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💰️ SEC Approves Bitcoin ETF

Plus: X discontinues NFT profile pic feature while OpenSea launches a self-custodial wallet

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Est. read time: 4 minutes

2024 is off to a HOT start in the crypto… We finally have a Bitcoin ETF!

Let’s digest:

1. SEC Approves Long-Awaited Bitcoin ETF

2. X Discontinues NFT Profile Picture Feature

3. OpenSea Launches Self-Custodial Wallet for Simplified NFT Exper

📈 MARKETS

NFT Market Flash

Market Flash

📰 TODAY’S TOP STORY

SEC Approves Long-Awaited Bitcoin ETF

Bitcoin ETF

The SEC has officially approved 11 spot Bitcoin exchange-traded fund (ETF) applications…

But of course SEC Chair Gary Gensler emphasized that this approval doesn't equate to an endorsement of Bitcoin.

How it Went Down:

  • The 11 ETFs that were approved were from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, Ark 21, Invesco, VanEck, WisdomTree, FidelityWise, and Franklin.

  • Since the news, Bitcoin traded up to $47,000, and Ethereum to nearly $2,600.

  • In anticipation, Blackrock and other applicants cut their management fees, with Blackrock's fee now at .25%.

The ETFs are set to begin trading soon, but for now the focus will shift to Ethereum ETFs, with decisions expected to be made Mid-May.

All of the big news followed a SIM swap attack on the SEC’s Twitter account…

  • The attack was mainly possible by the account not having two factor authentication on it.

  • The news of the attack caused Bitcoin to crash down to $45,000

  • Coinbase’s security lead publicly offered the SEC with it’s assistance to the SEC with securing their social accounts.

What Does The Approval Mean Long Term?

Many probably assumed that the approval of the ETF would cause the crypto market to sky rocket, but it’s not shocking that the price bumps were rather mild.

The real benefit to these ETFs will be in the long term as…

  • SEC’s approval of ETFs will give non web3 natives the feeling of a safer market to invest in.

  • Non Web3 natives will be able to invest without dealing with the complications of Web3 such as wallets and transactions.

Overall, it’s a good day to be in Web3!

Go Deeper: Ethereum ETF’s Path to Approval

 đŸ–źď¸ NFTs

X Discontinues NFT Profile Picture Feature

X’s NFT Profile Picture

X’s 2024 vision plans for peer-to-peer payments and AI-powered tools…

But with that, X has quietly discontinued the option for paid subscribers to set an NFT as a profile picture.

  • Introduced in January 2022, Twitter Blue subscribers could use NFTs as hexagon-shaped profile pictures.

  • The feature provided detailed NFT information such as collection, contract address, TokenID, and minting app.

  • Descriptions of the NFT profile picture feature have been removed from the X Premium support page.

Users who already set NFTs as profile pictures retain their hexagonal avatars, but their future remains uncertain.

Other platforms, including Instagram and Facebook, have reduced their NFT initiatives. Meta discontinued NFT support in March 2023.

NFTs are DED?

The removal of the NFT profile picture feature aligns with a broader trend of social media platforms reevaluating their commitment to NFT integration, however…

Despite the declining use of NFTs across socials, the market is showing signs of revival, with trade volumes surpassing $1.6 billion.

🛒 Marketplace

OpenSea Launches Self-Custodial Wallet for Simplified NFT Experience

OpenSea

OpenSea Introduced a new onboarding solution… a self-custodial wallet to simplify the NFT onboarding process.

Users can now create a wallet using just their email address, eliminating the need for wallet extensions or complex seed phrases.

  • The new wallet is designed to lower the entry barriers for new NFT users, made possible with Privy technology.

  • The wallet is compatible with all nine EVM-based chains supported by OpenSea, allowing users to manage crypto and NFTs directly on the platform.

  • Buying and selling can be processed with credit and debit cards, making transactions more accessible.

What’s nice for non native Web3 users is they can create their wallet and account with just an email…

OpenSea's introduction of a user-friendly, self-custodial wallet marks a significant step towards democratizing access to the NFT space, offering a more straightforward entry point for newcomers.

Non-fungible News

💡 INSIGHT

Someone Celebrated the ETF By Buying Bitcoin Puppets

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