Key Driver Behind Bitcoin's Price Spike; California's Crypto Licensing Bill Signed Into Law

Why today's Bitcoin surge was short lived and there's a new crypto law in California. You're watching Coin Desk Daily. I'm your host, Jen Sani. Let's take a look at the markets. The coin desk, Bitcoin price XPX index is currently around $28,000. The prices come down after surging earlier today to $30,000. That spike was caused by a false report of a spot. Bitcoin ETF approval that was posted on X. That report has since been redacted. This comes just days after another report said that the SEC won't appeal the loss in its case against Grayscale, which is thought to boost the chances of the Grayscale Bitcoin Trust eventually being converted to a spot. ETF Grayscale and Coindesk are both owned by DC G coin issuer. Tether has frozen funds and 32 Cryptocurrency addresses linked to terrorism and warfare in Israel and the Ukraine. In a press release, Tether said that it has been working with Israel's National Bureau for counterterror financing. The owner cannot transfer funds until the freeze is lifted. The combined value frozen across the 32 addresses is nearly $900,000. California Governor Gavin Newsom has signed a crypto licensing bill into law. The digital financial assets law faced heavy industry criticism but was passed more than a year ago. It requires California's Department of Financial Protection and Innovation to create a regulatory framework for crypto. It's set to take effect in July 2025. The FTX bankruptcy estate has apparently staked millions of dollars worth of ether and Solana over the weekend, nearly 6 million sold worth 100 and $22 million and just over 24,000 E worth $30 million have been staked in separate transactions. This comes as the criminal trial against the founder of FTX Saman and Fried begins its third week. That's a wrap for coin desk daily. Get more updates on coin desk dot com and we'll see you next time.