Weekly Crypto News

Political News Affects Crypto

Biden Steps Down, BTC Soars

President Joe Biden has decided not to run for re-election and has endorsed Vice President Kamala Harris as the Democratic candidate. After this announcement, Bitcoin (BTC) saw a significant price increase, closing above $68,000 for the first time in over a month. However, a meme coin named “Jeo Boden” dropped by 49%, and other meme coins related to the Biden family fell more than 60%.

Trump’s Speech at Bitcoin 2024 Conference

The Bitcoin 2024 conference in Nashville took place from July 25 to 27. On the last day, Republican presidential nominee Donald Trump gave a speech praising the crypto industry and promising to support its growth. He stated that he would:

• Replace the current SEC chair, Gary Gensler.

• Remove strict crypto regulations like SAB 121.

• Make the U.S. the “crypto capital of the planet.”

• Ensure the government keeps all its Bitcoin.

Bitcoin also saw a 4.3% increase and went above $68,000 as futures traders took long positions ahead of Trump’s speech at the Bitcoin 2024 conference. However, the price wobbled as Trump delivered his pro-crypto remarks.

Ethereum (ETH) Updates

Celebrating Ethereum's 10th Anniversary

This week marks the 10-year anniversary of Ethereum’s initial coin offering (ICO). Ethereum started gaining attention in 2014 when co-founder Vitalik Buterin introduced the project at a Bitcoin conference. The ICO, launched on July 22, raised over $18 million in Bitcoin.

Spot Ethereum ETFs Launched

On July 23, spot Ethereum (ETH) ETFs began trading. These ETFs saw over $1 billion in trading volume on the first day and a net inflow of $106.7 million. However, the price of ETH dropped sharply the next day, erasing nearly two weeks of gains. This reaction is known as "sell-the-news," where investors sell after a much-anticipated event.

Ethereum ETF Outflows

After four days of trading, Ethereum ETFs experienced a net outflow of $341.8 million, mainly due to negative flows from the Grayscale Ethereum Trust (ETHE).

Mt. Gox Repayments

Mt. Gox, a defunct crypto exchange, is continuing with repayments to its creditors. Last week, creditors started confirming their balances on the Kraken crypto exchange. Bitstamp also announced that it would begin distributing funds starting July 25.