Asset manager First Trust has recently submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin buffer exchange-traded fund (ETF). The primary objective of this proposed ETF is to assist investors in managing risk by focusing on providing downside protection. The filing by First Trust aims to offer investors a vehicle that can potentially mitigate the volatility associated with Bitcoin investments. By offering a buffer against price declines, the ETF seeks to provide a safeguard for investors seeking exposure to the cryptocurrency market while minimizing the potential downside risks.
$100K BTC? Don’t undervalue Bitcoin ETF influence, says Adam Back
Recent systemic failures within the cryptocurrency ecosystem have raised concerns among investors. However, there is optimism that these issues will be resolved, leading to a positive outlook for Bitcoin. Additionally, the potential approval of spot Bitcoin ETFs could have a significant impact on the price of Bitcoin. If these ETFs are approved, it is believed that Bitcoin could reach a price of $100,000 by the year 2024. This projection reflects the growing confidence in Bitcoin’s long-term potential and the belief that regulatory improvements will help stabilize the cryptocurrency market.
Watchdog group doubles down on Circle-Tron money laundering claims
The Campaign for Accountability has recently issued a critical open letter targeting Circle’s Cross Chain Transfer Protocol. This letter aims to express concerns and raise awareness about the protocol’s functionality and potential implications. The Campaign for Accountability, a prominent advocacy group, highlights specific aspects of Circle’s protocol that they believe are problematic or in need of improvement. By releasing this letter, the organization hopes to initiate a broader discussion and encourage further scrutiny of Circle’s Cross Chain Transfer Protocol, ultimately promoting transparency and accountability within the crypto industry.
SEC responds predictably to Coinbase’s 2022 crypto rulemaking petition: No
Chair Gensler has stated that the current laws in place are adequate and that the agency is already taking the necessary actions.
Bis Projects
The work of the Bank for International Settlements (BIS) on central bank digital currencies (CBDCs) is likely to provide central banks with a more efficient, inclusive, and resilient way to develop CBDCs.
Bitcoin Price Prediction: $80K by 2024 as Stablecoins Surpass Visa – Bitwise
Bitwise, along with Circle CEO Jeremy Allaire, shares a bullish outlook on stablecoins. They predict that the sector will experience explosive growth due to the increasing demand for digital dollars. This optimism is driven by a significant appetite for stablecoins in the market.
Basel Committee Proposal: Implementation of Maturity Limits for Stablecoin Reserve Assets
The committee is considering the inclusion of longer-term assets as reserve assets. However, they believe that if these assets are to be allowed, they should overcollateralize the claims of stablecoin holders. This suggests that the committee wants to ensure that stablecoin holders have a higher level of protection and security in case of any potential risks or uncertainties associated with longer-term assets. By requiring overcollateralization, the committee aims to mitigate the potential impact on stablecoin holders and maintain the stability and reliability of the reserve assets.
Majority of UK MPs ‘lack crypto knowledge,’ says industry association
According to CryptoUK, two prominent members of the U.K. government, MPs Andrew Griffith and Lisa Cameron, have emerged as strong advocates for cryptocurrencies. Their support for the crypto industry highlights their understanding of its potential and the benefits it can bring to the U.K. economy. By backing cryptocurrencies, Griffith and Cameron are positioned as key figures in shaping the government’s policies towards digital assets. Their involvement in promoting crypto adoption signifies a growing recognition of the importance of this emerging technology and its potential impact on various sectors of the U.K. economy.
Economic Outlook and Policy Challenges for Gulf Cooperation Council Countries: IMF Report December 2023
The GCC region is experiencing strong growth in non-hydrocarbon sectors, thanks to increased domestic demand, higher capital inflows, and the implementation of economic reforms. However, the production of oil, which is influenced by decisions made by OPEC+, is expected to remain low in the near future. Inflation is under control, and current account surpluses are at a high level. The fiscal balances of the GCC countries are healthy, supported by fiscal reforms and high oil prices. It is anticipated that the primary non-oil deficits will decrease to 24 percent of GDP by 2028, as a result of sustained fiscal and structural reforms and controlled expenditures. Nevertheless, the outlook for the region is affected by high global uncertainty.
Gemini creditors revolt over ‘brutal’ Bitcoin slashing reorg plan
Gemini Earn, a popular cryptocurrency platform, has introduced a new plan that outlines the potential recovery of lost funds for its users. According to this plan, in a worst-case scenario, users may only be able to recover 61% of their lost funds. This move aims to establish transparency and set clear expectations for users in case of a loss. While this may seem like a significant reduction in potential recovery, it is important to note that this plan is designed to mitigate risks and ensure the long-term sustainability of the platform. Users should carefully consider this information before making any investment decisions.