This past week has been filled with developments and news in the world of cryptocurrency and blockchain. Some of the top stories include the ousting of Sam Altman from OpenAI, BlackRock filing for a spot Ether ETF with the SEC, Australia’s decision to impose capital gains tax on wrapped cryptocurrency tokens, a legal battle over bonus payments at FTX Foundation, WisdomTree’s amended S-1 filing for a spot Bitcoin ETF, and the latest prices and market trends for various cryptocurrencies.
The removal of Sam Altman from OpenAI as CEO and the subsequent departure of co-founder and president Greg Brockman has sent shockwaves through the tech and AI industries. Chief Technology Officer Mira Murati has been named as interim CEO. The move comes after a review process that found Altman to be lacking in his communications with the board of directors, hindering its ability to fulfill its responsibilities.
BlackRock, the world’s largest asset manager, has officially filed for a spot Ether exchange-traded fund (ETF) with the SEC. This comes on the heels of their registration of the iShares Ethereum Trust with Delaware’s Division of Corporations and their previous filing for a spot Bitcoin ETF. Fidelity has also sought approval for its own Ether ETF. These moves indicate a growing interest in introducing crypto-based investment products to the market.
The Australian Taxation Office (ATO) has issued guidance on the capital gains tax (CGT) treatment of decentralized finance and wrapped crypto tokens for individuals. The ATO confirms that Australians are liable for capital gains taxes when wrapping and unwrapping tokens, and that liquidity pool users, providers, and DeFi interest and rewards will also be subject to triggering a CGT event.
A legal battle is underway over a promised bonus payment at FTX Foundation. An employee is fighting for a $275,000 bonus promised by Sam Bankman-Fried, claiming that only $375,000 of the $650,000 bonus was paid. The fate of the bonus will be decided by a Delaware bankruptcy judge overseeing FTX’s Chapter 11 bankruptcy.
WisdomTree has amended its S-1 filing for a spot Bitcoin ETF, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust. The ETF will trade under the ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trust’s Bitcoin on its behalf.
In the world of cryptocurrency, Bitcoin is currently valued at $36,419, Ether at $1,946, and XRP at $0.61, with a total market cap of $1.38 trillion. The top three altcoin gainers of the week are Celestia, yearn.finance, and THORChain, while the top three altcoin losers are Gas, FTX Token, and Neo.
In the realm of forecasts and predictions, Bitcoin traders are eyeing a potential price dip to $30.9K, with market analysis indicating a desire for a deeper price comedown to establish a clearer market trend.
Crypto enthusiasts and insiders have expressed their opinions on various topics. From the potential of education and utility-based projects to bring regulators onboard, to the role of derivatives in fostering liquidity and hedging opportunities in the crypto market, and the need to protect freedom in the face of the advent of digital currencies.
The week also saw the emergence of FUD (fear, uncertainty, and doubt) in the form of a vulnerability affecting crypto wallets, a warning from a Bitcoin services platform regarding accounts interacting with crypto-mixing, and a legal dispute between ENS developers and Unstoppable Domains over a patent.
The Magazine features included a firsthand account of working in virtual reality, insights from the world of Liberland, and updates on developments in Asia’s crypto landscape.
Overall, this week has been eventful in the world of cryptocurrency and blockchain, with a lot of key developments and discussions taking place. As the space continues to evolve, it is important for stakeholders to stay informed and engaged in the rapidly-changing landscape of digital assets.