Bitcoin recently tested the $41,800 mark but swiftly recovered, trading at $42,670. With U.S. markets closed for a holiday, investor caution prevails, awaiting ETF volume data. Meanwhile, Bitcoin’s acceptance as an asset class is highlighted by its use in a rental contract in inflation-stricken Argentina, aligning with BlackRock CEO’s suggestion that Bitcoin could be a haven for those fearing currency devaluation.
In Rosario, Argentina’s third-largest city, the first Bitcoin-based rental agreement was enacted, made possible by recent legislative changes. This pioneering contract in Argentina showcases the growing practical use of cryptocurrencies in everyday transactions.
Investment giant BlackRock released its first advertisement for its spot Bitcoin ETF, IBIT, on January 11. The ad, featuring a BlackRock executive, explains the value proposition of Bitcoin and how investors can engage with the new ETF, indicating intensifying competition in the ETF market.
SEC Chairman Gary Gensler acknowledged a legal victory by Grayscale in August 2023 as a pivotal moment for ETF approvals, signaling a shift in the SEC’s stance. Gensler expressed respect for the rule of law and the courts, suggesting a more sustainable path forward for regulatory compliance.
FTX is offering payments in USD to creditors based on cryptocurrency prices during its bankruptcy filing. However, some investors prefer to be reimbursed in cryptocurrencies, which have since appreciated in value, with significant increases in assets like SOL and Bitcoin, highlighting the complexities in resolving crypto-related bankruptcies.