LianGuai Morning News | Spot Bitcoin ETF approval to start on Wednesday

Headline

Spot Bitcoin ETF Approval to Start on Wednesday, 8 Applicants Listed on Federal Register

The approval time for the spot Bitcoin ETF application by the U.S. Securities and Exchange Commission (SEC) will begin on Wednesday, with all eight applicants already listed on the Federal Register. Although the regulatory agency released documents seeking public consultation last week, the timing of the review process only officially starts on Tuesday after being published in the register. The register is the daily bulletin of the U.S. government, which includes executive orders, federal agency regulations, proposed agency rules, and other documents required by law to be published.

The eight applicants are the iShares ETF submitted by BlackRock on Nasdaq, the Bitcoin ETP Trust Fund submitted by Bitwise on NYSE Arca, and six other applicants submitted by the Chicago Board Options Exchange (Cboe): Fidelity’s Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, ProShares Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF.

U.S. Nevada Judge Approves Prime Trust’s Bankruptcy Administration Request

According to a statement from regulatory agencies on Tuesday, a U.S. Nevada district court judge has approved a petition to place cryptocurrency custodian Prime Trust under state regulatory agency’s bankruptcy administration. The regulatory agency stated in the petition that Prime Trust failed to meet requirements and owes clients millions of dollars.

According to documents submitted on July 14, the judge of the Eighth Judicial District Court in Nevada found sufficient reasons to approve the petition after reviewing the key points and jurisdiction supported by the petition and the relevant evidence (including the defendant’s consent). The original petition sought to take over the company’s daily operations and thoroughly examine its financial condition to determine the best option to protect Prime’s clients, either by restoring the company and placing it under private management or liquidation.


Market

As of the time of writing, according to coinmarketcap data:

The recent trading price of BTC is $29,855.5, with a daily change of 0.18%;

The recent trading price of ETH is $1,898.08, with a daily change of +0.04%;

The recent trading price of BNB is $240.21, with a daily change of 0.02%;

The recent trading price of XRP is $0.7786, with a daily change of +2.73%;

The recent trading price of DOGE is $0.068, with a daily change of +0.28%;

The recent trading price of ADA is $0.309, with a daily change of +1.27%;

The recent trading price of SOL is $25.565, with a daily change of +0.17%.


Policy

New York Congressman urges SEC to focus on fighting criminals instead of regulatory pressure

Democratic Congressman Ritchie Torres of New York state has called on the Securities and Exchange Commission (SEC) to refocus its efforts on combating bad actors in the cryptocurrency industry, following a divisive ruling by a judge in the ongoing dispute between Ripple Labs and the SEC.

Torres wrote a letter to SEC Chairman Gary Gensler on Tuesday, expressing his expectation for the agency to “reassess its regulatory offensive against cryptocurrencies” following the ruling. Torres is a member of the House Financial Services Committee, which oversees the SEC.

Torres stated, “I hope the SEC feels thwarted by the court ruling so that it can concentrate its enforcement power on true bad actors who engage in serious misconduct, such as fraud, market manipulation, and misappropriation of customer funds.”

US Republican Congressman Thompson is preparing a new crypto bill

US Republican Congressman Glenn Thompson (R-Pennsylvania) announced that he is preparing to introduce his cryptocurrency bill in the House this week. The Digital Asset Market Structure and Investor Protection Act is led by Thompson and Congressman Patrick McHenry, and has gained support from Congressmen French Hill and Dusty Johnson. The bill was first introduced in the House for initial review on June 2nd, and is planned to proceed to a vote in July. Glenn Thompson believes that the recent Ripple ruling will help garner support from Democrats for the bill, and that Congress should intervene and provide certainty and clarity.

Shanghai: Support for productive internet service platforms to introduce technologies such as vertical mega-models and industrial metaverses

The Shanghai Municipal People’s Government Office issued the “Several Opinions on Promoting the High-Quality Development of Productive Internet Service Platforms in this City.” Among them, it is proposed to accelerate the integration and application of new technologies. Ge Dongbo, Chief Engineer of the Municipal Economic and Information Committee, stated at a press conference of the Municipal Government that the focus should be on building various platforms empowered by new technologies for the modern industrial system. For example, in the field of biomedicine, blockchain technology should be used to cultivate service platforms with omnichannel supply capabilities. In the automotive industry, a full-scenario service platform based on blockchain and privacy computing technology should be built. At the same time, support should be given to the introduction of vertical mega-models, industrial metaverses, augmented reality, and other technologies. A professional service platform driven by orders should be established, and technologies such as blockchain and the Internet of Things should be used to build a public service platform for carbon management.


Blockchain Applications

MagmaByte to launch PvP game Galaxy Commanders on Immutable zkEVM

Game startup MagmaByte will launch the PvP space shooting game, Galaxy Commanders, on the Immutable zkEVM. MagmaByte’s team includes former developers from Electronic Arts, NCSoft, and Nexon. Galaxy Commanders will require players to use various strategies to lead fast-paced space battles and cooperate to conquer the stars. Immutable zkEVM is a layer 2 scaling solution for Ethereum designed specifically for gaming, enabling cheaper and faster transactions.

The release date of Galaxy Commanders has not been announced yet, but according to the press release, MagmaByte is currently raising a round of funding led by Shima Capital.


Cryptocurrencies

US Bitcoin ETF Review Period Could Last Up to 240 Days

The review process for the US Bitcoin ETF officially began after it was published in the Federal Register, with an initial deadline set at 45 days but can be extended for up to 240 days. The Federal Register is the daily official publication of the US government, which includes executive orders, federal agency regulations, proposed agency rules, and other documents required by law to be published. While it does not guarantee SEC approval, the application by industry giant BlackRock has sparked speculation in the crypto community about its higher chances of approval.

Fidelity Report: 47% of Investors Expect Ethereum to “Outperform” Bitcoin

Fidelity Digital Assets released its Q2 2023 Signal Report on July 18, revealing that 47% of investors expect Ethereum to “outperform” Bitcoin. The report cites reasons behind the bullish outlook for Ethereum, including a higher token burn rate relative to token issuance, the trend of new addresses, and the growth in network validators. According to the report, the net issuance since the merge in September 2022 has resulted in a decrease of over 700,000 in Ethereum’s net supply. Furthermore, analysts noted the continuous increase in first-time trading Ethereum addresses as evidence of the network’s healthy adoption. The report also highlighted a 15% increase in active Ethereum validators in Q2.

CoinShares Survey: Asset Managers Support Bitcoin But Hold More Ethereum

A survey report by CoinShares on asset managers shows that Bitcoin is considered the cryptocurrency with the highest growth potential, but Ethereum still holds the largest position in their portfolios. A total of 51 investors with a combined asset under management of $900 billion participated in this quarterly survey, with 43% of investors stating that BTC has a higher upside potential than ETH. However, considering that 70% of respondents are from Europe and the Middle East, with approximately 25% from North America and around 5% from Asia, this survey may not accurately reflect the current sentiment of US investors.

In addition, custody issues and availability are reasons why institutional investors are reluctant to allocate digital assets.

New York Crypto Scammer Sentenced to 9 Years in Prison, Defrauding Thousands for Millions of Dollars

A judge in the Manhattan district of New York ruled that Eddy Alexandre, a man from Long Island, admitted to defrauding investors out of hundreds of millions of dollars through his EminiFX cryptocurrency and forex platform and sentenced him to 9 years in prison. In February of this year, Alexandre pleaded guilty to commodity fraud and agreed to forfeit $248 million obtained illegally through a Ponzi scheme. Prosecutors stated that Alexandre collected millions of dollars from 25,000 people, promising a 5% weekly return through automated investments. However, he lost $6 million in his fund’s trading and transferred over $14 million to his personal bank account.

CME Crypto Head: Institutions Interested in Digital Assets and Blockchain Technology, Including Tokenization

Giovanni Viciioso, head of crypto products at the Chicago Mercantile Exchange (CME), said that institutions are interested in digital assets and the technology behind blockchain, including tokenization. CME added Bitcoin futures to its contracts earlier this year and plans to add Ethereum options contracts in 2022. The company first launched Bitcoin futures in 2017.

Viciioso mentioned that more and more clients, especially institutional clients, are starting to think more about the technology supporting Bitcoin and Ethereum. They see more discussions about how the underlying technology is driving innovation, such as tokenization, which is the real reason behind CME’s introduction of crypto-related products.

Ether.Fi: OpenSea Suspends Ethereum NFT Trading Without Reason

In a public letter, Mike Silagadze, CEO of Ether.Fi, stated that OpenSea has halted trading of Ethereum NFTs without any reason. Ether.Fi is a decentralized and non-custodial Ethereum staking protocol. On July 11th, they launched ether.fan, an NFT series backed by staked ETH and focused on Ethereum decentralization. Silagadze mentioned in the letter that the new NFT series seems to have been disabled by OpenSea, but they did not receive any notification or warning.

Silagadze stated that OpenSea replied with a template response, saying that NFT collections are not allowed to engage in any registered or licensed financial activities, but without providing any specific explanation.

CoinGecko: Cryptocurrency Trading Volume Drops 43% in Q2

A new report from CoinGecko shows that spot trading volume on centralized cryptocurrency exchanges plummeted by 43% in the second quarter. Binance was particularly affected due to its withdrawal from certain markets and facing SEC charges. The dominance of the world’s largest exchange dropped from 62% to 51% within just three months. Binance’s struggles also extended to the stablecoin market, with the market value of BUSD dropping by 45.4% from April to June. TUSD experienced the largest growth in the quarter, increasing by 50%. Tether still maintains its top position, occupying 66% of the stablecoin market share.


Important Economic Developments

Probability of 25 Basis Point Rate Hike by the Fed in July Approaching 100%

According to CME’s “FedWatch”: The probability of the Fed maintaining rates at 5.00%-5.25% in July is 0.8%, and the probability of a 25 basis point rate hike to the 5.25%-5.50% range is 99.2%. For September, the probability of maintaining rates unchanged is 0.7%, the cumulative probability of a 25 basis point rate hike is 86.4%, and the cumulative probability of a 50 basis point rate hike is 12.9%. (Jinshi)


LianGuai Encyclopedia

BIP39Colors: Bitcoin Mnemonic Tool

“BIP39Colors” is an open-source tool that converts BIP39 mnemonic phrases into a set of colors and also allows for the reverse conversion from colors to mnemonic phrases. By converting mnemonic phrases into a combination of colors, it provides a more intuitive and easy-to-remember way to store and recover cryptocurrency wallets.

Disclaimer: As a blockchain information platform, LianGuai’s published articles are for informational reference only and should not be considered as actual investment advice. Please establish a correct investment concept and be sure to increase risk awareness.

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