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Grayscale Investments’ application to convert its Bitcoin Trust (GBTC), into a U.S. Spot Exchange-Traded Fund (ETF), is currently being reviewed by the Securities and Exchange Commission. Barry Silbert, the chairman of Grayscale, has resigned and Mark Shifke, the chief financial officer at Grayscale owner DCG, will take Silbert’s place as of January 1, Grayscale stated in an SEC document without providing a reason. Mark Murphy, DCG’s president, resigned as well from the board. SEC delayed several ETF requests including those of Grayscale and BlackRock. Ark 21shares and Vaneck also filed revised documentation. Ark 21Shares is the first deadline approaching. The SEC must decide whether to approve or reject it by January 10.

Reports of Mt. Gox began repaying victims of the 2014 hack, which sparked a decline in the market. In the past 24 hour, traders who bet on higher prices suffered losses totaling over $190,000,000. Bitcoin (BTC), however, recovered early Wednesday after a drop as high as 4%. Altcoin-tracked Futures accounted for $45 million in losses, while bitcoin liquidations accounted for $36 million. data shows that traders of Solana’s SOL tokens suffered losses of nearly $20 million while Bitcoin protocol Ordinals (ORDI), lost $8 million. Binance, a crypto exchange, saw the largest liquidations of all counterparties at over $97,000,000.

South Korea will make the crypto and other assets of about 5,800 public officials public to the public as part of new legislation designed to increase transparency, South Korea’s Ethics Policy Division announced in a blog post on Wednesday. Currently, asset disclosures appear in official gazettes. Under the new legislation, this information will be made available via the Public Official Ethics System. In May, new laws were passed requiring public officials who hold crypto to declare their holdings. This was in response to a high profile scandal involving one of the lawmakers.

Chart of the Day

  • The chart displays a moving average of seven-day transaction fees on the Bitcoin Blockchain since January.
  • The average price of bitcoins jumped to 445.59 BTC on December 20, the highest level since 2018.
  • As a result of the increasing popularity of Ordinals, blockchain congestion has increased fees.
  • Source: Glassnode

– Omkar Godbole

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Sheldon Reback is the editor.