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Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap

Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap

GM. Last week, two firms filed for Solana ETFs, which could be the reason why SOL had some price increases through the weekend.

Also, we covered the Maya Crypto App issues that have been a problematic experience for their crypto customers who cannot access their funds for an entire week. We won’t be discussing that here in length, but feel free to check out this article for updates (which includes our notes on how this could affect the local crypto industry).

That, and more news in today’s news recap!

Market Updates 📈

Here are the crypto highlights of the week:

  • Bitcoin is up 4.2% vs the previous seven days, now at $63,389.
  • The weekly top gainer in the top 100 coins is DOGWIFHAT ($2.26), up 38%.
  • The weekly top loser in the top 100 is Sui ($0.83), down 5.8%
  • Noteworthy: Solana, because of the ETF filing news, is up 6.2%, now at $148.33.

Feature Story: Multiple Firms File for Solana ETF

Solana’s (SOL) price surged nearly 9% following VanEck’s filing for the first spot Solana ETF in the U.S.

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What’s the significance: The ETF filing can potentially increase Solana’s investment appeal and liquidity.

The number: Solana rose 6.6% in an hour and almost 9% within a day, reaching just below $150 on the day of the news.

Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap

Other filings: 21Shares also filed an application with the U.S. SEC for a spot Solana ETF.

How it will work: Once they are approved, the ETFs will be listed on the Cboe BZX Exchange and will track Solana’s price by holding SOL tokens.

But when will it be approved? Bloomberg thinks the Solana ETFs could take a while and might be approved only by 2025 if the U.S. will have a new administration (aka a new President), and a new SEC Chairman.

Price Analysis: According to Decrypt, despite the spike, Solana is still in a broader bearish correction, and the price needs to break past key resistance levels to confirm a sustained uptrend.

  • If Solana maintains its momentum, it could reach $160. A failure to do so might see it drop back to around $135, Decrypt concluded.

Weekly Recap: Local Crypto News 🇵🇭

Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • ReQuest won 2nd place at Solana APAC Summit in Malaysia.
  • BreederDAO wins at CCP Games’ web3 gaming hackathon.
  • Recycling project Waste2Earn wins ICP’s iThink hackathon.
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • Maya’s crypto product went under maintenance mode since atleast last Sunday, various reports compiled by BitPinas suggested.
    • Update as of this Sunday: The product is back online but the transfer in and out functions are still not available.
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • Paytaca unveils a new merchant partner in Cebu City that now allows payments through Bitcoin Cash.
    • Paytaca CEO Dr. Joemar Taganna spoke during the DOST 2024 Eastern Visayas Regional Science and Technology Week (RSTW).
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • Yield Guild Games (YGG) Esports team takes the championship victory in the Guild Wars SEA LAN.
    • Yield Guild Games (YGG) partners with Sapien AI Corp. to integrate data labeling gig work into the onchain gaming ecosystem.
  • Superteam PH announces the launch of the new edition of its Superspace: The Founders Camp.
  • has a giveaway of 20 limited edition Zen Card packs through its collaboration with Zen Card and Coins 98.
  • Florin Hilbay released Basta Bitcoin Podcast Episode 6: Inflation, Government Spending, & Bitcoin.
  • ETH63 to host Cebu Ethereum Meetup this July 6.

Educational Corner 🎓

This week, we continued to see trends on Telegram games, and also wrote a short essay about it.

Guide Articles:

BitPinas Bitcoin Series:

Regulation Watch 📜

Stay informed about the latest regulatory updates from here and around the world and what they mean for you:

  • The Nigerian government denies claims of poor treatment of imprisoned Binance executive Tigran Gambaryan.
  • Korea Institute of Finance cautioned against approving spot crypto exchange-traded funds (ETFs), citing potential risks to financial stability due to crypto market volatility and uncertain asset valuation.
  • Hong Kong’s Legislative Council has established a subcommittee to address crypto and web3 issues.
  • The European Union’s latest sanctions against Russia mandate crypto firms to scrutinize 2,200 Russian entities.
  • Brazil‘s current account deficit is expected to shrink significantly starting next month as crypto asset purchases will no longer impact the trade balance. 
  • Coinbase faces potential regulatory scrutiny for its handling of accounting metrics under new FASB rules.
  • The German Federal Criminal Police Office (BKA) transferred $24 million in bitcoin to crypto exchanges Kraken and Coinbase suggesting potential intentions to sell assets seized from the operators of film piracy website
  • VanEck filed Form 8-A with the SEC following recent approvals of Ethereum ETF filings.
  • Rep. Matt Gaetz introduced a bill aiming to allow U.S. taxpayers to pay federal income taxes using bitcoin.

Community Spotlight 🔦

Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap

Meet Nix Eniego: He is also known as Nixtape. Eniego is leading Growth at Sky Mavis, the developer of Axie Infinity and Ronin blockchain

  • He is the former AVP for Marketing at PDAX. 

Eniego previously shared his crypto journey and insights in interviews and webcasts with BitPinas.

At the Scene 📍

On the ground activations and more. BitPinas representatives were in attendance so expect news items about each of them soon:

  • Decked Out: Art Reimagined with Crypto Art PH. (Astbury, Makati)
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • Arweave Event at PDAX Office (Pasig).
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • NFTXStreet and Coinmunity Meetup. (Quezon City)
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap
  • DEVCON Mindanao Summit in Davao.
Photo for the Article - Solana Briefly Surges on ETF Filing News | CryptoPH Events Coverage | Weekly Recap

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

  • Aave DAO has unanimously signaled support for deploying Aave on the Ethereum Layer 2 network ZKsync, advancing the proposal to a formal vote.
  • Japan’s Metaplanet, which already holds $9 million worth of Bitcoin, plans to purchase an additional $6.2 million worth of BTC using proceeds from an upcoming bond issuance.
  • European digital asset investment firm CoinShares sold its claim from bankrupt crypto exchange FTX at a net recovery rate of 116%.
  • Apple is in talks with Meta to integrate the Facebook parent company’s generative AI into its products, aiming to enhance its artificial intelligence capabilities amid competition from Microsoft and Google.
  • Taurus expanded its digital asset custody and issuance services to the Stellar network, enabling financial institutions to tokenize and manage assets efficiently.
  • Kraken’s institutional derivatives arm, Kraken MTF, partnered with Copper’s ClearLoop settlement network to provide institutions with off-exchange connectivity and single wallet access to major crypto exchanges.
  • Allora Labs raised $3 million to support the mainnet launch of its decentralized AI network, bringing its total funding to date to $35 million.
  • Matter Labs has unveiled ZKsync 3.0, featuring an “Elastic Chain” designed to interconnect multiple chains within its network akin to Polygon’s AggLayer.
  • Strike, the Bitcoin payments app, launched in the U.K., expanding its global footprint.
  • Zodia Custody partnered with 21Shares to offer custody services for physically backed crypto exchange-traded products (ETPs) across Europe.
  • Colosseum, a Solana-focused startup accelerator, raised $60 million to invest in early-stage projects from Solana hackathons, deploying $2.75 million across eleven companies.
  • Covalent, a blockchain data infrastructure firm, raised $5 million in strategic funding, aiming to expand operations in Asia and enhance long-term data availability infrastructure for blockchain users worldwide.
  • Worldcoin partnered with Alchemy to enhance infrastructure for its upcoming World Chain blockchain launch.
  • Oraraised $20 million to advance its goal of integrating AI into decentralized applications (dapps) using its “on-chain AI oracle” technology.

Web3 Gaming Section 🎮

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

  • Aptos Labs partnered with NBCUniversal to enhance web3 fan experiences, loyalty programs, and gaming.
  • Lumiterra MMORPG migrates from Arbitrum to Ronin Blockchain of Sky Mavis.
  • W3Expo 2024 is set to return to Istanbul on August 13-14 at the Hilton Istanbul Bomonti as part of Istanbul Blockchain Week; it will highlight web3 gaming.
  • Telegram web3 game Monorix launched its MRX token on BingX, enabling players to engage in Monopoly-style gameplay integrated with blockchain technology.
  • CropBytes, a web3 gaming studio, launched CropBytes Conquest, a PvP battle strategy game set in Nova Island.
  • GR1D by 1KIN Labs, a Layer-2 blockchain platform, aims to unify decentralized web3 gaming ecosystems.
  • Immutable partnered with MarbleX, Netmarble’s blockchain gaming platform, to migrate several major titles to Immutable’s zkEVM chain.
  • Helika‘s report, in collaboration with Pantera Capital, highlights that Web3 gaming raised over $160 million from February 2023 to February 2024, with insights into AI-driven game development, on-chain royalties, and interoperability across platforms.
  • Animoca Brands, an investor in web3 and crypto gaming, is exploring a potential public listing in 2025 in either Hong Kong or the Middle East.
  • Sky Mavis Co-founder Jeff Zirlin said in an interview that web3 gaming is not dead, but thriving.
  • Oasys partnered with South Korean gaming platform Vortex Gaming to expand its presence in the Korean market.
  • Yaku Corp partnered with Xai, a Layer 3 blockchain, to enhance the immersive cyberpunk gameplay experience of its web3 MMO game, Yaku.

Last Week on the BitPinas Webcast 📺

Navigating the Dip: July 2024 Market Forecast with Joseph Lejarde

We talked with Certified Technical Analyst Joseph Lejarde and Dell Omasas from Coinex Charity, to discuss the recent Bitcoin price drop and its market implications.

Upcoming Event 📅

Noteworthy 🌟

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

  • Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler, alleging that Gensler’s regulatory stance on cryptocurrencies could lead to President Biden losing the election.
  • Wallets believed to be linked to the U.S. government transferred 3,940 bitcoins, valued at $241 million, to Coinbase. 
  • Abra, a crypto company, agreed to settle with 25 state financial regulators after being accused of operating without proper licensing.
  • OtherWorld, a Singapore-based web3 developer, launched “Solo Leveling: Unlimited,” an NFT platform based on the popular South Korean web novel and webtoon, Solo Leveling.
  • Bybit has surged to become the second-largest crypto exchange by volume, surpassing Coinbase, with its market share doubling from 8% to 16% since October 2023.
  • Bitget crypto exchange launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects within the Telegram Open Network (TON).
  • JPMorgan reported that investor interest in the bitcoin mining sector is growing.
  • Former President Donald Trump is in discussions to speak at Bitcoin 2024 in Nashville, according to Axios.
  • Alex Lab, a Bitcoin DeFi protocol, reported a $4.3 million exploit in May 2024, attributing the attack to the Lazarus Group, a cyber-hacking entity linked to North Korea.
  • Binance has frozen over $5 million in stolen funds following a $54 million hack of Turkish cryptocurrency exchange BtcTurk, which affected ten of its hot wallets.
  • Cathie Wood, CEO of Ark Invest, stated she plans to vote for Donald Trump in the upcoming U.S. presidential election, citing economic reasons.
  • A majority of Japanese institutional investorsintend to invest in cryptocurrencies over the next three years, according to a Nomura survey.

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