July 18, 2024

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Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- January Week 2

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With eleven new spot bitcoin ETFs approved, Bitcoin prices plummeting after a hacked SEC social media account, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Eleven New Spot Bitcoin ETFS Approved

On Jan. 10, the U.S. Securities and Exchange Commission approved the first U.S.-listed exchange-traded funds (ETFs) tracking bitcoin, marking a significant milestone for the largest cryptocurrency and the broader crypto industry.

The Securities and Exchange Commission (SEC) greenlit 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. This move, despite cautions about associated risks, is expected to commence trading on Jan. 11.

Bitcoin Plummets After SEC Account Hacked

Bitcoin experienced a decline in late afternoon trading on Jan. 9 following a misleading social media post on the U.S. Securities and Exchange Commission’s X account, falsely claiming approval for bitcoin exchange-traded funds (ETFs). The post was quickly deleted, with the SEC clarifying that its X account was compromised and no such approval happened yet.

Initially surging to $47,901, the highest since March 2022, bitcoin dropped to $44,816.94. It ultimately traded over 1% lower at $46,162.79.

Turkey’s Crypto Regulations Close to Finalization

Mehmet Şimşek, Turkey’s Minister of Treasury and Finance, shared with a local news outlet that the final stages of cryptocurrency regulation are underway.  

To obtain a license from the CMB, crypto exchanges must adhere to specific operational requirements, covering aspects like founders and managers, organizational duties, capital prerequisites, and IT infrastructure obligations. Şimşek emphasized that the primary objective is to enhance safety in the crypto sector, eliminate potential risks, and foster the development of blockchain technology and the crypto asset ecosystem.

X Begins Removing NFT Profiles

When X introduced the feature enabling paid subscribers to exhibit non-fungible tokens (NFTs) as hexagonal profile pictures in January 2022, the cryptocurrency and NFT markets were at the height of their popularity. Major brands hurried to release NFT collections, and the prices of top NFTs skyrocketed into the millions.

Two years later, the cryptocurrency landscape has undergone significant changes. X has silently removed the NFT profile picture option from its premium Blue subscription, reflecting the prevailing disenchantment with digital collectibles.

Picture of By Lindsey Feth

By Lindsey Feth

Managing Editor, Innovation & Tech Today

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