In this week’s episode of BitTalk, we look at the CFTC following Binance, a potential Bitcoin ETF, rate hikes, and Bitcoin development at Lightning for our weekly bite-sized bitcoin news.

Recently, the US regulatory landscape has reacted to the evolving cryptocurrency market, especially in the case of Binance and CFTC. The ongoing battle between the SEC and CFTC over jurisdiction of the crypto space has introduced some uncertainty. However, it is widely accepted that Bitcoin is classified as a commodity. This could pave the way for spot Bitcoin ETFs to be approved by the SEC in the near future, but the CFTC will be involved in regulating operations from futures.

Comparing Bitcoin ETFs to Gold and Silver ETFs

Looking back at the launch and performance of gold and silver ETFs, it is clear that the value of these assets has increased significantly since their introduction. For example, the SPDR Gold Shares ETF posted a 309% increase in his eight years, while the iShares Silver Trust posted a 255% increase in just five years. Bitcoin’s fundamentals are stronger than those of gold and silver, so the potential introduction of a Bitcoin ETF could bring even greater returns to investors.

Role of Public Miners in Hashrate Growth

Bitcoin’s hash rate has been growing exponentially, with a recent surge reaching 350 terahash with a 7-day moving average. To better understand this growth, it is essential to consider the role of public miners deploying new, more efficient mining equipment. Many of these public miners were planning to implement new ASIC miners in 2023. This greatly increases hashing power within the network. This could lead to the highest hashrate growth in the last five years, further stimulating the cryptocurrency market.

Market uncertainty and responses to interest rate hikes

The current macroeconomic climate is characterized by uncertainty, as evidenced by the market’s simultaneous rate hike, suspension, and rate cut 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 invest and are optimistic about the long-term potential of the market.

A Growing Lightning Network Application Ecosystem

The adoption and innovation of the Lightning Network has increased in recent years. Micropayments Lightning apps like Stacker News have demonstrated that this technology can be used to create an engaging and profitable platform. As the Lightning Network continues to evolve, more user-friendly applications are expected to emerge, providing a seamless experience for both new and seasoned crypto enthusiasts.

Watch the video above on BitTalk this week, including Nick, James, and Akiba’s take on these issues, and Michael Saylor’s 22% discount loan from Silvergate.

By Jules

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