Bitcoin returns to around $44,000 – BlackRock plans to create a Bitcoin ETF with a $10 million investment

After returning to around $40,000 last week, Bitcoin has resumed its strong upward trend, surpassing the $44,000 mark on December 20, wiping out almost all of its previous losses.

The leading cryptocurrency has since continued to hold around this level throughout the weekend and is currently trading near $43,800, up nearly 6% in the past 7 days.

#1. Focus

According to an announcement on December 18, the U.S. Securities and Exchange Commission (SEC) has initiated additional proceedings related to three proposed cryptocurrency exchange-traded funds (ETFs), further delaying their approval. These proceedings relate to changes to the proposed rules of NYSE Arca for Grayscale’s Ethereum Futures Trust ETF and Nasdaq’s proposed Ethereum spot ETF by Hashdex.

Initially, on November 15, the SEC had extended the review period for these proposals. With the new proceedings, the decisions on each ETF will be further postponed. According to the announcement, parties involved must submit initial comments and rebuttals within 21 and 35 days, respectively, after the notice is published in the Federal Register. This means that there will be at least 35 more days before a decision is made.

U.S. SEC delays decisions, enhances monitoring of Ethereum ETFs

BlackRock, Nasdaq, and the U.S. Securities and Exchange Commission (SEC) held their second meeting in December to discuss their Bitcoin ETF application.

According to an SEC memorandum, representatives of the three organizations discussed the necessary rule changes to list a Bitcoin spot ETF. The SEC wrote:

“The discussions relate to the proposed rule change of the NASDAQ Stock Market to list and trade shares of the iShares Bitcoin Trust under NASDAQ Rule 5711(d).”

BlackRock meets SEC, Nasdaq to discuss Bitcoin spot ETF listing rules

BlackRock has amended its Bitcoin spot ETF application with a new filing submitted to the U.S. Securities and Exchange Commission (SEC). This move comes after the regulatory agency held a meeting with all BTC ETF applicants regarding the expected approval date on January 10.

According to the new disclosure, the world’s largest asset manager plans to create its investment product with a $10 million investment. This marks a 100-fold increase from the initial $100,000 in October. Furthermore, the $10 million investment is scheduled for January 3, 2024, just a week before the expected approval date.

BlackRock plans to create Bitcoin spot ETF with $10 million; could launch shortly after approval

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#6. NFT, AI, Blockchain China commits to promoting NFTs, developing dApps despite crypto trading ban

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#8. Legal regulations IOSCO issues recommendations on DeFi, crypto

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Hong Kong ready to pave the way for spot crypto ETFs

New York issues new virtual currency guidance

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