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FameEX Morning Crypto News Recap | November 29, 2023
2023-11-29 12:24:55
A 'Clear Runway' Emerges for Approving All Bitcoin ETFs in January
Bloomberg ETF analysts James Seyffart and Eric Balchunas had previously estimated a 90% chance of spot Bitcoin ETF approvals by January 10 next year. The recent delays in decisions on Bitcoin ETFs have led them to believe that regulators are aligning applications for potential approval by the January 10, 2024 deadline.
Amazon Debuts 'Q': A Business-Focused Competitor to ChatGPT Amazon has introduced "Amazon Q," an AI-powered chatbot designed for business purposes. This AI assistant is capable of engaging in conversations, solving problems, generating content, providing insights, and connecting with a company's data, code, information repositories, and enterprise systems, according to Amazon Web Services (AWS). Futures Remain the Premier Crypto Market, Even with the Introduction of a Bitcoin Spot ETF Major financial institutions, including Goldman Sachs, Morgan Stanley, and JP Morgan, have been utilizing the CME for cryptocurrency trading through futures contracts for an extended period. Liquidity challenges in the spot market make futures the preferred choice. Despite the absence of a spot ETF, these institutional investors could acquire bitcoin at any time, with liquidity being the primary concern. In Just Two Weeks, Bitcoin Whale Rises to 72nd Place, Accumulating Over 10,000 BTC Amid ETF Excitement In a remarkable move, a Bitcoin whale address has surged from the 492nd position to the 72nd largest Bitcoin holder in just two weeks, accumulating over 10,000 Bitcoin. This significant increase has coincided with speculation about how exchange-traded funds (ETFs) like Blackrock will acquire Bitcoin, with some suggesting direct purchases from miners as a possibility. Research Highlights Bitcoin Mining's Role in Advancing Renewable Energy and Flexible Load Systems A newly released working paper, authored in collaboration by industry experts, delves into the significant role of Bitcoin mining in advancing global renewable energy initiatives and enhancing the stability of electrical grids. The paper explores how mining can serve as a flexible and adaptable tool for managing large-scale demand response in various industries and tapping into untapped energy resources. Additional International Banks Participate in China's CBDC Pilot Trials Four foreign banks have now joined China's central bank digital currency (CBDC) pilot program for the digital yuan, or e-CNY. Standard Chartered was the latest to enter the program, followed by HSBC, Hang Seng Bank, and Taiwanese bank Fubon Bank. These integrations mark a growing interest and participation in China's CBDC pilot trials among international banks. Spanish Residents Must Report Overseas Cryptocurrency Holdings by March 31, 2024 Spanish residents who possess cryptocurrency assets on non-Spanish platforms must report them by March 31, 2024, as part of new regulations regarding the taxation of digital assets. This requirement applies to individuals with crypto asset holdings exceeding the equivalent of 50,000 euros in foreign holdings. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
