From Bitwise releasing the first Bitcoin ETF TV ad to OKX overtaking OpenSea in NFT volume, here is a 2-minute breakdown of everything important that happened in crypto today.
As the holidays are approaching, crypto prices remain steady. However, behind the scenes, the crypto landscape is busier than ever. Bitcoin ETF approval deadlines loom while VCs scramble to support digital assets within legal bounds.
With so much happening, it's crucial to stay updated. Today we'll run through the top crypto news stories.
Here's the TLDR before we dive in:
- Bitwise launches first Bitcoin ETF ads 📺
- OKX NFT volume eclipses OpenSea - Bitcoin ordinals propel trading 🖼️
- Helium Mobiel changes the rewards rule📱
- Coinbase appeals SEC rejection⚖️
- PAC backs pro-crypto politicians - industry unites for 2024 🇺🇸
Let's unpack the details on each of these. First up, Bitwise's big brain advertising moves...
Bitcoin ETF Ads 📺
Looks like one crypto firm is getting proactive with a new ad blitz promoting their Bitcoin ETF before it's even approved!
Crypto asset manager Bitwise has launched the first-ever TV ad campaign for a Bitcoin spot ETF.
They tapped that "most interesting man in the world" actor to hype up their Bitcoin ETF across TV, social media, the whole shebang.
Major business news networks are running the ads.
If greenlit, analysts estimate physical Bitcoin ETFs could see up to $14 billion of inflows in Year 1 - a huge prize.
Does this wild move indicate an incoming approval? Here’s what analysts think!
OKX Overtakes OpenSea 🖼️
OKX's NFT platform recently surged past major rivals like OpenSea in daily trading volume, thanks to booming demand for Bitcoin-based collectibles.
Although volume has declined since, OKX still leads with $35 million in daily NFT trading - far above OpenSea, Blur and Magic Eden's combined.
The driver of OKX's volume surge is trading in Bitcoin Ordinals-based NFTs.
By embracing white-hot Bitcoin NFT activity, OKX capitalized on the current trend. Meanwhile, former NFT leader OpenSea clung to flagging Ethereum demand.
But will this demand for ordinals keep going up or is this trend going to die soon? Read the full story!
And that brings us to our Word of the Day (or term)
It’s BRC-20!
BRC-20 is an experimental token standard introduced in March 2023 that allows the creation of fungible tokens on the Bitcoin blockchain, taking inspiration from Ethereum's popular ERC-20 standard.
BRC-20 tokens utilize the Taproot upgrade and leverage ordinal inscriptions to generate and transmit tokens on Bitcoin's base layer. This provides basic functionality to mint, send and receive BRC-20 tokens using Bitcoin addresses and transactions.
Unlike ERC-20 tokens, BRC-20 tokens do not employ smart contracts, limiting use cases but introducing token capabilities to Bitcoin. Mostly memecoins have adopted BRC-20 so far.
While adoption is still early and risks like security issues, congestion, and instability from this experiment persist, BRC-20 tokens display creativity in expanding Bitcoin's functionality through standards mimicking Ethereum's composability.
But what issues do these tokens create? Read more!
Now back to our daily stories!
Helium Mobile Rewards 📱
Helium Mobile recently changed its crypto rewards rules in response to the rapid adoption of its cell service and location mapping program.
New users now face an 8-day waiting period before claiming MOBILE tokens earned for opt-in location tracking. This aims to ease strains from surging demand.
Helium Mobile combines T-Mobile's network with crowdsourced hotspots. Users get MOBILE tokens for hosting hotspots or sharing location data to guide new hotspot placements.
Rapid success is a double-edged sword for many crypto projects. Attractive incentives fuel adoption, but can enable behavior counter to sustainability.
So what exactly triggered this waiting period that didn't exist before? Read the full story!
SEC Rejection Appeal ⚖️
Coinbase isn't taking no for an answer after regulators rejected their request for clear industry rules last week.
The exchange's legal eagle promised they won't back down.
In its filing, Coinbase argued the SEC's refusal was arbitrary, an abuse of discretion, and contrary to law - violating administrative procedure.
It asserted the SEC denies rulemaking while exceeding its authority in enforcement actions - flouting fairness principles.
But the regulators fired back saying the exchange's initial request was missing specifics required for proposing new rules. They say they get to pick their own priorities and timelines.
Will other exchanges follow suit? Recent SEC crackdowns do raise questions about legal uncertainty. Read the full story!
Pro-Crypto Politicians’ Support 🇺🇸
A new crypto-centric political action committee (PAC) has amassed $78 million from industry players to support pro-crypto candidates in the 2024 US elections.
Contributors include major CEOs, exchanges, investors and more. The "war chest" aims to back politicians who foster blockchain innovation and responsible crypto rules.
Andreessen Horowitz founder Chris Dixon also revealed the VC giant's contribution, stating some policymakers want to either ban crypto or leave it unregulated - both harmful outcomes.
What other big names are involved - read the full story!
And that wraps up the hottest headlines in crypto today! As always, the crypto markets and news cycle wait for no one. So plug in, power up, and we'll see you tomorrow!
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