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<p>#Bitcoin just hit a high not seen since April 2022, riding the wave of excitement over finally approved US spot ETFs. But hold on, before we celebrate prematurely, there&#39;s another story unfolding. The price took a dip after the initial surge, suggesting a &#34;sell-the-news&#34; scenario familiar to seasoned investors.</p><p>But why the mixed signals? Well, the rally leading up to the ETF approval was explosive, leaving some expecting fireworks that never materialized. Regardless, a multinational bank is already singing Bitcoin&#39;s praises, predicting a potential near-$200,000 price tag by next year. Their optimism hinges on continued ETF success and, potentially, a massive $50 to $100 billion cash injection into the $BTC ecosystem.</p><p>Intrigued? Dive deeper into the week&#39;s hottest crypto stories below – there&#39;s more to unfold than you might think!</p><p>For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to <a href="https://melega.finance/" rel="noopener noreferrer nofollow">visit our website</a> and follow Melega Finance (<a href="https://twitter.com/melegadex" rel="noopener noreferrer nofollow">&#64;melegadex</a>) on Twitter for more on all things cryptocurrency.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP (JANUARY 7–JANUARY 13, 2024)</h2><p>●  US Approves First Spot Bitcoin ETF: Experts Predict Market Impact and Retail Adoption Surge</p><p>●  SEC&#39;s Lack of 2FA Leads to Fake Bitcoin ETF Approval in Twitter Hack</p><p>●  Circle Internet Financial Files Confidentially for U.S. IPO, Aims to Go Public</p><p>●  Former FTX CEO Sam Bankman-Fried Retains New Legal Team Ahead of Sentencing on Seven Criminal Charges</p><p>●  Ethereum Co-founder Vitalik Buterin Advocates 33% Gas Limit Increase for Improved Network Throughput</p><p>●  SEC Seeks Court Order for Ripple&#39;s Financial Statements Amid Ongoing Legal Battle</p><h3 id="us-approves-first-spot-bitcoin-etf-experts-predict-market-impact-and-retail-adoption-surge">US Approves First Spot Bitcoin ETF: Experts Predict Market Impact and Retail Adoption Surge</h3><p>The U.S. Securities and Exchange Commission (SEC) <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-99306.pdf" rel="noopener noreferrer nofollow">officially approved</a> the first regulated spot Bitcoin exchange-traded fund (ETF). This move is expected to make Bitcoin more accessible to retail investors, with 11 Bitcoin ETFs, including those from Grayscale, BlackRock, and Fidelity, gaining approval. Experts predict significant inflows, with Valkyrie anticipating $400 million in assets within weeks.</p><p>The approval could pave the way for a spot Ethereum ETF. While some experts believe institutions may be cautious due to associated fees, others foresee increased institutional participation, potentially boosting market liquidity. Challenges include counterparty risks and potential market price dislocations. Newly launched <a href="https://x.com/EricBalchunas/status/1746145426229669972?s&#61;20" rel="noopener noreferrer nofollow">Bitcoin ETFs saw $1.4 billion in inflows</a> in the first two trading sessions, aligning with earlier predictions.</p><h3 id="sec-39-s-lack-of-2fa-leads-to-fake-bitcoin-etf-approval-in-twitter-hack">SEC&#39;s Lack of 2FA Leads to Fake Bitcoin ETF Approval in Twitter Hack</h3><p>The United States Securities and Exchange Commission (SEC) faced embarrassment as the X safety team revealed that the SEC&#39;s official Twitter account lacked two-factor authentication (2FA), leading to a SIM swap attack.</p><p>A hacker gained control of the SEC&#39;s account and falsely announced the approval of a spot Bitcoin ETF. Senators and members of Congress are <a href="https://www.documentcloud.org/documents/24358237-sec-social-media-hack-letter-to-oig" rel="noopener noreferrer nofollow">now demanding</a> investigations into the SEC&#39;s cybersecurity practices, criticizing its failure to follow protocols and potentially compromising market stability.</p><h3 id="circle-internet-financial-files-confidentially-for-u-s-ipo-aims-to-go-public">Circle Internet Financial Files Confidentially for U.S. IPO, Aims to Go Public</h3><p>Circle Internet Financial, the issuer of the <a href="https://coinmarketcap.com/currencies/usd-coin/" rel="noopener noreferrer nofollow">USD Coin (USDC)</a>, the second-largest stablecoin, has confidentially filed for a U.S. initial public offering (IPO). The move is part of the company&#39;s strategy to become publicly traded.</p><p><a href="https://www.reuters.com/markets/deals/stablecoin-firm-circle-confidentially-files-us-ipo-2024-01-11/" rel="noopener noreferrer nofollow">According </a>to Reuters, Circle did not disclose the number of shares or the proposed price range. The IPO is contingent on SEC approval and market conditions. Circle had initially planned to go public in 2022 but abandoned the deal, citing timing issues. USDC is the seventh-largest cryptocurrency globally, with a market capitalization of $25 billion.</p><h3 id="former-ftx-ceo-sam-bankman-fried-retains-new-legal-team-ahead-of-sentencing-on-seven-criminal-charges">Former FTX CEO Sam Bankman-Fried Retains New Legal Team Ahead of Sentencing on Seven Criminal Charges</h3><p>In a <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.590940/gov.uscourts.nysd.590940.392.0.pdf" rel="noopener noreferrer nofollow">filing</a> on Jan. 9, Torrey Young and Marc Mukasey of Mukasey Young LLP revealed their representation of Sam Bankman-Fried, the former FTX CEO, ahead of his sentencing for wire fraud, securities fraud, and other charges.</p><p>Bankman-Fried&#39;s conviction in November 2023 is now followed by a change in legal counsel, possibly signaling an appeal. His sentencing is scheduled for March 28, 2024, amidst uncertainties surrounding the reasons for the shift in legal representation.</p><h3 id="ethereum-co-founder-vitalik-buterin-advocates-33-gas-limit-increase-for-improved-network-throughput">Ethereum Co-founder Vitalik Buterin Advocates 33% Gas Limit Increase for Improved Network Throughput</h3><p>In a recent Reddit AMA, Ethereum co-founder Vitalik Buterin <a href="https://www.reddit.com/r/ethereum/comments/191kke6/comment/kh7ekx3/" rel="noopener noreferrer nofollow">proposed </a>a &#34;modest&#34; 33% increase in the gas limit to around 40 million. Noting the absence of a gas limit increase in nearly three years, Buterin believes the adjustment would enhance network throughput.</p><p>The gas limit determines the maximum gas for executing transactions on Ethereum. While increasing the limit theoretically boosts network capacity, it also raises concerns about hardware load and potential network spam. The proposal aims to adapt to growing transaction demands and improve overall network performance.</p><h3 id="sec-seeks-court-order-for-ripple-39-s-financial-statements-amid-ongoing-legal-battle">SEC Seeks Court Order for Ripple&#39;s Financial Statements Amid Ongoing Legal Battle</h3><p>The U.S. Securities and Exchange Commission (SEC) has <a href="https://storage.courtlistener.com/recap/gov.uscourts.nysd.551082/gov.uscourts.nysd.551082.925.0.pdf" rel="noopener noreferrer nofollow">filed </a>a motion urging a federal court to compel Ripple to produce financial documents related to its enforcement action. The request specifically targets Ripple&#39;s financial statements from 2022 to 2023 and contracts governing &#39;Institutional Sales,&#39; following a judge&#39;s ruling in July that categorized XRP as a security only when sold to institutional investors.</p><p>The SEC aims to use this information to determine appropriate remedies, such as injunctions and civil penalties, after finding Ripple liable for violating securities regulations. Ripple has requested additional time to respond.</p><h3 id="">•••</h3><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p>Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high-interest rates and low charges.</p><p>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Website:<a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow"> https://melegaswap.finance</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter: <a href="https://twitter.com/melegadex" rel="noopener noreferrer nofollow">https://twitter.com/melegadex</a></p><p>Binance Feed Page: <a href="https://www.binance.com/en/feed/profile/212703589" rel="noopener noreferrer nofollow">https://www.binance.com/en/feed/profile/212703589</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p>

Crypto Weekly Recap: Bitcoin ETFs Approved; Circle to Go Public; Vitalik Advocates New Gas Limit; and More (January 7–13, 2024)

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