Crypto Roundup: SEC Delays (Again), Tether Bets On Bitcoin Mining, And SOL’s 550% Surge…

This week, it felt like we were watching paint dry in the crypto sector.

Maybe it’s the shorter days and lack of sunlight (hey, it’s called SAD – look it up). More likely, though, is just a simple case of post-SBF trial doldrums.

The buzz around crypto ETFs has lost some of its initial fizz. The sense of joyful anticipation is wearing thin. And after surging over the past couple of months, prices seem to be flagging.

What we need is a jolt to jumpstart the excitement. Until that happens, however, don’t be fooled. Beneath the surface, there were still significant developments in the crypto world that are worth your attention this week.

Let’s take a look…

SEC Delays Decision On Crypto ETFs (Again) ⌛

So, remember last week when I got all worked up about the possibility that the Securities and Exchange Commission (SEC) might (finally) approve a long-awaited Bitcoin exchange-traded fund (ETF)?

Yeah, about that…

The SEC has once again punted on a decision regarding the first U.S. ETF that directly tracks the price of Bitcoin. Despite growing speculation that approval might be imminent, this delay has been a recurring theme in the SEC’s approach.

The SEC’s latest deferral concerns a filing from Hashdex, which sought to convert its existing Bitcoin futures ETF into a spot fund. Due by November 17, the decision has now been pushed to 2024. This move mirrors the SEC’s approach to several other ETF hopefuls, indicating a cautious stance towards direct cryptocurrency investment products.

Additionally, Gary Gensler & Co have also delayed action on Grayscale’s attempt to launch a new Ether futures ETF.

Despite these delays, the market has a sense of optimism and anticipation. Most experts think the approval of cryptocurrency ETFs is a matter of “when,” not “if.”. And when it comes to pass, it could significantly impact the crypto market (and prices) going forward.

Tether Bets $500 Million On Bitcoin Mining ⛏️

When you hear the name Tether, most people in the crypto community think of USDT. After all, the company is the issuer of the largest stablecoin by market cap.

But this week, we learned that Tether is making a big move into Bitcoin, as in $500 million big.

This strategic expansion marks a new chapter for Tether and would reportedly make it the largest Bitcoin miner. The company aims to increase its computing power to represent 1% of the BTC mining network.

The investment will take place over the next six months. According to Tether, the goal is to diversify its revenue and reduce dependence on the USDT token.

The company’s expansion plans include establishing mining sites in Uruguay, Paraguay, and El Salvador. These new facilities are expected to have a capacity ranging from 40 to 70 megawatts. Paolo Ardoino, the incoming CEO of Tether, outlined the company’s ambitious mining objectives, aiming to achieve 120 megawatts of direct mining operations by the end of this year and an impressive 450 megawatts by the end of 2025.

☀️Solana’s Remarkable Surge 📈

Don’t look now, but suddenly Solana (SOL) is the talk of the town. The altcoin has seen a dramatic surge in price, nearly tripling over the past month. This significant increase comes amid a broader rally in altcoins.

As of Wednesday, Solana’s token price had climbed by nearly 18%, reaching $65.65. This impressive growth is part of a broader trend in the crypto world this year, with Bitcoin and Ethereum leading the way.

Adding fuel to the fire, Cathie Wood, CEO of Ark Invest, praised Solana’s performance during an appearance on CNBC’s “Squawk Box.” She highlighted Solana’s advantages over Ethereum, noting its faster and more cost-effective nature. Despite acknowledging Solana’s higher downtime compared to Ethereum, Wood emphasized that users seem willing to tolerate this for the benefits of speed and cost efficiency.

Solana’s growth in activity, particularly in liquid staking protocols, has been notable throughout the year. The token has become one of the most traded altcoins in the U.S., surpassing others like Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).

What A Long, Strange Trip…

A year ago, Solana faced a critical moment. After the collapse of FTX, SOL’s price plummeted by 70% over two days, briefly trading under $10. (FTX and its former leader, Sam Bankman-Fried, were instrumental in backing the Solana project.)

Solana has risen about 550% this year, outperforming Bitcoin and Ethereum, which have gained about 125% and 70%, respectively. This remarkable performance underscores Solana’s growing prominence in the crypto world and its potential as a leading digital asset.

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