🦎🚀 Bitcoin fees go Brrr! 💰

Tuesday, December 19, 2023

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Cash Creation and Redemption Mechanism

Blackrock (BLK) revised its spot Bitcoin exchange-traded fund (ETF) proposal, aiming to appease regulators and potentially increase the chances of securing a first-of-its-kind approval in the U.S.

The updated proposal for Blackrock's ETF includes cash creation and redemption mechanisms, aligning with the model preferred by the Securities and Exchange Commission (SEC). Joining other firms, Blackrock has adapted its proposal amidst speculation suggesting a possible approval wave for spot Bitcoin ETFs by the SEC, potentially as early as January.

In other news, Metis launches a $100M ecosystem development fund, Fairshake secures $78M to bolster crypto leaders in 2024, and Bitcoin fees continue to surge.

Read on!

GameFi Report 2023: GameFi Levels Up

Check out our latest report, where we take a look at the state of GameFi in 2023 and its latest trends.

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24h Hot Searches Worldwide 🔥

Injective (+29.3%)
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Solana (+8.9%)

Are modular blockchains the future? Learn about Celestia, its modular architecture, and how it aims to solve the data availability problem.

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$100M Ecosystem Fund

The native token of the Ethereum Layer 2 protocol, Metis (METIS), surged on Monday following the revelation of an ecosystem development fund.

The Metis Ecosystem Development Fund received an allocation of 4.6 million METIS, valued at over $100 million.

These funds will be directed towards granting support for dApps, sequencer mining, and various product development initiatives, as outlined by the protocol's statement.

The Block

$78M War Chest for 2024

Fairshake, a super political action committee (PAC), announced raising $78 million in support of candidates advocating for cryptocurrency and blockchain in the upcoming U.S. presidential election, as per a Monday press release.

The group garnered support from various entities, including venture capital firm Andreessen Horowitz (a16z), ARK Invest, and prominent crypto companies such as Circle, Ripple, and Coinbase (COIN), alongside affiliated super PACs contributing to the fundraising efforts.

CoinDesk

Bitcoin Fees Soar

The average cost of sending Bitcoin has surged to its highest point in over two and a half years, now standing at $37.58 per transaction, as per Bitinfocharts data.

This cost hasn't been this elevated since April 2021, with fees rising notably since May this year, coinciding with increased interest in Ordinals.

Decrypt