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The big asset management company is planning to work together with certain participants, pending approval from the Securities and Exchange Commission (SEC).

Authorized participants play a key role in the operations of ETFs (Exchange-Traded Funds) by creating and redeeming shares. This means they can exchange ETF shares for a group of securities that represent the fund's holdings or choose a cash exchange. Knowing who these authorized participants are is crucial before the SEC makes its decision.

JPMorgan's CEO, Jamie Dimon, had previously suggested that the government should ban cryptocurrencies, expressing doubts about their legitimacy. However, JPMorgan is now planning to be one of the participants in a Bitcoin ETF, which seems to go against Dimon's previous statements.

Analysts from Bloomberg Intelligence, like James Seyffart and Eric Balchunas, believe the SEC is likely to approve Bitcoin ETF proposals that commit to cash-only creations and redemptions, as long as they have agreements with authorized participants. There is a high probability of SEC approval, around 90%, and some companies are expected to launch a spot Bitcoin ETF in early January.

With a deadline of January 10 for a decision on proposals by ARK Invest and 21Shares, people are watching for potential developments in the emerging Bitcoin ETF landscape. Despite refilings by companies like ARK, 21Shares, and VanEck, they have not yet named authorized participants. It is anticipated that firms may reveal this information when filing their effective prospectus, which is the final step before going live.

In a June 2022 report, Grayscale Investments had mentioned plans to work with Jane Street and Virtu Financial if its Grayscale Bitcoin Trust (GBTC) became an ETF, but recent filings have not confirmed these participants.

As we approach 2023, the cryptocurrency market is doing well. Let's see which cryptocurrencies performed the best this year.

Bitcoin price in 2023 | Source: CoinMarketCap

Cardano (ADA): Cardano is a cryptocurrency that saw a surge in interest in early 2023. Its price went from $0.29 to over $0.59 per token, with a total increase of more than 147%.

Cardano price in 2023 | Source: CoinMarketCap

Ripple (XRP): Ripple had a roller coaster year, influenced by legal battles. After a partial victory, the token's price shot up to $0.82, marking an 80% increase in a year.

XRP price in 2023 | Source: CoinMarketCap

The Solana (SOL) token is now worth more than BNB on the Binance exchange.

Solana's value reached $41.724 billion, while BNB's value was $41.721 billion, according to CoinMarketCap. Even though Solana's trading is three times busier than BNB in the last day, meaning more people are buying and selling it.

The price of SOL went up by 78% in the past month and 15% in the last 24 hours. On December 20, it became more valuable than Ripple's XRP and joined the top 5 ranking. This increase in Solana's value has led to more interest in its system and more activity on its blockchain.

Source: CoinMarketCap

Chainlink Labs has announced winners in six categories, each working on solving a specific task in the Web3 world.

They revealed the top prize of $25,000 to Unwallet.me, a special crypto wallet that doesn't need a seed and doesn't require gas. This wallet can connect to different blockchains using a single domain name. Unwallet.me works with various cryptocurrencies on different networks, thanks to Chainlink Price Feeds oracles.

In the "DeFi and Payments" category, Azurance won the first prize of $15,000. Azurance is a place where developers can create or use customized insurance contracts, making it an on-chain insurance market.

A bad computer program called Wallet Drainers tricked people into giving away their money. It did this by pretending to be something else in Google and Twitter. This trick stole almost $59 million in digital money from over 63,000 people in nine months. The trick used about 10,072 websites, and it was most active in May, June, and November.

The fake ads mostly talked about cryptocurrency and NFT giveaways. Some even pretended to be connected to popular projects like Dogecoin. The tricky ads targeted specific regions and used sneaky tactics to avoid being caught during checks. A test found that nine out of ten ads were scams, and more than 60% of them were linked to Wallet Drainers.



The cryptocurrency market is seeing a significant downturn during the Asian session, with Bitcoin breaking through a key barrier level of $16,750. Similar to Bitcoin, Ethereum, the second-ranking cryptocurrency, has experienced a sharp increase of 3% to $1,250.

Despite the global crypto market’s worth rising by 0.54% to $809.35 billion the day before to start the new year, the major cryptocurrencies were trading in the bullish early on January 4. The total volume of the cryptocurrency market over the previous day rose by 12.75% to $26.64 billion.

DeFi’s 24-hour volume totals $1.92 billion, or 7.20% of the total 24-hour volume of the crypto market. Currently, the combined volume of all stable currencies is $24.85 billion, or 93.30% of the total 24-hour volume of the cryptocurrency market.

FOMC Meeting Minutes Under the Spotlight Today

Further justification for the Federal Reserve’s belief that high inflation will continue as the US economy enters 2023 is forecast. Following their meeting on December 13–14, Fed officials updated their inflation projections for the end of 2023 and announced them. As a result, the calculations generally supported the hypothesis that interest rates would need to rise by more than 5% in 2023.

Source – Twitter