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The long-discussed conspiracy theories are gaining traction. Last week, BlackRock, the largest asset manager, filed for a Bitcoin ETF, igniting a frenzy on Crypto Twitter. Debate rages on whether this is a bullish move for the industry or a concerning sign of an institutional takeover.
Some analysts lean towards bullish sentiments, citing BlackRock’s remarkable success in the gold market, which grew from $1 trillion to $13 trillion. However, regulatory compliance remains crucial, particularly given the recent SEC crackdown. Notably, BlackRock boasts an impressive acceptance rate of 575 to 1 for ETFs.
Bitcoin has risen to $26,571 in the past week with a +2.65% price increase. To the surprise of many investors, the BNB token gained +4.34%. XRP dropped by -6.21%, while Cardano lost -5.24%.
1. BlackRock Files for Bitcoin ETF
BlackRock, the world’s largest asset manager, has filed for a Bitcoin exchange-traded fund (ETF) called iShares Bitcoin Trust. The filing with the U.S. Securities and Exchange Commission (SEC) reveals that BlackRock plans to use Coinbase Custody as the custodian for the ETF. If approved, the ETF would allow investors to gain exposure to Bitcoin without directly purchasing the cryptocurrency, potentially signaling a positive development in the regulatory landscape for digital assets.
2. Judge Denies SEC’s Request to Freeze Binance.US Assets
The judge denied the SEC’s request to freeze Binance.US assets. Instead, both parties were instructed to collaborate on a plan that ensures customer assets are safe within the US. The SEC wants customer assets repatriated, which Binance.US has not objected to, but seeks permission for operational costs. The judge requested a list of expenses from Binance.US.
3. Hong Kong Urges Banks to Accept Crypto Firms as Clients
Hong Kong’s central bank is putting pressure on major banks such as HSBC, Standard Chartered, and the Bank of China to accept cryptocurrency firms as clients. Hong Kong aims to be a digital asset hub, legalizing cryptocurrencies for retail clients and encouraging banks to support crypto businesses. This distinguishes it from the difficulties exchanges face worldwide in obtaining banking services due to regulatory crackdowns.
4. Uniswap Labs Opens Public Feedback for Uniswap v4 Development
Uniswap Labs seeks public feedback for Uniswap v4, emphasizing its dedication to decentralization. This comes as centralized exchanges are being sued by the SEC. Uniswap v3 is the largest DEX, processing over $1 trillion in transactions. The upcoming v4 will improve coin-swapping, introduce hooks and custom liquidity pools, and lower gas fees.
5. Crypto Payments Provider Wyre Ceases Operations
After nearly a decade in the industry, crypto payments provider Wyre announced on June 16 that it would cease operations. “Due to market conditions, we decided to protect the best interests of our key stakeholders and customers,” the company tweeted.
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Ever since speculations arose about BlackRock’s potential involvement in the LUNA meltdown in May 2022, their foray into the crypto space has sparked significant interest. The recent announcement of their entry into the Bitcoin ETF market is expected to dominate discussions this month, with the market eagerly awaiting clarity and anticipating a price reaction.
Currently, the focus lies on two key areas: the overall regulatory landscape for cryptocurrencies and the emergence of new crypto hubs such as Hong Kong. The question is whether the White House will take decisive action to maintain the United States’ position as a leader in the crypto industry or if the damage thus far is irreversible.
Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi
DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
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