Crypto Chronicle with NewsCrypto
Welcome back Chronicle readers!
Crypto is volatile and this week was a great example of it. Upon the news of Grayscale winning the lawsuit against SEC Bitcoin rallied 8% in roughly 3 hours.
What does this mean for Bitcoin and GBTC?
Let’s dive in!🤿
Here's what we got on the menu today:
1. Greyscale Just Won a Lawsuit Against SEC
2. RobinHood Is Diving Head First Into Web3
3. Funny meme
Greyscale Just Won a Lawsuit Against SEC
Grayscale Investments, the crypto asset manager everyone's watching, recently clinched a significant win against the U.S. SEC!
The appeals court overturned the SEC's decision to reject Grayscale's bid to turn its Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin ETF, terming the move as "arbitrary and capricious."
While this doesn't guarantee Grayscale's ETF dreams, it certainly puts the ball back in the SEC's court.
GBTC's Meteoric Rise
Following Grayscale's courtroom success, the GBTC witnessed a surge, with its value climbing nearly 17% in secondary trading. The trust's assets swelled from $16.2 billion to an impressive $17.4 billion, marking its most significant trading day since June 2021.
It's clear the market is reacting, and the sentiment is bullish.
What This Means For Bitcoin?
The legal win has set the rumor mill churning.
Some argue that political pressure on the SEC to greenlight a spot bitcoin ETF is mounting. However, crypto critics like Sens. Elizabeth Warren and Bob Menendez might try to push the SEC in the opposite direction.
The Grayscale saga, now in the limelight of mainstream media, coupled with traditional finance giants like BlackRock entering the ETF arena, makes the SEC's continued denial stance a challenging one. With the entire traditional financial sector eyeing a spot bitcoin ETF, the SEC's next move is eagerly anticipated.
In essence, Grayscale's legal win has added a spicy twist to the crypto narrative. Will the SEC dance to a new tune, or will the old song play on?
The crypto story will get even more interesting, and we'll keep you updated with any new details! Just make sure you read our newsletter.
RobinHood Is Diving Head First Into Web3
Robinhood's self-custody Web3 wallet has expanded its functionalities. Now, users can tap into the Bitcoin and Dogecoin networks to custody, send, and receive crypto.
This is a significant step, especially considering it's only been six months since the wallet's public introduction.
Journey Recap:
· September 2022: The wallet was rolled out for select iOS users, initially supporting Polygon.
· March 2023: The offering went live across 130 companies on iOS devices.
· Recently: Bitcoin and Dogecoin have been added to the roster, amplifying the wallet's capabilities.
Ethereum Network & In-App Swaps
Robinhood isn't stopping there. They're introducing in-app swaps on the Ethereum network.
This feature, currently available to a select group for over 200 tokens, is set to be accessible to all users soon. The best part? Swaps can be done without holding ether (ETH), as the required network fees are auto-deducted from users' existing tokens.
Simplifying the Complex World of DeFi
Johann Kerbrat, the general manager of Robinhood Crypto, emphasized the company's mission: making the intricate world of DeFi and Web3 more approachable.
They are working on removing many of the existing complexities, Robinhood is paving the way for a more user-friendly crypto experience.
Robinhood Connect & The Road Ahead
In April, Robinhood unveiled "Robinhood Connect", allowing specific US users to seamlessly buy and transfer crypto to and from their Web3 wallet. Looking ahead, the company has expressed its intent to expand access to other efficient and secure layer-2 chains, as a response to user demands.
Funny Meme
