The world of cryptocurrency has been buzzing this week with a series of exciting and unexpected events. From the approval of 11 spot Bitcoin ETFs by the US SEC to the fake tweet that rocked the markets, there has been no shortage of drama in the crypto world.
The approval of the spot Bitcoin ETFs was a long-awaited moment for many in the crypto community. The Winklevoss twins, who first sought approval for such a product back in 2013, finally saw their efforts come to fruition. Trading volumes soared on the first day of trading, with Grayscale’s bitcoin ETF and BlackRock’s iShares bitcoin ETF leading the way.
However, the euphoria over the ETF approvals was short-lived as a fake tweet caused chaos in the markets. The tweet, which falsely claimed that all Bitcoin ETFs had been approved, led to $90 million in Bitcoin liquidations before it was exposed as a fraud.
Bitcoin’s price also experienced a rollercoaster ride this week, briefly reaching $49,000 before plunging below $42,000 the next day. SEC Chair Gary Gensler made it clear that the commission’s approval of the ETFs did not signal support for Bitcoin itself, emphasizing the speculative and volatile nature of crypto assets.
In other news, stablecoin USDC’s issuer, Circle, has filed for an IPO, making it the second-largest stablecoin after Tether. Ethereum co-founder Vitalik Buterin proposed improvements to the network to increase capacity and reduce user expenses, while social media platform X discontinued its NFT profile picture service.
Lastly, the Peregrine 1 space mission, which aimed to place a Bitcoin genesis block plaque and token on the moon, hit a snag with its propulsion system. The fate of Bitcoin’s journey to the moon remains uncertain.
With so much happening in the world of crypto, it’s clear that the excitement and unpredictability of this market show no signs of slowing down. Stay tuned for more updates next week.
