Market Update - September 8th 2023

8 sept 2023

1. Bitcoin edges lower as SEC delays ETF decisions: Following a rush of excitement after Grayscale’s legal win against the SEC last week, bitcoin prices retraced below 26k USD as the SEC delayed its decisions on spot bitcoin ETF applications as expected.
   
   
2. Spot ether ETF applications filed: ARK Invest and VanEck filed applications to launch a spot ether ETF with the CBOE. The applications are not expected to be considered until the SEC makes a decision on existing ether futures ETF applications.
   
   
3. Visa boosts Solana, expanding USDC settlement to the network: Expanding USDC settlement to the Solana network will improve cross-border payment speeds, Visa said. The news pushed SOL prices higher.
   
   
4. Interest rates expected to remain at current levels: The market is expecting the Fed to keep interest rates steady at its next meeting later this month. In traditional markets, equities were pushed lower this week by rising oil prices as Saudi Arabia and Russia continue production cuts.
   
   
5. New crypto accounting rules ask for fair-value reporting: New rules are expected to be finalized by the end of 2023, and be implemented by the end of 2024. Microstrategy founder Michael Sayor said the move would reduce barriers for corporations holding crypto in their treasuries.
   

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