SEC Officially Approves Spot Bitcoin ETFs, DOGE Shines as Elon Musk's X Prepares to Launch P2P Payments, Ripple Initiates Massive Buyback: Crypto News Digest by U.Today
U.Today
Published Jan 12, 2024 11:28AM ET
SEC Officially Approves Spot Bitcoin ETFs, DOGE Shines as Elon Musk's X Prepares to Launch P2P Payments, Ripple Initiates Massive Buyback: Crypto News Digest by U.Today
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SEC officially approves spot Bitcoin ETFs/h2 In a crucial development for the crypto sphere, the SEC has officially approved several spot Bitcoin exchange-traded funds (ETFs). Thanks to these ETFs, investors will be able to gain Bitcoin exposure without the complexities of direct ownership. James Seyfart, ETF analyst, shared the list of 11 trusts whose filings have been approved; among others, the list includes Grayscale Bitcoin Trust, Bitwise Bitcoin ETF and the Hashdex Bitcoin ETF. The BTC price seemed to remain unfazed right after the approval news; however, later today, the largest crypto has managed to climb to the high of $47,000. At the moment of writing, Bitcoin is changing hands at $48,108, up 6.45% over the past 24 hours.
Dogecoin (DOGE) shines as Elon Musk’s X prepares to launch P2P payments/h2 According to the latest post on X platform's official blog, it will launch peer-to-peer payments this year; the option was listed among other areas of the company's focus for the year 2024. As stated in the post, the payments would unlock "more user utility and opportunities for commerce." The crypto community's attention is now drawn to Dogecoin (DOGE), as Elon Musk, the owner of the X platform, has endorsed the dog-themed coin numerous times, saying that it is better suited for payments than Bitcoin (BTC). However, the details on how the peer-to-peer payments will work on X and when they will officially launch remain unknown.
Ripple initiates massive buyback/h2 As recently announced by Ripple Labs, it is buying back a substantial amount of its shares. According to two anonymous sources cited by Reuters in its Wednesday report, the company is set to repurchase $285 million worth of shares from early investors and employees. Repurchasing shares is Ripple's strategic action aimed at bolstering investor confidence and asserting its financial stability. Investors are only allowed to sell up to 6% of their interest during a repurchase. This restriction is a savvy approach to maintaining a balanced shareholder structure. This is not the first time Ripple is venturing into buybacks. In early January 2022, the company had previously repurchased shares issued after securing $200 million in funding in 2019.
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