This Week in Crypto: A Historic Leap with Bitcoin’s ETF Approval

3 min readJan 12, 2024

Recap a historic week in the world of crypto, marked by the long-awaited approval of the Bitcoin spot ETF, a milestone for digital assets

Jim Cramer Says Bitcoin is “Topping out”

Jim Cramer, host of “Mad Money,” cuts to the chase in his lightning round, advising investors on Bitcoin. He suggests if one desires Bitcoin, they should directly buy it.

Let’s stop fooling around. If you want bitcoin, buy bitcoin. I think bitcoin’s topping out, by the way, so I’m going to say, enough is enough and ka-ching is ka-ching.

Elon Musk Says He is Open To The Idea Of Using Bitcoin on X

In a broadcast moderated by Cathie Wood of ARK Invest, Elon Musk responded to a question about Bitcoin, stating, “I’m open to using Bitcoin in X, but I don’t think much about it.”

The Tesla CEO also stated that he still has a lot of Dogecoins, in the same way that SpaceX also has a lot of Bitcoins.

Bitfinex Restricts UK Services to Comply with New Regulations

Bitfinex will stop serving certain UK customers, impacting both individuals and corporations, due to regulatory requirements.

Starting January 10, 2024, they won’t accept new deposits or contracts but will allow position reductions, closures, and fund withdrawals.

Elon Musk’s Platform X to Introduce Peer-to-Peer Payments this Year

Elon Musk’s social media platform X, previously known as Twitter, has announced plans to launch peer-to-peer payments. The initiative, detailed in a recent blog post, aims to enhance user utility and commerce opportunities, positioning the platform to “revolutionize 2024.”

While specifics regarding the functionality and official launch date of these payments are yet to be disclosed, this move signals a significant expansion in X’s service offerings.

SEC’s X Account Hacked — Hacker Exploits a Lack of 2FA

In a Jan. 9 post, SEC Chair Gary Gensler clarified that the SEC had not approved any spot bitcoin exchange-traded products, contrary to a previous tweet from an official SEC account.
X confirms the @SECGov account was compromised due to inadequate security measures. The breach resulted from an unauthorized individual gaining control over a phone number linked to the account, not a system breach. Alarmingly, the @SECGov account lacked two-factor authentication at the time of compromise,

Binance and Other Exchange Apps Disappear from Apple App Store India

Several cryptocurrency exchange apps, including Binance, Kraken, Mexc and Kucoin, have been removed from Apple’s App Store in India.

This action follows recent show-cause notices from India’s Financial Intelligence Unit (FIU) to nine crypto firms for non-compliance with anti-money laundering regulations. The FIU’s request to India’s IT Ministry to block these services’ websites signifies increasing regulatory pressure on crypto platforms operating in India.

SEC Approves First Spot Bitcoin ETF

The Securities and Exchange Commission on Wednesday, approved proposals for 11 spot bitcoin ETFs on an accelerated basis, in a document that was uploaded to the SEC website.

Approval of the spot BTC ETF comes after a long period of regulatory scrutiny and deliberation.

The response from the crypto community has been overwhelmingly positive, with many seeing it as a long-awaited validation of Bitcoin’s role in mainstream finance.




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