Bitcoin Skyrockets to $30,000 After False Reports of An Approved Spot Bitcoin ETF

Price gains, crypto regulation, exciting releases, and more - this week in the crypto scoop. In this edition of the Crypto Scoop, we delve into the highlights of the week:

• Bitcoin's Remarkable Price Surge
• Developments in Bitcoin Spot ETF Filings
• Circle's Latest Release
• Ferrari's Landmark Acceptance of Crypto Payments

Bitcoin Skyrockets to $30,000 After False Reports of An Approved Spot Bitcoin ETF

The week began with false reports circulating on Monday, suggesting that the US Securities and Exchange Commission (SEC) had granted approval for a spot Bitcoin Exchange-Traded Fund (ETF). Although the news was confirmed to be later false, Bitcoin (BTC) promptly responded with an astounding price surge, briefly soaring to the $30,000 mark. Several altcoins weren't left behind, with Ethereum soaring to $1,700.

Adding to the astonishment, the SEC voluntarily dismissed charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, both of whom had been charged alongside the company for allegedly violating securities laws with sales of the XRP token. Ripple described this decision as a "stunning capitulation," while the price of XRP saw a 5% surge.

Meanwhile, Galaxy Digital CEO Mike Novogratz has set his sights on the spot Bitcoin Exchange-Traded Fund (ETF), predicting its approval in 2023, adding to the anticipation surrounding crypto investment opportunities.

On the Ethereum (ETH) front, co-founder Vitalik Buterin addressed speculations regarding his holdings. He clarified that the reported transactions of ETH sent to exchanges were, in fact, donations to charity or nonprofit projects. Buterin emphasised that he hadn't sold ETH for personal gain since 2018, alleviating concerns within the crypto community.

Grayscale and Fidelity Make Bold Moves in ETF Space

Grayscale Investments has filed a fresh registration statement with the U.S. Securities and Exchange Commission (SEC) in light of a recent ruling by the District of Columbia Circuit Court of Appeals. On October 19, Grayscale submitted an S-3 form with the SEC, aiming to list shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker GBTC.

Simultaneously, Fidelity, the asset management giant, seeks to amend its proposed spot Bitcoin ETF, the Wise Origin Bitcoin Trust. The amendment outlines measures to protect customers' Bitcoin in custody accounts and address regulatory uncertainties, indicating active discussions with the SEC. While Bitcoin's price had corrected to $28,000 after the rumours of the approved Bitcoin spot ETF were confirmed to be fake, the Fidelity amended filing pushed it back to S29,000. 

Circle Unveils User-Friendly Web3 Development Platform

Circle has introduced a novel solution designed to simplify Web3 app development for traditional developers. Referred to as the "Smart Contract Platform," this tool offers pre-vetted code templates, granting developers the capability to deploy smart contracts via either a console or REST APIs. The goal is to make the creation of Web3 apps more accessible to conventional Web2 programmers.

Additionally, Circle has rolled out a "Gas Station" feature, enabling developers to cover users' gas fees, thus streamlining the onboarding process. These innovations signify Circle's commitment to enhancing the user experience in the realm of Web3 development.

Cryptocurrency Regulation and Innovation Unfold Globally

Australia is considering requiring cryptocurrency exchanges to obtain a financial services license from the Australian Securities and Investments Commission, focusing on larger exchanges with over $3.2 million in assets. The move is aimed at enhancing consumer protection and fostering market growth.

The Bank of Finland is actively promoting the development of a Finnish instant payment solution in line with European standards, with an eye on the digital euro. This step would enable consumers to use central bank money for electronic payments.

Meanwhile, in the UAE, the emirate of Ras Al Khaimah is diversifying its economy through the launch of the RAK Digital Assets Oasis (RAK DAO). This economic free zone supports companies in digital and virtual assets, blockchain, Web3, and AI. The initiative reflects the growing recognition of the opportunities in the digital asset sector on a global scale. Ras Al Khaimah ruler Sheikh Mohammed bin Saud bin Saqr Al Qasimi inaugurated the new RAK Digital Assets Oasis (RAK DAO). 

He noted,” When we embarked on this… journey, our vision was to create a hub where digital assets could thrive, innovation could flourish, and groundbreaking ideas could come to light. We wanted to provide a platform to foster its growth and success. We observed that global trends and data point to the incredible opportunity digital assets offer, and we felt… that Ras Al Khaimah could and should benefit from being a first adopter.” 

Ferrari Embraces Cryptocurrency for Luxury Car Payments

Italian luxury sports car giant Ferrari has made a bold leap into the world of cryptocurrency payments. Responding to both market demand and dealer requests, Ferrari has introduced the option to pay for its high-end sports cars using digital currencies. The move aims to broaden their customer base beyond traditional clientele.

Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, revealed that many of their clients are already crypto investors, ranging from young investors who've amassed wealth in the crypto space to more conventional investors looking to diversify their portfolios. This decision enables Ferrari to tap into potential buyers who may not have considered a Ferrari purchase.

In the initial phase, Ferrari is partnering with Bitpay to facilitate cryptocurrency transactions in the United States. Accepted digital currencies for car purchases include Bitcoin (BTC), Ethereum (ETH), and the stablecoin USDC. Additionally, plans are underway to extend this payment option to the European market in the near future.