From Gensler tweeting against crypto to ETF applicants announcing fees, here is a 2-minute breakdown of everything important that happened in crypto today.
The crypto community is waiting as the SEC gears up to finally drop their verdict on a Bitcoin Spot ETF. Bloomberg ETF experts estimate a 95% chance of getting the long-awaited regulatory stamp of approval. If approved, this would allow mainstream investors to directly gain BTC exposure without the hassle of custody.
As expected, Bitcoin maxis have - what you can call - ‘front-run’ the news, pumping the OG crypto above $46k in anticipation. Other alts are also catching gains based on the ETF hopium. After months of 'wen ETF' memes, it seems the space might finally get this massive W.
So let’s cover all the stories surrounding Bitcoin ETF and other major events!
But before we dive into the nitty-gritty of the latest market-moving developments, here's a rapid-fire download of today's top stories:
- Gary Gensler fires up FUD before the ETF verdict 😬
- ETF applicants announce the fund fee structure 💰
- CleanSpark to get 160k BTC miners ⚒️
- Upbit gets the regulatory blessing for Singapore 👍
- Doubts emerge on Thailand's planned crypto airdrop 💸
Let’s dive in!
FUD Bomb Before the ETF Deadline 😬
Gary Gensler dropped a FUD bomb on crypto retail this week with a tweet thread throwing shade on the risks of crypto.
Gensler pushed prudent caution while low-key flaming industry players for ignoring compliance.
He also discussed the scams still plaguing the space - calling out phony alts, Ponzi schemes and brute force hacks relieving normies of their funds.
The ominous PSA landed amid amended S1 filings from ETF hopefuls marking the final lap for fund approval.
So why all the nervous energy from Gensler? Does it hint at approval? Read the full story!
ETF Fees Announced 💰
This week, most ETF applicants disclosed their fees for getting exposure to Bitcoin through their funds. These expense ratios range from 0.24% to 1.5%! 👀
Bitwise announced the lowest fee at 0.24% plus 6 months gratis to attract new users. Ark, VanEck and Franklin Templeton announced 0.29% or under.
But shouldn’t they announce fees AFTER getting the SEC's approval? Or is the approval inevitable as most experts believe? Read the full story!
A 160K BTC Miners Purchase 😳
With all the hype surrounding Bitcoin ETFs, CleanSpark made a power move this week that could crank its mining muscle up 400% in the next wave!
They secured a stack of 60,000 Bitmain units scheduled for rollout between April and June this year. They also intend to buy 100k more.
That's enough computational artillery to push CleanSpark's hash towards a whopping 50 exahashes per second!
Seems CleanSpark is keen to maximize gains from the incoming 2024 halving and stamp its position early! Read the full story!
The Regulatory Blessing 😌
Major regulatory moves for South Korean exchange Upbit this week! The platform bagged a Payment Services license from Singapore's central bank.
This means Upbit joins Coinbase and Crypto.com in receiving official clearance to operate its full stack within the city-state.
Singapore has emerged as a haven for legit crypto companies, thanks to forward-thinking regulations. Strict audits ensure proper custody, money laundering checks and cybersecurity practices.
So securing this badge certifies Upbit as a stand-up member of the crypto community.
Will other Asian regulators take notes on rational crypto oversight?? Read the full story!
Thailand's Crypto Airdrop 💸
Winds of uncertainty now blow around Thailand's plan to pepper citizens with free crypto.
A key governing body recently aired concerns about the legal source of funding for the airdrop.
While the Deputy Finance Minister waved away doubts, opposition politicians are preparing for battle over the controversial crypto airdrop.
Supporters believe this mass wallet seed could blossom into a 5% GDP boost for Thailand. But critics slam it as an unconstitutional election stunt.
One thing is clear - technical delays have already pushed back this airdrop event from February to May.
Are politicians in other Asian countries planning such airdrops? Read the full story!
And that wraps up our newsletter today. We will be back tomorrow with more crypto stories!
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