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Crypto SWOT: The U.S. SEC says recent spot Bitcoin ETF filings are inadequate

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Bitcoin Cash, rising 101.75%.

  • MicroStrategy says it has acquired about 12,333 Bitcoin for around $347 million in cash at an average price of about $28,136 each, inclusive of fees and expenses, between April 29 and June 27. The company held an aggregate of about 152,333 Bitcoin as of June 27, writes Bloomberg.  

  • Bitcoin is hovering around its one-year high as asset manager Fidelity reportedly readies its filing for a spot exchange-traded fund (ETF) for the digital asset. The rally comes on the back of Fidelity's news, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Conflux, down 27.16%.

  • Crypto exchange Huobi Global said it will remove 10 “trading pairs,” primarily ones involving tokens used in transactions with the USDD stablecoin issued by the TRON DAO Reserve that is supported by digital asset entrepreneur Justin Sun, writes Bloomberg.  

  • Binance Holdings will lose access to euro-denominated bank transfers to and from its cryptocurrency exchange via banking partner Paysafe, the latest in a recent string of blows to its business in Europe. Paysafe will no longer support bank transfers from Sept. 25, writes Bloomberg.


  • HSBC Holdings is offering trading of crypto-linked exchange traded funds (ETFs) to customers in Hong Kong amid a push by the city to establish itself as a hub for the alternative asset class, writes Bloomberg.  

  • Hut 8 Mining, one of the largest public Bitcoin mining companies, said it has entered into a $50 million credit facility with a unit of Coinbase Global. The agreement comes as Bitcoin miners prepare for a preprogrammed event on the digital asset's blockchain dubbed the halving, writes Bloomberg.  

  • The opening of a new crypto exchange backed by Citadel Securities has unleashed a speculative mania in Bitcoin Cash, an offshoot of the original digital token. Bitcoin Cash soared 25% to $304 on Friday, writes Bloomberg.  


  • Robinhood is cutting about 7% of its full-time staff in the online brokerage's third round of layoffs in just over a year as the company adjusts to a slowdown in customer trading activity. About 150 employees are being laid off, writes Bloomberg.  

  • Bankrupt FTX Trading is suing the former top compliance officer to the crypto empire, accusing the lawyer of helping company founder and alleged fraudster Sam Bankman-Fried raid customer funds. Daniels Friedberg allegedly enabled FTX group managers to misuse billions of dollars of customer funds, writes Bloomberg.  

  • Bitcoin fell on Friday after a report that the U.S. SEC said the recent applications filed by asset managers to launch a spot Bitcoin exchange-traded fund (ETF) are inadequate, writes Bloomberg.
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