BlackRock’s Ethereum ETF has generated significant interest but faced outflows affecting Ethereum’s price. Analysts are watching how these changes impact crypto investment trends.

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The ETF launch has been volatile, with mixed market reactions. The current drop in Ethereum’s price might be temporary, and its long-term effects are still uncertain.

BlackRock Ethereum ETF Sees Initial Surge and Volatility
The BlackRock iShares Ethereum ETF made a strong debut, attracting $266 million in capital on its first day. This influx highlighted institutional confidence in the new ETF, which notably drew significant Ethereum allocations from Coinbase Prime. The promising start suggested a bright future for Ethereum-focused ETFs in the financial market.

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However, the situation changed rapidly on the second day. Spot Ethereum ETFs faced a significant $133 million outflow, turning net inflows into a negative balance. This shift was partly driven by substantial redemptions from Grayscale Ethereum Trust. Such volatility reflects the market’s ongoing adjustment to new ETF products and evolving investor behaviors.
The conversion of Grayscale Ethereum Trust into an ETF has notably influenced recent market fluctuations. On the second day, Grayscale’s Ethereum ETF saw a net outflow of $386 million, contributing to downward pressure on Ethereum prices. Over two days, total outflows exceeded $811 million, dropping Grayscale’s Ethereum assets under management (AUM) below $8 billion. Meanwhile, the mini-Trust recorded inflows of $45 million, indicating diverse investor strategies within Grayscale’s offerings.
Ethereum ETF Launch Triggers Price Drop Amid Market Adjustments

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The approval and subsequent launch of Ethereum ETFs have put noticeable selling pressure on Ethereum’s price, which has fallen by over 8% to $3,150. Analysts point to a “sell-the-news” phenomenon, where investors take profits following anticipated positive developments.
This bearish trend may continue in the short term before stabilizing, although long-term prospects for Ethereum remain positive as the market adapts to the new ETF landscape.

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In summary, the initial days after BlackRock’s Ethereum ETF launch have been marked by significant volatility, reflecting the market’s complex response to new financial products. Despite strong initial inflows, large outflows have tempered early optimism and impacted Ethereum’s price. Both investors and analysts will be monitoring the coming weeks to gauge the long-term effects of these ETFs on Ethereum’s market performance. For now, cautious optimism seems to be the prevailing sentiment as the market continues to adjust.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Two U.S. Senators have introduced a bill designed to enhance the Secret Service’s ability to tackle cryptocurrency-related crimes. The proposed legislation aims to grant the agency more authority and resources to investigate and prosecute offenses involving digital currencies.
This move reflects a growing recognition of the need for specialized law enforcement capabilities in the rapidly evolving world of cryptocurrency.
New Bill Aims to Strengthen Secret Service’s Role in Combatting Crypto Crime
On August 2, Senators Catherine Cortez Masto of Nevada and Charles Grassley of Iowa introduced the “Combatting Money Laundering in Cyber Crime Act of 2024.” This proposed legislation seeks to enhance the Secret Service’s capabilities to investigate cryptocurrency transactions related to unlicensed money transmitting businesses and potential frauds targeting U.S. financial institutions.
Senator Cortez Masto emphasized the importance of the bill, noting that the use of digital assets to fund criminal activity poses a significant threat to national security and safety. She highlighted that this bipartisan and bicameral bill would improve the Secret Service’s ability to investigate emerging financial crimes involving digital assets.

Senator Cortez Masto Tweet_Source: X
Senator Grassley supported the bill, calling for more robust threat assessments to identify and address illicit financial enterprises engaged in money laundering. He believes that elevating financial activities to federal law enforcement’s radar will enhance the ability to prevent and anticipate crimes.
According to blockchain forensics firm Chainalysis, illicit addresses laundered $22.2 billion in cryptocurrencies in 2023. Although this figure represents a substantial amount, it marks a nearly 30% decrease from $31.5 billion in 2022.
US Targets Crypto Crime Despite Cash Leading Money Laundering
In February, the US Treasury reported that cash remains the primary method of money laundering in the US, rather than cryptocurrency. Despite this, several US agencies, including the Treasury, Department of Justice, Securities and Exchange Commission, and Commodity Futures Trading Commission, have actively worked to combat cryptocurrency-related crimes in recent years.
The Secret Service, traditionally focused on protecting high-profile individuals such as the President and Vice President, also investigates crimes affecting the US financial infrastructure. However, its competence was questioned in July when it failed to prevent an assassination attempt on Republican candidate Donald Trump.
Additionally, on July 23, the US House of Representatives passed the Financial Technology Protection Act. This legislation aims to curb illicit cryptocurrency activities while also preserving consumer choice.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #Jump #Ripple #KamalaHarris #Ethereum $BTC $ETH

A manipulated video featuring a fake voice of US Vice President Kamala Harris has raised alarms about the potential misuse of artificial intelligence (AI) in elections.
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The video, which was originally intended as a parody, gained widespread attention after Tesla and SpaceX CEO Elon Musk shared it on his social media platform X on Friday evening, without indicating it was a joke.
Musk Shares Manipulated Video, Raises Concerns About AI in Politics
Elon Musk recently shared a manipulated video on his social media platform X that mimics the voice of US Vice President Kamala Harris. The video, which initially did not disclose its parody nature, used visuals from a real Harris campaign ad but replaced her voice with a fake one.

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Source: X
Following backlash, Musk reposted the video with the original user’s caption stating it was a parody and added that “parody is legal in America.” Despite this, Mia Ehrenberg, a Harris campaign spokesperson, criticized the video, emphasizing that voters deserve genuine information rather than misleading content.
The video highlights the growing concern about AI-generated content being used to parody or mislead in politics. Some online users questioned whether Musk’s post violated X’s policies against sharing deceptive media, though the platform allows for memes and satire that do not cause significant confusion.

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Musk’s initial post, which simply praised the video as “amazing,” did not clarify its parody status. Musk has previously endorsed former President Donald Trump, adding to the controversy. Neither the video’s creator, known as Mr. Reagan, nor Musk responded to requests for comment.
Experts Weigh in on AI-Generated Video Controversy
Two AI specialists analyzed the manipulated video of Kamala Harris and confirmed that its audio was generated using AI technology. Hany Farid, a digital forensics expert at the University of California, Berkeley, highlighted the sophistication of the AI-generated voice.

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He noted that while most people might not believe the voice is Harris’s, the video’s impact is heightened when the words are delivered in her voice. Farid stressed the need for AI companies to prevent their tools from being used to deceive or undermine democracy.
Conversely, Rob Weissman, co-president of Public Citizen, expressed concern that many viewers might be misled by the video. He argued that the quality of the video, though not perfect, is sufficient to deceive people, especially since it plays into existing narratives about Harris. Weissman emphasized that this incident underscores the need for stronger regulations on generative AI, a concern his organization has been advocating for.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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kamala Harris has hired Binance’s David Plouffe and former Treasury official Brian Nelson as advisors. While her stance on cryptocurrency is still unclear as she runs for president, these appointments hint that she might be moving towards a more positive view on crypto.
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Kamala Harris has appointed David Plouffe, a former Obama aide and former member of Binance’s Global Advisory Board, as her senior adviser for strategy, according to a Reuters report on Friday.
Kamala Harriz Appoints Key Advisors with Crypto Connections
David Plouffe, who was serving as a global strategic advisor for Alchemy Pay and worked on strategy, compliance, and government relations, joined Kamala Harris’ team last week as her senior adviser for strategy.
Harris has also brought on Brian Nelson, the former undersecretary for terrorism and financial intelligence at the U.S. Treasury Department. Nelson was involved in the Treasury’s actions against Binance for alleged money laundering and sanctions violations in November last year. Despite this, his approach to the industry has been described as open-minded, focusing on regulating illicit activities while supporting innovation.

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Cody Carbone, chief policy officer of the Digital Chamber, noted that Nelson has a long-standing working relationship with Harris, as mentioned in a response to a tweet by Bitwise chief investment officer Matt Hougan.
Kamala Harris’ Crypto Engagement and Vice Presidential Pick
Cody Carbone praised Brian Nelson for his open-minded approach to cryptocurrency, noting that his policy team has actively engaged with the industry. Carbone highlighted that while Nelson is concerned about illicit finance, he hasn’t condemned crypto outright.

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Despite this, Kamala Harris declined an invitation to speak at the Bitcoin Conference last month, which some saw as a sign of reluctance to engage with crypto issues ahead of the November election. However, her recent appointments suggest she might be more open to working with the crypto industry.
In addition, Harris has named Tim Walz, Governor of Minnesota, as her prospective Vice President. Walz has not made any public statements on cryptocurrency, but he recently signed a law in Minnesota imposing a maximum daily transaction limit of $2,000 for new customers using crypto ATMs.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#DonaldTrump #KamalaHarris #US #EthereumETF #Bitcoin $BTC $ETH $SOL

Cameron Winklevoss, co-founder of the Gemini exchange, recently took to X to suggest that Vice President Kamala Harris should demonstrate her support for the cryptocurrency industry by removing Gary Gensler from his position.
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Winklevoss also cautioned that Harris and her advisors might be planning to make a significant change, or “reset,” in the crypto sector, which could have a major impact on the industry.
Winklevoss and Long Criticize SEC Chair and Call for Action
Referring to Donald Trump’s remarks at the Bitcoin Conference last weekend, Cameron Winklevoss stated that the crypto community is not impressed by mere talk and demands concrete actions. The Gemini co-founder emphasized that U.S. Vice President Kamala Harris should demonstrate her commitment to the industry by removing SEC Chair Gary Gensler before November this year. Trump has already promised to fire Gensler on his first day in office.

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Cameron Winklevoss Message for Harris. Source: X
Caitlin Long, founder of Custodia Bank, supported Winklevoss’s call for action, adding that Gensler is just one part of a larger effort, known as Operation Choke Point 2.0, to undermine the crypto industry. She urged Harris to also address and remove other figures involved in efforts to cut off banking services to compliant crypto firms.
Bitcoin Price Predictions: Trump vs. Harris
Some in the crypto industry believe that if Donald Trump becomes the next president, Bitcoin’s price could soar to $100,000 by the end of the year. However, the outlook could change drastically if Vice President Kamala Harris wins the election.

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Prediction. Source: X
Market analyst Jonah has forecasted that Bitcoin’s price might drop below $50,000 if Harris manages to defeat Trump in the upcoming election.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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