Bitcoin News You Can Use for November
BTC ETF Approval Updates, Binance Bombshell News & More!
Spot Bitcoin ETF Update
An end to a public comment period and a response deadline for a few spot Bitcoin ETF applications created a small approval window last week.
It was a long shot. Instead of approvals, the SEC gave us the delay orders we’ve come to expect. Delay orders for the Hashdex, Global X, and Franklin Templeton ETF applications pushed those decision deadlines into 2024.
Rather than review all of the current deadline dates and risk adding to any confusion, let’s drill down to the most important date-Jan 10, 2024.
The Jan 10 deadline is the only one that matters at this point. On that date, time will have run out for the SEC to delay a decision on the Ark/21Shares ETF application.
So, in less than 50 days we’ll know the outcome of the spot BTC ETF saga.
It’s a generally accepted opinion that the SEC will not play king (or queen in this case) maker and approve only one application. Anticipation is high for a batch approval by Jan 10, if not before then.
Applications eligible for batch approval are from the following: Ark/21Shares, Grayscale (GBTC trust conversion), Black Rock (iShares), Bitwise, Fidelity, VanEck, Valkyrie, and WisdomTree. Global X and Franklin Templeton submitted their applications later than the others but might be part of an initial approval round.
The HashDex ETF application is unique as a transition for an existing hybrid product. A decision on this one may come separately.
Positive signs of progress on the applications have emerged. Specifically, there is evidence of feedback and responses between the SEC and the applicants. A point of dialog that was not reached previously during application processes resulting in denials.
Bloomberg analysts James Seyffart and Eric Balchunas rate the chances for spot ETF approvals by January 10, 2024, at 90%. Highly recommend following these two on X for the latest news on the BTC ETF approval process.
Bitcoiners Applaud Argentina’s New President
The Bitcoin community rejoiced to learn Libertarian candidate and outsider Javier Milei won Argentina’s presidential election Sunday. Not only is Milei pro-Bitcoin, but he’s also a supporter of Austrian economic theory.
Mention Austrian economics to a Bitcoin enthusiast and chances are their face will light up. Then, tell them Milei suggested eliminating Argentina’s Central Bank and watch them swoon.
Economic challenges in Latin America are complex and Bitcoin isn’t the answer to every problem. Time will tell what role Bitcoin plays in Milei’s administration.
El Salvador’s embrace of Bitcoin hasn’t developed without criticism. However, it’s difficult not to applaud countries forging ahead on bold new paths with vigor and determination.
Bitcoin Processing Fees Temporary Increase
If you noticed an increase in processing fees for Bitcoin transactions recently you aren’t alone. It’s becoming a daily complaint on social media channels like Reddit.
The understandable knee-jerk reaction is to blame the exchanges for being greedy, but this sentiment is misplaced. Exchanges aren’t the culprit when it comes to unusually high processing (gas) fees.
Gas fees for processing Bitcoin transactions go up when an increase in traffic creates a backlog in the mempool. The mempool is the blockchain’s virtual waiting room. As more transactions pile up waiting for a block those paying the highest price get priority.
It isn’t always crowded in the mempool and transaction fees typically stay relatively low. You can check the status of the mempool here. If feasible, timing transactions for when traffic is low helps manage your costs.
I can’t confirm rumors that fees were recently impacted by NFT’s clogging up the Bitcoin network. I will state my view that using the open-source protocol to make a point with blatant disregard for others is not cool.
Gas fees ebb and flow. Pricing spikes are typically temporary. Hopefully, this current round will soon be behind us.
It’s good to remember that gas fees are how miners are compensated. Miners aren’t all large for-profit companies. Even when they are it isn’t an easy business but an essential one.
Binance Sacrifices Itself Out of Hot Water & Kracken Thrown Back In
Binance, the world’s largest Bitcoin exchange is reported to pay $4 billion to settle criminal charges in the U.S. Additionally, Binance Founder Changpeng Zhao is pleading guilty to criminal charges and stepping down as CEO.
While we’re digesting that news bombshell, yesterday the SEC announced it is suing crypto exchange Kracken for failing to register as a securities exchange.
Don’t most people chill the week leading into a holiday? Good grief, Chairman Gensler, Secretary Yellen and Attorney General Garland didn’t get the memo.
Bitcoin dipped on the news briefly and is recovering the $37,000+ level at the time of publication.
Grab Your Socks for Bitcoin Magazine’s New Crocs
Just in time for holiday shopping, Bitcoin Magazine announced they are taking pre-orders for special edition Crocs.
What more could the Bitcoin Maximalist in your life want for Christmas than Crocs covered with the Bitcoin logo?
The bright yellow logo on the Crocs pops against a black background. These sure-to-be comfy shoes scream, “Hey, I own Bitcoin and want everyone to know!”
Although these are a hard pass for me, I love the blossoming creativity with Bitcoin merch. Limiting the Croc pre-orders to the first 2100 is marketing well-played. Cheers to Bitcoin Magazine on this collaboration!
Thanks for reading, follows, comments and claps are so appreciated!
Disclaimer: I am not a financial adviser and this is not financial advice. This post is for entertainment purposes only.
