Spot Bitcoin ETFs Approved, Bitcoin Lifts Off, NFT Profile Pictures Discontinued, and More: This Week in Crypto

This week in the world of cryptocurrency has been filled with excitement, drama, and even a touch of disappointment. Let’s take a closer look at some of the top stories that have been making headlines.

First up, after years of waiting, the US SEC finally approved 11 spot Bitcoin ETFs. The trading volumes on the first day were record-breaking, with billions of dollars being traded across various exchanges. However, this momentous occasion was overshadowed by a fake tweet that caused chaos in the markets. The hack of the SEC’s account resulted in false information being spread, leading to millions of dollars in Bitcoin liquidations.

Bitcoin’s price saw a rollercoaster ride this week, reaching new heights only to plummet back down the next day. The euphoria over the ETF approvals quickly turned into a ‘sell the news’ frenzy, causing Bitcoin’s price to drop below $42,000.

SEC Chair Gary Gensler made it clear that the approval of the ETFs does not mean that the commission supports or endorses Bitcoin. He emphasized that the decision was made reluctantly, and that the commission still views crypto assets as speculative and volatile.

In other news, Circle, the issuer of stablecoin USDC, has filed for an IPO. With a market cap of $25 billion, USDC is the second-largest stablecoin after Tether. This move could have significant implications for the future of stablecoins and the crypto market as a whole.

Ethereum co-founder Vitalik Buterin proposed some improvements to the Ethereum network, including a 33% increase in the gas limit. While this could potentially boost network capacity and reduce user expenses, it also comes with risks such as increased energy consumption and chain splits.

On a lighter note, the social media platform X has discontinued its NFT profile picture service. This move comes as a surprise, considering that X had embraced NFTs and even offered bitcoin tipping in the past. It’s unclear what this means for the platform’s future NFT offerings.

Lastly, the Peregrine 1 space mission, which was carrying a Bitcoin genesis block plaque and a special Bitcoin token, has encountered some technical difficulties. The rocket’s propulsion system is malfunctioning, casting doubt on whether Bitcoin will ever reach the moon as intended.

Overall, it’s been a whirlwind week in the world of cryptocurrency. From historic ETF approvals to fake tweets and failed space missions, the crypto market continues to be full of surprises. Stay tuned for more updates next week!