Bitcoin Fails to Sustain Grayscale-Induced Rally as SEC Delays ETF Decisions — Following Grayscale’s legal victory over the SEC, Bitcoin initially surged but later retreated as the full implications were absorbed by the market. Furthermore, the SEC’s decision to postpone any verdict on spot Bitcoin exchange-traded fund (ETF) applications until mid-October contributed to Bitcoin’s retracement. After briefly reaching $28,000 USD, Bitcoin’s price has settled back to approximately $25,900 USD, returning to the familiar range observed in recent weeks.
Visa Expands USDC Settlement to Solana for Faster Cross-Border Transactions — Visa has announced its expansion of USDC (USD Coin) settlement capabilities to the Solana network, in addition to its existing usage on Ethereum. This move aims to enhance the speed of cross-border settlements and provide clients with a modern solution for sending and receiving funds from Visa’s treasury. Solana’s native cryptocurrency, SOL, experienced an 8% price rally following the news, briefly reaching $20.59 USD before retracing to just below the $20 USD mark.
New Accounting Rules Mandate Fair-Value Reporting for Crypto Holdings — The United States Financial Accounting Standards Board (FASB) has given unanimous approval for changes in the valuation of crypto holdings by companies. These changes will require companies to report their Bitcoin (BTC) and certain other crypto holdings at fair value. Unlike previous regulations that necessitated companies to retain impairment losses on their balance sheets even if the crypto regained value, these new measures aim to provide real-time valuation for digital assets, accounting for price fluctuations and recoveries. The rules are anticipated to be finalized and approved by the conclusion of 2023, with implementation slated for the end of 2024. This shift is viewed as a positive development by industry figures like Michael Saylor, who believe it will remove barriers to corporate adoption of BTC as a treasury asset.
Our Chief Strategy Officer, Robert Quartly-Janeiro, spoke at the Nordic Blockchain Conference in Copenhagen, Denmark, alongside a few panel speakers. The panel discussed whether the crypto industry should fight or embrace the entry of TradFi into Crypto.
In another “Ask Me Anything” session with Bitrue, we talked to Paul Meeusen, VP of Partnerships/Finance at Internet Computer, about the recent developments and what else is in store for ICP. Listen to the recording here in case you missed it.