Weekly Crypto News Wrap-up for Dec 25-Dec 29, 2023

3 min readDec 29, 2023


The cryptocurrency market experienced a dip this week, slightly cooling the sector’s recent rally. Bitcoin’s price slightly fell to $42,692, fluctuating between $41,000 and $44,000 since early December, despite having more than doubled this year.

Fueled by anticipation of a network upgrade and increased DApp use, Ethereum surged to a 19-month high but didn’t cross the $2,400 barrier, raising questions about the factors driving its price.

Meanwhile, Cardano (ADA) is set for its best December finish in six years, despite a recent 4.43% drop, showcasing a significant 64.8% increase this month.

In other news, MicroStrategy closed 2023 with a notable Bitcoin acquisition spree, cementing its status as the top public corporate BTC holder. The SEC is finalizing its review of Bitcoin ETF proposals, setting a deadline for amendments ahead of a potential decision in January. Meanwhile, Cathie Wood has hinted at an approval date for spot Bitcoin ETFs by the SEC as the regulator’s deadline approaches.

These developments reflect a dynamic week in the crypto world, marked by market fluctuations and significant institutional engagement.

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

  1. SEC Calls for Final Changes as Potential ETF Approval Looms

With just a few days remaining until January, excitement for the Bitcoin exchange-traded funds (ETF) has reached unprecedented levels. The US Securities and Exchange Commission (SEC) is taking its rounds with the applicants, ensuring that the Is are dotted and the Ts are crossed before it potentially approves one of the most revolutionary financial instruments, changing the financial world forever.

2. Cathie Wood Hints at Spot Bitcoin ETF Approval Date in January

Ark Invest CEO Cathie Wood has shared some “encouraging signs” that the U.S. Securities and Exchange Commission (SEC) might approve spot Bitcoin ETF applications as early as January.

The sentiments come as the SEC is due to approve or reject a joint spot Bitcoin ETF proposal from ARK and 21Shares by January 10, following the regulator’s call for issuers to submit their amended filings by Friday, December 29.

While the regulator has pushed deadlines before, Wood believes approval is imminent.

3. Barry Silbert Grayscale Resignation Fans Bitcoin ETF Flames

2023 has been rife with crypto organizational shake-ups as regulators hone in on the industry. In what many in the crypto space believe to be the latest instance of this, Grayscale has announced that Barry Silbert is resigning as Chairman. The development has been largely met with excitement from the crypto community amid anticipation of a spot Bitcoin ETF approval in the U.S.

4. Binance’s Zhao’s Net Worth Soars

Binance and its founder, Changpeng “CZ” Zhao, had a tumultuous 2023, marked by legal battles with regulatory authorities. From the SEC to CFTC and DOJ, the exchange and its now-former CEO were thrust in the spotlight several times for all the wrong reasons. Binance and CZ’s woes culminated in November with a criminal indictment, $4.3 billion in legal fines, and a potential 10-year prison sentence.

However, while his travails are far from over, the ousted CEO may have recouped even more than he lost, as recent data shows a substantial increase in his net worth.

5. MicroStrategy Bitcoin Buying Spree Skyrockets 500% in 2023

MicroStrategy made history in August 2020 by becoming the first publicly listed company to adopt a Bitcoin treasury strategy. Since then, the company has continued accumulating Bitcoin to build the world’s largest corporate holding of BTC. On December 27, the company purchased an additional 14,620 Bitcoin to close the year with five times as many BTC purchases compared to 2022.

6. Ethereum Exploits Account for 70% of all DeFi Losses in 2023

Decentralized finance (DeFi) has changed the game by opening access to financial services without an intermediary. However, a recent tweet from Casa co-founder Jameson Lopp stated that $1.95 billion was lost to DeFi exploits in 2023, down slightly from 2022, which put total DeFi losses for that year at $2.075 billion, according to security firm SlowMist.




Accurate and up-to-date news, opinions, and trends about cryptocurrencies, fintech, and blockchain technology. Learn more: https://dailycoin.com/