Bitcoin Breaks $30,000 Amid Institutional Interest [ Crypto Espresso 6.22.23 ]

It's Thursday and it's also National Onion ring day it's also National Kissing day so maybe celebrate the Kissing before the onion rings that's a Free tip from your host Andrew who also Happens to narrate crypto espresso your Teeny tiny daily shot of caffeinated Crypto headlines and let's just go first Up Bitcoin has broken the 30 000 level For the first time since April surging Over 10 percent in the past 24 hours the Rally comes amid renewed interest from Institutional investors and several Traditional Finance players pushing Further into the crypto Market following BlackRock Invesco and Wisdom Tree have Also filed for spot Bitcoin ETFs while Edx markets are crypto exchange backed By Fidelity Charles Schwab and Citadel Launched this week Deutsche Bank also Announced that it had applied for a Digital asset custody license in Germany Despite the recent regulatory Crackdown From the U.S Securities and Exchange Commission and past rejections of spot ETF applications the market is liking The chance says of BlackRock succeeding Given its status and track record with The SEC Bitcoin is up over 80 since Opening at seventeen thousand dollars at The start of 2023 but is still well Below its nice all-time high of 69 000 Which was set back in November of 2021. Wisdom Tree and Invesco have filed

Applications for spot Bitcoin exchange Traded funds or ETFs in the U.S Following blackrock's move on June 15th New york-based asset management firm Wisdom Tree has applied for a third time Requesting that the SEC allows Wisdom Tree to list its Wisdom Tree Bitcoin Trust on the CBOE bzx exchange under the Ticker BTC W the SEC previously rejected Its application in December of 2021 and Again in October of 2022 claiming Concerns over fraud and Market Manipulation meanwhile Invesco has Reactivated its application for its Invesco Galaxy Bitcoin ETF according to The filing the spot Bitcoin ETF will Make use of professional custodians and Other service providers one crucial Distinction in the BlackRock filing is That it intends to enter into a Surveillance sharing agreement with the Chicago Mercantile Exchange futures Markets similarly Wisdom Tree signaled It is open to signing a surveillance Agreement with an operator of a us-based Spot trading platform for Bitcoin Fidelity Investments is also rumored to Be considering its own spot Bitcoin ETF But they've recently announced that they Have nothing to announce Federal Reserve Chair Jerome Powell has said that Payment stable coins in the U.S are a Form of money and that the Central Bank Should play a robust role in their

Regulation Powell's comments at the House of Representatives Financial Services committee's semi-annual hearing Came in response to U.S representative Maxine Waters on a proposed stablecoin Bill from the Republicans which would Create 58 different licenses with Federal regulatory approval over only Two of them Powell responded we do see Payment stable coins as a form of money And we believe that it would be Appropriate to have a quite a robust Federal role in what happens in Stablecoin going forward Powell's Position differs from that of Securities And Exchange Commission chair Gary Gensler who said that stable coins may Require registration and Regulation and That all cryptocurrencies except for Bitcoin are securities it also runs Contrary to cftc chair Rustin Benham who Sees stable coins as Commodities According to a court-appointed examiner The closure of cryptocurrency exchange FTX will be very expensive by any Measure given that professional fees Have already exceeded 200 million Dollars by the end of January lawyers And other professionals had already Accrued close to 35 000 billable hours two percent of the Estate's assets and 10 percent of the Reported cash had already been spent While 46 of the 242 attorneys working on

The case were paid more than two Thousand dollars per hour the largely Unregulated Financial system in which FTX operates and non-existence of even The most basic corporate governance in The Sam bankman free-led crypto exchange Has been cited as a contributing factor To the high costs ftx's new CEO genre III has been attempting to settle the Exchange's Affairs since it collapsed in November and some of his filings hinted An attempt to reboot operations as FTX 2.0 and finally make her Dow the D5 Protocol behind decentralized stablecoin Die has completed the acquisition of an Additional 700 million dollars worth of U.S treasuries bringing the total Stablecoin reserves to 1.2 billion Dollars the decision follows a proposal To increase the debt ceiling for mips 65 From 500 million to 1.25 billion dollars To take advantage of the existing yield Environment this is expected to deliver An annualized yield of 4.5 percent dye Currently has a total value locked or Tvl of 8.4 billion dollars and Short-term treasuries are 14.8 percent Of its existing collateral the Onboarding of a new real-world asset Vault by crypto asset manager block Tower was just approved by the community Which could lead to a potential U.S Treasury purchase of up to 1.28 billion Dollars in the future voting members

Also supported withdrawing through 390 Million dollars in Gemini dollars and 500 million dollars in paxos dollars From the reserve in order to invest in Higher yielding assets and enough talk Of Gemini dollars and paxos dollars try This new currency Andrew bucks which you Can earn by liking this video Subscribing to our YouTube channel and Clicking on that little bell icon to get Buzzed whenever a new crypto espresso Video goes live Andrew bucks are not Redeemable in any way she performed Thoughts on today's episode drop me a Line in that comment section because I Read those comments and they certainly Keep me up at night I don't even know What is going on in my life anymore I'm Just a wreck because of those comments Questions about our headlines or crypto In general take that plunge and ask Alex In the description below Alex is always A great resource for all things web 3 And the metaverse and that about does it For today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow

Coinbase
OUR TAKE

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