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Crypto SWOT: A Bitcoin spot-backed ETF could bring $30 billion in new demand for the cryptocurrency.

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Compound, rising 149.63%.

  • Coinbase CEO Brian Armstrong will meet with House Democrats behind closed doors on Wednesday morning. Armstrong will speak privately with lawmakers from the New Democrat Coalition about digital-asset legislation and related issues including tax, national security, privacy, and climate, writes Bloomberg.  

  • A Bitcoin spot-based ETF could bring $30 billion in new demand for the world’s largest digital asset, according to crypto trading firm NYDIG.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Rocket Pool, down 26.20%.

  • Crypto traders are turning increasingly bearish on the BNB token that serves as the centerpiece of the embattled Binance digital-asset trading platform. The negative sentiment is most reflected on the perpetual swap market, a type of futures contract used in crypto markets that do not expire, writes Bloomberg.


  • Kuwait has prohibited the use of crypto for payments or investment to combat money laundering. The capital markets authority also placed an absolute ban on all digital asset mining, prohibited the recognition of crypto as decentralized currency, and warned the public that companies are not allowed to provide any type of crypto related services, writes Bloomberg.


  • Crypto trading platform Bitget plans to expand into the Middle East and hire up to 60 new members of staff. The company said it has already opened an office in downtown Dubai to support the expansion and will explore opportunities in Bahrain and the UEA, writes Bloomberg.  

  • Elon Musk posted a Scooby-Doo meme this week and in response Dogecoin added $320 million in just 15 minutes. The cryptocurrency based on the Doge meme quickly jumped in value by 3% after the tweet, writes Bloomberg.  

  • The aggregate total of active loans in the crypto lending sector has increased to $5.5 billion since the beginning of the year. Aave is the current market leader with about 50% of the market in active loans, writes Bloomberg.  


  • A North Korean government-backed hacking group breached U.S. IT management company JumpCloud to use it as a springboard to target an unknown number of cryptocurrency companies, writes Bloomberg.  

  • SEC chairman Gary Gensler doubled down on his promise to crack down on “the Wild West” cryptocurrency industry. The industry is “rife with fraud, scams, and abuse,” he explained, writes Bloomberg.  

  • Crypto fund fraudster Eddy Alexandre was sentenced to nine years after pleading guilty to swingling $249 million from investors through his EminiFX cryptocurrency scheme, writes Bloomberg.
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