What happened in crypto the past week? Ethereum ETFs are here, but the value of the token did not jump as much as expected. Kucoin seems slightly better than Binance, at least in my country. Bitcoin is the word, with a lot of good news about it. What else? Read below:
- Bitcoin: JPMorgan's analysts are saying that BTC has a production cost of $43K and a fair value of $53K, so they do not see Bitcoin skyrocketing long term. BlackRock's Bitcoin ETF had more inflows ($19B) than the magnificent seven stocks (Microsoft, Apple, Telsa and the rest). Bernstein analysts released research on 12 Bitcoin mining companies and concluded that they could slash 90% of their valuation discount if they would get smarter about power usage and efficiency. Swan Bitcoin halts its IPO plans and shuts down mining operations amid staff cuts. As the sector sags, Bitcoin miner Riot scoops small Kentucky rival Block Mining in a 92.5M deal. Hong Kong is set to launch Asia's first Inverse Bitcoin ETF.
- Ethereum: ETH went mainstream on July 23, with 21Shares, Fidelity, Franklin, Investco and VanEck bringing up their ETH ETFs. The ETH ETFs succeeded, getting over $1B in trading volume and $106M in inflows on day one, but ETH value remained unchanged. On the second day, they experienced $133M in outflows. Base blockchain deployed fault proof on the Sepolia testnet, working on the Stage 1 decentralization.
- Altcoins and stablecoins: Dogecoin is up 6% in the last 24 hours, open interest in DOGE futures increased 15% and the volume is up 34%, the highest we've seen all July. Polkadot spent $87M worth of DOT in the past 6 months, double the amount of the last half of 2023, hosting events, meetups and conferences. They even made their own Twitter-like platform, Grill, where you are paid in crypto tips for publishing. Trump memecoins are all up on Solana and ETH, but the biggest of them all, MAGA( TRUMP) went down 8%. Franklin Templeton is now looking into a possible Solana ETF. Jito introduced liquid staking on Solana, becoming this blockchain Eigen Layer. Also, Hamilton Lane and Brevan Howard (almost $1 Trillion in AUM) launched their own private credit funds on Solana. Just as I sold all mine. ZEN, ZEC and HNT were the best market movers.
- NFTs and blockchain games: After introducing a Mini App Store, Telegram CEO praised Hamster Kombat as the fastest-growing game, with 100M monthly users in just 73 days and 4-5M new users daily. Rumour has it that there is a minimum of $1000 airdrop incoming for this silly Hamster Kombat. Use the Storm Trade bot on Telegram to exchange tokens if you need to do it. What a number! On Splinterlands, the sixth round of Conflicts airdrop finished, and the fourth Legendary summoner is coming, the reward system seems to be all right for now, as you get Glint tokens for every match you win and some of it at the end of the season. You can use Glint tokens to buy specific cards, Merits, potions and even 3 different titles. Pudgy Penguins parent company closed a $11M funding round.
- Good news: Kraken successfully distributed more than $7B worth of BTC and BCH to Mt.Gox creditors, while Bitstamp, Bitbank and Coincheck didn't say when the funds would be returned to the creditors. Kucoin has a brilliant referral program if you are good at this stuff. Citi just upgraded COIN (Coinbase's shares) from Neutral to Buy. Yet, Coinbase UK was fined $4.5M for onboarding high-risk customers. Jersey City's pension fund would allocate some percentage of its money to spot Bitcoin ETFs. GalaxyDigital raised $113M for crypto venture fund.
- Bad news: Coinbase is asking the court to order the SEC to hand over documents related to Gary Gensler's inside communication in its lawsuit. HSBC Australia is still making idiotic moves, blocking customer payments to crypto exchanges.
- Joke of the week: Bitcoin is still connected with US politics, as it was going down with President Biden's surprise announcement of retiring from the presidential race, but recovered as Kamala Harris was endorsed. According to Mark Cuban, Harris might be a lot friendlier to tech and crypto than Biden.
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- Hearthstone-like card game) (Mobox - GamiFI NFT platform) (Upland - real-life virtual land) (Holozing - Pokemon-like game)and (Rising Star - Music creators game)
....g ETH while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Read.cash and Hive.
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