Welcome to another installment of Crypto NFT Today! The last fortnight has seen pivotal events that will shape the future of blockchain, cryptocurrency, and NFTs.
Eleven New Spot Bitcoin ETFs Approved
On January 10, the U.S. Securities and Exchange Commission granted approval for the first U.S.-listed exchange-traded funds (ETFs) tracking bitcoin. This milestone decision, encompassing 11 applications from notable entities like BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck, signals a significant development for the largest cryptocurrency and the broader crypto industry. Despite cautionary notes regarding associated risks, trading for these ETFs is set to commence on January 11.
Bitcoin’s Plunge Amid SEC Account Hack
Bitcoin witnessed a decline in late afternoon trading on January 9, triggered by a misleading social media post on the compromised U.S. Securities and Exchange Commission’s X account. The post falsely claimed approval for bitcoin exchange-traded funds (ETFs) and was swiftly deleted. The SEC clarified that no such approval had been granted. Initially surging to $47,901, the highest since March 2022, bitcoin dropped to $44,816.94, ultimately trading over 1% lower at $46,162.79.
Turkey’s Crypto Regulations Nearing Completion
Mehmet Şimşek, Turkey’s Minister of Treasury and Finance, revealed that the final stages of cryptocurrency regulation are in progress. To secure a license from the CMB, crypto exchanges must comply with specific operational requirements, covering founders and managers, organizational duties, capital prerequisites, and IT infrastructure obligations. Şimşek emphasized the primary objective is to enhance safety in the crypto sector, eliminate potential risks, and foster the development of blockchain technology and the crypto asset ecosystem.
X Initiates Removal of NFT Profiles
When X introduced the feature allowing paid subscribers to showcase non-fungible tokens (NFTs) as hexagonal profile pictures in January 2022, the cryptocurrency and NFT markets were at their peak. Major brands rushed to release NFT collections, and top NFT prices soared into the millions. Fast forward two years, and X has quietly removed the NFT profile picture option from its premium Blue subscription, reflecting the prevailing disenchantment with digital collectibles.