Market News 9/22/23
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September 22, 2023

Bitcoin's price has been under pressure over the last two weeks, falling below $26,000 from a high of $30,000 in August. Despite this price action, activity on the bitcoin network remains healthy, and favorable regulatory developments could lower the barriers to investment for corporations.



New US accounting standard for crypto to be finalized by year-end

The Financial Accounting Standards Board (FASB) unanimously approved new accounting rules for crypto assets. These rules require companies to use fair value accounting for cryptocurrencies like Bitcoin, reflecting their current market value regardless of recent fluctuations. FASB aims to enhance financial reporting standards to provide investors with more informative data prompted by feedback and the practices of companies like Tesla and MicroStrategy that disclosed crypto asset values annually. Importantly, this will allow companies to mark-to-market upward price movements of bitcoin, where previously only impairment charges could be taken. Read Full Story...


Race for a spot ether ETF begins with bid from Ark Invest, 21Shares

Ark Invest and 21Shares have filed a proposal for the first spot ether exchange-traded fund (ETF) in the US. Unlike previously filed ether futures ETFs, this offering would hold ether directly. The filing comes at a time when the Securities and Exchange Commission (SEC) is considering spot bitcoin ETFs and ether futures funds.  Other jurisdictions, such as Canada, have already approved spot ether ETFs. Read Full Story...

Market News

The Bitcoin Monthly: August Report

In August, bitcoin's price dropped 11%, ending below its 200-week moving average at $27,580 for the first time since June 2023. ARK believes bitcoin should find significant downside support at $20,300, its realized price. Despite price resistance, activity on the bitcoin network remains healthy based on ARK's assessment. Read Full Report...

About Eaglebrook Advisors
Eaglebrook is a tech-driven investment manager specializing in bitcoin and digital assets. The firm offers various Bitcoin and Digital Asset SMAs serving financial advisors, registered investment advisors (RIAs), family offices, and institutions. Eaglebrook is backed by wealth management executives and institutions.
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