Fake Tweet Pushes Bitcoin Price to $30,000
Plus: New Trezor Wallet, Binance US Halts Withdraws
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Coin Telegraph Falsely Tweets that a USA Bitcoin ETF Was Approved
The Scoop: Cointelegraph, a trusted publication in the cryptocurrency space, has apologized for mistakenly posting false information about the US Securities and Exchange Commission approving BlackRock's iShares spot Bitcoin ETF.
In their words: "Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false, the result of misinformation."
How it Unfolded:
The editorial team received rumored news from a Telegram channel, which was then shared internally.
Within minutes, without verifying the information or obtaining editorial approval, the information was posted on platform X.com by an employee.
Readers quickly reported the inaccuracy.
After internal discussions and verification, the message on X was edited to reflect the information was unconfirmed.
Following confirmations that the information was false, the initial message was removed and a statement was issued.
🙌 Trezor marked its 10th anniversary by launching the Trezor Safe 3. This new hardware wallet, retailing at $79 and available in four colors, supports over 7,000 cryptocurrencies. The company also released a Bitcoin-only version. The wallet aims to cater to entry-level users, emphasizing the brand's continuous efforts to offer accessible hardware wallets.
📈 Pennsylvania's Rep. Greg Vitali removed a proposed two-year ban on crypto mining from his energy bill to enhance its chances of approval. Originally, the Cryptocurrency Energy Conservation Act aimed to address the industry's significant energy consumption. Now, the bill, which narrowly passed the Environmental Resources and Energy Committee, focuses on reporting requirements for crypto-mining facilities and mandates an environmental impact study
📉 Binance.US has updated its terms, preventing users from directly withdrawing dollars. Instead, users must convert dollar funds to stablecoin or other digital assets before withdrawal. This decision follows the firm's suspension of dollar deposits in June due to SEC's aggressive approach towards the crypto sector. Additionally, U.S. dollar deposits in Binance.US are no longer covered by FDIC insurance.
📅 BlackRock CEO, Larry Fink, commented on a recent bitcoin rally, emphasizing the "pent up interest in Bitcoin." He suggested that the rally might reflect a broader flight to quality assets amidst global uncertainties. Fink sees bitcoin potentially playing a role similar to traditional safe havens like Treasuries and gold. Recently, he has likened bitcoin to "digitizing gold."
SEC Set to Review Grayscale's Bitcoin ETF After Declining to Challenge Court Ruling
The Scoop: The U.S. Securities and Exchange Commission (SEC) has decided not to appeal a court ruling, which found that the SEC was incorrect in rejecting Grayscale Investments' application to launch a spot bitcoin ETF, as per a source familiar with the situation.
In the Court's Words: The District of Columbia Court of Appeals mentioned that the SEC had "arbitrarily denied Grayscale’s application" as it did not explain why arrangements for Grayscale's spot ETF and those for bitcoin futures-based ETFs were materially different.
Bitcoin ETF's Significance: A spot bitcoin ETF would allow investors to gain exposure to bitcoin without owning it. Historically, the SEC has declined such applications, citing protection from market manipulation.
Grayscale and SEC: Grayscale contended that if the SEC had approved surveillance agreements for bitcoin futures-based ETFs, similar arrangements should suffice for their spot ETF. The court's decision likely means the SEC will review Grayscale's application.
Wider Implications: Other major asset managers like BlackRock, Fidelity, and Invesco have similar pending applications for a spot bitcoin ETF. The SEC is set to make decisions on these by next year.
Do you think CoinTelegraph's tweet will hurt the chances for a US Bitcoin ETF?
Will Meta (Facebook) add Bitcoin to its balance sheet this year?
Yes - 69%
No - 31%
⚡ The Biden administration plans to restrict shipments of advanced AI chips, like those designed by Nvidia, to China to prevent the strengthening of its military through U.S. technologies. This move broadens restrictions, including blacklisting Chinese chip designers Moore Thread and Biren. The measures target advanced semiconductors that might aid Chinese military developments, but aim to avoid economic harm. These regulations also expand licensing requirements for chip exports to over 40 other countries.
🚫 Binance will halt new U.K. user registrations from Monday due to U.K. crypto ad rules. The U.K.'s FCA recently stated that Binance's partner, Rebuildingsociety.com, isn't authorized to approve crypto ads. Binance seeks another FCA-approved firm while existing users maintain limited access.
👨💻 Bankrupt crypto exchange FTX proposed returning up to 90% of creditor funds held before its bankruptcy last November. The debtors' group plans to submit this to a U.S. Bankruptcy Court by December 16, 2023. The proposal outlines distributing assets among three customer groups. Customers with preference settlements under $250,000 can accept without reductions.
Today’s newsletter was written by Jordan and edited by Colin.