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December is Coming to an End: What Bitcoin and Crypto Investors Should Follow in the Week of December 25–29!

  • BlackRock’s proposed physically-backed Bitcoin ETF includes a revised S-1 application submitted to the SEC with the IBIT ticker symbol on Monday.
  • According to reports, guidance from SEC officials suggests that approval for physically-backed Bitcoin ETFs is likely to come before January 10, 2024.
  • According to a decision signed by Northern District of Illinois Judge Manish Shah on December 14, based on the previous settlement agreement, CZ will have to pay $150 million.

As we move towards the end of the year, Bitcoin and cryptocurrencies have left behind the third week of December: What developments should be watched?

Last Week’s Comprehensive Summary

cryptocurrency

BlackRock’s proposed physically-backed Bitcoin ETF, with the IBIT ticker symbol, includes a revised S-1 filing submitted to the SEC on Monday. The modified document also provides details about the creation and redemption mechanism the fund plans to adopt; this has been a topic discussed in recent meetings between BlackRock and SEC officials. On Monday, Ark 21Shares and WisdomTree also submitted revised S-1 filings to the SEC for their proposed physically-backed Bitcoin ETFs.

According to reports, guidance from SEC officials suggests that approval for physically-backed Bitcoin ETFs is likely to come before January 10, 2024. BlackRock, the world’s largest asset management company, has prioritized approval for its proposed Bitcoin ETF by the SEC.

U.S. Judge Approves Agreement Between Binance and CFTC

According to a decision signed by Northern District of Illinois Judge Manish Shah on December 14, CZ will have to pay $150 million, with one-third of it due within the next 30 days, based on the previous settlement agreement. Additionally, Binance will have to pay a $1.35 billion fine to the U.S. Commodity Futures Trading Commission (CFTC) and will reimburse $1.35 billion as “legally obtained transaction fees.”

The CFTC settlement agreement requires Binance and CZ to improve the company’s governance structure, including having an independent board of directors, a compliance committee, and an audit committee. Binance will no longer allow existing sub-accounts, including those opened by major brokers, to bypass the platform’s compliance checks. After implementing KYC policies and procedures for all existing sub-accounts, Binance will close any accounts that do not meet compliance control requirements.

U.S. Appeals Court Officially Seizes 69,370 BTC Associated with Silk Road

On Wednesday, the U.S. Appeals Court finalized an order for the official seizure of 69,370 BTC and other cryptocurrencies associated with the now-closed Silk Road dark web marketplace. The decision was made in a case filed in August by the founder of Silk Road, Ross Ulbricht, as the defendant, who agreed to repay the U.S. government the stolen $3 billion worth of Bitcoin in 2022 and relinquished the rights to the 69,370 Bitcoin.

Tether Involves FBI and U.S. Secret Service in Its Platform

Tether has announced its commitment to close collaboration with security and law enforcement agencies in letters sent to the U.S. Senate Banking, Housing, and Urban Affairs Committee and the Financial Services Committee. Tether CEO Paolo Ardoino emphasized in a recent letter that Tether is banning the use of USDT in all wallets on the Foreign Assets Control Office (OFAC) sanctions list. Ardoino also announced that Tether has recently included the FBI in its platform and has done the same for the Federal Bureau of Investigation (FBI).

On December 20, Tether blacklisted six wallet addresses potentially associated with the Finiko pyramid scheme, five of which held almost no assets on the Ethereum chain, and one on the Tron chain with only $7,000 worth of assets.

Argentina Approves Bitcoin Use in Swap Contracts

Argentine Foreign Minister Diana Mondino tweeted that Argentina has approved swap contracts involving Bitcoin. Approval has also been granted for other cryptocurrencies and/or assets measured in kilograms, such as meat, or in liters, such as milk.

SOL Surpasses BNB, Becoming the Fourth-Largest Cryptocurrency Globally

According to CMC data, SOL surged to a market value of $47 billion, more than 18% increase, securing its position as the fourth-largest cryptocurrency globally, surpassing BNB’s $41.1 billion. Coinglass data indicates that SOL contracts saw a more than 32% increase in overall trading volume across the network, exceeding $10 billion, with a total position value of $1.34 billion, ranking just below BTC and ETH.

BVI Court Restrains Transfer or Sale of Assets Worth $1.14 Billion for Su Zhu, Kyle Davies, and Davies’s Spouse

Liquidator Teneo for 3AC stated that the British Virgin Islands (BVI) court has issued a restraining order against 3AC founders Su Zhu and Kyle Davies and Kyle Davies’s spouse Kelly Chen, preventing them from transferring or selling assets worth $1.14 billion. The liquidator also added that creditors are estimated to be owed up to $3.3 billion.

What to Expect Next Week?

Economically, no significant developments are expected next week. However, U.S. markets will be closed on Monday due to the Christmas holiday, which may create a slowdown in the Bitcoin market. Nevertheless, the crypto community is still anticipating a Christmas rally. Market stagnation is expected due to the year-end holiday, but some experts still anticipate Bitcoin reaching $50,000 by the end of the year.

In addition to these developments, some token unlocks are expected in certain coin projects. These unlocks could pose a risk to prices as new tokens enter circulation. Cryptocurrencies with critical token unlocks next week include: IMX, OP, AXL, DYDX.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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