CoinLoan Weekly: Gold-Backed Token, SEC to Postpone Approval of BTC ETFs

Price Dynamics

BTC Price

Last week, Bitcoin price fluctuated heavily, rising up to $49,000 and falling to $46,000. The uncertainty over the Omicron variant continues to spook global markets, affecting digital assets and stocks.

As of December 20, BTC is trading at $45,819, with a 24-hour change of -3.0% and a 7-day difference of -8.0%

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ETH Price

Ethereum has fallen alongside Bitcoin. Last week, the price almost recovered and reached a mark of $4,094 but then dropped all $3,727, the mark recorded over a 7-day period.

As of December 20, ETH is trading at $3,780, with a 24-hour change of -4.1% and a 7-day difference of -8.6%.

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XRP Price

XRP was steadily moving upwards since Tuesday of last week after a dramatic fall on Monday. The coin climbed from $0.76 to $0.83, recorded on Sunday. On Monday, December 20, Ripple's token spiked, reaching $0.91. However, the upward move was short-lived – soon after getting to a new high, XRP fell to $0.83.

As of December 20, XRP is trading at $0.83, with a 24-hour change of +0.2% and a 7-day difference of -0.4%

Cryptocurrency News

Swiss cryptocurrency platform SEBA issued a gold-backed token

A licensed Swiss-based cryptocurrency platform, SEBA launched a token backed by physical gold.

According to the announcement, the Gold Token will allow investors to own a digital form of the precious metal through a "fully regulated, cost-effective and forward-looking solution."

Investors will be able to exchange tokens for gold through affiliated with SEBA third parties at any time, avoiding storage and transportation fees.

The bank noted that the Gold Token could also be used as a stablecoin for trading or as a means of savings.

SEC postponed the approval of BTC ETFs from Bitwise and Grayscale

The U.S. Securities and Exchange Commission (SEC) has delayed a decision on Bitwise Asset Management and Grayscale Investments' applications to launch the BTC ETFs until February 2022. Approval or rejection is expected on February 6 at the latest.
 
Bitwise Asset Management applied on October 14 but withdrew it in November. Grayscale Investments applied to convert the bitcoin trust into a Bitcoin ETF on October 19.