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#Update Burkett Financial Services shifts strategy, liquidates ProShares’ BITO for BlackRock’s IBIT ETF. Institutional confidence in Bitcoin ETFs grows, with Fiduciary Alliance LLC acquiring 188,668 IBIT units worth $6.64M. Bitcoin ETFs see $147M net inflows on July 10, 2024. #BitcoinETFs
Shiba Inu marketing lead Lucie outlines why a $SHIB ETF is imminent: enhanced accessibility, regulation, security, and increased demand. While drawbacks like centralization and management costs exist, the ETF could significantly impact $SHIB’s market dynamics. #CryptoNews
Federal Reserve Governor Lisa Cook hints at rate cuts, signaling a potential “soft landing” for the US economy. Traders anticipate a 25 basis points cut in September. Bitcoin could surpass $60K if CPI data is favorable. Recent short covering saw Bitcoin peak at $59,350. #Update #Economy #Bitcoin
Justin Sun buys $5M in $ETH ahead of spot Ethereum ETF approval, adding to his 362,751 ETH holdings worth $1.1B. Sun’s purchase of 1,614 ETH at $3,097 each counters market volatility. Significant whale activity includes Golem staking 40,000 ETH and Elwood’s 26,811 ETH deposit to Binance. #Ethereum
Former US President Donald Trump will speak at the Bitcoin 2024 conference, advocating for “MADE IN USA” Bitcoin mining and criticizing Biden’s crypto regulations. Debate arises over his genuine intent versus election strategy, with support from industry figures like the Winklevoss Twins. #Bitcoin2024
#Update The House has postponed the vote to override President Biden’s veto on the SEC’s anti-crypto rule, SAB 121, to July 11. SAB 121 mandates firms to list crypto assets as liabilities, sparking debate over its impact on business growth. The outcome is crucial for U.S. crypto regulation.
CFTC Chairman Rostin Behnam cited a Northern District of Illinois ruling that Bitcoin $BTC and Ethereum $ETH are commodities. This supports the CFTC’s jurisdiction in crypto regulation amid SEC disputes. The ruling, though not nationwide, could shape future regulations. #CryptoLaw #Update
Rep. Patrick McHenry urges a veto overturn of President Biden’s decision on SEC’s SAB 121 during a debate on H. J. Res. 109. The resolution impacts digital asset custody regulations and had bipartisan support. McHenry criticizes the SEC’s overreach and calls for policy revisions. #FinanceNews
Crypto firm Hypersphere launches $130M Atlas fund on July 10, aiming for 40% returns through DeFi market making and arbitrage. Managed by ex-Millennium and Bridgewater staff, it reflects rising institutional interest in crypto. Expansion includes a $75M venture fund this fall. #CryptoNews
Federal Reserve Chair Jerome Powell supports the bipartisan Lummis-Gillibrand Payment Stablecoin Act, aiming to regulate US dollar-linked stablecoins by year-end. The bill seeks to enhance transaction stability and security, despite concerns from Coin Center about innovation impacts. #CryptoRegulation
Terra Classic developer Till Z released the v3.1.0 update to enhance $LUNC staking by diverting 10% of Oracle pool rewards. LUNC staking nears an all-time high with 1 trillion staked and a 20% increase in futures open interest. Trading volume up 40%. #Crypto #Update
CFTC Chair Rostin Behnam testified that an Illinois court recognized $BTC and $ETH as commodities and contended that 70-80% of tokens are non-securities, opposing SEC Chair Gary Gensler’s view. He urged Congress to swiftly legislate for better investor protection in the digital asset market. #CryptoRegulation
Anthony Pompliano (@APompliano) dismisses the idea that a Trump win will trigger a #Bitcoin rally, stressing broader market dynamics and time as key factors. He notes Bitcoin’s resilience despite recent sell-offs and predicts institutional investors will drive future price surges. #Update
#Update Ethereum ($ETH) regains $3K, nearing $3.2K. On-chain data shows ~2M addresses holding ETH at a loss, potentially increasing selling pressure. ETH ETF launch might counteract this. ETH trades at $3,100.56, RSI at 40, OI up 0.51% to $12.67B. Broader market remains optimistic.
