What Happened in Crypto Today: Will This Be the Month an ETF Gets Approved?
Hey crypto fam, CoinMarketCap is here with today’s top stories!
Can you believe it was just last month Bitcoin was clinging to $26k? Now it's shot up to over $36k (and counting).
The trigger is crypto’s potential mainstream moment if the SEC approves Bitcoin and Ethereum spot ETFs this month. Some big shots in TradFi are also betting it could happen. Investors are getting their hopes up again that the SEC might actually come through this time.
Of course, the SEC's let us down before. But things seem to be lining up for them to make a historic move on crypto ETFs. That would be huge for mainstream adoption.
Now, before we dive into that story and other top news, let's run through the headlines:
Bitcoin pumps on renewed hopes for SEC approval of spot BTC ETFs this month
New US bill introduced to protect right to self-custody crypto assets
Australian exchange exploited, with suspicious transactions draining funds
HSBC partners with Ripple's Metaco to offer tokenized securities custody
Let’s dive in!
ETF Approval in the Spotlight
Crypto is seeing some green candles due to renewed optimism that Bitcoin spot ETFs may finally get SEC approval this month. A key deadline has opened a tight window for long-awaited decisions on several filings.
While hopes have been dashed before, circumstances align for potential historic progress. With Bitcoin pumping on the possibilities, it seems investors are daring to dream again.
Of course, nothing's guaranteed with the SEC, but November 2023 could go down as a landmark month for institutional crypto adoption. But which firms have a higher chance of ETF approval? Read the full story!
UAE Fines Unlicensed Firms
The UAE has been one of the most crypto-progressive countries so far, welcoming the industry when others won't. But it's now facing heat to crack down on unlicensed firms. Regulators don't want the UAE to be seen as a hub for shady stuff. So they've whipped up new rules to go after unlicensed operators.
The UAE built a reputation as an innovation zone where crypto could thrive. With strict regulations building up in the space, crypto fans don't want to see that stifled.
It's a tightrope walk for regulators trying to balance openness and oversight in the crypto space.
More information on the new rules!
New Self-Custody Rights Bill
A US senator recently introduced a bill to protect the right to control your own crypto assets, without requiring third parties like exchanges.
This comes after FTX and other blows showed giving custody to centralized exchanges (CEX) can be super risky. But it'll likely stir up controversy with the traditionally cautious government wary of too much financial freedom.
The idea is to empower people to be their own bank and hold their crypto themselves. But regulators have been pushing hard for more visibility instead.
It sets up an old-fashioned policy battle between freedom and regulation in the new world of crypto. The public's still making up its mind on what's best long term. Definitely complex issues on both sides here.
With strong opinions all around, expect plenty of heated debate on this bill going forward. More information on what’s been included in the bill!
And that brings us to our Word of the Day!
It’s ‘CEX’!
CEXs are trading platforms that act as middlemen, connecting buyers and sellers and taking a little cut for their troubles. They store customers' funds for them and offer tons of tokens to trade in one spot. Convenient, right?
The catch is that by using a CEX, you don't really control your own assets. Plus they usually require personal info and ID verification - so not exactly anonymous.
On the other hand, CEXs give you access to account recovery features. If you lose your login or get hacked, you can go through an identity verification process to recover your account. With a DEX, if you lose your private key, your funds are probably gone for good.
Now back to our daily stories!
Australian Exchange Exploited
Another day, another exploit! This time, the target was an Aussie exchange.
An Australian crypto exchange has fallen victim to a multi-million dollar exploit. ZachXBT spotted highly suspicious transactions draining funds from the company's wallets.
But how much exactly did the exchange lose? And what tokens are at risk of experiencing a mass sell-off? Read the full story!
HSBC Partners With Ripple Startup
Global bank HSBC is partnering with Ripple-owned Metaco to offer tokenized securities custody. As traditional finance players embrace digital assets, it may only be a matter of time before trading tokenized stocks and bonds is commonplace.
Though HSBC waiting until 2024 to launch seems a little old school compared to crypto's rapid pace. Hopefully, they pick up the pace on this promise! Read the full story!
Robinhood Targets Europe
Robinhood's hauling its crypto ambitions across the pond. With regs cracking down hard in the US, the trading app is expanding in Europe where the rules are more friendly.
Lots of exchanges are peace-ing out of the States for greener pastures. Europe's been rolling out the red carpet with open arms and clear guidelines. Gotta go where the opportunity is.
Meanwhile, control-happy agencies like the SEC keep throwing shade on crypto in the US. Innovation needs breathing room. But rules and uncertainty just keep piling up.
But which countries in Europe is it targeting first? Read the full story!
That wraps up the key headlines today. Stay tuned for more crypto insights!
Before you head out, take a sec to sign up for our newsletter below, and we'll deliver the hottest crypto stories straight to your inbox!
