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Better Markets CEO Advocates SEC Rejection of Spot Bitcoin ETFs, Genesis Wallet Receives $1.2M Deposit, and Marathon Reports Record Bitcoin Mining

The CEO of Better Markets, Dennis Kelleher, has urged the US Securities and Exchange Commission (SEC) to turn down applications for spot Bitcoin ETFs. In an 11-page letter, Kelleher highlighted concerns about potential massive investor harm due to the prevalent fraud and manipulation in the Bitcoin market, emphasizing that approving such products could expose investors to risks the SEC aims to prevent.

However, Kelleher’s stance faced disagreement within the crypto space. Bloomberg’s ETF analyst, James Seyffart, criticized the potential rejection, labeling it as a “criminal move” considering the effort from issuers and the SEC staff over recent months.

Amidst this, several prospective issuers expressed optimism, anticipating approval for their filings by late Tuesday or Wednesday.

In a mysterious turn, an anonymous transaction deposited 26.9 Bitcoin, approximately $1.2 million, into Bitcoin’s Genesis wallet. This historic wallet was the first ever created on the Bitcoin network by Satoshi Nakamoto, the elusive inventor of Bitcoin who disappeared in 2010. The deposit, occurring two days after Bitcoin’s 15th anniversary, seemingly became irretrievable.

Meanwhile, crypto exchanges like Coinbase, Crypto.com, and Gemini are reportedly introducing knowledge tests for their UK users. These questionnaires aim to evaluate users’ understanding of finance and risk, aligning with impending stringent regulations on digital asset product advertising. Failing the assessment might restrict users from trading on their crypto accounts.

In a bid to navigate increased scrutiny from US regulators, DAO Mango Markets allocated $250,000 worth of USDC to hire Cyberbyte, a Poland-based firm. This decision follows a previous hack targeting Mango Markets for $116 million in assets. The parent company is currently involved in a lawsuit to reclaim the funds from the perpetrator arrested in December 2022.

Marathon Digital Holdings reported a significant surge in Bitcoin mining production, with a record 1,853 Bitcoin mined in December. This marked a substantial increase from November and a staggering 290% surge compared to the previous year. Marathon’s 2023 mining output totaled 12,852 Bitcoin, valued at over $563.4 million, surpassing their 2022 mining results by more than threefold.

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