Discover Bitcoin's resurgence and SEC's move on Bitcoin ETF, plus Animoca's new role in TON Blockchain and Coinbase's legal update.
Bitcoin Bullish Again with Dovish Fed Outlook

Bitcoin Bullish Again with Dovish Fed Outlook

Nov 30, 2023
| Issue

Welcome to the newest issue of Datawallet Daily. As always, we’ve explored various news sources to compile the most significant developments from the past day for you. 

Bitcoin Bullish Again with Dovish Fed Outlook

Bitcoin’s recent bullish trend has seen it surpass $38,000 twice in a week, a level it hadn’t consistently reached since the Terra project’s collapse in May 2022. This surge, marked by a 3.5% rise in 24 hours, is attributed to dovish remarks from Federal Reserve Governor Christopher J. Waller on inflation and economic policy. 

According to James Butterfill from CoinShares, Waller’s comments suggest a pivot away from potential rate hikes, positively influencing Bitcoin’s market performance and indicating a rejuvenation of investor interest, particularly among institutional players, in the broader digital asset sector.

SEC Opens Comment Period for Franklin Templeton Bitcoin ETF

The U.S. Securities and Exchange Commission has started the public comment period for Franklin Templeton’s proposed spot bitcoin ETF sooner than expected, indicating a possible acceleration in the decision-making process. The SEC operates within a 240-day window for reviewing such proposals, with specific deadlines for response. 

Franklin Templeton, a significant player with about $1.5 trillion in assets under management, submitted its ETF proposal in September. The recent SEC move suggests it might be preparing for a collective ruling on all spot bitcoin ETFs by January 10, 2024, potentially to avoid giving any product a competitive edge. The SEC also sought comments on Hashdex’s bitcoin ETF proposal, further aligning with the anticipated January deadline for a collective decision. 

Animoca is Set to Become TON Blockchain’s Largest Validator

Animoca Brands is set to become the largest validator on The Open Network (TON) blockchain, aiming to bring blockchain gaming to Telegram’s 800 million users. This strategic move involves significant investment, the exact value of which remains undisclosed, but includes a stake in Toncoin. 

Animoca’s focus is on leveraging TON’s ecosystem for cryptocurrency and GameFi adoption. The partnership will support TON Play, enabling the development of gaming applications on TON and integration with Telegram. Animoca also plans to explore porting its existing gaming titles to Telegram and has developed the TON Analytics Dashboard to monitor ecosystem metrics.

Coinbase Notifies Customers of Subpoena in CFTC Bybit Probe

Coinbase has notified users about a subpoena received from the U.S. Commodity Futures Trading Commission (CFTC) concerning the Bybit cryptocurrency exchange. This subpoena implies that Coinbase may release user account and transaction data to the CFTC by November 30 unless legally contested. 

Bybit, although restricting its services in the U.S., is reportedly accessible through VPNs. The exchange, celebrating 20 million users, emphasizes its compliance with various global regulations. The CFTC’s increased focus on digital assets is evident, with nearly half of its cases in fiscal year 2023 involving entities like FTX, Celsius, and Binance. Official responses from Coinbase and Bybit are awaited.

Other breaking news

Wrapping up

Today’s wrap-up: Bitcoin is bullish again after the Federal Reserve Governor’s dovish comments on inflation and policy. Adding to the positive news, the SEC has unexpectedly started the public comment period for Franklin Templeton’s Bitcoin ETF ahead of schedule. Also, Animoca is set to become TON Blockchain’s biggest validator, likely bringing more blockchain games to Telegram. Meanwhile, Coinbase has informed customers of a subpoena in the CFTC’s investigation into Bybit, suggesting Bybit might be the CFTC’s next focus. Stay tuned for further updates!