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BlackRock Insiders Give A Timeline For When The First Spot Bitcoin ETF Will Be Approved

BlackRock and multiple other fund managers filed for Spot Bitcoin ETFs back in June. Since then, speculations have abounded regarding if the United States Securities and Exchange Commission (SEC) will approve the first Spot Bitcoin ETF given its track record. But according to insiders, the first approval may not be far off.

Approval Coming Soon For First Spot Bitcoin ETF

Citing his sources at BlackRock and Invesco, Galaxy Digital CEO Mike Novogratz stated that the SEC will likely give the green light for these Bitcoin ETFs within the next four to six months. The CEO said this on an earnings call with investors where he maintained a bullish stance on the firm’s Bitcoin strategy.

“Our contacts from the Invesco side and from the BlackRock side gets you to think that this is a question of when, not if, that the outside window this is probably six months,” Novogratz said during the company’s Q2 earnings call on August 8. “And so you’re– kind of your four to six months, if you had to put a pin the tail on the donkey audit.” 

During the earnings call, the Galaxy Digital CEO noted that the Spot Bitcoin ETF application by BlackRock, which happens to be the largest asset manager, has sparked a positive sentiment from institutional investors towards the foremost cryptocurrency.

He also highlighted how BlackRock CEO Larry Fink’s change of mind from being a Bitcoin skeptic to a proponent has arguably led the Bitcoin adoption charge in the asset management industry. 

In 2017, Fink labeled Bitcoin an “index of money laundering.” However, the CEO of the largest investment firm in the world has since changed his stance, and Fink has advocated for Bitcoin, rightly labeling it as the first “global money.”

Bitcoin (BTC) price chart from Tradingview.com (Spot ETF)

Competition Is Going To Be Hot

Novogratz told investors on the call that he recognizes that the competition will be hot once the various spot Bitcoin ETFs are approved. He, however, reaffirmed his company’s intention to claim a large chunk of the ETF market share. According to him, “We’re going to fight like cats and dogs to win market share once it’s approved.” 

Other prominent firms that are major contenders for a Spot Bitcoin ETF include Invesco (the US fourth-largest ETF manager), Cathie Wood’s ARK Invest, Wisdom Tree (the 10th largest ETF manager), Fidelity, Grayscale, and Valkyrie.

While it remains uncertain in what order the SEC will approve these applications (or whether they will be approved together), many believe that a first-mover advantage could be key to determining which of these firms enjoy a huge chunk of the market share in the spot Bitcoin ETF industry. 

That is why it isn’t surprising that Valkyrie recently filed an application to the SEC to amend its Bitcoin Strategy ETF (BTF) to include ETH futures contracts, in a move that could see it launch ahead of other firms applying for an Ethereum futures ETF.

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Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications

In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city’s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets. 

Investors Beware Of False Claims From Crypto Firms

The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in “improper practices.” 

According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China. 

Such fraudulent claims were designed to “give the public a false sense of assurance” and were targeted at “inducing another person to trade in virtual assets.” Making such claims amounts to a punishable offense under the city’s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said. 

Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided. 

The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform’s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions. 

Virtual Assets Trading Platforms that do not meet the agency’s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified.

Crypto total market cap chart from Tradingview.com

Hong Kong’s Regulatory Framework

Hong Kong’s Securities and Futures Commission (SFC)  recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors’ interests. 

The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission. 

Under Hong Kong’s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules. 

Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime. 

According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face “losing their entire investment” on the exchange if it “ceases operation, collapses, is hacked,” or “suffers from any misappropriation of assets.” 

Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia. 

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ARK Invest’s CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously

ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously.

Deviation From The Norm For Spot Bitcoin ETFs

In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time.

Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once,” has captured attention, especially given her prior assurance that her firm would lead in securing approval for a spot Bitcoin ETF.

Wood’s projection deviates from the conventional practice of sequential ETF approvals. By envisioning a simultaneous approval scenario, she introduces a novel approach that could streamline the regulatory process. This potential shift aims to foster a balanced and inclusive investment landscape, catering to an expected demand of over $50 billion.

Implications For The Cryptocurrency Industry

Historically, the SEC has not granted approval for spot Bitcoin ETFs, while permitting the listing of ETFs tied to crypto futures. Wood’s forward-looking statement emerges amidst a surge in applications from major players like BlackRock Inc, Fidelity, WisdomTree, VanEck, and Invesco, all vying for the approval of similar crypto ETFs as ARK. 

Wood’s forecast also emphasizes the significance of strategic marketing. Given the anticipated resemblance among various funds, Wood suggests that issuers’ marketing prowess will be crucial in setting them apart as a race for dominance is expected. This insight underscores the competitive edge sought by applicants in a rapidly evolving sector.

Bitcoin (BTC) price chart from Tradingview.com

As Cathie Wood’s prediction reverberates through the financial realm, industry observers await  SEC’s response. With a significant deadline for ARK’s application looming on August 13, amidst speculation of potential delays, Wood suggested that the deadline might pass and be extended but then the date will be eagerly waited on. 

Although Ark Invest filed for its spot Bitcoin ETFs application on May 15, earlier than others like BlackRock who filed its application on June  15, this was thought to be a race for winners or losers according to Cathie’s “first in line” phrase to favor Ark Invest. However, her revised view makes the race for Spot Bitcoin ETFs and SEC ruling more interesting.

This innovative forecast accentuates the intersection of forward-thinking and regulatory dynamics, highlighting an era where digital assets are increasingly integrated within traditional financial frameworks, especially the recent push for ETFs.

Wood is known for her unwavering conviction in disruptive innovations and the companies behind them with her investment management firm ARK Invest boasting numerous high-value stocks like CoinBase Global (COIN), Tesla(TSL), and Block (SQ), among others. 

Wood also reportedly bought $100,000 worth of Bitcoin years ago when it was sold for $250 apiece and the CEO revealed that she has never sold a single BTC.

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Can PayPal’s PYUSD Be Frozen In Your Wallet Like Tether’s USDT?

PayPal and Paxos dominated the news cycle on Monday with the announcement of the launch of the PayPal (PYUSD) stablecoin, but concerns have been raised about the possibility of user assets being frozen in their wallets, as is the case with USDT.

Crypto Community Adverse to Paxos Wallet Freeze Feature

The PYUSD stablecoin issued by Paxos has a condition that is not too welcomed by the crypto community, which has dulled the initial excitement for the launch of the PayPal stablecoin. According to reports, Paxos, a blockchain infrastructure firm that issued the PYUSD has several centralization issues which give them a certain amount of control over user’s wallets. 

Information published on its GitHub account reveals that Paxos can freeze or suspend users’ wallets and transfer functions on PYUSD authorization in the case of a security threat. The Paxos freeze feature is quite similar to Tether’s USDT which is able to freeze/blacklist users’ addresses involved in fraudulent activities. Additionally, Paxos can withhold users’ funds and assets, as well as wipe the account clean if the law requires it. 

The reactions from the crypto community were instant and not too favorable as investors’ anxiety spiked at the thought of possibly losing their substantial digital assets or having their wallets on lock. 

Centralization has always been a touchy subject for the crypto community as decentralized networks are often believed to be more secure and distribute control among network participants rather than a central body. 

Paxos has stated that freezing accounts is unlikely to happen often, and the company itself would not execute the process. 

PayPal stock price chart from Tradingview.com (PYUSD Stablecoin)

PayPal Launches PYUSD Stablecoin

Global payment giant PayPal recently unveiled its latest innovation, the PayPal USD (PYUSD) stablecoin, on August 7, in collaboration with Paxos, a New-York based blockchain infrastructure company. The news comes as a significant development for the Paxos ecosystem, as the integration of cryptocurrencies into the financial industry continues to grow. 

The crypto community has largely welcomed this new development, as investors and traders are gearing up to take advantage of the token and its conveniences. Analysts also predict that popular cryptocurrencies like Bitcoin and Ethereum prices will also benefit significantly from the new stablecoin. 

The PYUSD is an ERC-20 token developed on the Ethereum blockchain backed by the US dollar. Launching PayPal’s stablecoin is expected to help make crypto trading and offerings easily accessible on the payment platform. 

With PayPal’s user base reaching 400 million in 2022, the PYUSD stablecoin launch will also help facilitate crypto adoption and awareness, exposing a significant portion of the global population to digital currencies. 

President and CEO of PayPal, Dan Schulman, commented, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”

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Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal

Popular XRP advocate and notable attorney John Deaton recently predicted a comfortable appeal victory by Ripple against the United States Securities and Exchange Commission (SEC). The Managing Partner of ‘The Deaton Law Firm’ says he is willing to bet big on the exchange emerging victorious on appeal.

Founded Belief Or Mere Speculation?

John Deaton’s willingness to bet on an uncertain court judgment follows a recent thread penned by digital asset enthusiast and Australian-based lawyer Bill Morgan. According to the thread, Judge Analisa Torres did not err in her summary judgment decision. 

Morgan was of the opinion that the Securities and Exchange Commission (SEC) classified sales of XRP by Ripple into three unique classes; institutional sales, programmatic sales, and other XRP distributions. Following the classification, Judge Torres evaluated each class by applying the popular Howey test. 

After evaluation, the Judge discovered major differences in each class. For instance, the Judge discovered that every institutional investor signed agreements with Ripple and expected to earn profits from the firm’s activities. 

While institutional investors entered contracts with Ripple, programmatic sales on exchanges did not require the signing of contracts, and purchasers, therefore, did not expect to make profits directly from Ripple’s efforts. 

Therefore, according to Morgan, Judge Torres ruled that the sale of XRP to institutional investors amounted to a sale of securities, while that of programmatic sales on virtual exchanges was not. 

Ripple (XRP) price chart from Tradingview.com

Deaton Ready To Go All In For Ripple

Reacting to the thread, John Deaton commended Bill Morgan and noted that Judge Torres did not differentiate between Ripple’s XRP sales merely out of “thin air.” He stated that the Judge considered each sale the SEC alleges as securities “and applied the Howey test.” Therefore, given his confidence in the decision, he was willing to wager “significant funds that she doesn’t get reversed on appeal.”

While Deaton may have cause to believe in a favorable appeal outcome, recent developments may instigate some doubts in his prediction. Recently, US District Judge Jed Rakoff, who oversees the SEC’s lawsuit against Terraform Labs, rejected the approach used in Judge Torres’s ruling. This creates a certain unpredictability in the outcome of the upcoming SEC appeal. 

In the interim, SEC’s Chair, Gary Gensler, has suggested that an appeal against the decision in the Ripple lawsuit is under strong consideration. While Gensler’s comment does not expressly guarantee an appeal, however; it indicates that the US SEC has not conceded a partial defeat in the suit. 

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Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF

Valkyrie has applied to the US Securities and Exchange Commission (SEC) to add ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF). 

Valkyrie Makes A Move To Stay Ahead Of The Crowd

Valkyrie’s application represents a move to stay ahead of the crowd. While many have applied to launch their respective Ethereum (ETH) Exchange-Traded Funds (ETFs), Valkyrie has simply moved to include exposure to ETH futures contracts in their existing investment strategy. 

While the likelihood of the SEC’s approving these Ethereum ETFs or in what order remains uncertain, Valkyrie plans to introduce its double-barreled approach on or around October 3, putting its launch date ahead of that of other competitors. 

Part of the filing reads:

In addition, on or about October 3, 2023, the Fund’s name is expected to change to Valkyrie Bitcoin and Ether Strategy ETF. The Fund is expected to continue to trade on The Nasdaq Stock Market LLC under the ticker symbol “BTF”. The foregoing changes will only take effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment No. 23 under the Securities Act of 1933, including any amendments thereto, which has been filed with the Securities and Exchange Commission on August 4, 2023 and contains further information about the changes to the Fund’s name and investment strategy.

Going by SEC Rule 485(a), those who applied for the Ether ETFs can launch 75 days from their respective filing dates if none of the applications before the SEC gets denied. In tandem with the 75 days, the earliest any of these fund managers (the first being Volatility Shares, who applied on July 28) can launch is October 12 (9 days after Valkyrie’s proposed launch if their application gets greenlit by the SEC).

Ethereum (ETH) price chart from Tradingview.com (Valkyrie Bitcoin ETF)

This first-mover advantage can be critical when looking back at history. Although Valkyrie launched its Bitcoin fund in October 2021, it wasn’t the first to do so, as ProShares had already launched its Bitcoin Strategy ETF (BITO). 

Many believe that BITO launching first is one of the reasons it has enjoyed more success compared to Valkyrie’s Bitcoin Strategy ETF (BTF). BITO now has over $1 billion in assets under management (AuM) compared to BTF’s AuM of about $30 million.

Deja Vu?

As Bloomberg Senior ETF Analyst Eric Balchunas noted in a tweet, this isn’t the first time someone is moving to amend an existing fund to launch the first such product in the industry. 

ETF Managers Group has previously moved to convert a Latin American real estate ETF to the ETFMG Alternative Harvest ETF (MJ), so it could be first in line to launch marijuana ETFs in the US – something which has been compared to what Valkyrie is trying to do.

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PayPal’s PYUSD Launch Triggers Calls For Stablecoin Bill

United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD. 

The Call For A Stablecoin Law

According to the statement, McHenry believes stablecoins are the “pillar of our 21st-century payments system.” However, they must be regulated to reach their full potential. 

 Part of the statement read:

This announcement [Paypal’s PYUSD Launch] is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system,” said Chairman McHenry. “Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.”

McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the “forefront of digital innovation.”

The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York’s. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job.

The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills. 

PayPal Continues Journey Into Web3

On August 7, payment platform PayPal announced the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance’s BUSD). This is part of Paypal’s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space.

“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Paypal’s President and CEO Dan Schulman. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”

This isn’t Paypal’s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC). 

Crypto Total Market Cap chart from Tradingview.com (PayPal PYUSD stablecoin)

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TRON’s Justin Sun’s Reassures Crypto Community That Huobi Exchange Is Solvent

In a recent development, Justin Sun, founder of popular blockchain Tron, has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges following news of the alleged detention of some of the platform’s officials. 

The rumors appear to be a major contributing factor to why the firm experienced multi-million withdrawals during the weekend, while Tron’s Total Value Locked (TVL) has fallen below $2.5 billion. 

Trouble In Paradise?

Over the past weekend, cryptocurrency exchange Huobi experienced massive outflows worth about $64 million amid reports that Chinese authorities were investigating its executives and the likelihood of insolvency.

There were speculations that the platform’s leaders were arrested on the 5th of August in China. According to popular Chinese reporter Colin Wu, the arrest was due to Huobi’s involvement with gambling websites. One top official of the exchange also recently left the company, though it remains unclear if that was connected to the ongoing investigations by Chinese authorities.

A third of the $64 million is believed to be made up of Bitcoin (BTC), while Tron’s native token (TRX) and Huobi Token (HT) follow respectively at 26.5% and 20.3%. The rumors were so rife that the withdrawals triggered serious volatility in HT’s price and the token fluctuated during the weekend before settling at its present level of about $2.66.

Furthermore, there are also rumors that the exchange is undergoing protracted financial challenges. According to Adam Cochran, an angel investor and fintech executive, there are some discrepancies in the platform’s Tether (USDT) holding. 

Based on on-chain data, Huobi held less than $90 million of assets on the 5th of August. However, their recent “Merkle Tree Audit” claims they hold $630 million in USDT. 

Cochran believes this means that Huobi might be insolvent, implying the platform may not have sufficient funds to meet its obligations.

Huobi Token (HT) price chart from Tradingview.com

Huobi Reacts To Speculations

In response to the speculations, Justin Sun, who serves as an Advisor to the exchange, recently took to his Twitter account to offer some clarifications. In a series of tweets, he asked users to “ignore FUD, keep! #TRON  and Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!”

Many users simply responded by posting the figure “4” below his tweet. The figure, which was popularized in the crypto space by Changpeng ‘CZ’ Zhao, Binance CEO, simply means “Ignore FUD, fake news, attacks, etc.” 

This is not the first time Sun and his team are facing serious troubles. In the past, there have been rumors of financial troubles at the exchange. However, it remains to be seen what the likely fallout would be in the most recent event.

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Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On?

The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action. 

The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale?

Who Is The Mysterious Ethereum Whale?

Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform. 

Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account.

The Tweet read:

Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account

This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS.

Ethereum (ETH) price chart from Tradingview.com

Contributing To The Growth Of ETH

While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems. 

His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated:

“If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.”

True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to. 

According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.”

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Crypto Adoption: Singapore Red Cross To Accept BTC, ETH, USDT, And USDC

Cryptocurrency payments have been increasingly widespread in recent years, with their use spreading to nearly every market. A use case of cryptocurrencies that has seen particular growth is in crypto donations and the Singapore Red Cross has now taken the plunge.

Singapore Red Cross Taking Crypto Donations

The Singapore Red Cross is the latest to jump on the crypto bandwagon as the homegrown humanitarian organization recently partnered with Triple-A, allowing donors to contribute Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC). 

The country’s Red Cross Society is looking to capitalize on crypto adoptions by partnering with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore (MAS). 

The Singapore Red Cross received more than $4.5 million in donations in 2022. However, by accepting BTC, ETH, USDT, and USDC, the humanitarian organization is opening itself up to donations from people across the globe. 

“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets,” said Benjamin William, Secretary General and CEO of the Singapore Red Cross. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable.”

This is not the first time a Red Cross society will accept cryptocurrency donations, as the American and British counterparts already accept crypto donations. However, unlike US donors, donors to the Singapore Red Cross do not receive tax deductions, and all donations received will be converted to fiat currency within one business day.

Crypto total market cap chart from Tradingview.com (Red Cross)

Crypto adoption in Singapore is one of the highest in the Asia-Pacific region. According to a report, over half of Singapore’s Gen X members invest in cryptocurrencies. Another similar study done by Statista showed that around 19% of people in Singapore own crypto, higher than the global average of 15%. More than 31% of respondents also indicated that they owned Bitcoin, one of the highest in the world.

The Rise of Crypto Philanthropy

Crypto philanthropy has steadily grown over the past few years. Major organizations like the American Red Cross, and St. Jude Children’s Research Hospital now take crypto donations. Crypto donations, in particular, have contributed a significant part of humanitarian efforts in the Ukraine war, with the country receiving more than $212 million worth of crypto.

A 2022 report found that USDC, USDT, and Ethereum are the most popular cryptocurrency used for donations. With the improved infrastructure to accept and manage crypto donations, charitable giving is expected to become more mainstream, reaching $10 billion by November 2032. 

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Ripple Is Now A Member Of Trade Organization That Hosts The Likes Of BlackRock

In a significant development, Ripple joined the International Swaps and Derivatives Association (ISDA), placing itself at the forefront of the derivatives market valued at a staggering $1.2 quadrillion. 

This move aligns Ripple with prominent industry leaders such as J.P. Morgan, Goldman Sachs, and BNY Mellon, solidifying its position within traditional financial systems.

This particular membership category caters to technological solution providers and exchanges integral to the derivatives ecosystem and Ripple now stands equal with big players and elite groups in the high cadre of the crypto community. This move is a declaration of its ambitions and a sign of potential growth. 

Ripple’s Entry Into The Prestigious Circle

The approval of Ripple’s entry into the ISDA marks a noteworthy achievement. The association, comprising more than 1,000 institutions spanning 79 countries, sets the benchmarks and guidelines for the global derivatives market. 

A famous X ( formerly known as Twitter) user and a Ripple advocate JackTheRippler shared the news in a recent tweet which triggered excitement from many users.

By joining this distinguished league, Ripple underlines its commitment to bridging the gap between the realm of cryptocurrency and the world of traditional finance.

This development comes after Ripple launched its own Central Bank Digital Currency (CBDC) platform to enable governments to create their own digital currencies.

The firm is also looking to enter the real-world assets (RWAs) sector as it believes the tokenized assets market could rise as high as a $30 trillion market cap.

Ripple (XRP) price chart from Tradingview.com

Impact On Ripple And Beyond: A Ripple Effect

With the recent legal clarity surrounding XRP due to a favorable ruling, Ripple’s engagement with the ISDA presents opportunities for deeper collaboration and the wider acceptance of cryptocurrencies within the traditional financial realm. 

The cryptocurrency community is buzzing with enthusiasm over Ripple’s new affiliation. This calculated maneuver signifies Ripple’s intent to firmly establish its presence in the financial landscape, enabling strategic alliances with major financial institutions and unlocking opportunities for the XRP cryptocurrency.

Although the immediate impact on Ripple’s valuation remains uncertain, this strategic collaboration sets the stage for prospective growth. Ripple’s inclusion among well-established institutions widens doors for increased acceptance and adoption of cryptocurrencies within conventional financial systems. 

Despite the latest development, XRP’s price has not responded positively. Rather, the altcoin continues to see losses on both the daily and weekly charts. It is currently trading at $0.61, translating to 2.11% and 12.01% losses on the daily and weekly charts, respectively.

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Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter

Curve Finance, a popular decentralized (DeFi) protocol, has recently announced that it was rewarding persons capable of identifying the exploiters behind the draining of over $61 million from the platform’s stable pools on July 30. 

The huge bounty offer is open to every person who can pinpoint the individual behind the incident in such a way that would lead to definitive legal repercussions. 

Curve Finance Extends Bounty Offer to the Public

Curve Finance announced the public offer using an Ethereum transaction’s input data, noting that the allowed time for the voluntary return of the funds connected to the Curve exploit was 08:00 UTC, and that time is now elapsed. 

Curve and other protocols that were affected by the attack had previously offered a 10% bug bounty to the hacker on August 3. Upon agreeing to the offer, the hacker returned part of the stolen assets to JPEGd and Alchemix but did not refund other affected pools. 

Since the time allowed has elapsed, Curve announced that any person capable of identifying the hacker would receive assets worth $1.85 million. This recent announcement was extended in scope to include members of the general public. 

According to Curve, while the deadline for the voluntary return of stolen funds had passed, should the hacker elect to return the stolen funds, the platform “…will not pursue this further.” 

While returning the parts of the funds earlier, the hacker left a message that was seemingly targeted at Curve and Alchemix teams, noting their intention to return the funds. However, the hacker stated that the decision to return such funds was not based on fear of being recognized but rather out of a desire not to “ruin” the projects associated with the exploit.

Curve Finance (CRV) price chart from Tradingview.com

The $61 Million Reentrancy Attack

Members of the Curve Finance community were left shocked after a hacker utilized vulnerable versions of the Vyper programming language to implement reentrancy attacks on stable pools within Curve Finance on the 31st of July. 

The attack drained Curve Finance of over $61 million, including $13.6 million from Alchemix’s aIETH-ETH, $11.4 million from JPEGd’s pETH-ETH, and $1.6 million from Metronome’s sETH-ETH. The event raised concerns about the likely fallout in the cryptocurrency ecosystem, especially with respect to the risks posed to every pool using Wrapped Ether (WETH).

The DeFi community rallied around to provide support to Curve Finance and on the 31st of July, a white hat hacker was able to successfully recover from the exploiter about 2,879 Ether worth about $5.4 million, which was later returned to Curve Finance. Another ethical hacker also recovered about 3,000 ETH and refunded it to Curve Finance’s deployer address. 

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Crypto Funds Vs Bitcoin Holders: Who Was The Better Performer In H1 2023

A new report has shown investors who held Bitcoin actually outperformed most cryptocurrency funds in the first half of 2023. This is because, between January and June, Bitcoin gained over 80% in value. 

Crypto funds, on the other hand, on the other hand, returned only about 15.2% profits on average. While still a positive return, it lagged far behind what regular Bitcoin investors made by just buying and sitting tight. 

21e6 Capital’s Crypto Fund Performance in H1 2023

According to a recently released report from Switzerland-based investment adviser 21e6 Capital AG, Bitcoin traders outperformed most crypto funds by 68.8% in H1.

This is not surprising, as BTC was one of the best-performing crypto assets in the first half of 2023, seeing massive gains from prospects of the SEC approving a Spot Bitcoin ETF. The price of Bitcoin started the year around $15,500 and climbed to over $31,400 in July.

Bitcoin outperforming crypto funds is relatively new, as crypto hedge funds are frequently able to outperform the BTC benchmark in the past significantly. But the crypto industry ended 2022 with more of a gloomy sentiment, as the market witnessed regulatory uncertainties and the collapse of FTX and Terra. 

This seems to have caused crypto hedge funds to take a safer approach, leaving them with larger-than-normal cash positions. When crypto is hot, that cash doesn’t appreciate like BTC would unless the funds’ assets perform significantly better than Bitcoin.

The report also noted that directional crypto funds generally outperformed non-directional crypto funds. Non-directional funds, like arbitrage, lending, and staking, do not depend on the market’s direction.

Bitcoin (BTC) price chart from Tradingview.com

Outlook for Second Half of 2023: More Gains Ahead for Bitcoin?

21e6 Capital’s latest report shows the general sentiment of the crypto market. Crypto funds had a rough first half of 2023, with many closing down early this year. About 13% of crypto hedge funds shut this year, as a few of them have struggled to present a favorable value proposition to potential investors.

The price of Bitcoin seems to be struggling to break over $30,000, but the outlook for Bitcoin in the second half of 2023 still looks positive. If approved, the price of Bitcoin is expected to spike further in the coming months as major investment companies start to offer Spot Bitcoin ETFs.

This influx of capital could spark a fresh bull market for all cryptocurrencies, leading to further gains for BTC holders. This new volume could see the price of BTC rise above $30,000 once more.

At the time of writing, BTC is trading at $29,043.

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XRP Whales Trigger Price Decline With Large Selling

Massive XRP whale wallets are at it again as recently, some of the largest holders of XRP have dumped over 100 million tokens, putting major selling pressure on the XRP price. 

On-chain data shows that since July 19, the overall supply in addresses holding between 100,000-1,000,000 coins has decreased from 6.85 billion to 6.75 billion.

Whales Taking Profit After Pump

The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. When whales sell off chunks of their holding, it often triggers a cascade of smaller holders selling in response, driving the price down. 

While retail investors and smaller holders often get caught up in the excitement of price rises and buy-in at the top, whales are more likely to sell off after massive price jumps and buy back in after the pullback.

Right now, XRP whales may be taking some profits after the recent pump in price following news of partial victory in the SEC case. The price of XRP rose over 70% in less than 24 hours to $0.85 on the back of the news but has since declined about 15% from the yearly high. Data shows that the price decline started two weeks ago, around the same time when XRP whales started selling off their holdings.

Ripple (XRP) price chart from Tradingview.com

What’s Next For XRP?

The XRP ecosystem faced a similar selloff in June, as whales dumped around 120 million XRP after Ripple unlocked its escrow to add another 1 billion tokens into circulation. Sell-offs are likely to trigger more selloffs. So In the short term, we’re likely to see some price volatility and fluctuations as the market absorbs the impact of such a large amount of tokens entering circulation. 

The price of XRP, on the other hand, is doing well compared to the overall market. It was reported earlier last month that whales have been amassing more than $500 million in XRP since February in anticipation of positive developments within the ecosystem. 

Ripple, the company behind the altcoin, says it is now eyeing the tokenized assets market as it hopes to unlock trillions of dollars of value in the global financial system.

However, Ripple’s partial victory in court seems to be standing on one foot, as analysts expect an appeal from the SEC. If this happens, it could negatively impact the price of XRP, leading to a downtrend. In such a case, the altcoin’s gains from last month could quickly be wiped out.

XRP is currently trading at $0.6253 and has risen by 31.52% in the last 30 days.

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Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week

The United States Securities and Exchange Commission (SEC) has been flooded with many applications for Ethereum (ETH) Exchange-Traded Funds (ETFs) in just one week. The applications currently stand at 12, with the latest addition coming from ProShares, a popular fund manager. 

The platform filed four applications for Ether-based ETFs, including a dual Ether and Bitcoin futures strategy ETF, an Ether Strategy ETF, and a short Ether Strategy ETF. 

Will The SEC Approve An Ethereum Futures ETF?

The recent surge in applications started on the 28th of July this year after Volatility Shares filed its application. Ever since, other asset management companies, including ProShares, Roundhill Financial,  Bitwise, Van Eck, and Grayscale Investment, have filled submissions, with some bringing multiple applications. 

The most recent application, filed on August 3 by ProShares, proposes an equal-weight Bitcoin and Ether ETF to measure the performance of holding long positions in the nearest maturing monthly Ether and Bitcoin contracts. 

According to renowned Financial Expert at Bloomberg Intelligence, James Seyffart, ProShare filed four separate applications with the SEC. Bitwise also submitted three applications, while Grayscale Investments filed two applications. 

However, despite the growing optimism, it remains to be seen if the Securities and Exchange Commission will approve these filings. The SEC has never approved an ETF that tracks Ether Futures contracts, unlike Bitcoin Futures ETFs that have been around since October 2021.

Many market experts have argued that these applications are a mere gamble by these asset management companies, who do not want to miss out on being the first Ethereum ETF in the United States. 

Ethereum (ETH) price chart from Tradingview.com (ETFs)

The likelihood of receiving the SEC’s approval remains slim as the regulatory body has never approved an Ethereum futures ETF filing. Add to the mix the consistent refusal of SEC’s Chair, Gary Gensler, consistent refusal to answer if the agency considers ETH a security. This has further compounded regulatory uncertainty around the network.

If none of the applications before the SEC get denied, the Ether ETFs will launch 75 days from their respective filing dates. Analysts expect the Volatility Shares ETF to lead the charge on 12th October. 

Understanding The Difference Between Futures And Spot ETF Products

The primary difference between futures and spot ETF products lies in the fact that while the former tracks the price of futures contracts, the latter requires the issuers to purchase the underlying assets. Spot ETFs are generally considered more valid since they require the fund manager to purchase and hold underlying assets. 

The current spike in Ether-based applications comes amidst a wave of filings from leading asset management companies, including BlackRock, the world’s largest asset manager, among others. These companies are looking to offer the first spot in Bitcoin ETF in the US. 

Investors and members of the crypto community remain expectant of the outcome of the SEC’s consideration of the applications lying before it. Whatever decision the agency takes is likely to affect the attractiveness and accessibility of crypto investments, especially for larger institutional investors. 

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Binance Celebrates Significant Milestone After Six Years In Operation

Binance, the world’s largest crypto exchange by trading volume, has achieved another significant milestone. The firm, which recently turned six, keeps racking up several achievements despite the FUD that has surrounded it in recent times. 

A Worthy Feat For Binance

The world’s largest crypto exchange by daily trading volume has recently disclosed that its registered users now stand at a whopping 150 million. This was revealed in a tweet by its CEO, Changpeng “CZ” Zhao, on Thursday. 

In the tweet, CZ noted his company’s milestone amidst growing regulatory scrutiny of its operations the world over. However, despite navigating through different challenges, Binance has managed to captivate the interest of several millions of users around the globe. So this is a testament to the platform’s quality service delivery and amazing features. 

Just over a year ago, in July 2022, the exchange’s user base stood at about 120 million. The astonishing growth of 30 million users within the span of just 12 months tells of Binance’s undeniable hold in the constantly evolving cryptocurrency ecosystem. 

A cursory look at the platform’s traffic data for the last three months shows that the top five nations contributing to this spike are Vietnam, India, Russia, Turkey, and Argentina. The increased expansion across various diverse geographies demonstrates the heightened acceptance and penetration of digital currencies. 

Binance Coin (BNB) price chart from Tradingview.com

Navigating Regulatory Challenges

As expected, with growth comes challenges and Binance’s journey has not always been all growth and triumph. The platform has been the subject of various legal challenges across diverse jurisdictions. 

The exchange was recently charged with “will evasion” and fraud by the United States Securities and Exchange Commission (SEC) in June this year. In Europe, Binance is under probe by French regulators who accused the platform of engaging in money laundering. It has also been ordered to cease rendering crypto services by Belgium’s financial watchdog. 

In China, the services of the platform are restricted and inaccessible to millions of users within the country. Binance has also withdrawn its license applications and canceled its registration bids in several countries. 

However, Binance has been able to make some gains in recent times. Earlier this month, it restored services in Japan, following the purchase of the local exchange Sakura Exchange BitCoin (SEBC) in November 2022. It has also been given a license to render cryptocurrency services in Dubai. 

All these hurdles make the latest milestone not only remarkable but testamentary. The road to 150 million registered users has been paved with various challenges, but Binance has so far emerged victorious and triumphant. 

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These Are The Factors That Could Lead To Another Bitcoin Rally: ARK Invest

In a report released on August 4, ARK Invest’s on-chain researcher David Puell reveals factors that could lead to another Bitcoin rally. The report, titled “The Bitcoin Monthly: July 2023,” provides an in-depth analysis and distinguishes between Bitcoin’s current situation and what the future holds for the largest cryptocurrency by market cap.

Some Positives For Bitcoin

Puell highlights how Bitcoin’s tepid 90-day volatility shares similarities with 2017 levels. According to the report, this prolonged low volatility usually represents the ‘calm before the storm,’ with Puell speculating that a significant price movement will likely happen soon. However, whether it will be a breakout or a breakdown remains uncertain. 

There is cause for optimism, though, as the decrease in hash rate on the blockchain provides an optimistic signal. The decrease could signify oversold conditions – whereby Bitcoin is currently trading below its actual worth, and considering that it has traded at an undervalued price for a long while now, we could see an upward trend, which would signify a price reversal. 

Additionally, there has been an increase in “liveliness” as selling pressure has reduced and more holders are choosing to ‘HODL.’ The report states that liveliness fell below 60% in July, the lowest selling pressure since Q4 of 2020. 

The short-term holders’ profit/loss ratio also coincides with historical trend reversals, signifying that a breakout is more likely to occur. 

The report states:

This breakeven level correlates both with local bottoms during primary bull markets and with local tops during bear market environments.

Meanwhile, the Federal Reserve’s continued hike rate has been known to be a macro factor on Bitcoin and the crypto market. Puell believes that the Fed’s actions could significantly impact Bitcoin’s performance and the economy as a whole. A potential slowdown in CPI (consumer product index) inflation could see a surge in Bitcoin’s appeal as a non-inflammatory asset.

Bitcoin (BTC) price chart from Tradingview.com

Binance Could Have A Domino Effect On BTC

The United States Securities and Exchange Commission (BTC) filed a lawsuit against Binance for trading unregistered securities, amongst other allegations. This ongoing legal tussle could affect Bitcoin’s performance and the crypto market. 

According to the report, Binance’s BNB token ensures stability in the crypto market by providing significant liquidity for other cryptocurrencies, including Bitcoin. If sentiments begin to tilt in favor of the SEC and DOJ, it could trigger a “bank run,” which would see BNB’s price plummet, causing a domino effect on the crypto market. 

While historical trends signify a bullish trajectory for Bitcoin’s price, the token might be marred by macroeconomic forces and regulatory concerns. It is believed that Bitcoin breaching the resistance level at $29,450 could shape its future outlook.

As Bitcoin continues to witness a downward trajectory, that resistance level might be the key to a sustained breakout or further consolidation. 

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Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes

According to a report by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as the bear market lingers. Spot trading volumes dipped by 10.5% to $515 billion, while derivatives volume dipped by 12.7% to $1.85 trillion. 

This slump has been attributed to the low volatility in the price action of the two leading crypto tokens – bitcoin and ether. Both tokens have continued to experience sideways price movement since the beginning of July, thus keeping the market players out as they await a breakout. 

Binance Continues To Lead The Pack Despite Regulatory Concerns

According to the latest exchange review report, Binance remains the largest crypto exchange by spot trading volume, recording $208 billion in trading volume for July. However, it wasn’t all good news for the exchange as its market share declined for the fifth consecutive month in July, dipping to 40.4% – its lowest since August 2022.

The decline in Binance’s market share has been attributed largely to the firm’s ongoing legal battle with the United States Securities and Exchange Commission (SEC). In July, the SEC accused Binance and its CEO Changpeng Zhao, of offering different tokens, which the regulator has tagged as “unregistered securities,” to the public. 

Binance’s regulatory battles might have forced traders to seek alternatives as they fear the worst might happen to the crypto exchange.

“The recent concerns over possible regulatory action against Binance seem to have adversely affected the trading activity on the exchange, with users likely to prefer other alternatives,” said Joseph, a research analyst at CCData, in a note to CoinDesk.

Crypto total market cap chart from Tradingview.com

Crypto Industry In South Korea Thriving

South Korea’s Upbit, meanwhile, outperformed the general market trend as the crypto exchange as it rose to become the second-largest crypto exchange by trading volume, ranking only behind Binance. 

In July, the crypto exchange saw its spot trading volume rise by 42.3% to $29.8 billion. This figure put Upbit ahead of rivals OKX and Coinbase (the first time this is happening), with both crypto exchanges’ volumes dropping 11.6% and 5.75%, respectively.

“Compared to last month, Upbit saw the largest increase in market share, with the exchange now accounting for 5.78% of the trading volumes on centralized exchanges,” the report elaborated. 

Upbit wasn’t the only South Korean crypto exchange that enjoyed a remarkable uptrend last month. According to the report, other South Korean exchanges like Bithumb and CoinOne also saw an increase in their trading volume.

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Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype?

On Wednesday, August, 2, crypto exchange Bitstamp made a cryptic tweet teasing a new announcement and development for XRP. The exchange kept its promise and made the announcement. However, did it live up to the expectations and hype?

The Big Announcement

Popular digital asset exchange platform Bitstamp has recently unveiled its highly anticipated XRP announcement. The new feature allows users to stake their XRP holdings and earn long-term 2% APY in rewards. This offering is part of the platform’s creative Bitstamp Earn Lending Program, which offers users a reliable and secure means to lend their XRP holdings and earn rewards in return. 

Bistamp’s lending service stands out because of its numerous benefits that provide participants with confidence in the whole lending procedure. Bitstamp will also not convert or lend users’ assets without explicit consent and instructions. To partake in XRP staking, users of the platform can easily navigate to the Earn Lending column on Bitstamp. While on the section, they will be offered an option to stake their XRP and earn the mouth-watering 2% APY rewards. 

To bolster trust and entrench transparency, Bitstamp has partnered with Tesseract, a renowned firm that is specialized in exclusive lending to trusted borrowers. Tesseract will conduct thorough credit and risk evaluations on all prospective borrowers, thereby augmenting the general safety and reliability of the lending service. 

Bitstamp will also render monthly performance reports to enhance transparency. The reports will cover key metrics, such as the risk profile of borrowers, portfolio concentration, and collateral levels. 

Ripple (XRP) price chart from Tradingview.com

Members of XRP React

The recent announcement has sparked a wave of expectations and reactions within the XRP community. The announcement of the 2% APY on XRP lending has been met with disappointment as community members expected a more groundbreaking revelation. 

Community members had previously speculated on the nature of the announcement, with some XRP proponents speculating that Bitstamp may consider a full integration with the XRP Ledger (XRPL) decentralized exchange (DEX). 

Popular XRP community members like Dig Perspective emphasized that while the 2% APY looks good, the community expected something more remarkable.

Whichever way it goes, it remains to be seen if Bitstamp will live up to its promises. 

XRP’s price is currently trading at $0.66, representing a 0.65% and 7.17% decline on the daily and weekly charts, respectively.

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Will Binance’s Zero-Fee Trading Help Bitcoin And Ethereum Prices

Binance, the world’s largest crypto exchange, recently added the BTC/FDUSD and ETH/FDUSD trading pairs to its zero-fee trading program. Binance recently listed FDUSD, a 1:1 USD stablecoin on the BNB smart chain issued by Hong Kong-based licensed trust company, First Digital. With the new zero-fee trading program, users can buy and sell supported cryptocurrencies using FDUSD without paying transaction fees. 

Binance Introduces Zero-Fee Trading Program

The zero-fee trading program is part of Binance’s efforts to increase trading volumes between stablecoin pairs. The company currently has a zero-fee bitcoin trading & BUSD zero maker fee promotion for supported stablecoins. With its latest move, Binance is adding FDUSD to the fray of supported stablecoins on both spot & margin trading pairs.

Taker fees are paid when the trade order is executed, while maker fees are paid when users make limit orders. According to the announcement on its blog, starting August 8, users will be able to enjoy zero maker and taker fees on the BTC/FDUSD spot and margin trading pairs. 

Users will also enjoy zero maker fees on all FDUSD spot and margin trading pairs, but takers will continue to pay standard fees based on the existing trading structure. 

The Potential Impact On Prices

Binance’s announcement to waive trading fees could significantly impact the prices of Bitcoin and Ethereum. As the world’s largest crypto exchange, Binance wields a lot of influence over the crypto market. In the past, Binance’s fee reductions and zero-fee promotions have preceded price pumps and increases in trading volume for the included cryptocurrencies, even if they are only temporary.

Bitcoin, on its own, seems to have found a footing just below $30,000, but the influx of new money and traders could support a higher price push for Bitcoin. The same goes for Ethereum, which is currently ranging around $1,800.

Bitcoin (BTC) price chart from Tradingview.com (Binance)

With no trading fees, investors can also move money in and out of stablecoins freely to take advantage of arbitrage opportunities across exchanges or trade pairs. 

In March, Binance’s decided to implement zero maker and taker fees on the BTC-TUSD. As a result, the TUSD stablecoin surged 10x in trading volume, surpassing $1 billion in less than 24 hours. During this time period, the BTC-TUSD pair on Binance alone exceeded $700 million in trading volume. 

It is unclear when the zero-fee trading promotion will end on the BTC/FDUSD and ETH/FDUSD trading pairs, but it is expected to increase the volume of FDUSD being traded on the exchange.