Crypto NFT Today: April Week 4

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With the SEC expected to deny spot Ether ETFs, Bitcoin prices falling this past week, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

SEC Expected to Deny Spot Ether ETFs

A new report suggests that the United States Securities and Exchange Commission (SEC) is likely to deny applications for spot Ether (ETH) exchange-traded funds (ETFs) in May. According to Reuters, U.S. issuers and other entities anticipate the SEC’s rejection of spot Ether ETFs next month, based on recent discussions with the regulator.

These discussions, involving four individuals privy to the meetings, have reportedly been one-sided, with the SEC staff not engaging in substantive dialogue about the proposed products. SEC’s stance on spot BTC ETFs changed after Grayscale Investments secured a court victory against the regulator in August 2023, following over a decade of rejections of such filings.

Bitcoin Prices Are Falling 

Amidst a notable sell-off and a negative funding rate following its halving, Bitcoin has dipped below the $64,000 mark, causing volatility as approximately $9.4 billion in crypto options near expiration. With Bitcoin struggling to sustain its upward trajectory, the crypto market is witnessing a substantial sell-off, resulting in the liquidation of over 40 million long positions within an hour and a total of more than $220 million in crypto liquidated over the past 24 hours.

This significant downturn has heightened concerns among investors and analysts, prompting a closer examination of the factors contributing to Bitcoin’s current price decline. At the time of writing, BTC was trading at $64,081, reflecting a decline of over 4% from its intra-day high.

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Indonesian President Gives Laundering Warning

During a speech last week at the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention at the State Palace in Jakarta, Indonesian President Joko Widodo cautioned the Financial Transaction Reports and Analysis Centre (PPATK) to closely monitor the use of cryptocurrencies and non-fungible tokens (NFTs) for money laundering. The president highlighted his awareness of potential money laundering activities involving crypto assets, citing data from the 2022 Crypto Crime Report by Chainalysis, which indicated transactions amounting to $8.6 billion (139 trillion IDR) in 2021. 

“This amount, equivalent to Rp 139 trillion globally, is not just large – it is extremely large,” remarked Widodo during his address. He stressed the urgency of swift action to stay ahead of such illicit activities, emphasizing the need to prevent continual setbacks in combating financial crimes.

Binance Integrates USD Coin on CELO Network 

Binance has declared the successful integration of USD Coin (USDC) on the CELO network. This integration facilitates the seamless deposit and withdrawal of USDC for Binance users, a stablecoin tethered to the value of the US dollar.

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By incorporating USDC into the CELO network, Binance seeks to furnish users with increased options and adaptability in managing their digital assets. USDC has garnered favor in the cryptocurrency realm due to its stability and transparent nature, rendering it an appealing selection for users seeking to mitigate the risks associated with volatility.