This past week brought a range of exciting developments in the cryptocurrency space. These included the launch of the first-ever Ethereum ETF in the US and the Bitcoin 2024 Event, where prominent American senators and presidential candidates such as Robert F. Kennedy Jr. and Donald Trump delivered speeches.
Despite these advancements, Bitcoin fell short of reaching the $70,000 mark, although it did surpass $69,000 after dropping to around $63,000 earlier in the week. Ultimately, Bitcoin only saw a 1% increase for the entire week.
Similarly, despite the buzz surrounding the introduction of Ethereum ETFs from major companies like BlackRock, Fidelity, and Grayscale, Ether experienced a 7.75% drop over the week.
We have curated a selection of the six most noteworthy news stories from the previous week. Join us as we delve into the most impactful events of the past seven days.
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TOP CRYPTO NEWS RECAP (Jul. 21-27, 2024)
● Trump Promises to Make US the Crypto Capital
● Robert F. Kennedy Jr. Plans to Integrate Bitcoin Into US Economic Policy
● Major Firms Launch Ether ETFs on Cboe, Nasdaq, and NYSE
● Coinbase Expands Board with High-Profile Appointments
● SEC Greenlights Grayscale Bitcoin Mini Trust
● WazirX Introduces 55/45 Fund Recovery Plan Following $230 Million Hack
Trump Promises to Make US the Crypto Capital
At the Bitcoin 2024 conference in Nashville, former President Donald Trump vowed to make the U.S. the world’s leading hub for cryptocurrency if re-elected. Trump admired Bitcoin, likening its potential to the early steel industry, and predicted it could surpass gold in value.
He also pledged to enhance electricity production using fossil fuels and reduce incentives for electric vehicles. In addition, he vowed to fire Gary Gensler on his first day at the Oval Office.
Robert F. Kennedy Jr. Plans to Integrate Bitcoin Into US Economic Policy
Independent presidential candidate Robert F. Kennedy Jr. proposed sweeping Bitcoin reform during the Bitcoin 2024 conference on July 26. Kennedy plans to sign executive orders integrating Bitcoin into US economic policy on his first day in office.
He aims to transfer the 204,000 BTC held by the US to the Federal Reserve, buy 500 BTC daily until reaching a reserve of four million BTC, and make Bitcoin transactions tax-free. Kennedy argues that Bitcoin could rejuvenate the US economy, enhance financial stability, and foster global dominance.
Major Firms Launch Ether ETFs on Cboe, Nasdaq, and NYSE
Ether ETFs made a robust debut on Tuesday, trading over $1.08 billion in shares, led by Grayscale's Ethereum Trust, iShares Ethereum Trust, and Fidelity Advantage Ether ETF. The launch follows January's successful bitcoin ETFs and is poised to bolster cryptocurrency's mainstream adoption.
Despite trailing Bitcoin's debut volumes, analysts predict significant monthly inflows, potentially reaching $1 billion. Market stability and legitimacy are expected to benefit, although concerns persist over the SEC's exclusion of staking mechanisms.
Coinbase Expands Board with High-Profile Appointments
Cryptocurrency exchange Coinbase has announced three new board members, including Chris Lehane, a senior executive at OpenAI and former political strategist for President Bill Clinton. Lehane, who has previously helped Airbnb become a global legal operator, will offer strategic guidance as Coinbase navigates the evolving crypto regulatory landscape.
Joining him are Christa Davies, the ex-CFO of Aon and Microsoft, who will oversee financial operations, and Paul Clement, a prominent lawyer and former solicitor general who will assist Coinbase in its legal challenges with the SEC.
SEC Greenlights Grayscale Bitcoin Mini Trust
The U.S. Securities and Exchange Commission has approved Grayscale's Grayscale Bitcoin Mini Trust (BTC), a scaled-down version of its Grayscale Bitcoin Trust (GBTC). This approval, granted on Friday, pertains to the 19b-4 form for the new mini-trust, which is set to issue shares to existing GBTC shareholders.
The move is part of Grayscale's effort to offer a new spot for the Bitcoin exchange-traded product (ETP) on NYSE Arca. Grayscale is now awaiting the registration statement's effectiveness to finalize BTC’s operational status.
WazirX Introduces 55/45 Fund Recovery Plan Following $230 Million Hack
Indian crypto exchange WazirX has unveiled a recovery strategy following a cyberattack that stole around $230 million, impacting 45% of user funds. The platform's new 55/45 approach allows users immediate access to 55% of their assets while the remaining 45% will be locked in Tether (USDT) tokens.
This strategy aims to minimize user disruption and evenly distribute the financial impact. WazirX will provide detailed recovery options via email, with a response deadline of August 3. Operations will resume post-poll.
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