Crypto Weekly: Trump, ETFs, and Mt. Gox Repayments
This week in crypto, there were some big news stories. Let’s dive in!
Trump Speaks at Bitcoin 2024
Republican presidential candidate Donald Trump took the stage at the Bitcoin 2024 conference in Nashville, Tennessee. Trump shared his vision for a crypto-friendly future for the United States, promising to shake up the Securities and Exchange Commission (SEC) and create a more favorable regulatory environment. He even pledged to make the U.S. the “crypto capital of the planet.”
Other notable speakers at Bitcoin 2024 included Jan van Eck, CEO of VanEck, who remains bullish on Bitcoin. He even said that over 30% of his portfolio consists of Bitcoin. Michael Saylor, Chairman of MicroStrategy, predicted a bull case price of $49 million for Bitcoin by 2045!
Ethereum ETFs Take Off, But Then…
Spot Ethereum (ETH) ETFs officially launched on July 23, generating a lot of buzz. The ETFs saw over $1 billion in volume on their first day of trading, but then things took a turn. After four days of trading, the ETFs witnessed a combined net outflow of $341.8 million. This was largely due to the Grayscale Ethereum Trust (ETHE), which recorded negative flows of $1.513 billion.
Mt. Gox Repayments Begin
Mt. Gox, the once-largest Bitcoin exchange, is finally beginning to repay its creditors. Last week, reports surfaced that creditors were confirming their balances on the Kraken crypto exchange. Bitstamp also announced on July 24 that it would begin distribution on July 25.
Other Crypto News
* Joe Biden backed down from the presidential race and endorsed Vice President Kamala Harris as the Democratic nominee. Harris’ stance on crypto remains unclear, but reports indicate that her team is looking to “reset relations” with the crypto industry.
* SBI Group and Franklin Templeton have partnered to launch a joint venture focusing on introducing crypto ETFs in Japan.
