Extremely good news has permeated the crypto sector over recent weeks. However, the price of bitcoin and other cryptocurrencies remain depressed.
If crypto were firmly in bull territory, recent news would have surely helped to propel prices much higher. Instead, a big piece of news drops and prices might have a little spike up, but then fall back down again.
The news that has yet to shift the market
Grayscale vs SEC
The news that Grayscale had won its battle against the SEC was simply huge. It wasn’t just the result, but the manner of the result. Judges in the case came down firmly on the side of Grayscale, saying that the SEC’s decision to turn down a Bitcoin spot ETF while at the same time granting Bitcoin futures ETFs was nothing less than “arbitrary and capricious”.
What’s more, a recent letter to the SEC from the Grayscale lawyers has really put the regulatory agency into a corner. Finding a further reason not to grant the ETF looks improbable, and also Grayscale is criticising the time taken by the SEC to come to a decision.
Michael Saylor victory for Bitcoin accounting
A new multi-billion dollar use case for Bitcoin is created as new ruling allows companies to correctly account for Bitcoin on their balance sheets. This means that now companies can purchase bitcoin, put it on their balance sheets, and not have to mark to market the lowest price that bitcoin had dropped to.
Visa partners with Solana
Massive news that could lead to Visa and Mastercard using stablecoins for their inter bank settlement given that it is far cheaper and quicker than their current infrastructure.
Metamask creates off-ramp to bank accounts
Metamask, the online crypto wallet, has built the means for users to sell their $ETH into fiat, and be able to deposit it into their bank accounts in the U.S., the UK, and several European countries.
Given that the U.S. government has specifically been targeting the crypto to banks infrastructure, this new off-ramp is a welcome addition. A future feature may allow Metamask users to sell certain tokens into fiat on other supported EVM-compatible networks.
Ark files for an ETH Spot ETF
Cathie Wood, CEO of Ark Invest, certainly isn’t known for missing a trick, and having already filed for an ETH futures ETF, and being cognizant of the Grayscale defeat of the SEC leading to a much greater chance of a Bitcoin Spot ETF being granted, Wood’s Ark Invest is now the first to throw its hat into the ring for an ETH Spot ETF, which has the potential to be even more lucrative than a Bitcoin Spot ETF.
BTC and ETH have a great future
All this positive news and bitcoin and crypto continue to go sideways and downwards. Be that as it may, the bright light on the horizon is that investors will be able to buy more BTC and ETH at lower prices. Fiat and the banking system can only mathematically go down - bitcoin, with its small supply and halving on the way, is not likely to go down for long.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
