SEC Postpones Verdict on Hashdex's Crypto ETF Application

• Updates in the Crypto Market and Regulatory Sphere
• SEC Delays Decision on Bitcoin ETF Applications
• Philippines Government Plans a Tokenized Treasury Bond Sale
• Momentum Predicted for Bitcoin by Year End
• Chart of the Day
• Trending News

Updates in the Crypto Market and Regulatory Sphere

The latest developments in the crypto world reveal both progress and delays within the regulatory landscape, as well as potential shifts in the digital currency market trends.

SEC Delays Decision on Bitcoin ETF Applications

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the application by Hashdex to convert its existing bitcoin futures exchange-traded fund (ETF) into a spot vehicle. A similar delay has been imposed on the application by Grayscale to launch a new futures-based ether ETF. Both Hashdex and Grayscale, which is a subsidiary of Digital Currency Group, submitted their applications in September, with an initial deadline of November 17 for a decision. The SEC has extended this timeline, according to recent filings.

Philippines Government Plans a Tokenized Treasury Bond Sale

In a move to digitize its domestic debt market through blockchain technology, the Philippines government announced its plan to raise 10 billion pesos ($180 million) via the sale of a tokenized treasury bond. This follows Hong Kong's issuance of an 800 million-Hong Kong dollar ($103 million) tokenized green bond in February. The Philippines Bureau of the Treasury expects to finalize the interest rate for the one-year bond by November 20, with the issue and settlement date set for November 22. The Bureau has reserved the right to alter the mechanics of the issue.

Momentum Predicted for Bitcoin by Year End

Markus Thielen, research head at crypto services provider Matrixport and founder of analytics portal DeFi Research, predicts that the bullish momentum of Bitcoin$42,260 -0.64% (BTC) will remain strong through the end of the year, potentially lifting prices to the $40,000 mark. This prediction, based on options market positioning and expected dovish Federal Reserve activity, comes as the cryptocurrency has seen its prices nearly double this year, rising nearly 40% in just the past month.

Chart of the Day

The chart reflects the 24-hour change in open interest in futures tied to the top 30 cryptocurrencies by market value. Notably, there is nearly a 20% increase in open interest for DOGE and AVAX, while BTC has seen a decline of 2.5%. This influx of funds into less mainstream tokens and alternative coins suggests a growing risk appetite in the market.

Trending News

• U.S. Lawmakers are urging the Treasury to revise proposed Crypto Tax Rules.
• Singapore's Central Bank is set to begin 'live' Wholesale CBDC Trials.
• An appeal in the fake passport case by Do Kwon has been denied by the Montenegro High Court.

Edited by Jonathan Stoker