Weekly Crypto News Wrap-up for Dec 18-Dec 22, 2023

DailyCoin
3 min readDec 22, 2023

This week Bitcoin surged beyond $44K, signaling renewed market dominance. This upbeat momentum aligns with the community’s anticipation of the US’s decision on the first Bitcoin ETF, sparking optimism. Analysts are forecasting further growth, as it challenges previous resistance levels.

Coinbase CEO Brian Armstrong addressed concerns about potential revenue impacts from spot BTC ETFs, suggesting Coinbase could actually benefit from such approvals.

His comments come amid the ongoing race for ETF approval, a major narrative in the crypto industry. Meanwhile, Ripple achieved a significant regulatory milestone in Ireland, securing VASP registration for its subsidiary to offer crypto services, a notable stride into the central bank’s VASP registry.

In legal developments, Terraform Labs’ Do Kwon gained a temporary reprieve in his legal battle, winning an appeal that delays his extradition process, further complicating efforts by the United States and South Korea to extradite him due to his role in Terraform Labs.

Overall, the week was marked by Bitcoin’s promising performance, strategic regulatory advancements, and notable legal developments within the global crypto landscape.

Let’s dive into this week’s heavy hitters:

  1. Coinbase CEO Dismisses Fears of Revenue Hit from Bitcoin ETF

Looming spot Bitcoin ETFs have the potential to benefit the entire crypto ecosystem by opening up previously untapped channels of capital. However, this may spell disaster for established crypto exchanges, as revenue diverts to legacy money managers providing spot ETF products. Despite this, Coinbase CEO Brian Armstrong believes the growth fostered by spot ETFs would be a net positive for the crypto industry as a whole.

2. Ripple Secures VASP Crypto Registration Status in Ireland

Enterprise blockchain and crypto solutions company Ripple has secured a landmark registration status in Ireland, allowing the firm to spread its tentacles in the European Economic Area.

3. BlackRock Compromises on Bitcoin ETF Market Manipulation Row

In June 2023, the entrance of BlackRock into the Bitcoin ETF race sparked significant hopes of an imminent approval. However, in recent weeks, a tussle between the SEC and BlackRock over the latter’s proposed redemption model sparked uncertainty. Amid the back and forth, BlackRock has compromised to address the regulator’s concerns.

4. Justin Sun Accumulates SHIB in Billions, Sparking Rally Hopes

Cryptocurrency mogul and TRON blockchain founder Justin Sun took the crypto community by surprise in the first-ever Shiba Inu (SHIB) transfer on December 18, 2023, 03:40:35 PM +UTC. The move involved sending 499,998,244,942 SHIB tokens from Binance to a crypto wallet owned by Sun.

5. Do Kwon Scores Victory in Extradition Request Appeal

On Tuesday, December 19, the Appellate Court of Montenegro overturned the prior approval granted by the High Court for Kwon’s extradition.

The court’s decision to nullify the approval is rooted in Kwon’s defense argument that the initial ruling lacked clarity on factors leading to the decision and must be remanded for a renewed examination and decision.

6. Solana Saga Sold for 10x the Price on eBay Amid BONK Craze

Solana Saga, despite initially struggling to reach sales expectations, recently sold out in major parts of the world after memecoin traders found out the flagship web3 phone came with a generous bag of one of the hottest Shiba-Inu-themed tokens in the market right now, BONK.

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