Crypto Weekly Roundup: BTC Crosses $30K And More

This week has seen many TradFi institutions rushing to apply for spot Bitcoin Exchange-Traded Funds, which in turn helped push the crypto past the $30,000 mark, despite the regulatory challenges standing in its way, courtesy of the SEC. Let’s find out more. 

Bitcoin

Global investment firm BlackRock’s recent filing for a spot Bitcoin ETF has reignited optimism in the industry and spurred a flurry of similar filings from firms like WisdomTree and Invesco. 

There has been news of even Fidelity Investments applying for a spot Bitcoin ETF. 

The US SEC has approved the first leveraged Bitcoin futures ETF – the Volatility Shares 2x Bitcoin Strategy ETF, which will launch on the Chicago Board Options BZX on Tuesday, June 27.

A recent IMF post was extremely favorable towards countries in Latin America and the Caribbean using central bank digital currencies while denigrating El Salvador’s adoption of Bitcoin.

MicroStrategy has turned a profit on its significant Bitcoin investment as the premier cryptocurrency soars the charts. 

Bitcoin really motored both Tuesday and Wednesday, putting on as much as 14.6% in the process.

Experts are talking about whether Bitcoin’s latest surge is just a last fling before sinking lower or does it have the legs to rally to $45,000. 

Crypto fund manager Valkyrie has joined a growing group of financial entities seeking to create Bitcoin spot ETFs. 

The crypto exchange endorsed by Wall Street heavyweights such as Fidelity and Citadel, EDX Markets, launched its operations this week.

Binance has confirmed that it is setting up Bitcoin Lightning nodes in order to scale and speed up Bitcoin transactions.

Ethereum 

Etherscan has launched an innovative tool that utilizes artificial intelligence (AI) to retrieve and interpret the source code of specific contract addresses.

The Ethereum research team proposed a solution centered around the increase of the MAX_EFFECTIVE_BALANCE (MaxEB), an Ethereum parameter currently capping the effective balance of Ethereum validators at 32 ETH.

Ethereum users are being given a fresh way to create NFTs and other digital assets on the blockchain following the launch of a new protocol called “Ethscriptions.”

Altcoins

Traders are attempting to short the TUSD stablecoin amidst reports of the stablecoin issuer’s connection with crypto custodian Prime Trust.

Technology

Zero-knowledge layer-2 scaling solution Starknet has moved closer to full Ethereum Virtual Machine (EVM) compatibility with the upcoming August launch of Kakarot, a new testnet. 

In a recent uproar within the crypto Twitter community, the popular AI bot “Explain This Bob” found its account suspended after being identified as a “scam crypto account.”

The International Monetary Fund (IMF) is working on a concept of a global infrastructure to ensure the interoperability of settlements between digital currencies issued by central banks.

Binance-backed BNB Chain has unveiled opBNB, a new Layer-2 testnet designed to address the pressing scalability challenges that have slowed the mass adoption of blockchain technology.

Polygon co-founder Mihailo Bjelic has proposed upgrading the Polygon proof-of-stake (PoS) network. into a ‘zkEVM validium’ version to bolster security.

Co-founder of Ethereum infrastructure service Flashbots Alex Obadia has warned of serious challenges ahead for the company in a farewell letter posted on his Twitter handle. 

Leading PoS blockchain platform, Cardano, has launched an important update to its network, Node 8.1.1, that introduces several technical enhancements to the Cardano ecosystem.

Business

Huobi founder Li Lin has sued Huobi Global in Hong Kong for using the Huobi trademark without proper permission.

The Sydney-based crypto exchange, Independent Reserve, is eyeing an expansion to Hong Kong in the “next few months,” according to an interview with Lasanka Perera, the CEO of its Singapore operations.

Regulation

The Financial Services and Markets Bill has received approval from the House of Lords and will enter the final stages before becoming legislation.

Deutsche Bank is seeking to increase its income in the digital assets space and has applied for a license in Germany.

Five US enforcement agencies have come together to create a joint task force to tackle crimes related to digital currencies and the dark web. 

The Canadian regulator has warned investors that some crypto websites are using fake regulatory stamps and dispute resolution organizations to appear legitimate. 

According to trading firm QCP Capital, BlackRock’s Bitcoin spot ETF is unlikely in the near term, thanks to SEC Chair Gary Gensler’s attitude towards cryptocurrencies. 

Binance.US, Binance Holdings Limited, and Binance CEO Changpeng Zhao have accused the SEC of misleading the public through statements during its ongoing lawsuit. 

Web3

Leading Web3 creative studio, Atrium has created the first animated film, “Nouns: A Movie,” funded by a DAO, featuring popular NFTs. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.