From Bitcoin's open interest spiking to Lugano embracing crypto, here is a 2-minute breakdown of everything important that happened in crypto today.
After a brutal crypto winter, Bitcoin is finally on the move. Just yesterday, BTC briefly broke above $44k before settling back around $43k. With many predictions circling $45k Bitcoin before year's end, perhaps this rally has legs after all.
But enough price talk for now. CoinMarketCap is here to catch you up on the latest need-to-know crypto developments. In this issue:
- Bitcoin futures open interest on CME skyrockets 👀
- Elon's xAI scores $800M from undisclosed investors 🤖
- Grayscale Ethereum ETF delayed to 2024 🙄
- No more NFTs and memecoins on Bitcoin? 🫣
- Italy and South Korea team up on CBDCs 🤝
- Pay taxes and fees in Bitcoin in Lugano, Switzerland 🇨🇭
Now let's dive deeper into each story...
Bitcoin Open Interest Hits ATH 👀
Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) has skyrocketed to near-record highs, indicating renewed institutional hype. Or institutional FOMO?
This bullish activity coincides with Bitcoin’s recent pump back above $43k. What exactly is fueling this upswing in demand?
But one thing remains certain as sunrise – in crypto, uncertainty itself may be the only sure bet. Where many were waiting for Bitcoin to fill the CME gaps, it pumped straight up from $26k to $43k in two months. Feels like Matrixport’s $45k Bitcoin price prediction is coming true!
But again, what’s the catalyst for this surge? Is this rally going to last? Read more!
Elon’s xAI Scores $800M 🤖
Elon Musk’s AI startup xAI has banked $800M from undisclosed investors, according to the SEC filing. For a product no one’s used yet. The AI hype is real!
Their much-hyped chatbot Grok promises to absorb all of Twitter's (or X’s) infinite wisdom in real-time. But aside from this, Musk has revealed little else about xAI's specific activities.
Yet the information seems sufficient to open billionaire pockets. Investors likely see potential in xAI's broad mission to attain comprehensive mastery of existence itself - an absurdly ambitious goal, but Musk has never lacked scope.
This news gave GROK coin (a memecoin not officially linked to xAI) a boost in price because…crypto? Read more!
Grayscale Ether ETF Delayed 🙄
In yet another SEC special, Grayscale's Ethereum ETF dreams got pushed back to 2024.
The SEC's eternal heel-dragging might suggest a lack of crypto clarity. But the opacity more likely reflects apprehension about ringing a bell they can't unring. Approval opens floodgates not easily closed.
Of course, Wall Street's patience has limits. How long can the SEC bottleneck market interest?
Giants like BlackRock and Ark Invest wait eagerly in the ETF wings having filed their own crypto product plans.
So mounting pressure builds against the SEC while other nations streamline paths to approval.
Here are more details on the *final* deadlines for spot ETFs!
No More Ordinal NFTs! 🫣
A developer claimed an upcoming bug fix to Bitcoin Core may stop new Bitcoin NFTs and memecoins, which have congested the network. These tokens exploit a technical vulnerability to bypass data limits, he explained.
These tokens were classified by some devs as parasitic to Bitcoin's infrastructure. And the core bug enabling their existence now faces patching. So Bitcoin ordinals and related BRC-20 tokens face fresh headwinds.
Lately, a resurgence of activity with these tokens has driven up Bitcoin fees over Ethereum's - averaging around $19 recently.
If this goes through, it will probably halt new BRC-20 tokens and Bitcoin NFTs… So Ethereum wins? Read more!
And that brings us to our Word of the Day!
It’s ‘BRC-20’!
BRC-20 tokens are tokens created to be traded on the Bitcoin blockchain. They follow the concept of ERC-20 tokens on Ethereum.
These tokens made it easy for anyone to launch new coins or memecoins on Bitcoin. This led to a surge of new BRC-20 tokens in recent months.
However, BRC-20 tokens have also caused some problems - like congestion, high fees, and security issues on the Bitcoin network.
Now, an upcoming upgrade aims to fix some technical bugs. But it may also "halt" the production of BRC-20 tokens in the process.
So while BRC-20 tokens showed Bitcoin's potential for supporting varying tokens, their future is uncertain. If the technical fix goes through, the issuance of new BRC-20 tokens will halt.
But why do we even need BRC-20 if we already have ERC-20? Read more!
Now back to our daily stories!
Teaming Up on CBDCs 🤝
Italy and South Korea are now BFFs when it comes to researching central bank digital currencies (CBDCs). The two central banks signed a memorandum of understanding to share notes on realizing their CBDC dreams.
Each country is going down its own path so it’ll be interesting to see what they learn from each other.
Opposition remains strong among certain critics like EU parliament members and American podcast personalities. The anti-CBDC crowd sees CBDCs as a privacy threat more than efficiency unlock.
But governments love visibility and control. So global CBDC momentum seems inevitable regardless of protests.
How these two countries can benefit each other? Read more!
Pay Public Fees in Bitcoin🇨🇭
Lugano, Switzerland is letting residents pay taxes and city fees in Bitcoin and Tether, making it among the most crypto-friendly cities around.
Supporters applaud the forward-thinking adoption. Critics dismiss it as a gimmicky PR stunt. But PR works, so more Swiss municipalities may follow.
The larger question becomes whether more global governments recognize crypto's staying power and find ways to integrate rather than fight it. If so, Lugano's BTC tax play could become standard fare worldwide. Read more!
That wraps up the latest developments. Where the market goes next is anyone's guess. We'll be back tomorrow with the newest updates. Until then, readers!
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