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Bitcoin ETF

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<div class="cryptonews">
 <p class="is-style-lead">This week, Poloniex suffered a breach. BlackRock seeks to launch an Ethereum (ETH) ETF as it awaits a decision on the Bitcoin (BTC) application. BTC targeted $38,000 amid a sustained rally. Meanwhile, regulators reply to Binance.</p>
 <h2 class="wp-block-heading" id="poloniex-hacked-for-100m">Poloniex hacked for $100m</h2>
 <ul>
  <li>Poloniex faced a security hiccup on Nov. 10, as its hot wallet experienced an unauthorized outflow, resulting in a loss exceeding $33 million, according to earlier reports.</li>
  <li>Justin Sun, the current majority shareholder of Poloniex, affirmed that the exchange remains financially stable and pledged full reimbursement for the assets.</li>
  <li>The initially estimated $33 million loss skyrocketed to over $120 million across several networks, including Ethereum and Bitcoin, as flagged by blockchain security firm PeckShield.</li>
  <li>Sun generously offered the hackers a 5% bounty if they returned a substantial portion of the funds within seven days, emphasizing a peaceful resolution.</li>
  <li>He provided three wallet addresses for potential reimbursement and assured an ongoing internal investigation and a commitment to compensate affected users, citing Poloniex’s “healthy financial position.”</li>
 </ul>
 <h2 class="wp-block-heading" id="sustained-etf-hype">Sustained ETF hype</h2>
 <ul>
  <li>As the hype surrounding a Bitcoin spot ETF spilled into this week, Bitcoin continued to soar, hitting $36,780 as reports suggested that the SEC had entered a window to review spot Bitcoin ETF applications.</li>
  <li>Interestingly, prominent ETF analysts anticipate potential approvals before Jan. 10, 2024, with a chance of the SEC making decisions earlier than expected.</li>
  <li>Asset manager ARK Invest partnered with 21Shares to introduce a suite featuring exposure to Bitcoin and Ethereum futures contracts.</li>
  <li>Notably, information from the 21Shares website suggested that five products resulting from this collaboration would start trading next week on the Chicago Board Options Exchange.</li>
  <li>21Shares clarified the suite does not support direct investment in spot BTC, advising those seeking BTC exposure to seek out other investment products.</li>
  <li>Meanwhile, this week, BlackRock showed interest in entering the Ethereum market, as it discreetly registered an Ethereum-based ETF dubbed the iShares ETH Trust in Delaware. This represented the first step into filing for the product.</li>
 </ul>
 <h2 class="wp-block-heading" id="bitcoin-targets-38-000">Bitcoin targets $38,000</h2>
 <ul>
  <li>Bitcoin maintained its bullish momentum this week, making efforts at hitting new highs. Amid the sustained uptrend, BTC reclaimed $36,000 on Nov. 8 for the first time since May 2022.&nbsp;</li>
  <li>The asset faced immense opposition at the $36,000 territory, but this resistance was not enough to trigger a major setback. On Nov. 9, Bitcoin eventually hit another yearly peak of $37,927, in an attempt to recover $38,000.</li>
  <li>This attempt was foiled by the bears, with Bitcoin eventually closing Nov. 9 at $36,701. In an ensuing recovery campaign, BTC recaptured $37,000 and has retained a price above the price point, with hopes of aiming for $38,000 again.</li>
 </ul>
 <h2 class="wp-block-heading" id="sec-opposes-binance-s-motion-to-dismiss">SEC opposes Binance’s motion to dismiss</h2>
 <ul>
  <li>This week, the U.S. SEC took the spotlight again, making headlines for its decision to oppose Binance’s motion to dismiss the regulator’s lawsuit. Recall that Binance previously filed a motion to dismiss the charges.</li>
  <li>Former SEC official John Reed Stark disclosed the SEC’s opposing response, which cited remarks from a former Binance Chief Compliance Officer, in which he claimed that the company was operating an unregistered securities exchange in the U.S.</li>
  <li>As it opposed the motion, the SEC deemed the company’s arguments as nothing short of “absurd.” In a rather direct response, the Commission reaffirmed its stance that the majority of crypto assets fall within the realm of securities.</li>
  <li>Meanwhile, Ripple CEO, Brad Garlinghouse, declared intent to take the XRP case to the Supreme Court if necessary. Garlinghouse revealed the SEC’s proposition of an out-of-court settlement, interpreting it as a sign of Ripple’s advantage in the ongoing legal dispute.</li>
 </ul>
 <h2 class="wp-block-heading" id="aftermath-of-bankman-fried-s-trial">Aftermath of Bankman-Fried’s trial</h2>
 <ul>
  <li>The recent conviction of Bankman-Fried marked a turning point, triggering calls from FTX investors for action against celebrity endorsers.</li>
  <li>A class-action lawsuit initiated in 2022, initially targeting Bankman-Fried’s associates, now extends its reach to encompass celebrities and professional service firms. The guilty verdict prompted social media posts holding key figures accountable for their role in the event.</li>
  <li>Meanwhile, FTX initiated legal proceedings this week, filing a lawsuit against Bybit in Delaware to recover a substantial $953 million in assets.</li>
  <li>Consultants representing the defunct FTX crypto exchange alleged that Bybit moved the assets just before FTX declared Chapter 11 bankruptcy in November 2022.</li>
  <li>As the issues surrounding FTX continued to unfold, Solana experienced a remarkable surge amid the crypto market’s recent bullish phase.</li>
  <li>Despite a noteworthy $160 million SOL unstaking from FTX-associated wallets, Solana managed to maintain its robust performance, recently breaching the $20 billion market cap threshold.</li>
 </ul>
 <h2 class="wp-block-heading" id="raft-halts-stablecoin-minting">Raft halts stablecoin minting</h2>
 <ul>
  <li>The defi platform Raft has temporarily suspended the minting of its R stablecoin due to a security vulnerability that resulted in a substantial loss.</li>
  <li>The company is currently investigating the incident and has promised to keep its users updated.</li>
  <li>Existing users, however, can continue with loan repayments and collateral retrieval.</li>
 </ul>
 <h2 class="wp-block-heading" id="price-action">Price Action</h2>
 <ul>
  <li>Solana (SOL) has made significant strides, rising by over 175% in the last 30 days.</li>
  <li>THORChain (RUNE) reached a year-high of $4.65 on Saturday; the price was 15.1% higher than it was 24 hours prior.</li>
  <li>Crypto lender Celsius Network continues to face legal upheavals as it embarks on a new journey post-bankruptcy, but its native CEL token has seen a 40% increase in the past seven days.</li>
 </ul>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/poloniex-loses-100m-in-hack-blackrock-looks-at-eth-amid-etf-hype-btc-targets-38k-sec-replies-to-binance-weekly-recap-tbt70009.html">https://thebittimes.com/poloniex-loses-100m-in-hack-blackrock-looks-at-eth-amid-etf-hype-btc-targets-38k-sec-replies-to-binance-weekly-recap-tbt70009.html</a></p>

Poloniex loses $100m in hack, BlackRock looks at ETH amid ETF hype, BTC targets $38K, SEC replies to Binance | Weekly Recap

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