Bitcoin Hits 13-Month High, Valkyrie Refiles for Spot Bitcoin ETF: A Summary

Bitcoin, the world's largest cryptocurrency, recently reached a 13-month high amid growing institutional interest in the crypto market. This article summarizes the key points discussed in a CNBC Crypto World video, including the spike in bitcoin's price, Valkyrie's refiling for a spot bitcoin ETF, and insights from Ether Capital CEO Brian Mossoff on the surge in applications for such ETFs in the US.

Bitcoin's Price Surge:
Bitcoin experienced a notable price surge, reaching a 13-month high of around $31,450 after BlackRock CEO Larry Fink mentioned the firm's application for a spot bitcoin ETF. However, the gains were later retraced due to concerns about interest rates and better-than-expected jobs data. At the time of reporting, bitcoin was trading around $30,400.

Celsius Faces CFTC Scrutiny:
According to reports, the US Commodity Futures Trading Commission (CFTC) has alleged that Celsius and its former CEO, Alex Machinsky, misled investors and violated rules. The CFTC's enforcement unit believes that Celsius should have registered with the commission, potentially leading to a federal court case. Celsius is concurrently undergoing bankruptcy proceedings, including a deal with a group of buyers known as Fahrenheit.

Valkyrie Refiles for Spot Bitcoin ETF:
Valkyrie has refiled its application with the US Securities and Exchange Commission (SEC) for a spot bitcoin ETF. The company plans to collaborate with Coinbase as its surveillance partner to detect and prevent market manipulation. BlackRock also refiled its application recently, emphasizing its own partnership with Coinbase for surveillance sharing. The SEC requested the refilings after deeming the initial filings inadequate.

FTX Objects to Blockfly's Bankruptcy Plans:
FTX, a cryptocurrency exchange, has voiced objections to Blockfly's bankruptcy plans. FTX and its debtors argue against an attempt to subordinate or devalue their claims against the bankrupt crypto lender. Blockfly's bankruptcy proceedings have faced multiple objections, including one from the Securities and Exchange Commission (SEC) concerning releases for certain members of Blockfly's management.

Insights from Ether Capital CEO:
Brian Mossoff, CEO of Ether Capital, shared insights into the recent surge of spot bitcoin ETF applications in the US. Ether Capital was involved in launching the world's first physically settled bitcoin ETF a couple of years ago. Mossoff highlighted the importance of structured investment vehicles, such as ETFs, for providing tax efficiency and simplifying access to cryptocurrencies for institutional and retail investors. He expressed optimism about the industry's future and the eventual approval of bitcoin ETFs in the US.

Conclusion:
Bitcoin's recent price surge, Valkyrie's refiling for a spot bitcoin ETF, and FTX's objections to Blockfly's bankruptcy plans reflect the dynamic landscape of the crypto market. Institutional interest in cryptocurrencies continues to grow, with increasing applications for spot bitcoin ETFs. As regulatory clarity emerges and market sentiments shift, the industry anticipates positive catalysts for further growth and wider adoption of cryptocurrencies in investment portfolios.

**It's important to note that this is a summarized version of the video. For a comprehensive understanding, I recommend watching the full video on YouTube at the following source:

Posted Using LeoFinance Alpha