Crypto News LIVE Updates: According to Reggie Brown, Head of ETF Trading at GST, spot Bitcoin ETFs could potentially trade at an 8% premium to their net asset value if approved by the SEC. This news comes as several major players in the industry, such as BlackRock, Valkyrie, VanEck, and Fidelity, have filed amended S-1 applications with the US securities regulator in hopes of launching their own spot Bitcoin products.
In other news, the Monetary Authority of Singapore (MAS) has placed custodian crypto wallet imToken and crypto exchange BKEX on its Investor Alert List due to growing regulatory concerns in the country’s crypto landscape.
Meanwhile, the Solana developer ecosystem has seen steady growth over the past year, with an average of 2500-3000 monthly active developers building on the platform. However, the US commodities watchdog CFTC has released a report warning of the mounting risks associated with decentralized finance (DeFi) and the lack of accountability in the sector.
In the world of meme coins, the burn rate for Shiba Inu (SHIB) has spiked by 900% in the past 24 hours, coinciding with a 5% price increase for the coin. Similarly, BONK, a memecoin based on the Solana network, has overtaken SHIB in 24-hour trading volume.
There is also anticipation surrounding the approval of spot Bitcoin ETFs, with industry insiders believing that the SEC’s recent comments on the amended S-1 applications may signal a delay in their approval. Nevertheless, former SEC chair Jay Clayton has stated that the approval of a Bitcoin ETF is “inevitable” and could be a significant milestone for the financial world.
In other news, Thailand has received approval to borrow $14 billion for its digital handout program, which will involve distributing 10,000 baht (approx. $300 million) to its residents. And in the world of ETFs, VanEck and WisdomTree have listed their spot Bitcoin ETFs with the Depository Trust & Clearing Corporation, giving hope for further ETF approvals.
Overall, there is a lot of activity and anticipation in the world of crypto, with many eyes on the SEC’s decision on spot Bitcoin ETFs and the continued growth and potential risks in the DeFi sector.
