Welcome to our weekly Crypto Update, where we bring you the latest news and updates from the world of cryptocurrencies. From regulatory developments to industry partnerships and market trends, we have you covered. In this blog post, let’s dive in! into the most significant crypto news from the past week.
Crypto Updates: A Weekly Roundup of the Latest News and Trends
Bitcoin Surpasses $31,000 and Maintains Bullish Momentum:
Bitcoin Price Hits $31,000 and Stays Above 200 WMA
In an exciting turn of events, the price of Bitcoin soared to $31,000 and currently remains above the 200 Weekly Moving Average. This milestone has injected renewed optimism among crypto investors, reflecting the market’s resilience and potential for growth
Bullish News Boosts Crypto Investor Sentiment
Several financial giants have filed for bitcoin spot ETFs, which are exchange-traded funds that track the price of bitcoin directly. These include BlackRock, Fidelity, Invesco, WisdomTree, Bitwise and Valkyrie. If approved by the SEC, these ETFs could provide more exposure and liquidity to Bitcoin for mainstream investors.
SPOT ETF Gains Traction
Following the footsteps of BlackRock, several other major financial institutions have filled applications for Bitcoin SPOT ETF. This development signals a broader acceptance and adoption of cryptocurrencies within traditional finance. Notable players like Fidelity, Invesco, WisdomTree, Bitwise, Valkyrie, and more are actively exploring opportunities in this space.
The financial giants applying for Bitcoin SPOT ETFs in recent days boast impressive Asset Under Management (AUM) figures, indicating the substantial interest in digital assets:
Financial Organisation and their Asset Under Management (AUM):
– BlackRock: $10 Trillion
– Fidelity: $4.5 Trillion
– Invesco: $1.4 Trillion
– WisdomTree: $87 Billion
– Bitwise: $1.2 Billion
– Valkyrie: $1 Billion
Crypto Investors are Bullish as More Banks and Institutions Embrace Crypto
The crypto industry has also seen a surge of positive news from banks and financial institutions, signalling a growing acceptance and recognition of crypto as a legitimate and innovative asset class. Some of the notable developments include:
- Deutsche Bank, Germany’s largest bank, applied for a license to offer crypto custody and trading services to its clients.
- CACEIS, a French asset servicing company, is registered with the AMF to provide crypto services such as custody, administration and execution.
- Fidelity Investments, Charles Schwab and Citadel launched EDX Markets, a new bitcoin and cryptocurrency exchange that aims to offer institutional-grade trading and custody solutions.
Regulatory Focus and Statements by FED Chair Jerome Powell
Regulatory discussions around cryptocurrencies continue to evolve. FED Chair Jerome Powell recently acknowledged the staying power of cryptocurrencies in the United States. He also emphasized the need for robust regulation, particularly regarding stablecoins, as they are considered a form of money. This indicates a potential increase in regulations surrounding stablecoins in the future.
– FED Chair Jerome Powel’s Statements:
🔸Crypto has some staying power in the US.
🔸Stablecoins are a form of money payment stablecoins are a form of money and the central bank should play a robust role in their regulation.
More Regulations may come for #stablecoins.
— Ashish Kumar Shah 💜 (@TechboyAshish) June 26, 2023
First Bitcoin Futures ETF Approved
The SEC approved the first bitcoin futures ETF, Volatility Shares 2X Bitcoin Strategy ETF (BITX), which tracks the performance of bitcoin futures contracts on the CME.
International Monetary Fund’s Perspective
The International Monetary Fund (IMF) has stated that countries banning cryptocurrencies may not achieve desired long-term outcomes. International Monetary Fund says:
Countries banning #crypto may not be effective in the long run.
This perspective reflects the growing recognition that embracing cryptocurrencies and fostering a supportive regulatory environment may yield more effective results in terms of economic growth and innovation.
Binance Adopts Bitcoin Lightning Network
In a move to enhance its services, Binance, one of the leading cryptocurrency exchanges, has integrated the Bitcoin Lightning Network for deposit and withdrawal transactions. This integration demonstrates the industry’s ongoing efforts to improve scalability and transaction efficiency.
LUNA Terra Founder Sentenced
Do Kwon, the founder of LUNA Terra, has been sentenced to four months in jail in Montenegro for his involvement in a fake passport case. This serves as a reminder of the importance of ethical conduct and compliance within the crypto community.
In summary, this week has brought positive news for the cryptocurrency industry, with Bitcoin’s price surge and major financial institutions entering the Bitcoin SPOT ETF market. The involvement of banks in crypto custody services and the launch of new cryptocurrency exchanges highlight the growing integration of digital assets into the traditional financial system. The statements from FED Chair Jerome Powel and the International Monetary Fund emphasize the increasing recognition and need for effective regulation in the crypto space. These developments signal a promising future for cryptocurrencies, offering potential opportunities for investors and further advancements in adoption.