$92 Million Inflows in Spot Bitcoin ETFs
In a report posted on September 23, a total of $92 million inflows were recorded in 12 Bitcoin Spot exchange-traded funds (ETFs). This performance marked the highlight of the weekly events, noting Bitcoinâs increased growth in institutional interest as the major digital currency. Moreover, this signals a broader depth of adoption in traditional finance. Since their launch in January, BTC spot ETFs have totaled $17.7 billion in inflows.
On the other hand, Ethereum ETFs are still struggling to gather greater momentum regarding investor interest. They still managed to close the week with $2.87 million in inflows. Based on the strong rally witnessed in Bitcoin ETFs, Ethereum ETFs might face a challenge in keeping up as more traction will be directed towards spot BTC ETFs. Additionally, BTC being digital gold, is viewed as a financial safe haven in periods of volatility.
Kamala Harris Addresses Crypto in U.S Presidential Debate
Kamala Harris made her first public remarks on cryptocurrencies this week on September 24 during the U.S. presidential debate. It was evident that her shift in crypto stance was marked, but still, she remained neutral regarding the hot topic. In her words, Kamala stated, âThe future of finance will undoubtedly involve digital currencies, and we need to ensure we strike the right balance between innovation and protection."
Following her remarks, a more pro-crypto outlook has been established and this might signal better regulatory frameworks. This in turn suggests increased government interest in her reign. This could also positively affect consumers as she encourages security and protection in cryptocurrency innovation. However, Donald Trump has been seen as a hands-off candidate who might allow greater freedom in the digital space.
Shiba Inu Potential Surge Amid Whale Movement
On September 24, the popular memecoin, Shiba Inu, recently recorded an increase in whale activity. This signaled fresh investor interest that shows potential for a spike in its market price. According to a video on its market analysts, the SHIB could rally up by 7,145%. Regardless, still, much skepticism has risen over the dramatic surge prediction. If the massive spike happens, Shiba Inuâs price could reach $0.001, from its current price of $0.00001717 at the time of writing.
The token still shows positive momentum despite a 70% fall from its March high of $0.000045. The interest in whale investors could unveil its long-term growth potential. It's also essential to note that its price is driven by its community rather than its utility, further making its future unpredictable.
PayPal Expands Cryptocurrency Offerings to Businesses
On September 25, 2024, the global payment giant, PayPal made an announcement for its latest milestone in allowing the purchase, sale, and holding of crypto for business accounts. This marks a new feature that upgrades from only offering crypto services to individuals alone. The platform now allows business accounts to transact digital currencies daily. Moreover, the decision by PayPal is considered a significant mainstream adoption of crypto, boosting major features and innovations.
Jose Fernandez da Ponte, Senior VP of Blockchain, Cryptocurrency, and Digital Currencies in PayPal, was quoted as saying, âBusiness owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.â
Donald Trump Favored for Presidential Victory by Crypto Community
As the U.S. presidential elections approach, the cryptocurrency community has already shown its support for the former president, Donald Trump. The September 25 report from The Economic Times showed that both candidates, Donald Trump and Kamala Harris, have different claims about cryptocurrencies. However, the crypto world supports Trumpâs calm stance towards regulations, which were once heightened during his last term. His stance has since changed, now being cited as an investor. It is possible that Trumpâs return to office could result in fewer regulations and more freedom in crypto innovation.
Trump offers a hands-off approach, while other candidates like Kamala cite stricter frameworks in light of offering consumer protection. This has been her major concern after sighting her first public review this week, and Trumpâs stance could have a reputation related to security implications.
Binance Founder Changpeng 'CZ' Zhao Could Be Released on Friday
A Federal Bureau of Prisons rule states that an inmate whose release date falls on a Saturday, Sunday, or legal holiday, may be released on the last preceding weekday.
Sept 27 (Reuters) - Binance founder Changpeng Zhao was released from a correctional facility in California on Friday, Bloomberg News reported, citing a spokesperson for the Bureau of Prisons.
Washington:Binance founder Changpeng Zhao was released from a correctional facility in California on Friday, Bloomberg News reported, citing a spokesperson for the Bureau of Prisons.
Former CEO Zhao was sentenced to four months in prison earlier this year, after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.Reuters could not immediately reach the Bureau of Prisons for comment.Prosecutors had said that Binance adopted a model that welcomed criminals and failed to report more than 100,000 suspicious transactions with designated terrorist groups including Hamas, al-Qaeda and Islamic State.
They also said Zhao's exchange supported the sale of child sexual abuse materials and received a large portion of ransomware proceeds.Binance agreed to a $4.32 billion penalty, and Zhao paid a $50 million criminal fine plus $50 million to the U.S. Commodity Futures Trading Commission.
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