GB Market Commentary 15/11/2021
by Marcus Sotiriou
Bitcoin is currently consolidating above all-time-highs around $65,300, despite the VanEck’s spot market Bitcoin ETF being rejected over the weekend. This decision from the SEC was expected to some degree as SEC chairman Gary Gensler has indicated his preference of futures ETFs to spot ETFs.
Bitcoin’s strength could be partly due to the Taproot soft fork upgrade. This upgrade improves the privacy, lowers transaction fees and allows enhanced usage of smart contracts.
The SEC has introduced an action against Terraform Labs, the company behind the Terra blockchain and the LUNA token. This is in regards to the Mirror Protocol, as the SEC has stated it has reason to believe that Terraform Labs have been selling unregistered securities without registering them, hence acting as an unlicensed securities broker. Outside of the US, the Indian government are reportedly going to take ‘progressive’ steps on crypto, as the parliamentary standing committee on Finance will meet industry representatives, This is very positive as India have previously been anti-innovation. The Russian government also seem to be warming to crypto as ministries allegedly want to legalise crypto mining.