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Gensler issues warning ahead of SEC’s Spot Bitcoin ETF decision
- Spot Bitcoin ETF applicants strategically adjust fees ahead of potential SEC approval.
- Invesco, Valkyrie, and WisdomTree reduce costs to attract investors.
- Gensler’s cautionary note; SEC emphasizes risks in cryptocurrency investments, warning of unique challenges.
As the crypto community eagerly awaits the SEC’s decision on Spot Bitcoin ETFs, recent developments have intensified the competition among ETF providers.

In the midst of the hype, Gary Gensler, the SEC Chairman, has issued a cautionary message, emphasizing the risks associated with cryptocurrency investments. The warning comes amid a flurry of activity from ETF applicants, with some dropping proposed management fees.

The stage is set for a potential revolution in the crypto landscape, but Gensler’s words serve as a stark reminder of the challenges that lie ahead.

Spot Bitcoin ETF applicants compete to slash fees

Various ETF providers are vying for approval of their Spot Bitcoin ETFs, anticipating a green light from the SEC. In a bid to attract investors, providers like Invesco, Valkyrie, and WisdomTree have slashed their proposed management fees. Invesco dropped its fee to 0.39% annually, while Valkyrie and WisdomTree reduced theirs to 0.49% and 0.2%, respectively.

The strategic fee adjustments aim to stand out in a crowded field and potentially lure investors into what is becoming a highly competitive landscape.

This fee-cutting frenzy extends beyond mere reductions, with WisdomTree going a step further by announcing a fee waiver for the initial $1 billion in assets under management. This bold move appears to be a marketing tactic, creating a sense of FOMO (fear of missing out) around WisdomTree’s ETF launch.

Other providers, including Bitwise, ARK/21Shares, Invesco, and iShares (BlackRock), are also adopting similar strategies, offering lower or zero fees for the first months or tranches of AUM.

Gensler’s cautionary note: emphasis on investor protection

Amidst the excitement surrounding potential Spot Bitcoin ETF approvals, Gary Gensler has reiterated the SEC’s concerns about cryptocurrency investments. Quoting an SEC article, Gensler warned potential investors to exercise caution, emphasizing the unique risks associated with crypto securities.

The article cited by Gensler highlights the SEC’s unease about the lack of regulatory protections in the cryptocurrency market compared to traditional securities markets. Gensler’s message serves as a sobering reminder to market participants, urging them to thoroughly research and evaluate the risks before diving into the world of cryptocurrencies.

The juxtaposition of the heated fee completion and Gensler’s regulatory caution sets the stage for a pivotal moment in the crypto space. As the SEC’s decision looms, market participants are waiting with bated breath to see whether the SEC will approve or deny the spot Bitcoin ETF applications. If approved, the price of Bitcoin could see some major upward swings and if denied the opposite could be the case.

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January 9, 2024
Google eases Crypto Trust Ads Policy ahead of potential Bitcoin ETF approval
- Starting January 29, 2024, Google will allow US-based crypto trusts to advertise on its platform.
- Advertisers looking to promote crypto trusts must, however, undergo Google certification.
- Google’s policy update aligns with a broader industry trend and Bitcoin’s 74% surge in the past 90 days.
In a strategic move, Google has revised its cryptocurrency-related advertising policy to permit ads for US-based crypto trusts, aligning with predictions of the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

This update, effective January 29, 2024, comes at a time of heightened anticipation in the crypto space, as industry analysts speculate a 90% chance of a US spot Bitcoin ETF approval by January 10, 2024.

Google allows Ads for US crypto trusts

The update explicitly mentions “advertisers offering Cryptocurrency Coin Trust targeting the United States.” Advertisers interested in promoting crypto trusts must undergo Google certification, ensuring they possess the necessary licenses from relevant local authorities. The policy emphasizes global application, requiring adherence to local laws in the targeted regions.

This policy adjustment by Google coincides with increasing expectations of the approval of spot Bitcoin ETFs in the United States. Bloomberg’s ETF analysts project a 90% likelihood of approval by January 10, 2024.

Notably, there are currently 13 Bitcoin ETF applicants, including major players like BlackRock, Grayscale, and Fidelity. These firms have reportedly engaged with the US Securities and Exchange Commission to discuss crucial technical details related to their ETF proposals. The crypto market has responded positively, with Bitcoin experiencing a significant 74% surge in the past 90 days.

The crypto market is anticipated to add $1 trillion if the SEC approves the Bitcoin ETF applications.

Certification requirements for Crypto Trust Ads on Google

Google’s certification process for potential crypto trust advertisers underscores the importance of compliance with local laws.

Advertisers must obtain the necessary licenses from local authorities, and their products, landing pages, and ads must align with the legal requirements of the respective countries or regions. This meticulous certification process aims to ensure responsible advertising practices within the rapidly evolving and dynamic cryptocurrency landscape.

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December 11, 2023
Crypto stocks outlook ahead of FOMC meeting
- Bitcoin miners Core Scientific rose 33% as stocks of Bitfarms, Stronghold Digital, CleanSpark all ended the past week higher.
- Coinbase and Robinhood shares also rose as Bitcoin broke above $23,000.
- FOMC meeting is this week and the market reaction will be key to what next for Bitcoin and crypto stocks.
A number of crypto-related stocks are looking to extend gains notched in the past few days after closing in positive territory on Friday.

Among those to rip are share prices of crypto mining firms that had been struggling badly after reaching new all-time lows amid the crypto winter.

This is happening even as Bitcoin price looks to push higher after holding above the $23,000 level over the weekend. A crucial macro news event to watch out for is the FOMC meeting this week.

Surge in Bitcoin price helped crypto stocks

Core Scientific (CORZ), the world’s largest publicly-traded Bitcoin miner, surged an impressive 33% on Friday, while crypto mining firm Digihost Technology (DGHI) saw its shares jump more than 11%.

Stocks of NASDAQ-listed miners Bitfarms (BITF), Stronghold Digital Mining (SDIG), Bit Digital (BTBT) and CleanSpark (CLSK) all ended the week in the green. Elsewhere, NYSE-listed Bit Mining and SOS ADR also rose.

Coinbase (COIN) and Robinhood (HOOD) stocks also traded higher, with the US-based crypto exchange’s stock soaring more than 15% on Friday. Coinbase‘s stock is up more than 73% in the past 30 days before markets open on Monday, 30 January. Robinhood shares ended the week 8% higher and were up nearly 28% over the past 30 days.

Bitcoin price, FOMC – what next for crypto stocks?

As noted, most of these publicly listed crypto companies saw their share prices soar alongside the positive price action of Bitcoin. But crypto has also largely correlated with stocks, with this week crucial in terms of the Federal Open Markets Committee (FOMC) meeting.

On the positive side of things…

BTC/USD reached highs of $23,955 last week and is up more than 40% year-to-date. According to recent data from crypto analytics platform Glassnode, BTC’s recent upside momentum has the flagship digital asset’s price above three key on-chain metrics.

The breakout above $22,800 had Bitcoin above both the long term and short term cost-basis as well as Realized Price – the first time this has happened since 2020 COVID-19 induced crash. Also, the previous time when prevailing BTC price was above the three metrics was during the 2018/19 bear market.

On the flipside…

As covered by CoinJournal, Glassnode suggested last week that bulls managing to hold above the $22.4k level would aid sentiment and potential further gains. However, this week could see recent momentum derailed if investor reaction to the Federal Reserve’s FOMC minutes turns out to be negative.

Investors are bracing for another rate hike this week, with markets expecting a 25 basis point increase. @steveliesman reports on whether a #PowellPivot is close: pic.twitter.com/BGF5sRScXE

— Squawk Box (@SquawkCNBC) January 30, 2023

Although the market already expects a 25 basis point rate hike, some experts believe it would be a disaster for the markets if the Fed goes for a 50 basis point hike instead.

According to CoinGecko, Bitcoin was trading 1.1% down at 7:15 am ET on Monday as FOMC-related volatility likely began to set in across markets.

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January 30, 2023
Bitcoin price prediction ahead of Fed decision, NFP data
- Bitcoin price declined slightly on Monday after nearing the resistance at $24,000.
- Macro factors will be the key drivers for Bitcoin and other asset prices.
- Consumer confidence, Fed decision, and NFP data will be in focus.
Bitcoin price pulled back slightly on Monday as investors started focusing on the key economic data from the US and the upcoming Fed decision. The BTC price was trading at $23,125, which was a few points below this year’s high of near $24,000.

Fed decision and NFP data

Macro data and events will be the key things that will drive the price of Bitcoin – and other assets this week. On Tuesday, the Conference Board will publish January’s consumer confidence data. This is an important figure that is watched closely by investors and policymakers because of the vital role that consumer spending plays in the economy. Economists expect that confidence continued rising in January as inflation eased.

The US consumer confidence data will be followed by the first FOMC decision of the year. With inflation easing and stocks and crypto prices rising, analysts believe that the Fed will deliver the second consecutive 0.50% hike. It will be extremely hawkish in a bid to reduce the enthusiasm among investors and traders.

In theory, an extremely hawkish tone will be bearish for the price of Bitcoin. Historically, crypto prices tend to rally in periods of easy money policies. However, in reality, there is a possibility that Bitcoin will rise even if the Fed sounds hawkish. That’s because investors may not believe the tone of the FOMC officials.

The Fed will likely guide to two more 0.50% rate hikes followed by a pause on interest rates as it seeks to lower inflation.

Finally, Bitcoin price will react to the latest non-farm payrolls (NFP) scheduled for Friday this week. These numbers will be important because they will guide the Fed in making its future decisions. Strong jobs numbers mean that the bank will continue sounding more hawkish in the coming meetings.

Bitcoin price prediction

BTC/USD chart by TradingView

The BTC price has been in a strong bullish trend in the past few weeks. It has formed an ascending channel shown in black. The coin has moved above all moving averages. Further, it has moved above the important support at $21,615, the highest point on January 18.

Therefore, there is a possibility that Bitcoin will pull back slightly ahead of the Fed decision and then rebound after the decision. As such, the coin could retest the support at $22,000 and then rise to $25,000.

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January 30, 2023
What to expect in crypto ahead of inflation report, as Bitcoin banks eight straight days of gains
Key Takeaways
- Bitcoin has increased for eight straight days, now up 9.2% on the year
- Period of low volatility in the crypto markets paired with softer inflation data has sent prices upward
- Latest CPI report is out Thursday which will trigger volatility and is vitally important for the market following increased optimism over last month or so
- Altcoins could move violently on the report, while Bitcoin will likely shake off its $18,000 mark if data comes in below or above expectation
Bitcoin has banked eight straight days of price rises, as the new year has kicked off assiduously for cryptocurrency investors.

Whereas 2022 brought nothing but pain and freefalling prices, 2023 has thus far been the exact opposite. Bitcoin is up above $18,000 and Ethereum close to $1,400, good for rises of 9.2% and 16.4% respectively year-to-date. Many altcoins are up even more.

Volatility has reduced in the crypto markets

The macro climate is pushing prices upward. I wrote a piece analysing the softer climate last week, but optimism has crept into the market that inflation may have peaked and that the possibility of a pivot from the Federal Reserve off its policy of heightened interest rates may be coming soon than previously anticipated.

It should be noted that while this is a nice rally, it is hardly a violent breakout. Cryptocurrencies are notoriously volatile and there has actually been an unusual serenity that has washed over markets over the past couple of weeks.

A quick glance at the chart for the daily returns of Ethereum illustrates that there has been a perceptible fall in volatility.

Inflation data to be released Thursday

I write this on Thursday morning, with the all-important US inflation data to be released this afternoon. If we know anything by now, it is that inflation numbers rule the world. If there is anything in the current climate that will produce volatility, it is the CPI report.

As mentioned above, this relief rally has largely been predicated on softer inflation leading to the hope that the Federal Reserve will pivot off its high-interest-rate policy sooner than anticipated. Another positive inflation number would give further impetus to crypto prices. It is not hard to imagine Bitcoin pushing up towards $20,000 and Ethereum to $1,500 if the number comes in cooler than anticipated.

On the flip side, of course, is the potential for the number to disappoint investors. Following two straight months of positive inflation, a step back this afternoon would be a body blow for crypto, and it would not be a surprise to see it drop sharply as all the optimism of the last month gets released in an instant.

The inflation number is expected at 6.5%. This would be a decline from the prior month of 7.1%. Should the number come in at 6.7% or higher, this would represent a major disappointment and crypto will likely freefall. Do not be surprised to see Bitcoin down at $16,500 in this scenario.

The data will be released at 1:30 PM GMT (8:30 AM ET), and it is the last CPI report before the Federal Reserve’s February 1^st interest rate decision.

Altcoins showing signs of life

However bad things have been for Bitcoin and Ethereum, the landscape has been a hell of a lot worse for altcoins. Below are the percentage returns in 2022 from the top 10 coins as of 1^st January 2022.

As is standard, these coins are significantly more volatile, and trade like leveraged bets on Bitcoin. It follows that this year, the jumps have also been stronger than the number 1 crypto.

Looking at the top 10 coins from Jan 1^st this year, some of the returns have been seismic, albeit from a significantly lower base. Remember, a 90% drop followed by a 50% rise is still the same as an 85% drop from the original starting point. A simple math problem that many investors do not understand. Hence, the past couple of weeks have been positive, but this is still a space that has been absolutely ravaged by the bloodbath that was 2022, and it will take a very long time to recover from.

Final thoughts

This is a pivotal week for the markets and it will be a true gauge of how far the battle against inflation has come. Central banks have been adamant that inflation is the number one priority, and the consequent interest rate policy has crushed risk assets over the last year.

Things are tough in the markets, but with a third straight month of OK inflation data, it could point toward a light at the end of the tunnel. Then again, the world is teetering on the edge of a recession as it is, and if inflation takes a step back, it will be a double whammy of high rates and still-persistent inflation. As always, risk assets will feel the pain.

Crypto investors will just have to hope that the pivotal CPI number doesn’t dare tick up beyond 6.5%.

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January 12, 2023
Doge and Shib prices soar ahead of Musk’s Twitter purchase

In April, Elon Musk suggested that dogecoin could be used to make payments on Twitter. Photo: Muhammed Selim Korkutata/Anadolu Agency

Dogecoin (DOGE-USD) and shiba inu (SHIB-USD) soared ahead of the news that Elon Musk may finalise his purchase of Twitter (TWTR) on Friday, which is the deadline for the completion of the $44bn (£37.9bn) acquisition of the company.

As speculation grows that dogecoin could be used in a new integrated crypto payment system on Twitter, the memecoin and it’s younger sibling, shiba inu, pumped.

Check: Crypto live prices

In April, Musk suggested that dogecoin could be used to make payments on Twitter.

Referring to subscription payments on the platform he stated there could “maybe be an option to pay in doge“.

Dogecoin hiked almost 34% in the last seven days to sit around $0.07, up 19% in the last 24 hours.

Shiba inu also rallied 15.6% in the past week, up 8.6% in 24 hours to $0.00001136.

The Tesla (TSLA) CEO marched into Twitter’s San Francisco headquarters on Wednesday holding a sink and stating: “Let that sink in.”

A video of the act lit up the Twitter-sphere with speculation as to whether there was a deeper metaphorical meaning to the sink, beyond the obvious pun.

Musk plans a new revenue model for Twitter, with the possible introduction of dogecoin payments, price cuts, and authentication checkmarks for its Blue subscription service.

In April, Musk tweeted that anyone who signs up for Twitter Blue should pay less than the current $2.99 a month. He also said they should get an authentication checkmark.

He said: “Price should probably be ~$2/month, but paid 12 months up front and the account doesn’t get checkmark for 60 days (watch for credit card chargebacks) and suspended with no refund if used for scam/spam.”

Read more: Could Rishi Sunak make the UK a global crypto hub?

He also said there should not be any ads on the platform as “the power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive”.

The crypto market has been mostly buoyant for the past two days, with forerunners bitcoin (BTC-USD) and ethereum (ETH-USD) shrugging their usual correlation with traditional stocks such as the S&P 500 (^GSPC) and Nasdaq (^IXIC).

On Thursday the combined cryptocurrency market cap jumped 2.7% to $1.05tn, according to coingecko data.

Bitcoin rose 0.6% to $20,724 on Thursday.

Ethereum jumped over 21.2% in the past week to $1,556, rising over 2.6% in the past 24 hours.

Watch: Martin Scorsese’s producer sees NFT’s as the future of film finance | The Crypto Mile

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October 27, 2022