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This week’s hottest crypto news at a glance

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TL;DR

  • U.S. Bitcoin ETF discussions advance, indicating possible approval; BlackRock and Bitwise update their ETF applications to the SEC.
  • Bitcoin developer Luke Dashjr proposes disabling Ordinals, sparking community debate; U.S. Space Force member highlights PoW systems’ strategic importance.
  • Lugano accepts Bitcoin for taxes; El Salvador introduces crypto-based visa program; Binance faces legal challenges and reserve fluctuations.

The dynamic world of cryptocurrency never sleeps, and this week was no exception. From groundbreaking regulatory talks to innovative market moves, the crypto sphere has been buzzing with activity.

Let’s dive into the hottest crypto stories that have shaped the landscape this week, keeping you informed and ahead of the curve in this ever-evolving domain.

Progress in U.S. Bitcoin ETF Talks and Global Moves

First up, the United States might be inching closer to seeing a Bitcoin ETF come to life. Intense discussions between U.S. regulatory authorities and aspiring Bitcoin ETF issuers appear to be making significant headway.

The dialogue has delved into the nitty-gritty, a sign that we might be on the verge of a breakthrough. Particularly noteworthy is ARK’s application, with a decision deadline looming on January 10th.

The depth of these discussions suggests the SEC might be gearing up to give the green light early next year, potentially paving the way for other applicants in the pipeline.

Meanwhile, giants in the field, BlackRock and Bitwise, aren’t taking a back seat. They’ve resubmitted their Bitcoin Spot ETF applications to the SEC, signaling ongoing efforts to align with regulatory expectations.

These revised applications are likely the fruit of extensive discussions and collaborations with the SEC, highlighting a proactive approach in addressing compliance issues.

Technological Advances and Controversies

On the tech front, Bitcoin developer Luke Dashjr’s recent proposal to disable Ordinals has stirred the pot, sparking heated debates within the community. Dashjr highlighted a vulnerability in Bitcoin Core exploited by Ordinals to conduct what he termed spam attacks on the blockchain.

His suggestion to fix this in the upcoming Bitcoin Knots release has raised eyebrows and elicited diverse opinions, underlining the complex interplay between innovation and security in the crypto world.

In an intriguing twist, a U.S. Space Force member has proposed that the Department of Defense delve into the ‘national strategic importance’ of Proof-of-Work systems like Bitcoin.

This perspective frames PoW systems as potential game-changers in cybersecurity, potentially transforming the global power grid into a massive, cost-intensive computer to deter cyber threats.

Adoption and Regulation

The Swiss city of Lugano is making waves by embracing Bitcoin and USDT for municipal tax payments, a move reflective of increasing crypto adoption in everyday transactions.

This initiative is part of Lugano’s ambitious “Bitcoin Plan,” showcasing the city’s commitment to integrating cryptocurrency into its economic fabric.

El Salvador continues to break new ground in the crypto realm, launching a novel visa program that integrates crypto investment with citizenship opportunities.

This program, limited to 1,000 participants per year, could potentially inject $1 billion into the nation’s economy, highlighting El Salvador’s innovative approach to leveraging crypto for national development.

Binance’s Turbulent Week

Binance, a name synonymous with crypto, has had a week full of ups and downs. The exchange released its thirteenth reserve report, revealing fluctuations in user holdings across various cryptocurrencies.

In legal developments, former CEO CZ’s guilty plea was accepted by a Seattle Federal Judge, part of a landmark $4.3 billion settlement. Adding to the drama, a U.S. judge ruled that CZ must remain in the United States until his sentencing, underscoring the serious legal implications of the case.

Further stirring the pot, Binance’s new CEO, Richard Teng, has kept the location of the exchange’s global headquarters under wraps. In an era where transparency is increasingly valued, this secrecy raises questions and eyebrows in equal measure.

Market Movements and Innovations

Gate, another prominent player in the crypto market, faces allegations of falsifying token data trading following the listing of BRC-20 token RATS. These reports highlight the ongoing challenges and controversies in ensuring transparency and integrity in crypto trading.

In the realm of crypto and traditional finance crossover, Phoenix Group’s successful $371 million IPO on the Abu Dhabi Securities Exchange marks a significant milestone. This event signifies the growing intersection of crypto with mainstream financial markets.

Lastly, Sotheby’s is set to make history with its inaugural Bitcoin Ordinals Art Auction, featuring works from the Bitcoin Ordinals project. This move not only showcases the growing interest in digital art but also highlights the potential of cryptocurrencies like Bitcoin in reshaping the art market.

This week in crypto has been nothing short of a rollercoaster, with regulatory developments, technological advancements, and market dynamics all playing their part in shaping this vibrant and ever-evolving landscape.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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