No CommentsBlackrock’s CEO calls Bitcoin revolutionary, Multichain Bridge is hacked for over $120M and are Binance executives fleeing the sinking ship?! These stories and more, this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com, and here’s what’s happened this week in crypto.
Bitcoin at 13-Month High Upon ETF Refiling
After receiving public support from prominent fund managers, Bitcoin hit its highest level in 13 months, rising to over the $31000 mark. The crypto market surged after Nasdaq responded to SEC concerns regarding initial filings, when it refiled its proposal to list BlackRock’s spot Bitcoin ETF.
BlackRock CEO: Bitcoin Could Be Revolutionary
While making a renewed bid to offer the first US spot Bitcoin ETF, Blackrock CEO Larry Fink has said that Bitcoin and the tokenization of assets and securities could revolutionize finance. In an interview on Fox Business, Fink said that as an international asset, Bitcoin offers an alternative to investing in gold as a hedge against inflation, country-specific issues, or currency devaluation.
Coinbase Soars with Bitcoin ETF Involvement
Shares of Coinbase jumped 13% after stock exchange operator CBOE said it was working with the company in its effort to launch a spot bitcoin exchange-traded fund. CBOE filed an application with the SEC to launch a Bitcoin ETF by asset manager Fidelity, naming Coinbase as the crypto platform that would provide custody support.
JPMorgan: ETF’s Impact Limited
Despite the developments around recent spot Bitcoin ETF filings, investment bank giant JPMorgan has said that an SEC approval is unlikely to be a game changer for crypto markets. The report sent to its investors observed that such ETFs have already existed for some time in Canada and Europe, but have failed to attract large investor interest.
$120M Hacked From Multichain Bridge
Multichain, a cross-chain bridging protocol that operates on dozens of blockchains, has been hit by a hack resulting in over $120M in digital assets being transferred to unknown wallets. Multichain has already asked users to stop using its services. The team announced in May that it was unable to contact its CEO, who is the only person holding the access codes necessary to fix the technical issues.
Binance Executives Exit in the U.S.
Binance executives have been heading for the exit, as regulatory heat on the world’s largest exchange intensifies. Binance.US’s Chief strategy officer, compliance executive, and general counsel have all departed within the past 2 weeks, as the firm faces a series of probes including SEC and CFTC lawsuits. Binance CEO, CZ, has referred to the reports as simply FUD.
The Winklevoss Twins Prepare for Litigation
The Winklevoss twins are preparing for litigation with Barry Silbert, as the deadline for Digital Currency Group to agree to restructure its bankrupt Genesis unit was missed. The billionaire twins’ Gemini exchange is one of DGC’s largest creditors. The lending unit filed for bankruptcy in January, after the collapse of key counterparties including FTX caused it to freeze customer redemptions.
Crypto Job Listings Down 80%
A recent report has found that crypto related job listings have fallen as much as 80% in major US cities during the so-called crypto winter. The researchers found that the number of new startups emerging in the crypto space has also fallen from a peak of 80 per month in January 2022 to just two in April of this year.
That’s what’s happened this week in crypto, see you next week.
