In summary

• Bitcoin price hits a one-year high after news that BlackRock resubmitted its Bitcoin ETF application to the SEC.
• Bitcoin Depot becomes the first cryptocurrency ATM company listed on NASDAQ.
• Singapore and Thailand implement regulatory measures to protect consumers in the cryptocurrency industry, while the UK sets financial promotion rules for cryptocurrency companies.

Illustration by Mitchell Preffer for Decrypt.

Consistent with last weekthe values ​​of the market leaders Bitcoin and Ethereum have been fairly flat for the past seven days.

However, market leader Bitcoin (BTC) hit a one-year high after breaching the $31,000 threshold on Monday, following news that BlackRock, the world’s largest asset manager, was resubmitting its application to the SEC. for a Bitcoin spot ETF, a regulated investment vehicle that, if approved, would provide investors with exposure to Bitcoin without the pitfalls of buying it outright.

The SEC raised concerns about BlackRock’s first filing last month, stating in general terms that none of the many applicants for a Bitcoin ETF have been specific enough about how they will put together a “surveillance swap agreement” to deter fraud and the manipulation. Such an agreement would allow applicants to monitor the trading and clearing activity of the market and verify the identity of the client.

BlackRock named Coinbase as its market watch partner in its new filing. Two days later, cryptocurrency-focused asset manager Valkyrie also resubmitted its ETF application and, following BlackRock, named Coinbase as its market watch partner.

In another bullish sign for Bitcoin fans, cryptocurrency ATM operator Bitcoin Depot became the first company of its kind to be publicly listed on NASDAQ on Monday.

However, the headlines were not enough to turn the upward move in Bitcoin price into a sustained rally. The largest cryptocurrency by market capitalization dipped below $31,000 on Tuesday, then briefly crossed the threshold early Thursday before bottoming out at $30,153.

Bitcoin volatility calmed down over the weekend. Currently, it is trading at $30,252, about one percent lower than last week at this time.

Ethereum (ETH) holders suffered slightly higher losses. The world’s second-largest cryptocurrency fell 2.8% to enter the weekend at $1,861. It moved in step with Bitcoin, posting intra-week highs near $2,000 on Monday and Thursday.

The prices of most of the top thirty cryptocurrencies were flat for the past seven days. The biggest growth was seen in Solana (SOL), which soared 20% to hit $22.85 on Saturday, up nearly 20% on the week.

Solana thrived despite news that it is being removed by popular trading app Revolut—after being along with Polygon (MATIC) and Cardano (ADA)—after they were named as a security by the SEC in their ongoing lawsuits against Binance. and Coinbase.

Litecoin (LTC) and Ethereum Classic (ETC) holders suffered heavy losses. The former fell 11% to $98, while the latter fell 12.5% ​​to $19.06.

Ethereum forked from Ethereum Classic in 2016 after an infamous DAO smart contract hack that allowed thieves to get away with $55 million worth of ETH. The Ethereum community voted to remove illicit transactions from the blockchain and it continued under the Ethereum name. The original ledger that recorded these transactions continued as Ethereum Classic.

Regulation in Asia and the UK

On Monday, Singapore announced two new consumer protection measures as the island nation’s regulators continue to build a regulatory framework for its booming cryptocurrency industry.

The Monetary Authority of Singapore (MAS), the country’s main financial regulator, will impose a lending and gambling ban on retail clients (individual traders, as opposed to institutional clients).

The MAS now also requires platforms to move clients’ digital assets into trust before the end of the year to avoid an FTX-like scenario where funds are commingled or traded.

Coincidentally, the Securities and Exchange Commission of Thailand also announced a ban on “depository services that offer returns to depositors and lenders”, thus completely banning platforms from offering lending and betting services.

On Tuesday, halfway around the world, the UK Financial Conduct Authority (FCA) announced that companies promoting cryptocurrency to UK customers must prepare to comply with the regulator’s financial promotion regime by October 8, 2023.

The rules govern all communications that qualify as “financial promotion,” including websites, social media posts, mobile apps, and online advertising. Cryptocurrency companies will need to register with the FCA for authorization and, if approved, will also need to pay a fee.

Stay on top of crypto news, get daily updates in your inbox.

source: decrypt.co