Weekly Crypto News Wrap-up for Jan 08-Jan 12, 2024

3 min readJan 12, 2024

📉 The crypto market this week centered around the Bitcoin Spot ETF decision.

Initially, false reports of SEC approval on their X account caused a stir, later identified as a hack.

However, on Wednesday, the SEC truly approved all Bitcoin Spot ETFs, leading to a strong market response. Ethereum’s price notably surged as investors speculated on potential Ethereum spot ETF approvals 🚀🌐.

📜 The SEC’s long-awaited approval of all spot Bitcoin ETF applications marks a watershed moment.

Following prolonged legal battles, this decision paves the way for the funds, which began trading on January 11, signaling a new era in crypto investment opportunities 🏦💹.

🔍 Amidst market optimism, Bitget MD Gracy Chen refuted insolvency rumors as FUD, reassuring users of the company’s stability and readiness for the upcoming bull run.

Despite social media speculations, Bitget has reported robust growth, underpinning Chen’s confidence in the firm’s future 🤝💼.

🐦 Twitter’s surge in crypto scam ads reflects the ineffectiveness of Elon Musk’s anti-bot strategy.

The platform’s struggle with rampant scams highlights ongoing security challenges despite Musk’s promises to tackle bot activities 🕵️‍♂️🚨.

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

📰 Breaking: SEC Finally Approves All Spot Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) has approved all spot Bitcoin ETF applications, according to an announcement made by the regulator on Wednesday.

The approval follows a long wait and a vicious legal battle between the regulator and Grayscale. In August, a federal court ordered the SEC to review Grayscale’s application, citing “the absence of a coherent explanation” for rejection and an “unlike regulatory treatment.”

📰 SEC’s Bitcoin ETF Handling Draws Criticism, FBI Probe

The crypto space has been abuzz with the U.S. Securities and Exchange Commission’s (SEC) approval of a Spot Bitcoin Exchange-Traded Fund (ETF). The financial instrument marks a pivotal moment for Bitcoin as it integrates cryptocurrency into traditional financial markets.

📰 Bitget Faces Insolvency Claims; Chen Dismisses as FUD

The recent wave of bankruptcies among centralized exchanges has left an indelible mark on the crypto industry, wreaking havoc on victims who trust these platforms. Now, rumors are circulating that Seychelles-based Bitget is facing financial difficulties. However, Bitget’s managing director, Gracy Chen, has declared that all is well at the company.

📰 Apple Purges Crypto Exchange Apps from India’s App Store

Indian authorities are growing increasingly concerned over potential money laundering and terrorist financing enabled by cryptocurrencies. After the country’s Financial Intelligence Unit (FIU) called for blocking foreign exchange websites last December, Apple has moved to cut access to a raft of major crypto exchange apps from its App Store.

📰 Binance Bitcoin Reserves Exceed 100% in Collateral: Report

As crypto users become more weary of centralized actors, exchanges are taking steps to be transparent. Most recently, Binance has published a report highlighting its reserves.

The report, aiming to assure users that their funds are safe, shows that Binance has over 100% collateralization of its Bitcoin and other crypto reserves.

📰 Why Twitter’s Crypto Scam Spam Is a Problematic Failure

Since becoming the CEO of Twitter (since rebranded to “X”), Elon Musk promised to bring an end to bots. Features such as paid verification were promoted as part of the anti-bot measures. However, recent developments have cast doubt on these efforts.

📰 Bitcoin ETFs See $1.9 Inflows in 2023, Reach 87% Dominance

While markets anticipate the Securities and Exchange (SEC) decision on Spot Bitcoin exchange-traded funds (ETFs), similar products have been gaining ground. ETFs in the US and spot funds in other countries have seen significant growth in 2023.