In recent news, the “Great Accumulation” of Bitcoin has begun, with renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) sparking the race. Several investment giants, including Fidelity, Invesco, WisdomTree, and Valkyrie, have applied for a Bitcoin spot ETF with the United States Securities Exchange Commission, which may have contributed to Bitcoin’s recent price surge.
However, in less positive news, Binance.US has only temporarily resolved U.S. dollar withdrawal issues after working with its banking partners. Once the resolution expires, customers with remaining USD balances may have their funds converted into Tether at a future date, which has sparked concerns among some.
The UK government is currently moving forward with the Financial Services and Markets Bill, which could potentially support crypto adoption in the country. This move could grant authority on digital asset regulation following Brexit. The bill has already undergone readings in the House of Lords and is in the final stages of passage.
In an interesting development, the U.S. Federal Reserve Board views payment stablecoins as a form of money, according to Chair Jerome Powell. This position contrasts with SEC chairman Gary Gensler, who last year stated that stablecoins may require registration and regulation with the SEC.
The recent Atomic Wallet hack has also raised concerns, with users demanding more answers despite the company releasing an “event statement.” Atomic hasn’t been specific about the cause of the exploit, only laying out four probable reasons. Although the company claims less than 0.1% of users were affected, many have challenged this figure.
These varying developments in the world of cryptocurrency have led to mixed reactions among enthusiasts and industry experts. While Bitcoin’s Great Accumulation indicates a potential bright future for the leading cryptocurrency, unresolved issues with the likes of Binance.US, and the debate around stablecoin oversight are just some of the hurdles that the market still has to overcome. Furthermore, the Atomic Wallet hack serves as a stark reminder of the security risks that continue to plague the crypto sphere. However, it’s crucial for the community to stay informed and vigilant as we continue to navigate this ever-evolving landscape.
Source: Cointelegraph
