Every week we look back at the most important crypto news from the past week. While the Bitcoin (BTC) price has continued to rise, a lot has been happening behind the scenes in crypto land.
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Binance is discontinuing the BUSD stablecoin
Last week, Binance CEO Changpeng Zhao (CZ) resigned. This was part of an agreement with the US Department of Justice. In the middle of the week it was announced that Binance would have to stop supporting its own stablecoin BUSD. Customer coins will automatically be converted into another stablecoin at the end of December.
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Bitcoin hater Charlie Munger has died
Other less positive news was the death of investment legend Charlie Munger. Berkshire Hathaway’s CEO hasn’t exactly been kind to the crypto industry – he called Bitcoin a sexually transmitted disease and the dumbest investment ever.
Nevertheless, the farewell of Warren Buffet’s legendary right-hand man from this world remains sad. Munger was 99 years old.
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Another Bitcoin spot ETF has been filed
One could argue that the launch of more than a dozen new Bitcoin exchange funds has single-handedly caused the uptick since last July. Last week a thirteenth fund was added, namely the Pando Asset Spot Bitcoin Trust.
Additionally, BlackRock has made adjustments to ensure that its fund cannot be used for market manipulation. Compared to other species Exchange-traded funds (ETFs), a spot ETF is much more cost-effective and theoretically follows the Bitcoin price better.
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FTX sells crypto
Additionally, bankrupt crypto empire FTX received permission to sell a large amount of shares in crypto funds last Wednesday. These are $873 million worth of shares split between Grayscale’s Bitcoin Trust (GBTC), Grayscale altcoin exchange fund and the Bitwise 10 Crypto Index fund.
What is beneficial for FTX is that many of these funds have increased significantly in value since the end of last year. The crypto exchange is still billions in debt; So the increase means investors get a little more money back.
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