Global Hive Buzz

Bitcoin Spikes Over 8% on False SEC Spot ETF Approval Rumors

In a sudden and rapid upswing, Bitcoin has surged by more than 8%. The majority of this increase transpired in a matter of minutes.

Speculation regarding a Bitcoin spot ETF has been circulating, and Coin Telegraph has recently published a report claiming that the SEC has granted approval for the iShares spot Bitcoin ETF.

The short-term chart reveals some modest buying activity earlier, but in just a few minutes, Bitcoin has made a nearly $2000 jump.

Initially, the ascent was halted by sell orders at $30,000, but that barrier has now been marginally breached. Contradicting reports have emerged, with a Fox Business reporter stating that she communicated with BlackRock, and the news of approval is false.

It remains to be seen how Coin Telegraph will address this development.

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Microsoft Expresses Concerns Over Chinese Bitcoin Mining Operations in the US

Microsoft has raised concerns regarding potential threats to national security, particularly concerning a Chinese cryptocurrency mining operation situated near one of its data centers that supports Pentagon activities and an Air Force base responsible for controlling nuclear missiles.

The proximity of the Bitcoin mining facility to sensitive US military installations is seen as providing substantial threat vectors that could potentially enable China to engage in comprehensive intelligence collection operations, according to a report by Microsoft's security team in August 2022. This report was submitted to the Committee on Foreign Investment in the US, as reported by the New York Times.

The increasing presence of cryptocurrency mining operations linked to the Chinese government in close proximity to critical locations necessitates immediate additional investigation and scrutiny, as emphasized by Brian Harrell, the former DHS assistant secretary for infrastructure protection during the Trump administration.

SEC Opts Against Appealing Grayscale Case Loss, Paving the Way for ETF Conversion

The SEC has chosen not to pursue an appeal in response to a recent court ruling. This ruling found that the SEC had acted in an "arbitrary and capricious" manner when it rejected Grayscale's proposal to transform its Bitcoin Trust (GBTC) into an Exchange Traded Fund (ETF). The court ruling was issued by the DC Circuit Court of Appeals on August 29, 2023, instructing the SEC to reevaluate its decision and provide a clear rationale for its approach to various Bitcoin-related products.

The SEC's decision not to appeal the verdict potentially creates an opportunity for the Grayscale Bitcoin Trust Product, trading under the ticker GBTC, to undergo conversion into a more investor-friendly ETF. It's important to note that the SEC's decision doesn't guarantee an immediate conversion of GBTC into an ETF. The next step is likely the appeals court issuing a mandate outlining how its decision should be implemented.

The Era of 100% Bitcoin Returns Nears Its End

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