Five Things to Know in Crypto This Week: BTC-Spot ETF Market Optimism

MicroStrategy Added 16,130 BTC November 2023

In November 2023, MicroStrategy (MSTR) increased its Bitcoin (BTC) holdings to 174,530. MicroStrategy acquired 16,130 BTC in November at an average price of $36,785.

Investors have responded favorably to the increase in BTC holdings throughout 2023. Year-to-date to November 30, 2023, MSTR surged 242%. However, MSTR had a more subdued November than Coinbase, gaining 17.69%.

Notably, the November acquisition coincided with increased optimism toward the SEC approving BTC-spot ETF applications. Investors anticipate the inflows of institutional money to kickstart the next BTC bull run.

SEC Delayed Franklin and Hashdex BTC-Spot ETF Decisions

On Tuesday, November 28, 2023, the SEC postponed the decisions on two BTC-spot ETF applications. The deadlines (second) for Hashdex Bitcoin ETF and Franklin Bitcoin ETF were January 1, 2024. However, the SEC announced the delays one month in advance.

The crypto market responded favorably to the news. BTC gained 3.5% Monday through Friday. Hopes in the SEC planning a batch approval of BTC-spot ETF applications drove buyer demand.

A new approval window will open between January 5, 2024, and January 10, 2024. A first batch could include ETFs from Blackrock (BLK), 21Shares/ARK, and Invesco/Galaxy, amongst others.

Investors speculate the SEC is eying a batch approval to avoid accusations of playing Kingmaker.

Dogecoin (DOGE) Gains 7% as Investors Enter Pre-Moon Launch Mode

Dogecoin (DOGE) enjoyed a positive Monday to Friday, gaining 6.73% to end the Friday session at $0.0840.

DOGE becomes physical, with moon missions on the horizon. On December 24, 2023, Peregrine Mission 1 will launch from Cape Canaveral Space Force Station, destination the Moon. DOGE and other physicals could be in the first Moon landing since NASA’s 1972 Apollo 17 mission.

Dogfather Elon Musk is also eying a DOGE Moon Mission with SpaceX. On Wednesday, November 29, 2023, CEO of Geometric Energy Samuel Reid shared the initial approval of two Moon orbit missions. The first of the two missions is the DOGE-1 to Luna Orbit. Both missions are in 2024.

SEC Faces More Scrutiny in the US Courts

On Friday, Ripple Chief Legal Officer Stuart Alderoty shared the latest from the US courts. Highlighting an increasing trend in the US courts finding fault with SEC actions, Alderoty said,

“Court orders SEC to show why it should not be sanctioned for making false and misleading representations to the Court. SEC v Debt Box, 11/30/23.”

In August 2023, the SEC issued a press release stating it obtained a temporary asset freeze, retraining orders, and other emergency relief against Debt Box. Debt Box allegedly sold unregistered securities.