On December 18, the SEC announced that it would delay spot Bitcoin ETF decisions until January 23. Meanwhile, Nike is making its entrance into the blockchain world and Metaverse has been hacked.

The Bitcoin ETFs have been delayed by the SEC. Nike has thrown its hat into the Metaverse arena, and a crypto exchange gets hacked. Read more in detail here: bitcoin etfs.

SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18

Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.

 

This Week’s Top Stories

 

In 2022, Russia will choose between a blanket crypto ban and the legalization of exchanges.

According to a recent report, Russia may implement a cryptocurrency prohibition throughout the nation. Alternatively, crypto trading on licensed exchanges might continue to be closely monitored. 

On the one hand, according to Reuters, Russia’s central bank is reportedly behind a prospective effort to declare cryptocurrency illegal in the nation. Anatoly Aksakov, the chairman of the Russian parliament’s Committee on Financial Markets, has publicly said that the sector may continue to function under restrictions that assure higher tax compliance. However, Aksakov would not rule out the prospect of a complete ban.

 

 

As President Biden names commissioners, the US Senate approves the head of the Consumer Financial Protection Bureau.

Following confirmation by the US Senate, the Commodity Futures Trading Commission (CFTC) now has a permanent chairman. Rostin Behnam, who had been serving as interim chairman, was named permanent chairman on Thursday. The CFTC is one of three regulatory authorities in the United States that oversee the crypto business.  

Behnam has already spoken out on the cryptocurrency area, stating that the CFTC should pay more attention to it. “Given the breadth, scope, and scale of this new industry, how it’s interacting and influencing retail consumers, and with the pace of the expansion being so quick, possible future financial stability problems,” he said in October.

The overall composition of the CFTC is also changing. Four CFTC commissioner positions must be filled in the coming months, which is a considerable amount considering that the regulatory organization generally has five commissioners.

 

 

NYDIG obtains $1 billion in investment, bringing its total value to $7 billion.

After successfully raising $1 billion from WestCap and other venture investors, New York Digital Investment Group (NYDIG) is currently valued around $7 billion. NYDIG is a firm committed to offering access to investment possibilities focused on Bitcoin, led by co-founder and CEO Robert “Robby” Gutmann (BTC).

In a public statement announcing NYDIG’s further capital raise, WestCap partner Scott Ganeles commented, “NYDIG performs a unique role in the market, helping enterprises of all sorts to integrate Bitcoin in a safe and legal manner.” “We’re honored to work with Robby and his incredible NYDIG team as they develop new routes to accessibility and drive Bitcoin adoption.”

 

 

Following the purchase of RTFKT, Nike has entered the Metaverse game.

Nike made its Metaverse debut this week with the acquisition of RTFKT, a virtual footwear and collectibles firm. 

Nike has shown a considerable interest in this burgeoning market by pursuing Metaverse-specific patent and trademark registrations for its emblem prior to the transfer. The corporation has advertised a job opening for employees with knowledge in the Metaverse. 

Nike’s CEO and president John Donahoe said, “Our aim is to invest in the RTFKT brand, service and develop their inventive and creative community, and extend Nike’s digital reach and capabilities.”

 

 

The SEC has put off making a judgement on Bitwise and Grayscale’s Bitcoin ETFs.

The Securities and Exchange Commission (SEC) in the United States has agreed to postpone a decision on two physically backed Bitcoin exchange-traded funds (ETFs) until February 2022. The Commission’s ruling was released on Wednesday. 

Bitwise Asset Management and Grayscale submitted the two ETF applications. Grayscale planned to develop a spot offering by repurposing its existing Grayscale Bitcoin Trust product, but Bitwise wanted to launch an altogether new spot Bitcoin ETF.

In 2021, the SEC has rejected numerous Bitcoin spot ETF applications. One such product from WisdomTree was postponed by the Commission in 2021, only to be denied in December.

 

 

SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18Losers and Winners

 

 

SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18

Bitcoin (BTC) is at $46,292, Ether (ETH) is at $3,852, and XRP is at $0.79 at the conclusion of the week. According to CoinMarketCap, the overall market cap is $2.16 trillion. 

The top three altcoin gainers of the week are yearn.finance (YFI) with 52.51 percent, OKB (OKB) with 31.83 percent, and Avalanche (AVAX) with 29.75 percent among the top 100 cryptocurrencies. 

Decred (DCR), Theta Fuel (TFUEL), and BitTorrent (BTT) are the top three cryptocurrency losers this week, with losses of -22.85%, -17.98%, and -17.65%, respectively.

Read Cointelegraph’s market analysis for more information on crypto pricing.

 

 

The Most Memorable Quotes

 

“The most hazardous component of the crypto world is DeFi.” This is where regulation is essentially absent, and it’s here that fraudsters, cheaters, and swindlers mingle with part-time investors and first-time crypto traders, as one would expect. In DeFi, it’s impossible to know whether you’re dealing with a terrorist or not.”

Senator Elizabeth Warren (D-Massachusetts) 

 

“I contend that we are winning [the digital currency] race as a result of the total of free-market activity going place with digital currencies and blockchain-based financial services within the US regulatory perimeter.” The total of these actions promotes wide economic competitiveness and national security objectives of the United States.”

Circle’s head of global policy and chief strategy officer, Dante Disparte

 

“If properly regulated, stablecoins can surely be a valuable, efficient, consumer-serving aspect of the financial system.” They aren’t right now. They have the capacity to grow, especially if they are linked to one of the world’s most powerful tech networks.”

Jerome Powell is the chairman of the Federal Reserve of the United States.

 

“Bitcoin is not a suitable transactional cash alternative.” Despite the fact that it was designed as a joke, Dogecoin is more suitable for transactions. Dogecoin’s overall transaction flow, such as transactions per day, has a far larger potential than Bitcoin.”

Tesla’s CEO, Elon Musk

 

“[Crypto] firms have the cash, and they’ve been making offers that they can’t refuse to extremely senior individuals with just one or two years of crypto expertise.”

Adrianna Huehnergarth, Heidrick & Struggles’ engagement manager

 

“The beauty of crypto is that it allows you to operate from wherever.” Regardless matter where you start a flywheel, there is a communal approach.”

Hivemind Capital Partners’ founder, Matt Zhang 

 

“Cryptocurrencies will never be accepted as a form of payment.”

Governor of the Bank of Thailand, Sethaput Suthiwartnarueput

 

The Week’s Prediction 

 

Here’s why Bitcoin traders are forecasting bumpy markets for the rest of the year.

The price of bitcoin has been on a rollercoaster over the last week. According to Cointelegraph’s BTC price index, the currency has seen values as high as over $51,000 and as low as $46,000. 

According to a forecast by Delphi Digital, Bitcoin’s price may end the year in a pretty flat pattern. The significant rise in stablecoin transactions has prompted the corporation to exercise caution. Current market circumstances are typified by substantially greater than average stablecoin volumes, probably as investors abandon BTC holdings and enter stablecoins, similar to the May 2021 price drop.

According to Delphi Digital, the “most probable route ahead” for BTC in the immediate term is choppy or sideways movement. Any large risk-off event in the wider market, on the other hand, might have a negative influence on the dominant digital currency.

 

 

The Week’s FUD 

 

 

SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18The hacked Twitter account of Indian Prime Minister Narendra Modi is attempting a Bitcoin (BTC) fraud.

On December 12, Indian Prime Minister Narendra Modi’s Twitter account was hacked. Despite the fact that the malevolent party only had access of the account for a brief length of time, they were able to send out a fake tweet from it. 

The hackers claimed that India had adopted Bitcoin as an official currency, which is a significant untruth given the headlines El Salvador made in the months leading up to the country’s formal adoption of Bitcoin as legal cash in September 2021. The hackers added a fiction about India buying hundreds of bitcoins in their tweet, as well as an external link.

Modi’s Twitter account was again hacked in September 2020. 

 

Following the hack of ERC-20, BSC, and Polygon hot wallets, AscendEX loses $80 million.

Hackers recently stole approximately $80 million in digital assets from AscendEX, a cryptocurrency trading site. PeckShield, an analytics firm, estimates that the entire value of stolen crypto assets is $77.7 million. Polygon-based tokens are valued $8.5 million, Binance Smart Chain-based tokens are worth $9.2 million, and Ethereum-based tokens are worth $60 million.

According to a tweet from the crypto platform on Dec. 11, the plunder impacted the site’s hot wallet but not its cold storage balances. Customers that lose money will be compensated by AscendEX, according to the same tweet.

 

Crypto commercials for Coinbase and Kraken have been banned by the UK Advertising Standards Authority.

The Advertising Standards Authority (ASA) of the United Kingdom has criticized Coinbase, Kraken, and numerous other crypto-related firms for various ads. The ASA said that the adverts failed to give viewers with necessary risk warnings and preyed on those who were unfamiliar with cryptocurrency.  

An early Bitcoin investment might have returned a substantial profit if maintained until 2021, according to one Coinbase Europe advertisement. The Advertising Standards Authority (ASA) slammed the commercial, claiming that it made it seem as though the future will be profitable in the same way. The ASA also noted that the advertisement lacked an indication that the future does not guarantee the same benefits as the past.

 

 

Cointelegraph’s Best Features

SEC delays spot Bitcoin ETF decisions, Nike throws its hat into Metaverse arena, and a crypto exchange gets hacked: Hodler’s Digest, Dec. 12-18

NFTs will experience unfettered development thanks to the Metaverse.

NFTs are here to stay, and the introduction of the Metaverse will further increase their attractiveness and utilization.

The Metaverse is not what you think it is, according to a letter to Mark Zuckerberg

“Because the crypto sector, at least in many people’s thoughts, is essentially a threat to central banks, everything that occurs in banking and finance is important to us.”

As Novo takes on NFTs, Daft Punk meets CryptoPunks.

“It felt strange when it came time to take off the mask and board the jet home.”