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Here’s what happened in crypto today

  • October 2, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

A Kenyan parliamentary report on Worldcoin has expressed grave concerns about the iris-scanning project. Crypto asset manager Grayscale has filed an application with the U.S. SEC to convert its Ethereum Trust to a spot Ethereum ETF. Meanwhile, Bitcoin and Ethereum registered a sudden surge in line with “Uptober” — a month observed to be positive for crypto prices in the past.

Kenyan committee calls for shutdown of Worldcoin

A parliamentary committee in Kenya’s government wants Worldcoin to cease operations in the African country.

According to a report from the Kenyan parliament, Worldcoin is collecting residents’ personal data “in total disregard” of a stop order in May. The report said:

“The registration of Kenyans by Worldcoin online App is still going on despite the pendency of a court order and other administrative directions halting the same in entirety.”

Kenya’s parliamentary report on Worldcoin.

However, the report also indicated that it was difficult to determine how many “orbs” Worldcoin operates in the country, or the devices the company uses to receive iris scans from users. In addition to expressing concerns over Worldcoin, the report called on the government to consider developing a comprehensive framework for digital assets. 

Grayscale submits SEC filing to convert Ethereum Trust to spot ETF

Following the approval of the first Ether futures exchange-traded fund (ETF), Grayscale Investments is looking to convert its Grayscale Ethereum Trust to a spot Ether exchange-traded fund (ETF). 

The New York Stock Exchange Arca filed for the conversion with the United States Securities and Exchange Commission (SEC) on Oct. 2. Grayscale’s existing trust invested in Ether futures contracts as an indirect means of exposure to ETH, but a spot ETF will invest in the underlying asset itself.

Grayscale CEO Michael Sonnenshein announced the move on X (formerly Twitter) and highlighted the firm’s intent to provide conventional investment products offering exposure to cryptocurrency assets:

“As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.”

At the time of writing, the Ethereum Trust is valued at $4.9 billion and accounts for around 2.5% of circulating ETH. Grayscale also reports that 250,000 investor accounts have exposure to the trust.

Bitcoin, Ethereum surprises with sudden 15-minute price surge

More than $70 million in crypto shorts were suddenly liquidated after a surprise jump in the price of Bitcoin (BTC) and Ether (ETH).

Bitcoin gained 3% in just 15 minutes to reach over $28,000, while the price of Ether also surged, gaining as much as 4.7% in a brief spike to $1,755.

The sudden jump has perplexed observers in the crypto community. Most have attributed it to “Uptober.”

Uptober is crypto parlance for October typically being a bullish month for the price action of Bitcoin and other cryptocurrencies. According to data from CoinGlass, October has only produced negative monthly returns twice since 2013.

In a Oct. 2 note, Matrixport head of research Markus Thielen said a rally breaking above $28,000 could lift prices to $30,000 in the short term.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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