SEC to Investigate…SEC?

ETF Confirmation Day, Gensler Shame, All Eyes On ETH

GM! Crypto is rarely dull! The recent episode involving a misleading tweet from the SEC has added an extra layer of complexity to an already volatile market. This incident has raised questions about the need for an internal investigation by the SEC, as the tweet played a role in intensifying market fluctuations.


  • The SEC's Twitter account was hacked and a fake tweet claiming that a BTC Spot ETF was approved was posted

  • Senator Bill Hagerty says what happened with the SEC is unacceptable and Congress needs answers

  • SEC says they will work with law enforcement to investigate hack

  • Valkyrie Chief Investment Officer says Ripple & Ethereum spot ETFs could come to market now that the SEC is about to approve one for Bitcoin

  • X to launch peer-to-peer payments this year

Good Meme

Which ecosystem are you most bullish on for 2024?

Login or Subscribe to participate in polls.

Narrative of the week: ETF Chaos

The crypto market has indeed been witnessing some of the most erratic behaviors in recent weeks, characterized by unprecedented volatility. This volatility has been particularly impactful for traders using leverage, with significant fluctuations in prices leading to extreme pumps and dumps, especially in anticipation of the ETFs.

This environment has created a challenging landscape for traders attempting to capitalize on these market movements, as successfully navigating such volatility requires both skill and timing.

Regarding Ethereum, while its recent performance has been underwhelming, it is anticipated that Ethereum could see a huge resurgence, particularly if an ETH ETF is approved. The landscape of Layer 2 solutions like Arbitrum and Optimism, known for their leveraged plays on Ethereum is also evolving.

Despite criticisms of their tokenomics, these platforms are likely to hit new highs as their ecosystems continue to develop and attract interest. This interest is also evident in other blockchain ecosystems like Solana, which continues to draw attention, particularly from retail investors who are relatively new to the crypto space.

In the case of Bitcoin, while it has been central to much of the recent market activity, its ecosystem has seen a relative quieting down compared to the flurry of activities around inscriptions and other projects seen in previous weeks. It remains to be seen when and how a rotation back into Bitcoin and its associated projects might occur.

Lastly, interest continues to build for AI-related crypto projects such as AKT and OLAS. These projects are expected to play a significant role in the ongoing bull market. Their appeal is further enhanced by the fact that many of them have moved beyond just theoretical whitepapers and are beginning to ship actual products. The Cosmos ecosystem is heating up significantly and the modular blockchain space led by projects like Celestia are continuing on their upward trajectory. 

In the NFT and gaming sector, projects that had garnered attention in the last bull run are now starting to deliver on their promises. A notable example is Pixelmon, which has made a significant turnaround from its initial setbacks and is now delivering on its initial promises. This development could mark one of the most iconic turnarounds in the crypto space. 


Standard Chartered forecasts significant growth in the crypto market, projecting inflows of $50B - $100B into spot Bitcoin ETFs in 2024. They also anticipate the approval of a spot Ether ETF in the second quarter of 2024 and predict that Bitcoin's value could soar to $200K by the end of 2025. Meanwhile, VanEck's CEO, Jan van Eck, is optimistic about the imminent trading of their spot Bitcoin ETF, expected to start this Thursday. Additionally, there's a trend among several spot Bitcoin ETF applicants to lower their fee percentages, making these investment vehicles more accessible and attractive to investors.

  • Nigeria's central bank approves the Africa Stablecoin Consortium to pilot cNGN, a stablecoin equal to the Naira, in their regulatory sandbox

  • VanEck commits 5% of spot Bitcoin ETF profits to Bitcoin Core developers for over a decade

  • Mango Markets undergoes regulatory scrutiny ahead of Eisenberg's crypto fraud trial

  • Singapore's MAS grants Upbit Singapore a Major Payment Institution license

  • Japan's e-commerce giant Mercari plans to start accepting Bitcoin payments

  • A false tweet attributed to SEC Chairman Gary Gensler has been inscribed onto the Bitcoin blockchain using Ordinals

  • 90% of all Bitcoin addresses are currently profitable

  • Celsius transferred 40K of ETH (about $90M) to Coinbase and FalconX

  • Fox Corporation teams up with Polygon to launch Verify, a blockchain-based platform


Bitcoin developer Luke Dashjr's proposal to combat "spam" NFTs on the Bitcoin network was rejected, marking a significant event in the BTC community's ongoing debate over the blockchain's direction. In another significant move, Etherscan, the leading block explorer for Ethereum, has acquired Solscan, the foremost block explorer for Solana, further consolidating its position in the blockchain space. Starknet voted and approved the use of $STRK as a gas token, indicating a growing diversification in transaction fee structures. Additionally, the Solana network has displayed robust growth, boasting over 2500 active monthly developers.

  • XAI on Arbitrum airdrops to gamers wallets 

  • Radiant has been hacked

  • The Ondo Foundation, supporting Ondo Finance, which integrates traditional financial products and services, has launched a loyalty program

  • The Cosmos community has initiated a vote within its DAO to consider reducing the minimum inflation rate of its ATOM token from 7% to a potential 0%

  • Find Satoshi Lab, the company behind Stepn, has appointed Shiti Rastogi Manghani as its new CEO

  • Developers of the BNB chain are transitioning from the dual-chain system, comprising the BNB Beacon Chain (BEP-2/BEP-8) and the BNB Smart Chain (BEP-20), to a singular chain structure, focusing solely on the BNB Smart Chain

  • Mickey Mouse Tokens gain popularity as “Steamboat Willie” becomes part of the public domain

  • The Evmos Foundation has reclaimed $7.6M in tokens from a former co-founder who has left the organization

Money Bunny has you covered with a list of 21 potential free airdrops

Learn all about the events at Eth India 2023

Ignas dives into a great DeFi strategy for Stacks

Did you get the TIA airdrop? Be sure to dive in this staking guide to unlock more airdrops

Are you rotating from BTC into ETH?

Login or Subscribe to participate in polls.

Subscribe to keep reading

This content is free, but you must be subscribed to Crypto Pragmatist by M6 Labs to continue reading.

Already a subscriber?Sign In.Not now

Join the conversation

or to participate.