Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for October 23 - 29, 2023

Weekly Crypto Digest for October 23 - 29, 2023

Monday, October 30, 2023

In the latest issue of Weekly Crypto Digest read more about how Bitcoin tested the $35K level, the court ordered SEC to review Grayscale's application for Bitcoin ETF, Ethereum hard fork Dencun was postponed, BlackRock Bitcoin ETF was listed on DTCC’s website, and more news.

BTC tested the level of $35,000

On Monday, October 23, Bitcoin quotes exceeded $31,000. The next day, the Bitcoin price tested the $35,000 level for the first time since May 2022.
All digital assets from the top 10 by capitalization rose. The biggest gainers were Bitcoin (+14.6%), Cardano (+14.2%), Dogecoin (+13.5%) and Solana (+12.9%).
The total capitalization of the cryptocurrency market is above $1.3 trillion—Bitcoin dominance index - 54%.

The court ordered the SEC to review Grayscale's application for a spot Bitcoin ETF

The US Court of Appeals has formally approved a decision requiring the SEC to reconsider Grayscale Investments' application to convert GBTC into a spot ETF based on the first cryptocurrency.
In June 2022, the asset manager sued the regulator for refusing to convert their flagship trust. The company sent the corresponding application back in October 2021.
At the end of August, the court granted Grayscale's request and ordered the Commission to reconsider the decision.
The new document repeats the decision of the appellate court. According to the ruling, the management company proved that the proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.

Ethereum team postpones Dencun hard fork to 2024

Ethereum client developers have confirmed that the expected Dencun update will not be activated on the main network until the end of 2023. Blockworks reports.
Ethereum client developers have confirmed that the expected Dencun update will not be activated on the main network until the end of 2023. Blockworks reports.
During the All Core Developers call, Prysm team member Potuz pointed out persistent problems with consensus in developer testnets. Over the past months, the team has already deployed ten similar solutions to test the upgrade.

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SEC fines BlackRock $2.5 million for concealing information

The SEC brought charges against BlackRock for failing to describe investments in the entertainment industry accurately. The company agreed to pay a fine of $2.5 million.
The regulator claims that from 2015 to 2019, the financial giant Multi-Sector Income Trust (BIT) invested in the film company Aviron Group. BlackRock allegedly described it as a diversified financial services firm, but that was false, the Commission said.

BlackRock bitcoin ETF listed on DTCC’s website

BlackRock bitcoin ETF listed on DTCC’s website

BlackRock’s IBTC originally appeared on Monday (October 23), then disappeared from the website on Tuesday (October 24), and then IBTC was returned to the Depository Trust and Clearing Corporation website.
Bitcoin price initially fell to $33,500, but after re-listing raised above $34,000.

MicroStrategy's unrealized profit quadrupled in 1 day

MicroStrategy holds 158,245 Bitcoins

The American company MicroStrategy owns 158,245 BTC, worth about $5.39 billion, said its founder and CEO Michael Saylor.
It was previously reported that the average Bitcoin purchase price for MicroStrategy was $29,582.

Sam Bankman-Fried gave his first testimony

On Thursday, October 26, the former head of FTX exchange, Sam Bankman-Fried (SBF), began testifying.
Bankman-Fried considered it acceptable for the top management of the exchange to borrow funds from Alameda Research. The process was organized by the legal department under Dan Friedberg. Some of this money was used to invest in third-party projects.
Also, according to SBF, FTX's terms of service included the possibility for Alameda Research to borrow funds from the exchange.
These rules, according to Bankman-Fried, were also developed by lawyers from Fenwick & West. The ex-CEO of FTX himself became acquainted with them only “partially.”

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