SEC Approves Options Trading for Bitcoin ETFs – Market Info

The last two weeks have seen a positive change in total market cap, which has increased by around 9% to EUR 2 trillion. Bitcoin is currently hovering around the €57,000 level, an increase of approximately 8.5% in the last two weeks, and its dominance has fallen to 57.4%.

SEC Approves Options Trading for Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) recently allowed the Nasdaq exchange to trade options on the iShares Bitcoin Trust (IBIT), opening up new opportunities for cryptocurrency traders. This approved change allows options on Bitcoin ETFs to be traded in a similar manner to other ETF options. The Nasdaq exchange also confirmed that these options will be subject to the same listing rules as other ETF derivatives, ensuring their safety and reliability for investors.

In the wake of this decision, the SEC also delayed its decision on a proposed rule change that would allow options trading on the iShares Ethereum Trust (ETHA), which could move Ethereum closer to traditional financial markets. This change could bring additional liquidity and encourage an upward trend in cryptocurrencies, just as it did for Bitcoin. The original deadline for a decision was set for September 26, but the SEC moved it to November 10 to allow for a more thorough examination of the potential impact on market stability.

The SEC has also delayed a decision on the trading of options on the Bitwise Ethereum ETF and the Grayscale Ethereum Trust, decisions that could significantly impact the entire cryptocurrency ETF market. Source 1 / Source 2

Celestia Continues To Grow After $100M Funding

The buzz surrounding the recent funding round for the Celestia (TIA) crypto project has not subsided, with the TIA token price surpassing the $6 level early Tuesday evening, representing a daily gain of over 8%. Over the course of 24 hours, the token ranged from $5.66 to $6.89, posting as much as a 30% increase. Trading volume increased 106% above the $363 million level.

In the last week, TIA has increased by 20%, by 8% over the month, and an incredible 196% over the year. Nevertheless, it is still 70% below its all-time high of $20.91.

The token price was supported by a strong round of funding that raised $155 million in total capital for the project. Celestia raised $100 million in partnership with Bain Capital Crypto earlier this week. Other major investors such as Robot Ventures, Syncracy Capital, 1kx, and Placeholder also joined the funding round. Celestia plans to use the new capital to improve the scalability and performance of its blockchain technology. Source

Caroline Ellison Is Sentenced to 2 Years in Prison

Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison with minimum security on September 24 for her involvement in the collapse of cryptocurrency exchange FTX. Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York also ordered the forfeiture of approximately $11 billion that Ellison raised through FTX. Her jail date is set for November 7 or later.

Ellison originally faced up to 110 years in prison, but Judge Kaplan showed understanding and compassion. He expressed that Ellison was a strong personality, but vulnerable in certain situations, noting that Sam Bankman-Fried, the founder of FTX, took advantage of her weaknesses. During the sentencing, Ellison nervously clasped her hands together, and members of her family present in the courtroom were unable to contain their emotions during the sentencing.

Ellison admitted that she faced harassment from the cryptocurrency community and the media, which led to her being afraid to go public. She cooperated significantly in the prosecution’s case against Sam Bankman-Fried, which led to a recommendation for a lighter sentence. Still, Judge Kaplan ruled that Ellison must spend time in jail.

Ellison’s conviction suggests that other co-defendants in the FTX case, such as Gary Wang and Nishad Singh, will also face jail time. Singh will be sentenced on October 30, while Wang will be sentenced on November 20. Both have pleaded guilty to the charges. Former FTX CEO Ryan Salame was sentenced to seven-and-a-half years in May, while Bankman-Fried himself received up to 25 years. Source

RPC Technology From Google Cloud

Google Cloud has launched a new Blockchain Remote Procedure Call (RPC) service designed to simplify the work of cryptocurrency developers with blockchain data and increase the reliability of decentralized applications (DApps). The service is currently compatible with the Ethereum mainnet and testnet, with plans to support other blockchains over the next year.

RPC (Remote Procedure Call) is a communication protocol that allows one program to request service from another program located on a remote computer or network. In the context of a blockchain, RPC allows decentralized applications to communicate with blockchain nodes and send transaction requests or obtain information about the state of the network.

The new Blockchain RPC service offers a free tier that allows up to 100 requests per second and one million requests per day, with support for the EIP-1474 standard for Ethereum nodes. Google Cloud also highlighted that its RPC service is fully compatible with the Ethereum JSON-RPC standard, meaning developers can integrate this service into their DApps very easily.

However, blockchain networks can experience RPC issues during high network load, which was evident in the case of Ethereum’s ZKsync in June, when large delays occurred due to high activity and issues with RPC providers. Google Cloud earlier this year introduced Web3 Portal, which offers resources for developers, but was met with mixed reviews due to limited support for major blockchain ecosystems such as Bitcoin. Source

Trump Paid Bar Bill via Bitcoin

On 18 September 2024, Donald Trump made a historic Bitcoin payment at New York crypto bar PubKey, becoming the first former U.S. president to publicly use bitcoin for payment. During the campaign, he paid for burgers and beer for the guests present, with the amount exceeding $900. This move sparked a significant response in the cryptocurrency community, which views his transaction as a key moment in the broader adoption of cryptocurrencies.

As part of his campaign, Trump stressed that the cryptocurrency community has been unfairly treated by regulators and promised to ensure fair access to blockchain technology if elected. The move is part of his long-term efforts to win the support of cryptocurrency supporters.

Trump has also stated that his goal is to make the U.S. a global leader in cryptocurrencies and blockchain technology, a move that seeks to differentiate his policy from past administrations that have taken a hesitant approach to cryptocurrencies. The move may significantly impact its popularity among cryptocurrency investors and tech innovators. Source

Invest With Fumbi Today

Harness the potential of cryptocurrencies simply, securely and efficiently. Start investing with Fumbi with amounts starting from €50. The Fumbi Algorithm in the Fumbi Index Portfolio tracks price movements in the cryptocurrency market for you. If you want to build your own crypto portfolios, choose the Advanced Portfolios product, where you will have access to over 80 cryptocurrencies and templates created by our team that focus on different areas within the crypto universe.

Have you come across a term in the text that you don’t understand? Never mind, you can find all the important terms related to cryptocurrencies in one place in our new Fumbi Dictionary.