Web3 Diaries- We Did Not Approve or Endorse Bitcoin: Gary Gensler
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler may have approved spot bitcoin exchange-traded fund (ETF), but he refuses to bow down before the grand-old cryptocurrencies might.
While conceding to the pressure from the virtual digital currency industry, Gensler called the approvals “the most sustainable path forward”.
“We did not approve or endorse bitcoin,” Gensler said. “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
He went on to add that bitcoin “is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion and terrorist financing.”
Ethereum And Altcoins Are The Biggest Winners Of Bitcoin ETF Approval
In a muted rally, Bitcoin briefly hit $47,000 after the U.S. Securities and Exchange Commission approved Bitcoin ETFs that invested directly in the unit.
Traders are keeping an eye on the products these days to gauge their financial impact. Ethereum (ETH) and other cryptocurrencies have seen maximum increases following the ETF approval, but Bitcoin’s gains are still restricted.
The approval of a Bitcoin ETF was soon followed by a startling price increase for Ethereum (ETH) that shot beyond $2,600 levels. It has already been projected by a number of market professionals that ETH will likely beat BTC in Q1 2024.
Ethereum Co-Founder Vitalik Buterin Calls For 33% Increase In Gas Limit
The co-founder of Ethereum, Vitalik Buterin, has argued in favor of raising the gas cap in a “modest” way in order to maximize network performance.
The gas cap hasn’t been raised in almost three years, which is the longest period in the protocol’s history, Buterin pointed out during a Reddit “ask-me-anything” session hosted by the Ethereum Foundation’s Research Team on January 10.
Buterin also did some quick math and concluded that this would suggest a rise to about 40 million. According to Etherscan, the current gas limit is 30 million, therefore this implies a 33% rise.
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