Weekly Crypto Digest for November 13-19, 2023
Monday, November 20, 2023
In the latest issue of Weekly Crypto Digest read more about how BlackRock and Fidelity applied for spot Ethereum ETFs, Bitcoin mining difficulty has reached a new maximum, US inflation has slowed, Yellow Capital partnered with TokenFi, and more news.
Yellow Capital Partners With TokenFi For TokenFi Connect
Yellow Capital has formed a strategic partnership with TokenFi (TOKEN), an all-in-one no-code platform for the creation of crypto tokens or tokenizing existing assets.
Through this collaboration, TokenFi will integrate Yellow Capital into the TokenFi Connect platform, enhancing TokenFi's ability to connect token issuers with vital institutional players, such as exchanges, market makers, and crypto funds. This integration is expected to improve the liquidity and reach of participating tokens significantly.
Within this partnership, Yellow Capital will help TokenFi expand its influence in the tokenization industry.
BlackRock and Fidelity filed with the SEC to launch spot Ethereum ETFs
BlackRock has applied to the SEC to register a spot ETF based on the second largest cryptocurrency by capitalization - iShares Ethereum Trust.
Coinbase Custody Trust Company will act as custodian for the investment product.
Following its competitor, Fidelity Investments took a similar step.
Fidelity Ethereum Fund shares are expected to be traded on the Cboe BZX exchange. Fidelity Digital Assets Services will provide custody of the fund's assets.
However, on the same days, the regulator postponed the decision on proposals to launch a spot Ethereum-ETF from Hashdex and Grayscale until early 2024.
Bitcoin mining difficulty has reached a new maximum
As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 3.55%. The indicator updated its maximum at 64.68 T.
The average hashrate since the previous value change was 479 EH/s. The range between blocks is just over 9.5 minutes.
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US inflation has slowed
Annual inflation in the US slowed to 3.2% in October, which is below the consensus forecast (3.3%). This is the first decline in the figure in four months.
The corresponding value for September was 3.7%.
The consumer price index remained unchanged after jumping 0.4% the month before. According to the US Federal Bureau of Labor Statistics, October's rise in home prices was offset by a 5.3% decline in gasoline prices.
Tether invests $500 million in Bitcoin mining
The company issuing the stablecoin USDT plans to take a leading position in Bitcoin mining, Tether CEO Paolo Ardoino said in an interview with Bloomberg.
Over the next 6 months, the company will invest $500 million in mining the first cryptocurrency. The funds will be used to acquire shares in specialized companies and build their own centers for Bitcoin mining.
Tether pays special attention to creating its own Bitcoin mining capacity, notes Ardoino. The company is currently building mining centers in three countries: Uruguay, El Salvador, and Paraguay. The power of enterprises varies from 40 to 70 MW.
By the end of 2023, Tether plans to reach a total of 120 MW in its mining operations.
Ukraine proposed an alternative tax on Bitcoin transactions
On November 17, the Ministry of Digital Transformation of Ukraine registered an alternative bill on the taxation of cryptocurrency transactions.
According to the department’s proposal, the tax for individuals in the first three years after the law comes into force should be 5%, the next 5 years - 9%, and after 8 years - 18%.
Legal entities are exempt from VAT except for transactions with tokenized assets.
Hi, I am Alexis Yellow
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Are you ready for a wild career transition? I went from launching rockets into outer space at the European Space Center to helping Token Issuers launch their Crypto Projects!
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