Clock runs down on ETF challenge
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TOP TRENDING ASSETS
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The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
BTC Rises As SEC Deadline Arrives
Bitcoin climbed by 0.17% over the past 24 hours as the deadline arrived for the SEC to appeal a court ruling paving the way for Grayscale Bitcoin Trust to convert to a spot ETF.
Industry analysts have suggested that the commission may allow the deadline to pass, as a challenge would be legally difficult. If regulators do allow the ruling to stand, it could pave the way for the seven spot BTC ETF applications that have been in a holding pattern while the Grayscale case dragged on.
THORchain (RUNE) rose sharply overnight reaching a trailing 24-hour level of $1.68 - a jump of more than 11%. The move comes as trading resumes for the first time since last Friday when funds from the FTX exploit of last year were transferred through the exchange.
Tether announced this morning that Chief Technology Officer Paolo Ardoino will become the new CEO of the firm in December of this year. Tether (USDT) was up by $0.03% over the past 24 hours after a spike on the news.
What's down
TON Dips, Terraform Sues Citadel
Toncoin (TON) retreated by 1.8% overnight as the token remains range bound well-off September highs. Last week MEXC Ventures announced an eight figure investment into Toncoin and a strategic partnership with The Open Network foundation.
A motion filed by Terraform Labs on Wednesday accused Citadel Securities market makers of manipulating the price of the TerraUSD stablecoin in May of last year, causing UST to break its peg to the dollar. UST remains down by over 78% for the trailing year. The complaint includes an anonymous Discord chat message from an individual who claimed to have discussed UST with Citadel founder Ken Griffin.
What's next
JP Morgan Debuts Institutional Blockchain
On Wednesday, JP Morgan announced the first transaction for its Ethereum-based Onyx blockchain.
The tri-party trade, which deployed the bank’s proprietary Tokenized Collateral Network, allowed Blackrock to tokenize shares of a money market fund to be made available nearly instantaneously as collateral for an over-the-counter derivative contract executed at Barclays PLC.
While the system is currently limited to a closed network blockchain for use by institutions to move collateral, bank leadership has argued that the potential for expansion across the capital markets are huge.
JPMorgan has carried out its first live blockchain-based collateral settlement transaction involving BlackRock and Barclays, the U.S. banking giant said on Wednesday.
JPMorgan’s Ethereum-based Onyx blockchain and the bank’s Tokenized Collateral Network (TCN) was used by BlackRock to tokenize shares in one of its money market funds. The tokens were then transferred to Barclays Plc for collateral in an OTC (over the counter) derivatives trade.
In recent years JP Morgan —the fifth largest bank by global assets, has been in the forefront of institutional blockchain promotion. In a statement on its website, JPMorgan writes “We believe a version of decentralized finance (DeFi) called “Institutional DeFi”, which combines the innovations of DeFi protocols with the safeguards of today’s finance industry, has the potential for growth and transformative impact.”
While bankers have trumpeted closed-network block chain development at banks like JP Morgan and Citigroup as a breakthrough, many industry analysts see them only as stepping stones to eventual use of public protocols for near-instant institutional asset transfer.
