Boyaa Interactive, a gaming company listed on the Hong Kong Stock Exchange, has announced a strategic plan to invest up to $100 million in cryptocurrencies, primarily Bitcoin and Ethereum, signaling its entry into the Web3 space and aligning its online gaming business with emerging Web3 technologies. The company intends to distribute the investment over 12 months, subject to shareholder approval and market conditions, with a focus on BTC, ETH, and major stablecoins USDT and USDC. This move underscores Hong Kong's commitment to becoming a global crypto hub following the establishment of a new regulatory regime for digital assets. Boyaa's investment will represent a significant portion of its total assets, indicating a strong shift towards digital asset integration.
Kazakhstan has initiated a central bank digital currency (CBDC) pilot with the launch of the digital Tenge platform, marking a significant step in the country's digital finance journey. The pilot, which began with the first issue of the digital Tenge and includes real users such as banks and their clients, employs blockchain technology for efficient settlements. The CBDC platform allows for the use of digital vouchers and cards for transactions, showcasing the practical application of the national digital currency. This development aligns with global financial institutions' push for countries to research and potentially issue digital currencies, with the International Monetary Fund (IMF) emphasizing the potential benefits of CBDCs in replacing cash and enhancing financial stability. Kazakhstan, which has been exploring the digital Tenge since 2021, aims to fully implement it by the end of 2025, broadening its services and usage scenarios.
The U.S. Securities and Exchange Commission (SEC) has extended its review period for two key crypto ETF proposals, delaying rulings on Hashdex's bid to convert its Bitcoin Futures ETF to a Spot Bitcoin ETF and Grayscale's application for an Ether Futures ETF. This hesitation from the SEC, despite industry optimism following the approval of Bitcoin Futures ETFs and supportive court rulings earlier in the year, showcases the regulator's ongoing concerns about market manipulation and surveillance in the crypto market. Despite the delay, the SEC's eventual decision will be highly influential in shaping the future of cryptocurrency ETFs and broader market access.
Stock futures exhibited minimal changes on Thursday as investors sought to prolong November's impressive performance. As we approach the midway point of the month, the S&P 500 has surged by over 7%, with Nasdaq following suit with a remarkable 9.8% gain during this period. The recent favorable inflation data suggests that the Federal Reserve may have concluded its interest rate hikes, bolstering market sentiment. Furthermore, the historical strength of the market during this season adds an optimistic note to the prospects of this trend continuing.
Bitcoin briefly touched the $38,000 resistance level before experiencing a retracement. Currently, price action appears to be targeting the intraday support level of $35,250. Over the past 24 hours, the crypto market witnessed a 4.6% increase in overall market capitalization, reaching $1.44 trillion—a level not observed since May 2022. Notably, most altcoins are exhibiting negative performance across the board, with the exception of RNDR, which is trading at an impressive +15% today. Among the top 10 tokens, ADA and DOGE stand out as they have surged by approximately 8%. Additionally, AVAX is currently up by 12%, fueled by the announcement that developer Ava Labs is collaborating with banking giant JPMorgan on an upcoming portfolio management product.
In a significant development, BlackRock, the world's largest asset manager, has officially filed for an Ethereum ETF with the SEC. ETHUSDT reached a high of $2,090 in the past 24 hours. Notably, the SEC recently postponed its decision on whether to permit futures ETFs to transition to spot ETFs, pushing the ultimate SEC ruling from this Friday to January 1st, 2024.
In other news, the New York State Department of Financial Services (NYDFS) has recently fortified its guidelines pertaining to the listing and de-listing of cryptocurrencies, a move aimed at enhancing protections for crypto investors across the state.
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