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The global crypto market cap is $1.08 trillion with a 24-hour volume of $39.99 billion. The price of Bitcoin is $28,241.80 and BTC market dominance is 51.2%. The price of Ethereum is $1,549.61 and ETH market dominance is 17.3%. The best performing cryptoasset sector is eCommerce, which gained 12%.
The Galaxy Digital CEO said the SEC’s declination to appeal in its case against Grayscale could signal a decisive shift in its approach.
RISE / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
In an Oct 18. interview, Mike Novogratz, the CEO of Galaxy Digital, expressed confidence in the impending approval of a spot Bitcoin exchange-traded fund (ETF), saying, “Yeah, it’s gonna get approved.”
Speaking on SquawkBox, Novogratz emphasized the perceived shift in the U.S. Securities and Exchange Commission’s (SEC) stance on such ETFs. According to the CEO, significant progress has been made in the dialogue with the SEC, pointing towards an approval soon, potentially in 2023.
Novogratz drew attention to the SEC’s recent decision not to appeal a decision in its legal battle with Grayscale, saying the decision could prove pivotal.
He said of the ruling:
“The judge said… you have a futures ETF, and you’re saying you can’t have a cash ETF. That makes, intellectually, zero sense. And I think that put the SEC on the back foot. And I think Gensler needs a win—there’s a tremendous amount of pressure to do something that is rational. The American public wants this. BlackRock, who’s the largest asset manager in the world, is out publicly saying we’re gonna get this done… it just feels like the dialogue with the SEC is all heading in the right direction.
The Galaxy Digital CEO suggested that the underlying shift in sentiment and the growing acceptance of Bitcoin as a credible asset by institutional players like Blackrock contribute to this optimistic outlook.
Furthermore, Novogratz said that the public filings and comments regarding the Bitcoin ETF approval process have become more constructive, implying that the SEC’s approach to thinking about Bitcoin ETFs has fundamentally shifted.
Despite this, Novogratz’s predictions should be taken in context. Critics argue that his vested interest in Bitcoin and its broader acceptance might influence his views. Nevertheless, a perceived momentum is building around the approval of a spot Bitcoin ETF.
Novogratz further noted that the market would likely respond positively to any such approval, suggesting a potential surge in Bitcoin’s value. He emphasized that this potential surge is not merely speculation but is backed by the commitment of major players like BlackRock, Invesco, and Fidelity.
Jacob Oliver is a recovering academic and English teacher who went down the crypto rabbit hole in 2017 after recognizing the technology’s potential.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Michael Edward Novogratz, born on November 26, 1964, stands out as an iconic figure in the financial realm.
The main witnesses for the day were Professor Peter Easton, an esteemed accounting expert from the University of Notre Dame, FBI accountant Paige Owens, and a former FTX employee, Eliora Katz.
Buterin said his Ethereum transfers are donations to ‘charity or nonprofit or other project.’
EU strengthens crypto tax norms with new directive to improve cooperation between national tax authorities.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
Compulsory process threat looms over SEC chair Gensler in intensifying oversight dispute with House committee.
Unverified rumors of BlackRock’s Bitcoin ETF approval generate market volatility while SEC postpones final verdict.
Tech giants may be forced to disclose when customers rent large amounts of power if the order materializes.
The once-revered FTX founder won admiration and trust of countless peers with a facade of virtue signaling and projected altruism before the illusion was shattered.
The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
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