Bitcoin Price: US$ 64,776.75 (+6.63%)
Ethereum Price: US$ 3,483.39 (+7.34%)
The SEC has instructed asset managers to submit their final S-1 filings for Ether ETFs by July 16, setting the stage for a targeted launch date of July 23. This development is expected to make waves in the financial sector, with Ether ETFs anticipated to attract up to $10 billion in new inflows post-launch. This news coincided with a rally in crypto stocks on July 15, primarily affecting mining stocks and shares of Coinbase and MicroStrategy, a surge attributed to the increasing odds of former President Trump, a pro-crypto candidate, winning the 2024 election. Over the same weekend, Bitcoin ETFs experienced large inflows, attracting $1.35 billion in capital, primarily driven by U.S. investors. Adding to the bullish sentiment, BlackRock CEO Larry Fink, in a recent CNBC interview, referred to Bitcoin as “digital gold” and a “legitimate” financial instrument. This endorsement comes as BlackRock’s iShares Bitcoin Trust ascends to become the world’s largest Bitcoin exchange-traded investment fund, with year-to-date inflows topping a staggering $18 billion.
Helium Mobile, a decentralised mobile and wireless network, recently announced its first progress update since revealing its product roadmap. The update highlighted expanded coverage, increased compatibility with third-party hardware, and pilot programs for network interoperability. RAKwireless became the first to leverage Helium’s licensing program, launching its MNTD.FI Pro mobile hotspot, currently available only in the U.S. In early 2024, Telefónica partnered with Helium to expand wireless coverage in Mexico, enabling subscribers in Mexico City and Oaxaca to connect to nearby Helium Mobile hotspots, thereby increasing network coverage to remote areas and offloading traffic from Telefónica’s network. In other news, Tether plans to increase transparency on its stablecoin usage through the appointment of Philip Gradwell, former chief economist at Chainalysis, as the company’s head of economics. Gradwell will be responsible for quantifying and communicating Tether’s USDT usage to regulators and stakeholders, with a focus on engaging with U.S regulators. Lastly, BlackRock has reached a record of over $10.6 trillion worth of assets under management (AUM), partly attributed to growing inflows into exchange-traded funds (ETFs). BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF, holds over $19.4 billion worth of Bitcoin and has a leading 35.2% market share among all U.S Bitcoin ETFs.
According to Remi Gai, the founder of Inco, a modular confidential computing network building FHE-based solutions, advancements in privacy technologies like fully homomorphic encryption (FHE) could unlock the next $1 trillion for the crypto market. He believes that these technologies could not only increase institutional participation and liquidity in crypto but also attract new users, both institutional and retail. This belief is supported by the recent surge in inflows into digital asset investment products, which have hit a new record of over $17.8 billion year-to-date (YTD), indicating a potential crypto market recovery. Bitcoin and Ether have been at the forefront of this surge, with Bitcoin experiencing its fifth-largest weekly inflow on record, amounting to over $1.35 billion, and Ether seeing inflows of over $72.1 million in anticipation of the first spot Ether exchange-traded fund (ETF) in the US. Meanwhile, in South Korea, the People’s Power Party has proposed delaying the implementation of the country’s tax on crypto trading profits until Jan. 1, 2028. The party argues that the country must first establish a general crypto framework before diving into taxation, suggesting that taxing crypto should only happen once this framework is fully established.
The price of Ether has surged past $3,300, fuelled by anticipation of the imminent launch of spot ETH exchange-traded funds (ETFs), a development many analysts believe will significantly boost ETH’s price in the coming months. Tom Dunleavy, a managing partner at crypto investment firm MV Global, predicts these funds will draw up to $10 billion in new inflows in the months post-launch, potentially propelling Ether prices to new all-time highs by year’s end. Meanwhile, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has reported an uptick in the criminal use of cryptocurrencies and related services, as highlighted in its latest report on money laundering. The report underscores the increasing criminal use of digital currency, digital currency exchanges, unregistered remitters, and bullion dealers, prompting AUSTRAC to reiterate the need for crypto exchanges to register under the AML/CTF Act. In a related development, the Sydney District Court has convicted John Bigatton, a key promoter of the now-defunct cryptocurrency exchange platform Bitconnect, for providing unlicensed financial advice. The Australian Securities and Investments Commission (ASIC) has clarified that Bigatton operated without the requisite financial services license, leading to his disqualification from managing corporations for the next five years. This conviction follows ASIC’s 2020 decision to ban Bigatton from providing financial services for seven years.
Source: https://cointelegraph.com
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