SEC Approves Bitcoin ETF; Ordinals Controversy; Tone Vays Returns
“Bring Back Tone Vays” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events.
Topics of the episode include: the approval of a spot Bitcoin ETF and the price movement of the leading cryptocurrency, console games on Ordinals, the debate over Bitcoin “inscriptions,” and the future of altcoins.
Participants: magazine authors Lena Jess, Alex K., Vasily Smirnov.
Special guest: analyst, trader, and Bitcoin maximalist Tone Vays.
Podcast host: Aremefe.
SEC Approves Spot Bitcoin ETFs
On January 10, the U.S. Securities and Exchange Commission (SEC) announced the approval of 11 applications for spot exchange-traded funds based on the leading cryptocurrency.
The approved issuers include Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.
SEC Chairman Gary Gensler voted in favor of the new exchange product. However, he emphasized that the agency remains skeptical about Bitcoin:
“While today we approved the listing and trading of some spot Bitcoin ETPs, we do not endorse and have not endorsed Bitcoin itself. Investors should remain cautious about the many risks associated with it and products whose value is tied to the asset,” he stated.
ForkLog gathered expert opinions on how the SEC’s decision will affect the price movement of digital gold.
Games on Bitcoin
Developers of the NFT platform Ninjalerts embedded a Super Nintendo Entertainment System (SNES) emulator into the blockchain of the leading cryptocurrency using the Ordinals protocol.
According to company representatives, many games released on old platforms may disappear, and blockchain is a suitable means for their preservation.
The initiative is part of the dynamic non-fungible profile picture tokens project Pizza Ninjas, inspired by “the nostalgia theme of the 1990s.”
“Ordinals Bug” to Remain
Luke Dashjr’s proposal from the Bitcoin Core team to change Bitcoin’s code to block Ordinals did not receive sufficient support from developers.
Previously, Dash criticized the protocol for promoting spam in the leading cryptocurrency’s network and allowing circumvention of the maximum size limits for additional data in transactions.
Ethereum Price
This week, the second-largest cryptocurrency by market capitalization tested the $2600 level, reaching marks last seen in early May 2022.
Some market experts are convinced that the SEC will give the “green light” to spot Ethereum ETFs following the approval of a similar product for Bitcoin.
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