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🥁 Why August 13th is an Important Date for Crypto

Revolut suspends US crypto trading, the US investigates BlackRock, and more!

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The BEN Team
August 07, 2023

Read time: 4 minutes

GM fam! Never a quiet day in crypto 🥁 Here’s the playlist for today:

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  • Why August 13th is an Important Date for Crypto 🥁

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  • Tweet of the Week 🐦

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  • Resources to Get Crypto Smart 🧠

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🥁 Save the Date: Bitcoin ETF Decision by August 13th

It’s finally time for the SEC to make a decision on a Bitcoin ETF.

There are currently nine Bitcoin ETFs filed by several of the largest asset managers in the world. We’ve covered these ETF applications in the past and whether or not their approval means a bull market is coming via institutional adoption.

Some notable applicants:

  • BlackRock, $10 trillion AUM, filed on June 15. They were the first to file in this recent wave and kicked off a flurry of other asset managers to file as well.

  • Bitwise, $1.2 billion AUM, filed on June 16th, after having been rejected in 2022.

  • WisdomTree, $93 billion AUM, filed on June 20th. They previously tried and were rejected in 2021 and 2022.

  • Invesco, $1.49 trillion AUM, filed on June 21st, after trying in 2021.

  • Valkyrie, $1 billion AUM, filed on June 21st. They successfully launched a bitcoin futures ETF on Nasdaq in 2021.

Ark Invest will be the first to hear back from the SEC on August 13th, because they filed the earliest on May 15th.

If the application is approved, it could mean the other applications have a higher chance of being approved as well.

Not so fast though, cause if the SEC decides they are “too busy”, they can extend this deadline by 240 days 😩 meaning we won’t have a decision until Jan 10, 2024.

Let’s see how this unfolds, as it could lead to a quick succession of approvals and lead to a lot of institutional money coming into the market.

Meme Break 😌

🗞️ Trending News

Ethereum community baffled by mysterious $4.5 million ether burn incident. Some unknown person burned $4.5 million of their own ETH for seemingly no reason.

Israeli retiree made $270K in BTC profits. Her bank wouldn’t take her money. It’s been a long legal battle, and the Bitcoin price has dropped 50% since she filed her claim.

Worldcoin's Nairobi Warehouse Raided by Kenyan Police: Local Reports They said that the company failed to disclose its true intentions when it registered in Kenya.

Revolut to suspend cryptocurrency services in US. Revolut says this will affect 1% of their total global user base, the firm said.

The CEO of Matter Labs denied allegations of copying Polgyon’s code for zkSync. You can read through the discourse and draw your conclusions as to what really happened.

The Curve Finance hacker returned 5,495 Ether ( approx. $10M) to JPEG'd. Thus, JPEG’d won’t be pursuing legal action.

US Government launches investigation into $9 trillion asset manager BlackRock over Chinese investments. They don’t want US money to be funding the growth of Chinese companies.

Top play-to-earn tokens like Axie Infinity witness 98% drop in trading volume from peak. Was play-to-earn just a fad or will it make a comeback?

Upcoming Events & Promo Codes 💫

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Resources to Get Crypto Smart 🧠

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Disclaimer: This newsletter is purely educational and is not intended to be financial advice. Please don't take it as such. This is not an invitation to buy or sell digital assets, nor does it suggest how you should make financial decisions. Always do your own research.

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