Crypto Quill

In the ever-evolving world of cryptocurrencies, this week brings significant developments. From legal challenges to the emergence of crypto exchange-traded funds (ETFs), here are the key points to keep an eye on:

1. Bitcoin (BTC) Faces Second Consecutive Weekly Loss

Bitcoin (BTC) is heading for its second consecutive weekly loss, with total net outflows observed in the US BTC-spot ETF market. The market dynamics are influenced by hawkish Federal Open Market Committee (FOMC) member commentary and better-than-expected US economic indicators.

2. SEC vs. Ripple Case and XRP Settlement

The SEC vs. Ripple case enters its final stages, with attention shifting toward the SEC’s plans to appeal against the Programmatic Sales of XRP ruling. Meanwhile, investors await President Joe Biden’s decision on the SAB 121 repeal.

3. Ethereum (ETH)-Spot ETF Issuers Await SEC Approval

US ETH-spot ETF issuers have filed S-1 amendments, signaling progress. These filings likely result from discussions with the SEC. Investors are keenly watching for approval, which could impact the broader crypto market.

4. Bitcoin Trust ETF Amendments

VanEck has filed an amendment for the VanEck Bitcoin Trust ETF. Interestingly, they plan to use BTC to seed the Fund rather than fiat. This move reflects ongoing efforts to align ETF offerings with market demands.

5. Total Crypto Market Cap and Nasdaq Composite Index

The total crypto market cap experienced a decline, while the Nasdaq Composite Index remained flat. These contrasting trends highlight the dynamic nature of the crypto market.