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CRYPTO WEEKLY ROUNDUP – JANUARY 22nd 2023

Here are top stories on the Crypto space:

Bitcoin Already Tops Silver In U.S. ETF Market After SEC Approvals

Cryptonews

The moment U.S. Bitcoin (BTC) spot ETFs went live last Thursday, they quietly achieved a major feat. The digital asset has now become the second-largest ETF commodity in the country, boasting $26 billion managed behind the securities wrapper. That’s more than silver ETFs, which hold slightly over $11 billion, per VettaFi. The Bitcoin ETF figure is based on data from Bloomberg ETF analyst Eric Balchunas, showing that net flows to the funds have climbed by $1 billion within their first five days of trading.

Hashkey Group Achieves Unicorn Status With $100 Million Series A Funding

Bitcoin.com

On Tuesday, Hashkey Group, based in Hong Kong, disclosed its successful fundraising of $100 million from a mix of strategic partners, institutional backers, and Web3 entities. This infusion of funds elevates the company to unicorn status, with an estimated valuation of approximately $1.2 billion. In their Tuesday announcement sent to Bitcoin.com

Do Kwon’s Terraform Labs files for Chapter 11 bankruptcy protection

Cointelegraph

Do Kwon’s Terraform Labs, the company behind the now-defunct TerraUSD (UST) stablecoin, has filed for bankruptcy protection in the United States.  The firm filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the District of Delaware, citing between $100 and $500 million in estimated liabilities and assets, according to a Jan. 21 filing.

SEC delays decision on Fidelity’s proposed spot Ethereum ETF to March

TheBlock

The Securities and Exchange Commission delayed its deadline to make a decision on Fidelity’s proposal for a spot Ethereum exchange-traded fund until March 5, according to a filing on Thursday. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said. Fidelity applied for the Fidelity Ethereum Fund in November, noting in its proposal a court ruling last year where judges said the SEC failed to find a coherent reason on why it should reject spot crypto ETFs when it had allowed futures-based products.

EU Banking Watchdog Extends Anti-Money Laundering Measures to Cover Crypto Firms

Coindesk

The European Union’s banking watchdog on Tuesday issued guidance for crypto firms to comply with its anti-money laundering and terrorist-financing requirements. By extending the scope of its existing measures to cover crypto, the European Banking Authority (EBA) “harmonizes the approach” that crypto asset service providers (CASP) across the EU should adopt to combat financial crime, it said in a press statement. “The risks of this happening can be increased, for example because of the speed of crypto-asset transfers or because some products contain features that hide the user’s identity.

Delchain Market Take – Week of 22nd

Crypto markets saw a significant pullback this week with BTC pulling back nearly 7.5% and ETH falling a similar amount at 6.75%. The selloff was like attributed to some profit taking post-ETF approval, where BTC hit the $49k mark on the first day of ETF trading but has continued to move lower ever since, falling as low as $39k on January 23rd.

Source: Tradingview

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