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It's Frriddaayyyy Folks! , the passing of two bills in the House received massive coverage and today, the focus shifts to the Bitcoin Spot ETF and Grayscale saying no one should have priority; they should all be approved at the same time. In addition, BINANCE is pushing back against the CFTC. The best performing asset in the past 24 hours is $TRX - up 1.04% and in position #10 on Coinmarketcap.com. Let's jump into the news...
Bitcoin price is struggling to rise above the $29,300 resistance level early Friday, while and U.S. government bond yields rose after the Bank of Japan (BOJ) maintained low-interest rates, but announced a slight hawkish tweak to its liquidity-boosting bond-buying program called yield curve control (YCC). However, BTC could start another decline and trade below the $28,880 support zone.
OPINIONS
As US Debt payments increase toward $1T, Mike Novogratz encourages folks to buy $BTC. Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”) recently pointed to Bitcoin’s robust performance during a crisis in the US banking sector as a strong sign that the premier cryptocurrency is leading a financial revolution. Matrixport says low volatility makes switching to bullish call options a viable strategy to optimize returns. Peter Brandt, a leading market analyst and trader, has caused a stir in the cryptocurrency community by downplaying the potential impacts of two significant Bitcoin events. TD Cowen's bullish report explains MicroStrategy's strategic shift to Bitcoin, foreseeing its rise as a superior store of value.
BNB price (Binance coin) is consolidating below $250 against the US Dollar. The price could start a strong increase if it clears the $245 and $250 resistance levels. Solana (SOL) has experienced a notable downturn recently, unable to sustain itself above the $32 mark. The altcoin remains below a strong resistance level, but a potential breakthrough could lead to a 20% price appreciation.
EXCHANGES
Crypto.com is the latest cryptocurrency firm to receive a green light from the central bank to offer its services in the country. The top two largest exchanges (Binance) account for more than 50% of the entire spot trading market.
LEGISLATION/REGULATION
The U.S. Senate on Thursday evening passed the 2024 National Defense Authorization Act (NDAA), which included a provision that tightens oversight over financial institutions engaged in crypto trading and takes aim at crypto mixers and “anonymity-enhancing” crypto assets. The House Financial Services Committee advanced The Clarity for Payment Stablecoins Act, a comprehensive regulatory framework for stablecoins in the U.S., but the bill’s prospects of becoming law are in doubt after talks between congressional Democrats, Republicans and the White House broke down this week.
Grayscale’s ETF was previously knocked back by the Securities and Exchange Commission; now the fund manager wants it and competing ETFs approved together so none have an advantage; arguing that so-called surveillance-sharing agreements with COINBASE would neither satisfy or be necessary under the current standard used by the regulator. Securities and Exchange Commission Chair Gary Gensler declined to comment directly on the recent new wave of spot bitcoin exchange-traded fund applications, but repeated his concerns over rampant fraud and manipulation in crypto markets, implying he may oppose approval.
Public companies in the United States, including listed crypto firms, will be required to disclose any major cybersecurity incidents within a four-day time limit under new rules adopted by the United States securities regulator. Coinbase chief executive Brian Armstrong urges his Twitter audience to email their legislators to vote yes on the Financial Innovation and Technology for the 21st Century Act, which he says would protect both crypto and national security.
LEGAL CASES
The recent ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple indicates Congressional legislation is necessary for the crypto space, according to two American lawmakers. Ripple’s general counsel Stuart Alderoty says that the U.S. Securities and Exchange Commission’s (SEC) lawsuit ruling will have a positive impact on the wider crypto industry. Binance claims the CFTC doesn’t have the right to police its foreign entities because they’re not based in the US. FTX and Genesis lawyers have sent a letter to the bankruptcy judge regarding a settlement agreement.
SHOCKING NEWS
Fernando Perez Algaba reportedly ran a crypto trading business in Argentina and is suspected to have been murdered by a professional outfit.
Podcast of the Day: Read_753 - Bitcoin Timestamp Security [Jameson Lopp] | Bitcoin Audible
Sources:
Bitcoin Price (
US Debt Payment (
Bitcoin thrives in Banking Crisis (Cryptoglobe
Bitcoin Options (Cointelegraph
Bitcoin Halving downplayed (
MicroStrategy Analyzed (Bitcoin Magazine
BNB Price (
SOL Price (
Crypto.com (CointelegraphBlockworks
Spot Trading (
Cointelegraph
The Clarity for Payment Stablecoins Act Stablecoin Bill (CryptoPotato
Bitcoin Spot ETF (Cointelegraph
SEC on Exchange Cyber risk (Cointelegraph
Blockworks
Ripple Case Impact (
Binance vs CFTC (BlockworksCointelegraph
FTX vs Genesis Settlement (Cointelegraph
Crypto Millionaire Killed (Cointelegraph
