As of this morning in Asia, the cryptocurrency landscape showcased some minor declines, with Bitcoin dipping by 0.88% to reach $28,252 and Ethereum falling 1.06% to settle at $1550.92 from its position a day earlier. While these movements are moderate, they come in the context of heightened anticipation. Following Monday’s false alarm, there’s a palpable sense of expectation in the market regarding the US SEC’s impending decision about a Bitcoin ETF. The market’s current stance reflects its anticipatory nature, keenly focused on any updates from regulatory bodies.
What to Watch Out for Today
FDIC’s Crypto Risk Report Raises Concerns and Calls for Clearer Guidance: The Federal Deposit Insurance Corporation’s Office of the Inspector General (OIG) report highlighted the FDIC’s need to supervise crypto activities more rigorously at regulated institutions. Citing a lack of clarity in procedures, the OIG emphasizes the potential risk of crypto assets if left without “effective guidance”. With institutions possibly heading into murky waters, the OIG fears they might not mitigate the significant risks posed by cryptocurrencies. Further, the report pulled the curtains on crypto companies making false claims about FDIC-backed deposits, with the Voyager bankruptcy case being the most recent instance. As the FDIC plans to rectify these issues by January’s end, the question arises: Will this steer more institutions towards clearer waters in the crypto ocean?
Spot Bitcoin ETF Green Light Predicted by Galaxy Digital’s CEO: Mike Novogratz of Galaxy Digital sees a shift in the tides for spot Bitcoin ETFs. Seeing SEC chief Gary Gensler as needing a significant “win”, Novogratz forecasts a potential approval for such ETFs before the end of 2023. This speculation comes amid considerable pressure on the SEC, following their August lawsuit loss to Grayscale. As the U.S. financial market grows increasingly eager, and as Galaxy Digital, in partnership with Invesco, files its own Bitcoin ETF application, one has to wonder: Will the SEC bow to the pressure and make a move that could revolutionize the crypto ETF landscape in the U.S.?
Norman Rockwell’s Legacy Meets the Digital Era with NFT Launch: The Norman Rockwell Museum and the Norman Rockwell Family are dipping their toes in the NFT pool. Announcing a multi-part series named “Studio Sessions: The Norman Rockwell Collection”, the Rockwell estate is venturing into the world of digital tokens. These NFTs will allow collectors to own both digital and physical works of the iconic artist, including never-before-seen pieces. With Iconic facilitating this digital transformation, and the collection being unveiled on November 1, it’s evident that traditional art is finding a new home on the blockchain. But as the line between classical and digital art continues to blur, are we witnessing the beginning of a larger trend in the art industry?
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