Spot Ethereum ETFs seen with over $1B in trading volume on debut

July 23, 2024 Coin Telegraph

Spot Ethereum ETFs seen with over B in trading volume on debut

Bloomberg ETF analyst Eric Balchunas said the $625 million in trading volume excluding Grayscale’s ETHE was “healthy” and expects a “sizeable chunk” of that sum will convert to inflows.

United States listed spot Ether exchange-traded funds generated around $1.08 billion in cumulative trading volume on its first day of trading — roughly 23% of what the spot Bitcoin ETFs saw on their opening day.

The converted Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) saw the most volume on July 23 at $458 million and $248.7 million, respectively, according to preliminary data from Bloomberg ETF analyst Eric Balchunas.

The Fidelity Ethereum Fund (FETH), Bitwise Ethereum ETF (ETHW) rounded out the top four with $137.2 million and $94.3 million, while the 21Shares-issued spot Ether ETF came in last, failing to crack the $10 million mark.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Riot subsidiary Whinstone US sues former JV partner over revenue flow

July 23, 2024 Coin Telegraph

Bitcoin mining

The partners at the Texas facility had troubled relations almost from their start in 2020.

Crypto miner Whinstone US has sued its private equity partners in a joint mining venture after their deal at the largest mining facility in the United States fell apart. This is the latest volley in a troubled relationship that has already featured lawsuits and actions by armed security forces.

Whinstone US has sued three companies and their executives, accusing them of fraud, conspiracy and securities violations for diluting its revenue from a joint venture that mines Bitcoin at the Rockdale, Texas facility. The suit was filed in the Tarrant County 153rd District in Texas.

The joint venture (JV), called Rhodium, was originally formed in 2020, between Whinstone US and Delaware-registered Imperium. Under a series of hosting agreements, Whinstone US supplied the JV with up to 130 megawatts of power at a discounted rate, while Imperium provided infrastructure at Building C of the facility.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Senator Cynthia Lummis releases report attacking Biden’s mining tax

July 23, 2024 Coin Telegraph

Bitcoin mining

The pro-crypto senator claimed that Bitcoin mining consumes as much energy as household appliances such as tumble dryers.

On July 23, Senator Cynthia Lummis released a report arguing against the Biden administration’s proposed 30% excise tax on the energy consumed by Bitcoin miners.

The report, titled Powering Down Progress: Why A Bitcoin Mining Tax Hurts America, put the Bitcoin (BTC) mining industry into sharper focus, highlighting the benefits of the critical mining infrastructure to the United States' energy grid.

Lummis cited the Bitcoin Energy and Emissions Sustainability Tracker as evidence that Bitcoin mining is cleaner than is commonly imagined, noting that up to 52.6% of BTC mining might be emissions-free.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Crypto Super PAC spends $1.7M on media buys as Arizona primary looms

July 23, 2024 Coin Telegraph

Crypto Super PAC spends .7M on media buys as Arizona primary looms

arizona donations

Protect Progress used roughly $415,000 to fund a media buy for former Aspiration CEO Andrei Cherny, a Democrat running for Congress in Arizona’s 1st District.

Protect Progress, a political action committee (PAC) affiliated with Fairshake and backed by crypto companies, has thrown at least $1.7M behind two Democratic candidates running for Congress in Arizona.

Cointelegraph reported on July 18 that Protect Progress disseminated more than $1.3 million in a media buy to support Yassamin Ansari, a Democrat competing for a seat representing Arizona’s 3rd Congressional District. In addition, a July 20 filing with the Federal Election Commission showed the Super PAC used roughly $415,000 as part of a media buy for Andrei Cherny, who is running in the state’s 1st Congressional District.

Unlike Arizona’s 3rd, which is one of the most Democratic districts in the state, the 1st is currently represented by Republican David Schweikert. Many political pundits also see Arizona as a swing state in the 2024 US Presidential Election. Both media buys came ahead of a July 30 primary for Democrats.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Kamala Harris could be ‘far more open’ to crypto business, Mark Cuban says

July 23, 2024 Coin Telegraph

Coin Telegraph

Kamala Harris’ campaign team is reportedly seeking input on crypto policy ahead of the Democratic National Convention.

United States presidential candidate Kamala Harris could be much more open to technological innovation and cryptocurrencies than President Joe Biden, billionaire investor Mark Cuban told Politico on July 23.

According to Cuban, the tech industry could have an unexpected ally in the US vice president, who previously served as a senator and attorney general of California.

“The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto and government as a service,” Cuban told Politico in an email interview, adding that:

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Bill targeting illicit use of crypto passes US House

July 23, 2024 Coin Telegraph

Coin Telegraph

The Financial Technology Protection Act passed the House of Representatives by voice vote roughly a year after lawmakers sent it out of committee.

Lawmakers in the United States House of Representatives voted in favor of legislation to establish a working group researching the illicit use of digital assets.

A majority of House members approved the Financial Technology Protection Act by voice vote on July 22. The bill, introduced in April 2023 by Representatives Zach Nunn and Jim Himes, aims to address how “rogue and foreign nations” could use crypto to evade sanctions by having members of several federal agencies coordinate their efforts.

“This bipartisan bill will help ensure the United States is prepared to address security risks and prevent illicit money laundering while also protecting consumer choice for all Americans,” said Representative Nunn. “We must do both simultaneously to ensure the long-term integrity of digital assets.”

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

10 years on: How Ethereum’s ICO changed the crypto landscape

July 23, 2024 Coin Telegraph

Coin Telegraph

Nick Johnson, lead developer of the Ethereum Name Service, shared his thoughts and memories of Ethereum on its 10th anniversary.

The Ethereum initial coin offering (ICO) — one of the most important events in the history of cryptocurrency — began on July 22, 2014, just a little over 10 years ago.

The ICO ran for 42 days until Sept. 2 and allowed participants to buy 2,000 Ether (ETH) for the price of 1 Bitcoin (BTC).

Cointelegraph spoke with Nick Johnson, the lead developer of the Ethereum Name Service (ENS) and former member of the Ethereum Foundation, about Ethereum and how it changed his life and the crypto landscape forever.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Is Trump right to worry that China could ‘take over’ crypto?

July 23, 2024 Coin Telegraph

China

Does China regret banning Bitcoin mining in 2021? Could it opt back in? Can a single nation even control decentralized assets like BTC?

It’s only recently that Donald Trump has paid any attention to crypto. But now he wants to be the “crypto president,” and he’s raising digital assets as a geopolitical issue.

Asked on July 16 why he’s suddenly embracing the crypto community, he told Bloomberg:

In the interview, Trump explained how the recent experience with his “Mugshot” NFT Collection “opened my eyes” to cryptocurrencies, saying, “80% of the money [from the NFT sale] was paid in crypto. It was incredible.”

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Bitcoin trader warns of local BTC price top after $530M ETF inflows

July 23, 2024 Coin Telegraph

Bitcoin

BTC price “profit taking” has resulted from large ETF inflow days in the past, while both Bitcoin and Ether shrug off the latter’s ETF launch day.

Bitcoin risks a spate of “profit taking” and price weakness, even as institutional buying surges.

In his latest analysis on X on July 23, popular trader Skew warned of a “headline curse” as the United States spot Bitcoin (BTC) exchange-traded funds (ETFs) took in over $500 million.

Bitcoin ETF popularity is enjoying a renaissance this week, but the good times are far from guaranteed to stay, Skew said.

Former President Trump Vows To Create Strategic National Bitcoin Stockpile, Fire Gary Gensler and Make America the ‘Crypto Capital of the Planet’

Ethereum price will be ‘sensitive’ to ETF inflows in the coming days: Kaiko

July 23, 2024 Coin Telegraph

Coin Telegraph

Another firm estimates that Ether’s price will rise no more than 24% by the end of the year due to underwhelming demand for the spot ETH products.

The price of Ether will likely be “sensitive” to spot Ether ETF inflows in the coming days, as investors will remember lackluster demand for ETH futures products late last year, says crypto analytics firm Kaiko.

“The launch of the futures-based ETH ETFs in the US late last year was met with underwhelming demand, all eyes are on the spot ETFs’ launch with high hopes on quick asset accumulation,” said Kaiko’s head of indices Will Cai in a July 22 market report.

Several spot Ether (ETH) ETFs received their final approval on July 22 and are now set to go live trading on July 23.

Coin Telegraph

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