SEC Approves Spot ETH ETFs, Kamala Harris’ Stance on Crypto, and Telegram Mini Games - July 23, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
SEC: Approves spot Ethereum ETFs.
U.S. House: Passes a crypto finance bill facing Senate challenges.
BTC: Bitcoin holds strong above $67K after Biden's withdrawal.
Elections: Digital Chamber urges Kamala Harris to adopt a positive crypto stance.
Coinbase Alumni: Fund Web3 gaming startup NPC Labs.
USDY: Ondo's USDY launches in the Cosmos ecosystem.
ETH: Ethereum faces sell pressure despite ETF debut anticipation.
Telegram: BTC price sees increased activity with OKX Racer mini-apps on Telegram.
Mt. Gox's: Bitcoin holdings affect Bitstamp's liquidity.
Price Update
Bitcoin Holds Strong Above $67K Following Biden's Withdrawal from Presidential Race
Bitcoin has settled above $67,000 during President Joe Biden's decision to withdraw from the upcoming presidential race. The market has reacted positively to the news, interpreting it as a potential stabilizing factor for future regulatory policies. Investors are optimistic about the continued bullish momentum in Bitcoin's price.
Ethereum Faces Sell Pressure Despite ETF Debut Expectations
Ethereum is experiencing sell pressure despite the upcoming debut of its spot ETFs. Analysts attribute this to investors taking profits ahead of the ETF launch. The increased selling activity has led to heightened implied volatility, suggesting that traders are preparing for potential price swings in the short term.
U.S. Market Relevant News
SEC Approves Spot Ethereum ETFs: A New Era for Crypto Investors
The U.S. Securities and Exchange Commission (SEC) has approved the launch of spot Ethereum ETFs. This approval marks a significant milestone, allowing investors to gain direct exposure to Ethereum through regulated financial products. The move is expected to drive substantial institutional investment into the Ethereum market, improving its credibility and potentially stimulating its price.
U.S. House Passes Crypto Illicit Finance Bill Likely to Face Senate Rebuff
The U.S. House of Representatives has passed a bill focusing on combating illicit finance in the cryptocurrency industry. The bill, however, is expected to face significant opposition in the Senate. Proponents argue that the legislation is crucial for addressing money laundering and fraud, while critics believe it could repress innovation and place excessive regulatory burdens on the industry.
Digital Chamber Urges Kamala Harris to Support Crypto Positively Ahead of Elections
The Digital Chamber of Commerce is pressing Vice President Kamala Harris to adopt a positive approach towards cryptocurrencies as the elections draw near. The organization believes that supportive policies could foster innovation and economic growth. Harris's stance on crypto could significantly influence the regulatory landscape and investor sentiment.
Innovations and Developments
Coinbase Alumni Fund Web3 Gaming Startup NPC Labs
Former employees of Coinbase have launched NPC Labs, a Web3 gaming startup that has successfully raised funding. The startup aims to revolutionize the gaming industry by integrating blockchain technology and creating immersive and decentralized gaming experiences.
Ondo's USDY Launches Natively in the Cosmos Ecosystem via Noble
Ondo Finance has launched its USDY stablecoin natively within the Cosmos ecosystem through Noble. This integration seeks to improve the liquidity and utility of USDY within the decentralized finance (DeFi) space. The launch represents a significant step in expanding the stablecoin's adoption across multiple blockchain networks.
Bitcoin Price Sees Increased Activity with OKX Racer Mini-Apps on Telegram
The introduction of OKX Racer mini-apps on Telegram has led to increased activity in Bitcoin trading. These mini-apps allow users to engage in trading games, promoting greater engagement with the cryptocurrency. The initiative is part of OKX's strategy to gamify trading and attract a broader audience to the crypto market.
Don’t Miss Anything
Mt. Gox's Bitcoin Holdings Impact Bitstamp's Liquidity
The Bitcoin holdings from the Mt. Gox trustee have started to influence the liquidity on Bitstamp. The release of these funds has created a noticeable impact on the exchange's order books, raising concerns about potential price volatility. Traders are closely monitoring the situation to gauge its long-term effects on the market.
Today's news highlights a pivotal moment in the cryptocurrency market, with the SEC's approval of spot Ethereum ETFs. Meanwhile, Bitcoin's stability above $67,000 suggests a positive market outlook, although Ethereum faces short-term sell pressure. Overall, the market shows resilience and optimism, but investors should stay vigilant during regulatory developments and market volatility. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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