BTC

Bitcoin's resurgence over the weekend, which continued at the start of the week, allowed MicroStrategy to nullify all of the losses it had incurred when BTC traded at $30,687.28.

The top developer announced his resignation from the Lightning Network's development and its various implementations, and his departure has been a hot topic on social media.

According to the ETF analyst, the updated spot Bitcoin ETF prospectus also confirms that issuers are engaging in discussions with the financial regulator, signifying a positive indication of progress in the filings.

The successful conversion of GBTC into a Bitcoin ETF hinges on NYSE Arca's 19b-4 application approval and the SEC declaring Form S-3 effective.

The increasing confidence in the possibility of the SEC approving spot Bitcoin ETFs was further fueled by Cathie Wood, who emphasized the shift in the SEC's attitude towards BTC ETF filings this week.

Contrary to the rumors that were circulating online a few months ago, Tesla suggested that it did not buy or sell any of its crypto assets over the three-month period ending in September. However, it did not explicitly state its actual Bitcoin holdings.

For the investor and financial education advocate, inflation erodes the purchasing power of the dollar savings of the poor and the middle class who depend solely on it.

Despite speculations, Wood noted a shift in the SEC's stance on spot Bitcoin ETF applications.

"We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF," Cointelegraph said.

The trend underlines the positive outlook and strong confidence of large stakeholders in the world's first-ever crypto asset, especially since Bitcoin trading consists of 11% of whales and other large investors and 89% of retail investors.

The SEC was given time until midnight last Friday to submit a challenge to the court's decision that found it was unjust for the financial regulator to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund. The SEC's decision now clears the way for the first spot Bitcoin ETF in the U.S. although a separate approval order from the regulator is still required.

Despite the potentially imminent approval of spot Bitcoin ETF filings, some are concerned that the eventual arrival of traditional financial giants, including the mega-investment company BlackRock, could "fundamentally change" Bitcoin.

The recent update on the joint spot Bitcoin ETF application for approval of ARK Invest and 21 Shares underscored information on the proposed BTC ETF, as well as practices on how it will custody assets and determine the values of the assets.

Hayes said BlackRock's entry into the industry could "fundamentally change" Bitcoin. Though he acknowledged that the spot Bitcoin ETF approval might bring a stream of funds into the crypto market, the BitMEX co-founder was concerned about its potential influence on traditional finance.

One of the upgrades involves the use of nBTC, which is intend to not only streamline and decentralize available methods of bringing Bitcoin into the Cosmos Network, but also empower users.

Over the next two quarters, investor interest in the digital asset industry may reignite, fueled by the Bitcoin Halving event and the impending SEC decision on spot Bitcoin ETFs.

The price of Bitcoin immediately dropped following the announcement by the SEC.

Coinbase's Bitcoin holdings have surged to $25 billion, accounting for nearly 5% of all Bitcoin in circulation.

Despite the prevailing price of Bitcoin as of Monday, MicroStrategy is currently facing an unrealized loss of approximately $548,717,702.40 for its BTC holdings.

While the maiden crypto briefly enjoyed the $27,000 price level, it eventually traded back to the $26,000 threshold a few hours later.

Historically, September has always been the worst month for Bitcoin, with the king of crypto averaging a 6% decline in its value in the said month from 2010 until 2022.

Marcus shared his new vision for the world's largest crypto asset by market capitalization, one that transcends the asset's status as a digital store of value and redefines the global financial ecosystem.

These catalysts include the spot ETF approval, fair value accounting rules from FASB and banks custody and lending against Bitcoin as collateral.

The SEC has postponed the majority of its decisions until Oct. 17, while setting the rulings for Bitwise on Oct. 16 and for Valkyrie on Oct. 19.

The federal appeals court said in the 20-page decision that "the denial of Grayscale's proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We, therefore, grant Grayscale's petition and vacate the order."

For Grayscale Investments, its recent win in the court "is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper."

The major Wall Street regulator is due to respond to Bitwise's filing on Friday, while its response to the applications of BlackRock, Invesco, WisdomTree and VanEck should be out by Sept. 2.

It is worth noting that the latest ruling does not guarantee a spot Bitcoin ETF in the U.S. but rather a grant on Grayscale's petition for review of its application, which the regulator previously rejected.

While Kennedy Jr. is championing Bitcoin and seemingly advertising it as a beacon of light in a dark tunnel, many question his intention, particularly since he admitted last month that he owns approximately $250,000 in BTC.