- Mike Novogratz said a spot Bitcoin ETF is a matter of “when not if” based on what he’s hearing from inside BlackRock and Invesco.
- The US Federal Reserve ups its oversight of banks working with crypto.
- Bitcoin is balanced on the $30,000 line.
Happy Hump Day!
Mike Novogratz is confident a spot Bitcoin exchange-traded fund will gain approval in the next four to six months. The Federal Reserve is enhancing its supervision of banking organisations involved with crypto and stablecoins, which it calls its “Novel Activities Supervision Program.”
Elsewhere, Bitcoin is trading in and around $30,000.
Let’s dig into it.
Hearing things
A spot Bitcoin ETF is a matter of “when, not if,” according to BlackRock and Invesco sources speaking with Galaxy Investment Partners CEO Novogratz.
The Securities and Exchange Commission could approve a spot Bitcoin ETF in the next “four to six months,” he told analysts and investors.
It’s significant that Larry Fink, the CEO of BlackRock, has been “orange pilled,” Novogratz added, referring to Fink’s support of a Bitcoin ETF and the cryptocurrency’s promise of “digitalising gold.”
Fed fires latest shot
The US central bank is increasing its oversight of cryptocurrencies and stablecoins. The Federal Reserve will strengthen its supervision of banks working with new technologies — such as blockchain and crypto assets — it said on Tuesday.
“Oh my, the Fed has fired another shot across the crypto bow,” financial regulation expert Sean Tuffy tweeted in response to the statement.
Castle Island Ventures’ general partner Nic Carter said the report looked “neutral to negative,” to him. The announcement formalises the central bank’s desire to scrutinise banks working with crypto firms, Carter said.
While he is “hoping his pessimism is proved wrong,” he won’t hold his breath, he concluded.
More optimistic takes say the Fed is open to dialogue on crypto with its latest programme.
Crypto market movers
- Bitcoin briefly traded above $30,000 on some exchanges overnight. The largest cryptocurrency by market cap is up 2% over the past 24 hours to trade around $29,800.
- Ethereum gained 1.7%, trading at $1,860.
- Altcoins experienced sharper price increases as Ripple’s XRP jumped 4.4% and Solana’s SOL added 5.9%.
- Memecoins were also trading higher on Wednesday, with Dogecoin up 2.7% and Shiba Inu soaring 10%.
What we’re reading
- Get ready. These seven bills may decide the future of crypto in the US. – DL News
- The Curve hack: The DeFi drama that just keeps on giving – DL News
