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Crypto

Wizardia Weekly Crypto News: Edition 10

<p><span style="font-weight: 400;">The <strong>Cryptocurrency</strong> industry is rapidly evolving, with new developments and innovations emerging all the time. Today, we will discuss some of the key trends happening this week in the Cryptosphere such as:</span></p> <p> </p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The SEC has opened talks with Grayscale over bitcoin ETF.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">U.S. lawmakers introduce bill to regulate stablecoins.</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Current bitcoin analysis</span></li> </ul> <p> </p> <p><span style="font-weight: 400;">Have you downloaded the Wizardia Mobile app yet? Get it </span><a href="https://play.google.com/store/apps/details?id=com.altwolf.wizardia"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;">!</span></p> <p> </p> <p><iframe src="https://www.youtube.com/embed/5oygzAtX9Jg?t=58s" width="560" height="314" allowfullscreen="allowfullscreen"></iframe></p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">&#128176; SEC Opens Talks with Grayscale over Spot Bitcoin ETF Conversion</span></h1> <p> </p> <p><span style="font-weight: 400;">The U.S. Securities and Exchange Commission (SEC) has reportedly opened talks with Grayscale Investments, a digital asset manager, over its bid to convert its Bitcoin Trust into a spot bitcoin ETF. Grayscale has been seeking approval for a spot bitcoin ETF for several years, but the SEC has so far rejected its applications.</span></p> <p> </p> <p><span style="font-weight: 400;">The SEC's willingness to engage in talks with Grayscale is seen as a positive sign for the industry. If the SEC approves Grayscale's spot bitcoin ETF, it would be the first of its kind in the United States. This would be a major milestone for the cryptocurrency industry, as it would allow investors to easily invest in bitcoin through a traditional financial instrument.</span></p> <p><br><picture><source srcset="https://wizardia.io/images/blog/thumb/sec-8490.webp 576w, https://wizardia.io/images/blog/inner/sec-8490.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/sec-8490.jpeg 576w, https://wizardia.io/images/blog/inner/sec-8490.jpeg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/sec-8490.jpeg 576w, https://wizardia.io/images/blog/inner/sec-8490.jpeg " alt="" loading="lazy" width="1024" height="1024"></picture><br><br></p> <p><span style="font-weight: 400;">Catch up on the SBF saga in our recent </span><a href="https://wizardia.io/blog/sbf_saga"><span style="font-weight: 400;">post</span></a><span style="font-weight: 400;">.</span></p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">&#9878;&#65039; U.S. Lawmakers Introduce Bill to Regulate Stablecoins</span></h1> <p> </p> <p><span style="font-weight: 400;">A group of U.S. lawmakers has introduced a bill to regulate stablecoins. Stablecoins are cryptocurrencies that are pegged to a stable asset, such as the US dollar or gold. This makes them less volatile than other cryptocurrencies, and they are therefore more attractive to merchants and investors.</span></p> <p> </p> <p><span style="font-weight: 400;">The bill would require stablecoin issuers to be registered with the SEC and to maintain reserves that are equal to the value of the stablecoin in circulation. The bill would also require stablecoin issuers to comply with a number of other requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.</span></p> <p> </p> <p><span style="font-weight: 400;">The introduction of this bill is a sign that the U.S. government is taking a more active role in regulating the cryptocurrency industry. It is also a sign that the government is concerned about the risks posed by stablecoins, such as the risk of market manipulation and financial instability.</span></p> <p><br><picture><source srcset="https://wizardia.io/images/blog/thumb/rthrt-80.webp 576w, https://wizardia.io/images/blog/inner/rthrt-80.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/rthrt-80.jpeg 576w, https://wizardia.io/images/blog/inner/rthrt-80.jpeg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/rthrt-80.jpeg 576w, https://wizardia.io/images/blog/inner/rthrt-80.jpeg " alt="" loading="lazy" width="1024" height="1024"></picture><br><br></p> <p><span style="font-weight: 400;">Learn more about stable coins with our article- </span><a href="https://wizardia.io/blog/stable_coins"><span style="font-weight: 400;">Crypto Stablecoins: Revolutionizing Finance and Reshaping the Global Economy</span></a></p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">&#128184; Current Bitcoin Price and Analysis</span></h1> <p> </p> <p><span style="font-weight: 400;">At the time of writing this, the price of Bitcoin is currently trading at around $36,800. This is its highest level since October 2021. The rally is being driven by a number of factors, including increased institutional adoption and positive news about the crypto industry.</span></p> <p> </p> <p><span style="font-weight: 400;">Analysts are generally bullish on Bitcoin in the short-term. However, some analysts are concerned about the long-term prospects of Bitcoin, as they believe that it is overvalued and that its price is unsustainable.</span></p> <p> </p> <p><span style="font-weight: 400;">Based on the MACD and RSI indicators, the technical analysis of Bitcoin for November 9, 2023 was bullish. The MACD and RSI were both above their respective zero lines, and they were both trending higher. This suggests that the price of Bitcoin was likely to continue to rise.</span></p> <p><br><br></p> <p><span style="font-weight: 400;">Overall, the cryptocurrency industry is showing signs of growth and maturity. The SEC's willingness to engage in talks with Grayscale over a spot bitcoin ETF is a positive sign for the industry. </span></p> <p> </p> <p><span style="font-weight: 400;">The introduction of a bill to regulate stablecoins is a sign that the U.S. government is taking a more active role in the crypto industry. And the rally in the price of Bitcoin is a sign that investors are increasingly confident in the future of the cryptocurrency.</span></p> <p> </p> <p><picture><source srcset="https://wizardia.io/images/blog/thumb/df-8728.webp 576w, https://wizardia.io/images/blog/inner/df-8728.webp " type="image/webp"></source><source srcset="https://wizardia.io/images/blog/thumb/df-8728.jpeg 576w, https://wizardia.io/images/blog/inner/df-8728.jpeg " type="image/jpg"></source><img srcset="https://wizardia.io/images/blog/thumb/df-8728.jpeg 576w, https://wizardia.io/images/blog/inner/df-8728.jpeg " alt="" loading="lazy" width="1024" height="1024"></picture><br><br><br></p> <p><span style="font-weight: 400;">Want to win prizes and NFTs? Join our next weekend bash and see rules </span><a href="https://wizardia.io/blog/weekend-bash"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;">.</span></p> <p> </p> <h1><span style="font-weight: 400; font-size: 24pt;">The Magic Crypto Ball &#128302;</span></h1> <p> </p> <p><span style="font-weight: 400;">&#128557; </span><a href="https://coinmarketcap.com/headlines/news/zachxbt-says-coinspot-wallets-appear-to-have-lost-around-2-million-of-crypto-in-possible-hack/"><span style="font-weight: 400;">CoinSpot</span></a><span style="font-weight: 400;"> wallets appear to have lost around $2 million of crypto in possible hack</span></p> <p> </p> <p><span style="font-weight: 400;">&#128640; Ark Invest launching new suite of </span><a href="https://coinmarketcap.com/headlines/news/ark-invest-launching-new-suite-of-digital-asset-etfs-with-21shares/"><span style="font-weight: 400;">digital asset ETFs</span></a><span style="font-weight: 400;"> with 21Shares</span></p> <p> </p> <p><span style="font-weight: 400;">&#127480;&#127468; The Singapore government has launched a</span><a href="https://www.straitstimes.com/business/new-12m-programme-to-strengthen-singapores-blockchain-ecosystem"><span style="font-weight: 400;"> new blockchain initiative</span></a><span style="font-weight: 400;"> to promote the adoption of blockchain technology in the country.</span></p> <p> </p> <p><span style="font-weight: 400;">&#127760; </span><a href="https://metamask.io/news/latest/metamask-bridges-launches-support-for-l-2-networks-arbitrum-and-optimism/"><span style="font-weight: 400;">MetaMask</span></a><span style="font-weight: 400;"> expands support for Layer-2 networks </span></p> <p> </p> <p><span style="font-weight: 400;">&#127466;&#127482; The European Parliament votes to </span><a href="https://decrypt.co/96539/eu-parliament-votes-impose-kyc-private-crypto-wallets"><span style="font-weight: 400;">support self-hosted wallets</span></a></p> <p> </p>

3 min read
Nov 9, 2023
Ryan Turnbull
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Contents

The Cryptocurrency industry is rapidly evolving, with new developments and innovations emerging all the time. Today, we will discuss some of the key trends happening this week in the Cryptosphere such as:

 

  • The SEC has opened talks with Grayscale over bitcoin ETF.
  • U.S. lawmakers introduce bill to regulate stablecoins.
  • Current bitcoin analysis

 

Have you downloaded the Wizardia Mobile app yet? Get it here!

 

 

💰 SEC Opens Talks with Grayscale over Spot Bitcoin ETF Conversion

 

The U.S. Securities and Exchange Commission (SEC) has reportedly opened talks with Grayscale Investments, a digital asset manager, over its bid to convert its Bitcoin Trust into a spot bitcoin ETF. Grayscale has been seeking approval for a spot bitcoin ETF for several years, but the SEC has so far rejected its applications.

 

The SEC's willingness to engage in talks with Grayscale is seen as a positive sign for the industry. If the SEC approves Grayscale's spot bitcoin ETF, it would be the first of its kind in the United States. This would be a major milestone for the cryptocurrency industry, as it would allow investors to easily invest in bitcoin through a traditional financial instrument.




Catch up on the SBF saga in our recent post.

 

⚖️ U.S. Lawmakers Introduce Bill to Regulate Stablecoins

 

A group of U.S. lawmakers has introduced a bill to regulate stablecoins. Stablecoins are cryptocurrencies that are pegged to a stable asset, such as the US dollar or gold. This makes them less volatile than other cryptocurrencies, and they are therefore more attractive to merchants and investors.

 

The bill would require stablecoin issuers to be registered with the SEC and to maintain reserves that are equal to the value of the stablecoin in circulation. The bill would also require stablecoin issuers to comply with a number of other requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.

 

The introduction of this bill is a sign that the U.S. government is taking a more active role in regulating the cryptocurrency industry. It is also a sign that the government is concerned about the risks posed by stablecoins, such as the risk of market manipulation and financial instability.




Learn more about stable coins with our article- Crypto Stablecoins: Revolutionizing Finance and Reshaping the Global Economy

 

💸 Current Bitcoin Price and Analysis

 

At the time of writing this, the price of Bitcoin is currently trading at around $36,800. This is its highest level since October 2021. The rally is being driven by a number of factors, including increased institutional adoption and positive news about the crypto industry.

 

Analysts are generally bullish on Bitcoin in the short-term. However, some analysts are concerned about the long-term prospects of Bitcoin, as they believe that it is overvalued and that its price is unsustainable.

 

Based on the MACD and RSI indicators, the technical analysis of Bitcoin for November 9, 2023 was bullish. The MACD and RSI were both above their respective zero lines, and they were both trending higher. This suggests that the price of Bitcoin was likely to continue to rise.



Overall, the cryptocurrency industry is showing signs of growth and maturity. The SEC's willingness to engage in talks with Grayscale over a spot bitcoin ETF is a positive sign for the industry. 

 

The introduction of a bill to regulate stablecoins is a sign that the U.S. government is taking a more active role in the crypto industry. And the rally in the price of Bitcoin is a sign that investors are increasingly confident in the future of the cryptocurrency.

 




Want to win prizes and NFTs? Join our next weekend bash and see rules here.

 

The Magic Crypto Ball 🔮

 

😭 CoinSpot wallets appear to have lost around $2 million of crypto in possible hack

 

🚀 Ark Invest launching new suite of digital asset ETFs with 21Shares

 

🇸🇬 The Singapore government has launched a new blockchain initiative to promote the adoption of blockchain technology in the country.

 

🌐 MetaMask expands support for Layer-2 networks 

 

🇪🇺 The European Parliament votes to support self-hosted wallets

 

Ryan Turnbull

Ryan Turnbull

Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.

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