In this week’s episode of BitTalk, your weekly bite-sized Bitcoin news, we look at CFTC coming after Binance, the potential for Bitcoin ETFs, rate hikes, and Bitcoin development on Lightning.
In recent times, the US regulatory landscape has been reacting to the evolving cryptocurrency market, particularly in the case of Binance and the CFTC. The ongoing battle between the SEC and the CFTC over jurisdiction in the crypto space has led to some uncertainty. However, it is widely agreed that Bitcoin is classified as a commodity. This could pave the way for a Spot Bitcoin ETF in the near future, which would be approved by the SEC, while the CFTC would be involved in regulating manipulation from futures.
Comparing Bitcoin ETFs to Gold and Silver ETFs
When looking back at the launch and performance of gold and silver ETFs, it is evident that these assets experienced significant growth in value following their introduction. For example, the SPDR Gold Shares ETF experienced a 309% increase over eight years, while the iShares Silver Trust saw a 255% increase in just five years. With Bitcoin’s fundamentals being stronger than those of gold and silver, the potential introduction of a Bitcoin ETF could generate even greater returns for investors.
The Role of Public Miners in Hash Rate Growth
The Bitcoin hash rate has been growing exponentially, with the recent surge reaching 350 terahashes over a 7-day moving average. To better understand this growth, it is essential to consider the role of public miners who have been deploying new, more efficient mining equipment. Many of these public miners had planned to implement new ASIC miners in 2023, which would significantly increase the hash power within the network. This could potentially lead to the highest hash rate growth in the past five years, further fueling the cryptocurrency market.
Navigating Market Uncertainty and Rate Hikes
The current macroeconomic climate is characterized by uncertainty, as demonstrated by the market’s pricing in rate hikes, pauses, and rate cuts simultaneously in June. This volatility can have a direct impact on the cryptocurrency market, causing fluctuations in value across assets such as Bitcoin. However, despite this uncertain environment, many investors continue to stack sats and remain optimistic about the long-term potential of the market.
The Growing Ecosystem of Lightning Network Apps
The Lightning Network has seen increased adoption and innovation in recent years. Micro-payment…
Click Here to Read the Full Original Article at Bitcoin (BTC) News | CryptoSlate…
