Rumors swirl of bitcoin spot ETF approval as India blocks exchanges and cryptocurrencies see increased optimism

Welcome back to Chain Reaction.

Happy New Year! The cryptocurrency industry is off to a strong start to 2024, as ETF reporters and analysts have reported that a U.S. spot bitcoin ETF approval could be coming soon. As a result, bitcoin price topped $45,000 on Tuesday, hitting its highest level since April 2022. It has since fallen slightly to $44,000 at press time. The total cryptocurrency market cap is growing to $1.68 trillion, its highest level since May 2022.

In other news, the Financial Intelligence Unit, an Indian government agency, said on Thursday that it has issued a warning to nine global cryptocurrency exchanges, including Binance, Kraken, Kucoin, and Mexc, that they are allegedly operating “illegally” in the country and have blocked their websites. More details below.

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This week on web3

1. Cryptocurrency Optimism in the Age of Pessimism
2. India to Block Cryptocurrency Exchanges Binance and Kraken Websites
3. Love them or hate them, NFTs can survive thanks to the communities that drive them. (TC+)
4. Cryptocurrency losses fell by more than 50% in 2023 (TC+)
5. Hackers Stole $2 Billion in Cryptocurrency in 2023, Data Says
6. Why I’m Moderately Bullish on Cryptocurrencies in 2024 (TC+)
7. Why Puma Keeps Pitching for Web3 as Cryptocurrencies Shake Off a Long Winter (TC+)

The Last Pod

For this week's news episode, Jacqueline We dive back into the latest developments in spot Bitcoin ETF applications in the US as the anticipation builds.

Fred Thiel, CEO of Marathon Digital Holdings, a digital asset technology company and the largest publicly traded bitcoin mining company, joined us to help break down the latest developments in bitcoin spot ETFs.

As it stands, there are 14 asset management firms, including BlackRock, Fidelity, Grayscale, and VanEck, that are individually hoping to get U.S. Securities and Exchange Commission approval for their spot bitcoin ETFs. And some reports are now saying that could happen soon, given the frequent meetings and updates in recent weeks.

We also talked about what a spot bitcoin ETF could mean for investors, institutions, and miners, as well as the price of bitcoin.

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Follow the money

1. Arkon Energy raises $110 million To Increase Bitcoin Mining Capacity in the US, Launch AI Cloud Service in Norway
2. Gaming company Web3 Portal has closed a strategic round for an undisclosed amount
3. Lending platform Tonka Finance raises $2.5 million in funding
4. Animoca Brands Invests in Racing Esports Startup Veloce in Pre-IPO Funding Round

This list was compiled using information from Messari and TechCrunch reporting.

What else are we writing?

Looking to diversify from the world of web3? Here are some articles on TechCrunch that caught our attention this week.

1. 23andMe Tells Victims It's Their Fault Their Data Was Breached
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3. Remembering the Startups We Lost in 2023
4. No, Spiders Don't Want to Mate With Your Viral Body Butter
5. Over 40 Investors Share Their Top Predictions for 2024 (TC+)

Follow me on Twitter @Jacqmelinek for the latest cryptocurrency news, memes and more.

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