headlines
▌Bloomberg analyst: SEC may approve spot Bitcoin ETF options products as soon as 60 days
Bloomberg analyst James Seyffart said on the In theory, the SEC could take up the issue and approve it quickly (the first deadline is within 60 days), but it could also be delayed repeatedly and wait until the end of September or early October. But analysts said the SEC could still reject the product.
▌ ProShares submitted applications for five leveraged spot Bitcoin ETFs
ProShares submitted applications for five leveraged spot Bitcoin ETFs, namely: ProShares UltraShort Bitcoin ETF (-2x), ProShares ShortPlus Bitcoin ETF (-1.5x), ProShares Short Bitcoin ETF (-1x), ProShares Plus Bitcoin ETF (+1.5x), ProShares Ultra Bitcoin ETF (+2x). The products track the daily performance of the Bloomberg Galaxy Bitcoin Index, with ticker/fee TBD and tentatively scheduled to go into effect on April 1.
Bloomberg analyst Eric Balchunas said there could be as many as a dozen similar applications on the market within months.
Quotes
As of press time, according to coinmarketcap data:
BTC’s recent transaction price was US$43,139.4, with an intraday increase or decrease of -0.28 % ;
ETH’s recent transaction price was US$2,587.61, with an intraday increase or decrease of +1.10 % ;
BNB’s recent transaction price was US$315.5, with an intraday increase or decrease of -0.50 % ;
XRP’s recent transaction price was US$0.5761, with an intraday increase or decrease of +0.09 % ;
DOGE’s recent transaction price was US$0.0814, with an intraday increase or decrease of +0.15 % ;
ADA’s recent transaction price was US$0.5366, with an intraday increase or decrease of -1.01 % ;
SOL's recent transaction price was US$97.82, with an intraday increase or decrease of +0.65 % .
policy
▌U.S. Treasury Department and IRS: Companies do not have to report certain transactions involving digital assets before regulations are issued
The U.S. Department of the Treasury and the Internal Revenue Service issued announcements stating that companies do not have to report certain transactions involving digital assets, such as reporting payments of $10,000 or more in digital assets, before the regulations are released.
The Treasury Department and the IRS said they intend to release proposed regulations that would provide more information and procedures for reporting receipts of digital assets, give the public an opportunity to comment in writing and, if necessary, hold public hearings for discussion.
▌Oral arguments on Coinbase’s motion to dismiss the SEC lawsuit will begin tomorrow
Oral arguments on Coinbase’s motion to dismiss the SEC lawsuit will begin in a Manhattan court on Wednesday morning ET. The hearing gives both sides an opportunity to plead their case to presiding Judge Katherine Polk Failla, who can choose to dismiss the case in whole or in part, send it to a jury trial, or issue summary judgment.
The US SEC sued Coinbase in June 2023 for operating as an unregistered broker, exchange and clearing agency. A person familiar with the matter said a blanket dismissal was unlikely, but Failla's choice to hold oral arguments suggested there was still some possibility. It could take weeks or months for a judge to issue a ruling, and if the case is not dismissed outright, both sides will move into discovery.
▌ SEC v. Terraform Labs trial will be postponed to March 25
The SEC v. Terraform Labs trial will be postponed from later this month to March 25 in anticipation of Do Kwon's potential extradition to the United States from Montenegro, according to a public court filing.
Blockchain application
▌ Pyth Network becomes an oracle partner of the Blast ecosystem
Pyth Network announced that its Pyth Entropy and Price Feeds have been deployed to the Ethereum layer 2 blockchain Blast. The partnership makes Pyth Network the preferred oracle partner of the Blast ecosystem. Developers on Blast can now integrate more than 400 Live price feed and new innovative random number source.
▌ Moonveil Studio will join the Polygon game ecosystem
Moonveil studio is about to join the Polygon onchain gaming ecosystem. Moonveil has developed the immersive tower defense mobile game Astrark: STAGE ONE (in alpha testing), as well as another stealth game expected to be released in the first quarter, in partnership with Polygon Labs It will enable Moonveil to leverage web3 technology to create a better gaming experience, seamlessly blending casual flexibility with gaming fun and depth.
▌ WalletConnect announces the launch of Web3Inbox application
web3 communications protocol WalletConnect has announced the launch of the Web3Inbox app, a new easy-to-use consumer product that provides users and applications with an important communication point that can be flexibly adapted to different applications. WalletConnect previously launched the wallet Notify API and application development toolkit Web3Inbox SDK. The new Web3Inbox product enables developers to lay the foundation for readable web3 messages to work seamlessly at scale.
cryptocurrency
▌Bloomberg Analyst: BlackRock Spot Bitcoin ETF Trading Volume Exceeds Last Year’s 500 New ETFs Combined
Bloomberg analyst Eric Balchunas said on the IBIT)’s trading volume exceeds the sum of these 500 ETFs.
The analyst explained: "Getting volume is hard, even harder than liquidity. Half of the 500 new ETFs today have less than $1 million in trading volume. Because volume must be formed naturally in the market and cannot be faked, it Give ETFs the ability to continue operating."
▌Analyst : Spot Bitcoin ETF may promote short trading by traditional market participants
Cryptocurrency derivatives trader Gordon Grant said that the approval of a spot Bitcoin ETF may make it easier for traditional market participants to conduct short transactions. Shorting the short Bitcoin ETF may lead to an increase in the supply of BTC in the spot market and have a negative impact on the price of Bitcoin. causing downward pressure. Grant noted, however, that borrowing and shorting stocks is a normal part of healthy, well-functioning asset markets. “This is also critical for complementary considerations such as options trading, structured products, directional leverage and more complex instruments,” he said.
▌The Governor of the Reserve Bank of India: There are huge risks in cryptocurrency and blockchain technology needs to be capitalized
Shaktikanta Das, governor of the Reserve Bank of India, said that there are huge risks in cryptocurrencies and blockchain technology needs to be capitalized.
▌The trading volume of spot Bitcoin ETF reached US$1 billion on the third day, with the cumulative trading volume reaching US$8.7 billion.
THE BLOCK PRO quoted Yahoo Finance data as saying that the spot Bitcoin ETF trading volume reached US$1 billion on the third day; the current cumulative total trading volume is US$8.7 billion.
▌Ethereum network transaction volume reaches highest level since November 2021
According to The Block’s data dashboard, the seven-day moving average of daily transaction volume on the Ethereum network increased from 1.1 million to 1.3 million over the past week, which is the highest level since November 2021, when Ethereum hit over $4,600 record high.
Important economic developments
▌Fed Governor Waller: If inflation does not rebound, the Fed can cut interest rates this year
Fed Governor John Waller said the Fed could cut interest rates this year if inflation does not rebound. More information is needed to confirm that inflation is falling to target. In addition, interest rate cuts should be carried out cautiously and orderly, without the need to cut interest rates as quickly as in the past.
Golden Encyclopedia
▌Why Bitcoin Spot ETFs are So Important
ETFs legitimize Bitcoin and allow institutions to hold Bitcoin through their existing services. Financial advisors can now easily include Bitcoin in their investment portfolios. Since Bitcoin has little correlation to many traditional assets and is highly volatile, adding an ETF to your portfolio (say, 1%) will provide you with a better performing Sharpe Ratio. It doesn't take much thinking, adding ETFs to your long-term asset management strategy is a smart move.
Disclaimer: As a blockchain information platform, Jinse Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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