CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Rich Rines, contributor at CoreDAO, discusses what institutional adoption of crypto means for bitcoin.
Chapters:
00:00 – CNBC Crypto World, June 29, 2023
0:27 – Crypto trades flat
0:41 – The headlines
3:02 – Core DAO contributor Rich Rines
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Fidelity Investments, one of the largest asset management companies in the world, has joined the push for a spot bitcoin exchange-traded fund (ETF). The move reflects the increasing interest in making cryptocurrencies more accessible to traditional investors.
Fidelity recently filed a prospectus with the Securities and Exchange Commission (SEC) for a new fund called the Wise Origin Bitcoin Trust. The trust aims to track the performance of bitcoin as measured by Fidelity’s Bitcoin Index. If approved, the fund would allow investors to gain exposure to bitcoin without directly owning the cryptocurrency.
The entry of Fidelity into the bitcoin ETF space is significant, given its reputation and established presence in the investment industry. The company manages more than $4.9 trillion in assets and has been actively involved in exploring and incorporating cryptocurrencies into its offerings. Its support for a spot bitcoin ETF could potentially garner more attention and interest from other institutional and retail investors.
A spot bitcoin ETF refers to an investment vehicle that allows investors to buy and trade bitcoin directly on a regulated exchange. This differs from futures-based bitcoin ETFs, which derive their value from futures contracts rather than holding physical bitcoin.
The SEC has been hesitant to approve a spot bitcoin ETF, citing concerns about market manipulation, liquidity, and custody of assets. Currently, there are several bitcoin ETF proposals awaiting approval from the SEC, with VanEck being one of the most prominent players in the space. Despite these concerns, the growing interest from institutional players like Fidelity could pave the way for regulators to reconsider their stance.
In related news, Coinbase, one of the largest cryptocurrency exchanges in the United States, is facing a lawsuit from the SEC over its offering of a lending product called Coinbase Lend. The SEC argues that the product qualifies as a security and should have been registered with the agency.
Coinbase publicly responded to the SEC’s lawsuit, expressing its surprise and disappointment. The company claims to have engaged in extensive discussions with the SEC to clarify any concerns and obtain their approval. Coinbase maintains that the lending product does not meet the definition of a security and that the SEC’s actions will harm innovation within the crypto industry.
The outcome of this lawsuit could have significant implications for the broader cryptocurrency industry. If the SEC’s position is upheld, it could set a precedent for how lending products and other crypto-related innovations are treated by regulators. It highlights the ongoing struggle between regulators and industry players to establish clear guidelines and regulations in the nascent and rapidly evolving crypto market.
In summary, Fidelity’s entry into the spot bitcoin ETF space signals increasing institutional interest in cryptocurrencies. The move could potentially sway regulators’ opinions on approving a bitcoin ETF, opening doors for more traditional investors. Meanwhile, Coinbase’s response to the SEC’s lawsuit underscores the ongoing regulatory challenges faced by crypto firms and the need for clearer guidelines in the industry. As the crypto world continues to grow, finding a balance between innovation and investor protection remains a key challenge.
Investing in various sources of income that are independent of the government should be the most essential thing on everyone's mind right now. especially in light of the global economic crisis at the moment. I have $560,000 sitting in savings searching for the best method to enter these markets. This is still an excellent moment to invest in equities, gold, silver, and digital currencies.
It's insane how much mainstream news coverage Crypto is getting lately
The fact is, BTC is the future of crypto and the question most people ask themselves is – if this is right time to invest? I feel those who would allow the market dynamism to determine when to trade or not are either new in this space in general or probably just naive, the sphere have seen far worse times than this, enlightened traders continue to make good use of the dip and pump even acquiring more equities towards trading sessions, I’d say that more emphasis should be put into trading, since it is way profitable than holding. Trading went smooth for me as I was able to raise over 10 BTC when I started at 2.5 BTC in just 5 weeks of implementing trades with signals and insights from Sellers cathy sue .. I would advise you all to trade your asset rather than hold for a future you aren’t sure about….
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multimillionaires.l pray that anyone who reads this will be successful in life
I'm celebrating a $30k stock portfolio today. I started this journey with 4k. have invested on time and also with the right team now I have time for my family and the life ahead of me
If not securities. Why De-list XRP????
Solana is trash. Why is this network promoting it.
*BTC is not Bitcoin – BTC is provably (factually) SegWit (which is protocol rule change) fork airdropped on 24th Aug 2017*.
ps: Taproot was yet another protocol rule change (as was RBF, P2SH, disapled OP codes, and ultimately deliberate prevention of on-chain scaling by BTC core devs).
read the Bitcoin white paper (note the definiton of the "coin"), also read BlackRock's Trust application (because in it they hint at knowing BTC is not the actual Bitcoin and its just that most people are just not aware of it, because all crypto influencers, media, exchanges and charlatans pretending to be experts, mislead them that it is.
Gift crypto 3500 USDT in OKx Wallet
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After watching this video, a lot of things now make sense to me. However, I have questions regarding sizing into a trade and also ETF/Digital assets portfolio management. Often times I see myself sizing in when my pre-determined zone is met but I’m unsure what has the best potential: going with a full size order or sizing more as my the price extends further into my zone. And how are people making $450K already in this first half of the year? Sometimes the psychological part of this is the most difficult!
With such a miner it will be profitable to mine Crypton in the Utopia p2p ecosystem.
I lost over $60K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Mrs Gretchen Dougherty
This woman's outfit makes me feel like she is doing the state run media for a cult and like if you were a filmer for a documentary for cults in a horror movie and you just happened to walk in not knowing what is going on and then like you accidentally step on some rope that knocks down something that killed the cult leader this woman would absolutely go insane and murder you
Get out of Coinbase now. They've added withdrawal delays, which indicates liquidity and reserve problems.
I'm curious about the consequences of Coinbase operating as an exchange without proper broker registration. It seems like Coinbase is currently running illegally.
it's no surprise that Coinbase is under investigation by the SEC. the numerous halted withdrawals and the multitude of lawsuits from institutions and foreign governments are clear indications that something fishy is going on. it's pretty obvious that Coinbase is engaging in some shady and illegal activities.
Even today, there are 0 DeFi applications on Bitcoin. Ordinals "NFTs on bitcoin" are only 6 months old. DAOs are an Ethereum construct.
I don't think its going to be dismissed.. Coinbase, will go through a long process; maybe 4 or 5 years depending on the scope of the company and how well their book keeping is. Coinbase doesn’t have an SEC problem, they have a compliance problem. They don't comply with the regulations not just in the US, but in other countries also. Just search it up, they have tons of lawsuits agasint them for compliance problem.
I'm glad i got into crypto when I did because it’s been a turning point for me financially, been my best decision so far
You should make a content on how to earn 6 figures in monthly profits cos I've been reading about investors making up as much and I'd really love to know how to such substantial profit in this current market
i seriously doubt that the sec lawsuits against coinbase will be dismissed, cuz coinbase is a huge fraud and the government sees that. my bet? they are going to be the next ftx and armstrong is just the next sbf.
why does coinbase think that the lawsuit lack merit? when it tackles most of the problems that coinbase currently has? coinbase is just playing blind here when in reality they are totally in the wrong and the sec totally hit them in the gut. that's what you get from stealing from your users.
Even if they survive the stock price downfall and the SEC investigation, once the SEC shuts them down, the company won't survive.
Coinbase is a scam. Been trying to unstake for a month and they're just holding my money hostage. Support has no clue when it'll be resolved. They're doing the same to thousands of people. Won't deal with them again, ever.
Thanks buddy for keepin us financially Educated! Regardless of how bad it gets on the economy, I still make over $22,000 every single week…
Wow, since when is Lady Gaga talking about finances? She is more talented than I thought!
If they want to come out on top, they need to improve Coinbase. It has a lot of issues, like liquidity problems and well-known cases of insider trading. They should fix those problems first before expecting to win. Right now, it's just a crappy exchange.
There has been a lot of cases where their uses can't withdraw anything due to the liquidity issues that Coinbase currently has. That's why their users has been leaving them slowly and thats why they are going to lose.
Bitcoin is a homerun!
It is clear BTC has proved it's use case during this uncertain times. We need more experts like Mr Rolando Eric , who educate people on the evolution of the market so
people avoid common mistakes. so they don’t walk out of the market feeling frustrated! Keep up the great work! Raised over 24.6 BTC when I started at 2.3 BTC in just few
weeks implementing Rolando Eric daily trading signals and tips.
So binance is just now trying to get licenses to hold assets…. But how long have they had them?? And they got denied lolololol
I don't believe in luck I believe in trust and understanding. I've been trading forex for Some months now and I've made good amount of money of over $78,100 with her simple strategies of trading. Meeting with Olivera Jane has been one of my best experience these past few months and am expecting more withdraws from her
Thanks for the update and keep doing what you do. My journey in the current market has taught me a lot of lessons, at the top of that list is that it never pays to live above one's means. I have managed to grow a nest egg of around $600k to a decent 7 figures in the space of a few months. Sad to say but a lot of us have poor money management skills. My 2 cents -get an advisor to keep you accountable and aid you make better decisions, Craig Reeder y's has been helping me a lot, all through my journey. I find it better to pay a little bit more for peace of mind than worry about money or market trends and still get >burned.
I feel incredibly fortunate for having made wise financial choices that have had a life-altering impact. As a single mother residing in Toronto, Canada, I successfully purchased my second home in September. If everything continues to progress positively, my aspiration is to retire next year at the age of 50.>>>
Simple said. Blokchain is part of the fourth reich. You can call the WEF agenda for this.
How much #CRYPTO are they allowed to Buy ???
I love the grounded reality of this channel!!,Despite the recession, I no longer depend on Government Grants since I acquire $16,400 bi weekly profits.
Nobody can predict crypto, dismiss all such forecasts and concentrate on what's actually happening to the cryptos in which you've invested. My advice to new investors: More emphasis should be put into day trading as it is less affected by the unpredictable nature of the market. Trading went smooth for me as I was able to raise over 15 BTC when I started at 2 BTC in just 5 weeks of implementing trades with signals and insights from Charles Jasper , this is one of the best medium to backup your assets incase it goes bearish.
I'm new to cryptocurrency and I don't understand how it really works. Can someone guide me on the right approach to investing and making good profit from cryptocurrency investment…