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Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

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Republicans on the Financial Services Committee have called for a briefing from the SEC regarding a compromised account and an unauthorized post about a Bitcoin ETF. The incident raises concerns about the SEC's cybersecurity measures and the potential impact on investor confidence and market integrity.

Portfolio Pulse from Charles Gross

January 10, 2024 | 10:51 pm

Ethereum (ETH) has seen a significant price increase, surpassing $2,500, following the approval of Bitcoin ETFs. The rise in Ethereum's price is accompanied by a 108% increase in trading volumes. Layer 2 networks Mantle (MNT) and Optimism (OP), as well as Lido (LDO) and RocketPool (RPL), also reported substantial gains. BlackRock filed for a spot Ether ETF, iShares Ethereum Trust, which could provide U.S. investors with direct exposure to Ethereum. Despite the approval of a Spot Bitcoin ETF, SEC Chair Gary Gensler remains cautious about the regulatory stance on crypto assets, while Commissioner Hester M. Peirce sees potential for a smoother path for other crypto ETPs.

Portfolio Pulse from Khyathi Dalal

January 10, 2024 | 10:51 pm

The SEC has approved several spot Bitcoin ETF applications, including those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin. This decision has led to volatility in crypto markets and mixed reactions in crypto-related stocks. Bitcoin miners Marathon Digital Holdings and Riot Platforms saw initial drops but stabilized, while Coinbase and MicroStrategy traded slightly higher.

Portfolio Pulse from Adam Eckert

January 10, 2024 | 10:23 pm

Bitwise Asset Management is set to launch a new Spot Bitcoin ETF, ticker BITB, on January 11. The ETF will provide investors with exposure to Bitcoin without the need to directly purchase and hold the cryptocurrency. This launch comes amid growing interest in cryptocurrency investment vehicles and could potentially offer a more regulated and accessible way for investors to gain Bitcoin exposure.