published At
10/2/2023 8:21:46 PM
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