Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Japanese Crypto Exchange Coincheck Rallies on First Day of Trading
The Japanese cryptocurrency exchange, Coincheck Group, experienced a significant surge in its stock value as it debuted on the Nasdaq Stock Market this Wednesday. This achievement positions Coincheck as the second cryptocurrency exchange publicly listed in the United States, following Coinbase Global.
During midday trading, Coincheck's shares rose by 8.4%, fueled by a broader rally in Bitcoin and other digital currencies. The exchange achieved public listing by merging with Thunder Bridge Capital Partners IV, a special-purpose acquisition company (SPAC), thereby acquiring the SPAC's listing on Nasdaq.
The merger, valued at $1.3 billion, was initially announced in March 2022 but faced delays spanning over two years due to a comprehensive review by the Securities and Exchange Commission (SEC).
In contrast, several other cryptocurrency firms, such as Bullish Global and Circle Internet Financial, could not complete similar SPAC deals over the past three years due to challenges in obtaining SEC approval. During his tenure, outgoing SEC Chair Gary Gensler frequently criticized the cryptocurrency sector for its susceptibility to fraud and manipulation, and under his leadership, the agency initiated legal action against some of the largest U.S.-based crypto companies.
Fire Brigades Association becomes first Kenyan labor union to hold BTC
The Kenya National Fire Brigades Association (KENFIBA) has reportedly become the first labor union in Kenya to establish a Bitcoin (BTC) reserve.
This initiative was made possible through a "get off zero" donation facilitated by Proof of Workforce, a nonprofit organization that assists unions and workers in adopting Bitcoin. The announcement was made on December 11 at the Africa Bitcoin Conference.
Proof of Workforce stated in a social media post that the cryptocurrency reserve aims to support the expansion of Kenya's firefighting efforts. Furthermore, the nonprofit suggested that KENFIBA might not only be the first union in Kenya to adopt Bitcoin but also potentially the first such organization across the African continent.
US Dems choose leadership for committees crucial to crypto policy.
Democratic lawmakers have finalized their selection of ranking members for key committees as they prepare to transition into the minority in the 119th United States Congress.
In an announcement on December 11, the Democratic Party confirmed that California Representative Maxine Waters will continue to serve as the ranking member of the House Financial Services Committee through 2025, coinciding with the swearing-in of the new Congress.
The House Financial Services Committee oversees legislation and policies related to the financial services sector, including the cryptocurrency industry.
North Carolina Representative Patrick McHenry, a Republican, serves as the committee chair. However, his term will end on January 3 when he leaves office. Since January 2023, following the Republican majority in the House, Representative Waters has held the role of ranking member, the highest leadership position for a minority party on the committee.
With McHenry’s departure, Republicans are considering several candidates for the chairmanship, including French Hill, the chair of the digital assets subcommittee. Leadership decisions are expected to be finalized within the next seven days.
Beam Foundation to debut $150M gaming fund in Abu Dhabi
The Beam Foundation has announced plans to establish a venture fund in Abu Dhabi, aimed at supporting blockchain gaming projects.
As per the December 11 announcement, the fund will launch in the first half of 2025, with $150 million in capital secured from local investors.
The fund's primary focus will be on blockchain-based games and gaming infrastructure. However, it will also allocate capital to startups developing solutions in artificial intelligence, augmented reality, and user-generated content.
In addition to funding, the new venture arm will offer an accelerator program to assist startups with brand development, go-to-market strategies, and growth initiatives. Mark Borsten, Beam’s Chief Strategy Officer, mentioned on social media platform X that the project is awaiting regulatory approval to begin operations in Abu Dhabi.
Beam leverages blockchain technology to create a decentralized network for game developers, enabling the development of games with player-owned assets. The platform currently hosts around 20 games.
Following the challenges of the crypto winter, the blockchain gaming industry has experienced a resurgence buoyed by the rise in cryptocurrency prices in 2024.
According to data from DappRadar, the blockchain gaming sector accounted for 28.2% of the market share in November, with an average of 6.8 million daily active wallets. Additionally, venture capital investments in blockchain gaming startups reached $222 million during the same period.
SEC advances NYSE’s filing to list Bitwise Bitcoin and Ethereum ETF
United States regulators are seeking public comments on a proposal by NYSE Arca to list a Bitwise exchange-traded fund (ETF) that includes both Bitcoin (BTC) and Ether (ETH), according to a December 10 filing.
Bitwise and NYSE initially submitted their applications to the Securities and Exchange Commission (SEC) on November 26. The SEC is now moving the application to the next phase by inviting input from the industry, as indicated in the filing.
The proposed Bitwise Bitcoin and Ethereum ETF is a spot cryptocurrency index fund comprising BTC and ETH. Bitwise described the fund as a way to provide investors with "balanced exposure to the two largest crypto assets in the world in an easy-to-access format," according to a November 26 post on the X platform.
Industry experts suggest that crypto index ETFs are becoming a significant area of focus for asset managers following the launch of funds holding BTC and ETH earlier this year, in January and July, respectively.
Katalin Tischhauser, Head of Investment Research at crypto bank Sygnum, remarked in August, “The next logical step is index ETFs because indexes are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto.”
Additionally, on November 27, NYSE submitted another filing to list the Bitwise 10 Crypto Index Fund. This fund aims to include a broader range of cryptocurrency assets, further expanding investment opportunities in the sector.
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