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💰 Ripple invests $10 million in tokenized US T-bills through OpenEden
Ripple has announced a $10 million investment in tokenized US Treasury bills (T-bills) through OpenEden, a tokenization platform expanding to the XRP Ledger (XRPL), according to an August 1 statement. This investment is part of a larger fund Ripple plans to allocate to tokenized T-bills from OpenEden and other yet-to-be-named issuers. Ripple has not disclosed the fund’s total size and has not yet responded to CryptoSlate’s request for further details as of press time.
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🪙 Ethereum spot ETF yearly inflows could be as low as 15% of bitcoin's, Sygnum Bank analyst says
Ethereum spot exchange-traded funds (ETFs) are likely to experience significantly lower inflows during their first year of trading compared to inflows for bitcoin spot ETFs, an analyst said. "Ethereum’s lesser name recognition is likely to mean slower adoption, and with its market capitalization a third of bitcoin’s, we expect the relative inflows to be in the 15 to 35% range versus bitcoin, with a resulting forecast of $5 to $10 billion in the first year," Sygnum Bank Head of Research Katalin Tischhauser told The Block.
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💰 Riot Platforms Acquires Block Mining for $92.5M, Expands Hash Rate and Market Reach
The leading American Bitcoin mining company – Riot Platforms – has acquired the Kentucky-based firm Block Mining in a transaction valued at $92.5 million. The deal, announced on July 24, includes $18.5 million in cash from Riot’s reserves and $74 million in Riot common stock. Additionally, Block Mining could receive up to $32.5 million more, based on performance metrics through 2025.
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💰 ETF issuer Jan VanEck has ‘way over 30% of his portfolio in Bitcoin’
On stage at the Bitcoin Conference 2024 today, Jan van Eck announced that way over 30% of his portfolio is in Bitcoin. Van Eck, CEO of the investment management firm VanEck, frequently compares Bitcoin to gold, viewing it as “digital gold” and a potential store of value. In an environment where global monetary stimulus erodes purchasing power, van Eck suggests that Bitcoin could outperform traditional currencies. Furthermore, he emphasizes Bitcoin’s role as an uncorrelated asset in investment portfolios, offering diversification benefits.
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💰 VanEck predicts Bitcoin could hit $2.9 million by 2050 in ‘base case scenario’
VanEck outlined an ambitious scenario in which Bitcoin (BTC) could reach a staggering $2.9 million per coin by 2050 under a “base case scenario” in its latest research report. According to the report — authored by the firm’s head of digital assets, Matthew Sigel, and senior investment analyst Patrick Bush — the projected valuation hinges on Bitcoin’s adoption as a global medium of exchange and a reserve asset, which could potentially revolutionize the international financial system.
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🇺🇸 ETHEREUM ETFs TO START TRADING TODAY
🤝 @Cryptocurrency_Inside ✅
🪙 DOGE open interest up 19% amid price 'breaking out' to monthly high
Traders are ramping up their positions on Dogecoin as its price "breaks out," reaching its highest monthly level on July 20. However, not all are convinced that the bullish pattern is confirmed just yet. “DOGE is breaking out and looks primed for an aggressive up move,” pseudonymous crypto trader Shelby wrote in a July 20 X post. They reiterated that Doge’s price breaking out has previously been “a catalyst” for other altcoins to follow, including Floki (FLOKI) and Shiba Inu, which have increased 37% and 3.89% respectively, according to CoinMarketCap data.
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🪙 Cboe confirms trading launch of 5 spot Ethereum ETFs on July 23
The Chicago Board Options Exchange (Cboe) issued listing notifications for five new spot Ethereum exchange-traded funds (ETFs) scheduled to begin trading on July 23 — confirming reports from earlier in the week. The notifications clarify that the funds are pending final regulatory approval. The five ETFs are 21Shares’ CETH, Fidelity’s FETH, Franklin Templeton’s EZET, Invesco’s QETH, and VanEck’s ETHV.
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🇺🇸 Vitalik Buterin warns against supporting politicians solely based on their pro-crypto stance
Ethereum creator Vitalik Buterin cautioned the crypto community against supporting politicians solely based on their pro-crypto statements and expressed particular concern over a lack of support for “internationalism.” Buterin made the statements in a July 17 blog post, where he highlighted the “growing push” for members of the crypto space to become more political amid concerns about crypto regulation in the EU and US.
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💰 Peter Brandt Anticipates Bullish Move for Bitcoin, Says 'Bears Are Trapped'
Veteran trader Peter Brandt’s recent bitcoin analysis suggests a bullish momentum, noting that a bear trap is confirmed by the July 13 close. However, this outlook is contingent on bitcoin staying above $56,000. Brandt recently predicted a potential BTC peak at $150,000 by late 2025.
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🪙 290,000 ETH Added to Liquid Staking Protocols Ahead of Spot ETF Launch
According to data, liquid staking protocols accumulated an additional 290,000 ether in the past 46 days. This increase raised the proportion of ETH in liquid staking protocols by 0.24%, bringing the total to 11.18% of Ethereum’s 120.2 million circulating supply. At the time of writing, 13.44 million ether is locked into liquid staking protocols, with Lido holding 72.3% of that amount. On May 29, Lido had 9.51 million ETH, which has increased to 9.71 million today.
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💰 Marathon Digital Bitcoin Mine Manager Acquitted of Noise Violations In Texas
David Fischer, who serves as a plant manager for a Bitcoin mine owned by Marathon Digital, a public Bitcoin mining company, has been acquitted of having responsibility for several noise complaints brought by citizens living nearby. The operation, located in Texas, is one of the least remote mines managed by the company.
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💰 Bitcoin miner Bitfarms sets vote date on Riot's attempted takeover step
Bitcoin miner Bitfarms has set Oct. 29, 2024, as the date for a special meeting of its shareholders to vote on reconstituting its board of directors following Riot Platforms’ requisition for the meeting on June 24. Bitfarms shareholders as of the record date of Sept. 26, 2024, are entitled to vote at the meeting, the firm said in a statement on Friday, but are not required to take any action at this time.
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🐶 After famous Notcoin, Telegram organized new airdrop among users: #DOGS!
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🗣️ Co-founder of BitMEX, Arthur Hayes, believes that for an altcoin season to begin, Bitcoin must surpass $70,000 and Ethereum $4,000.
He also predicts that if these levels are reached, Solana could rally to $250 during the next altcoin season.
What’s your prediction for Solana’s price?
🌚 - $180
❤️ - $250
⚡️ - $350
🐳 - $500
🤝 @Cryptocurrency_Inside ✅
💰 Bitwise CIO says market is ‘not bullish enough’ amid rising political endorsements
Bitwise CIO Matt Hougan believes the market is “not bullish enough” about Bitcoin, and investors need to rethink the flagship crypto’s potential upside after what happened at the Bitcoin2024 conference. Hougan’s reflections on the 2024 Bitcoin Conference in Nashville suggest a dramatic shift in what’s possible for Bitcoin compared to even two years ago. He attributed the shift in sentiment to the significant political endorsements Bitcoin received at the event.
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🪙 Ethereum supply turns inflationary as gas fees drop to record lows
The Ethereum ecosystem is experiencing a historic drop in gas fees, which is impacting both mainnet and Layer 2 transactions. According to Etherscan Gas Tracker, the average gas fee on the mainnet stands at 4 Gwei at press time, approximately $0.21. This decline extends to the blockchain network’s Layer 2 solutions— including Optimism, Base, Arbitrum, and Linea— whose fees are below $0.01 per Gasfees.io data.
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🪙 Ethereum Team Lead Péter Szilágyi says he feels 'Ethereum is losing the plot'
Ethereum Team Lead Péter Szilágyi expressed concerns about the direction of the blockchain network Ethereum. Szilágyi's view involved the Ethereum PeerDAS proposal, which would, among other changes, increase the size of Ethereum blobs to 32 MB. Szilágyi argues that the PeerDAS upgrade would hinder home stakers, typically those with simpler computing setups, from participating in the Ethereum network — which goes against the decentralized ethos of the blockchain.
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🏦 Coinbase UK subsidiary fined $4.5 million by FCA
CB Payments Limited, a part of Coinbase Group, has been fined just over 3.5 million British pounds ($4.5 million) by the Financial Conduct Authority for "repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers." "Approximately 31 per cent of these customers deposited around USD $24.9 million," it added, noting: "These funds were used to make withdrawals and then execute multiple cryptoasset transactions via other Coinbase Group entities, totaling approximately USD $226 million.".
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💰 BlackRock continues to eat spot Bitcoin ETF volume share
The iShares Bitcoin Trust (ticker IBIT) has roared to a new all-time high, capturing an impressive 67% of the spot Bitcoin ETF volume market share. This surge surpasses its previous record of 61%, further cementing BlackRock's dominance in the crypto ETF space. Despite this record-breaking market share, IBIT's daily trading volume stood at $1.2 billion, which is only average for the fund. This suggests that while IBIT outperforms its competitors, overall market activity remains steady.
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🪙 NYSE Arca 'certifies its approval' for listing spot Ethereum ETFs as issuers await SEC's final sign-off
Exchange NYSE Arca confirmed that it has approval to list and trade spot Ethereum exchange-traded funds from firms Grayscale and Bitwise, according to the latest filings. "The NYSE Arca certifies its approval for listing and registration of the common units of fractional undivided beneficial interest of Grayscale Ethereum Trust (ETH), under the Exchange Act of 1934," the exchange wrote in a document filed to the U.S. Securities and Exchange Commission.
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📣 JPMorgan says crypto rebounds ahead unlikely to be sustained
JPMorgan analysts say that any rebound in crypto prices from this point is likely to be tactical — temporary and strategic — rather than the start of a lasting upward trend. They note that bitcoin’s current price of around $67,500 is high compared to its production cost of about $43,000 and its volatility-adjusted comparison to gold, which is around $53,000.
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💰 US spot bitcoin ETFs post ninth consecutive day of net inflows
The 11 U.S. spot bitcoin exchange-traded funds saw $53.35 million in total daily net inflows on Wednesday, extending the positive streak to its ninth day. However, Wednesday’s net inflows were significantly lower than Tuesday’s $422 million. The largest spot bitcoin ETF in terms of net asset value saw $1.21 billion worth of trade volume on Wednesday. The only other fund that posted net inflows was Fidelity’s FBTC, which reported $2.83 million.
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💰 Japan's Metaplanet buys additional $1.2 million worth of bitcoin, shares surge 26%
Japanese investment firm Metaplanet Inc. saw its stock price jump 25.8% during the Tuesday morning session after announcing that it has purchased additional bitcoin worth about $1.26 million. The Tokyo-listed company disclosed today that it bought an additional 200 million yen worth of bitcoin, or 21.877. That brings its total bitcoin holdings to 225.611 BTC, or about 2.25 billion yen ($14.2 million).
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🪙 Tether taps Chainalysis' former Chief Economist to help communicate with regulators and stakeholders
Tether announced the appointment of Philip Gradwell — who previously spent six years at Chainalysis as the blockchain analytics firm’s Chief Economist — as the stablecoin issuer’s Head of Economics. Gradwell's responsibilities will include "quantifying the Tether economy and communicating the ways Tether is used to regulators and stakeholders," according to a press release.
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💰 Bitcoin Mining Contributing to Massive Electricity Theft in Malaysia: Report
According to a report by a Malaysian news outlet, MalayMail, Bitcoin and crypto mining operations were mostly responsible for the massive electricity theft in the country between 2018 and 2023. Akmal Nasrullah Mohd Nasir, the Deputy Minister for the Energy Transition and Water Transformation docket in Malaysia, noted that between 2018 and 2023, the country lost around RM3.4 billion ($723 million) due to unauthorized electricity supplies for crypto mining.
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💰 Bitcoin mining touted as solution for UK’s renewable energy goals
Bitcoin Policy UK, a crypto advocacy group in the United Kingdom, has urged the new administration to consider Bitcoin mining to bolster the country’s renewable energy grid. Bitcoin mining involves creating new bitcoins by solving complex math problems that verify transactions. A KPMG report stated that Bitcoin mining helps to stabilize power grids and utilizes underused renewable energy sources.
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