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This week’s top stories
VanEck and 21Shares File Amended Ether ETF Application with SEC
Asset management firms VanEck and 21Shares amended their S-1 filings with the U.S. Securities and Exchange Commission for an Ethereum exchange-traded fund (ETF) on July 8. Although neither amended filing provided a specific launch date, experts have suggested that the Ethereum ETF could launch in July.
Lionel Messi promotes Solana meme coin on Instagram
Football sensation Lionel Messi made waves this week when he promoted Watercoin on his Instagram story. The Solana-based meme coin claims to be a charity project focused on water conservation and water-related issues, and reportedly has plans to become a fully-fledged ecological coin in the future. Investing in meme coins can involve significant risks, so be sure to do your own research before making any investments.
Bitcoin’s average transfer fee fell to a 2020 low on July 7, with the metric hitting $38.69. This quantitative measurement is determined by dividing a miner’s profits by the total number of transactions successfully posted to the blockchain. Bitcoin’s hashrate decline also reached December 2022 levels in July, according to the latest data from CryptoQuant, suggesting mining operations are capitulating.
Goldman Sachs to launch three new tokenized products this year: Report
Goldman Sachs is preparing to launch three tokenized products for the U.S. and European markets this year. Matthew McDermott, Goldman’s global head of digital assets, explained that Goldman plans to create an institutional marketplace for the exchange of tokenized real-world assets (RWAs), but details of the plans are unclear. The investment bank is just one of the latest institutions to show interest in the growing RWA tokenization industry in the U.S.
FDIC Nominee Goldsmith Romero Says Banks Can Store Digital Assets
During her nomination hearing on July 11, Federal Deposit Insurance Corporation (FDIC) chair nominee Christy Goldsmith Romero told U.S. lawmakers that banks should be able to hold custody of cryptocurrencies. Her response was in response to a question from Senator Cynthia Lummis of the Senate Committee on Banking, Housing and Urban Affairs. It was the only direct mention of digital assets during the closely watched hearing for nominations for several U.S. federal regulatory positions.
Winners and Losers
Bitcoin on the weekend (Bitcoin) teeth $58,192,ether (Ethereum) in $3,132 and Ripple in $0.46Market capitalization is $2.15 Trillion, according to Go to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top 3 rising altcoin this week is Knotcoin. (do not have) 45.33%, Mantra (Om) 37.23% and Celestia (TIA) The answer was 30.36%.
Dogwifhat is in the top three altcoins this week (Whiff) -19.71%, Bullet (base) (Brett) -9.33% to flare (FLR) -7.33%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“Ethereum has unique strengths as a robust base layer that even Bitcoin does not have.”
Vitalik ButerinCo-founder of Ethereum
“If the Commission proceeds with the proposed amendments, the reviewing court […] “We are certain to conclude that the Commission’s interpretation of the Securities Act overstretches the statute’s language.”
“nevertheless [Trump] If you’ve recently changed your mind about cryptocurrencies, [President Biden] “We still have an opportunity to deliver the regulatory clarity that voters want.”
“Paying for gas and having a native token is something that many of us in the industry are accustomed to. […] That’s not the normal logic when you’re trying to pay for a cup of coffee.”
Chintan TurakyaSenior Director of Engineering at Coinbase
“Nothing will get the SEC to act more quickly than promoting a meme coin.”
David ChangFounding Director of Cleo Legal
“AI and meme coins have taken center stage [in 2024]dropping GameFi down the rankings.”
Russell BennettCEO of Metacade
This week’s predictions
Bitcoin Price Faces Major ‘Summer 2021’-Like Correction Despite BTC Whale Buying
According to a recent report from CryptoQuant, Bitcoin may be heading for a correction similar to that seen in the summer of 2021. An analysis of the P&L index reveals that the index is holding close to its 365-day moving average.
This suggests a reversal in the decline may be on the way, even as whales continue to buy up the coin in the face of selling pressure from the German government and the Mt. Gox compensation plan.
CryptoQuant’s Bull-Bear indicator is also showing signs of breaking below the neutral line, suggesting that bears have taken control of the market, foreshadowing a sharper correction.
Additionally, Bitcoin price continues to trade below or near the 200-day simple moving average, another sign of Bitcoin’s current price weakness.
This week’s FUD
Paxful co-founder Shabak pleads guilty to AML violations and receives five-year prison sentence
Paxosful co-founder and former chief technology officer Artur Shabak faces five years in prison after accepting a plea deal with the U.S. Department of Justice. Shabak pleaded guilty to failing to comply with anti-money laundering regulations and to failing to implement know-your-customer provisions. He will also pay a $5 million fine and step down from his position on the Paxos board of directors. Shabak’s sentencing is scheduled for November 4, 2024.
German Government Sells $354 Million Worth of BTC: More Volatility Coming?
The German government is preparing to sell another $342 million worth of Bitcoin, further increasing selling pressure on decentralized digital assets. As Bitcoin continues to trade below its 200-day exponential moving average, market participants are patiently waiting for the German government to sell off all of its Bitcoin holdings. The $9 billion Mt. Gox indemnification is also making investors nervous.
Compound Finance Site May Be Compromised — ZachXBT
On July 11, 2024, anonymous on-chain detective ZackXBT warned users that the Compound Finance website had been compromised. According to the blockchain detective, visitors to the Compound website were being redirected to a phishing site that poses a high security risk. The website exploit was subsequently confirmed by a member of the Compound Finance team, who warned users to stay away from the site for the time being.
See also
Art Week
Connecting the dots: Collectivism and collaboration in the crypto art world
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When worlds collide: Combining Web2 with Web3 and cryptography
This week’s top magazine articles
Meet the hackers who can help you get back your cryptocurrency savings
Forgot your cryptocurrency password? Hackers make a living recovering passwords.
Earn Bitcoin with Meal Vouchers, Immutable Says “Major Studios Are Participating” — Web3 Gamer
Immutable co-founder Robbie Ferguson said the Web3 ecosystem is at a “critical inflection point,” sending Knotcoin’s price up 17% amid a selloff for other gaming tokens.
10 Years Since the Ethereum ICO: Blockchain Forensics Put an End to the Double Spend Controversy
An investigation by Cointelegraph and Gray Wolf has finally put an end to speculation that Bitcoin was double-spended during the 2014 Ethereum ICO.
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Editorial Staff
Writers and reporters from Cointelegraph Magazine contributed to this article.
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