Spot Ethereum ETFs Approved – Now What? | Key Points | July 23, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s recap: Ethereum ETF.
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $67,454.19, up 1.0% over the last 24 hours.
- Ethereum (ETH): $3,473.03 down 1.8% over the last 24 hours.
- Solana (SOL): $178.56, down 2.3% vs the previous day.
Trending Coins Update
- HOPR: $0.0835, up 32.4% vs the previous day.
- Turbo: $0.0065, down 10.5% over the last 24 hours.
- Notcoin: $0.0149, down 7.3% vs the previous day.
For the daily price update, check out our post on Facebook.
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Feature News: Spot Ethereum ETFs Approved
The SEC has approved spot Ethereum ETFs from firms like 21Shares, Bitwise, BlackRock, and others. Trading begins on Tuesday.
What’s the significance? This approval allows U.S. investors to easily trade Ethereum through ETFs, expanding access to the second-largest cryptocurrency.
The broad context: Following the successful launch of Bitcoin ETFs, Ethereum ETFs mark another step in mainstreaming cryptocurrencies.
By the numbers: Analysts predict Ethereum ETFs might attract $5-8 billion, significantly less than Bitcoin ETFs but still notable.
What to watch next: Future inclusion of staking and options in Ethereum ETFS, if approved by the U.S. SEC, could enhance their appeal.
Philippine Crypto News 🇵🇭
- BitPinas article: Public consultation date for Philippine blockchain egovchain is set.
- BitPinas article: Date set for Mindanao Blockchain Campus Conference.
- GCrypto and PDAX listed PaypalUSD (PYUSD) via the Solana network on its platforms.
- Gail Concepcion Cruz-Macapagal, founder of Women in Blockchain PH and leader at DynaQuest Technology Services, has been named one of the Top 20 Women in Blockchain for 2024.
Educational Corner 🎓
More tap games are coming to Telegram.
Check out this guide on the South Korean blockchain-focused game developer Delabs Game’ new game, Giga Chad Bat.
- It is a baseball-themed tap-to-earn game on the Telegram Mini-Apps Ecosystem.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Seven US states, led by Iowa, united to challenge the SEC’s cryptocurrency regulation by filing an amicus brief arguing that the SEC’s actions overreach its authority, stifle innovation, and harm the crypto industry, while bypassing Congress and undermining state efforts to protect consumers from scams.
- Coinbase CLO Paul Grewal called for statute-based crypto regulations to counter the SEC’s aggressive enforcement, arguing that legislative rulemaking is needed for clear industry guidelines rather than relying solely on enforcement.
- The US SEC has ruled that Ethereum (ETH) is a commodity, not a security.
Community Spotlight 🔦
Meet Gail Concepcion Cruz-Macapagal: She is blockchain expert, working in the space for years.
Check out more articles about Cruz-Macapagal here.
- She was recently named one of the top 20 women in blockchain for 2024 for her leadership and significant contributions to blockchain adoption and gender diversity.
- Cruz-Macapagal is the Founder of Women in Blockchain Philippines.
- She is also the Country Director of DynaQuest Technology Services
Last year, she was also recognized by Whizlabs as one of the Top 20 Women Blockchain Leaders in 2023.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Visa-linked Allium announced a $16.5 million raise, Chainbase secured $15 million in a Series A, and Nirvana Labs reported a 650% revenue increase this year alongside raising $5.7 million across various funding rounds.
- Kraken Custody expanded its institutional services to the UK and Australia, marking its first international move since its US launch in March, with plans to further extend its global presence to the EU, Switzerland, Cayman Islands, and British Virgin Islands.
- Tokenization platform Etherfuse raised a $3 million seed round, bringing its total funding to $5 million and valuing the company at $12.5 million, with plans to expand its tokenized asset offerings and support more blockchain networks.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Planetarium Labs and Immutable are collaborating on Immortal Rising 2, enhancing the original with better combat, an isometric view, and improved tokenomics.
- Jungle, a web3 gaming startup, announced that its upcoming mobile first-person shooter game, For The Win, will launch on the Solana blockchain.
- Telegram is launching a mini app store and an in-app browser supporting web3 pages to enhance its blockchain initiatives.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
Our Davao meetup is happening this July 25th, see you there!
- Mindanao Trader’s Expo – July 25-26, 2024
- BitBulaga “Portfolio Construction in a Bull or Bear Market” – July 27, 2024
- Universal Tech Expo Philippines – August 23, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Chainalysis unveiled Operation Spincaster, an international effort in partnership with law enforcement from six countries to combat $2.7 billion in crypto fraud.
- Fractal ID experienced a data breach affecting about 6,300 customers due to a compromised employee’s account, which was hacked using the Raccoon Infostealer malware from 2022.
- JPMorgan analystsbelieve any near-term crypto rebound is likely to be temporary rather than a lasting trend, and suggest that bitcoin and gold could benefit from a potential second Trump presidency.
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This article is published on BitPinas: Spot Ethereum ETFs Approved – Now What? | Key Points | July 23, 2024
