Daily Legal News: Bitcoin briefly breaks through $34,000, with a 24-hour increase of 11.03%; BlackRock's Bitcoin spot ETF has been launched by the US depositary trust and clearing company.
Selected News:
1. BlackRock's Bitcoin spot ETF has been listed on a US depositary trust and clearing company, further advancing the progress of ETF listings.
2. The US SEC has acknowledged the filing of Grayscale's Ethereum ETF for spot trading.
3. Grayscale: GBTC (spot ETF) is ready for operation and will take action as soon as possible.
4. Polkadot ecosystem development organization Parity Technologies plans to lay off 30%, or about 100 employees.
5. Web3 security startup Blockaid has completed a $33 million financing round, with participation from Sequoia Capital.
Price Observation
Bitcoin breaks through $34,000 in a short time, with a 24-hour increase of 11.03%
On October 24th, according to OKX market data, Bitcoin rose and briefly surpassed $34,000, with a 24-hour increase of 11.03%.
Ethereum short-term breakthrough $1800, 24-hour increase of 6.79%
On October 24th, according to OKX market data, Ethereum briefly broke through $1800 with a 24-hour increase of 6.79%.
PEOPLE breaks through $0.011, with a 24-hour increase of 18.95%
On October 23rd, according to OKX market information, PEOPLE broke through $0.011 with a 24-hour increase of 18.95%.
STX has risen above $0.7, with a 24-hour increase of 16.41%.
On October 24th, according to OKX market data, STX rose and broke through 0.7 US dollars, with a 24-hour increase of 16.41%.
MINA short-term breakthrough $0.47, 24-hour increase of 13.27%
On October 24th, according to OKX market data, MINA briefly broke through $0.47 with a 24-hour increase of 13.27%.
PEPE rose to 0.000001 USD, with a 24-hour increase of 30.67%.
On October 24th, according to OKX market data, PEPE rose to 0.000001 USD, with a 24-hour increase of 30.67%.
The Grayscale GBTC negative premium rate has narrowed to 13.12%.
On October 24th, according to Coinglass data, the current Grayscale Bitcoin Trust Fund (GBTC) has a negative premium rate of 13.12%; the ETH Trust has a negative premium rate of 22.05%. In addition, the ETC Trust has a negative premium of 45.15%, the LTC Trust has a negative premium of 10.69%, and the BCH Trust has a negative premium of 9.05%.
On October 24th, according to Coinglass data, the entire network liquidated $336 million in the past 24 hours, with long positions liquidated at $65.55 million and short positions liquidated at $271 million.
Project Updates
On October 24th, according to Bloomberg, Parity Technologies, a Polkadot ecosystem development organization, plans to lay off 30%, or about 100 employees. Parity CEO Björn Wagner stated in a statement that this decision will affect various teams including marketing, as Parity shifts its focus towards supporting Polkadot technology.
On October 24th, according to on-chain data analyst Yu Jin, three days ago, the Uniswap Foundation Custody unlocked 10.68 million UNI tokens (approximately $47.12 million) from a time-locked contract. Five hours ago, the Uniswap Foundation Custody transferred 3 million UNI tokens (approximately $13.23 million) to the 0xdFD address. Subsequently, the 0xdFD address transferred 2 million UNI tokens (approximately $8.82 million) to Wintermute's Kraken exchange recharge address.
On October 23rd, according to OKX market information and Yujin monitoring, a certain whale address withdrew 91,200 AAVE (valued at approximately $7.6 million) from Binance half an hour ago. Currently, the address holds a total of 175,014 AAVE, making it the second largest individual/institutional address for AAVE (excluding contract, CEX, and project addresses). This whale had previously withdrawn AAVE in early January of this year, with an average withdrawal price of $70.
Data: Cryptocurrency wallet downloads in the first three quarters decreased by 32% YoY
On October 23rd, according to data provided by AltIndex.com, the download volume of cryptocurrency wallets in the first 9 months of this year was 73.6 million times, including Coinbase, Blockchain.com, Metamask, Trust, and Binance, among others. This number is significantly lower than the 109.7 million downloads during the same period last year, a decrease of 32% year-on-year.
According to data from Statista, AppMagic, and CryptoSlate, global users downloaded nearly 186 million cryptocurrency wallets in 2021 alone, reaching a historical high. For comparison, the total number of cryptocurrency wallet downloads in 2021 was 4.5 times that of 2020 (approximately 40 million times) and 10 times that of 2019 (17.5 million times).
However, after reaching a historic high in 2021, the download volume began to decline. From January to December 2022, the monthly download volume decreased from 16.8 million to 7.8 million, a decrease of more than half, resulting in a 26% year-on-year decrease in annual downloads to 137.5 million. This downward trend is still continuing. From January to May of this year, the total download volume hovered around 9 million, but in June and July, the total download volume dropped to around 7 million. There was a more significant decline in September. According to statistics, the download volume of encrypted wallets last month was 5.8 million, the lowest point in the past three years.
On October 23, Chainalysis released the "2023 Cryptocurrency Geographic Report", which pointed out that North America is currently the largest and most active region for cryptocurrency activities and transactions worldwide. The estimated value of cryptocurrency received on-chain in North America from July 2022 to June 2023 is $1.2 trillion, accounting for 24.4% of global transaction activity during the same period.
Additionally, the report notes that due to regulatory uncertainty in the US market, the share of DeFi cryptocurrency activity in North America has significantly decreased since last year. The report states that as North America recovers from the crypto winter, regulation will play a crucial role in its recovery. The US Congress is working to advance two promising crypto bills, and prominent regulatory agencies are committed to developing the ecosystem safely.
OKX Web3 wallet plugin downloads exceed 200,000 times
On October 23rd, according to public data from the Google Chrome app store, despite the previously lackluster market and quiet on-chain activities, the OKX Web3 wallet plugin has seen a counter-trend increase in downloads, surpassing 200,000+ and ranking in the top 4 of the industry's wallet race. Previously, the OKX Web3 wallet plugin's transaction signature js-sdk has been open-sourced and launched with many convenient features such as batch account addition and batch transfer.
It is reported that the OKX Web3 wallet app, plugin, and web page are unified across the three platforms, making it the most comprehensive heterogeneous multi-chain wallet. It now supports 70+ public chains, covering five major areas: wallet, DEX, DeFi, NFT market, and DApp exploration. It also supports Ordinals market, creating MPC and AA smart contract wallets, exchanging Gas, iCloud/Google Drive backup of mnemonic words, custom networks, and connecting hardware wallets.
On October 23rd, according to DefiLlama data, the total market value of stablecoins is 124.57 billion US dollars, with USDT accounting for 67.53%. The total market value of stablecoins has increased by 0.67% in the past week.
Funding
On October 23rd, Web3 security startup Blockaid announced that it has completed a $33 million financing. The financing is divided into two rounds: a $6 million seed round and a $27 million Series A round. Seed round investors include Sequoia Capital, Greylock Partners, and Cyberstarts. The three investors, as well as co-lead investors Ribbit Capital and Variant, all participated in the Series A financing.
Blockaid was co-founded by two former Israeli military cyber intelligence personnel, Ben-Natan and Raz Niv. Prior to this, the two had worked in the cybersecurity research and development team of the Israeli military's cyber intelligence department, Unit 8200, and in the Israeli Prime Minister's office.
Regulation
On October 24th, FOX Business reporter Eleanor Terrett posted on social media that the District of Columbia Appeals Court has officially made a final ruling on the Grayscale vs. US SEC case. No new content has appeared, only an official authorization statement.
The issue of Grayscale and the SEC's Bitcoin ETF has received a court order. The court ruling returns the approval authority of the Bitcoin ETF to the SEC, and the SEC has been instructed to take the next steps in handling the Grayscale Bitcoin ETF plan.
Grayscale: GBTC (Spot ETF) is ready to operate and will take action as soon as possible
On October 24th, according to Coindesk, the Washington D.C. Circuit Court of Appeals ended the dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale, and made a final ruling that effectively ordered the agency to rescind its decision to reject the asset management company's application for a Bitcoin ETF. The formal conclusion of the case essentially reinforced the court's preliminary ruling two months ago, which stated that the SEC's decision to reject Grayscale's attempt to convert its $17 billion Grayscale Bitcoin Trust Fund (GBTC) into a spot ETF was "arbitrary and capricious." Grayscale spokesperson Jennifer Rosenthal said in a statement on Monday after the case was closed: "The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF. GBTC is ready to operate and we intend to take action on behalf of our investors as soon as possible."
iShares Bitcoin Trust has been listed on DTCC, paving the way for the launch of spot Bitcoin ETF
On October 24th, Bloomberg ETF analyst Eric Balchunas reported that iShares, a subsidiary of asset management giant BlackRock, has listed its Bitcoin Trust on DTCC (Depository Trust & Clearing Corporation). The stock code will be "IBTC". This is part of the process of introducing a spot Bitcoin ETF to the market.
BlackRock plans to prepare a seed ETF for Bitcoin spot ETF this month
On October 24th, Bloomberg ETF analyst Eric Balchunas tweeted that BlackRock stated in the recent amendment to its Bitcoin ETF that they will inject seed ETFs into their ETF in October. This is worth noting as one of the contents of the amendment. Eric Balchunas explained that a seed ETF refers to a bank or broker (usually) providing initial capital to purchase some assets (in this case, Bitcoin) in exchange for ETF shares that can be traded on the public market on the first day. Seed capital is usually not much, just enough to run the ETF. Therefore, it should not be interpreted as "BlackRock is buying a large amount of Bitcoin", but more importantly, their disclosure of this fact indicates further progress in the launch process. BlockBeats previously reported that BlackRock's Bitcoin spot ETF was launched today on the Depository Trust & Clearing Corporation (DTCC) in the United States.
美 SEC 已承认灰度现货以太坊 ETF 备案 Translation:
The US SEC has acknowledged the filing of Grayscale's Ethereum ETF
On October 24th, ETF Store Chairman Nate Geraci announced that the US SEC has approved the filing of Grayscale's Ethereum ETF, which will be the process of converting ETHE into an ETF. BlockBeats previously reported that on October 2nd, Grayscale CEO Michael Sonnenshein stated on social media that Grayscale had applied to convert the Grayscale Ethereum Trust into an Ethereum spot ETF.
On October 23rd, SC Ventures of Standard Chartered Bank and Deutsche Bank announced that they have completed the first proof of concept (PoC) for Universal Digital Payment Network (UDPN). It aims to connect various CBDC and blockchain networks through messages (similar to Swift) for payments. Unlike Swift, financial institutions exchange information through a permitted blockchain. Banks are willing to participate because the network only supports regulated tokens and enforces compliance with decentralized identities.
During the trial period, SC Ventures of Standard Chartered Bank repeatedly transferred and exchanged synthetic USDC and EURS (Stasis Euro stablecoin) in real time to Deutsche Bank's wallet. SC Ventures used code that utilizes the UDPN SDK and API, while Deutsche Bank used a graphical user interface. (Ledger Insights)
On October 23rd, according to CoinDesk, Coinbase will file a final lawsuit regarding its unregistered securities dispute on Tuesday. An insider said that the company will double down on familiar arguments: the SEC has not proven that these transactions are investment contracts because it has not proven the existence of any actual contracts, and the SEC violated the "significant issues" principle, which states that federal agencies have no authority to regulate new areas waiting for congressional action.
After the deadline submitted by Coinbase on Tuesday, Judge Katherine Polk Failla of the Southern District of New York will hear full arguments from both sides. The judge has the power to dismiss the case, although it is unlikely to dismiss government enforcement actions at this stage.
DeFiLlama data shows that the Marinade Finance TVL is currently $247.67 million (distributed between native and liquidity staking products), while the total Solana TVL is $353.93 million. Additionally, the Solana ecosystem DEX, Orca Finance, has added geo-blocking functionality for UK users. The restrictions for UK users seem to be a response to the FCA's new promotion rules, which limit the marketing of crypto-related products or services.
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