LianGuai Morning News | SEC decides to postpone the registration of 7 Bitcoin ETFs including BlackRock

SEC postpones registration of 7 Bitcoin ETFs, including BlackRock.

Headlines

▌SEC Delays Decision on 7 Bitcoin ETF Filings Including BlackRock

As of the time of writing, the U.S. Securities and Exchange Commission (SEC) has delayed the decision on 7 Bitcoin ETF filings, including BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Valkyrie Bitcoin Fund, and Bitwise Bitcoin ETP Trust Fund.

According to the documents, the regulatory agency will not make a decision on various proposed rule changes until October. The new deadline for iShares, Wise Origin, Invesco Galaxy, VanEck, and WisdomTree is October 17th, Valkyrie is October 19th, and Bitwise’s deadline is October 16th. By then, the SEC can approve, reject, or postpone its decision again.

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Market

As of the time of writing, according to coinmarketcap data:

• Binance Research Report Emergence of New Types of Stablecoins, Overview of Market Competition Pattern
• Review of the Cryptocurrency Market Summer Trends Mixed Bullish and Bearish News, Doubts about the Sustainability of the Rise.
• Bitcoin Spot ETF Application Inventory When will it be approved?

The recent trading price of BTC is $25,929.3, with a daily change of -3.67%;

The recent trading price of ETH is $1,645.99, with a daily change of -2.55%;

The recent trading price of BNB is $216.69, with a daily change of -2.13%;

The recent trading price of XRP is $0.5106, with a daily change of -1.38%;

The recent trading price of DOGE is $0.0637, with a daily change of -2.40%;

The recent trading price of ADA is $0.2554, with a daily change of -1.45%;

The recent trading price of SOL is $19.728, with a daily change of -2.98%.

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Policies

▌SEC Delays Decision on Fidelity’s Spot Bitcoin ETF

The SEC has delayed the decision on Fidelity’s Spot Bitcoin ETF (Wise Origin Bitcoin Trust). The SEC stated that it is appropriate to designate a longer period for action on the proposed rule change in order for the commission to have sufficient time to consider the proposed rule change and the issues raised therein. Under Section 19(b)(2) of the Act, the SEC designated October 17, 2023, as the date by which the commission shall approve or disapprove the proposed rule change or initiate proceedings to determine whether to disapprove the proposed rule change.

▌Approval Time for WisdomTree Bitcoin Spot ETF Delayed to October 17th

According to the relevant process, the SEC is required to respond to WisdomTree’s application for a Bitcoin spot ETF submitted before September 2nd. SEC documents show that the time for this response has been postponed to October 17th.

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Blockchain Applications

▌Relic Protocol Porting All Ethereum Data to Layer 2

Relic Protocol, developed by blockchain security company ChainLight, provides a trust-minimized way for smart contracts to access Ethereum data, replacing platforms such as Etherscan with pure mathematical precision. The newly launched V2 version will also bring this data to other blockchains, starting from the zkSync Era. Relic’s zero-knowledge proof allows smart contracts to access historical data without intermediaries.

Bayo Akins, the developer at zkSync, pointed out that Relic is the first oracle provider on zkSync to use zk-SNARK as part of its oracle design.

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Cryptocurrency

▌Bitwise requests to withdraw its Bitcoin and Ethereum market cap weighted strategy ETF application

According to a screenshot of a document posted on social media by Fox Business reporter Eleanor Terrett, Bitwise has requested to withdraw its “Bitcoin and Ethereum Market Cap Weighted Strategy ETF” application submitted on August 3rd. The fund aims to provide investors with exposure to the market value of BTC and ETH futures contracts.

▌Florida Governor Ron DeSantis cancels crypto campaign donation event

According to local media Miami Herald, Florida Governor Ron DeSantis canceled a campaign event where he planned to announce accepting cryptocurrency donations to support his 2024 presidential campaign. The cancellation was due to the approaching Hurricane Idalia, which hit the Florida coast on August 30th and then proceeded to Georgia.

According to DeSantis’ campaign website, the candidate only accepts fiat currency donations via credit card.

▌CME surpasses Bybit to become the second-largest Bitcoin futures market

Bitcoin’s price dropped 12.8% between August 16th and August 17th, resulting in a $2.4 billion decrease in the total open interest of futures contracts. Notably, CME was the only exchange whose open interest was unaffected. According to CoinGlass data, CME surpassed Bybit on August 17th to become the second-largest Bitcoin futures trading platform, with $2.24 billion in open interest.

It is worth noting that CME specializes in monthly contracts, which differ from perpetual contracts or inverse perpetual contracts, the products with the highest trading volume on cryptocurrency exchanges. Additionally, CME contracts are always settled in cash, while cryptocurrency exchanges offer contracts based on stablecoins and BTC. These differences contribute to the disparity in open interest between CME and cryptocurrency exchanges.

▌Analyst: Decrease in exchange Bitcoin reserves highlights long-term holders’ confidence

CryptoQuant data shows that centralized exchanges’ Bitcoin holdings decreased by 4.1% this month. As of the end of August, centralized exchanges held 2,010,346 BTC, a decrease of 86,305 BTC from the beginning of the month, marking the lowest reserve level since January 2018.

CryptoQuant data analyst Adam Mourad stated, “The large amount of Bitcoin transferred from trading platforms to secure cold wallets highlights the confidence of long-term investors.”

▌Investors who bought GBTC at a low in December last year have gained 137%

In December last year, GBTC was nearly 50% discounted relative to the Bitcoin it held, and investors who bought at that low are currently enjoying significant profits. According to data from Ycharts, the price of GBTC was $19.71 at the opening of the US stock market on Thursday, a 137% increase from $8.29 on December 13th last year.

The substantial rise of GBTC since December 13th has surpassed that of Bitcoin itself. The price of Bitcoin has increased by 48% from $17,800 to around $26,300.

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Important Economic Dynamics

▌Bank of China: Actively formulating specific implementation rules and promptly carrying out interest rate adjustment work for deposits and loans

Bank of China has issued an announcement regarding the adjustment of interest rates for existing first-home loans. It stated that it will, in accordance with the requirements of the “Notice of the People’s Bank of China and the China Banking and Insurance Regulatory Commission on Matters Related to Lowering Interest Rates for Existing First-Home Loans,” lawfully and orderly promote the reduction of interest rates for existing first-home loans. Following market-oriented and rule-of-law principles, it will provide customers with efficient and convenient online and offline services, actively play the role of financial improvement of people’s livelihood and expansion of consumption. Under the guidance of relevant departments, it is actively formulating specific implementation rules and promptly carrying out interest rate adjustment work. (Jinshi Data APP)

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LianGuai Encyclopedia

▌Side-Channel Attacks

Side-channel attacks target the physical implementation of a system rather than its algorithm. They exploit information leaked during device operation, such as power consumption, electromagnetic radiation, or timing variations, to conduct attacks. These subtle leaks can allow attackers to gain deep understanding of sensitive data such as encryption keys, thereby potentially compromising the security of cryptocurrency hardware wallets.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for reference only and does not serve as actual investment advice. Please establish correct investment concepts and enhance risk awareness.

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