PA Daily | BTC price breaks through $45,000, the SEC is unlikely to approve the SpotBitcoin ETF early this week

Today’s News Tips:

Supreme People’s Procuratorate: Pay attention to the new risks of financial violations and crimes committed in the name of investment such as Vitual Money and digital collections

Fox reporter: US SEC is unlikely to approve SpotBitcoin ETF early this week

Fidelity downgraded the valuation of Company X again, shrinking 71% from when Musk bought it

UniSat: will follow the protocol of the Ordinals Jubilee upgrade without splitting into siloed, White Paper to be released at the end of January

Starknet Roadmap: Voting will open on January 10 to deploy v0.13.0 update on Mainnet

Scroll Releases 2024 Roadmap: Plans to Drop Cross-Chain Interaction Costs by 50% and Compatible with EIP 1559 Transaction Type

BTC price breaks through $45,000, up 6.02% in 24 hours

Bullish Bitcoin’s Perptual Futures Funding Rate Reaches 66% Annualized, Record High

Regulatory News

Supreme People’s Procuratorate: Pay attention to the new risks of committing financial violations and crimes in the name of investment such as Vitual Money and digital collections

The Supreme People’s Procuratorate issued the “Opinions on Giving Full Play to the Role of Procuratorial Functions and Serving and Ensuring the High-quality Development Vitual Money of Finance in Accordance with the Law”, which pointed out that crimes that seriously endanger financial security should be severely punished in accordance with the law, and continue to increase the punishment of illegal fundraising crimes involving counterfeit private placements, fake gold exchanges, pensions, private equity funds, Vitual Money, pre-sale cards, etc.; Digital collections and other investment in the name of financial violations and crimes, take the initiative to research and formulate a response plan with relevant departments.

Fox: It is unlikely that the SEC will approve the SpotBitcoin ETF early this week

Fox reporter Eleanor Terrett posted on the X platform that while the behavior of the US SEC (SEC) is unpredictable, it is unlikely that the SpotBitcoin ETF will be approved the next day. From conversations with issuers, it is understood that the SEC still needs to review and comment on all changes to the Form S-1 filed last Thursday/Friday. If the SEC follows a similar approval schedule to October ETH futures, the agency will communicate with the issuer after this round of review the date they want to file a final Form S-1 and make it effective within 24-48 hours thereafter. SEC staff have been on vacation since last Friday, so it seems that time is running out if they want to approve it on Tuesday or Wednesday. Earlier in the news, BlackRock sources said that the US SEC (SEC) may not approve the BitcoinSpot ETF until the end of this week.

Grayscale GBTC submits a written prospectus to the SEC

Grayscale Bitcoin Trust (GBTC) has filed a written prospectus and registration statement with the SEC of America (SEC) pursuant to Section 163/433 of the U.S. Securities Act.

James Seyffart, an analyst at Bloomberg ETF, tweeted that the revised S-3 form is the third revision to convert GBTC into a Bitcoin ETF. Prima facie, there are not many specific details here, and it seems that only a few attachments related to the trust’s third-party relationship have been added.

Project News

Fidelity downgraded the valuation of Company X again, shrinking 71% from when Musk bought it

According to Axios, Fidelity lowered the valuation of Company X (formerly Twitter) again on Monday, and its value has shrunk by 71% compared to when Musk acquired it at the end of 2022. This is the second time Fidelity has downgraded X’s valuation in 2023. Musk bought Twitter for $44 billion last October. Fidelity was part of the investment group that helped Musk buy Twitter, a deal that included $33.5 billion in equity and the rest was completed through debt financing.

Liang Xiangrong purchased a 6.5% stake in BC Technology for nearly 249 million yuan, becoming the third largest shareholder

According to Ming Pao, BC Technology (0863), which recently operates a virtual asset platform OSL, was bought 6.5% of the shares by new investor Liang Xiangrong for nearly 249 million yuan, becoming the third largest shareholder. At present, BC Technology is owned by East Harvest, led by OSL’s senior management Ko Chun Shun, and another shareholder, Pandanus Associates, which holds 42.77% and 10% of the shares, respectively. With the appearance of Liang Xiangrong, his shareholding level surpassed that of Fidelity Fund, becoming the third largest shareholder for the first time.

UniSat: will follow the protocol of the Ordinals Jubilee upgrade without splitting into siloed ones, and the white paper will be released at the end of January

Bitcoin inscription Wallet UniSat Wallet said on platform X that UniSat will follow the Ordinals Jubilee upgrade to confirm that brc-20 is still on Ordinals and will not split into one isolated protocol. In addition, the UniSat White Paper will be released on January 31, 2024.

Starknet Roadmap: On January 10th, the v0.13.0 update will be deployed on the Mainnet

Starknet officially updated its 2024 roadmap to drop transaction fees on the v0.13.0 testnet in Q1 and will launch a new transaction type, v3 transactions, where users can pay transaction fees with STRK. At the same time, Starknet will open community voting on January 10 to deploy the above updates on the Mainnet.

In addition, Starknet plans to upgrade with EIP-4844 to dropEthereum Layer 1 data availability costs, and plans to introduce a Transaction Fee marketplace in v0.14.0 to speed up transactions.

Legal experts: FTX’s Rekt case may take years to resolve

According to The Block, Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, said in an interview that the FTX Rekt case will drag on longer than other Crypto AssetsRekt cases such as Celsius and BlockFi, and could take years to resolve. That’s because FTX is filing multiple recovery claims or recusal lawsuits in an attempt to recover the money it paid in the weeks and months leading up to Rekt. Rosenberg said that given that some of these deals are very large and a lot of the money is transferred to large organizations that are very well positioned to defend themselves, it is likely that resolving these things will last a long time. Rosenberg added that such claims are usually settled out of court and do not go to trial, as settlement costs are usually lower. However, it will also take time to negotiate a solution. In addition, one of the key issues in such litigation is how to calculate the time value of Crypto Assets, and there is currently no clear case law on how Crypto Assets are valued in recusal litigation.

Scroll released its 2024 roadmap to drop cross-chain interaction costs by 50% and be compatible with EIP 1559 transaction types

Sandy Peng, co-founder of Scroll, a Ethereum layer 2 network based on ZK Rollup, tweeted that according to Scroll’s 2024 roadmap, it is planned to drop Cross-Chain Interaction costs by 50%, be compatible with EIP 1559 transaction types and SHA256 precompilation, add multiple validators, add proofs of Decentralization, and parallel EVM. In addition, Scroll will be rolling out a number of fair start projects this month.

IMPORTANT FIGURES

SEI briefly broke through $0.75 in the early morning and is currently up more than 25% in 24 hours

According to the market, the price of SEIToken briefly broke through $0.75 in the early morning and continued to hit a record high. The price has now fallen back to $0.7135, a 24-hour gain of 25.40%.

BTC price broke through $45,000, up 6.02% in 24 hours

The market shows that the price of BTC broke through $45,000 and is now trading at $45,044.09, up 6.02% in 24 hours.

In the past 12 hours, the entire network contract got liquidated 102 million US dollars, of which 86.7213 million US dollars were got liquidated by short orders

Coinglass data shows that in the past 12 hours Crypto Assets the market’s entire contract Get Liquidated $102 million, of which $15.117 million Get Liquidated long orders and $86.7213 million Get Liquidated short orders. The total amount of BTCGet Liquidated is about 51.2641 million US dollars, and the total amount of ETHGet Liquidated is 13.1526 million US dollars.

Bitcoin futures at the end of 2024 have risen to $51,660, a premium of 13.7%

Deribit data shows that Bitcoin’s end-2024 futures price has risen to $51,660, a 13.7% premium from the current one. It should be noted that the price was still at the $47,000 level at the end of last week.

ASTR broke through $0.17, up more than 27% in 24 hours

According to the market, the ASTRToken broke through $0.17 and touched as high as $0.1744. It is now trading at $0.1716, up 10.85% in 1 hour and 27.39% in 24 hours.

Non-fungible Token sales for the full year of 2023 totaled $8.7 billion, a decrease of 63.35% from last year

According to Bitcoin.com, despite the rise demand at the end of the year, full-year sales in 2023 Non-fungible Token reached $8.7 billion, a decrease of 63.35% from last year’s $23.74 billion and the lowest level since $3.75 billion in 2019. However, the number of Non-fungible Token transactions soared to 90,607,554 in 2023, surpassing the 54,857,850 in 2022.

Cryptoslam data shows that the number of Non-fungible Token sellers and buyers in 2023 will be 4.16 million and the number of buyers will be 4.97 million. Overall, Bitcoin on-chain Non-fungible Token sales have climbed to fourth place for the year, with total sales of $1.83 billion. Ethereum’s full-year Non-fungible Token sales continued to lead the way with $42.12 billion, followed by Solana ($4.62 billion) and Ronin ($4.25 billion). Despite the late-stage surge in BTC-related Non-fungible Tokens, the Axie Infinity series retains its best-selling status.

According to the report analysis, although the overall sales of Non-fungible Tokens have dropped significantly, the increase and diversification of activity on platforms and collections highlights the resilience and continuous development of the industry. The changing demographics of buyers and sellers, coupled with the rise of Bitcoin-centric Non-fungible Tokens, suggest that the market is far from standstill. While Ethereum continues to lead the way, the emergence of new contenders marks an ever-expanding horizon for the Non-fungible Token ecosystem.

Earlier today, the Non-fungible Token trading volume increased to $1.75 billion in December, with the Bitcoin chain accounting for 50% ranking first, and the Solana chain surpassing the Ethereum chain ranking second.

The total amount raised in the crypto market in December 2023 was $909 million, down 25.6% month-on-month

According to RootData, the total amount raised in the crypto market in December 2023 was $909 million, down 6.5% from $973 million in December 2022 and down 25.6% from $1.222 billion in November 2023. In addition, the number of financings in December 2023 was 98, a year-on-year increase of 5.3%.

The Perptual Futures funding rate for bullish Bitcoin reached an all-time high of 66% annualized

According to CoinDesk, the cost of holding a long Bitcoin position or leveraged long bet reached an all-time high early Monday as the price of Bitcoin topped $45,000 for the first time since April 2022. Data tracked by Matrixport shows that the global average Perptual Futures funding rate reached a record 66% annualized rate during the Asian trading session. The continued rise in the funding rate indicates that the market remains bullish and traders are optimistic about the upcoming approval of Bitcoin ETFs. However, high funding rates can become a burden on long positions when the market stops rising, leading to the release of long bets and price corrections. The Bitcoin is currently trading above $45,000 and is up more than 56% in the final quarter of 2023 amid speculation that U.S. SEC may approve one or more Spot-based BTC exchange-traded funds (ETFs), a decision that could be announced as soon as next Tuesday, according to Reuters.

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