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🪙 SEC issues final approval for spot Ethereum ETFs to begin trading on July 23
The SEC officially issued its final approval for spot Ethereum ETFs on July 22 and the funds’ respective webpages are now live. The ETFs are scheduled to begin trading as US markets open at 09:30 Eastern Time on July 23. The approval confirms rumors from last week and opens up Ethereum to investors seeking regulated exposure. Market experts believe these funds will attract a significant amount of money from investors who have been hesitant to invest in crypto due to regulatory concerns.
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🪙 Ether price may dip after ETF 'novelty' wears off due to surging supply
Ethereum’s price might decline after the initial buzz surrounding spot Ethereum exchange-traded funds (ETF) wears off if its supply continues to increase at the current rate, according to an analyst. “If the supply of ETH keeps increasing by ~60k/month like it has been since April, then by Dec the supply will be back to what it was at the merge,” crypto trader and Into The Cryptoverse founder Benjamin Cowen wrote in a July 19 X post, referring to when the much-anticipated Merge transitioned Ethereum.
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💰 Polygon plans to migrate MATIC to POL token on Sept. 4
Polygon is set to undergo a mainnet upgrade on Sept. 4, 2024, transitioning from its native token, to a new token with the ticker POL and fresh smart contracts, following community approval of the proposal. Post-upgrade, POL will replace MATIC to be the primary token for gas fees and staking within the network during the initial phase. POL is expected to maintain MATIC's existing tokenomics, distribution and total supply.
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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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🪙 Spot Ethereum ETFs likely to launch July 23: Sources
Spot Ethereum ETFs will likely begin trading on Tuesday, July 23, according to multiple sources. After Bloomberg Senior ETF Analyst Eric Balchunas posted on social media site X naming July 23 as the launch date, sources at two issuers confirmed to The Block the information in Balchunas's post. "Hearing SEC finally gotten back to issuers today, asking them to return final S-1s on Wed (incl fees)," Balchunas posted on X Monday.
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🇳🇬 Nigerian Judge to Rule on 🟠 Binance Tax Evasion Case in October
Nigerian Justice Emeka Nwite recently set October 11 as the date for ruling in the trial of Binance Holdings Limited, a popular cryptocurrency platform. The platform and its two directors face a four-count tax evasion charge for failing to register with the Federal Inland Revenue Service (FIRS). Binance’s lawyer Ayodele Omotilewa pleaded not guilty to the charges, urging the court to dismiss them.
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📊 Bitcoin and ether slide as equities sell-off despite rising rate-cut expectations
Bitcoin, ether, and other major altcoins fell further on Friday alongside equity indices, despite indicators boosting the odds that the U.S. Federal Reserve could begin a rate cut cycle in September. The bitcoin price traded lower over the past 24 hours, down 3% to change hands for $57,189 at 7:51 a.m. ET, according to The Block's Price Page. Major altcoins such as ether and Solana also fell 2% and 5%, respectively, in the same period.
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💰 US Bitcoin ETFs Continue Inflow Streak, Funds Now Hold 4.47% of BTC’s Market Cap
The U.S. spot bitcoin exchange-traded funds (ETFs) experienced another day of net inflows on Thursday, marking five consecutive trading days of positive movement. The ETFs accumulated $78.93 million, with Blackrock’s IBIT leading by bringing in $72.09 million. Among the 11 spot bitcoin ETFs trading in the U.S., a total of $78.93 million was recorded in inflows, with IBIT capturing the bulk by securing $72.09 million. At the time of writing, data from the IBIT web portal indicates that Blackrock’s BTC fund now holds 314,204.3 BTC.
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🇺🇸 SEC drops its investigation into BUSD stablecoin following probe into Paxos
The U.S. Securities and Exchange Commission has said it does not plan to recommend an enforcement action against Paxos following a probe into stablecoin Binance USD. Paxos said it received a "formal termination notice" on July 9, which said the SEC would not recommend enforcement against the firm in the investigation of BUSD. Fortune first reported the news.
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💰 Post-halving volatility triggers significant Bitcoin futures liquidations
Over the past month, Bitcoin has experienced notable price fluctuations, with the price dropping from around $60,000 in mid-May to below $55,000 by early July. This period saw spikes in futures long liquidations, suggesting significant volatility in the market. In early March, as Bitcoin’s price surged toward $70,000, liquidations also spiked exceeding — $180 million. This trend highlights the high-risk nature of leveraged trading during periods of rapid price movement.
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🪙 Tether 24 hour trading volume surpasses Bitcoin, Solana, USDC and Ethereum combined
Tether USDT’s 24-hour trading volume exceeds the combined total of the following five digital assets, including Bitcoin and Ethereum. As CryptoSlate data indicates, Tether (USDT) maintains a higher volume than Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Solana (SOL), and First Digital USD (FDUSD), pointing to its significant presence in the market. Specifically, Tether recorded a 24-hour volume of over $55 billion, far surpassing Bitcoin’s $28 billion and Ethereum’s $15 billion.
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🌟 Join the #1 Crypto News Channel on Telegram: Cryptocurrency ↪ Inside! 🌟
Stay ahead with:
- 📰 Real-Time Updates: Get the latest news instantly.
- 🔗 In-Depth Analytics: Powerful blockchain insights.
- 📅 Market Trends: Expert analysis and forecasts.
Join our vibrant community and stay updated with our active Twitter feed. The only news source you need!
🔗 Join now: @Cryptocurrency_Inside
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🪙 Grayscale Ethereum Trust discount to NAV quietly switches to a premium ahead of anticipated spot ETF launch
The Grayscale Ethereum Trust (ETHE) is no longer trading at a discount to net asset value (NAV) ahead of the anticipated launch of spot Ethereum exchange-traded funds in the U.S. Having previously traded at a discount for the last three years, ETHE reached a premium to NAV of 0.31% on July 3, ahead of the Independence Day holiday, according to YCharts data. Premium or discount to NAV indicates how much above or below the market price of each share is compared to the value of the ether it represents.
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💰 Bitcoin tumbles as whale sells 3,500 BTC, $310 million liquidated in 24 hours
According to CryptoSlate’s data, Bitcoin’s price has dropped approximately 6% in the past 24 hours, breaking the $58,000 mark to fall to as low as $56,900. Market observers warned that if the heavy selling action continues, this decline could be a precursor to a decline in the flagship digital asset’s price to the low $50,000s. Earlier today, blockchain analyst Lookonchain identified a whale that sold 3,500 BTC for $206 million in five hours through the Binance exchange.
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🪙 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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💰 Bitcoin's recent price gains may be limited by rising exchange sell orders: Coinbase
Bitcoin’s market depth on Coinbase has recently shown a greater imbalance between bids and asks, with a higher number of bids. According to Coinbase analysts David Duong and David Han, this increase in total bitcoin sell orders is particularly concentrated within 5% to 10% of the mid-price on the exchange, which is limiting a greater price upswing. "Mt. Gox repayments remain a source of pressure, following the distribution of around 50,000 bitcoin to exchanges since July 5, leaving the trustee with a balance of 90,300 bitcoin," they said.
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💰 Kraken receives bitcoin from Mt. Gox Trustee, payouts anticipated in 7-14 days
Crypto exchange Kraken has received a pair of bitcoin and bitcoin cash transfers from the Mt. Gox Rehabilitation Trustee. Kraken appeared to write in an email to clients, according to a screenshot posted in the Mt. Gox creditors Telegram group. “While we will work to distribute funds as quickly as possible, please anticipate 7-14 days for funds to be credited to your account. The amount you will receive has been determined by the Trustee, and we will distribute according to their instructions.”.
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🇰🇷 South Korea moves to delay crypto tax until 2028 amid market concerns
South Korean lawmakers have proposed a bill to delay the implementation of crypto gain tax until 2028. Initially, South Korea planned to implement its crypto gain tax on January 1, 2025. However, if the new bill is passed, the implementation date will shift to January 1, 2028. The sub-committee met on July 15 to continue the review.
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💰 Ripple CEO and Legal Chief Reflect on Landmark Victory Against SEC Over XRP
Ripple’s chief executive and chief legal officer have reflected on the crypto firm’s win against the U.S. Securities and Exchange Commission (SEC) regarding XRP as the anniversary of the court ruling approached. The CEO described the ruling as a milestone for both Ripple and the cryptocurrency industry. “The court’s ruling that XRP is not a security will not change,” Ripple’s legal chief emphasized, noting that “even the SEC told the court it will not challenge that conclusion.”
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🇵🇾 Paraguayan Senate Passes Law Imposing up to 10 Years of Jail Time on Crypto Miners for Electricity Theft
The Paraguayan senate has passed a series of reforms that changed penalties for energy and cryptocurrency mining-related energy theft. Now, individuals and companies found to be stealing energy for cryptocurrency mining activities will face jail time for up to 10 years, while energy theft for other purposes will face penalties for up to three years.
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🇺🇸 Coinbase believes crypto voters will play major role in US Presidential elections
Coinbase said crypto voters will play a significant role in the upcoming US presidential election and have the potential to impact key battleground states. The exchange pointed to several surveys and studies conducted on its behalf to gauge the extent of crypto adoption among American voters. It added that surveys have revealed that crypto is a decidedly bipartisan issue.
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💰 Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Bitcoin long-term holders are adding to their holdings at the fastest monthly rate since April 2023, according to CryptoQuant analysts. "Bitcoin whales have been increasing their holdings at a monthly growth rate of 6.3%, the fastest pace since April 2023, indicating rising demand for bitcoin," CryptyQuant said. Wednesday's market report from the analytics firm noted that the increase in bitcoin demand from long-term holders is supporting the digital asset's price.
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🇩🇪 German receives small CoinJoin deposits amid ‘negligible’ $326 million Bitcoin sales
The German government’s Bitcoin wallet received a small amount of Sats from a CoinJoin address amidst its significant selling activity. On-chain data from the crypto analytical platform Arkham Intelligence revealed that the German government wallets received less than $10 in three transactions from CoinJoin addresses today.
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🇩🇪 German Government Prepares To Sell Another $900 Million In Bitcoin
The government of Germany began readying for its biggest Bitcoin dump yet on Monday, sending $900 million worth of the digital currency to trading venues. It stated the government sent 2738.7 BTC ($155.3 million) to “likely exchanges and market makers” including Kraken, Cumberland, an unidentified address, and an address likely related to an institutional or over-the-counter (OTC) trading service. Cumberland and the unidentified address were first-time recipients of government coins.
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💰 Germany's Bitcoin Wallet Dips Below 40,000 BTC After Weekend Transfer
This weekend, the German government’s wallet transferred another 1,400 BTC, valued at $80.12 million, according to the latest Arkham Intelligence data. This action followed recent deposits of approximately 1,915 BTC. On that day, the wallet held 41,226 BTC, but it now holds 39,826 BTC, worth $2.28 billion using BTC exchange rates on July 7. The wallet’s transactions have unsettled the crypto community, casting a shadow over the market in recent weeks.
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💰 German Politician Criticizes the Government's Bitcoin Sell-Off Strategy
A pro-Bitcoin member of the German Bundestag, Joana Cotar, has publicly criticized the government's decision to sell off its substantial BTC holdings. Cotar's stance comes in the wake of hundreds of millions worth of Bitcoin being transferred from government wallets to exchanges and trading desks, signaling the commencement of a large-scale liquidation process.
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💰 Mt. Gox moves $2.7B in Bitcoin to new wallet address
The collapsed Japanese crypto exchange Mt. Gox has transferred 47,229 Bitcoin (BTC) — worth $2.71 billion at current prices — to a new wallet address in its first major transaction since May. According to blockchain analytics platform Arkham Intelligence, the exchange transferred the Bitcoin at 12:30 am UTC on July 5 out from “cold storage."
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💰 CryptoQuant says 'extremely underpaid' bitcoin miners' capitulation is a possible bottom signal
Since Bitcoin's latest halving event on April 19, which cut the reward for mining a new bitcoin block in half, the world's largest cryptocurrency has begun showing signs of miner capitulation as miners likely turn off underperforming machines and begin to sell bitcoin to hedge their exposure. There are various signs of miner capitulation, which historically has indicated a bottom in prices, according to CryptoQuant, which notes that for most of the period since April, miners have been "extremely underpaid" according to the data provider's metrics.
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