Web3🌗Wednesday Highlights: SEC's ETF Deadline, Bitcoin at $41K, Euro-Pegged Coin Surge, Ark Invest's Moves.
1. SEC Extends Grayscale's Ether ETF Deadline
2. Bitcoin at $41K: Microstrategy's gains?
3. Euro-pegged stablecoin rises on Binance
4. Ark Invest's moves with Coinbase, Robinhood
Stay tuned for deep insights into these crucial updates!🤗
Embarking on the landscape of Wednesday's Web3 domain, a myriad of significant events emerge on the horizon. The SEC has extended the deadline for Grayscale's Ether ETF, marking a crucial turn in crypto investment regulation. Simultaneously, the soaring climb of Bitcoin to $41K illuminates the spotlight on Microstrategy's substantial gains amidst the market flux. Additionally, a Euro-pegged stablecoin's remarkable rise on Binance unfolds, hinting at shifts in digital asset trading. Notably, Ark Invest's strategic maneuvers involving Coinbase and Robinhood reverberate within the crypto realm. Stay tuned as we delve deeper into these pivotal updates, unlocking insightful perspectives in today's Web3 saga.
1. SEC extends the deadline for Grayscale's Ether ETF, adding depth to crypto anticipation.
The U.S. SEC has postponed its verdict on Grayscale's Ether ETF until January 2024, offering more time for evaluation. This decision follows an appellate court's order for a review of Grayscale's Bitcoin ETF in October. The SEC aims for a comprehensive assessment of the proposed rule change allowing NYSE Arca to trade shares of Grayscale's Ethereum Trust. Despite prior approvals for crypto futures investment vehicles, no spot BTC or ETH ETFs have received US exchange listings. Grayscale joins a cohort of companies, including BlackRock, ARK, and VanEck, awaiting SEC decisions on spot crypto ETF applications, showcasing growing interest and anticipation in the market.
Turner Wright
2. Bitcoin surges to $41K, spotlighting Microstrategy's lucrative gains amidst the bullish market.
MicroStrategy's astute Bitcoin investment has yielded immense gains, amassing $2 billion profits as Bitcoin surged beyond $41,000. Holding approximately 174,530 BTC, the enterprise analytics giant remains the foremost corporate Bitcoin holder globally. Their recent $593.3 million Bitcoin purchase at an average of $36,785 per BTC resulted in substantial profits of $11,460 per Bitcoin amid Bitcoin's current $41,000 highs. MicroStrategy's stock (MSTR) surged by 8.2% post-November purchase, now trading over 4% higher with a market cap of $8.18 billion. Bitcoin's rise to the 10th position in global market cap, surpassing Berkshire Hathaway, reflects its heightened market dominance amidst positive ETF prospects, Federal Reserve rate talks, and the 2024 Bitcoin halving anticipation.
Scott Matherson
3. Euro-pegged stablecoin's ascent on Binance signifies a soaring trend in the digital currency space.
The AEUR stablecoin, supposedly anchored to 1 euro, surged almost 200% on Binance, reaching $3.25 before trading suspension due to "abnormal volatility." Its initial trading around $1.08, aligned with the EUR-USD rate, soared sharply, later trading at $2.89, still 167% higher than its intended value. Issued by Anchored Coins, linked to Singapore investor Calvin Cheng, AEUR claims backing by euro fiat assets with a $5 million market cap. Despite no clear catalyst, its low market cap and limited liquidity pose de-pegging risks, reflecting stablecoins' susceptibility to price swings, reported over 600 times for major fiat-backed stablecoins this year, as per Moody's Analytics.
Krisztian Sandor
4. Ark Invest's strategic shifts involving Coinbase and Robinhood add layers to crypto investment strategies.
Ark Invest, led by Cathie Wood, made significant moves in the crypto market by selling over $1.4 million of Coinbase shares while increasing its position in Robinhood amidst Bitcoin surging past $40,000. The sell-off included 10,218 Coinbase shares from ARK Innovation and Ark Fintech Innovation ETFs, closing at $141.09 per share. This strategic shift signals Ark's nuanced approach to cryptocurrencies, responding to evolving market dynamics. The move potentially aligns with anticipated changes in the digital asset and blockchain landscape. Ark's decision reflects a calculated response to the crypto market's volatility, showcasing adaptability within its investment strategy.
Benzinga Neuro
As we conclude this dive into Wednesday's Web3 Buzz, these monumental shifts in the crypto realm continue to reshape the landscape. Stay tuned for deeper explorations and comprehensive insights into the ever-evolving Web3 sphere.
