Top Crypto News of the Week: December 11th-16th, 2023

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As the cryptocurrency world continues to unravel new chapters each week, we bring you a comprehensive update on the latest developments that are steering the digital finance industry. From the corridors of regulation to the fluctuating market graphs, this week has been a rollercoaster ride for crypto enthusiasts and investors alike. Join us as we delve into the key events and trends that are currently shaping the cryptocurrency landscape.

Bitcoin ETF Updates

• Dec 15: The U.S. Securities and Exchange Commission (SEC), led by Chair Gary Gensler, is currently reviewing 8-12 Bitcoin ETF applications. While Gensler has expressed concerns about compliance issues in the crypto industry, a decision on these applications is expected in early 2024. This development continues to hold the attention of the market, as approval could significantly impact Bitcoin’s trajectory​​.
• Dec 14: The SEC put the Invesco Galaxy Ethereum ETF on hold, delaying its decision until February 2024. This move reflects the cautious approach of the regulator towards integrating cryptocurrencies into mainstream finance​​.

Crypto Regulation

• Dec 16: Coinbase has taken legal action against the SEC for what it perceives as a lack of clarity in crypto regulation. The company’s Chief Legal Officer announced intentions to approach the Third Circuit court following the SEC’s refusal to provide the requested regulatory guidance​​.
• Dec 13: The Chairman of the U.S. Commodity Futures Trading Commission (CFTC) asserted that most cryptocurrencies are commodities, urging for clearer legal guidelines. This statement adds another layer to the ongoing debate about the nature and regulation of cryptocurrencies​​.
• Dec 13: Binance and its former CEO, Changpeng Zhao, launched a counteroffensive against the SEC, challenging the authority of the commission and its jurisdictional reach in the crypto environment​​.

Market Trends and Predictions

• Dec 14: XRP is nearing the end of a six-year symmetrical triangle pattern, with predictions suggesting a potential breakout. This could lead to a significant increase in its value, with targets reaching as high as $22 in the coming months​​.
• Dec 12: CreditCoin (CTC) saw a remarkable surge in value, rising to $0.73 following its listing on South Korean exchange Upbit. This move highlights the continued interest and growth potential in various altcoins​​.
• Dec 11: The Terra Luna Classic (LUNC) ecosystem achieved a major milestone by successfully burning 85 billion LUNC, with Binance contributing significantly to this effort​​.

Additional Notable Events

• Dec 15: The cryptocurrency industry faced another security breach with the Ledger Connect hack, leading to a loss of $484,000. This event highlights ongoing challenges in blockchain security​​.
• Dec 15: SafeMoon filed for Chapter 7 bankruptcy amid allegations of fraud and mismanagement, causing its market value to plummet. This development raises concerns about the need for more robust regulations in the crypto market​​.
• Dec 12: El Salvador announced the launch of the “Volcano Bond,” a Bitcoin-backed bond aimed at funding the development of Bitcoin City and reducing national debt. This move underscores the country’s commitment to leveraging cryptocurrencies in its economic strategy.

Overall, This week in crypto reveals a complex interplay of regulatory developments and market trends, highlighting the dynamic and evolving nature of the digital finance landscape.