Explore Bitcoin's ETF-driven ascent, Solana DeFi's UK response, China's pioneering digital yuan oil trade, and the latest in Bankman-Fried's legal saga.
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Bitcoin Reaches 17-Month High on ETF Progress

Bitcoin Reaches 17-Month High on ETF Progress

Date:
Oct 25, 2023
| Issue
#
133

Welcome to today's edition of Datawallet Daily. Dive in to catch up on the top crypto news and updates from the past 24 hours:

Bitcoin Reaches 17-Month High on ETF Progress

Bitcoin has been shooting up lately, hitting highs we have not seen since last May. Looks like BlackRock's about to drop its spot Bitcoin ETF soon. 

An updated filing by BlackRock suggests it could seed its iShares Bitcoin Trust with initial funds soon. Seeding an ETF involves funding to buy assets in exchange for ETF shares to trade in the open market. The ETF was also listed on the Depository Trust & Clearing Corporation, indicating it is moving closer to market launch. 

This news gave Bitcoin a sweet boost, soaring up 15% in a single day and tapping $35,000. Sure, we have seen futures-based Bitcoin ETFs get the nod from the big shots at SEC, but this spot ETF is the real deal. It directly impacts Bitcoin supply, making it highly anticipated.

The analysts over at JPMorgan think the SEC might give the green light to the iSHARES Bitcoin Trust by January 10. That is around the same time they gotta make calls on similar moves by Ark Invest and 21Shares.

Solana's Top DeFi Protocols Block UK Users

Marinade Finance and Orca Finance, two big names in the DeFi game on the Solana blockchain, have decided to restrict access for their UK users. They are hitting the brakes because of some "compliance concerns" tied to Financial Conduct Authority (FCA) rules. 

UK users visiting Marinade's platform are met with a cautionary notice, though they are allowed to withdraw their liquidity. It is worth noting the significant presence of Marinade within the Solana ecosystem. Data from DefiLlama reveals that of Solana's $350 million ecosystem, Marinade's staking platform accounts for $248 million. They are serving up annual yields that can get you as much as 8.15% for native staking.

Similarly, Orca Finance recognized as Solana's foremost decentralized exchange, has restricted access for UK users. This move appears to be in line with the FCA's recent regulatory changes, which have impacted several other cryptocurrency ventures in the UK.

First-ever Chinese Oil Trade via Digital Yuan

PetroChina, this big oil and gas company from China, just used the digital yuan for the first time to buy a whopping million barrels of crude oil in Shanghai. The transaction's details, including the seller and the deal's value, were not disclosed. 

The digital yuan, introduced in 2021, is a result of a project initiated by the People’s Bank of China in 2014. This move aligns with China's efforts to expand the use cases for its central bank digital currency (CBDC). Not to be left behind, other countries are also eyeing creating their own CBDCs.

Sam Bankman-Fried Picks Expert to Counter DOJ Testimony

FTX founder Sam Bankman-Fried's legal squad has brought in Joseph Pimbley as their main expert witness for the case. Pimbley, from litigation consulting firm PF2, is set to counter testimonies from former Alameda Research and FTX officials.

His testimony will focus on data from FTX’s database, highlighting Alameda Research's credit usage and the distribution of coin balances among non-Alameda and non-FTX users. 

Although initially declined by Judge Lewis Kaplan, Pimbley was reconsidered upon a more detailed submission. There might be other folks testifying for Sam's defense, but the million-dollar question is - will Sam himself take the stand?

Other breaking news

  • Reddit Crypto Mods Ousted Over MOON Insider Claims
  • Friendtech Dips as SocialFi Whales Shift to Bitcoin City
  • The U.S. Risks Its Position as a Stablecoin Leader
  • BTC Worth $144M Moves to Coin Mixer from Defunct Darknet Market 
  • Coinbase Denies Bitcoin Weekly Withdrawal Limit Rumors

Wrapping up

Wrapping up today's issue of Datawallet Daily: Bitcoin is stealing the spotlight, soaring to a 17-month high. When Bitcoin rises like this, a bull cycle is usually on the horizon. But, not every place is feeling the crypto love, seems like a bunch of startups might be waving goodbye to the UK. Meanwhile, China is making moves with its CBDC: PetroChina has used the digital yuan for the first time to purchase crude oil. Oh, and about the FTX saga: Sam Bankman-Fried has chosen an expert to counter the DOJ testimony. Drop by tomorrow for some fresh crypto updates!