Debut of the first bitcoin-related ETF

On Friday, the Bitcoin price rose above $62,000 after news that the SEC (Securities and Exchange Commission) would enable the bitcoin-based exchange-traded fund to debut.

According to Coin Metrics, Bitcoin is currently trading at around $61,286 after continuing its rally during the weekend.

JPMorgan Chase chairman and CEO Jamie Dimon revealed that he is not a big fan of bitcoin. During an Institute of International Finance event, Dimon said that in his opinion, bitcoin seemed worthless. After his announcement, that, along with other news, dominated this week. 

Other important news

On Tuesday, Coinbase declared its plan regarding launching an NFT marketplace. According to the company, that would enable users to collect and trade NFTs. Coinbase also said that clients can now register for a waitlist for early access to its Coinbase NFT – NFT marketplace.

On Wednesday, CNBC reported that the U.S. is now considered the number 1 destination for bitcoin miners. New data published from the University of Cambridge notes that 35.5% of the collective computing power of bitcoin’s all miners are in the U.S. It happened for the first time that the U.S. outpaced China. This resulted from China’s renewed crackdown throughout the year, which relocated the market.

On Thursday, Coinbase published a new policy proposal. They are claiming that it would be better if the U.S. created a new crypto regulator for digital asset markets. Coinbase shared its proposal shortly after its investor – venture capital firm Andreessen Horowitz published its views on regulating blockchain and digital assets.

On Friday, the issuer of Tether, the largest stablecoin, accepted to pay around a $42 million fine from the CFTC (Commodity Futures Trading Commission). Stablecoins are cryptocurrencies that need to be backed by a reserve asset, such as the U.S. dollar or gold. But in a release, the CFTC blamed Tether for making misleading statements when it said that U.S. dollars back each of its tokens.