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OpenSea Scores $13 Billion Valuation as Kosovo Eyes Cryptocurrency Mining

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OpenSea scored a serious market valuation as Kosovo introduced a bill to ban cryptocurrency mining and the SEC paused the review of the first spot Bitcoin ETF. Ross Mac of Maconomics broke down the latest cryptocurrency news in the video above. 

Transcript:

It's ya boy Ross Mac and these are the biggest stories in cryptocurrency on Wednesday, January 5. 

A NFT marketplace just raised a crazy amount of money while the SEC is pumping the brakes on approving a spot Bitcoin ETF.

OpenSea is now valued at $13 billion in a new round of funding, after the start up just raised $300 million in venture capital round. The company is a marketplace to buy and sell NFTs. With that kind of money going into the space, it's clear NFTs might not be a fad after all. 

Kosovo's government introduced a bill to ban cryptocurrency mining on Tuesday. The country is looking to get energy consumption under control as it faces the worst energy crisis in a decade. Crypto mining had become popular with the younger generation in Kosovo thanks to the previously cheap energy prices but a possible energy crunch could hurt miners.

The SEC is pressing pause on approving the first spot market Bitcoin ETF in the U.S. Stone Ridge Holdings applied last year for its NYDIG Bitcoin ETF. The SEC was set to approve or reject the ETF on Jan 15 but delayed it by 60 days. U.S. investors can only currenly buy or sell Bitcoin futures ETFs.

I'm Ross Mac and that was the Crypto Minute on TheStreet. 

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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