This article comes to you with the generous support of <a href="https://betplay.io?ref=coin360C">Betplay</a>.io. Discover the excitement and rewards that await you at&nbsp;<a href="https://betplay.io?ref=coin360C">Betplay</a>.io with a 100% welcome bonus and 10% weekly cashback!<h2>Mt. Gox Creditors Finally Receive Bitcoin Payouts</h2><a href="https://coin360.com/exchange/kraken">Kraken</a> has completed the long-awaited distribution of&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> (<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>) and&nbsp;<a href="https://coin360.com/coin/bitcoin-cash-bch">Bitcoin Cash</a> (<a href="https://coin360.com/coin/bitcoin-cash-bch">BCH</a>) to Mt. Gox creditors. This milestone marks a significant advance in resolving the decade-long insolvency issue of the Mt. Gox exchange. Just a day later,&nbsp;<a href="https://coin360.com/exchange/bitstamp">Bitstamp</a> began its repayments,&nbsp;<a href="https://cointelegraph.com/news/bitstamp-mt-gox-creditor-repayments">distributing</a> BTC, BCH, and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) after receiving the funds from the trustee.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">1/ <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw">@krakenfx</a> has successfully distributed <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and Bitcoin Cash from the <a href="https://twitter.com/MtGox?ref_src=twsrc%5Etfw">@mtgox</a> estate back to creditors. It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds. It was our privilege and it was our duty. <a href="https://t.co/ptKexzN4gm">pic.twitter.com/ptKexzN4gm</a>— Dave Ripley (@DavidLRipley) <a href="https://twitter.com/DavidLRipley/status/1815880303254323603?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Creditors are expected to have full control of their assets within a week after necessary security checks. With over $9.4 billion worth of Bitcoin owed to around 127,000 creditors, this repayment is a monumental task. However, creditors in the UK may face a few more months of waiting.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Bitcoin Holders Show Resilience Amid Distributions</h2>Data from&nbsp;<a href="https://cryptoquant.com/insights/quicktake/66a0a3f20a078b098f014268-MtGox-Refunds-Users-Choose-to-Hodl-Over-Selling">CryptoQuant</a> reveals that most Mt. Gox creditors are choosing to hold their Bitcoin rather than sell.&nbsp;<a href="https://coin360.com/coin/arkham-arkm">Arkham</a> Intelligence reported the transfer of $2.47 billion worth of BTC to new wallets, with over 5,000 BTC worth $329 million withdrawn from exchanges in the last 24 hours. These long-term Bitcoin proponents prefer BTC over USD payouts to avoid capital gains taxes.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc_exchange_outflow_1e7fca4d71.jpeg" alt="btc exchange outflow.jpeg"><figcaption>Source: CryptoQuant</figcaption></figure>Despite the start of repayments, Bitcoin prices have remained stable, recovering from a low of $53,500 to trade above $65,000 before slightly falling due to market sentiment. The repayment process hasn't triggered significant sell-offs, as most creditors continue to hold their assets. CryptoQuant's data shows no notable spikes in trading volume or BTC outflows on Kraken following the distributions.<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_e52c9125e5.webp" alt="chart.webp">Mt. Gox still&nbsp;<a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox">holds</a> approximately 80,000 Bitcoin, valued at around $5.2 billion. The last major transaction from Mt. Gox was on July 24, 2024, when 382 BTC worth $25 million was sent to Bitstamp. This action caused some fear, uncertainty, and doubt (<a href="https://coin360.com/glossary/fear-uncertainty-doubt">FUD</a>) in the market, but on-chain data indicates minimal immediate sell pressure.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_3_24239e6d00.png" alt="Screenshot_3.png"><figcaption>Source: Arkham</figcaption></figure>A Reddit poll in the Mt. Gox insolvency subreddit showed that 56% of creditors do not plan to sell their Bitcoin, while 20% plan to sell all their holdings, and the rest will sell a portion. Despite some analysts predicting that up to 99% of creditors might sell their Bitcoin, potentially driving prices into bear market territory, the market has shown resilience.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/reddit_poll_fd1ce613e4.webp" alt="reddit poll.webp"><figcaption>Source: Reddit</figcaption></figure>Jean-Baptiste Graftieaux, global CEO of Bitstamp, expressed pride in helping Mt. Gox investors reclaim their assets, noting the profit many will make despite the prolonged wait. Ki Young Ju, founder and CEO of CryptoQuant, reported no significant spikes in trading volume or BTC outflows on Kraken since the distributions began.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The Mt. Gox Bitcoin repayment marks a pivotal moment in cryptocurrency history. Despite fears of market instability, creditors' holding patterns and Bitcoin's price resilience demonstrate the maturing crypto ecosystem. As distributions continue, the industry watches closely, balancing between long-awaited justice for creditors and potential market impacts.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: How much Bitcoin is being repaid to Mt. Gox creditors?&nbsp;Over $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors. Kraken and Bitstamp have begun distributions, with creditors expected to have full control of their assets within a week after security checks.2: Are creditors selling their Bitcoin immediately?&nbsp;Most creditors are choosing to hold their Bitcoin rather than sell. A Reddit poll showed 56% of creditors do not plan to sell, 20% plan to sell all holdings, and the rest will sell a portion.3: How has the Bitcoin market reacted to the Mt. Gox repayments?&nbsp;The market has shown resilience, with Bitcoin prices remaining stable. Data from CryptoQuant shows no notable spikes in trading volume or BTC outflows on exchanges following the distributions.4: How much Bitcoin does Mt. Gox still hold?&nbsp;Mt. Gox still holds approximately 80,000 Bitcoin, valued at around $5.2 billion. The last major transaction was on July 24, 2024, when 382 BTC worth $25 million was sent to Bitstamp.This article has been refined and enhanced by ChatGPT.

Cubic robot juggles exchange logos on Bitcoin coin amid circuit landscape

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Bitcoin Holders Stand Firm as Mt. Gox Repayment Starts Via Kraken and Bitstamp

Coin360 daily crypto news, cryptocurrency updates, market movement

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Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 25, 2024

This article comes to you with the generous support of <a href="https://betplay.io?ref=coin360C">Betplay</a>.io. Discover the excitement and rewards that await you at&nbsp;<a href="https://betplay.io?ref=coin360C">Betplay</a>.io with a 100% welcome bonus and 10% weekly cashback!<h2>New Frontiers in Tokenized Real-World Assets</h2>Fueled by the promise of stable yields in a volatile market, the tokenized real-world asset (RWA) market is on track for explosive growth. Analyst Tom Wan from 21.co predicts a surge to $3 billion by year-end, driven largely by the demand from Decentralized Autonomous Organizations (DAOs) and&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">Decentralized Finance</a> (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) protocols.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">$3B Tokenized US Treasuries by the end of 2024? We are seeing a trend of DeFi Project's DAO diversifying their treasury to RWAs, including stablecoins and Tokenized US Treasuries. With the maturity of tokenized US treasuries, over 15+ products on EVM Chains, and close to $2B… <a href="https://t.co/rzRNvUNYWJ">pic.twitter.com/rzRNvUNYWJ</a>— Tom Wan (@tomwanhh) <a href="https://twitter.com/tomwanhh/status/1812844223277707526?ref_src=twsrc%5Etfw">July 15, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>While established players like&nbsp;<a href="https://coin360.com/coin/arbitrum-arb">Arbitrum</a> and&nbsp;<a href="https://coin360.com/coin/maker-mkr">MakerDAO</a> are making headlines with their allocations, a new wave of tokenized real-world assets is poised to make its mark this week. This update explores ventures venturing beyond traditional securities, showcasing the expanding landscape of tokenized assets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>BlackRock and Ethena Explore Tokenized Asset Allocation for USDe Reserves</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Hovering_cube_connects_digital_and_traditional_assets_over_landscape_4_11zon_d881e1aae9.webp" alt="Hovering cube connects digital and traditional assets over landscape_4_11zon.webp"></figure><a href="https://coin360.com/coin/ethena-ena">Ethena</a>, the protocol behind the $3.4 billion&nbsp;<a href="https://coin360.com/coin/ethena-usde-usde">USDe</a> token, is planning to allocate part of its reserves to tokenized real-world assets (RWAs) for yield generation. This initiative has attracted proposals from various entities in the crypto space. BlackRock's BUIDL fund, a tokenized money market fund, is seeking a&nbsp;<a href="https://www.coindesk.com/business/2024/07/23/blackrocks-500m-tokenized-fund-pitches-for-ethenas-rwa-investment-plan/">$34 million</a> allocation from Ethena's $45 million Reserve Fund.&nbsp;Similarly, Steakhouse Financial has applied with a&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a> lending vault on Morpho Blue, which is backed by wrapped crypto assets and tokenized Treasury Bills. Mountain Protocol, issuer of the USDM yield-bearing stablecoin, has also expressed interest in submitting a proposal. This move by Ethena follows recent trends in the DeFi space, mirroring MakerDAO's announcement to invest $1 billion of&nbsp;<a href="https://coin360.com/coin/dai-dai">DAI</a> stablecoin backing assets in tokenized Treasury products.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Deutsche Telekom Boosts XDC Network for RWA</h2>Deutsche Telekom's subsidiary, Deutsche Telekom MMS, has&nbsp;<a href="https://www.coindesk.com/business/2024/07/25/deutsche-telekom-joins-rwa-focused-xdc-as-infrastructure-provider-in-digital-asset-push/">joined</a> the XDC Network as an infrastructure provider, focusing on tokenized real-world assets (RWA) and decentralized finance. Operating a standby masternode, Deutsche Telekom MMS enhances blockchain security and reliability, supporting XDC's finance sector applications.&nbsp;The company, which also manages nodes on&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>,&nbsp;<a href="https://coin360.com/coin/polygon-matic">Polygon</a>,&nbsp;<a href="https://coin360.com/coin/polkadot-dot">Polkadot</a>, and plans to mine&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, leverages its enterprise-grade infrastructure to enable secure blockchain services. XDC, compatible with&nbsp;<a href="https://coin360.com/glossary/ethereum-virtual-machine">Ethereum Virtual Machine</a>, boasts fast transactions and minimal gas fees, hosting&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> and tokenized assets like gold and U.S. Treasuries.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Injective Expands RWA Offerings with OndoFinance&nbsp;</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Physical_objects_transforming_into_digital_tokens_in_cosmic_void_2_11zon_52755c47a5.webp" alt="Physical objects transforming into digital tokens in cosmic void_2_11zon.webp"></figure><a href="https://coin360.com/coin/injective-inj">Injective</a> has integrated OndoFinance, enhancing its Real World Asset (RWA) offerings for institutional investors by introducing the&nbsp;<a href="https://coin360.com/coin/ondo-u-s-dollar-yield-usdy">USDY</a> tokenized treasury instrument. This move aims to improve capital efficiency across Injective's&nbsp;<a href="https://coin360.com/glossary/decentralised-application">decentralized applications</a>, including exchanges and money markets. The integration supports the tokenization of traditional financial assets within the blockchain ecosystem.&nbsp;Additionally, Injective launched AINJ, a&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">Staking</a> Exchange-Traded Product in collaboration with 21Shares, allowing exposure to&nbsp;<a href="https://coin360.com/coin/injective-inj">INJ</a> and staking rewards via traditional finance platforms, further bridging traditional and decentralized finance sectors.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Coinbase Plans Tokenized Money-Market Fund</h2>Coinbase Asset Management is <a href="https://www.coindesk.com/business/2024/07/24/coinbase-asset-management-plans-tokenized-money-market-fund-a-hot-area-after-blackrocks-buidl-success-sources/">planning</a> to launch a tokenized money-market fund, entering a hot area of blockchain-based finance, according to four people familiar with the plan. This follows the success of BlackRock's BUIDL fund, which quickly amassed $500 million in assets. Tokenization of real-world assets offers benefits like transparency, liquidity, and efficiency.&nbsp;Coinbase is working with Apex Group to facilitate the fund. This move expands Coinbase's efforts in tokenization, building on their approval to tokenize traditional assets on their Base network. The trend of tokenizing real-world assets is gaining traction in the crypto industry, with major players like BlackRock entering the space.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Polygon Emerges as Major Player in Tokenized Real-World Assets</h2>Polygon has experienced a significant increase in Real World Asset (RWA) interest, positioning itself as the ‘second-largest network” in this domain after Ethereum, as per Founder Sandeep Nailwal, who noted numerous RWA launches on Polygon.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">So many RWA’s launching on Polygon organically is very encouraging. Polygon POS is already second only to Ethereum mainnet in terms of the RWA value created. Italy's Top Banks Participate in 25M Euro Digital Bond Issuance on Polygon in ECB Trial. CDP has issued a €25 million…— Sandeep | AggLayer (@sandeepnailwal) <a href="https://twitter.com/sandeepnailwal/status/1814406818531365085?ref_src=twsrc%5Etfw">July 19, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The network's collaboration with Italy's leading banks, Cassa Depositi e Prestiti SpA (CDP) and Intesa Sanpaolo, further exemplifies its RWA advancements. These banks issued a 25 million euro digital bond with a four-month maturity on the Polygon network, showcasing its expanding real-world financial applications.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Lisk and Backed Finance Expand RWA Reach in Emerging Markets</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Tree_of_digital_finance_grows_from_smartphone_screen_3_11zon_8ccf861b17.webp" alt="Tree of digital finance grows from smartphone screen_3_11zon.webp"></figure>Lisk, an Ethereum Layer-2 solution, and Backed Finance have&nbsp;<a href="https://cryptonews.com/news/backed-lisk-partner-to-foster-rwa-adoption-in-emerging-markets.htm">partnered</a> to enhance real-world asset (RWA) adoption in emerging markets by leveraging Lisk's blockchain ecosystem and Backed's RWA tokenization expertise. This collaboration aims to drive economic growth and financial inclusion by integrating Backed's RWA solutions with the&nbsp;<a href="https://coin360.com/coin/optimism-op">Optimism</a> Superchain, improving accessibility and scalability.&nbsp;Backed's ecosystem partners will also benefit from Lisk's&nbsp;<a href="https://coin360.com/glossary/blockchain">Blockchain</a> Incubation Hub, supporting innovation in the&nbsp;<a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> space, particularly for African startups. New projects on Lisk using Backed’s tokenization infrastructure may receive grants up to $100,000 in LSK tokens.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>AgriDex Tokenizes Agriculture on Solana</h2>AgriDex, a&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a>-based platform, aims to revolutionize the $2.7 trillion agricultural market by bringing it on-chain. AgriDex offers a digital marketplace providing low-cost, near-instant settlement and supply chain transparency. Benefits include transaction costs under 0.5%, autonomous verification reducing fraud, and improved visibility for environmental and governance credentials.&nbsp;AgriDex will launch its AGRI token in Q3 2024, rewarding users based on trade volumes and engagement. The platform secured $5 million in funding to facilitate this venture.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Bitrue Ventures Launches $40 Million Fund to Fuel Web3 Innovation</h2><figure class="image"><img alt="Robot sprints across a keyboard made of various real-world assets_11zon.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Robot_sprints_across_a_keyboard_made_of_various_real_world_assets_11zon_026de70322.webp"></figure><a href="https://coin360.com/exchange/bitrue">Bitrue</a> Ventures has launched a&nbsp;<a href="https://www.bitrue.com/blog/40000000inInvestmentFundsprovidedbyBitrueVentures">$40 million fund</a> to support Web3 startups, with individual investments up to $200,000. This fund targets sectors such as artificial intelligence (AI), Real World Asset (RWA) tokenization, GameFi, Decentralized Physical Infrastructure Networks (DePIN), and Decentralized Finance (DeFi).&nbsp;Bitrue offers financial support and industry expertise, aiming to assist startups in overcoming development challenges. Additionally, Bitrue will publish research reports to guide development teams and inform consumers. This initiative aligns with the $1.9 billion raised by Web3 startups in Q1 2024, highlighting a growing interest from institutional investors.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The tokenized real-world asset market is experiencing rapid growth, with major players like BlackRock, Deutsche Telekom, and Polygon leading the way. From traditional securities to agriculture, diverse sectors are embracing blockchain technology. This trend promises enhanced liquidity, accessibility, and efficiency in asset management, potentially revolutionizing global financial markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: What is driving the growth of tokenized real-world assets?&nbsp;The growth is primarily driven by the demand for stable yields in volatile markets. DAOs and DeFi protocols are particularly interested in these assets. Analyst Tom Wan predicts the market will reach $3 billion by year-end.2: How is BlackRock involved in the tokenized asset space?&nbsp;BlackRock's BUIDL fund, a tokenized money market fund, is seeking a $34 million allocation from Ethena's $45 million Reserve Fund. This is part of Ethena's plan to allocate part of its USDe token reserves to tokenized real-world assets for yield generation.3: What role is Polygon playing in the tokenized real-world asset market?&nbsp;Polygon has positioned itself as the second-largest network for RWAs after Ethereum. It has collaborated with major Italian banks to issue a 25 million euro digital bond, demonstrating its capacity for real-world financial applications.This article has been refined and enhanced by ChatGPT.

Robot explores tokenized asset vortex in futuristic city

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Top Weekly Updates in Tokenized Assets: BlackRock, Deutsche Telekom, and More

<h1>Ethereum ETFs Got Final Approval And Launched this Week</h1>Ethereum ETFs launched Tuesday, July 23, ending a two-month-long wait. Up to 8 fund managers are expected to submit their final applications by the end of this week and, following SEC acceptance on Monday, the new funds could be available to investors on Tuesday.The news saw Ether prices rise to nearly $3,500, although it did drop back again in the hours following. Funds have had to remove staking from the funds to get them passed and this, along with Ethereum’s lower market capitalization compared to Bitcoin, means that experts expect it to attract less investment than BTC ETFs.After Bitcoin, Ethereum is the second largest cryptocurrency by market capitalization. Ether, the native crypto coin, is used by developers who want to use the Ethereum network to develop dApps, including meme coins and NFTs.It is also being used increasingly as an alternative payment method to fiat currencies to buy goods and pay for services, and according to the&nbsp;<a href="https://cryptocasino.ltd/">experts with Crypto Casino Limited</a>, it, along with other cryptocurrencies, is popular in crypto casinos for its anonymity and fast transaction times.<h2>Bitcoin ETF History</h2>The first Bitcoin ETF application was submitted in 2013 by Gemini co-founders Cameron and Tyler Winklevoss. The Winklevoss twins hoped that the introduction of a spot ETF would bring new investment and open up the market to new investors. It is theoretically a more secure and simpler way to invest in the emerging market, and the complexity of Bitcoin investment is a major barrier for a lot of potential buyers.<h2>ETF Acceptance</h2>Despite multiple applications and filings, the SEC continued to reject applications. However, in August 2023, the U.S. Court of Appeal for the District of Columbia ruled that the SEC had not adequately explained its refusal of spot ETFs. As a result,&nbsp;<a href="https://www.mintz.com/insights-center/viewpoints/2024-01-12-sec-approves-spot-bitcoin-etfs-gensler-still-disapproves">in January 2024</a>, the SEC finally approved applications for Bitcoin funds. The first applications accepted were for the following funds:<ul><li>Franklin Bitcoin ETF</li><li>Bitwise Bitcoin ETF</li><li>Ark 21Shares Bitcoin ETF</li><li>Fidelity Wise Origin Bitcoin ETF</li><li>Wisdom Tree Bitcoin ETF</li><li>Invesco Galaxy Bitcoin ETF</li><li>Valkyrie Bitcoin ETF</li><li>iShares Bitcoin Trust ETF</li><li>VanEck Bitcoin Trust ETF</li><li>Grayscale Bitcoin Trust</li></ul><h2>Bitcoin Inflows</h2>The day after the applications were accepted, the funds went on sale. It was reported that $6.6 billion was invested in the new financial products on their launch, and by the end of June, just under six months since their launch, there had been a net inflow of $33 billion. Although inflows had reduced, recent reports show net inflows of more than $300 million during some days at the beginning of July, pointing to further investment during Bitcoin’s most recent price dip.<h2>Price Reactions</h2>Despite ETFs being launched in mid-January, it took a month for prices to react positively to the new money. In mid-February, BTC prices rose to $52,000, and by mid-March, they had hit new all-time highs of over $70,000.Although prices did stumble in June and early July, falling as low as $56,000, they have bounced back and are challenging $65,000 resistance. Many analysts believe Bitcoin’s price will reach new highs and potentially go on to $100,000 by the end of this year.<h2>Ethereum Funds</h2>Bitcoin’s spot ETF acceptance also had a knock-on effect of pushing the SEC to&nbsp;<a href="https://www.investopedia.com/sec-approves-spot-ether-etfs-8653412#">rethink its stance on Ethereum</a> spot ETFs. However, it still came as a shock when, in May, the SEC ruled that Ethereum ETF applications could be submitted.Despite many early applications, most were rejected, with an early stumbling block being that fund managers included staking in their investment proposals. Staking means setting aside some of the currency to buy contracts, essentially making the investment inaccessible until the fruition of the contract. In the eyes of the SEC, this meant that the funds would be acting as securities and would fall under securities regulatory requirements.<h2>Fund Acceptance</h2>Funds reluctantly removed staking and reapplied. Although it has taken several rounds of applications and resubmissions, it has emerged that three ETFs have received preliminary approval for their products and that the eight funds need only reapply before the end of this week. Assuming all is well with the applications, the SEC will grant approval on Monday afternoon and the first ETH ETFs will go on sale on Tuesday, July 23, 2024.The eight ETFs that have applied, and are likely to start trading next week, are:<ul><li>Grayscale Ethereum Trust</li><li>Bitwise Ethereum ETF</li><li>Blackrocks iShares Ethereum Trust</li><li>VanEck Ethereum Trust</li><li>ARK 21Shares Ethereum ETF</li><li>Invesco Galaxy Ethereum ETF</li><li>Fidelity Ethereum Fund</li><li>Franklin Ethereum ETF</li></ul><h2>Possible ETH Price Boost</h2>Investors hope that the launch of spot ETFs will boost Ether prices. Although they have some way to go before reaching their previous ATH, the news has already seen some positive movement.ETH prices dipped below $3,000 on July 5 and July 7, for the first time since May. However, on July 15, they had not only bounced back above $3,000 but had gone on to test $3,500 resistance. Formal acceptance of the funds may well see these prices rise.<h2>Lower Investment Expected</h2>Experts have warned that the ETFs will not see the same level of investment as Bitcoin’s own funds, though. Ethereum’s market capitalization is just over $400 billion, compared to the $1.25 trillion of Bitcoin and Bitcoin enjoyed the boost of being first to market. Ether will also suffer for the exclusion of staking from its products, leading commentators to predict that these latest crypto products will see inflows equivalent to around a third of those experienced by Bitcoin.<h2>Solana Next?</h2>Once Ethereum ETFs launch, experts expect fund managers to&nbsp;<a href="https://coin360.com/news/solana-etf-filing-market-dynamics">turn their attention to Solana</a> funds. Solana was only launched in 2020, but in the four years since its launch, it has gone on to become the fifth largest cryptocurrency, behind Tether and Binance, as well as Bitcoin and Ethereum.It boasts fast, low-cost transactions and the SOL coin is used for staking on the Solana network. The network has become especially popular with meme coin founders, with some of the largest tokens established on the network including Pepe and Dogwifhat, both of which are enjoying positive movements over the past couple of days.Although Ripple may lay some claims to being the next likeliest candidate, investors point to the similarities between Solana and Ethereum, as well as its considerable market capitalization, as being the main reasons it will be next in line with the SEC.<h2>What Is An ETF?</h2>An Exchange Traded Fund (ETF) is a financial product that aims to match or exceed the performance of a market, group of commodities, or a single commodity. In the case of Ether ETFs, the fund manager will buy and sell Ether, holding it in a secure wallet.The ETFs will be tradeable outside crypto exchanges, offering a more secure and less complex means of investing in the world’s second-largest cryptocurrency.<h2>Why Has It Taken So Long For Ether ETFs To Launch?</h2>Typically, when ETFs are given the green light by the SEC, funds go on sale almost immediately. The same was true of Bitcoin ETFs, which went on sale the day after acceptance. However, would-be investors have had to wait since May for ETH ETFs to hit the market as funds submitted applications and the SEC rejected them.The biggest stumbling block has been the fact that fund managers have wanted to include staking as part of the fund investment scheme, but the SEC has firmly rejected this inclusion because it would effectively make the ETFs securities.<h2>Will ETFs Cause An Increase In ETH Prices?</h2>Positive news about cryptocurrencies can lead to some increase in their price, as well as to the market as a whole. However, Ether's performance, much like that of other cryptocurrencies, is closely tied to the performance of Bitcoin. If Bitcoin goes up and Ether funds get the go-ahead, as expected, Ethereum may outperform BTC prices.However, as investors have been waiting some time for funds to launch, the news may have already been built into existing prices. And, it took around a month after the launch of Bitcoin funds for BTC prices to increase, so there could be a delay with ETH prices too.<h2>Conclusion</h2>Ether investors have been waiting two months since the SEC’s announcement to get final approval and see the launch of exchange-traded funds tied to Ether’s value. It now looks likely that these financial products will launch as early as next week, with fund managers needing to submit a final application in the coming days.&nbsp;

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Ethereum ETFs Gained Final Approval and Launched

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 24, 2024

This article comes to you with the generous support of <a href="https://betplay.io?ref=coin360C">Betplay</a>.io. Discover the excitement and rewards that await you at&nbsp;<a href="https://betplay.io?ref=coin360C">Betplay</a>.io with a 100% welcome bonus and 10% weekly cashback!<h2>Ethereum ETFs: A Market Analysis</h2><a href="https://coin360.com/coin/ethereum-eth">Ether</a> ETFs in the U.S. hit a cumulative trading volume of around&nbsp;<a href="https://sosovalue.xyz/assets/etf/us-eth-spot">$1.11 billion</a> on their first day. The Grayscale&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led with $469.72 million and $258.58 million, respectively. Fidelity’s Ethereum Fund (FETH) and Bitwise’s Ethereum ETF (ETHW) followed, recording $137.88 million and $94.34 million. Other ETFs, including VanEck and Invesco, saw less than $50 million each.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_2_c49167a97f.png" alt="Screenshot_2.png"><figcaption>Source: SoSoValue</figcaption></figure>Early trading saw $112 million in inflows within the first 15 minutes, reaching $600 million in volume after three hours. Bitwise captured $25.5 million in the initial quarter-hour, just behind Grayscale’s ETHE. BlackRock led with $266.55 million in inflows, while Bitwise, Fidelity, and others saw significant yet lesser amounts. Grayscale’s ETHE experienced a negative net inflow of -$484.11 million, resulting in a daily total net inflow of $106.78 million.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_1_83d63a0281.png" alt="Screenshot_1.png"><figcaption>Source: SoSoValue</figcaption></figure>Analysts project Ethereum ETFs could attract up to $6 billion in annual inflows, with contrasting estimates from JPMorgan at $1 billion and Galaxy Digital anticipating $1 billion per month.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">Our Curtain-Raiser note is out where <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw">@JSeyff</a> and I estimate $5-6b in net flows in first year for Eth ETFs (about 20% of bitcoin ETFs haul) w/ BlackRock and Fidelity as favorites for most assets, altho there should be enough food for everyone. Full note: <a href="https://t.co/Bj5mVmipnC">https://t.co/Bj5mVmipnC</a> <a href="https://t.co/gl8owbFHPn">pic.twitter.com/gl8owbFHPn</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815732441551663608?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Despite the substantial trading volumes, Ether's price remained stable, trading under $3,500. It opened around $3,521, dropped to $3,413, and recovered to about $3,466, reflecting a slight 1.6% decline over 24 hours.<figure class="image"><img alt="chart.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_9121b5f720.png"></figure>As per&nbsp;<a href="https://x.com/QCPgroup/status/1815705038238712171">QCP Capital</a>, the muted price reaction is linked to a “buy the hype, sell the news” sentiment and significant&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> movements by the US government and Mt. Gox. The options market saw increased caution, with notable activity predicting short-term volatility. Large transaction volumes surged by 145%, with transactions over $100,000 up by 45%. Traders foresee initial&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a> inflow effects appearing 2-3 weeks post-launch, expecting sideways movements with potential corrections.ETF issuers like BlackRock and 21Shares have waived or discounted fees to attract investors. BlackRock’s fee is set at 0.12% for the first 12 months or until $2.5 billion in net assets, increasing to 0.25% afterward. Grayscale and Invesco have similar tiered structures. BlackRock and Fidelity are anticipated to dominate the Ethereum ETF market, while Bitwise has committed 10% of its spot Ether profits to Ethereum developers.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The launch underscores Ethereum’s growing institutional appeal, with implications for future digital asset events. Broader market factors, including Bitcoin’s movements, will influence Ethereum’s performance and price discovery. The promising demand for Ethereum ETFs indicates potential momentum, particularly ahead of significant market events like the US elections. Analysts remain optimistic about Ethereum’s institutional investment prospects and price discovery potential.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1. What was the total trading volume for Ethereum ETFs on their first day?Ethereum ETFs hit a cumulative trading volume of around $1.11 billion on their first day. Grayscale Ethereum Trust (ETHE) and BlackRock's iShares Ethereum Trust (ETHA) led with $469.72 million and $258.58 million, respectively.2. How did the launch of Ethereum ETFs affect Ether's price?Despite substantial trading volumes, Ether's price remained relatively stable. It opened around $3,521, dropped to $3,413, and recovered to about $3,466, reflecting a slight 1.6% decline over 24 hours.3. What are analysts projecting for annual inflows into Ethereum ETFs?Analysts project Ethereum ETFs could attract up to $6 billion in annual inflows. However, estimates vary, with JPMorgan predicting $1 billion annually and Galaxy Digital anticipating $1 billion per month.4. How are ETF issuers attracting investors?ETF issuers like BlackRock and 21Shares are waiving or discounting fees to attract investors. For example, BlackRock's fee is set at 0.12% for the first 12 months or until $2.5 billion in net assets, increasing to 0.25% afterward.This article has been refined and enhanced by ChatGPT.

Ethereum robot rides blockchain coaster, catching ETF tokens amid data landscape

Ethereum robot rides blockchain coaster, catching ETF tokens amid data landscape_11zon.webp

Ethereum ETF Volume Reaches $1.11 Billion in First-Day Trading Frenzy

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 23, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 22, 2024

<h1>The Best Way To Convert Your Cryptocurrency To US Dollars</h1>&nbsp;Investors from all walks of life have always had one thing in common, a need to secure the funds they manage. Some buy property, some buy stocks and others invest in a business. The advent of the cryptocurrency market has given savvy investors another financial avenue to contemplate.Judging by the market value of and global fervor around top-performing cryptocurrencies, it has become clear to see that several have jumped on board. As the desire for cryptocurrencies increases, so too does the need to maintain personal oversight. Finding out what your crypto holdings are worth or what one Bitcoin currently costs, can be done by simply clicking <a href="https://crypto.com/converter/btc/usd">BTC to USD</a> or typing BTC to HKD, or a currency of your choice, into a search engine.Once on the site, you will have to access to up-to-date cryptocurrency conversion rates, conversion tables, historical price data, Bitcoin news and FAQ's sections. These sites are a helpful way to run conversion checks, which aid the calculation of what your Bitcoins are worth in your local currency. Checked often enough and catalogued, these findings allow you to see market trends and decide on the right time to sell.Continue your read, to find out more about Bitcoin and how to convert them.&nbsp;<h2>A Bit More About Bitcoin</h2>Bitcoin was not the first cryptocurrency to be developed, but it has certainly become the most popular. It is one of the earliest cryptocurrencies, with the most trade volume by far. The immense number of trades, has gotten financial institutions, investment houses and even <a href="https://coin360.com/news/bitcoin-price-went-up-amidst-political-speculation-and-debate-outcomes">governments</a> interested.Bitcoin was registered initially in August of 2008 as bitcoin.org. The first transaction of 10 Bitcoins occurring a few months later, in January of 2009.&nbsp;Stories about traders like Javed Khan who 'stumbled' into Bitcoin success, grow not only the image of Bitcoin but also its price. Khan says that he bought in at a price of $ 3000.00/Bitcoin in 2018. His reasoning was that it offered him an easier way to transfer funds than a traditional bank could. He noticed that the longer he left the Bitcoins sitting in his digital wallet, the more they grew in value. He adopted a simple yet effective strategy, every time the price dropped he bought more. Making sure not to over-extend himself financially and only investing what he could afford to lose. Two years later, he cashed in his profits and bought a Bentley.When Bitcoin first started, its prices, valuations, transactions and news were typically negotiated and shared on the Bitcoin forum. As cryptocurrencies gained notoriety and were placed on the open market, they have become susceptible to more competition by fellow cryptocurrency companies as well as major <a href="https://coin360.com/news/goldman-sachs-tokenization-expansion">banks</a> looking to invest in this domain. Users have moved from trading via forums to placing their Bitcoins into personal cryptocurrency wallets and transacting through online exchanges. Positive media reports such as those reported by Khan, linked with the intrinsic volatility of a financial instrument and a deep desire by investors to find alternative options of interest, have helped to build the Bitcoin of today.&nbsp;<h2>Conversion With Peace Of Mind</h2>Bitcoin is classed as a digital asset. Meaning it must be exchanged for fiat currency before it can be withdrawn as real money. A fiat currency is a national currency, such as the euro, Canadian dollar or British pound. These currencies are not typically pegged to an underlying commodity such as gold or silver, but rather maintain their value through a shared 'faith' in value ascribed to them by their country's citizens. The country's government or central bank would normally be the issuer of fiat currency.Cryptocurrency is similar to fiat currency, in that a set supply determines what is available for purchase and the market then begins to set a price. In the case of Bitcoin, the total number of coins to exist is 21 million. Which equals a little over 1.2 trillion US Dollars, as of writing in July 2024. This set supply, linked with the normal movements and appetites of the<a href="https://finance.yahoo.com/news/cryptocurrency-price-movements-today-bitcoin-175136657.html"> cryptocurrency market </a>as whole, begin to form a continuous system.&nbsp;Wanting to partake in this system, by trading in Bitcoin, will mean you opening an account through a crypto exchange. Users need to be aware that exchange fees are added to Bitcoin transactions. Competition amongst exchanges over the years has seen fees drop from low single figure percentages all the way down to tenths or even hundredths of a percent. Online searches will help you find an exchange best suited to your needs.Once you have decided on a suitable exchange, understood their fees and chosen your timing wisely, the process of selling your Bitcoin can begin. The Bitcoin is converted to fiat cash, which is stored in your exchange account. Meaning that you will have created a fiat wallet as well as a crypto wallet on your chosen exchange platform, which may contain any Bitcoin yet to be converted.After your Bitcoins have been converted to fiat currency, you can link your bank account to the wallet and transfer the funds over to a regular account.<h2>Last Thoughts</h2>Cryptocurrency decisions, as with most money decisions, need to be undertaken diligently. Be sure to do your research, understand the fee structures, compare exchanges, keep track of the market and move decisively.

DALL·E 2024-07-22 15.11.01 - A detailed illustration showing the process of converting cryptocurrency to US dollars. The image features a laptop with a cryptocurrency exchange web.webp

The Ultimate Guide to Converting Your Cryptocurrency to US Dollars

<h1>Bitcoin Dropped to Four-Month Low Following Government and Mt. Gox Sell-offs</h1>&nbsp;Bitcoin fell to its lowest price since late February following news of massive liquidation in the market as well as fears of an impending Mt. Gox sell-off. At one point, the cryptocurrency dipped below the $54,000 mark but quickly bounced back above $55,000.Bitcoin will first have to pass the stubborn $70,000 resistance if it hopes to beat the current ATH of just under $74,000, which it reached on March 14.<h2>A Thriving Market?</h2>Despite the recent downturn, the cryptocurrency market is seemingly thriving. The whole market saw positive movements in the first quarter, led by Bitcoin’s increase from $44,000 at the start of the year to an all-time high of nearly $74,000 in March.&nbsp;Meme coins, especially those developed on the Solana network, enjoyed boosts to their values. Another sector of the cryptocurrency market to have experienced growth, in terms of the tokens available, is the play-to-earn segment. Play-to-earn games are becoming extremely popular as they allow gamers to play games and earn digital coins for their achievements. Most gamers review money-making game rankings to see the play-to-earn games currently available. According to Hyunsoo Kim from&nbsp;<a href="https://www.business2community.com/kr/cryptocurrency/best-play-to-earn-games">B2C KR</a>, some highlights include:&nbsp;<ul><li>PlayDoge is a nostalgic game based on the Tamagotchi of the 1990s.</li><li>SHIBASHOOT combines the appeal of the latest Shiba Inu-based meme coins with a Wild West theme.</li><li>Mega Dice Token is an iGaming token specifically for use on the Mega Dice casino.</li></ul>According to crypto writer, Hyunsoo Kim, many of these P2E tokens are expected to see price increases in 2024.<h2>Failed Attempts At $70,000 Resistance</h2>Bitcoin’s strong first quarter was boosted by the introduction of spot ETFs: something the market and analysts have been waiting on for years. But, despite Bitcoin’s best efforts, prices could not push through and hold past the $70,000 resistance, despite trying several times through March, April, May, and even early June.By the middle of June, it became apparent that bulls had lost their steam. First, the $65,000 support dropped, and then $60,000 put up minimal resistance with the line finally being breached on July 4. Once $60,000 fell, there was little support to hold further declines, and at one point on July 5, BTC prices fell below $54,000 although they did bounce back shortly after.<h2>U.S. Government Selloff</h2>Some of the losses can be attributed to moves by governments to cash in on assets seized during criminal raids. The U.S. government moved over 3,000 ETH to an unknown address, just a week after moving nearly 4,000 BTC to Coinbase Prime.The assets were seized from black market drug trader Banmeet Singh, who handed over his cryptocurrency holdings as part of a plea deal with the government. The U.S. government is the largest state crypto holder and its movements are closely monitored by analysts and commentators.<h2>German Government Selloff</h2>The German government is also known to hold a sizeable supply of cryptocurrency, which was also seized during criminal swoops. They have been very active in the past few weeks, with the latest move coming at the beginning of July, when they shifted $17 million of the digital asset to exchanges.It is believed that the government holds around 50,000 BTC and they have recently offloaded more than 6,500 of the coins. The assets were seized during the closure of the&nbsp;<a href="https://securityaffairs.com/158432/cyber-crime/piracy-site-movie2k-bitcoin.html">pirate movie website Movie2k</a>.Justin Sun, founder of cryptocurrency Tron, has tweeted that he would be willing to&nbsp;<a href="https://coin360.com/news/coin360-daily-dispatch-crypto-market-updates-and-highlights-july-4-2024">purchase the remaining Bitcoin</a> from the German government to prevent any further negative impact on the market. It is unclear whether the offer is serious, as Sun has a history of posting Bitcoin-based rhetoric, and it would cost around $2 billion to complete the sale.Meanwhile, one German MP, Joana Cotar slammed the decision to sell the crypto off and suggested that it offered a means of better diversifying the country’s assets. She has called for the government to develop a Bitcoin strategy that would include holding the cryptocurrency and potentially even issuing Bitcoin bonds.<h2>Mt. Gox Creditor Payments</h2>Mt. Gox is also causing a stir in the market as trustees for the former cryptocurrency exchange have started transferring Bitcoin to wallet addresses and the estate declared that it has started to make payments to creditors owed money from the exchange’s collapse in 2014.<a href="https://www.investopedia.com/terms/m/mt-gox.asp">Mt. Gox was established</a> by Jed McCaleb, who used a domain that he had previously purchased for use to sell Magic: The Gathering trading cards. The exchange was sold to Mark Karpeles in 2011 and, at its peak, it handled more than 70% of all Bitcoin transactions.From 2011 to 2014, hackers stole Bitcoins from the exchange using stolen user credentials. And, at the start of 2014, users expressed concerns over the site’s handling of withdrawals with many users unable to gain access to their money from Bitcoin sales. It was discovered that up to 850,000 Bitcoins had been stolen over three years.200,000 of the coins were later recovered, but the exchange was forced to file for bankruptcy, leaving its users owed millions in outstanding payments. Japanese courts and Mt. Gox creditors reached an agreement in November 2021, essentially giving the estate until 2024 to pay back creditors.In June, trustees declared that it would start making repayments in the first week of July. On July 5, the estate announced that it had started sending Bitcoins to some creditors. It didn’t specify which exchanges were used, who had received payments, or how much had been sent, but the news sent the cryptocurrency market into something of a panic.&nbsp;&nbsp;<h2>Bitcoin Liquidation</h2>In total, more than half a billion dollars of cryptocurrencies were liquidated following the news of the Mt. Gox coin distribution, causing a considerable loss across the whole market.Mass sell-offs of the various currencies led to around $170 billion being shed from the market, leading to a 6% drop on July 5. The U.S. and German governments have likely not finished their wrangling, and the Mt. Gox estate is certain to continue making waves. $50,000 seems the next most likely stop for Bitcoin.<h2>Analysts Still Expect Record Prices</h2>However, despite the drop, many analysts expect BTC prices to go on and experience all-time highs by the end of the year, with some predicting prices will reach $100,000.Analysts have pointed to various factors in their predictions. Historically, July has been a good month for Bitcoin prices, especially when following a poor June. If Bitcoin bounces back quickly from its early July losses, there’s no reason it couldn’t challenge the $70,000 resistance line once again.And BTC went through its third halving earlier this year. 12 months after the first two halvings, BTC prices rocketed, suggesting that the same might cause a boost in prices in early 2025. However, other analysts have warned that this might already be built into the current price.Finally, Ether spot ETFs should launch imminently, and when Bitcoin ETFs launched, it caused a big spike in prices. Investors will be hoping to see the same results this time around.<h2>Conclusion</h2>Bitcoin had a difficult month and slumped further at the beginning of July, as major governments have moved their holdings to exchanges and Mt. Gox creditors have started to receive the money they’ve been waiting ten years for.The moves have seen massive amounts of Bitcoin liquidated and prices have fallen to the lowest they have been since late February. Although there are hopes of a recovery later in the month, prices will likely drop further to $50,000 before that happens.<h2>FAQ</h2><h3>What Has Caused Bitcoin’s Recent Price Slump?</h3>A lot of factors have contrived to cause Bitcoin’s price to slump. As well as a correction in prices following a bullish first quarter, the U.S. and German governments have been moving large amounts of Bitcoins to exchanges, ready for a sell-off. Mt. Gox bankruptcy trustees have also announced they have started transferring holdings to creditors.And many may be waiting for the results from November’s presidential election, pinning their hopes on a Trump victory, as the last few months have seen him become staunchly pro-Bitcoin.<h3>Will Prices Recover?</h3>Although it’s difficult to predict what Bitcoin prices will do, many analysts expect BTC prices to bounce back later in 2024, with many predicting that the bounce will start as early as this month.<h3>Is Now A Good Time To Buy Bitcoin?</h3>Buyers looking to spend Bitcoin, for example at an anonymous casino or to purchase meme coins at presale, can buy Bitcoin without too much concern over price. Those looking for short-term gains may want to hold off until the government and Mt. Gox sell-offs are complete, and potentially even until August 4th, which is when presidential candidates are finalized. With some predicting that Bitcoin will eventually go on to a value of $1 million or more, long-term holders could still stand to make a lot of money.

DALL·E 2024-07-18 15.10.32 - A dynamic and detailed image showing Bitcoin's price chart dropping to a four-month low. Include visual elements such as government buildings represen.webp

Bitcoin Dropped to Four-Month Low Following Government and Mt. Gox Sell-offs

Coin360 weekly crypto news, cryptocurrency updates, market movement

Coin360 weekly crypto news

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | July 13 - July 19, 2024

This article comes to you with the generous support of <a href="https://betplay.io?ref=coin360C">Betplay</a>.io. Discover the excitement and rewards that await you at&nbsp;<a href="https://betplay.io?ref=coin360C">Betplay</a>.io with a 100% welcome bonus and 10% weekly cashback!<h2>Strategic Fee Structures and Competitive Tactics</h2>The cryptocurrency market is on the cusp of a significant shift with the expected launch of multiple&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> ETFs on July 23, 2024. Analysts like James Seyffart and Eric Balchunas confirm that all regulatory hurdles have been cleared, paving the way for this monumental event. These ETFs mark a major milestone, setting the stage for potentially transformative changes in market dynamics.<div class="raw-html-embed"><blockquote class="twitter-tweet">The Ethness Stakes, post time 930am 7/23 <a href="https://t.co/Nvd9NhqvVI">pic.twitter.com/Nvd9NhqvVI</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1813697086241571086?ref_src=twsrc%5Etfw">July 17, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>With the Ethereum ETF launch deadline looming, asset managers are&nbsp;<a href="https://finance.yahoo.com/news/blackrock-sets-0-25-fee-071901595.html">revealing</a> their fees. Grayscale has set a high bar with a 2.5% fee for their primary Ethereum ETF but is&nbsp;<a href="https://coinpedia.org/news/grayscale-shakes-up-ethereum-etf-market-with-2-billion-fee-waiver-outshining-blackrock/">waiving fees</a> for its Ethereum Mini Trust up to $2 billion or for the first six months, dropping the fee to a competitive 0.15%. This aggressive strategy aims to capture a larger market share.&nbsp;BlackRock's spot Ethereum ETF (ETHA) charges a 0.25% management fee, with a possible reduction to 0.12% for its first $2.5 billion or 12 months of operation.&nbsp;Franklin Templeton offers the lowest fee at 0.19%, while Bitwise and VanEck both set their fees at 0.20%. 21Shares Core Ethereum ETF comes in at 0.21%, and Fidelity and Invesco Galaxy match BlackRock’s 0.25%.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Market Impact and Projections: A Closer Look</h2>Bitwise CIO Matt Hougan&nbsp;<a href="https://experts.bitwiseinvestments.com/cio-memos/ethereum-etps-and-the-path-to-a-new-all-time-high">predicted</a> Ethereum could reach new highs, potentially surpassing $5,000, with ETF assets under management hitting $15 billion within 18 months. Citi&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39795530/ethereum-etfs-to-attract-over-5b-in-inflows-but-returns-could-be-lower-than-expected-citi">forecasted</a> up to $5.4 billion in inflows within the first six months.&nbsp;A Kaiko&nbsp;<a href="https://cointelegraph.com/news/ether-could-outperform-bitcoin-spot-etf-launch-kaiko">report</a> suggested&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> might outperform&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> post-ETF launch, with the&nbsp;<a href="https://coin360.com/coin/ethereum-eth">ETH</a>/<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> price ratio rising to 0.05 from 0.045. Vettle Lunde of K33 Research&nbsp;<a href="https://fortune.com/crypto/2024/07/17/ethereum-etfs/">highlighted</a> that historical data from Bitcoin ETFs suggests a similar&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> increase for Ethereum.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth_to_btc_ratio_c8474968bd.webp" alt="eth to btc ratio.webp"><figcaption>Source: Kaiko</figcaption></figure>The SEC’s cessation of its investigation into Ethereum’s status and CFTC Chairman Rostin Behnam’s classification of ETH as a commodity have reduced regulatory uncertainty, creating a favorable environment for these ETFs.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Inflation, Staking, and Market Sentiments</h2>Ethereum’s current 0% inflation rate contrasts favorably with Bitcoin’s 1.7% inflation when its ETFs launched. With 40% of Ethereum’s supply locked in staking and smart contracts, the reduced available supply could mitigate selling pressure from stakers.&nbsp;Despite anticipated inflows, Citi warns that actual returns might be lower due to the absence of staking in spot ETFs and Bitcoin’s first-mover advantage. Ethereum prices have surged 11% to $3,400 over the past week before slightly pulling back, buoyed by market optimism and the imminent ETF launch. However,&nbsp;<a href="https://coin360.com/coin/solana-sol">Solana</a>’s potential ETF launch could intensify competition, suggesting a dynamic rivalry in the crypto space.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The Ethereum ETF race intensifies with diverse fee strategies and market projections. As launch day approaches, asset managers compete fiercely, potentially reshaping the crypto landscape. With optimistic forecasts and regulatory clarity, these ETFs could significantly impact Ethereum's price and adoption in the coming months.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1. When are Ethereum ETFs expected to launch?Ethereum ETFs are set to launch on July 23, 2024. All regulatory hurdles have been cleared, paving the way for this significant event in the cryptocurrency market.2. What are the fee structures for major Ethereum ETFs?Grayscale offers a 2.5% fee for its main ETF but waives fees for its Mini Trust up to $2 billion. BlackRock charges 0.25% with potential reductions, while Franklin Templeton offers the lowest fee at 0.19%. Other providers like Bitwise, VanEck, 21Shares, Fidelity, and Invesco Galaxy have fees ranging from 0.20% to 0.25%.3. How might Ethereum's price be affected by these ETFs?Bitwise CIO Matt Hougan predicts Ethereum could surpass $5,000, with ETF assets under management reaching $15 billion within 18 months. Kaiko suggests the ETH/BTC price ratio might rise to 0.05, potentially outperforming Bitcoin post-ETF launch.4. What factors could influence the success of Ethereum ETFs?Ethereum's 0% inflation rate, 40% of supply locked in staking and smart contracts, and reduced regulatory uncertainty are positive factors. However, competition from potential Solana ETFs and the absence of staking in spot ETFs could impact returns.This article has been refined and enhanced by ChatGPT.

Cubic robot juggling ETF tokens on circuit board Ethereum ETF

Cubic robot juggling ETF tokens on circuit board Ethereum ETF_11zon.webp

Ethereum ETF Race Heats Up With 8 Issuers Unveiling Fees 

This article comes to you with the generous support of <a href="https://betplay.io?ref=coin360C">Betplay</a>.io. Discover the excitement and rewards that await you at&nbsp;<a href="https://betplay.io?ref=coin360C">Betplay</a>.io with a 100% welcome bonus and 10% weekly cashback!<h2>Major Security Breach at WazirX Exchange</h2>On July 18, 2024,&nbsp;<a href="https://coin360.com/coin/wazirx-wrx">WazirX</a>, one of India's leading cryptocurrency exchanges, suffered a significant security breach. The hack resulted in the theft of approximately $234.9 million in various cryptocurrencies, marking one of the largest incidents of its kind in recent history. The attack was facilitated through&nbsp;<a href="https://coin360.com/coin/tornado-cash-torn">Tornado Cash</a>, a privacy-focused mixer, making it challenging to trace the transactions.&nbsp;Cyvers Alerts, a blockchain security platform, detected multiple suspicious transactions involving WazirX’s Safe Multisig&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> on the&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> network, bringing the breach to light.<div class="raw-html-embed"><blockquote class="twitter-tweet">ALERTHey <a href="https://twitter.com/WazirXIndia?ref_src=twsrc%5Etfw">@WazirXIndia</a>, Our system has detected multiple suspicious transactions involving your Safe Multisig wallet on the <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> network. A total of $234.9M of your funds have been moved to a new address. Each transaction's caller is funded by <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw">@TornadoCash</a>. The suspicious… <a href="https://t.co/4sajAwd4Hb">pic.twitter.com/4sajAwd4Hb</a>— Cyvers Alerts (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1813834131165286464?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The stolen assets include a staggering $102 million in&nbsp;<a href="https://coin360.com/coin/shiba-inu-shib">Shiba Inu</a> (<a href="https://coin360.com/coin/shiba-inu-shib">SHIB</a>), equating to 5.43 trillion SHIB tokens. Ethereum (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) worth $52.5 million, or 15,298 ETH, was also taken. Additionally, $11.24 million in&nbsp;<a href="https://coin360.com/coin/polygon-matic">Polygon</a> (20.5 million&nbsp;<a href="https://coin360.com/coin/polygon-matic">MATIC</a>), $7.6 million in Pepe (640.27 billion&nbsp;<a href="https://coin360.com/coin/pepe-pepe">PEPE</a>), $5.79 million in&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a> (<a href="https://coin360.com/coin/tether-usdt">USDT</a>), and $3.5 million in Gala (135 million&nbsp;<a href="https://coin360.com/coin/gala-gala">GALA</a>) were among the cryptocurrencies stolen.&nbsp;The hackers also made off with $4.7 million in Floki (<a href="https://coin360.com/coin/floki-inu-floki">FLOKI</a>), $3.2 million in&nbsp;<a href="https://coin360.com/coin/fantom-ftm">Fantom</a> (<a href="https://coin360.com/coin/fantom-ftm">FTM</a>), $2.8 million in&nbsp;<a href="https://coin360.com/coin/chainlink-link">Chainlink</a> (<a href="https://coin360.com/coin/chainlink-link">LINK</a>), and $2.3 million in Fetch.ai (<a href="https://coin360.com/coin/fetch-ai-fet">FET</a>).<div class="raw-html-embed"><blockquote class="twitter-tweet">Update:<a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw">#WazirX</a> has ~$230M in assets stolen. Including: 5.43T <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a>($102M) 15,298 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($52.5M) 20.5M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a>($11.24M) 640.27B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($7.6M) 5.79M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> 135M <a href="https://twitter.com/search?q=%24GALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GALA</a>($3.5M) ... Please note that the hacker is selling these assets!<a href="https://t.co/1uOozAVeM1">https://t.co/1uOozAVeM1</a> <a href="https://t.co/ogtVSFITK9">https://t.co/ogtVSFITK9</a> <a href="https://t.co/3vPmxqXwbL">pic.twitter.com/3vPmxqXwbL</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1813842443483377684?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>WazirX swiftly responded to the security breach by temporarily suspending withdrawals. However, the hacker had already begun liquidating some of the stolen assets. Specifically, the wallet identified as <a href="https://platform.arkhamintelligence.com/explorer/address/0x04b21735E93Fa3f8df70e2Da89e6922616891a88">0x04b</a> dumped $7.6 million worth of PEPE and swapped GALA and USDT to ETH.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet"> Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) <a href="https://twitter.com/WazirXIndia/status/1813843289940058446?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>The hacker transferred part of the funds to two other wallets, 0x90c…F91Fd and 0x35f…745CA, for further dumping.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_2_1a0cf61ec1.png" alt="Screenshot_2.png"><figcaption>Source: Arkham</figcaption></figure><a href="https://coin360.com/glossary/web3-companies-projects">Web3</a> Analyst Bradley Park at CryptoQuant provided critical insights, noting the 5.4 trillion SHIB taken off the exchange could be sold for Ethereum at any moment.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">5.4T <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> has been taken from the WazirX exchange. These assets are likely to be sold for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> at any time. <a href="https://t.co/pI5qrKXA5w">pic.twitter.com/pI5qrKXA5w</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1813848024176632052?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>0x04b sent 1.801 trillion SHIB to wallet 0x35f, which sold 201 billion SHIB and transferred 1.6 trillion SHIB to a new wallet dubbed 0x231…cf9b4. Wallet 0x231 continued the selling spree, liquidating 600 billion SHIB and distributing 1 trillion SHIB to three different wallets, with only one still holding a small amount of SHIB.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_4_05844edbe7.png" alt="Screenshot_4.png"><figcaption>Source: Mest.io</figcaption></figure>The market impact of this hack has been profound. Shiba Inu's price dropped approximately 10%, falling to $0.00001720.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_11zon_923489d4ea.jpg" alt="chart_11zon.jpg"></figure>Analysts predict a potential further decline of up to 25% by the end of July as 0x04b still holds 3.633 trillion SHIB, which could drive the price down to $0.00001263.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Screenshot_5_6d0c869932.png" alt="Screenshot_5.png"><figcaption>Source: Arkham</figcaption></figure><a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> was also affected, with the&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>/INR pair declining by 11% to 5.1 million rupees ($60,945). This figure was notably lower compared to other exchanges like CoinDCX, where BTC traded at 5.7 million rupees. On the global stage, BTC's average price was at $61,800 before reclaiming $65,000.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_b9a515c373.png" alt="Coin360.png"></figure>North Korean hackers, suspected to be linked with the notorious Lazarus Group, was said to have orchestrated a sophisticated breach on the WazirX exchange. The Lazarus Group, infamous for previous cybercrimes, including significant crypto thefts, has been a concern for cybersecurity experts for years. Known for its sophisticated tactics and links to the North Korean government, the group has targeted various sectors globally, utilizing advanced methods such as social engineering and malware deployment.On the same day of the attack, blockchain analytics firm Elliptic <a href="https://www.elliptic.co/blog/235-million-lost-by-wazirx-in-north-korea-linked-breach">flagged</a> the involvement of North Korean-affiliated hackers in this exploit, citing similarities to past Lazarus Group operations.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Elliptic_Graph_Wazir_X_fedbcc4d9a.webp" alt="Elliptic_Graph_WazirX.webp"><figcaption>Source: Elliptic Research</figcaption></figure>Polygon Labs' security chief, Mudit Gupta, revealed that the hackers spent at least eight days preparing for the attack, "practicing" onchain before executing it. Gupta explained that the hackers upgraded WazirX's multisig wallet to a malicious version, which allowed them to drain the funds.&nbsp;Gupta believes the hackers may have tricked WazirX into upgrading its Safe Implementation Skeleton. He also suggests that the hackers didn't have access to all the required private keys, which is why they may have relied on signature phishing.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">WazirX hacked for over $230m USD (2,000 cr INR) Their safe multisig was compromised and drained. The hackers started practicing the hack onchain at least 8 days ago and finally executed it today. It's a very methodical and organized attack, pointing towards DPRK as the hacker. <a href="https://t.co/HziVY7dCoq">pic.twitter.com/HziVY7dCoq</a>— Mudit Gupta (@Mudit__Gupta) <a href="https://twitter.com/Mudit__Gupta/status/1813881385800913327?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>In a statement, WazirX described the attack as a "force majeure event beyond our control" and has blocked some deposits while reaching out to affected wallets for recovery.&nbsp;This hack comes at a time when the Indian crypto community is already under significant regulatory scrutiny. The Financial Intelligence Unit (FIU) of India has blocked URLs of several foreign crypto exchanges, including&nbsp;<a href="https://coin360.com/review/binance">Binance</a>, for non-compliance with local anti-money laundering (AML) policies.&nbsp;The regulatory environment in India has also been tough on local exchanges, with a 1% tax deducted at source (TDS) on each transaction leading to decreased trading volumes. Many retail customers are opting for foreign exchanges to avoid these taxes, further complicating the situation.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>This incident highlights the vulnerabilities within the cryptocurrency ecosystem, emphasizing the need for robust security measures and regulatory compliance. As the investigation continues, the crypto community watches closely, awaiting further developments and hoping for a resolution that can restore confidence in the affected markets.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2>1: What happened to WazirX on July 18, 2024?WazirX suffered a major security breach resulting in the theft of $234.9 million in various cryptocurrencies. The hack was facilitated through Tornado Cash, making transaction tracing difficult.2: Which cryptocurrencies were stolen?The stolen assets include $102 million in Shiba Inu, $52.5 million in Ethereum, $11.24 million in Polygon, and several others. Notable amounts were also taken in Pepe, Tether, Gala, Floki, Fantom, Chainlink, and Fetch.ai.3: How did WazirX respond to the breach?WazirX temporarily suspended withdrawals and moved the compromised funds to a new address. However, the hacker had already begun liquidating some stolen assets.4: What was the market impact of this hack?Shiba Inu's price dropped by 10% to $0.00001720, with predictions of further decline. Bitcoin was also affected, with the BTC/INR pair declining by 11% to 5.1 million rupees.This article has been refined and enhanced by ChatGPT.

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