Bitcoin Price: US$ 64,118.39 (-1.46%)
Ethereum Price: US$ 3,387.05 (-1.66%)
In June, the trading volume on centralised crypto exchanges fell by 21.8%, marking the third consecutive month of decline, with the combined spot and derivatives volume across all centralised exchanges standing at $4.2 trillion. This decline was exacerbated by fears of selling pressure from the collapsed Japanese crypto exchange Mt. Gox and multibillion-dollar BTC sales from the German government. Amidst this, asset management firm BlackRock set the fee for its spot Ethereum exchange-traded fund at 0.25% ahead of a potential launch next week, with other issuers also indicating their proposed fees and waiver periods. Interestingly, five issuers are proposing to completely slash their fees initially. In a significant development, the United States Securities and Exchange Commission (SEC) approved two spot Ethereum exchange-traded funds (ETFs) — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — for listing on the New York Stock Exchange’s (NYSE’s) Arca electronic trading platform. Furthermore, the SEC reportedly gave preliminary approval to at least three issuers to begin listing spot Ether ETFs as soon as July 23. This series of events highlights the dynamic and rapidly evolving nature of the crypto market.
Entrepreneur Mark Cuban speculates that geopolitical instability and inflationary pressures may propel Bitcoin to become a global reserve asset, with potential support from Silicon Valley indicating a possible “Bitcoin play” from the Big Tech sector, suggesting that these developments could drive the price of Bitcoin higher, although he clarifies that these are possibilities, not certainties. Amidst this, inflation and geopolitical instability continue to affect fiat currencies, including the US dollar, leading to discussions about the role of stablecoins in maintaining dollar dominance, with former US Speaker of the House Paul Ryan arguing that dollar stablecoins could increase demand for the greenback, potentially mitigating a debt crisis. In the ETF market, asset manager 21Shares plans to waive management fees for its 21Shares Core Ethereum ETF (CETH) for up to six months after listing, or until the fund onboards at least $500 million, a move that is part of a growing trend among issuers of spot Ether ETFs, who are competing to attract investors during the funds’ crucial first months of launch. Meanwhile, the German government has confirmed a multi-billion emergency sale of Bitcoin that began in June, with proceeds amounting to approximately $2.8 billion, a sale that was legally required due to the significant risk of value loss before the conclusion of ongoing criminal proceedings, and which resulted in a slump in Bitcoin’s price. Lastly, Movie2k, a platform known for streaming pirated content, has been under investigation by German authorities for unauthorised commercial exploitation of copyrighted works and subsequent money laundering, with the individuals behind the platform transferring nearly 50,000 Bitcoin to German authorities in January, valued at around $2.1 billion.
Vitalik Buterin, Ethereum co-founder, cautions against supporting political candidates who claim to be pro-crypto without a genuine understanding of the technology’s goals, urging voters to scrutinise candidates’ broader values and positions on digital issues. He highlighted the importance of considering politicians’ stances beyond cryptocurrency, using the U.S. as an example where superficial support for crypto might mask underlying authoritarian tendencies. Meanwhile, Grayscale has launched a new Decentralised AI Fund, offering accredited investors exposure to tokens like Bittensor and Filecoin, focusing on decentralised AI services, solutions to AI-related problems, and AI infrastructure. This move reflects the growing interest in decentralised AI solutions, with various Web3-based protocols working on AI intersections, such as Sentient and Sahara, and projects like SingularityNET forming alliances for AI decentralisation. Concurrently, Worldcoin faces allegations of price manipulation and being labeled a scam after delaying the unlocking of 80% of its native token by two years, leading to significant price increases. Critics like DeFi Squared and ZachXBT accuse the team of insider trading and price manipulation, sparking controversy and calls for accountability among venture capitalists and team members.
Over 36% of the Bitcoin owed to the creditors of Mt. Gox has been distributed, while Bitcoin whales continue to accumulate despite concerns about potential sell pressure; analysts speculate that up to 99% of Mt. Gox creditors might sell their Bitcoin due to its significant value increase over the past decade, but only the weakest holders are likely to do so, causing short-term price fluctuations. The introduction of Tangem’s new wearable crypto wallet, Tangem Ring, promotes self-custody and daily cryptocurrency transactions, addressing security concerns through advanced protections and access codes, with plans for Visa integration set for 2025, aligning with regulatory developments in Europe and the UK. BlackRock’s iShares Bitcoin Trust gathered $260 million, marking the eighth consecutive day of positive net inflows for U.S. spot Bitcoin ETFs, bringing the fund’s total assets above $20 billion; this milestone follows CEO Larry Fink’s endorsement of Bitcoin as a legitimate financial instrument, with Bitcoin prices recovering significantly after concerns over the German government’s Bitcoin sales and the impending Mt. Gox repayments.
Source: https://cointelegraph.com
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