In the ever-vibrant world of cryptocurrency, the resurgence of bitcoin is capturing the attention of market analysts and enthusiasts alike. After a tumultuous period, the digital currency has bounced back, experiencing a remarkable 60% surge in just a month and a half, bringing it back into the limelight.
Let’s delve into the significant developments of the week, spanning from the crypto-friendly city of Lugano to the latest ETF updates and the intriguing dynamics of the cryptocurrency market.
Lugano: Embracing Cryptos as a Way of Life
The Swiss city of Lugano has reaffirmed its commitment to the crypto revolution by introducing a groundbreaking initiative. Municipal bills can now be paid in bitcoin (BTC) and USDT, marking a collaborative effort with Tether under Lugano’s Plan B.
Enabled through QR code scanning from crypto wallets, this move, supported by Bitcoin Suisse, complements Lugano’s existing crypto-friendly endeavors, such as the acceptance of cryptocurrencies in 400 local points of sale via the MyLugano Web3 application.
Brazil’s Banking Giant Dips into Cryptocurrency Trading
Itaú Unibanco, Brazil’s largest bank, is embracing cryptocurrency trading services for its customers. Bitcoin (BTC) and ether (ETH) are the first in line, with plans to expand the offering to include other cryptocurrencies in the future.
Distinguishing itself, the bank will act as a custodian of crypto-assets on behalf of its clients, navigating the uncharted waters of Brazil’s evolving regulatory framework for cryptocurrencies amidst a broader trend of “dedollarization.”
Societe Generale’s Green Bond on the Ethereum Blockchain
Societe Generale has pioneered a digital green bond issuance on the Ethereum blockchain through its SG Forge branch. Valued at 10 million euros and with a 3-year maturity, the bond has garnered subscriptions from AXA Investment Managers and Generali Investments.
This move, emphasizing transparency and adherence to ESG criteria, showcases Societe Generale’s commitment to bridging blockchain technology with traditional finance.
Bitcoin ETF on the Horizon: BlackRock and Bitwise Updates
BlackRock and Bitwise have taken significant steps towards the approval of Bitcoin Spot ETFs by updating their applications to the U.S. Securities and Exchange Commission (SEC).
A report from PricewaterhouseCoopers (PwC) on anti-money laundering measures for BlackRock adds to the dialogue with the SEC, with predictions suggesting approval before January 10, 2024. Simultaneously, BlackRock has filed for a spot Ethereum ETF, although the SEC remains cautious in its approach, postponing decisions on other spot Bitcoin ETF applications.
Cryptic Analysis of the Week: Bitcoin’s Roller Coaster Journey
Reflecting on the tumultuous events of the past two years in the cryptocurrency market, a remarkable turnaround has occurred in 2023. From the FTX scandal’s dark shadows to the recent surge, Bitcoin has witnessed a 160% increase, reaching over $43,000.
The broader cryptocurrency market echoes this resurgence, reminiscent of the pre-2022 era, characterized by FOMO and YOLO sentiments. Meanwhile, BTC miners are leveraging the price surge, strategically selling their holdings to bolster liquidity reserves.
As we navigate these dynamic developments, the cryptocurrency landscape continues to evolve, bringing both challenges and opportunities for investors and enthusiasts alike. Stay tuned for more updates in the fascinating world of digital assets.
Bitcoin (BTC)‘s recent aggressive rebound has dealt a devastating blow to short sellers of crypto stocks, resulting in losses exceeding $2.6 billion in less than three months, according to financial data firm S3 Partners.
The rally began on September 11, when Bitcoin hit a three-month low of $25,152, and since then, the coin has surged by an impressive 75% to its current price of $43,975. This unexpected rise has caught short sellers off guard. -coinmarketcap
