New Solana ETF Filed | Key Points | Oct. 31, 2024

Disclaimer: This article is for informational purposes only and does not constitute financial advice. BitPinas has no commercial relationship with any mentioned entity unless otherwise stated.

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GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: are Solana ETFs coming?

Plus the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $72,298.09, up 0.1% over the last 24 hours.
Ethereum (ETH): $2,5648.41, up 0.2% over the last 24 hours.
Solana (SOL): $175.02, down 3.0% vs the previous day.

Trending Coins Update

Ethervista: $33.24, up 41.9% vs the previous day.
Phil: $0.0380, up 0.6% over the last 24 hours.
Maker: $1,263.74, up 8.6% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Canary Capital Joins U.S. Spot Solana ETF Race Following Bitcoin, Ethereum Fund Approvals

Nashville-based asset manager Canary Capital has filed with the U.S. SEC to launch a spot Solana ETF, the third firm to propose a Solana-focused fund after VanEck and 21Shares.

ETF Background: If approved, the Canary Solana ETF would allow investors to gain exposure to Solana (SOL) without directly holding the cryptocurrency, with shares tracking the coin’s market value, Decrypt has reported.

The numbers:

Solana is the fifth-largest digital asset cryptocurrency.
It has a market cap of $82.3 billion and is up 389% in the last 365 days.

Why is Solana an attractive asset?

The blockchain is known for low fees and high transaction speeds.
Solana is viewed as a competitor to Ethereum.
Canary Capital emphasized Solana’s transaction volume and active user metrics as indicators of its strong DeFi ecosystem.

However: While the U.S. SEC has approved Bitcoin and Ethereum ETFs, in the past it questioned whether cryptocurrencies like Solana are actually securities.

Thus an earlier report suggested that if a Solana ETF will be approved, it will likely be if there is a new administration.
- Coincidentally, it’s now only 8 days away from the U.S. elections.

Let’s go to the news recap today:

Philippine Crypto News 🇵🇭

Photo for the Article - New Solana ETF Filed | Key Points | Oct. 31, 2024

Gabby Dizon, YGG co-founder, will speak at the Binance Blockchain Week Dubai.
Paytaca launched a promo giving 20% cashback on every order, delivery, or in-store purchase with their partner merchants.
BitPinas article: BSP granted digital bank GoTyme a VASP license.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

As Hong Kong’s financial sector downsizes, Animoca Brands expands with a new 28,000 square-foot web3 office.
Donald Trump’s crypto venture, World Liberty Financial, plans to launch its own U.S.-dollar-backed stablecoin.
Bitget appointed Min Lin, former regional vice president for Latin America at Binance, as its chief business officer to lead expansion efforts in the region.

Educational Corner 🎓

Another update! Before the month concludes, check out the October update on the list of crypto airdrops to watch out for in 2024.

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

Blockchain Association and Crypto Council support Beba’s lawsuit against the SEC, seeking clear regulations on token airdrops.
Hong Kong is considering tax breaks for virtual assets, alongside regulatory updates for stablecoin issuers and trading services.
Bolivia’s Banco Bisa launched a custody service for Tether’s USDT, enabling clients to securely buy, sell, and transfer the stablecoin.

Community Spotlight 🔦

Meet Emerson Fonseca (LinkedIn): He is one of the prominent community leaders in the web3 space in the Philippines.

He is the Core Team Lead of Superteam Philippines.
Fonseca is also the CEO of The Blockchain Lead Organization & Knowledge Center (The BLOKC), a blockchain education-focused platform.
Recently, these two organizations organized the Blockchain Campus Conference 2024.
- Day 1
- Day 2

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Astria launched its main network for a decentralized sequencing layer.
Solana’s DEX Raydium achieved a record daily transaction volume of $1.8 billion on October 23, surpassing its previous high of $1.65 billion from December 2023.
bitSmiley.io raised $10 million to enhance its Bitcoin-backed DeFi solutions and expand its ecosystem.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Lamborghini, in collaboration with Animoca’s Motorverse, is set to launch exclusive Revuelto NFTs on Coinbase’s Base blockchain on November 7, 2024.
The Sandbox partnered with King Kong of Skull Island to create a new virtual realm, AdventureWorld, allowing users to buy and monetize LAND inspired by King Kong.
Parallel will host its Parallel League Championship in Las Vegas on March 1-2, 2025, featuring a $250,000 prize pool.